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260707.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 Tuesday, July 7, 2026, Vol. 29, No. 134 Headlines A U S T R A L I A AERISON SERVICES: First Creditors' Meeting Set for July 7 AZORA ABS 2025-1P: Moody's Upgrades Rating on Class F Notes to B1 BASS COAST: First Creditors' Meeting Set for July 7 BAYSIDE BLADES: First Creditors' Meeting Set for July 9 HOMEMAKERS SOUTH: First Creditors' Meeting Set for July 8 PLENTI AUTO 2024-1: Moody's Ups Rating on Class F Notes from Ba1 PUB BANC: 7 Hobart Bars to Close as Owner Goes Into Administration WU & ZHANG: First Creditors' Meeting Set for July 8 C H I N A CHINA VANKE: Names Former Shenzhen Financial Regulator as President COUNTRY GARDEN: Clears First Offshore Coupon After Restructuring SUNING.COM: Sells Carrefour China Unit for Just CNY2 Million WUHAN ZHONGBANG: China Takes Over Lender, Citing Credit Risks I N D I A AXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating CONTINUUM GREEN: Fitch Affirms BB+ Rating on Eight Notes EMPIRE ALCOBREV: CRISIL Lowers Rating on INR20cr Cash Loan to C IIFL FINANCE: Fitch Puts 'B+(EXP)' Rating to USD Sr. Secured Notes IIFL FINANCE: Moody's Assigns 'Ba3' CFR, Outlook Stable JAI HANUMAN: CRISIL Lowers Rating on INR10.5cr Cash Loan to C JASAMRAT COTGIN: CRISIL Keeps B Ratings in Not Cooperating LAKSHMI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating MAHALAKSHMI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating NITYARAV CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating PROCESS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating R.R OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating RUDRA CONCAST: CRISIL Lowers Ratings on INR7.5cr LT Loan to C S KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category SACHDEVA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating SALIA POLYMERS: CRISIL Keeps B- Debt Ratings in Not Cooperating SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating SGS MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating SHAH PACKWELL: CRISIL Keeps B- Debt Ratings in Not Cooperating SIISA: CRISIL Keeps D Debt Rating in Not Cooperating Category SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating STAYWELL FORMULATION: CRISIL Keeps D Ratings in Not Cooperating SURBHI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating TRUSTROOT INTERNET: Faces Insolvency Process Over US$170MM Default VALUES SPACES: CRISIL Lowers Rating on INR80cr Loan to C I N D O N E S I A POS INDONESIA: Danantara Flags Suspected Financial Irregularities M O N G O L I A GOLOMT BANK: Moody's Ups Long Term Deposit & Issuer Ratings to B1 TRADE AND DEVELOPMENT: Moody's Rates New USD Sr. Unsec. Notes 'B1' TRADE AND DEVELOPMENT: Moody's Ups Deposit & Issuer Ratings to B1 N E W Z E A L A N D EL BARBERO: Creditors' Proofs of Debt Due on July 24 KENNEDY FURNITURE: Creditors' Proofs of Debt Due on July 23 QUEENSTOWN LOCAL: Court to Hear Wind-Up Petition on July 9 SPM CONSULTING: Court to Hear Wind-Up Petition on July 16 T & G COMPANY: Creditors' Proofs of Debt Due on Aug. 24 [] NEW ZEALAND: More Than 400,000 People Behind on Payments S I N G A P O R E A3 AUTOHUB: Court to Hear Wind-Up Petition on July 17 ACTION PROPERTY: Creditors' Proofs of Debt Due on July 30 ALCIMED PTE: Creditors' Proofs of Debt Due on July 29 ANTANIUM RESOURCES: Placed in Provisional Liquidation FRASERS HOSPITALITY: Moody's Assigns 'Ba1' CFR, Outlook Negative GLOBAL-TEC CONSULTANTS: Court to Hear Wind-Up Petition on July 17 MAXEON SOLAR: Subsidiaries Face Letters of Demand on Senior Notes - - - - - ================= A U S T R A L I A ================= AERISON SERVICES: First Creditors' Meeting Set for July 7 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Aerison Services Pty Ltd, Aerison EPC Pty Ltd, and Aerison Pty Ltd will be held on July 7, 2026, at 10:00 a.m., 10:30 a.m. and 11:00 a.m., respectively, via videoconferencing facility. Robert Allan Jacobs and Andrew Michael Smith of Auxilium Partners were appointed as administrators of the company on June 25, 2026. AZORA ABS 2025-1P: Moody's Upgrades Rating on Class F Notes to B1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by Azora ABS 2025-1P Trust. The affected ratings are as follows: Issuer: Azora ABS 2025-1P Trust Class B Notes, Upgraded to Aa1; previously on Sep 25, 2025 Definitive Rating Assigned Aa2 Class C Notes, Upgraded to A1; previously on Sep 25, 2025 Definitive Rating Assigned A2 Class D Notes, Upgraded to Baa1; previously on Sep 25, 2025 Definitive Rating Assigned Baa2 Class E Notes, Upgraded to Ba1; previously on Sep 25, 2025 Definitive Rating Assigned Ba2 Class F Notes, Upgraded to B1; previously on Sep 25, 2025 Definitive Rating Assigned B2 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 an increase in credit enhancement available for the affected notes and the collateral performance to date. No action was taken on the remaining rated class in the deal as credit enhancement for the notes remains commensurate with their respective current rating. Following the June 2026 payment date, the note subordination available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 24.6%, 19.1%, 13.7%, 6.5% and 4.0% respectively, from 19.5%, 15.1%, 10.8%, 5.1% and 3.1% at closing. Principal collections have been distributed on a pro-rata basis among the rated Notes since the June 2026 payment date. Current total outstanding notes as a percentage of the total closing balance is 77.1%. As of end-May 2026, 4.2% of the outstanding pool was 30-plus days delinquent and 2.0% was 90-plus days delinquent. The portfolio has incurred 0.7% (as a percentage of the original portfolio balance) of gross losses (net of vehicle sale proceeds) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 8.2% of the outstanding pool balance (equivalent to 7.0% of the original pool balance) since closing. Moody's have also maintained Moody's Aaa portfolio credit enhancement ("PCE") assumption at 31.0%. Moody's analysis has also considered various scenarios involving different mean default rates and default timing curve to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of Australian automobile and equipment-backed consumer and commercial loans originated by Azora Finance Group Pty Ltd and Azora Personal Loans Pty Ltd, and serviced by Azora Finance (Services) Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. 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 the notes' available credit enhancement. 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 notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. BASS COAST: First Creditors' Meeting Set for July 7 --------------------------------------------------- A first meeting of the creditors in the proceedings of Bass Coast Adult Learning Inc. will be held on July 7, 2026, at 11:00 a.m. at the offices of 239 White Rd, in Wonthaggi, VIC. Ivan Glavas and Matthew Kucianski of Worrells were appointed as administrators of the company on June 25, 2026. BAYSIDE BLADES: First Creditors' Meeting Set for July 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Bayside Blades Pty Ltd will be held on July 9, 2026, at 10:30 a.m. at the offices of at the offices of Magnetic Insolvency at 50/41-49 Norcal Road, in Nunwading, Victoria and via virtual meeting technology. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on June 29, 2026. HOMEMAKERS SOUTH: First Creditors' Meeting Set for July 8 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Homemakers South Limited (Trading as Furniture House Group & Homemakers Furniture and Bedding Specialists) will be held on July 8, 2026, at 10:00 a.m. via virtual facilities. David Coyne of BRI Ferrier Victoria was appointed as administrator of the company on June 29, 2026. PLENTI AUTO 2024-1: Moody's Ups Rating on Class F Notes from Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Plenti Auto ABS Trust 2024-1 and five classes of notes issued by Plenti Auto ABS 2025-1 Trust. The affected ratings are as follows: Issuer: Plenti Auto ABS Trust 2024-1 Class C Notes, Upgraded to Aa1 (sf); previously on Nov 13, 2025 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Nov 13, 2025 Upgraded to A1 (sf) Class E Notes, Upgraded to A1 (sf); previously on Nov 13, 2025 Upgraded to Baa1 (sf) Class F Notes, Upgraded to Baa2 (sf); previously on Nov 13, 2025 Upgraded to Ba1 (sf) Issuer: Plenti Auto ABS 2025-1 Trust Class C1 Notes, Upgraded to Aa1 (sf); previously on Dec 3, 2025 Upgraded to Aa3 (sf) Class C2 Notes, Upgraded to Aa1 (sf); previously on Dec 3, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Dec 3, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to A2 (sf); previously on Dec 3, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Dec 3, 2025 Upgraded to Ba3 (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 an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated classes in the transactions as credit enhancement remains commensurate with the current rating for the respective notes. Plenti Auto ABS Trust 2024-1 Following the June 2026 payment date, credit enhancement available for the Class C, Class D, Class E, and Class F Notes has increased to 11.1%, 9.1%, 5.8% and 2.6% respectively, from 10.4%, 8.4%, 5.1% and 1.8% at the time of the last rating action in November 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the July 2025 payment date. Current outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance is 38.4%. The Class A-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-May 2026, 1.9% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The portfolio has incurred net losses of 0.9% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 2.4% of the outstanding portfolio balance (equivalent to 2.1% of the original balance) from 2.7% of the outstanding portfolio balance (equivalent to 2.2% of the original balance) at the time of the last rating action. Moody's have also lowered the Aaa portfolio credit enhancement to 11% from 13%. Plenti Auto ABS 2025-1 Trust Following the June 2026 payment date, credit enhancement available for the Class C (Class C1 and C2), Class D, Class E, and Class F Notes has increased to 10.2%, 8.5%, 5.4%, and 2.4% respectively, from 9.7%, 8.0%, 4.9% and 1.8% at the time of the last rating action in December 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the December 2025 payment date. Current outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance is 55.1%. The Class A-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-May 2026, 1.2% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The portfolio has incurred net losses of 0.5% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 2.7% of the outstanding portfolio balance (equivalent to 2.1% of the original balance) from 3.4% of the outstanding portfolio balance (equivalent to 2.8% of the original balance) at the time of the last rating action. Moody's have also lowered the Aaa portfolio credit enhancement to 11% from 13.5%. The transactions are cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. 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 the notes' available credit enhancement. 