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

                     A S I A   P A C I F I C

          Thursday, July 9, 2026, Vol. 29, No. 136

                           Headlines



A U S T R A L I A

AUSSIE DISPOSALS: To Live on Despite Franchisor Liquidation
BCI FINANCES: Binetter Loses Bid for Stay of May 26 Order
CARBON 280: Second Creditors' Meeting Set for July 10
POSITIVE OFF-GRID: First Creditors' Meeting Set for July 13
SPRAYCHIEF INDUSTRIES: First Creditors' Meeting Set for July 14

STARWEST INVESTMENTS: First Creditors' Meeting Set for July 14
WARDELL NO. 3: First Creditors' Meeting Set for July 13


I N D I A

AKSH OPTIFIBRE: Insolvency Resolution Process Case Summary
ASHOK CHAUHAN: CRISIL Ups Rating on INR6.52cr Loan to B+
AWAS DEVELOPERS: NCLT Dismisses Lender's Insolvency Plea
B.K. ROY: Liquidation Process Case Summary
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category

BHUSHAN STEEL: ED Attaches INR58-crore Assets of Ex-Promoter's Wife
BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
DEV RAJ: CRISIL Keeps D Debt Rating in Not Cooperating Category
DHANASHREE ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
EPHYSX TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating

GREENERG MOBILITY: CRISIL Cuts Rating on INR8.0cr OCDs to B
IIFL FINANCE: Moody's Rates New Senior Secured USD Notes 'Ba3'
IMPERIAL ELECTRIC: CRISIL Lowers Corporate Credit Rating to B
J.V AGRO: CARE Keeps B Debt Ratings in Not Cooperating Category
J.V. STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating

JAGADHATRY CONSTRUCTION: CRISIL Assigns B+ Rating to INR1cr Loan
KEDIA PIPES: CRISIL Lowers Rating on INR12cr Loan to B
KHEDUT SOLVEXP: CRISIL Lowers Rating on INR45cr Cash Loan to B
KIRTIMAN CEMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMI VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating

MAA ALU: Voluntary Liquidation Process Case Summary
MAHAKALI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MEHSANA DAIRY: Insolvency Resolution Process Case Summary
MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL ELECTRONICS: CRISIL Lowers Rating on INR12cr Loan to D

PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
POMMYS GARMENTS: Liquidation Process Case Summary
R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
RASHMI REALTY: Insolvency Resolution Process Case Summary
SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

SKYCOMM ELECTRONICS: CRISIL Keeps D Rating in Not Cooperating
ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED MASTERBATCHES: Insolvency Resolution Process Case Summary
UNIVERSAL COMMODITY: Liquidation Process Case Summary
VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating

YUSEN LOGISTICS: CRISIL Keeps B CCR in Not Cooperating Category


M A L A Y S I A

ASDION BHD: Taps Legal Adviser as Last-Ditch Bid to Avert Delisting
GREENPRO CAPITAL: Pays $100K to Settle 2021 NFT Dispute With MFAI
PERTAMA DIGITAL: Classified as PN17 Following Equity Erosion


N E W   Z E A L A N D

BREMWORTH LTD: Takeover of Floorscape Limited Collapses
CHIBA AUTOS: Creditors' Proofs of Debt Due on July 27
FNZ NZ FINCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable
HOKOI GROUP: Court to Hear Wind-Up Petition on Aug. 6
HOKOI LOGISTICS: Court to Hear Wind-Up Petition on Aug. 6

MEDITERRANEAN FOODS: Creditors' Proofs of Debt Due on July 31
TECH CONNECT: Creditors' Proofs of Debt Due on July 24


P H I L I P P I N E S

ABS-CBN CORP: Converge Walks Away From Sky Cable Deal


S I N G A P O R E

C-QUEST CAPITAL: Court to Hear Wind-Up Petition on July 16
COMPENDIUM FOOD: Court Enters Wind-Up Order
FLUID POWER: Creditors' Proofs of Debt Due on Aug. 3
KASEY AUTOMATION: Court to Hear Wind-Up Petition on July 17
SALVATORE HOME: Court to Hear Wind-Up Petition on July 17



T H A I L A N D

ALLIANCE LAUNDRY: Moody's Ups Rating on $25MM 1st Lien Debt to B1

                           - - - - -


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

AUSSIE DISPOSALS: To Live on Despite Franchisor Liquidation
-----------------------------------------------------------
SmartCompany reports that iconic retail chain Aussie Disposals is
set to live on through nine independently owned stores in Victoria
and southern New South Wales, but the former franchisor for the
brand is in the process of being liquidated.

