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260702.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, July 2, 2026, Vol. 29, No. 131 Headlines A U S T R A L I A AROMA INVESTMENT: First Creditors' Meeting Set for July 3 BOWEN COKING: Court OKs Transfer of All Equity to Argo Bowen 2 EAGLE SECURITY: First Creditors' Meeting Set for July 6 ELECTRICITY WIZARD: First Creditors' Meeting Set for July 6 NEURASIA AUSTRALIA: First Creditors' Meeting Set for July 7 SUNLAND RV: Cluster of Caravan Insolvencies Marks Market Reset TRADEPLUS24 AUSTRALIA: Second Creditors' Meeting Set for July 6 YANCOAL AUSTRALIA: To Close Ashton Coal Mine in 2028 I N D I A AVINASH DODA: CRISIL Keeps D Rating in Not Cooperating Category BAJRANG AGROTECH: CRISIL Cuts Rating on INR12cr Cash Loan to C BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating COSMOS FERROUS: Insolvency Resolution Process Case Summary DAMSON TECHNOLOGIES: CRISIL Keeps D Rating in Not Cooperating FUTURE BRANDS: Insolvency Resolution Process Case Summary HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating IBHA CONSTRUCTIONS: CRISIL Moves D Ratings to Not Cooperating JASHANK IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating JSRM FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating Category LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating M S SHIP: CRISIL Keeps D Debt Ratings in Not Cooperating Category MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating MAHINDRA ELECTRICAL: Voluntary Liquidation Process Case Summary MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating MANSI INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating MINWOOL ROCK: Insolvency Resolution Process Case Summary MITS MEGA: CRISIL Keeps B- Debt Ratings in Not Cooperating MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating NUSRATH METALS: CRISIL Keeps D Debt Ratings in Not Cooperating PREMIER MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating RAJ GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating SATYENDRA AGRO: CRISIL Keeps B- Debt Rating in Not Cooperating SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category VIKRAM SOLAR: Insolvency Resolution Process Case Summary J A P A N GODIVA JAPAN: Lenders Agree on 9-Month Loan Extension M A L A Y S I A BINA PURI: Secures Creditor Backing for Debt Restructuring Scheme M O N G O L I A TRADE AND DEVELOPMENT: S&P Rates New USD Sr. Unsecured Notes 'B+' N E W Z E A L A N D BULK EARTH: Court to Hear Wind-Up Petition on July 13 FLYING OUT: Simon Dalton Appointed as Receiver JAY HOLDING: Thomas Lee Rodewald Appointed as Receiver MERCURY NZ: To Shut Now Telco and Broadband Unit; 70 Jobs at Risk PAPERWORKS LIMITED: Creditors' Proofs of Debt Due on July 26 WAINGARO HOT: Hotel Placed Into Liquidation WOLF & WOLF: Court to Hear Wind-Up Petition on July 17 S I N G A P O R E HENG TONG: Creditors' Proofs of Debt Due on July 27 INTERNATIONAL FILTRATION: Creditors' Proofs of Debt Due on July 27 KEKAL SHIPPING: Commences Wind-Up Proceedings PFI ASIA: Creditors' Proofs of Debt Due on July 27 PURE HOSPITALITY: Commences Wind-Up Proceedings S O U T H K O R E A HOMEPLUS CO: Wins Reprieve as Meritz, Creditors Back Rehabilitation - - - - - ================= A U S T R A L I A ================= AROMA INVESTMENT: First Creditors' Meeting Set for July 3 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Aroma Investment Group Pty Ltd will be held on July 3, 2026, at 11:00 a.m. via Zoom. Andrew Poulter of IRT Advisory was appointed as administrator of the company on June 23, 2026. BOWEN COKING: Court OKs Transfer of All Equity to Argo Bowen 2 -------------------------------------------------------------- TipRanks reports that Bowen Coking Coal Limited has completed a restructuring under a Deed of Company Arrangement, with the Supreme Court of New South Wales approving the transfer of all its shares and convertible securities to Argo Bowen 2 Pty Ltd. As a result, 100% of existing shareholder and optionholder interests were transferred to Argo for no consideration, effectively wiping out prior equity stakes. TipRanks says the Deed of Company Arrangement was effectuated on June 30, 2026, and the company's administrators, including Shaun Fraser and Mark Holland, have now transitioned to serve as trustees of the BCC Creditors' Trust. Shareholders are directed to existing explanatory materials for general tax guidance on the transfer, and the shift in ownership underscores a restructuring outcome that prioritises creditors over former equity holders. About Bowen Coking Coal Headquartered in Brisbane, Australia, Bowen Coking Coal Limited (ASX:BCB) -- https://www.bowencokingcoal.com.au/ -- together with its subsidiaries, engages in the exploration, development, and production of metallurgical coal in Australia. The company holds interests in the Isaac River Project located in the Bowen Basin in Central Queensland; the Cooroorah Project located north of Blackwater; and the Comet Ridge Project located in Queensland, as well as the Hillalong and Burton Lenton Coking Coal Project in Bowen Basin. It also has interests in the Carborough project; Broadmeadow East coking coal project located in Bowen Basin, Queensland; and the Bluff Mine, an open cut mine located in the southern Bowen Basin. Shaun Robert Fraser and Mark Holland of McGrathNicol were appointed as administrators of the company on July 29, 2025. EAGLE SECURITY: First Creditors' Meeting Set for July 6 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Eagle Security Services (Tas) Pty Ltd will be held on July 6, 2026, at 10:00 a.m. at the offices of Rodgers Reidy, at Ground Floor, Cnr Bathurst & Argyle St, in Hobart, TAS, and via virtual meeting technology. Shelley Brooks of Rodgers Reidy was appointed as administrator of the company on June 24, 2026. ELECTRICITY WIZARD: First Creditors' Meeting Set for July 6 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Electricity Wizard Pty Ltd will be held on July 6, 2026, at 3:00 p.m. via teleconference. Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on June 24, 2026. NEURASIA AUSTRALIA: First Creditors' Meeting Set for July 7 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Neurasia Australia Pty Ltd will be held on July 7, 2026, at 10:30 a.m. via electronic facilities. Daniel Peter Juratowitch and Shaun Matthews of Cor Cordis were appointed as administrators of the company on June 25, 2026. SUNLAND RV: Cluster of Caravan Insolvencies Marks Market Reset -------------------------------------------------------------- SmartCompany reports that a cluster of caravan businesses falling into administration represents a market correction, not deep problems within the industry, according to a leading voice in the sector. The Australian caravan industry has been rocked in recent weeks by a string of high-profile manufacturers falling on hard times. According to SmartCompany, Victoria's Sunland RV, along with associated companies X Series RV Pty Ltd and Global RV Corp Pty Ltd, entered voluntary administration on June 25. SmartCompany relates that the collapse spells an uncertain future for the Sunland, Phoenix, and X-Series brands, which offer premium caravans, camper trailers, and off-road options. Brent Morgan and Shane Cremin of Rodgers Reidy, who were appointed as joint and several administrators, have launched a public campaign drumming up interest in the businesses, SmartCompany relays. "Our priority from day one is to work quickly and transparently, explore every option to keep the business operating, and keep affected parties informed every step of the way," SmartCompany quotes Mr. Morgan as saying in a statement shared online. Network RV, another business based in Victoria, also called in the administrators this month, with the Herald Sun reporting the group counted debts of $30 million, SmartCompany relays. Its administrators were also fielding expressions of interest. And several other caravan-building businesses have been wound up over unpaid debts this month, according to the masthead. According to SmartCompany, Stuart Lamont, chief executive officer of the Caravan Industry Association of Australia, said the sector is still adjusting from the COVID-19 era, when closed borders caused unprecedented holidaymaker investment in domestic caravan trips. "We're now seeing the market return to more sustainable levels," he told SmartCompany. The industry is adjusting to the same economic headwinds facing other manufacturing sectors, including rising production, labour, freight and compliance costs, he said. But characterising the caravan sector as an industry in crisis is inaccurate, added Mr. Lamont. "Dealer inventories are healthy, lead times have reduced significantly, and Australians continue to choose experiences over possessions," he said. "We do expect to see further consolidation as the industry matures, but the long-term fundamentals for the industry remain exceptionally strong. "Recent business closures are disappointing for everyone affected, including customers, employees and suppliers, but they should be viewed as part of a broader market correction rather than a structural issue with the industry." TRADEPLUS24 AUSTRALIA: Second Creditors' Meeting Set for July 6 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Tradeplus24 Australia Pty Ltd has been set for July 6, 2026, at 10:30 a.m. via via electronic means (Microsoft Teams). The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 3, 2026 at 4:00 p.m. Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were appointed as administrators of the company on May 29, 2026. YANCOAL AUSTRALIA: To Close Ashton Coal Mine in 2028 ---------------------------------------------------- ABC News reports that hundreds of jobs will be lost over the next 18 months as a major coal operation in the New South Wales Upper Hunter begins a staged closure. Yancoal has announced mining operations at its Ashton mine will cease in early 2028. In a statement, Yancoal said it had identified significant technical challenges and operational risks, adding market conditions will impact Ashton's financial performance into the future, the ABC relates. "Combined, these factors are undermining Ashton's viability as a sustainable ongoing operation," the statement said. According to the ABC, Yancoal said the closure would be a staged process. "There will be several phases to ending Ashton's mining operations: the initial reduction of planning and development activities; the completion of development mining in early 2027; and the completion of longwall mining in early 2028." The Mining and Energy Union (MEU) said 60 jobs were at immediate risk from the announcement. The ABC relates that Yancoal said its immediate priority was supporting the workforce and their families through this period. "We are committed to working closely with affected individuals to provide support, including redeployment opportunities where possible, as well as career transition and wellbeing assistance," the statement said. According to a NSW government export report from last year, more than 300 people are employed at the Ashton site. MEU northern mining and NSW energy district president Robin Williams said in a statement it was a "serious blow" for the affected workers and their families. "The MEU will support our members throughout the redundancy process, ensure that all workplace entitlements and consultation obligations are met, and pursue redeployment opportunities across Yancoal's operations," the ABC quotes Mr. Williams as saying. "We expect Yancoal to actively pursue redeployment opportunities across its broader Hunter Valley operations, particularly given the strong performance of its other mines in the region. The underground mine at Camberwell, north of Singleton, extracts coking coal, which is used in steel production. The product is mostly exported through the Port of Newcastle. The ABC relates that Mr. Williams said the MEU expected Yancoal to "engage openly and genuinely" with workers, to provide new employment and training opportunities, as well as providing appropriate notice for job losses. NSW Upper Hunter MP Dave Layzell said the mine's pending closure was "not good news for the Hunter Valley". "We've got Mount Arthur, another massive mine, that is coming to a closure in the next few years. "So it is challenging to be able to take up all these