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260706.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 Monday, July 6, 2026, Vol. 29, No. 133 Headlines A U S T R A L I A BOB WADE: First Creditors' Meeting Set for July 7 CAPITAL GUARD: ASIC Cancels AFS Licence Over Fake Bond Sale COREPLEX BUSINESS: First Creditors' Meeting Set for July 7 CPD BAULKHAM: First Creditors' Meeting Set for July 7 DIAMOND DEVELOPMENT: First Creditors' Meeting Set for July 7 HOT SPRING: First Creditors' Meeting Set for July 6 LIBERTY SERIES 2023-2: Moody's Upgrades Class F Notes from Ba2 SOLIS 2026-1: S&P Assigns B+ (sf) Rating to Class F Notes C H I N A CHINA CITIC: Moody's Affirms 'Ba1' CFR & Issuer Ratings I N D I A AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating BESTECH HOSPITALITIES: ICRA Keeps B+ Rating in Not Cooperating BODDAM INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating D P JAIN: ICRA Keeps B+ Debt Rating in Not Cooperating Category ERODE SRI: CRISIL Keeps D Debt Ratings in Not Cooperating HEMKUND ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating IIFL FINANCE: S&P Assigns 'B+' LT Rating to Senior Secured Notes INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating KANDALAA: ICRA Keeps B+ Debt Rating in Not Cooperating Category KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating KCS PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating KESHAVA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating LADHURAM TOSHNIWAL: CRISIL Keeps D Ratings in Not Cooperating MAK CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating S.S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating SAI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating Category SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating VAMA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating VISHWA JYOTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating ZENVISION PHARMA: ICRA Keeps B+ Debt Ratings in Not Cooperating [] NCLAT Upholds ED's PMLA Powers Over Insolvency Moratorium J A P A N [] JAPAN: First-Half Bankruptcies Reach Highest Level Since 2022 N E W Z E A L A N D AAA FIX: Court to Hear Wind-Up Petition on July 9 CANTING: Restaurant Closes Amid Tough Trading Condition EXCEL DRYWALL: Court to Hear Wind-Up Petition on July 13 HANSELLS MASTERTON: Owes Millions as Liquidator Finds 54c Left NANNY'S EATERY: Creditors' Proofs of Debt Due on Aug. 7 NCP PROPERTIES: Creditors' Proofs of Debt Due on July 10 PREGO MEDITERRANIAN: Food Shop and Cafe Closes After 19 Years PROLINE SUPPLY: Creditors' Proofs of Debt Due on July 23 SOLARZERO GROUP: Liquidation Fees Top NZD1.6 Million 18 Months On P H I L I P P I N E S PRIMERO AGILA: Moody's Rates New Senior Unsecured Bond 'Ba2' S I N G A P O R E ALMANACH LAMPS: Court Enters Wind-Up Order EXIGO MARKETING: Court to Hear Wind-Up Petition on July 10 MALAN FOOD: Court Enters Wind-Up Order MODA PAOLO: Court Enters Wind-Up Order PINE TREE: Creditors' Proofs of Debt Due on July 30 VALUEMAX GROUP: Fitch Rates Proposed SGD Sr. Unsec. Notes 'BB(EXP)' S O U T H K O R E A HOMEPLUS CO: Court Ends Rehabilitation Process - - - - - ================= A U S T R A L I A ================= BOB WADE: First Creditors' Meeting Set for July 7 ------------------------------------------------- A first meeting of the creditors in the proceedings of Bob Wade Pty Ltd ATF Trustee For The Wade Trust #2 (trading as World Diesel WA) will be held on July 7, 2026, at 12:00 p.m. at the offices of Mackay Goodwin, at Suite 12.02, Level 12, 20 Bridge Street, in Sydney, NSW and via Microsoft Teams. Grahame Ward and Mathieu Tribut of Mackay Goodwin were appointed as administrators of the company on June 25, 2026. CAPITAL GUARD: ASIC Cancels AFS Licence Over Fake Bond Sale ----------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Capital Guard AU Pty Ltd after finding that it had engaged in dishonest conduct including the selling of a fake bond and providing false documents to its auditor. The licence was cancelled after ASIC found Capital Guard had contravened its obligations as an AFS licensee, based on findings including misleading or deceptive conduct, dishonest conduct in connection with its financial services business, and failures in compliance, supervision, and resourcing. ASIC found that Capital Guard: * used or caused to be created a fake bond prospectus for a Macquarie Bank bond that did not exist, which was used to solicit investor funds; * encouraged and facilitated client investment into that non-existent bond product, including arranging payment and documentation for transactions; * obtained at least AUD100,000 from investors for a bond that did not exist; * made misleading or deceptive statements on its website, including misrepresenting its experience and altering scam warnings about it that were issued by third parties; and * provided false documents to an auditor, amounting to dishonest conduct. ASIC also identified broader failings in Capital Guard's operations, including failures to: * notify ASIC of changes in control and to maintain proper accounts and oversight; and * maintain adequate resources, competence and compliance arrangements required to operate as an AFS licensee. ASIC further considers that the conduct outlined indicates a risk of ongoing non-compliance and misconduct if the licence were to remain in force. ASIC's investigation into Capital Guard remains ongoing. The licence cancellation is effective from June 29, 2026. ASIC has specified that the licence continues in effect until June 29, 2027 for only limited protective purposes including: * sections 912A(1)(g) and 912A(2)(c) of the Corporations Act 2001 (Corporations Act), to the extent they require Capital Guard to be a member of the AFCA scheme; and * section 912B of the Corporations Act, to the extent it requires Capital Guard to have arrangements for compensating retail clients including the holding of professional indemnity insurance cover. Capital Guard may apply to the Administrative Review Tribunal (ART) for a review of ASIC's decision to cancel its AFS licence. Capital Guard AU Pty Ltd has held AFS licence number 498434 since August 15, 2017, however the previous financial services business was sold in 2024 to its current management. ASIC considers that Capital Guard has engaged in conduct that is misleading or deceptive, dishonest, and inconsistent with the fundamental obligations of AFS licensees to act efficiently, honestly and fairly. ASIC's action reflects its ongoing focus on disrupting investment scams, particularly those exploiting trusted brands or purporting to offer fixed-income or bond products to retail investors. COREPLEX BUSINESS: First Creditors' Meeting Set for July 7 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Coreplex Business Advisory Pty Ltd (trading as Robert V Read & Associates) will be held on July 7, 2026, at 10:30 a.m. via virtual facilities. Graeme Beattie of Worrells was appointed as administrators of the company on June 25, 2026. CPD BAULKHAM: First Creditors' Meeting Set for July 7 ----------------------------------------------------- A first meeting of the creditors in the proceedings of CPD Baulkham Hills Holdings Pty Ltd and CPD Investment (Australia) Pty will be held on July 7, 2026, at 11:00 a.m. via virtual meeting facilities. Jialan Xu and Philip Campbell-Wilson of Grant Thornton Australia Limited were appointed as administrators of the company on June 25, 2026. DIAMOND DEVELOPMENT: First Creditors' Meeting Set for July 7 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Diamond Development Alliance Pty Ltd will be held on July 7, 2026, at 11:00 a.m. via via Microsoft Teams. Brett Orzel of OWS Advisory was appointed as administrator of the company on June 25, 2026. HOT SPRING: First Creditors' Meeting Set for July 6 --------------------------------------------------- A first meeting of the creditors in the proceedings of Hot Spring Melbourne Pty Ltd will be held on July 6, 2026, at 11:00 a.m. at the offices of IRT Advisory, at Suite 2, Level 3, 51 Queen Street in Melbourne, Vic, and via Zoom. Andrew Poulter of IRT Advisory was appointed as administrator of the company on June 24, 2026. LIBERTY SERIES 2023-2: Moody's Upgrades Class F Notes from Ba2 -------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Liberty Series 2023-2. The affected ratings are as follows: Issuer: Liberty Series 2023-2 Class C Notes, Upgraded to Aaa (sf); previously on Jan 20, 2025 Upgraded to Aa1 (sf) Class D Notes, Upgraded to Aa1 (sf); previously on Jan 20, 2025 Upgraded to Aa3 (sf) Class E Notes, Upgraded to A2 (sf); previously on Sep 8, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Baa2 (sf); previously on Sep 8, 2025 Upgraded to Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancements (via note subordination and Guarantee Fee Reserve) available to the affected notes and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancements remains commensurate with the current rating for the respective notes. The now fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original balance of notes to the deal. The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. Following the June 2026 payment date, note subordination available for the Class C and Class D Notes has increased to 6.8% and 5.1% respectively, from 6.3% and 4.7% at the time of the last rating action for these notes in January 2025. The note subordination available for the Class E and Class F Notes remained at 2.6% and 2.0% from the time of the last rating action for these notes in September 2025. Principal collections have been distributed on a pro-rata basis among the outstanding notes since the March 2025 payment date. The current total outstanding balance of the notes represents 34.9% of the total closing balance. As of June 2026, 3.3% of the outstanding pool was 30-plus days delinquent and 1.2% was 90-plus days delinquent. The deal has incurred de minimis cumulative losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.3% of the outstanding pool balance (equivalent to 0.4% of the original pool balance) from 1.4% of the outstanding pool balance (equivalent to 0.7% of the original pool balance) at the time of the last rating action in September 2025. Moody's have also updated Moody's MILAN assumption to 4.5% from 5.0%. The transaction is an Australian RMBS originated and serviced by Liberty Financial Pty Ltd, an Australian non-bank lender. A small portion of the portfolios consists of loans extended to borrowers with impaired credit histories or loans made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. SOLIS 2026-1: S&P Assigns B+ (sf) Rating to Class F Notes --------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Solis 2026-1 Trust. Solis 2026-1 Trust is a securitization of nonconforming and prime residential mortgages originated by Resi Wholesale Funding Pty Ltd. (Resi). The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Resi's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P's ratings also consider the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. S&P has also factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned Solis 2026-1 Trust Class A-1-S, A$150.00 million: AAA (sf) Class A-1-L, A$250.00 million: AAA (sf) Class A-2, A$40.75 million: AAA (sf) Class B, A$23.25 million: AA (sf) Class C, A$18.50 million: A (sf) Class D, A$6.50 million: BBB (sf) Class E, A$4.50 million: BB+ (sf) Class F, A$3.50 million: B+ (sf) Class G1, A$2.00 million: Not rated Class G2, A$1.00 million: Not rated ========= C H I N A ========= CHINA CITIC: Moody's Affirms 'Ba1' CFR & Issuer Ratings ------------------------------------------------------- Moody's Ratings has affirmed China CITIC Financial Asset Management Co Ltd's (CITIC AMC) Ba1 local currency and foreign currency long-term issuer ratings, NP local currency and foreign currency short-term issuer ratings, and Ba1 corporate family rating. Moody's have also affirmed the Ba2 long-term backed senior unsecured debt ratings and (P)Ba2 long-term backed senior unsecured medium-term note (MTN) program ratings of CITIC AMC's offshore financing vehicles — including CFAMC II Co., Ltd., CFAMC III Co., Ltd. and CFAMC IV Co., Ltd. The notes issued under the MTN programs established by the three offshore financing vehicles are guaranteed by China CITIC Financial AMC International Holdings Limited (CITIC AMC International) and supported by keepwell deeds from CITIC AMC. The entity-level outlook on CITIC AMC and its offshore financing vehicles remains stable. RATINGS RATIONALE The affirmation of CITIC AMC's ratings with a stable outlook reflects Moody's expectations that support from the Government of China (A1 stable) and CITIC Group Corporation (CITIC Group, A3 positive) will remain stable over the next 12–18 months, offsetting weaknesses in the company's standalone financial profile. CITIC AMC's Ba1 rating reflects its standalone assessment of caa1, incorporating a one-notch uplift based on Moody's assumptions of a moderate level of support from CITIC Group, and a five-notch uplift based on Moody's assumptions of a very high level of support from the Government of China. The caa1 standalone assessment reflects the company's relatively weak profitability, capital adequacy, and asset quality, after excluding the company's gains on investment in associates, partially mitigated by its adequate funding and liquidity. Moody's expects CITIC AMC's profitability to gradually improve over the next 12–18 months. While earnings will remain constrained by high provisioning charges, Moody's expects that provisioning charges will decline in 2026. The impact will also be offset somewhat by income from investments in associates, including large Chinese banks and state-owned enterprises (SOEs), which will provide a stable revenue stream. Excluding one-off gains, the company's return on average assets remained weak in 2025 due to high provisioning charges, but showed improvement compared with 2024. Moody's expects pressure on asset quality to persist for CITIC AMC's distressed asset management business. This is driven by the company's sizable exposure to the mainland property sector, which has been experiencing a prolonged downturn, and by slower economic growth in China. As of year-end 2025, stage 3 assets accounted for 53.3% of the company's debt instruments at amortized cost. Provision coverage ratio for these assets improved slightly to 51.8% from 50.9% a year earlier. Over the past five years, CITIC AMC has significantly reduced its high-risk legacy credit exposures. The outstanding balance of its debt assets under the acquisition and restructuring distressed asset management business — through which the company earns fixed returns by entering into restructuring agreements with original creditors and debtors — declined to 5.9% of its consolidated total assets as of year-end 2025, from 11.4% in 2024 and 17.6% in 2023. Moody's expects CITIC AMC's capital adequacy will remain strained over the next 12-18 months under Moody's calculations, since Moody's do not consider the company's gain on its investment in associates to be a part of its tangible common equity because of the significant gap between the assessed carrying amount and market value of the investment. Moody's expects the company to maintain adequate funding and liquidity over the next 12-18 months, considering its status as a state-owned company and support from CITIC Group. The company has increased its credit lines from banks and lowered its funding costs over the past two years. In addition, Moody's expects CITIC AMC to support the funding and liquidity of its onshore and offshore subsidiaries. Moody's assumptions of a moderate level of affiliate support reflects CITIC Group's position as CITIC AMC's largest shareholder and its role in supervising and managing the company. Moody's assumptions of a very high level of government support considers the indirect control the Ministry of Finance has on CITIC AMC, as well as the company's importance in China's distressed asset management industry. CITIC AMC's offshore financing vehicles The (P)Ba2 long-term backed senior unsecured MTN program ratings and the Ba2 long-term backed senior unsecured debt ratings of CFAMC II Co., Ltd., CFAMC III Co., Ltd. and CFAMC IV Co., Ltd. incorporate the caa3 standalone assessment of CITIC AMC International, and a seven-notch uplift based on Moody's assumptions of support from CITIC AMC and indirectly from the Chinese government through CITIC AMC. CITIC AMC International's caa3 standalone assessment reflects its weak capital position, modest profitability, as well as the pressure on its asset-quality, funding and liquidity in the absence of support from the parent company. Moody's assess that government support would flow via CITIC AMC to CITIC AMC International in times of need. A failure by CITIC AMC to support CITIC AMC International would result in significant business, operational and reputational risks to CITIC AMC. The one-notch difference between CITIC AMC's long-term issuer rating and the long-term debt ratings of these offshore financing vehicles reflects the fact that keepwell deeds are different from an explicit guarantee in procedures of enforcement. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS CITIC AMC's ESG Credit Impact Score (CIS) of CIS-5 and Governance Issuer Profile Score of G-5 reflect the significant impact of governance risk on the current rating. The company's corporate governance and internal control failures before 2018 have resulted in large losses. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade CITIC AMC's ratings if (1) CITIC Group or the central government strengthens its support for the company, including in the form of an equity capital injection; or (2) company's standalone assessment improves significantly on a sustained basis. CITIC AMC's standalone assessment could improve if (1) the company substantially strengthens its capital base through internal capital generation or equity placement, such that its tangible common equity/tangible managed assets turns positive on a sustained basis; (2) its asset quality and profitability improve significantly because of strengthened risk control and lower risk appetite; and (3) its funding and liquidity remain adequate. Moody's could downgrade CITIC AMC's ratings if (1) support from CITIC Group or the central government for the company weakens, or (2) the company's standalone assessment weakens. A lowering of CITIC AMC's standalone assessment is likely if the company's (1) funding and liquidity deteriorate; or (2) profitability and asset quality weaken substantially. LIST OF AFFECTED RATINGS Issuer: China CITIC Financial Asset Management Co Ltd Affirmations: ST Issuer Rating (Foreign Currency), Affirmed NP ST Issuer Rating (Local Currency), Affirmed NP LT Issuer Rating (Foreign Currency), Affirmed Ba1 LT Issuer Rating (Local Currency), Affirmed Ba1 LT Corporate Family Rating, Affirmed Ba1 Outlook Actions: Outlook, Remains Stable Issuer: CFAMC II Co., Ltd. Affirmations: Backed Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)Ba2 Outlook Actions: Outlook, Remains Stable Issuer: CFAMC III Co., Ltd. Affirmations: Backed Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)Ba2 Backed Senior Unsecured (Local Currency), Affirmed Ba2 Outlook Actions: Outlook, Remains Stable Issuer: CFAMC IV Co., Ltd. Affirmations: Backed Senior Unsecured Medium-Term Note Program (Foreign Currency), Affirmed (P)Ba2 Backed Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)Ba2 Backed Other Short Term (Foreign Currency), Affirmed (P)NP Backed Other Short Term (Local Currency), Affirmed (P)NP Backed Senior Unsecured (Local Currency), Affirmed Ba2 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. China CITIC Financial Asset Management Co Ltd is headquartered in Beijing. It reported consolidated assets of RMB1,057 billion as of the end of 2025. ========= I N D I A ========= AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Amarnath Milk Foods Private Limited (SAMFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAMFPL 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 SAMFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAMFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAMFPL continues to be 'Crisil D Issuer not cooperating'. SAMFPL, established in 2014 at Agra, Uttar Pradesh by Mr Mahesh Chand Singhal and Mr Sanjeev Kumar, processes milk and milk products such as ghee, milk powder, skimmed milk powder, butter, and dairy whitener. Operations began in March 2015. BESTECH HOSPITALITIES: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long Term ratings of Bestech Hospitalities Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 173.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues to Term Loan remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Bestech Hospitalities Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Bestech Hospitalities Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Bestech Hospitalities Private Limited (BHPL) is part of the Bestech Group, which was founded by Mr. Dharmendra Bhandari and Mr. Sunil Satija in the early 1990s. The Group started as a construction contractor and has been in the construction business for over two decades. It has constructed over 16 msf of space for various real estate projects, including several residential and commercial projects in the National Capital Region (NCR) for developers like Unitech, MGF, etc. In 2001, the Group diversified into real estate business and incorporated BIPL. Over the years, the Bestech Group has developed more than 16 msfof residential and commercial projects in Gurgaon, Mohali and Dharuhera. In 2002, the Bestech Group diversified into the hospitality sector and incorporated BHPL, which has completed four hotel properties—Park Plaza Gurgaon (45 rooms), Radisson Suites Gurgaon (35 rooms), Radisson Blu Indore (200 rooms) and Radisson Blu Nagpur (214 rooms), Radisson (formerly Park Plaza) Noida (88 rooms). The company has sold Radisson Suites Gurgaon and Park Plaza Gurgaon. It is undertaking capex to develop two properties in BHPL—Park Plaza (Indore) and Park Plaza (Nagpur). This apart, the company also has a JV with the Radisson Hotel Group to develop a chain of Radisson Red hotels in India, under one joint JV -BHOPL, wherein one property –Radisson Red (Mohali) –was constructed and started operations in December 2021. Radisson Red (Gurgaon), which is the second hotel under this JV, is in the planning stage BODDAM INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Boddam Infra Private Limited (MRNIPL previous known as MRN Infrastructure Private Limited) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.2 Crisil D (Issuer Not Cooperating) Proposed Long Term 4.8 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MRNIPL 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 MRNIPL , which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRNIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRNIPL continues to be 'Crisil D Issuer not cooperating'. MRNIPL is a Private incorporated on 10-August-2017, which is engaged in construction activities. It is based out in Hyderabad. COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cozy Touch Poly Foams India Private Limited (CPPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil C (Issuer Not Cooperating) Letter of Credit 3 Crisil A4 (Issuer Not Cooperating) Proposed Long Term 1.03 Crisil C (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.47 Crisil C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPPL 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 CPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CPPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Incorporated in 2007 and promoted by Mr Inderjit Khurana, CPPL manufactures foam, bonded, and spring mattresses. Operations began from 2010 and current capacity utilisation is about 50%. Products are sold under the Coir Foam brand. D P JAIN: ICRA Keeps B+ Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of D P Jain TOT Toll Roads Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1,173.02 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues to Term Loan remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding D P Jain TOT Toll Roads Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with D P Jain TOT Toll Roads Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. DP Jain TOT Toll Road Pvt Ltd (DPJTRPL) a Special Purpose Vehicle (SPV) incorporated in May 2021 by D.P. Jain & Co. Infrastructure Pvt Ltd (DPJ) for the Tolling, Operation, Maintenance & Transfer of Palanpur - Radhanpur- Samkhiyali section of NH-27 (from KM 536.000 to KM 430.100) in the state of Gujarat under TOT mode with a Concession Period of 20 Years from Appointed Date. The Project was awarded to D P Jain & Co Infrastructure Private Limited with highest Bid Concession Fee of INR1251 Crore. The Company has been given the right to collect toll for the road during the period and is required to carry out road development works as per the terms. ERODE SRI: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Erode Sri Palani Murugan Spinning Mills Private Limited (ESPMSMPL) 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 6.