The discount outdoor and camping retailer, which was founded in
Victoria in 1962, fell into voluntary administration in March this
year amid challenging economic conditions and increased competition
from local and overseas competitors.

According to SmartCompany, administrator Manuel Hanna from Romanis
Cant undertook an immediate sale campaign for the business across
its seven company-owned stores in Victoria, South Australia, and
NSW, as well as the Aussie Disposals online store.

However, a decision was made on June 17 for the company to be
voluntarily wound up and Aussie Disposals Pty Ltd is now in
liquidation. Mr. Hanna is serving as the liquidator.

The company-owned Aussie Disposals stores ceased trading as of June
26; however, there were 10 franchised stores that were not included
in the administration, SmartCompany says.

It appears all but one of those stores are continuing on as
independently owned businesses, with some licensing the Aussie
Disposals name.

According to SmartCompany, the Aussie Disposals website now
declares "your local store is still open" and lists addresses for
eight stores in Victoria and one in NSW.

"The Aussie Disposals stores you know and love are now
independently owned and run by local operators — the same
friendly faces, the same trusted gear," the notice says.

"Each store still carries the quality outdoor, camping, and
workwear range you rely on. Pop in, say g'day, and support your
local store."

An additional sentence on the website clarifies that the listed
stores are not subsidiaries or agents of Aussie Disposals Pty Ltd,
the entity that is now in liquidation.

SmartCompany says the independently owned and operated Aussie
Disposals stores in Victoria are located in Bairnsdale, Ballarat,
Bendigo, Sale, Sunbury, Traralgon and Warragul, with the sole NSW
store located in Wagga Wagga.

The ninth store is located in the Melbourne CBD and has changed its
name to The Outdoor Adventure Stores.

The first Aussie Disposals store opened in Moe in Victoria, and the
retailer previously operated a much larger retail footprint across
Victoria, NSW and South Australia.

The retailer, which first made its name by selling surplus military
supplies and products to the public, survived voluntary
administration back in 2020, following a restructure, SmartCompany
notes.

When administrators were again appointed in March 2026, Aussie
Disposals Pty Ltd had 47 employees, including 18 full-time staff
and 29 casuals, SmartCompany adds. All employee entitlements,
including all wages, superannuation and other entitlements, were up
to date at the time of the appointment.

It is believed the company owed around AUD4 million to its
creditors, which included more than AUD1 million owed to directors
and related parties who had poured funding into the business over
the previous 12 months, adds SmartCompany.


BCI FINANCES: Binetter Loses Bid for Stay of May 26 Order
---------------------------------------------------------
The Hon. Shireen A. Barday of the U.S. Bankruptcy Court for the
Southern District of New York denied Michael Binetter's Motion for
Stay Pending Appeal of the May 26, 2026 Order Granting Motion to
Compel and Denying Motion for Protective Order in the Chapter 15
bankruptcy case of B.C.I. Finances PTY Ltd.

Binetter sought a stay pending his appeal of this Court's Order,
dated May 26, 2026 ("Order to Compel"), pursuant to the
corresponding Memorandum Opinion Granting the Motion to Compel and
Denying the Motion for Protective Order, dated May 26, 2026 (the
"Opinion Granting Motion to Compel"), in which the Court ruled that
Binetter must respond to the Foreign Representative's discovery
requests notwithstanding his Fifth Amendment objections and
directed JP Morgan Chase Bank, N.A. ("JPMorgan") to comply with the
Foreign Representative's August 11, 2025 subpoena.

The Foreign Representative objected to the Motion for Stay.

Binetter advanced several arguments in his Motion for Stay, which
can be grouped into two primary categories: first, that this Court
erred in finding a waiver where none occurred; and second, that
this Court imposed too stringent requirements for invoking Fifth
Amendment privilege. Both sets of arguments misapprehend the law
and cannot be reconciled with the factual record and arguments
actually and timely raised before this Court. As a result, the
Court found Binetter has failed to demonstrate that he has any
likelihood of success on the merits of his appeal.