jobs and continue with a strong industry." Yancoal Australia Ltd (ASX:YAL) is an Australia-based coal producer and coal exporter, producing premium thermal and metallurgical coal. ========= I N D I A ========= AVINASH DODA: CRISIL Keeps D Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Avinash Doda (AD) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AD for obtaining information through letter and email dated May 21, 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 AD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AD continues to be 'Crisil D Issuer not cooperating'. Set-up in 2009, AD is a proprietorship concern of Mr Avinash Doda. The firm trades in, both wholesale and retail, Indian-made foreign liquor and beer, in Punjab. It has 'L2' license for 47 retail liquor shops and the requisite 'L1' license for wholesale vending liquor in the state. BAJRANG AGROTECH: CRISIL Cuts Rating on INR12cr Cash Loan to C -------------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of Bajrang Agrotech India Private Limited (BAIPL) to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+ Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 Crisil A4 (ISSUER NOT COOPERATING; Revised from 'Crisil A4+ ISSUER NOT COOPERATING') Cash Credit 12 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BAIPL 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 BAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAIPL revised to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+ Issuer not cooperating'. BAIPL was incorporated in 2004 by Mr. Anil Bansal and his family members in Chhattisgarh. The company mills raw rice and trades in paddy, rice, broken rice, bran and husk. BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Balajee Ply-Product Private Limited (BPPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 Crisil D (Issuer Not Cooperating) Cash Credit 3 Crisil D (Issuer Not Cooperating) Proposed Term Loan 2 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BPPL for obtaining information through letter and email dated May 21, 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 BPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1997 and based in Jaipur, BPPL manufactures plywood and block boards, and trades in timber. Manufacturing accounts for most of its turnover. COSMOS FERROUS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Cosmos Ferrous Private Limited Rana Chowk, Meerut Road, Muzaffarnagar, Uttar Pradesh, India, 251003 Insolvency Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: December 13, 2026 Insolvency professional: Bhavna Bansal Interim Resolution Professional: Bhavna Bansal A/19-B, DDA Flats, Munirka, Delhi - 110067 Email: bhavnabansalus@yahoo.com E-9/23, LGF, Vasant Vihar, Delhi - 110057 Email: cirp.cosmos@gmail.com Last date for submission of claims: June 30, 2026 DAMSON TECHNOLOGIES: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Damson Technologies Private Limited (DTPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DTPL for obtaining information through letter and email dated May 21, 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 DTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DTPL continues to be 'Crisil D Issuer not cooperating'. DTPL was incorporated in December 2000. Based in Ahmedabad, Gujarat, the company designs, distributes, and markets information technology products such as bluetooth speakers, tablet PCs, and mobile and computer accessories. FUTURE BRANDS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Future Brands Limited Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari East, Mumbai City, Mumbai, Maharashtra, India, 400060 Insolvency Commencement Date: June 16, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Estimated date of closure of insolvency resolution process: December 13, 2026 Insolvency professional: Kanak Jani Interim Resolution Professional: Kanak Jani 17, Sai Moreshwar Luxuria, Plot No. 74, Sector 18, Kharghar, Next to Sanjeevani International School, Navi Mumbai, Maharashtra, 410210 Email: kanakjani.associates@gmail.com fbl.cirp@gmail.com Last date for submission of claims: June 30, 2026 HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hi-Tech Satluj Motors Private Limited (HTSMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 13.24 CRISIL D (Issuer Not Facility Cooperating) Overdraft Facility 6.76 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HTSMPL for obtaining information through letter and email dated May 21, 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 HTSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HTSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HTSMPL continues to be 'Crisil D Issuer not cooperating'. HTSMPL is an authorised dealer of passenger cars of TML in HP. It was set up as a partnership firm named Satluj Motors, and reconstituted as a private limited company, with the current name in fiscal 2013. The company has been promoted by Mr Mohinder Singh Gulleria and Mr Narinder Singh Gulleria, who have experience of over a decade in the automotive dealership business. The company has three showrooms and workshops, one each in Mandi, Hamirpur, and Kullu, and has one branch each in Bilaspur, Sarkaghat, Jogindernagar, Manali, and Lunapani. IBHA CONSTRUCTIONS: CRISIL Moves D Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of IBHA Constructions Private Limited (IBHACPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 3.25 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 3 Crisil D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Proposed Non 3 Crisil D (ISSUER NOT Fund based limits COOPERATING; Rating Migrated) Proposed Working 0.25 Crisil D (ISSUER NOT Capital Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with IBHACPL for obtaining information through letter and email dated May 21, 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 IBHACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IBHACPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of IBHACPL to 'Crisil D/Crisil D Issuer not cooperating'. IBHACPL was incorporated in 2015 and is located in Bengaluru. The company is engaged in civil construction works, such as