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ESPMSMPL 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 ESPMSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ESPMSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ESPMSMPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1989 and promoted by Mr M Ramakrishna Prasad, ESPMSMPL manufactures Viscose yarn is based in Erode (Tamil Nadu). HEMKUND ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hemkund Energy Private Limited (HEPL; part of the Ginni group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.5 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Working Capital 2.7 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with HEPL 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 HEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HEPL continues to be 'Crisil D Issuer not cooperating'. About the Group Established in 1993, the Ginni group was formed by starting GI, which manufactures LPG cylinders. The firm is managed, owned and promoted by Mr Santosh Kaur and Mr Zorawar Singh. HEPL was incorporated in 2011 and started commercial operations in 2018. It manufactures and repairs LPG cylinders. The manufacturing facility is in 24 Parganas, Kolkata. Mr Surjeet Singh and Mr Zorawar Singh are the promoters of the company. HG was established as partnership firm and is engaged in gas filling and distribution of LPG in cylinders for domestic, commercial and industrial purposes across different segments; under its own brand 'Hemkund'. IIFL FINANCE: S&P Assigns 'B+' LT Rating to Senior Secured Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issue rating to U.S. dollar-denominated senior secured notes that IIFL Finance Ltd. proposes to issue from GIFT City, Gujarat, India. The issuance is a drawdown from the company's US$1.5 billion global medium-term notes program, which S&P rates 'B+'. The rating is subject to its review of the final issuance documentation. S&P equalizes the rating on the notes with the long-term issuer credit rating on IIFL (B+/Positive/B). The proposed notes will constitute direct, secured, and unconditional obligations of IIFL, and shall at all times rank equally with all other secured obligations of the India-based finance company. The notes are secured by a first ranking pari passu charge over all rights, titles, interest, benefits, claims, and demands (both present and future) over receivables or assets, including the issuer's accounts, operating cash flow, current assets, book debts, loans and advances, and receivables, subject to conditions. This excludes certain assets that may have an exclusive charge. IIFL must ensure that the notes are at least 100% covered by assets, excluding assets classified as nonperforming. The notes also have a change of control put option at 101% of the nominal amount. Under the note terms, IIFL, and each of its principal subsidiaries, must maintain a net nonperforming asset ratio of 5% or less and capital adequacy ratios above the regulatory minimum. Failure to do so could result in an event of default or acceleration. INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Industrial Fans India Private Limited (IFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.75 CRISIL D (Issuer Not Cooperating) Cash Credit 6.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IFPL 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 IFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. IFPL is a Chennai based company involved in the manufacture of industrial fans and dampers for industrial use. KANDALAA: ICRA Keeps B+ Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of Kandalaa in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Kandalaa's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Kandalaa, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2011 by Mr. K.G. Subbaraj, his son Mr. Srikanth and other family members, Kandalaa is engaged in retailing of gold, silver and diamond jewellery . The firm was set-up as an ancillary business to the promoter's primary venture of pharmaceutical distribution under a separate entity Kandalaa Distributors with initial operations carried out from the same premises as Kandalaa Distributors. With healthy response by the customers to its jewellery retailing business, the promoters set up an exclusive showroom during October 2012. The firm currently operates out of its single retail showroom located at Jayanagar in Bangalore on leased premises of 7,000 sq. ft (comprising of 6,000 sq. ft of display area and 1000 sq. ft of administrative area). The firm's retail store sells both readymade and customized jewellery. KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kaushal Ferro Metals Private Limited (KFMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of credit 1 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 1 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 21.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KFMPL 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 KFMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KFMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KFMPL, established in 2004, started commercial production in 2007; it manufactures sponge iron. The manufacturing facilities at Sundargarh (Odisha) has an installed capacity of 60,000 tonne per annum. Mr Sitaram Agarwal, Mr Ganesh Agarwal, and Mr Rambihari Upadhayay are the promoters. KCS PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KCS Private Limited (KCS) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.88 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Term Loan 1.12 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCS 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 KCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCS continues to be 'Crisil D/Crisil D Issuer not cooperating'. KCS was set up in 1971 by Mr Kishore Chandra Sahu as a proprietorship firm, and reconstituted as a private limited company in 1991. Based in Rourkela (Odisha), KCS undertakes turnkey projects involving supplying, fabricating, and erecting electrical and mechanical components, and also civil construction. KESHAVA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Keshava Enterprises (Keshava) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (I SSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Keshava 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 Keshava, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Keshava is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Keshava continues to be 'Crisil D Issuer not cooperating'. Established in 1999, Keshava is a proprietorship firm of Ms Shubhangi Lalit Manjrekar. It is an authorised distributor of construction chemicals and coatings of SSCPL in Mumbai and the Mumbai metropolitan region. It is also a distributor of Hindustan Petroleum Corporation Ltd's lubricants in Navi Mumbai and Raigad in Maharashtra. The firm's operations are managed by Mr Lalitkumar Manjrekar. LADHURAM TOSHNIWAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ladhuram Toshniwal and Sons (LTS; part of the Ladhuram Toshniwal group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil D (ISSUER NOT COOPERATING) Cash Credit 16.5 Crisil D (ISSUER NOT COOPERATING) Cash Credit 3.5 Crisil D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LTS 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 LTS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LTS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LTS continues to be 'Crisil D Issuer not cooperating'. About the Group Incorporated in 1989 as Rashmi Chock Pvt Ltd and reconstituted as a public limited company in 1997 with the current name, DEL manufactures lighting products and trades in audio and lighting products. The company has also obtained distributorship of the Music group for sales of audio equipment and products in India. It also earns income through lease rentals. DEL has also started manufacturing LED bulbs, street lamps, panel lights, solar lamps, and flood lights. LTS deals in electrical products such as tubes, lamps, luminaries, fans, and cable accessories. Around 85% of revenue comes from PIL's products. MAK CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MAK Constructions (MAK) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (Issuer Not Cooperating) Cash Credit/ 17.5 Crisil D (Issuer Not Overdraft facility Cooperating) Crisil Ratings has been consistently following up with MAK 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 MAK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAK continues to be 'Crisil D/Crisil D Issuer not cooperating'. MAK was established in 2001 as a partnership firm. It undertakes infrastructure projects and is primarily focussed on the laying and maintanance of roads and bridges in and around Madurai,Tamil Nadu. NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long Term ratings of Neeta Developer in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Neeta Developer's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Neeta Developer, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2006, Neeta Developer (ND or the firm) is a partnership firm formed by