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 notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PUB BANC: 7 Hobart Bars to Close as Owner Goes Into Administration ------------------------------------------------------------------ ABC News reports that the group managing some of Hobart's most well-known pubs, including the Republic Bar, Jack Greene and Cargo, has entered voluntary administration with owners pointing to rising supply costs and changing consumer behaviour. Corporate finance and restructuring firm Apex Advisory will lead a sale process for the seven venues owned by Pub Banc Group and Hotel Banc Group, which employ more than 80 people in total. The venues will close while an urgent sale process is undertaken, the ABC relates. According to the ABC, the venues are: - Cargo Bar - Jack Greene - Post Street Social - Observatory Bar - Republic Bar - Franklin Wharf Restaurant & Bar - Franklin Wharf Function Centre "The purpose of the voluntary administration is to preserve the value of these businesses and move quickly to a sale or recapitalisation, with the aim of seeing the venues reopen under new ownership," the ABC quotes Apex Advisory managing director Tim Booker as saying. "Our objective is to protect jobs wherever possible, maximise the outcome for creditors and secure the long-term future of these venues for the Tasmanian community." Staff have been informed on July 2, while suppliers and creditors will be contacted in coming days. Mr. Booker said he expected significant interest in the businesses, which it was hoped would reopen under new ownership. "These are iconic venues with strong brands, prime locations and loyal patronage, and assets of this quality rarely come to market." According to the ABC, director of Pub Banc Group and Hotel Banc Group Ian Vaughan said the appointment of administrators was "deeply disappointing", and that the business had faced "significant headwinds". "Food and beverage input costs, utilities, insurance and other operating expenses have all continued to increase, many sharply, while at the same time consumer behaviour has changed," the ABC quotes Mr. Vaughan as saying. "Today, our thoughts are primarily with our employees, many of whom have dedicated years of service and helped create the welcoming experiences for which our venues are known." WU & ZHANG: First Creditors' Meeting Set for July 8 --------------------------------------------------- A first meeting of the creditors in the proceedings of Wu & Zhang Wellness Therapy Pty Ltd (trading as WM Massage) will be held on July 8, 2026, at 11:00 a.m. via virtual facilities. Patrick Loi and John Chand of Greengate Advisory NSW Pty Ltd were appointed as administrators of the company on June 29, 2026. ========= C H I N A ========= CHINA VANKE: Names Former Shenzhen Financial Regulator as President ------------------------------------------------------------------- Caixin Global reports that China Vanke Co. Ltd. has appointed a former Shenzhen financial regulator as president, filling a role left vacant for more than a year as the state-backed developer struggles to contain a deepening liquidity crisis. According to Caixin, the Shenzhen-based company said July 2 that its board approved the appointment of Huang Yu, 52, who was nominated by chairman Huang Liping. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. COUNTRY GARDEN: Clears First Offshore Coupon After Restructuring ---------------------------------------------------------------- Caixin Global reports that Country Garden Holdings Co. Ltd. paid $14.34 million in interest on its restructured offshore debt, marking its first coupon payment since a $17.7 billion restructuring took effect at the end of 2025. According to Caixin, the payment, made on June 30 and confirmed by the company, signals that the Chinese developer has entered the execution phase of one of the property sector's largest offshore debt workouts. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. SUNING.COM: Sells Carrefour China Unit for Just CNY2 Million ------------------------------------------------------------ Caixin Global reports that Suning.com Co. Ltd. has sold the operating company behind its defunct Carrefour China hypermarket business to a Hong Kong company for just CNY2 million ($294,410), marking a dismal end to the Shenzhen-listed retailer's costly push into groceries. Caixin relates that Suning said June 30 that HK Express World International Ltd. bought a 100% stake in Cacious China Holdings N.V. after the asset was publicly listed on the Jiangsu Equity Exchange. Suning.Com Co., Ltd., operates consumer electronic products and appliances sales stores. The Company sells telecommunication equipment, telecommunication components, household appliances, digital equipment, refrigerators, washing machines, and other products. Suning.Com also provides equipment installation and repairing services. WUHAN ZHONGBANG: China Takes Over Lender, Citing Credit Risks ------------------------------------------------------------- Reuters reports that China's financial regulator will take over privately owned online lender Wuhan Zhongbang Bank for one year from July 3, the watchdog said, marking another step by authorities to prevent risks at small financial institutions. Reuters relates that the takeover was imposed because of "severe credit risks" at the bank, the National Financial Regulatory Administration said in a joint announcement with the Hubei provincial government. Zhongbang Bank was established in May 2017 as China's 11th private lender with registered capital of CNY2 billion (HK$2.3 billion), which was increased to CNY4 billion in 2020. The lender is based in central China's Hubei province and is owned by six private companies, with Zall Holding the largest shareholder with a 30 percent stake. According to Reuters, the bank's shareholder meetings, board of directors and supervisory board have been suspended and the takeover team will assume all management functions. The takeover team is led by Hubei's provincial financial authority and the Wuhan municipal government. It also includes the National Financial Regulatory Administration's Hubei bureau, Deposit Insurance Fund Management and the Hubei branch of the People's Bank of China. Customer operations will continue as normal and depositor and client rights will be legally protected, the regulator said. Wuhan Zhongbang Bank is an Internet transaction bank that caters to small and micro markets. ========= I N D I A ========= AXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Laxmi Narasimhaa Spinning Mill Private Limited (SLN) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 3 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SLN 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 SLN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLN continues to be 'Crisil D Issuer not cooperating'. Set up in 2007 and based in Tiruppur, Tamil Nadu, SLN manufactures cotton yarn. CONTINUUM GREEN: Fitch Affirms BB+ Rating on Eight Notes -------------------------------------------------------- Fitch Ratings has affirmed the BB+ rating on the US dollar 7.50% senior secured notes due 2033 issued by the restricted group of India-based Continuum Green Energy Limited (Continuum RG2). The Outlook is Stable. The rating reflects the credit quality of a 1,026MW wind and solar portfolio across four Indian states, supported by diversified, high-quality commercial and industrial (C&I) customers that offset the long payment cycles of state distribution companies (discoms). It also reflects uncertainty over debt refinancing and longer-term revenue risk from contract and power purchase agreement (PPA) renewals, future discom C&I tariffs, and open access charges. The financial profile suits a 'BB+' rating. Fitch does not rate the discoms and C&I counterparties, which may have weak credit and payment-delay histories, although multiple counterparties mitigate this risk. Furthermore, receivables collection from state discoms improved following the introduction of the late payment surcharge rule in 2022. Receivables collection from C&I customers is also much stronger. Fitch applies the merchant debt serve coverage ratio (DSCR) thresholds while evaluating cash flow using contracted prices. KEY RATING DRIVERS Operation Risk - Midrange The operation risk assessment reflects favourable production-based pricing mechanisms and comprehensive operating and maintenance (O&M) contracts covering both scheduled and unscheduled maintenance by experienced teams. These contracts run for five to 15 years, and Fitch believes replacement operators should be readily available at expiry, as similar technology is used widely in India. All the plants use proven technology. No third-party technical advisor has verified the operating costs, which is a weakness. The plants have a moderate operating history, ranging from one to nearly 12 years, with a capacity-weighted average of around six years Revenue Risk - Volume - Midrange The energy yield forecast, prepared by third-party consultants and supported by portfolio benefit analysis, shows an overall P50/1-year P90 spread of 15.2%, narrowing to 11.5% after considering portfolio benefits. A spread between 6% and 16% leads to a 'Midrange' assessment. Curtailment risk is minimal, as renewables hold "must-run" status in India. The C&I customers are incentivised to maximise offtake due to cost advantages over alternative sources, and contracted volumes of Continuum RG2 projects usually cover only 50%-60% of customer demand. The assets have underperformed the 1-year P90 forecast in recent years, due mainly to weaker wind resources in India. However, management expects the overall long-term average generation to remain in line with the wind resource assessments done by independent third parties. Revenue Risk - Price - Midrange Continuum RG2 has a diversified customer pool, with 36% of capacity contracted to state discoms and 64% contracted to 117 C&I customers. This C&I share may rise to 83% of capacity upon conversion of the 199.7 MW project in Maharashtra (Bothe project) to the open-access route in 2027 when its PPA with the state discom expires. The tariff paid by C&I customers varies with the change in the retail tariff for C&I users charged by state discoms (discom C&I tariff) and applicable open-access charges. Both generators and customers bear part of the variation in the discom C&I tariff and open-access charges. A third-party consultant believes that the discom C&I tariff will generally rise over the project life and considers the financial model's relevant projections prudent. Debt Structure - Midrange The debt structure is a typical project-finance style structure. The US dollar notes are directly co-issued by operating entities domiciled in India. Noteholders are protected by conventional covenants and a security package. Notes pay fixed interest rates and Continuum RG2 uses a combination of call spread and call option to mitigate the currency risk arising from US dollar-rupee fluctuation. Noteholders benefit from a lock-up test at backward-looking graded DSCRs. No additional debt is allowed other than a working capital basket of USD50 million. A portion equal to 4.5% of the notes' principal will amortise over the note life. The refinancing risk is mitigated by the mandatory cash sweep for about 43.1% of the principal. The refinancing of the remaining 52.4% of the principal is manageable due to adequate DSCRs under Fitch's rating case, with the assets having sufficient remaining economic life by the time the notes mature. Peer Analysis Continuum RG2 is comparable with Adani Green Energy Limited Restricted Group 1 (AGEL RG1, senior secured notes rating BBB-/Stable) and Adani Green Energy Limited Restricted Group 2 (AGEL RG2, senior secured notes rating BBB-/Stable). Both AGEL RG1 and AGEL RG2 are pure solar portfolios with counterparties comprising state discoms and sovereign-backed off-takers. All three RGs have ringfenced issuing structures and protective covenants, with debt issued directly by the operating entities. However, Continuum RG2 is exposed to refinancing risk, unlike AGEL RG1 and AGEL RG2, whose debt structures are largely amortising. Continuum RG2 is subject to changes in tariff and regulatory charges because a sizeable share of revenue flows from C&I customers, although changes in regulatory charges are passed through to those customers. This results in less predictable revenue. By contrast, AGEL RG1 and AGEL RG2 benefit from more predictable revenue streams from their offtakers, with no price or regulatory risks. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The average annual DSCR in the Fitch rating case dropping below 1.6x persistently. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A rating upgrade is unlikely in the near term, due to the uncertainty around debt refinancing, renewal terms for maturing contracts and PPAs, the future discom C&I tariff and open access charges applicable for C&I projects. Financial Profile The financial profile is assessed based on the DSCR over both the bond life and the refinancing period, with the latter assuming the notes' outstanding principal will be refinanced at maturity with long-term amortising debt over the remaining project lives. Its analysis relies on actual performance data rather than third-party consultant estimates, given the assets' historical underperformance. Fitch's base case assumes the historical average generation. The only exceptions are the Rajkot 3 hybrid asset and Rajkot 4 solar asset, which commenced operations in the financial year end-March 2024 (FY24) and FY26, respectively; for these assets, the base case uses the P50 estimate. Under these assumptions, the base case DSCR averages 1.94x over the bond life and 1.90x during the refinancing period, with a minimum DSCR of 1.63x. Fitch's rating case is derived from the 1-year P90 figure with an additional 7% haircut for wind and 5% for solar. Under the rating case, the DSCR averages 1.85x and 1.82x over the bond life and refinancing period, respectively, with a minimum DSCR of 1.55x. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Continuum RG2 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bothe Windfarm Development Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Kutch Windfarm Development Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Uttar Urja Projects Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Renewables Trinethra Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Continuum Trinethra Renewables Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ DJ Energy Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Trinethra Wind And Hydro Power Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ Watsun Infrabuild Private Limited Continuum Green Energy Limited Restricted Group 2/Senior Secured Debt/1 LT LT BB+ Affirmed BB+ EMPIRE ALCOBREV: CRISIL Lowers Rating on INR20cr Cash Loan to C --------------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of Empire Alcobrev Private Limited (EAPL) revised to 'Crisil C Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Term Loan 5 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with EAPL for obtaining information through letter and email dated May 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EAPL revised to 'Crisil C Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. Incorporated in 1982 and based in Chandigarh, EAPL manufactures, bottles and markets country liquor & IMFL (Indian Made Foreign Liquor). The company has two bottling plants at Chandigarh (capacity of 18 lakh cases per annum) and Punjab (48 lakh cases per annum). EAPL is promoted by Mr. Rishi Bali and Mr. Daksh Bali. IIFL FINANCE: Fitch Puts 'B+(EXP)' Rating to USD Sr. Secured Notes ------------------------------------------------------------------ Fitch Ratings has assigned India-based IIFL Finance Limited's (B+/Positive) proposed US dollar senior secured bonds an expected rating of 'B+(EXP)' and Recovery Rating of 'RR4'. The final rating is subject to the receipt of final documentation conforming to information already received. The notes will be secured by collateral comprising specified assets and receivables of the issuer and will be subject to maintenance-based covenants that require the issuer and each of its principal subsidiaries to meet regulatory capital requirements and maintain a net 90-day non-performing loan ratio of no more than 5%. The covenants also require the issuer to maintain a security coverage ratio, comprising standard assets, of at least 1.0x at all times. IIFL Finance will issue the proposed notes in the international market under the Reserve Bank of India's external commercial borrowings framework. The proposed notes will be issued under IIFL Finance's secured global medium-term note programme, which has been raised to USD1.5 billion from USD1 billion. The programme rating is unaffected by the upsize. Key Rating Drivers The proposed notes are rated at the same level as IIFL Finance's Long-Term Foreign-Currency Issuer Default Rating (IDR), in accordance with Fitch's rating criteria, as they will be the issuer's secured obligations and rank pari passu at all times with its other secured obligations. Most of IIFL Finance's debt is secured and Fitch believes non-payment of the senior secured debt would best reflect the uncured failure of the issuer. IIFL Finance can issue unsecured debt in overseas markets, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. The Recovery Rating on the proposed notes reflects its expectation of 'Average' recovery prospects in the event of default. This is in line with its criteria for India-based entities with a Long-Term IDR of 'B+' or below. The proposed notes will be subject to a cross-acceleration clause, where the acceleration of any debt of the issuer or its principal subsidiaries may constitute an event of default. There has been no adverse lender action over the microfinance subsidiary's breach of certain delinquency-related loan covenants in the financial year ended March 2025, with the relevant delinquency ratio improving over the past 12-18 months. IIFL Finance's principal subsidiaries continue to meet all repayment obligations. For more information on IIFL Finance's key rating drivers and sensitivities, please see Fitch Revises Outlook on IIFL Finance to Positive; Affirms at 'B+', published 16 October 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on IIFL Finance's Long-Term IDR would drive corresponding action on the expected rating on the proposed notes. The expected rating may also be downgraded if Fitch believes that recovery prospects are likely to weaken to below 30% of outstanding senior secured bonds in a liquidation scenario. The Recovery Rating would be revised to 'RR5' in such a scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of IIFL Finance's Long-Term IDR would result in similar action on the expected rating on the proposed notes. Date of Relevant Committee 15 October 2025 ESG Considerations IIFL Finance has an ESG Relevance Score of '4' for Management Strategy, as Fitch believes the company's operations and franchise remain sensitive to management's ability to maintain sound implementation of internal controls and return the business to adequate profitability following the lifting of Reserve Bank of India sanctions on its gold loan business. IIFL Finance has an ESG Relevance Score of '4' for Governance Structure, as the history of regulatory action implies there are gaps in the oversight structure and management of compliance risks that may pose a reputational risk for the company. 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 Recovery ----------- ------ -------- IIFL Finance Limited senior secured LT B+(EXP) Expected Rating RR4 IIFL FINANCE: Moody's Assigns 'Ba3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings assigns a Ba3 long-term corporate family rating to IIFL Finance Limited (IIFL Finance). At the same time, Moody's have assigned (P)Ba3 long-term foreign-currency senior secured rating to IIFL Finance's USD1 billion Global Medium Term Note (GMTN) program. The rating outlook is stable. RATINGS RATIONALE IIFL Finance's Ba3 rating reflects its well-established retail lending franchise in India, which supports strong pre-provisioning profitability. Its asset-light business model and increasing shift towards secured lending support its capitalisation and long-term loss performance. These strengths are somewhat balanced by higher earnings volatility and asset risks from its exposure to subprime borrowers. The rating also considers its reliance on wholesale funding similar to industry peers, although this risk is mitigated by the company's well diversified borrowing sources and consistent refinancing track record. The stable outlook reflects Moody's expectations that its credit profile will remain stable over the next 12–18 months. IIFL Finance has over two decades experience in retail lending in India. Its robust digital infrastructure and wide distribution network underpin customer acquisition, underwriting and collections. The business model has evolved towards more capital-efficient growth, with increasing use of co-lending and direct assignment. The loan mix also continues to shift towards secured lending, with growth led by gold finance (46% of on balance sheet loans), home loans (29%) and secured small business loans (9%) supporting more stable loss performance over time. Asset quality has improved in recent years, although it remains exposed to volatility given the company's focus on subprime borrowers. The problem loans ratio declined to 1.5% as of March 2026 from 2.2% in March 2025, partly driven by the sale of problem loans to asset reconstruction companies. That said, in line with industry peers, asset risk has increased in small-ticket home loans, small business loans, microfinance and unsecured segments over the past two years. Profitability has also improved and is supported by strong pre-provisioning profits, although reported earnings are more volatile. Net income to average managed assets increased to 2.3% in fiscal 2026 from 1.6% in fiscal 2025, driven by higher income from off balance sheet sale transactions, which offset margin compression from higher funding costs. However, these gains introduce earnings volatility because they depend on forward-looking assumptions and may reverse if actual cash flows differ from expectations. Moody's expects IIFL Finance to maintain steady capitalization by raising new equity capital as strong loan growth outpaces internal capital generation. Its consolidated tangible common equity to tangible managed assets ratio declined to around 15.6% as of March 2026 from 18.4% a year earlier, reflecting the pace of balance sheet expansion. The company's increasing use of off-balance sheet structures supports capital-efficient growth. However, capital flexibility is constrained by limited fungibility across group entities, which may restrict the ability to deploy capital efficiently. The company's reliance on wholesale funding and modest on-balance sheet liquidity exposes it to refinancing risk. However, this risk is mitigated by its diversified funding profile, which includes domestic and international banks, capital markets, securitization, and co-lending channels, supported by a consistent execution track record. In addition, its gold loan portfolio comprises highly liquid assets with predictable cash flows, which supports liquidity. The (P)Ba3 senior secured rating on the GMTN program is in line with the company's Ba3 CFR given that secured debt forms the predominant portion of the company's borrowings. The notes issued under the program constitute the issuer's direct, general and unconditional obligations and will be secured by, among other things, a first-ranking pari-passu charge over all receivables/assets, including the issuer's accounts, operating cashflows, current assets, book debts, loans and advances and receivables, both present and future, but excluding assets that are charged exclusively to National Bank for Agriculture and Rural Development (NABARD), National Housing Bank (NHB), Small Industries Development Bank of India (SIDBI) or any other governmental authority, in relation to the facilities extended by each of the respective agencies. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The rating incorporates IIFL Finance's ESG considerations, as per Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology. The company faces moderate social and governance risks, and low environmental risks. The Governance Issuer Profile Score (IPS) of G-3 reflects risk management framework broadly aligned with its risk appetite and industry practices, though tempered by its relatively fast asset growth, lending focus on segments vulnerable to economic cycles and modest on-balance-sheet liquidity. It also captures risks relating to compliance & reporting practices, which Moody's expects to improve over time. Overall, the Credit Impact Score (CIS) of CIS-3 indicates that ESG Considerations have limited impact on the current credit rating with potential for greater negative impact over time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade IIFL Finance's ratings if the company improves its TCE/TMA ratio to above 20% and maintains its net income to average managed assets above 2.5% on a sustained basis, while maintaining steady asset quality. Moody's will downgrade IIFL Finance's rating if its capitalization deteriorates, such that its TCE/TMA ratio declines below 12% without clear visibility into a capital raising plan. Moody's could also downgrade the rating if there is a significant deterioration in its asset quality, leading to lower profitability, or if its funding and liquidity deteriorates. 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. IIFL Finance is headquartered in Mumbai and reported total assets of INR700.1 billion as of March 31, 2026. JAI HANUMAN: CRISIL Lowers Rating on INR10.5cr Cash Loan to C ------------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of Jai Hanuman Rice Industries (JHRI) to 'Crisil C Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Cash Credit 10.5 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 1.5 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Warehouse Receipts 8 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JHRI for obtaining information through letter and email dated May 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JHRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JHRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JHRI revised to 'Crisil C Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Set up in 2003 as a proprietorship by Mr Rishi Nagpal, JHRI was reconstituted as a partnership in 2014 when Mr Tara Chand joined. The firm processes basmati and non-basmati rice in Taraori, Haryana. Its unit has milling and sorting capacities of 3 tonne per hour (tph) and 10 tph, respectively. JASAMRAT COTGIN: CRISIL Keeps B Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jasamrat Cotgin Private Limited (JCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 3.45 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JCPL 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 JCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JCPL continues to be 'Crisil B/Stable Issuer not cooperating'. JCPL was set up in June 2016 by Mr Jaideep Singh Rajpal and his brother, Mr Paramjeet Singh Rajpal. It is setting up a cotton ginning and oil extraction unit in Sendhwa, Madhya Pradesh, and will commence operations in December 2016. LAKSHMI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Lakshmi Agencies (SLA) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLA 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 SLA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLA continues to be 'Crisil D/Crisil D Issuer not cooperating'. SLA was established in 1993 as a partnership firm by Mrs. T Jaypal and her sister, Mrs. Selva Sundari. SLA is the exclusive distributor of ITC's cigarettes and fast-moving consumer goods in the Tiruvallur region, catering to 400 wholesalers and retail units.The firm is also engaged in tradingof pulses, particularly urad dal. The revenues from Urad dal was 55 per cent in 2013-14.SLA is currently being managed by Mr. R Rajkumar and Mr. R Ramesh Kumar (sons of Mrs. Selva Sundari). MAHALAKSHMI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Mahalakshmi Raw and Boiled Rice Mill (SMRB) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.27 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMRB 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 SMRB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMRB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMRB continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1992, SMRB processes rice. It is a partnership firm set up by Mr P Sudhakara Reddy and Mrs P Sailaja. The firm's manufacturing facility is based in Nellore (Andhra Pradesh). MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Modern Steel Limited (MSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MSL 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 MSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MSL was set up in 1974 by Mr Amarjit Goyal. It is listed on the Bombay Stock Exchange, and is managed by Mr Krishan Kumar Goyal, son of Mr Amarjit Goyal. MSL manufactures low-alloy and carbon-steel-rolled products for commercial vehicles, such as trucks and tractors, passenger vehicles, two-wheelers, and engineering companies. NITYARAV CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nityarav Ceramic LLP (NCL) 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) Proposed Long Term 3.9 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 4.32 CRISIL D (ISSUER NOT COOPERATING) Working Capital 1.78 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with NCL 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 NCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NCL was established in Morbi, Gujarat, in 2018 and started commercial operations in March 2019. The firm manufactures digitally printed glazed wall tiles. It is promoted by Mr Mahesh Rangpariya and his family members. PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paramount Blankets Private Limited (PBPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.75 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.11 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.50 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 2.00 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 3.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PBPL 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 PBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PBPL continues to be 'Crisil D Issuer not cooperating'. PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta. The company manufactures polyester mink blankets, which it sells in the domestic market. Its manufacturing unit is at Sonepat (Haryana). PROCESS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Process Construction & Technical Services Private Limited (PCTS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 28 CRISIL D (Issuer Not Cooperating) Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 32 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PCTS 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 PCTS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCTS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCTS continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2006 as a partnership, PCTS was reconstituted as a private limited company in 2014-15. The company is promoted by Shri K.P. Francis and is based in Navi Mumbai. PCTS provides engineering and technical, onshore and offshore, products and services mainly for the oil and gas industry. This includes installation, hook-up, pre-commissioning and commissioning assistance on major equipment, plants and machinery on offshore platforms; and modification and revamping of offshore oil and gas platforms, rigs and onshore facilities. Its major customers include Larsen & Toubro Ltd and Sime Darby (a Malaysia-based multinational conglomerate involved in plantations, property, industrial, motors and energy & utilities). R.R OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of R.R Overseas (RR) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil D (ISSUER NOT COOPERATING) Long Term Loan 1.3 Crisil D (ISSUER NOT COOPERATING) Proposed Working 6.2 Crisil D (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with RR 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 RR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RR continues to be 'Crisil D Issuer not cooperating'. RR was formed as a partnership firm by members of Ohri and Davesar families, in 2013. The firm mills and processes basmati rice at its unit in Tarn Taran Sahib, Punjab, and commenced operations in November 2015. RUDRA CONCAST: CRISIL Lowers Ratings on INR7.5cr LT Loan to C ------------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of Rudra Concast Private Limited (RCPL) to 'Crisil C Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Proposed Long Term 7.5 Crisil C (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 3.5 COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RCPL for obtaining information through letter and email dated May 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RCPL revised to 'Crisil C Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Incorporated in 2020, RCPL is engaged in the manufacturing of steel ingots at its facility in Gujarat. Mr Pujan Kumar Jayantibhai Patel and Mr Chiren Jayanti Bhai Patel are the promoters. S KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of S Kumar Engineering Industries (SKEI) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.4 Crisil D (Issuer Not Cooperating) Bill Discounting 6 Crisil D (Issuer Not Cooperating) Cash Credit 0.6 Crisil D (Issuer Not Cooperating) Cash Credit 6 Crisil D (Issuer Not Cooperating) Long Term Loan 6 Crisil D (Issuer Not Cooperating) Proposed Working 3 Crisil D (Issuer Not Capital Facility Cooperating) Proposed Working 3.6 Crisil D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SKEI 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 SKEI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKEI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SKEI continues to be 'Crisil D/Crisil D Issuer not cooperating'. SKEI, established in 2008, is a partnership firm of Mr. P Senthil Kumar and his brother Mr. P Saravana Kumar. The firm fabricates steel structural products and manufactures boiler components such as valves, controllers, pressure gauges, coils, springs, and ducts. Its manufacturing facility is in Trichy (Tamil Nadu). SACHDEVA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sachdeva Rice and General Mills (SRGM) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Warehouse Receipts 8 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SRGM 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 SRGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRGM continues to be 'Crisil D Issuer not cooperating'. SRGM was set up in 2008 by Mr Sachit Sachdeva and his family. It is a partnership firm based in Fazilka, Punjab. The firm processes paddy into basmati rice and has processing capacity of 6 tonne per hour. SALIA POLYMERS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Salia Polymers Private Limited (SPPL) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL B-/Stable/Issuer Not Cooperating Long Term Loan 2.5 CRISIL B-/Stable/Issuer Not Cooperating Crisil Ratings has been consistently following up with SPPL 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 SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Based in Prakasam (Andhra Pradesh), Salia Polymer private limited (SPPL) was set up in 2010 for manufacture of EPS (expanded polystyrene) packaging boxes. SPPL is promoted by Mr.D Ramakrishna Raju. SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Santosh Enterprises (SE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 2 CRISIL D (Issuer Not Cooperating) Cash Credit 2.25 CRISIL D (Issuer Not Cooperating) Cash Credit/ 1.50 CRISIL D (Issuer Not Overdraft facility Cooperating) Proposed Working 1.25 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SE 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990, SE is promoted Mr Santosh Dalvi. The firm is engaged in the manufacturing of fabricated structures used by the windmill industry. It has a manufacturing facility in the Ambad industrial area of Nasik. SGS MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SGS Marine Habitability Private Limited (SGS) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.16 CRISIL D (Issuer Not Cooperating) Proposed Fund- 2.34 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with SGS 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 SGS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGS continues to be 'Crisil D/Crisil D Issuer not cooperating'. SGS, incorporated in 2012 and based in Visakhapatnam, Andhra Pradesh, assembles marine accommodation products, including gallery, scullery, living space, cabinets, and furniture, on turnkey basis. The company is promoted by Mr Ghanshyam Sharma, Mr Shyam Sundar Sharma, and Mr Jagdish Prasad Tamadiyat. SHAH PACKWELL: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Shah Packwell Industries (SPI) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B-/Stable (ISSUER NOT COOPERATING) Funded Interest 0.31 CRISIL B-/Stable (ISSUER NOT Term Loan COOPERATING) Term Loan 0.19 CRISIL B-/Stable (ISSUER NOT COOPERATING) Working Capital 3 CRISIL B-/Stable (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with SPI 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 SPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPI continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 1996 as a partnership firm, SPI manufactures corrugated boxes using kraft paper. The firm is promoted by Mr. Kapoor Shah, and his son Mr. Khilin Shah. SIISA: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of SIISA (part of the SIISA group) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 15 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SIISA 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 SIISA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIISA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIISA continues to be 'Crisil D Issuer not cooperating'. Established in March 2005 as a partnership firm by Mr Vasaram Choudhary and his family members, SIISA operates a retail showroom in Pune. SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sion Ceramics Private Limited (SCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.32 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013, SCPL, promoted by Mr Pravin Karshan Patel, Mr Himalay Narbheram Patel, and Mr Dilip Prabhu Dangroshiya, manufactures ceramic wall tiles. SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SRM Transports India Private Limited (SRMT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3 CRISIL D (Issuer Not Cooperating) Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Term Loan 6.8 CRISIL D (Issuer Not Cooperating) Term Loan 7.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRMT 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 SRMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRMT continues to be 'Crisil D Issuer not cooperating'. SRMT, incorporated in 1999 by Mr Ravi Pachaimuthu, is a Chennai-based company that provides inter-city bus transportation services, mainly in South India. STAYWELL FORMULATION: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Staywell Formulation Private Limited (SFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 2 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 3 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SFPL 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 SFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFPL continues to be 'Crisil D Issuer not cooperating'. SFPL was incorporated in 2009 and acquired in 2015 by Mr Suresh Lal Santuka and his family.The company undertakes contract manufacturing of pharmaceuticals like tablets, injections, capsules and syrups. The unit is in Roorkee (Uttrakhand). SURBHI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Surbhi Industries - Morbi (SI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 1.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SI 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 SI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SI continues to be 'Crisil D Issuer not cooperating'. Established in 2013, SI is promoted by Mr Manoj Panara, Mr Bipin Kasundra, and their family members. The firm is engaged in manufacturing of cotton bales. TRUSTROOT INTERNET: Faces Insolvency Process Over US$170MM Default ------------------------------------------------------------------ Business Standard reports that global creditors of IPO-bound business-to-business e-commerce company Udaan have reportedly initiated insolvency proceedings against Trustroot Internet Pvt. Ltd., the company's Singapore-based holding entity, after it defaulted on $170 million of compulsorily convertible notes that matured on June 30. Business Standard relates that creditors have appointed Alvarez & Marsal as liquidator in insolvency proceedings before the Singapore High Court after failing to reach an agreement with the company on a debt-restructuring package, according to the sources. They filed a winding-up petition on June 30. However, Udaan said the legal proceedings are limited to its offshore holding company and have no impact on its operations in India. "The matters referenced relate to ongoing restructuring negotiations and offshore proceedings among offshore stakeholders at the offshore holding company level," said the company. "These discussions have no bearing on our operating entities in India, where our teams employ our people and run the day-to-day business." According to Business Standard, the company said Udaan and UdaanCapital continues to operate as usual, serving customers across trade commerce and supply chain financing. "We will continue to focus on delivering value to our customers, partners, employees and stakeholders," said Udaan. Legal firms involved in the discussions said the dispute is confined to Udaan's Singapore-based holding company and is essentially a shareholder-level matter, Business Standard relays. They said unsecured creditors are seeking rights and recoveries comparable to those of long-term investors and secured lenders, including Lightspeed Venture Partners, M&G and Moonstone, as part of the restructuring process, a move they said has been opposed by those investors. Business Standard says the experts argued that the insolvency proceedings are being used by unsecured creditors to strengthen their negotiating position and seek more favorable recoveries than they would ordinarily be entitled to. They added that the proceedings have no impact on Udaan's India operations because the Indian business is housed in a separate legal entity and continues to operate as usual. "Under Singapore's insolvency framework, secured lenders have priority over unsecured creditors in a receivership or liquidation," Business Standard quotes a legal expert involved in the discussions as saying. "Long-term investors such as Lightspeed, M&G and Moonstone would rank ahead of unsecured lenders, which is why the latter are using the court process to strengthen their negotiating position." Udaan is also working with Goldman Sachs to raise $150 million to $200 million in equity and exploring a separate $40 million financing facility backed by pledged shares, according to the sources. It recently raised $50 million to $60 million from existing investors, including M&G Prudential and Lightspeed Venture Partners. Udaan, backed by Lightspeed Venture Partners, DST Global and Tencent, has reportedly racked up about INR13,000 crore in cumulative losses since it was founded. Fiscal 2025 revenue fell 20 per cent to INR4,561 crore, while net loss narrowed 37 per cent to INR1,055 crore, Business Standard discloses. About Trustroot Internet Trustroot Internet Pvt. Ltd. is the Singapore-based parent and holding entity for Udaan, the Indian B2B e-commerce unicorn. VALUES SPACES: CRISIL Lowers Rating on INR80cr Loan to C -------------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of Values Spaces Realtors Private Limited (VSRPL) to 'Crisil C Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 80 Crisil C (ISSUER NOT Discounting Loan COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with VSRPL for obtaining information through letter and email dated May 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of VSRPL revised to 'Crisil C Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSRPL revised to 'Crisil C Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. VSRPL, part of CCI Logistics group, was incorporated in October 2018, when two companies were demerged from JKS Infrastructure Pvt Ltd, namely VSRPL and Value Spaces Logistics and Industrial Park Polivakkam Pvt Ltd. VSRPL provides warehousing facilities on a lease basis at Bilaspur, Gurugram, and has a total leasable area of around 0.9 million sq ft. Operations are managed by promoters, Mr Satish Kumar Sharma and Mr Naresh Kumar Sharma. ================= I N D O N E S I A ================= POS INDONESIA: Danantara Flags Suspected Financial Irregularities ----------------------------------------------------------------- The Jakarta Globe reports that sovereign wealth fund Danantara said state-owned postal operator Pos Indonesia requires a comprehensive overhaul after a three-month due diligence review uncovered longstanding financial and governance problems, including suspected accounting irregularities. According to Jakarta Globe, the findings come as Pos Indonesia Chief Executive Daud Joseph resigned, paving the way for new leadership to oversee the company's restructuring, according to statements from Danantara and the company. Jakarta Globe relates that Danantara's spokesman Rohan Hafas said Daud had been tasked with leading a broad assessment of Pos Indonesia's financial condition, operations, governance, and organizational structure over the past three months. The review concluded that the state-owned logistics company faces deep-rooted challenges that require fundamental restructuring. "According to him, the complexity of the issues facing the company and the restructuring agenda ahead require more specialized expertise to lead the next phase of transformation," Jakarta Globe quotes Rohan as saying in a statement on July 3. Danantara said the due diligence identified financial and governance issues that had accumulated over many years. The agency also reported indications of irregularities, including suspected financial statement manipulation, which are now being examined through audits and investigations in accordance with applicable regulations, Jakarta Globe relays. Jakarta Globe adds that Rohan said Danantara would address the company's longstanding problems in stages and would not tolerate practices that undermine corporate governance. He added that all findings would be handled professionally, transparently, and in accordance with legal procedures. "Our priority is to ensure Pos Indonesia returns to being a