construction of road, bridges and allied works. It is managed by Mirjan Arunkumar Ganesh, Barkur Raghavendra Adiga and Subhas Kuppayya Naik. JASHANK IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Jashank Impex Private Limited (JIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JIPL for obtaining information through letter and email dated May 21, 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 JIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, JIPL, promoted by Mr Anil Gupta and Nirmal Desai, manufactures and exports readymade garments for men and women. The manufacturing facilities are at Udhna (Gujarat) and Ulhasnagar (Maharashtra)'they have cutting, stitching, rolling and embellishments machines. JSRM FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J. S. R. M. Foods (JSRMF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.92 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.08 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JSRMF for obtaining information through letter and email dated May 21, 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 JSRMF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSRMF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSRMF continues to be 'Crisil D Issuer not cooperating'. Set up in 2012 and based in Gondia (Maharashtra), JSRMF is a proprietorship firm of Mr Abhinav Agrawal. It processes paddy into rice, rice bran, and broken rice. It has installed paddy milling capacity of 160 tonne per day (tpd). KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Karmyogi Kundalikrao Ramrao Jagtap Patil Kukadi Sahakari Sakhar Karkhana Limited (KSSKL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 47.92 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Short Term Loan 15 CRISIL D (Issuer Not Cooperating) Term Loan 3.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSSKL for obtaining information through letter and email dated May 21, 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 KSSKL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSSKL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KSSKL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in January 2003 and promoted by a group of individuals led by Mr Kundalikrao Jagtap, KSSKL manufactures sugar and also has a co-generation power plant. Unit is in Pimpalgaon Pisa in Ahmednagar district of Maharashtra. KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kufri Fun Campus Private Limited (KFCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KFCPL for obtaining information through letter and email dated May 21, 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 KFCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KFCPL continues to be 'Crisil D Issuer not cooperating'. Shimla-based KFCPL was established and promoted by Mr. Baldev Thakur. It runs an amusement park with amenities such as amusement rides, adventure sports and a restaurant. LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of LSR Foods Limited (LSR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Inland/Import 10 CRISIL D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with LSR for obtaining information through letter and email dated May 21, 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 LSR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LSR continues to be 'Crisil D/Crisil D Issuer not cooperating'. LSR, formerly Kush Dairy Ltd, and Kushagra Oils and Fats Ltd, was incorporated in 1996 and is headquartered in New Delhi. The company trades in edible oils and cashew nuts and also manufactures milk and products such as skimmed milk powder and ghee. Mr Lakshmi Chand Agarwal and family are the promoters. M S SHIP: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of M S Ship Breaking Private Limited (MSSBPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil D (Issuer Not Cooperating) Import Letter 6.5 Crisil D (Issuer Not of Credit Limit Cooperating) Crisil Ratings has been consistently following up with MSSBPL for obtaining information through letter and email dated May 21, 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 MSSBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSSBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSSBPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MSSBPL, incorporated in 1998, is engaged in ship-breaking activities and trades in related materials. Until fiscal 2010, the company was only into trading of iron and steel products and thereafter started undertaking ship-breaking activities. Mr Pankaj Agrawal, and his son Mr Punit Agrawal, manage the operations. The ship-breaking is done at a yard in Mumbai for which the company uses a plot in the Bombay Port Trust area on a rental basis. MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Magus Metals Private Limited (MMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 8 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with MMPL for obtaining information through letter and email dated May 21, 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 MMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990, MMPL is engaged in recycling and re processing of non-metallic sludge that is rich in copper, cadmium and zinc content to manufacture non-ferrous metals like zinc sulphate, copper sulphate, zinc ingots and cadmium. MAHINDRA ELECTRICAL: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Mahindra Electrical Steel Private Limited Mahindra Towers, P.K. Kume Chowk, Worli, Mumbai City, Mumbai, Maharashtra, India - 400018 Liquidation Commencement Date: June 19, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anish Gupta Insolvency Professional, 105 Lotus Business Park, Ram Baug Lane, Off S V Road, Malad (West), Mumbai - 400064 Tel: +91 9821099720 Email: ipanishgupta@gmail.com Last date for submission of claims: July 19, 2026 MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Makhwan Metal Trading Company Private Limited (MMTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMTCPL for obtaining information through letter and email dated May 21, 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 MMTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMTCPL continues to be 'Crisil D Issuer not cooperating'. MMTCPL was incorporated in Thane, Maharashtra, in 2012 for trading in steel products such as steel scraps, thermo-mechanically treated bars, hot-rolled and cold-rolled coils, steel sheets, steel beams, and steel plates. The promoters are Mr Nipun Agarwal and Mr Punit Agarwal. MANSI INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mansi International Private Limited (MIPL; part of the Mansi group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Mansi International Private Limited-(Dissolved) MIPL for obtaining information through letter and email dated May 21, 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 MIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MIPL, set up in 2012 by Mr Janak Doshi and his family members, trades in dry fruits such as almonds, pistachios, and dates. It is based in Mumbai. Established in 2014, MT, a partnership firm of Mr Govind S Gupta and Ms Mansi J Doshi, also trades in dry fruits. MINWOOL ROCK: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Minwool Rock Fibers Ltd. Village Rewagahan, Rajnandgaon, Chattisgarh, India, 491441 Insolvency Commencement Date: June 18, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 15, 2026 Insolvency professional: Arun Kishanlal Bagaria Interim Resolution Professional: Arun Kishanlal Bagaria 701, Stanford, Junction of S.V Road & Burfiwala Lane, Andheri (West), Mumbai City, Maharashtra, 400058 Email: arun@bagariaco.com cirp.minwool@gmail.com Last date for submission of claims: July 2, 2026 MITS MEGA: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of MITS Mega Food Park Limited (MITS) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 20 Crisil B-/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 15 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MITS for obtaining information through letter and email dated May 21, 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 MITS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MITS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MITS continues to be 'Crisil B-/Stable Issuer not cooperating'. MITS was incorporated in 2011 as special purpose vehicle (SPV) to set up an integrated food processing park in Rayagada, Odisha. The park is being set up under the Mega Food Park Scheme of MoFPI, which provides operational and financial support to private players for setting up facilities. MITS is promoted by a group of entities, the primary stakeholders being Basantdevi Charitable Trust, Odisha Industrial Infrastructure Development Corporation (IDCO) and Expo Biotech Ltd. Its daily operations are managed by Mr Sriram Panda. MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mohana Cotton Ginning Private Limited (MCG) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCG for obtaining information through letter and email dated May 21, 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 MCG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCG continues to be 'Crisil D Issuer not cooperating'. MCG was set up by Mr A Subramanyam and his friends and relatives in Guntur, Andhra Pradesh, in 2010. The company gins and presses raw cotton, and trades in cotton lint. NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nirmal Inductomelts Private Limited (NIMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NIMPL for obtaining information through letter and email dated May 21, 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 NIMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NIMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NIMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the Group NICPL, incorporated in 2008, manufactures and markets various mild steel structural products. NIMPL, incorporated in 2003, has a semi-integrated manufacturing ability to manufacture ingots and structural products. The Nirmal group, based in Jaipur, is promoted by Mr Bharat Bhushan Malik and family. NUSRATH METALS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nusrath Metals Private Limited (NMPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 Crisil D (Issuer Not Cooperating) Long Term Loan 0.35 Crisil D (Issuer Not Cooperating) Proposed Long Term 1.15 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NMPL for obtaining information through letter and email dated May 21, 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 NMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NMPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in August 1992, NMPL manufactures aluminum utensils used in homes, restaurants, catering, army and food processing. The company also trades in aluminum scrap. It is based in Hyderabad and is promoted by Mr Mehdi Hussain Khan and Mr Ghulam Rasool Khan. PREMIER MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Premier Marine Foods (PMF; part of the PMF group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 12 CRISIL D (ISSUER NOT COOPERATING) Proposed Short Term 28 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with PMF; part of the PMF group for obtaining information through letter and email dated May 21, 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 PMF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PMF continues to be 'Crisil D Issuer not cooperating'. PMF, a partnership firm, was set up by Mr. A Mustaffa and his family in Kerala. The firm exports seafood, mainly cuttlefish, octopus, and squid. Mr. M Nizam, son of Mr. Mustaffa, is the firm's managing partner. Set up in 2010 as a partnership firm by the promoters of PMF, AMF has its own marine food processing facility. The firm began commercial operations in January 2012. PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PVM Technologies Private Limited (PVM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PVM for obtaining information through letter and email dated May 21, 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 PVM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PVM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PVM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms. Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA government-approved contractor that undertakes public water supply and irrigation projects for Public Health Engineering Department. RAJ GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raj Gems (RG) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 10 CRISIL D (Issuer Not Credit Cooperating) Export Packing 2.55 CRISIL D (Issuer Not Credit Cooperating) Export Packing 1.5 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 3.5 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 5.75 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 16.7 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with RG for obtaining information through letter and email dated May 21, 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 RG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RG continues to be 'Crisil D Issuer not cooperating'. Set up in 1978 as a partnership firm by Mr Jayantilal B Shah, Ms Prabhaben J Shah, and Mr Himanshu J Shah, RG cuts and polishes diamonds, and also trades in polished diamonds. The firm is headquartered in Mumbai, and the processing facility is in Surat (Gujarat). SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saikrupa Cottons Private Limited (SCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Fund- 0.3 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 5.7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated May 21, 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 SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil D Issuer not cooperating'. SCPL is engaged in ginning and pressing of raw cotton to make cotton bales. The unit is located at Yavatmal (Maharashtra) with an installed capacity of producing 200 bales per day. It also has a seed crushing unit of 300 quintals per day. SATYENDRA AGRO: CRISIL Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Satyendra Agro Products (SAP) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAP for obtaining information through letter and email dated May 21, 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 SAP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAP continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in 2009 as a partnership firm, SAP processes toor dal. Its day-to-day operations are handled by Mr Bijendra Shah, Mr Pravinkumar Shah, and Mr Viralkumar Shah. SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SCV SKY Vision (SCV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Long Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCV for obtaining information through letter and email dated May 21, 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 SCV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCV continues to be 'Crisil D Issuer not cooperating'. SCV, established in 1980, is a Multi system operator (MSO) of television channels in Chitoor district. SCV's operations are managed by Mr. Chenchu krishnama Naidu, Managing partner. VIKRAM SOLAR: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Vikram Solar Limited Registered Office: Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T. Kolkata, Kolkata, West Bengal, India, 700107 Principal Office: The Chambers 8th Floor 1865, Rajdanga Main Road E.K.T., Kolkata, West Bengal 700107 India Insolvency Commencement Date: June 12, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 9, 2026 Insolvency professional: Tripti Agarwal Interim Resolution Professional: Tripti Agarwal 9C, Ekta Residency, 174A, Manicktalla Main Road, Kolkata - 700054 Email: ip.tripti@gmail.com 12, Park Lane, 2nd Floor, Kolkata - 700016 Email: ibc.vikramsolar@gmail.com Last date for submission of claims: July 2, 2026 ========= J A P A N ========= GODIVA JAPAN: Lenders Agree on 9-Month Loan Extension ----------------------------------------------------- The Japan Times reports that lenders to Godiva Japan have agreed to extend by nine months the maturity of about JPY75 billion ($463 million) in loans to the struggling chocolate maker, people familiar with the matter said. The Japan Times relates that a group of around 25 lenders including MUFG Bank and Sumitomo Mitsui Banking will postpone the repayment deadline for loans that had been due at the end of June, according to the people. The banks will also seek a new corporate sponsor for the Belgian chocolate maker in Japan, to replace Asian private equity fund MBK Partners, said the people, who asked not to be identified because the information is private. MUFG will also provide an additional JPY5 billion in the form of super-senior loans that will be repaid ahead of the existing debt, they said, The Japan Times relays. The lengthened time period until March will give the lenders the chance to work on several key issues including considering picking a new sponsor, trying to secure fresh capital, assessing the company's earnings and finalizing a restructuring plan, the people said. They will be able to monitor sales in February, when demand for chocolate surges to the year's peak around Valentine's Day as workers, students and families around the nation exchange sweets. "All the lenders agreed with the extension of Godiva Japan's loan until March 2027," The Japan Times quotes an MBK representative as saying. "MBK will run the sales process to complete by the new loan deadline." According to The Japan Times, some banks initially opposed the debt extension proposal, risking a lack of unanimous approval at one stage, though they agreed in the end. Without an agreement, Godiva Japan's cash position was expected by banks to come under increasing pressure toward the end of July, prompting the lenders to seek a resolution by the end of this month, the people said. Godiva Japan's total borrowings stood at about JPY75 billion as of the end of December 2025, The Japan Times discloses. Of that, about JPY60.5 billion was in senior loans and about JPY14 billion was in mezzanine debt, which sits between debt and equity in terms of capital structure, the people said. MUFG held about JPY25 billion of the senior loans, while SMBC held around JPY19 billion, they said. The Japan Times says the chocolate maker's finances have deteriorated, with the company posting a net loss of about JPY30 billion for the year ended December 2025, the people