This Court held that Binetter's attempt to invoke the Fifth
Amendment act of production privilege as to specific transactions
contained in his bank statements could not be sustained where he
had already voluntarily produced copies of his bank statements,
undercutting the element of compulsion prerequisite to any
assertion of act of production privilege under the Fifth Amendment.
Binetter now argues that this holding misapplied the law because he
never personally, knowingly, voluntarily, or affirmatively waived
his Fifth Amendment privilege rights (only his counsel's actions
arguably did so), but the Second Circuit has long held that a
knowing, voluntary and intelligent waiver is not the legal standard
applied to waivers of act of production privilege because the
"privilege is not self-executing." While Binetter places
significant weight on the presumption against a finding of waiver,
that argument misses the mark: this Court's holding as to
Binetter's obligation to produce his bank statements did not rest
on that basis. Binetter's waiver arguments are also unavailing
insofar as they are based on a belated disagreement with previously
undisputed facts.

According to the Court, in this case, the act of production
privilege did not attach for reasons wholly independent of the
foregone conclusion doctrine: Binetter's voluntary production, made
before any order required it, defeated the privilege at the
threshold by rendering the elements of existence, custody, and
authenticity no longer testimonial. The foregone conclusion
doctrine was therefore not the basis for an exception to an
otherwise valid privilege claim; it was confirmatory of a
conclusion already compelled by the record.

Regarding JPMorgan's obligation to comply with the Foreign
Representative's subpoena, Binetter has failed to refute the core
principle that forecloses his argument: he has no Fifth Amendment
privilege over JPMorgan's own business records. In any event,
Binetter failed to address this argument in this first instance,
either by raising it affirmatively (i.e., through his Motion for a
Protective Order) or by raising it defensively (i.e., in response
to the Foreign Representative's Motion to Compel), so it has been
waived.

Binetter offers no coherent basis on which this Court could
intervene to prevent JPMorgan from complying with a validly served
subpoena: while he concedes that, as a general matter, the Fifth
Amendment does not apply to corporations like JP Morgan, he argues
that where, as here, an individual raises a dispute as to whether
the Fifth Amendment allows for redactions of information contained
in corporate third-party documents, the Fifth Amendment intervenes
to prohibit compliance with a subpoena served on a corporate
third-party. The Court says this argument is supported by no case
law but it is also counterintuitive at best.

The Court concludes because Binetter has failed to show any
likelihood of success on the merits of his appeal, it follows that
there can be no irreparable harm from the denial of a stay.

A copy of the Court's Decision and Order dated June 30, 2026, is
available at https://urlcurt.com/u?l=8o8hx8 from Pacermonitor.com.

                     About BCI Finances

B.C.I. Finances PTY Ltd. is an Australian borrowing and lending
entity that operated within a complex group of companies targeted
by Australian authorities for 25 years of tax avoidance.

B.C.I. Finances Pty Limited (in Liquidation) and three affiliates,
Binqld Finances Pty Limited (in Liquidation), E.G.L. Development
(Canberra) Pty Limited (in Liquidation), and Ligon 268 Pty Limited
(in Liquidation) filed Chapter 15 petitions (Bankr. S.D.N.Y. Lead
Case No. 17-11266) on May 9, 2017, to seek
recognition of their winding down proceedings in Australia.

John Sheahan and Ian Russell Lock, the foreign representatives,
signed the Chapter 15 petitions.

The Hon. Sean H. Lane presides over the Chapter 15 cases. Robert N.
H. Christmas, Esq., and Christopher J. Fong, Esq., at Nixon Peabody
LLP, in New York, serve as counsel to the petitioners.

CARBON 280: Second Creditors' Meeting Set for July 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Carbon 280 Pty
Ltd has been set for July 10, 2026, at 8:30 a.m. via Microsoft
Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 9, 2026 at 8:30 a.m.

Paul Pracilio and Richard Tucker of KordaMentha were appointed as
administrators of the company on June 5, 2026.


POSITIVE OFF-GRID: First Creditors' Meeting Set for July 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Positive
Off-Grid Solutions Pty Ltd (trading as South West EV Charges) will
be held on July 13, 2026, at 11:00 a.m. via Videoconference Only.

John Vouris and Richard Albarran of Hall Chadwick were appointed as
administrators of the company on July 1, 2026.


SPRAYCHIEF INDUSTRIES: First Creditors' Meeting Set for July 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Spraychief
Industries Pty Ltd will be held on July 14, 2026, at 11:00 a.m. via
online meeting only.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on July 2, 2026.


STARWEST INVESTMENTS: First Creditors' Meeting Set for July 14
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Starwest
Investments Pty Ltd ATF The White Lion Trust (trading as The
Hamptons City Beach) will be held on July 14, 2026, at 10:00 a.m.
via MS Teams.

Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on July 2, 2026.


WARDELL NO. 3: First Creditors' Meeting Set for July 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Wardell No.
3 Pty Ltd will be held on July 13, 2026, at 10:00 a.m. at the
offices of Pearce & Heers Insolvency Accountants, at Level 10, 127
Creek Street, in Brisbane, Queensland and via virtual meeting
technology.

Mark Pearce of Pearce & Heers Insolvency Accountants was appointed
as administrator of the company on July 1, 2026.




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

AKSH OPTIFIBRE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aksh Optifibre Limited
        F-1080, Phase III,
        RIICO Industrial Area,
        Bhiwadi, Rajasthan,
        India, 301019

Insolvency Commencement Date: June 19, 2026

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: December 16, 2026

Insolvency professional: Praveen Kumar Singhal

Interim Resolution
Professional: Praveen Kumar Singhal
              E-24A, 2nd Floor,
              Jawahar Park,
              Laxmi Nagar, New Delhi,
              National Capital Territory of Delhi, 110092
              Email: casinghalpk@gmail.com

              512A, 5th Floor,
              Indraprakash Building,
              Barakhamba Road,
              Cannaught Place, New Delhi - 110062
              Email: ip.cirp.aol@gmail.com

Last date for
submission of claims: July 3, 2026

ASHOK CHAUHAN: CRISIL Ups Rating on INR6.52cr Loan to B+
--------------------------------------------------------
Due to inadequate information, Crisil Ratings, in line with SEBI
guidelines, had migrated the ratings of Ashok Chauhan and Co. (ACC)
to 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, Crisil Ratings is migrating the ratings on the bank
facilities of ACC to 'Crisil B+/Stable/Crisil A4' from 'Crisil
B/Stable/Crisil A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         15         Crisil A4 (Migrated from
                                     'Crisil A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit             2.8       Crisil B+/Stable (Migrated
                                     from 'Crisil B/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term      6.52      Crisil B+/Stable (Migrated
   Bank Loan Facility                from 'Crisil B/Stable ISSUER
                                     NOT COOPERATING')

   Rupee Term Loan         1.06      Crisil B+/Stable (Migrated
                                     from 'Crisil B/Stable ISSUER
                                     NOT COOPERATING')

   Rupee Term Loan         1.62      Crisil B+/Stable (Migrated
                                     from 'Crisil B/Stable ISSUER
                                     NOT COOPERATING')

The ratings continue to reflect large working capital requirement
and moderate scale of operations. These weaknesses are partially
offset by the extensive experience of the promoters

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profile of ACC.

Key Rating Drivers - Weaknesses

* Large working capital requirement: The gross current assets
(GCAs) were sizeable, at 320-330 days as of March 31, 2026, driven
by receivables of 75-80 days and 10-15% of the project cost
retained by authorities and settled only post completion and/or
after defect liability period, receivables and deposits continue to
be high and inventory days of 40-45 days. Woking capital cycle is
partly aided by steady payables 250-280 days and remaining by
fund-based limit and internal cash accrual. Security deposit and
earnest money deposit required by government tenders, further lead
to a stretch in the cycle. The working capital requirement is
likely to increase amid expected scalability and efficient
management leading to sustained improvement in return on capital
employed ratio will remain a key monitorable.

* Moderate scale of operations: The company has witnessed revenue
of Rs 39-40 crores in fiscal 26, owing to limited orders book,
thereby limiting scalability in the business. Going forward,
company revenue will also be supported by new orders built in with
the order book of Rs 154 crores to be executed over the next 2
years. The progress on this project and timely execution of the
other projects and booking of revenue will be a key monitorable

Key Rating Drivers - Strengths

* Extensive experience of the promoters: The promoter has over two
decades of experience in the construction industry. The expertise
of the promoters, their strong understanding of market dynamics,
and healthy relationships with customers and suppliers should
continue to support the business. The company's order book has
grown to Rs 154 crores as on March 2026 is well-diversified across
multiple geographies, leading to low geographical risk. The
sizeable order book provides revenue visibility for next 2-3 years
with the expected growth of 25-30% in fiscal 2027

Liquidity Poor

Bank limit utilisation is moderate at around 74 percent for the
past twelve months ended March 2026. Cash accruals are expected to
be over Rs 3-3.5 crore which are sufficient against term debt
obligation of Rs 1.2-1.3 crore over the medium term. In addition,
it will be act as cushion to the liquidity of the firm. Current
ratio are healthy at 1.3-1.4 times on March 31, 2026. Low gearing
and moderate net worth support its financial flexibility and
provides the financial cushion available in case of any adverse
conditions or downturn in the business.