healthy, professional, accountable, and integrity-driven company that can carry out its public service mandate effectively," he said. Jakarta Globe notes that the review comes as Pos Indonesia's audited financial statements for the 2025 fiscal year remain under review and have not yet been released pending further audit and investigation. Based on the company's preliminary financial data, Pos Indonesia posted first-half 2025 revenue of IDR1.8 trillion ($100 million), down about 34% from IDR2.74 trillion a year earlier. Net profit fell 53% to IDR117.8 billion from IDR248.5 billion over the same period, Jakarta Globe discloses. Separately, Pos Indonesia said operations continue as normal despite the leadership transition, Jakarta Globe reports. Pos Indonesia is the state-owned company responsible for providing postal service in Indonesia. =============== M O N G O L I A =============== GOLOMT BANK: Moody's Ups Long Term Deposit & Issuer Ratings to B1 ----------------------------------------------------------------- Moody's Ratings has upgraded Golomt Bank JSC's (Golomt Bank) foreign and local currency long-term deposit and issuer ratings to B1 from B2, its foreign currency senior unsecured debt ratings to B1 from B2, and its Baseline Credit Assessment (BCA) and Adjusted BCA to b2 from b3. At the same time, Moody's have affirmed Golomt Bank's B1 foreign and local currency long-term Counterparty Risk Ratings (CRRs) and B1(cr) long-term Counterparty Risk (CR) Assessment. In addition, Moody's have affirmed its Not Prime (NP) foreign and local currency short-term CRRs, and NP(cr) short-term CR Assessment. The outlook on the bank's long-term deposit and issuer ratings, and senior unsecured debt ratings is stable. RATINGS RATIONALE The upgrade of Golomt Bank's deposit and issuer ratings to B1 from B2 is driven by the upgrade of its BCA to b2 from b3, reflecting consistent improvements in the bank's asset quality, capitalization, and liquidity metrics. This action also considers Moody's expectations that the bank's funding profile will improve over the next 12-18 months. Golomt Bank's asset quality has improved over the last few years, supported by the recovery of nonperforming corporate loans amid more favorable economic conditions. The bank's nonperforming loan (NPL) ratio declined to 3.3% as of December 31, 2025, from 4.4% a year earlier and 10.5% as of December 31, 2022. While borrower concentration remains high, with the top 20 borrower exposures at around 140% of tangible common equity (TCE) as of end-2025, Moody's expects the bank's ongoing rebalancing toward the small-and-medium-sized enterprise (SME) segment to reduce concentration risks in cyclical sectors and large single borrowers over time. That said, unseasoned consumer lending remains a risk. Consumer lending accounted for 25% of total loans with a NPL ratio of 4.6% as of December 31, 2025. Golomt Bank's capital adequacy has strengthened in recent years. The moderation in loan growth has led to an increase in Tier 1 capital ratio to 15.3% as of December 31, 2025, from 14.7% as of December 31, 2024. That said, the loan growth has been volatile in the last five years. The loan growth peaked at 58% in 2024, and declined to 13% in 2025. Moody's expects the bank's capital ratios to decline modestly over the next 12-18 months from the 2025 level as loan growth may pick up slightly. Golomt Bank's liquid resources have strengthened, with its core banking liquidity/tangible banking assets rising to 30.6% as of end-2025, from 28.5% as of end-2024. The improvement is primarily driven by higher reserves held with the Bank of Mongolia (BoM), following the gradual increase in mandatory reserve requirements for both foreign and local currency deposits. Moody's expects Golomt Bank's funding profile to improve over the next 12-18 months. The improvement will be driven by a greater focus on long-term market funding. From October 2026, the BoM will require banks to hold reserves on 25% of proceeds from foreign-currency funding with tenors of 12 to 36 months. This policy will incentivize banks to pursue foreign-currency funding with tenors exceeding three years, thereby enhancing funding stability. Although greater reliance on foreign-currency funding increases refinancing and currency risks, these are partially mitigated by the funding's long tenors and full hedging via the use of BoM swap facilities. In May 2026, Golomt Bank issued USD500 million of three-year senior unsecured debt. It used part of the proceeds to fund a tender offer that repurchased USD200 million of its USD400 million bonds maturing in May 2027, thereby reducing refinancing pressure over the next 12–18 months. Moody's expects profitability to be moderate over the next 12-18 months because of a narrowing net interest margin (NIM) due to higher funding costs and normalized credit costs on loans. Net income to tangible assets declined to around 1.7% in 2025 from 2.7% in 2024, mainly because of a narrowing NIM and fair value losses on BoM swaps. There has been reversals in credit costs on loans in 2024 and 2025, alongside with the improved asset quality. Moody's expects credit costs to return to normalized levels over the 12-18 months. Moody's assign a Weak- Macro Profile to Golomt Bank, reflecting its large exposure to Mongolia. The bank's Adjusted BCA at b2, which incorporates no affiliate support, is the same as its BCA. Golomt Bank is domiciled in Mongolia, which Moody's do not consider as having an operational resolution regime (ORR). Moody's apply Moody's basic Loss Given Failure (LGF) analysis, which results in a preliminary rating assessment for long-term deposit and issuer ratings in line with the bank's Adjusted BCA before government support considerations. The B1 deposit and issuer ratings incorporate one notch of government support uplift, reflecting Moody's assessments of a high probability of support from, and a very high dependence on the Government of Mongolia (B1 stable), given the bank's designation as a domestic systemically important bank and its top-three market position in terms of total assets in the Mongolian banking system. Golomt Bank's B1 long-term foreign and local currency CRR and B1(cr) long-term CR Assessment incorporate the bank's b2 Adjusted BCA and Moody's basic LGF analysis, which positions the preliminary CRRs and CR Assessment one notch above the bank's Adjusted BCA. Moody's have not incorporated uplift of government support as they are already in par with the sovereign rating of the Government of Mongolia. The rating outlook is stable, reflecting Moody's expectations that Golomt Bank will maintain steady asset quality and capitalization, as well as improve funding profile over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Golomt Bank's ratings are at the same level as the sovereign rating, and a positive rating action is unlikely in the absence of an upgrade of the sovereign rating. Moody's could upgrade Golomt Bank's BCA if the bank's capital adequacy improves, with Tier 1 capital ratio above 18%; asset quality improves significantly with reduced asset performance volatility through cycles; funding profile improves, with lower reliance on less stable funds; and its earnings volatility reduced, all on a sustained basis. Moody's could downgrade Golomt Bank's ratings if the bank's BCA is downgraded. Moody's could downgrade Golomt Bank's BCA if its capital adequacy weakens significantly, with Tier 1 capital ratio below 13%; its asset quality deteriorates such that its annual new NPL formation ratio rises above 5%; or its funding and liquidity deteriorate significantly. The principal methodology used in these ratings was Banks published in November 2025 Golomt Bank JSC is headquartered in Ulaanbaatar, Mongolia. The bank reported total assets of MNT19.2 trillion (USD5,407 million), and shareholders' equity of MNT1.6 trillion (USD475 million) as of the end of 2025. TRADE AND DEVELOPMENT: Moody's Rates New USD Sr. Unsec. Notes 'B1' ------------------------------------------------------------------ Moody's Ratings has assigned B1 long-term foreign currency senior unsecured debt rating to the proposed USD-denominated 3-year fixed-rate senior unsecured notes to be issued by Trade and Development Bank of Mongolia JSC (TDBM). The rating outlook on the proposed notes is stable, in line with the outlook on the bank's long-term deposit and issuer ratings. The proceeds of the notes will be used to support ordinary business operations, including lending activities. The assigned rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody's have reviewed. RATINGS RATIONALE The B1 rating on the proposed senior unsecured notes is in line with TDBM's long-term deposit and issuer ratings. This is because the senior unsecured notes will constitute senior, direct, unsubordinated, unsecured and unconditional obligations of TDBM, and at all times rank pari passu among themselves and pari passu with all other unsubordinated and unsecured obligations of TDBM. TDBM's B1 long-term deposit and issuer ratings incorporate a one-notch uplift from its b2 Baseline Credit Assessment (BCA), based on Moody's assessments of a high level of support from, a very high dependence on the Government of Mongolia (B1 stable) in time of need. TDBM's BCA is b2, and its Adjusted BCA, which incorporates no affiliate support, is the same as its BCA. TDBM is domiciled in Mongolia, which Moody's do not consider as having an operational resolution regime (ORR). Moody's apply Moody's basic Loss Given Failure (LGF) analysis, which results in preliminary rating assessments for TDMB's long-term deposit and issuer ratings in line with its Adjusted BCA before government support considerations. Given the bank's systemic importance as the third largest bank, Moody's incorporates a high probability of support from the Government of Mongolia for the bank's long-term deposit and issuer ratings, which result in one notch uplift. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The notes' rating is in line with TDBM's long-term deposit and issuer ratings. Therefore, an upgrade or downgrade of TDBM's long-term deposit and issuer ratings would cause a similar rating action on the notes' rating. TDBM's ratings are at the same level as the sovereign rating, and a positive rating action is unlikely in the absence of an upgrade of the sovereign rating. Moody's could upgrade the bank's BCA if the bank's asset quality improves significantly with reduced asset performance volatility through cycles; its funding profile improves with its less stable funds declining to less than 20% of tangible banking assets; and its liquidity strengthens with its core banking liquidity comprising more than 50% of tangible banking assets, on a sustained basis. At the same time, the bank maintains steady capitalization and profitability. Moody's could downgrade TDBM's ratings if the sovereign rating is downgraded or if the bank's BCA is downgraded. Moody's could downgrade the bank's BCA if the bank's funding profile weakens with its less stable funds rising above 35% of tangible banking assets; its liquidity weakens with its core banking liquidity comprising less than 30% of tangible banking assets; its asset quality weakens, such that its annual new nonperforming loan formation ratio rises above 5% consistently; and/or its capitalization weakens significantly, such that its Tier-1 capital ratio drops below 13% consistently. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Banks published in November 2025. TDBM is headquartered in Ulaanbaatar, Mongolia. The bank reported total assets of MNT18,264 billion (USD5,148.4 million) and total shareholders' equity of MNT1,724 billion (USD486 million) as of the end of 2025. TRADE AND DEVELOPMENT: Moody's Ups Deposit & Issuer Ratings to B1 ----------------------------------------------------------------- Moody's Ratings has upgraded Trade and Development Bank of Mongolia JSC's (TDBM) foreign and local currency long-term deposit and issuer ratings to B1 from B2, its foreign currency senior unsecured medium-term note (MTN) program rating to (P)B1 from (P)B2, and its Baseline Credit Assessment (BCA) and Adjusted BCA to b2 from b3. At the same time, Moody's have affirmed the B1 foreign and local currency long-term Counterparty Risk Ratings (CRRs) and B1(cr) long-term Counterparty Risk (CR) Assessment. In addition, Moody's have affirmed Not Prime (NP) foreign and local currency short-term deposit and issuer ratings, NP foreign and local currency short-term CRRs, as well as NP(cr) short-term CR Assessment. The outlook on the bank's long-term deposit and issuer ratings is stable. RATINGS RATIONALE The upgrade of TDBM's long-term deposit and issuer ratings to B1 from B2 is driven by the upgrade of the bank's BCA to b2 from b3, reflecting consistent improvements in the bank's asset quality and liquidity metrics. This action also considers Moody's expectations that the bank's funding profile will improve over the next 12-18 months. TDBM's asset quality has improved, supported by the recovery of nonperforming corporate loans amid more favorable economic conditions. The bank's nonperforming loan (NPL) ratio declined to 5.2% as of December 31, 2025, from 19.9% as of December 31, 2022. Moody's expects the bank's ongoing portfolio rebalancing toward small- and medium-sized enterprise (SME) and retail lending from large corporates to reduce concentration risks in cyclical sectors and large single borrowers. Although unseasoned risks from retail lending persist systemwide, the bank's tightened loan underwriting standards since late 2024 provide some mitigants. TDBM's liquid resources have strengthened with its core banking liquidity/tangible banking assets rising to 35% as of December 31, 2025 from 29% as of December 31, 2024. The improvement was primarily driven by higher reserves held with the Bank of Mongolia (BoM), following the gradual increase in mandatory reserve requirements for both foreign and local currency deposits. While increased short-term borrowings raised less stable funding to 31% of tangible banking assets as of December 31, 2025 from 27% a year earlier, Moody's expects TDBM's funding profile to improve over the next 12-18 months. The improvement will be driven by a greater focus on long-term market funding and a gradual shift toward retail deposits. From October 2026, the BoM will require banks to hold reserves on 25% of proceeds from foreign-currency funding with tenors of 12 to 36 months. This policy will incentivize banks to pursue foreign-currency funding with tenors exceeding three years, thereby enhancing funding stability. Although greater reliance on foreign-currency funding increases refinancing and currency risks, these are partially mitigated by the funding's long tenors and full hedging via the use of BoM swap facilities. In addition, Moody's expects TDBM's deposit quality to improve with a higher share of retail deposits, reducing deposit outflow risks. Moody's expects TDBM to maintain its tangible common equity (TCE)/risk-weighted assets (RWA) above 14%, supported by its planned asset and loan growth slowdown and lower dividend payouts during 2026-27. The bank's Tier-1 capital ratio declined to 14.5% as of December 31, 2025 from 14.8% as of December 31, 2024. Moody's expects TDBM's profitability to remain moderate, with its net income/tangible assets at around 1% over the next 12-18 months. The bank's net interest margin will stay under pressure from rising funding costs and slowing loan growth. Credit costs are also likely to remain elevated, considering the unseasoned risks in retail lending. Moody's assigns a Weak- Macro Profile to TDBM, reflecting its large exposure to Mongolia. TDBM's Adjusted BCA at b2, which incorporates no affiliate support, is the same as its BCA. TDBM is domiciled in Mongolia, which Moody's do not consider as having an operational resolution regime (ORR). Moody's apply Moody's basic Loss Given Failure (LGF) analysis, which results in a preliminary rating assessment for long-term deposit and issuer ratings in line with TDBM's Adjusted BCA before government support considerations. Moody's incorporates a high probability of support from, and a very high dependence on the Government of Mongolia (B1 stable), which results in one notch uplift. Moody's assessments considers (1) TDBM's importance to the Mongolian banking system as the third largest bank, with a market share of 21% as of the end of 2025 in terms of total assets; and (2) its designation as a domestic systemically important bank in Mongolia. TDBM's B1 long-term foreign and local currency CRR and B1(cr) long-term CR Assessment incorporate the bank's b2 Adjusted BCA and Moody's basic LGF analysis, which positions the preliminary CRRs and CR Assessment one notch above the bank's Adjusted BCA. Moody's have not incorporated uplift of government support as they are already in par with the sovereign rating of the Government of Mongolia. The rating outlook is stable, reflecting Moody's expectations that TDBM will maintain steady asset quality and capitalization, as well as improve funding profile over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TDBM's ratings are at the same level as the sovereign rating, and a positive rating action is unlikely in the absence of an upgrade of the sovereign rating. Moody's could upgrade the bank's BCA if the bank's asset quality improves significantly with reduced asset performance volatility through cycles; its funding profile improves with its less stable funds declining to less than 20% of tangible banking assets; and its liquidity strengthens with its core banking liquidity comprising more than 50% of tangible banking assets, on a sustained basis. At the same time, the bank maintains steady capitalization and profitability. Moody's could downgrade TDBM's ratings if the sovereign rating is downgraded or if the bank's BCA is downgraded. Moody's could downgrade the bank's BCA if the bank's funding profile weakens with its less stable funds rising above 35% of tangible banking assets; its liquidity weakens with its core banking liquidity comprising less than 30% of tangible banking assets; its asset quality weakens, such that its annual new NPL formation ratio rises above 5% consistently; and/or its capitalization weakens significantly, such that its Tier-1 capital ratio drops below 13% consistently. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 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. TDBM is headquartered in Ulaanbaatar, Mongolia. The bank reported total assets of MNT18,264 billion (USD5,148 million) and total shareholders' equity of MNT1,724 billion (USD486 million) as of the end of 2025. ===================== N E W Z E A L A N D ===================== EL BARBERO: Creditors' Proofs of Debt Due on July 24 ---------------------------------------------------- Creditors of El Barbero Dominion Rd Limited are required to file their proofs of debt by July 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2026. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland KENNEDY FURNITURE: Creditors' Proofs of Debt Due on July 23 ----------------------------------------------------------- Creditors of Kennedy Furniture 2022 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 25, 2026. The company's liquidators are: Raymond Paul Cox Chiragkumar Bhailalbhai Patel Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 QUEENSTOWN LOCAL: Court to Hear Wind-Up Petition on July 9 ---------------------------------------------------------- A petition to wind up the operations of Queenstown Local Laundry Services Limited will be heard before the High Court at Invercargill on July 9, 2026, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 25, 2026. The Petitioner's solicitor is: James Angelson Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 SPM CONSULTING: Court to Hear Wind-Up Petition on July 16 --------------------------------------------------------- A petition to wind up the operations of SPM Consulting Limited will be heard before the High Court at Christchurch on July 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 22, 2026. The Petitioner's solicitor is: Derick Lotz Inland Revenue 663 Colombo Street Christchurch Central Christchurch T & G COMPANY: Creditors' Proofs of Debt Due on Aug. 24 ------------------------------------------------------- Creditors of T & G Company Limited are required to file their proofs of debt by Aug. 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald C/o BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 [] NEW ZEALAND: More Than 400,000 People Behind on Payments ----------------------------------------------------------- Radio New Zealand reports that things are looking up for many New Zealanders - but some of those who've fallen behind are getting further into trouble, new data shows. According to RNZ, Centrix has released its latest update, which shows that consumer arrears improved again in May, falling to 10.95 percent of the credit-active population, the lowest level in four years. But 89,000 people are 90 days or more past due on some of their borrowing. There were 432,000 people behind on payments by any period of time, down 11,000 from the previous month. The arrears rate is now 12.5 percent lower than a year ago, RNZ relays. Of those who were more than 90 days past due, 74,000 were renters. RNZ relates that Centrix said the pressure on them was particularly visible in personal loans, credit cards and buy now pay later debt. "What we are seeing is a continued trend that credit behaviour in New Zealand is starting to really improve and recover," RNZ quotes Centrix chief operating officer Monika Lacey as saying. "Consumer arrears are down at a four-year low which is really positive but there's still a segment of that population, 89,000 people that are 90 days or more overdue. So that's a more concerning population. Once you get that far into debt, it gets a bit sticky. It's probably a result of a life event that's occurred." She said it was important those people knew that they should ask for help as soon as they could. Mortgage arrears fell to 1.27 percent, the lowest since September 2023. There are 20,700 mortgage accounts reported as past due. Approved new mortgage lending is now lower than a year ago, suggesting fewer people are refinancing with another provider, and property purchasers are taking more time to assess affordability and borrowing costs, RNZ discloses. Mortgage inquires are up 12.5 percent year-on-year and demand for loans for vehicles is up 8.8 percent. Company liquidations remained elevated and are expected to reach their highest level since 2010. According to RNZ, hospitality was one of the most vulnerable sectors, Ms. Lacey said. There have been just over 3000 liquidations recorded in the last year, up 14 percent on a year earlier. Construction made up the largest portion of those, with 755 firms liquidated during the period, while hospitality recorded 421, up 51 percent, year-on-year. Retail trade liquidations were also up 35 percent and food retail businesses were a big part of that. Overall, May liquidations were lower than last year but the broader annual level was high, Ms. Lacey said, RNZ relays. "Even though liquidations are elevated, liquidations are really a lagging indicator of behaviour that occurred potentially several years ago. The fact that credit defaults are down 13 percent is a really good sign that fewer businesses are moving into arrears. "It's been