said. Sales were hit by the Covid-19 pandemic after the acquisition, while subsequent expansion efforts failed to deliver the expected improvement in profitability, they said. Godiva Japan Inc. is the Japanese subsidiary of the renowned Belgian premium chocolate brand GODIVA, specializing in luxury chocolates, confectionery, beverages, and gifts through an extensive nationwide retail network. =============== M A L A Y S I A =============== BINA PURI: Secures Creditor Backing for Debt Restructuring Scheme ----------------------------------------------------------------- The Malaysian Reserve reports that Bina Puri Holdings Bhd said its proposed scheme of arrangement to address outstanding liabilities has been approved by a majority of its scheme creditors, marking a key milestone in the construction group's restructuring efforts. At its court-convened meeting on June 30, creditors representing MYR301.41 million, or 87.62% of the total liabilities covered under the scheme, voted in favour of the proposal, The Malaysian Reserve says. The Malaysian Reserve relates that the approval exceeded the required threshold of 75% in value of creditors present and voting, allowing the scheme to move to the next stage. The scheme will become binding on Bina Puri and its creditors once it receives sanction from the High Court of Malaya and the court order is lodged with the Companies Commission of Malaysia. Following the approval, Bina Puri said it has instructed its solicitors to file the application for court sanction. Its ED and group CEO Marcus Goh Kee Lun said the outcome reflected creditors' confidence in the group's restructuring plan and future prospects, according to The Malaysian Reserve. "It marks a decisive step in our restructuring process and sets us firmly on the path to a stronger, more resilient balance sheet," he said. He added that the group's immediate priority is to secure court approval and complete the remaining steps so it can stabilise its finances and refocus on growth opportunities, The Malaysian Reserve relays. Based in Selayang, Malaysia, Bina Puri Holdings Bhd -- https://www.binapuri.com.my/ -- an investment holding company, engages in the construction and property development businesses in Malaysia and other Asian countries. The company operates through Construction, Property Development, Quarry, and Power Supply segments. =============== M O N G O L I A =============== TRADE AND DEVELOPMENT: S&P Rates New USD Sr. Unsecured Notes 'B+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term foreign currency issue rating to Trade and Development Bank JSC's (TDB) proposed U.S. dollar-denominated senior unsecured notes. The rating is subject to our review of the final issuance documentation. S&P equalizes the issue rating on the proposed notes with the long-term issuer credit rating on TDB (B+/Positive/B) because the notes will constitute unsecured and unsubordinated obligations of the bank. They will rank equally with all its other unsecured and unsubordinated obligations. TDB intends to use the net proceeds to fund ordinary business operations such as lending. The bank is Mongolia's third-largest bank in loans and second-largest in deposits as of end-2025. ===================== N E W Z E A L A N D ===================== BULK EARTH: Court to Hear Wind-Up Petition on July 13 ----------------------------------------------------- A petition to wind up the operations of Bulk Earth Cartage Limited will be heard before the High Court at Hamilton on July 13, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 5, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FLYING OUT: Simon Dalton Appointed as Receiver ---------------------------------------------- Simon Dalton of Gerry Rea Partners was appointed as receiver and manager of Flying Out Limited, Isthmus Music Limited, Merch Me Limited and The Others Way Limited on June 23, 2026. The receiver and manager may be reached at: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland JAY HOLDING: Thomas Lee Rodewald Appointed as Receiver ------------------------------------------------------ Thomas Lee Rodewald of Rodewald Consulting on June 23, 2026, was appointed as receiver and manager of Jay Holding Limited and Jay Property Management Limited. The receiver and manager may be reached at: C/o Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 MERCURY NZ: To Shut Now Telco and Broadband Unit; 70 Jobs at Risk ----------------------------------------------------------------- NZ Herald reports that Mercury NZ Ltd said it is to close its Now telco and broadband unit with the loss of about 70 jobs in Hawke's Bay, Christchurch, Tauranga and Hamilton. The company stressed that it was not shutting down its broadband operations -- just the Now brand, NZ Herald relates. Mercury NZ Ltd (ASX:MCY) -- https://www.mercury.co.nz/ -- together with its subsidiaries, engages in the production, trading, and sale of electricity and related activities in New Zealand. PAPERWORKS LIMITED: Creditors' Proofs of Debt Due on July 26 ------------------------------------------------------------ Creditors of Paperworks Limited (formerly Incaponsonby Limited) are required to file their proofs of debt by July 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 WAINGARO HOT: Hotel Placed Into Liquidation ------------------------------------------- Stuff.co.nz reports that a hotel sitting alongside a thermal resort has been placed into liquidation. According to Stuff, the operators of the Waingaro Hot Springs Hotel resolved to enter liquidation on June 25, appointing Mohammed Tazleen Nasib Jan as liquidator. The historic hotel, established in 1885, is located roughly 40 minutes from Hamilton in the Waikato. Stuff relates that the building sits next door to the Waingaro Hot Springs thermal resort complex, which was listed for sale in early 2025. A marketing notice from Bayleys described the resort's facilities as "essentially sound". "It just needs a complete upgrade overhaul and refurbishment to bring the communal buildings, pools, and shared amenities up to modern standards," the notice said. The hotel was originally built following the discovery of hot thermal springs bubbling