Outlook Stable

Crisil Ratings believe ACC will continue to benefit from the
extensive experience of its proprietor and established
relationships with clients.

Rating sensitivity factors

Upward factors:

* Timely execution of project with improvement in revenue over  Rs.
50 crores with stable operating margins leading to
higher-than-expected cash accruals
* Efficient working capital management, strengthening the financial
risk profile and liquidity

Downward factors:

* Decline in revenue or fall in operating margin below 8% leading
to lower than-expected net cash accrual
* Large, debt-funded capital expenditure or significant stretch in
the working capital cycle, impacting liquidity or financial risk
profiles

The firm constructs roads and highway tunnels, and undertakes
hydroelectric projects involving underground excavation of tunnels
and caverns, open works of excavation and stabilisation of barrage
and cofferdam works, majorly on a subcontracting basis.


AWAS DEVELOPERS: NCLT Dismisses Lender's Insolvency Plea
--------------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has dismissed an insolvency petition
filed by Unity Small Finance Bank against Awas Developers and
Constructions Pvt Ltd, holding that the lender failed to establish
the correct date of default and the case was time-barred.

Despite the dismissal, the bank can pursue other legal avenues, ET
notes. The NCLT highlighted inconsistencies in the bank's default
date claims, emphasizing that an NPA classification, not a demand
notice, sets the limitation period.

Awas Developers & Constructions Private Limited is a real estate
and civil construction company. The comapny builds residential and
commercial properties. The services include 3D modeling, project
estimates, and turnkey construction.  


B.K. ROY: Liquidation Process Case Summary
------------------------------------------
Debtor: B.K. Roy Private Limited
        Holding No. 408,
        O.B. Road, Ward No. 6,
        Pallishree, Arambagh,
        Hoogly, West Bengal,
        India - 712601

Liquidation Commencement Date: May 22, 2026

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sanjay Kumar Poddar
            FD-71, Sector III,
            Salt Lake, Kolkata - 700106
            Email: poddar.sanjay@gmail.com

            Infinity Benchmark,
            Unit No. 608, 6th Floor,
            GP Block Sector V, Salt Lake,
            Kolkata - 700091

Last date for
submission of claims: June 21, 2026

BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Shree Bala Ji
Warehouse (SBW) continues to be 'Crisil D Issuer not cooperating'.


                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               11        Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SBW 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 SBW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBW continues to be 'Crisil D Issuer not cooperating'.  

SBW was set up as a partnership firm of Mr. Sandeep Kodan, Mr.
Ramesh Kumar and Mr. Suresh Kumar in 2012. The firm has constructed
a warehouse with capacity of 52,500 MT to provide storage of agro
based products in Barwara (Haryana). It has signed a ten-year
contract with HAFED. The warehouse has been constructed with an
estimated cost of INR18.10 crore, and began commercial operations
in May 2014.


BHUSHAN STEEL: ED Attaches INR58-crore Assets of Ex-Promoter's Wife
-------------------------------------------------------------------
The Economic Times reports that the Enforcement Directorate on July
2 said it has attached assets worth more than INR58 crore belonging
to Ritu Singal, wife of former Bhushan Steel promoter Neeraj
Singal, in a money laundering case linked to alleged fund
diversion.

ET relates that the attached properties include land and part of a
residential property in Indore, Madhya Pradesh, as well as equity
shares and bank balances held in Ritu Singal's name, the agency
said in a statement.

A provisional order was issued under the Prevention of Money
Laundering Act (PMLA) on June 24 and the total value of the
properties is INR58.34 crore.

According to ET, the case stems from a complaint filed by the
Serious Fraud Investigation Office (SFIO) under the Ministry of
Corporate Affairs against Bhushan Steel Ltd (BSL), Neeraj Singal
and some others.

After completing the corporate insolvency resolution process,
Bhushan Steel was taken over by Tata Steel Ltd in 2018.

The ED alleged Neeraj Singal and associates "diverted" funds from
the BSL under the guise of genuine transactions causing a loss of
INR11,446.73 crore to financial institutions.

Probe found that zinc ingots, purchased from Hindustan Zinc
Limited, which were meant for BSL's plants, were sold out of the
books in the open market by the accused, it said.