indicated that there's a long tail of clean up that's occurring so I think once we're through that then [liquidation numbers] should improve." ================= S I N G A P O R E ================= A3 AUTOHUB: Court to Hear Wind-Up Petition on July 17 ----------------------------------------------------- A petition to wind up the operations of A3 Autohub Pte. Ltd. will be heard before the High Court of Singapore on July 17, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 24, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ACTION PROPERTY: Creditors' Proofs of Debt Due on July 30 --------------------------------------------------------- Creditors of Action Property 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 29, 2026. The company's liquidator is: Lee Chong Xiang 26 Eng Hoon Street Singapore 169776 ALCIMED PTE: Creditors' Proofs of Debt Due on July 29 ----------------------------------------------------- Creditors of Alcimed Pte. Ltd. are required to file their proofs of debt by July 29, 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: Xerxes J. Medora c/o JK Medora PAC 22 Malacca Street #03-02, RB Capital Building Singapore 048980 ANTANIUM RESOURCES: Placed in Provisional Liquidation ----------------------------------------------------- Wong Joo Wan and Tina Phan Mei Ting of Rodgers Reidy Advisory on June 24, 2026, were appointed as provisional liquidators of Antanium Resources Pte Ltd. The provisional liquidators may be reached at: Wong Joo Wan Tina Phan Mei Ting Rodgers Reidy Advisory 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 FRASERS HOSPITALITY: Moody's Assigns 'Ba1' CFR, Outlook Negative ---------------------------------------------------------------- Moody's Ratings has assigned a Ba1 corporate family rating to Frasers Hospitality Trust (FHT) and withdrawn its Baa3 issuer rating. At the same time, Moody's have also downgraded to (P)Ba1 from (P)Baa3 the backed senior unsecured rating on the SGD1 billion multicurrency medium-term securities program issued by FH-REIT Treasury Pte. Ltd., a wholly owned subsidiary of FHT. The outlook remains negative. "The downgrade reflects Moody's views that FHT's credit quality is no longer consistent with an investment-grade rating, given weaker financial policies and increased governance risks as a privately-held entity. FHT shareholders' pursuit of the proposed transaction, irrespective of its outcome, demonstrates their willingness to restructure the trust's property portfolio in a manner that would reduce its debt-servicing capacity," says Yu Sheng Tay, a Moody's Ratings Assistant Vice President and Analyst. "The negative outlook reflects the risk of further downward rating pressure, if the proposed transaction is approved and completed. The transaction would reduce FHT's asset base and earnings capacity, weakening its credit metrics," adds Tay. Governance considerations are a key driver of the rating action. RATINGS RATIONALE The rating action follows the June 25, 2026 announcement[1] by Frasers Property Limited (FPL) of a proposed transaction under which several of FHT's assets will be fully or partially divested to FPL and existing minority shareholder TCC Group Investments Limited (TCCGI), with cash proceeds distributed to shareholders rather than retained at the trust level. FPL will also divest its entire 63% stake in FHT to TCCGI, lifting TCCGI's interest to 100%. The transaction is subject to FPL shareholder approval at an extraordinary general meeting in August 2026, with completion targeted by the end of September 2026. The planned distribution of divestment proceeds and the carve-up of FHT's asset base demonstrate a more shareholder-friendly financial policy, irrespective of whether the proposed transaction is completed. FHT has been a private trust since its delisting from the Singapore Exchange in October 2025. FPL's exit as majority shareholder and sponsor will further reduce transparency over FHT's operations, given that FPL's status as a publicly listed entity has been a source of corporate disclosure for the trust. Following completion, FHT will be wholly owned by TCCGI, a privately held entity. Continued access to timely and adequate financial and operational information will be necessary for us to assess FHT's credit quality. The transaction will weaken FHT's credit quality. Of FHT's 14 properties, the trust will retain full ownership of five and halve its stake to 50% in four. Two properties will be transferred directly to shareholders, while the risks and rewards in the remaining three will be transferred via preference shares, with these assets earmarked for sale within 24 months of transaction completion. With no divestment proceeds applied against its SGD729 million of debt as of March 31, 2026, FHT's asset size will decline by around 40% to about SGD1.3 billion, gearing (debt/assets) will rise to around 56% from 34.5%, and leverage (net debt/EBITDA) will increase to above 10x from around 8.4x for the 12 months ended March 2026. The elimination of the minimum fixed-rent component under FHT's master lease agreements will also increase the cyclicality of FHT's rental income and reduce earnings visibility, particularly during periods of weaker operating performance. FHT's Ba1 rating continues to reflect the good quality and geographic diversification of its property portfolio at this juncture, with assets strategically located in prime urban areas across Asia, Australia and Europe. LIQUIDITY FHT's liquidity is adequate. As of March 31, 2026, the trust's cash and cash equivalents of SGD88 million, together with operating cash flow and committed facilities, will be sufficient to meet debt maturities and maintenance capital spending through September 2027. FHT is seeking lender consent and covenant amendments to facilitate the proposed transaction. Moody's expects FHT to manage its upcoming maturities proactively, supported by its long-standing banking relationships and association with the wider TCC Group. The TCC group has previously demonstrated shareholder support, including through its subscription to its pro rata entitlement under FPL's 2021 rights issue, which raised SGD1.2 billion in net proceeds. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Moody's have revised FHT's governance issuer profile score to G-4 from G-3 and its credit impact score to CIS-4 from CIS-3. This reflects increased governance risks stemming from a deterioration in financial policies and in management track record, given shareholder actions that demonstrate weaker alignment with creditor interests. It also captures reduced corporate transparency since FHT's privatization in 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade is unlikely. Moody's could revise the outlook to stable if the proposed transaction does not proceed and there is greater clarity over FHT's future financial policies, capital structure and growth strategy. Moody's could downgrade the ratings if the proposed transaction is completed, given the resulting reduction in asset base, lower earnings capacity and stability, and weaker credit metrics. A downgrade could also occur if FHT adopts more aggressive financial policies, experiences a deterioration in liquidity, or increases its reliance on secured debt. A sustained decline in operating performance would also be credit negative. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in March 2026. 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. Frasers Hospitality Trust (FHT) is a stapled investment trust consisting of Frasers Hospitality Real Estate Investment Trust (FH-REIT) and Frasers Hospitality Business Trust (FH-BT). FHT owns a portfolio of serviced residences and hotels located across nine cities in Asia, Australia and Europe. GLOBAL-TEC CONSULTANTS: Court to Hear Wind-Up Petition on July 17 ----------------------------------------------------------------- A petition to wind up the operations of Global-Tec Consultants Pte. Ltd. will be heard before the High Court of Singapore on July 17, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 23, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 MAXEON SOLAR: Subsidiaries Face Letters of Demand on Senior Notes ----------------------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a regulatory filing that letters of demand were delivered to certain subsidiaries of the Company pursuant to: i. the indenture dated August 17, 2022, by and among the Company as Company, the Guarantor Parties thereto, Deutsche Bank Trust Company Americas, as trustee and DB Trustees (Hong Kong) Limited, as collateral agent pursuant to which the Company issued Variable-Rate Convertible First Lien Senior Secured Notes due 2029; ii. the indenture dated June 20, 2024, by and among the Company as Company, the Guarantor Parties thereto, DBCTA as trustee and DB Trustees (Hong Kong) Limited, as collateral agent pursuant to which the Company issued 9.00% Convertible First Lien Senior Secured Notes due 2029; and iii. the Indenture dated June 20, 2024, by and among the Company as Company, the Guarantors Parties thereto, DBCTA as trustee, DB Trustees (Hong Kong) Limited as the collateral trustee, pursuant to which the Company issued Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028. The Letters of Demand were addressed to these certain subsidiaries of Maxeon: * SunPower Corporation Limited * SunPower Energy Corporation Limited * SunPower Systems International Limited * SunPower Manufacturing Corporation Limited * SunPower Technology Ltd. * SunPower Systems Sàrl * Maxeon Rooster HoldCo Ltd. Save for SunPower Systems International Limited, these certain subsidiaries had given joint and several guarantees of the payment of principal, premium (if any) and interest on the 1st Lien Notes and 2nd Lien Notes issued by the Company. SunPower Systems International Limited has given joint and several guarantees of the payment of principal, premium (if any) and interest on the 1st Lien Notes issued by the Company. The Letters of Demand state that the voluntary applications for judicial management orders filed by the Company and MSPL, which led to the orders by the High Court of the Republic of Singapore to place the Company and MSPL under interim judicial management on April 9, 2026 and judicial management on May 29, 2026, constitute Events of Default under the Indentures. The Letters of Demand further state that as the orders by the Court to place the Company and MSPL under interim judicial management remain unstayed and in effect from April 9, 2026 for at least sixty (60) days, such order constitutes another Event of Default under the Indentures. The Letters of Demand state that due to the occurrence of these Events of Defaults, an automatic acceleration of the principal amount of, and all accrued and unpaid interest on, all 1st Lien Notes and 2nd Lien Notes has occurred. The Letters of Demand state demands for each of the above-mentioned subsidiaries of the Company, as applicable, jointly and severally, to immediately pay all accrued and unpaid interest on the 1stLien Notes and 2nd Lien Notes, the entire outstanding principal amount of the 1st Lien Notes and 2nd Lien Notes, and all other amounts due and owing under the Indentures. The Judicial Managers are reviewing the Letters of Demand with management of the Company and will release further announcements on material developments, if any. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. On May 29, 2026, The High Court of Singapore entered an order to place the operations of Maxeon Solar Technologies, Ltd. and Maxeon Solar Pte. Ltd. under judicial management. The Company's Judicial Managers are: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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