out of a river bank. A local at the pools during a visit by Stuff in May said the resort's owners, Chuhar and Amro Singh, were an elderly couple in their 80s. "They're fantastic people, they've just got too old, and they've been trying to sell it for a while," the local said, speaking on the condition of anonymity. Aside from the hotel and the adjacent thermal pools, there is little else located in the immediate area. Stuff adds that the liquidation notice also covered two other businesses, P S Foods and BLH Interior Plastering. P S Foods entered liquidation on June 24, and BLH Interior Plastering entered liquidation on June 26, with Jan appointed as liquidator for all three companies. Creditors have until July 27 to prove their debts or claims, Stuff notes. WOLF & WOLF: Court to Hear Wind-Up Petition on July 17 ------------------------------------------------------ A petition to wind up the operations of Wolf & Wolf Limited will be heard before the High Court at Auckland on July 17, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 28, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= HENG TONG: Creditors' Proofs of Debt Due on July 27 --------------------------------------------------- Creditors of Heng Tong Fuels & Shipping Pte. Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2026. The company's liquidators are: Wong Pheng Cheong Martin Koay May Yee FTI Consulting (Singapore) One Raffles Quay #27-10 South Tower Singapore 048583 INTERNATIONAL FILTRATION: Creditors' Proofs of Debt Due on July 27 ------------------------------------------------------------------ Creditors of International Filtration Solutions Asia Pte. Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 24, 2026. The company's liquidator is: Clemens Leitner c/o Luther LLP 9 Raffles Place #24-01, Republic Plaza Singapore 048619 KEKAL SHIPPING: Commences Wind-Up Proceedings --------------------------------------------- Members of Kekal Shipping Pte. Ltd. on June 18, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Lee Yan Huei Messrs Acclime Corporate Advisory Singapore 1 Harbourfront Avenue #14-07 Keppel Bay Tower Singapore 098632 PFI ASIA: Creditors' Proofs of Debt Due on July 27 -------------------------------------------------- Creditors of PFI Asia Pte. Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 22, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani Seah Roh Lin c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PURE HOSPITALITY: Commences Wind-Up Proceedings ----------------------------------------------- Members of Pure Hospitality Pte Ltd on June 4, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Cameron Lindsay Duncan Joshua Joseph Jeyaraj KordaMentha Pte Ltd 50 Raffles Place #25-01, Singapore Land Tower Singapore 048623 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Wins Reprieve as Meritz, Creditors Back Rehabilitation ------------------------------------------------------------------- Maeil Business reports that Homeplus, which was on the verge of bankruptcy as the deadline for approval of the rehabilitation plan was imminent, took a breather for now. This is because the management as well as major stakeholders such as creditors Meritz Financial Group have expressed their opinions to continue the rehabilitation process, and the court is expected to accept it. However, the extension of the approval deadline is only a stopgap measure. For this reason, attention is focused on whether or not it will succeed in raising emergency operation funds (DIP), the minimum cash for the company's operation. According to Maeil Business, the investment banking industry on June 30 said Meritz Financial Group and the Homeplus Union, the largest creditors, submitted a positive answer to the Seoul Rehabilitation Court on the progress of the Homeplus rehabilitation process. Based on this, the court plans to decide to extend the deadline for approval of the rehabilitation plan on July 3. Maeil Business relates that the court had asked stakeholders such as MBK Partners, Meritz and Homeplus unions to inquire about opinions on the abolition of rehabilitation by this day. However, it is known that neither MBK Partners nor Meritz, the majority shareholders of Homeplus, have provided a clear answer to the DIP financing plan demanded by the court. Meritz decided on a new loan of KRW100 billion through the board of directors on June 26 and deposited it into an escrow account. Regarding the withdrawal conditions, MBK and MBK Chairman Kim Byung-joo made personal guarantees, and it is said that similar contents were included in the opinion submitted to the court on the same day. Maeil Business says the rehabilitation court is expected to extend the deadline for approval of the Homeplus rehabilitation plan once through an opinion inquiry. If the approval deadline is extended, the new deadline is September 4, two months after the original deadline. During the remaining two months, Homeplus will have to come up with a plan to raise KRW200 billion in DIP. The maximum extension limit since the start of Homeplus' first rehabilitation procedure in March last year is 1 year and 6 months. For this reason, it is known that no additional extension is possible after September 4, Maeil Business relays. If the government fails to come up with a funding plan by this period, the court can abolish the rehabilitation process by asking creditors for their opinions. If the rehabilitation process is abolished, it will go through bankruptcy. This is because creditors and others can immediately exercise their bonds held in Homeplus. MBK, the majority shareholder, may re-apply for the rehabilitation procedure, but it is currently unlikely that the court will resume the rehabilitation procedure. There is also pessimism that it is difficult to recover even if KRW200 billion is raised. An industry official said, "200 billion won will be exhausted if it is used to pay for merchants," adding, "It seems unlikely that they will sign contracts with Homeplus again and deliver goods." About Homeplus Co Homeplus Co., Ltd. Homeplus Co. operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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