Mr. Diwakar V Shetty, Sadanand Raju Shetty and Mr. Uday Bhaskar Shetty as partners with the objective of developing slum land located at Kurla East under Slum Redevelopment Scheme. The firm is part of the 'Reliable Group,' which has over two decades of track record in the real estate. NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Nimit Steels and Alloys Private Limited (NSAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 60 CRISIL D (Issuer Not Cooperating) Letter of Credit 18 CRISIL D (Issuer Not Cooperating) Letter of Credit 32 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NSAPL 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 NSAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NSAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NSAPL was incorporated in April 2003 by Mr Haresh Bhansali and his son, Mr Akshay Bhansali. It is engaged in trading of special alloy steels wire rods, round bars and billets. The company is based out of Mumbai (Maharashtra). RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Rathi Graphic Technologies Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 0.82 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.49 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Rathi Graphic Technologies Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Rathi Graphic Technologies Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rathi Graphic Technologies Limited is a public limited company engaged in the manufacturing of toners for photocopiers, laser printers, and multi-function printers. The company was incorporated in December 1991 by Mr. Raj Kumar Rathi. The manufacturing facility is located at Bhiwadi, Rajasthan and the company sells its product under the brand name 'Rathi Toner'. In addition to Rathi Graphic, the promoters have also promoted RGTL Industries Ltd , engaged in manufacturing of TMT bars. RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ruby Cables Limited (RCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 Crisil D (Issuer Not Cooperating) Cash Credit 10 Crisil D (Issuer Not Cooperating) Proposed Long Term 4.35 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.65 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RCL 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 RCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1993 as Ekank Cables Ltd by members of the Parekh family, RCL got its present name in 2010, following a change in management. The company manufactures conductors and low-tension power cables at its facility in Vadodara (Gujarat). In fiscal 2014, Mr S N Bhatnagar acquired 50% stake in the company. RCL is currently managed by Mr Bhatnagar and Mr Chirag Gada. The company is listed on Bombay Stock Exchange (BSE). S.S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.S. Enterprises Electricals (SSEE) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSEE 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 SSEE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEE continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSEE, is a proprietorship firm, Tamil Nadu based company, is involved in Electrical works and contracts. Firm is managed by Mr. Selvaraj and his wife Amudha. SAI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term/short-term ratings of Sai Global Yarntex (India) Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 24.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 6.29 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term/ 8.64 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain in the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sai Global Yarntex (India) Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sai Global Yarntex (India) Private Limited, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in December 2005, SGYIPL(Sai Global Yarntex (India) Private Limited) is involved in cotton spinning at its unit at Ongole, Prakasam district, Andhra Pradesh. The installed capacity of the unit is 26,000 spindles. The company is promoted by Mr. Koti Reddy, Mr. Veeraprakasa Rao, Mr. G. B. Narayana, Mr. Srinivasa Rao, Mr. Gopala Reddy and Mr. Desu Subrahmanyam. SGYIPL primarily produces cotton yarn of medium counts, ranging from 26's to 40's of carded and combed variety. SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sai Projects and Systems Private Limited (SPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.6 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3 CRISIL D (Issuer Not Cooperating) Proposed Overdraft 1 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SPS 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 SPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPS continues to be 'Crisil D/Crisil D Issuer not cooperating'. SPS was incorporated in the year 2007 and is engaged in the business of providing turn-key electric solutions for factory automation to varied industries. The company's corporate office is located at Bangalore, Karnataka. VAMA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long Term ratings of Vama Infra in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Vama Infra's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Vama Infra, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Vama Infra (VI) was established in 2013 as a partnership firm based in Surat (Gujarat) and is involved in the construction of a residential project -Veronaa Residency in the Sarthana-Simada area of Surat. The firm is apart of the 'Rise On Group,' which is engaged actively in real estate development in Surat and Ahmedabad. The partners have almost three decades of experience in real estate development through the Rise On group. VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Vanshika Sugar & Power Industries Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 10.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Vanshika Sugar & Power Industries Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Vanshika Sugar & Power Industries Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The company Vanshika Sugar and Power Industries Limited (VSPIL), incorporated in 2012, is engaged in the business of manufacturing White Crystal Sugar and sale of its by-product. The company's cane processing plant is at Narsinghpur in Madhya Pradesh with an installed capacity of 2,500 tonnes of canes crushed per Day (TCD). VISHWA JYOTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Sri Vishwa Jyothi Agri Cottons in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 0.10 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sri Vishwa Jyothi Agri Cottons's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sri Vishwa Jyothi Agri Cottons, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in April 2019, Sri Vishwa Jyothi Agro Cottons (SVJAC) is a partnership firm engaged in ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The firm is located in Raichur (Karnataka) and is owned and managed by the partners. The firm has commenced its operations with installation of 48 ginning machines, with a production capacity is around 82000 quintals per annum at 33% Yield & Cotton Seeds at 165000 quintals at 66% Yield. The firm is estimating to operate at 80% of its installed capacity for the first year and 2% increase is provided every year. They have been present in cotton business in Raichur (where the current factory is located) for last 10 years and are also associated with Sri Jyothi Cotton Ginners. ZENVISION PHARMA: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term ratings of Zenvision Pharma LLP in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating moved to Cash Credit "ISSUER NOT COOPERATING" category Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating moved to Term Loan "ISSUER NOT COOPERATING" Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Zenvision Pharma LLP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Zenvision Pharma LLP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Zenvision Pharma LLP was incorporated in 2015 by Dr. Sivakumar Venkata Bobba along with two other professional partners to set up a research and development (R&D) lab as well as manufacturing unit for formulations. The present management is headed by Dr. Bobba as managing partner, supported by two other experienced partners. ZPL offers Contract Research and Manufacturing Services (CRAMS), and has a manufacturing facility with a production capacity of 8.0 lakh tablets per day and 4.0 lakh capsules per day. It has also filed for 12 patents till date and is in the process of taking the products to market. [] NCLAT Upholds ED's PMLA Powers Over Insolvency Moratorium ------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has said the moratorium available to companies undergoing insolvency proceedings cannot be used to shield assets alleged to be proceeds of crime, while upholding actions taken by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) against Siddhi Vinayak Logistics Ltd. The appellate tribunal said if there has been any attachment by the ED, then the adjudicatory mechanism created under the PMLA alone will have jurisdiction to deal with it. A bench of NCLAT has upheld the previous order passed by the Ahmedabad bench of the NCLT, saying "tribunals constituted under the IBC are not the forums which can entertain any plea against the ED," ET relates. The legislative intent behind the scheme of the IBC only aims to deal with the issue of corporate insolvency, either in a CIRP or in a liquidation process, and to pay off the creditors of the corporate debtor through the sale proceeds of the legitimate assets of the corporate debtor either as a going concern or as liquidated assets, and not out of the ill-gotten wealth of the CD, according to ET. ========= J A P A N ========= [] JAPAN: First-Half Bankruptcies Reach Highest Level Since 2022 ---------------------------------------------------------------- Bloomberg News reports that Japan's weak currency has caused the most bankruptcies during the first half of a year since 2022, underscoring the growing economic costs of the currency's slump. Forty-five firms failed between January and June for that reason, up more than 30% from a year earlier, according to a report by Tokyo Shoko Research on July 1. The figure was the highest since 2022, when the data firm started counting companies that specifically cite currency weakness in filing for bankruptcy. Bloomberg relates that the findings suggest the smaller firms that employ most of Japan's workers are finding it increasingly difficult to withstand the yen's prolonged weakness, casting a shadow over the nation's economy, even as exporters benefit. And while higher borrowing costs alone would typically push more firms toward insolvency, the data also lends support to continued interest-rate hikes from the Bank of Japan, which could help close the gap with U.S. rates and in turn bolster the yen. According to Bloomberg, the yen has steadily weakened against the dollar in recent years as U.S. interest rates climbed to combat pandemic-era inflation while Japanese rates were negative to break free of deflation. While the rate differential has since narrowed, a rally in the dollar and high oil prices from the war in Iran are still pressuring the yen. The yen traded past JPY162 per dollar on July 1, a level last seen in 1986, Bloomberg notes. While the weaker currency has boosted exporters' earnings, it has also driven up import costs, squeezing profit margins across a broad range of import-dependent industries. Bloomberg says the conflict in the Middle East has also drastically boosted costs. A price index for raw materials and merchandise purchases among a broad range of smaller firms surged in the second quarter, according to a survey by the Organization for Small & Medium Enterprises and Regional Innovation. The Bank of Japan's producer price index has also jumped in recent months. Tokyo Shoko Research's report showed bankruptcies were particularly concentrated in the wholesale sector, Bloomberg notes. One example was Tokyo-based Merry Time Foods, an importer of crab, shrimp and tuna from Asian countries. The company went bankrupt in May, citing deteriorating profitability due to the weak yen and political instability in its supplier countries. The research firm said in the report that currency-related bankruptcies are likely to remain elevated for some time, particularly among wholesalers, retailers and manufacturers with limited pricing power, Bloomberg relays. ===================== N E W Z E A L A N D ===================== AAA FIX: Court to Hear Wind-Up Petition on July 9 ------------------------------------------------- A petition to wind up the operations of AAA Fix And Stopping Limited will be heard before the High Court at Auckland on July 9, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 15, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CANTING: Restaurant Closes Amid Tough Trading Condition ------------------------------------------------------- Stuff.co.nz reports that an award-winning chef has been forced to close his second restaurant within three years due to what he called an "extended period" of "challenging trading conditions". Based in Commercial Bay, Nic Watt opened the modern-Chinese styled restaurant Canting in 2024, having previously earned acclaim for running eateries such as Inca and Masu. According to Stuff, Mr. Watt, a former Metro restaurant of the year winner, announced on June 29 that Canting had closed and would be placed into voluntary liquidation. Stuff relates that Mr. Watt said in a statement the decision had been made after "exhausting all practical options" to improve the "performance and sustainability" of the business. "Making the announcement to close Canting is incredibly difficult," he said. "We have worked tirelessly over a prolonged period to adapt the business, test new approaches and improve trading, but the reality is the environment has remained exceptionally challenging. "I'm devastated to be at this point however the reality is the business is no longer viable, and we've had to make this tough decision. My priority is supporting our amazing team and working with the appointed liquidators as we move through the process." Stuff quotes Mr. Watt as saying. Canting employs 19 staff, all of whom Mr. Watt said have been informed of the closure, while all wages and leave entitlements had been paid in full before the liquidation. "I met with our team this morning to inform them of the closure, following our final service last night. My focus now is on supporting them, helping them find new roles, and working constructively through the formal process with the liquidator," Mr. Watt said. Canting is the second restaurant run by Mr. Watt to have closed in the last three years, following on from the closure of Inca in Newmarket in November 2023. Its opening, though, was criticised by a former Inca staff member, who claimed at the time Mr. Watt had started the venture despite owing 22 former staff members nearly $67,000 in wages and holiday pay. The staffer told Stuff in 2024 he felt "disrespected" after learning of Mr. Watts' new venture. "It's just frustration and anger that he can continue to trade," he said at the time. To adapt to what he called "challenging trading conditions", Mr. Watt said Canting undertook a wide "range of initiatives to reposition and strengthen performance," including multiple menu, pricing and cost management adjustments. "Despite taking every practical measure available to improve trading performance, a combination of reduced discretionary spending, rising operating costs and ongoing economic uncertainty has continued to impact customer demand and the overall viability of the restaurant," he said. Stuff adds that Mr. Watt said a combination of rising fuel and living costs, increased supplier pricing, and continued pressure on household spending had had a "direct impact" on customer visitation. Despite the closure, Mr. Watt said he was "incredibly proud" of "what we've created" and that the eatery was "grateful" to everyone who supported them. Liquidator Damien Grant from Waterstone Insolvency has been appointed to manage the process and will work with creditors as part of the next steps, Stuff discloses. EXCEL DRYWALL: Court to Hear Wind-Up Petition on July 13 -------------------------------------------------------- A petition to wind up the operations of Excel Drywall 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 2, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton HANSELLS MASTERTON: Owes Millions as Liquidator Finds 54c Left -------------------------------------------------------------- NZ Herald reports that the liquidator of the company formerly known as Hansells Masterton, along with several creditors including Inland Revenue, may be left out of pocket as the company's cash on hand has been revealed to be just 54c. As reported in the Troubled Company Reporter-Asia Pacific on July 8, 2025, Walter & Wild has acquired the manufacturing assets of Hansells Masterton out of receivership through a newly formed company, Hansells Acquisition Limited (HAL), ensuring continued operations at the Masterton facility. Hansells Masterton, which serves as a contract manufacturer and owns brands such as Horleys Sports Nutrition, had its receivership managed by BDO Auckland. Receiver Andrew McKay noted that several offers were reviewed before the final decision was made, according to JustFood. Hansells Masterton is a New Zealand-based food contract packer. The company specialises in powder and liquid blending and packing. NANNY'S EATERY: Creditors' Proofs of Debt Due on Aug. 7 ------------------------------------------------------- Creditors of Nanny's Eatery Limited (trading as Nanny's Eatery), Killer Hair Limited, Bounce Back Mac Limited and Big Cuts Limited are required to file their proofs of debt by Aug. 7, 2026, to be included in the company's dividend distribution. Nanny's Eatery commenced wind-up proceedings on June 17, 2026. Killer Hair commenced wind-up proceedings on June 18, 2026. Bounce Back Mac and Big Cuts commenced wind-up proceedings on June 19, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 NCP PROPERTIES: Creditors' Proofs of Debt Due on July 10 -------------------------------------------------------- Creditors of NCP Properties Limited are required to file their proofs of debt by July 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2026. The company's liquidators are: Yunus Ahmed Musa TFS Chartered Accountants 214 Main Road Tawa, Wellington 5028 PREGO MEDITERRANIAN: Food Shop and Cafe Closes After 19 Years ------------------------------------------------------------- The Press reports that a long-running Nelson cafe and specialty food store has been overwhelmed by an outpouring of support after announcing it will close its doors after 19 years. The Press relates that the owners cited a combination of economic pressures, rising costs and the impact of roadworks near the business for its closure. Owners of Prego Mediterranian Foods and Comida Cafe said they have been inundated with flowers, tears and well-wishers since revealing the business had entered liquidation, The Press relays. PROLINE SUPPLY: Creditors' Proofs of Debt Due on July 23 -------------------------------------------------------- Creditors of Proline Supply Limited (formerly Go Swimming Limited) are required to file their proofs of debt by July 23, 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: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 SOLARZERO GROUP: Liquidation Fees Top NZD1.6 Million 18 Months On ----------------------------------------------------------------- BusinessDesk reports that Grant Thornton has been paid more than NZD1.6 million in fees winding up the collapsed solarZero group, with unsecured creditors facing little prospect of any meaningful recovery. According to BusinessDesk, the liquidation has grown increasingly complex in the 18 months since the pioneering solar subscription company's collapse, with a sale process flagged in earlier reports no longer mentioned in the latest update. Assets identified for potential sale in earlier reports have instead been transferred to the special purpose vehicles (SPVs) that hold customer contracts, BusinessDesk says. SolarZero offered customers solar power systems. SolarZero is owned by US private equity firm BlackRock and had 160 employees across offices in Auckland, Christchurch, and Wanaka. Solarzero Limited, Solarzero Energy Services Limited, Solarzero Developments Limited, Solarzero Commercial Ppas Limited, and Solarzero Public Sector Ppas Limited commenced wind-up proceedings on Nov. 26, 2024. ===================== P H I L I P P I N E S ===================== PRIMERO AGILA: Moody's Rates New Senior Unsecured Bond 'Ba2' ------------------------------------------------------------ Moody's Ratings has assigned a Ba2 rating to the proposed backed senior unsecured bond to be issued by Primero Agila Limited, a wholly owned subsidiary of Philippine Airlines Inc. (PAL, Ba2 stable). The bond is guaranteed by PAL and Air Philippines Corporation (APC). The rating outlook is stable. PAL plans to use the proceeds for general corporate purposes, which includes funding the interest reserve account, refinancing of existing offshore indebtedness and capital expenditures. RATINGS RATIONALE The Ba2 rating on the proposed bond is aligned with PAL's corporate family rating, reflecting Moody's views that PAL and APC operate under a single brand, while APC has no external debt other than leases. PAL's Ba2 corporate family rating reflects its position as the national flag carrier of the Philippines (Baa2 stable), with steady domestic and international market shares and a defensible long-haul franchise. The rating also incorporates the company's strengthened financial metrics and improved cost and capital structure following its Chapter 11 restructuring in 2021. At the same time, PAL's small scale relative to global peers, sizable fleet expansion plans, and limited liquidity buffers constrain the rating. The Philippine domestic airline sector is effectively a duopoly between PAL and Cebu Air, Inc., which holds about 56% market share. PAL is the country's only full service carrier, capturing about 30% domestic market share and 23% in international travel. Given infrastructure constraints at Manila airport, Moody's do not expect any new entrants to challenge the status quo in the Philippine domestic airline sector. PAL also retains focus on North American routes where it has leading positions even compared with US airline peers. About 40% of PAL's capacity and one-third of its revenue is from travel to and from North America. While PAL's direct exposure to the Middle East remains limited, Moody's expects indirect pressures from higher fuel costs and potential shifts in travel demand amid ongoing geopolitical tensions. The company is reducing capacity between June and September 2026, primarily on domestic routes, while maintaining capacity on international long-haul markets. Moody's views 2026 as an outlier year because of the ongoing impact of the Middle East conflict on fuel prices and air travel demand. However, PAL's secured fuel supply and adequate liquidity should support it through this period of uncertainty, with financial metrics expected to recover through 2027 and 2028. PAL has an order book of 20 aircraft, with deliveries between 2026 and 2029. The company intends to fund these aircraft additions with a combination of operating and finance leases. Despite the fleet expansion plan, Moody's expects PAL's adjusted debt/EBITDA to be below 4.0x over 2027-28. PAL does not hedge its fuel and foreign exchange exposure. It mitigates some fuel price volatility through a Civil Aeronautics Board regulated surcharge, which covers about 40% of fuel costs. The airline's relatively short booking curve, around 30 days for domestic flights and 60 days for international flights, also limits exposure to rapid fuel price movements. PAL's exposure to currency volatility is mitigated by its revenue mix, with 35% of revenues earned in US dollars, and by its practice of converting excess Philippine pesos into US dollars as soon as practicable. In addition, the company's US dollar reporting currency eliminates mark-to-market foreign exchange volatility on its lease liabilities. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATING OUTLOOK The stable outlook reflects Moody's expectations that 2026 will be an outlier year, and that PAL's operating and financial metrics will recover thereafter to levels commensurate with its rating. Moody's also expects PAL to effectively execute its fleet expansion while maintaining its market shares both for domestic and international travel. LIQUIDITY PAL's liquidity is adequate. As of March 31, 2026, its cash balance and short-term investments of around $615 million, together with cash flow from operations of around $730 million, are sufficient to cover debt maturities, mainly lease maturities, of around $889 million and committed capital spending of around $404 million through September 2027. PAL has demonstrated strong access to funding, having raised around $1.7 billion since exiting Chapter 11, including a $200 million top up of its securitization program in June 2026. PAL has unused committed pre-delivery payment facilities of $81 million, an undrawn working capital facility of $35 million, and financing facilities of $66 million. In addition, around $90 million of 2026 capital spending, mainly for real estate and other non-core investments, has been deferred, providing additional liquidity headroom. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade PAL's rating if there is a notable improvement in its operating and financial metrics, alongside sustained or expanded market share. Demonstrated success in fleet expansion will also be necessary for an upgrade. Key credit metrics supporting an upgrade would include: (1) profitability, with the EBIT margin consistently above 9%, (2) leverage, defined as adjusted debt/EBITDA remaining below 3.5x on a sustained basis, and (3) good liquidity. Moody's could downgrade PAL's rating if its operating and financial metrics weaken such that (1) EBIT margin falls below 7%, or (2) adjusted debt/EBITDA is higher than 4.0x on a sustained basis. The rating could also come under pressure if PAL's domestic or international market shares deteriorate significantly, the company faces liquidity pressures, APC incurs external debt, or there are indications of fuel supply disruptions or restrictions. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Passenger Airlines published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Philippine Airlines Inc. is the national flag carrier of the Philippines. It is also the only full-service domestic carrier with a market share of 30%, and commands leading market share of 23% for international flights to and from the Philippines. As of May 31, 2026, the group operates 84 aircraft, projected to rise to 106 by 2030. PAL serves 70 destinations across 88 routes, including 30 domestic and 40 international destinations, and carried 16.3 million passengers in 2025. PAL is ultimately controlled by Dr. Lucio C. Tan and family, who control one of the Philippines' diversified conglomerates with core assets consolidated under LT Group, Inc and PAL Holdings. ================= S I N G A P O R E ================= ALMANACH LAMPS: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 19, 2026, to wind up the operations of Almanach Lamps & Luminaires 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 EXIGO MARKETING: Court to Hear Wind-Up Petition on July 10 ---------------------------------------------------------- A petition to wind up the operations of Exigo Marketing (S) Pte. Ltd. will be heard before the High Court of Singapore on July 10, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 18, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 MALAN FOOD: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on June 19, 2026, to wind up the operations of Malan Food Investment Pte. Ltd. LMS Associates Pte Ltd filed the petition against the company. The company's liquidator is: Lai Seng Kwoon c/o Reliance 3P Advisory 7500A Beach Road #05-303/304 The Plaza Singapore 199591 MODA PAOLO: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on June 19, 2026, to wind up the operations of Moda Paolo Pte. Ltd. Standard Chartered Bank (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 PINE TREE: Creditors' Proofs of Debt Due on July 30 --------------------------------------------------- Creditors of Pine Tree Investment Holdings Pte. Ltd. are required to file their proofs of debt by July 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 22, 2026. The company's liquidator is: Quar Lian Huat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 VALUEMAX GROUP: Fitch Rates Proposed SGD Sr. Unsec. Notes 'BB(EXP)' ------------------------------------------------------------------- Fitch Ratings has assigned an expected rating of 'BB(EXP)' to ValueMax Group Limited's (VMG, BB/Stable) proposed Singapore dollar-denominated unsecured notes. The final rating is subject to the receipt of final documentation conforming to information already received. Proceeds from the proposed notes will be used for general corporate purposes, including the refinancing of existing borrowings and financing of investments, acquisitions, general working capital and capital expenditure. Key Rating Drivers Fitch rates the notes at the same level as VMG's Long-Term Issuer Default Rating (IDR), reflecting its expectation of average recovery prospects for the unsecured notes. This is despite secured debt comprising a significant portion of VMG's funding profile, as Fitch expects sufficient residual asset coverage for unsecured creditors, supported by collateral coverage on VMG's receivables and the group's moderate leverage. VMG's IDR is based on its consolidated credit profile. The group operates across pawnbroking, moneylending, and the retail and trading of jewellery and gold. For further details on VMG's key rating drivers, see Fitch Assigns ValueMax First-Time 'BB' Rating; Outlook Stable, published 15 June 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The unsecured notes' rating will move in tandem with VMG's Long-Term IDR. Hence, a downgrade of VMG's IDR would lead to a downgrade of the rating on the unsecured notes. Fitch may also notch down the rating on the unsecured notes from VMG's Long-Term IDR if Fitch believes that recovery prospects on the notes have weakened in the event of a liquidation scenario. This could occur if Fitch believes the quality of VMG's receivables and underlying collateral coverage has declined, such that asset recoveries are likely to be poorer in the event of liquidation, or if its leverage increases substantially or prior-ranking liabilities rise as a proportion of total liabilities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of VMG's IDR would lead to an upgrade of the rating on the unsecured notes. Date of Relevant Committee 11-Jun-2026 ESG Considerations VMG has an ESG Relevance Score of '3' for Customer Welfare, against the standard score of '2' for the non-bank financial institution (NBFI) sector. This reflects the group's retail-focused operation, which exposes it to risks around fair lending practices, pricing transparency, repossession, foreclosure and collection practices, whereby aggressive practices in these areas may subject the company to legal or regulatory and reputational risk that may damage the credit profile. The score of '3' for this factor reflects its view that such risks are adequately managed and have a low impact on the company's credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ ValueMax Group Limited senior unsecured LT BB(EXP) Expected Rating ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Court Ends Rehabilitation Process ---------------------------------------------- Yonhap News Agency reports that a court decided July 3 to terminate rehabilitation proceedings for troubled discount store chain Homeplus Co., pushing the company closer to shuttering its doors as it struggles to find a buyer. According to Yonhap, the Seoul Bankruptcy Court rejected Homeplus' revised rehabilitation plan submitted earlier last week, noting the company failed to come up with the necessary funds of at least KRW200 billion (US$130 million) to carry out the plan. The retailer, wholly owned by private equity firm MBK Partners, has become financially strapped due to a slump in the discount store industry and entered court-led rehabilitation proceedings in March last year. Homeplus had submitted an initial rehabilitation plan in December before handing its revised plan to the court on June 30. "In order to carry out the rehabilitation plan in the current situation, at least about KRW200 billion is needed, which has yet to be secured," the court said. "As there is no possibility of the plan being carried out . . . the rehabilitation proceedings have been terminated." MBK Partners acquired a 100 percent stake in Homeplus in 2015 from British retailer Tesco Plc for KRW7.2 trillion. Once the country's second-largest discount store chain, Homeplus at its peak operated more than 140 stores nationwide. However, the retailer's financial condition deteriorated as the discount store industry weakened, eventually leading to its court-supervised rehabilitation, Yonhap notes. Yonhap says efforts to secure additional funding were also hindered by a prolonged dispute over responsibility between MBK Partners and Homeplus' largest creditor, Meritz Securities Co. Homeplus may appeal the court's decision within 14 days. If it does not, the ruling will become final, according to Yonhap. Even if the company files an appeal, however, industry observers said the chances of successfully reviving the rehabilitation process remain slim, as Homeplus would still need to resolve its funding shortfall within the two-week appeal period. If the ruling becomes final, Homeplus is expected to enter separate bankruptcy proceedings later this month, Yonhap states. As of the end of last month, Homeplus employed about 12,000 workers. Roughly another 1,000 people indirectly employed in services could also lose their jobs. 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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