"Cash generated from the off-the-books sale of zinc ingots from
erstwhile BSL was used for availing accommodation entries of bogus
Long Term Capital Gain from various penny stock companies.

"The siphoning of cash from the out-of-books sale of zinc ingots
from BSL was also corroborated by the huge unaccounted cash
deposited in bank accounts during the relevant period," the ED
alleged.

The agency has earlier attached assets worth INR428 crore in this
case and also filed two chargesheets against the couple and
others.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings. Barring Era Infra
Engineering Ltd, petitions have been admitted in all other cases.

As reported in the Troubled Company Reporter-Asia Pacific on March
29, 2021, JSW Steel group on March 26, 2021, closed the
INR19,350-crore transaction with lenders to acquire Bhushan Power,
bringing down the curtain on a corporate insolvency resolution
process (CIRP) that has stretched over three-and-a-half years.

Business Standard said the transaction was funded through a mix of
equity and debt. As part of the payment, a sum of INR8,614 crore in
Piombino Steel (PSL) was arranged through a mix of equity,
optionally convertible instruments and debt. Of this, INR8,550
crore was invested in a special purpose vehicle (SPV), Makler, the
bidding company. The remaining INR10,800 crore was funded through
debt.

JSW informed the stock exchanges that following the implementation
of the resolution plan, which included payment of INR19,350 crore
to financial creditors of BPSL and the merger of the SPV, PSL holds
100 per cent equity shares in BPSL.  Seshagiri Rao, joint managing
director and chief financial officer, JSW Steel, said the company
took charge of the asset on March 26, according to Business
Standard.

In early May 2025, the Supreme Court initially nullified JSW
Steel's acquisition and directed the liquidation of the debt-laden
company, but later put the liquidation process on hold.

BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Burnpur
Cement Limited (BCL) 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 BCL 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 BCL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BCL
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the ratings on bank facilities
of BCL continues to be ‘Crisil D/Crisil D Issuer not
cooperating'.  

BCL was set up in 1986 as a private limited company, Ashoka
Concrete and Allied Industries Pvt Ltd, by late Mr Ramawatar
Gutgutia and his son, Mr Ashok Gutgutia. It was reconstituted as a
limited company with the current name in 2001. It manufactures
portland blast furnace slag cement.



DEV RAJ: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dev Raj
Institute of Management and Technology Society (DRIMT) continues to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              9.75       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with DRIMT 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 DRIMT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DRIMT
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
DRIMT continues to be ‘Crisil D Issuer not cooperating'.  

DRIMT was set up in 2010 by promoter and chairman, Mr Danish Gupta
and his family, based in Ferozepur (Punjab). The society offers
academic programmes through its institute, Dev Raj Group's
Technical Campus. DRIMT is affiliated with the Punjab Technical
University (PTU), Jalandhar, and approved by All India Council for
Technical Education (AICTE), Ministry of Human Resource
Development.


DHANASHREE ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Dhanashree
Electronics Limited (DEL) 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       10          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Cash           5          CRISIL D (ISSUER NOT
   Credit Limit                       COOPERATING)

Crisil Ratings has been consistently following up with DEL 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 DEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

                         About the Group

Incorporated in 1989 as Rashmi Chock Pvt Ltd and reconstituted as a
public limited company in 1997 with the current name, DEL
manufactures lighting products and trades in audio and lighting
products. The company has also obtained distributorship of the
Music group for sales of audio equipment and products in India. It
also earns income through lease rentals. DEL has also started
manufacturing LED bulbs, street lamps, panel lights, solar lamps,
and flood lights.

LTS deals in electrical products such as tubes, lamps, luminaries,
fans, and cable accessories. Around 85% of revenue comes from PIL's
products.


EPHYSX TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ephysx
Technologies Private Limited (Ephysx) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           1         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with Ephysx 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 Ephysx, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Ephysx is consistent with ‘Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ephysx continues to be ‘Crisil D/Crisil D Issuer
not cooperating'.  

Incorporated in 2011 and based out of Hyderabad, Ephysx (Ephysx,
previously known as Smarttrack Solar Systems Private Limited) is
engaged in the manufacture of solar trackers and other structural
components required for the manufacture of solar panels. The
company is promoted and being managed by Mr. Bhagwan Reddy.


GREENERG MOBILITY: CRISIL Cuts Rating on INR8.0cr OCDs to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Greenerg Mobility Solutions Private Limited (GMSPL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Optionally            8.0      Crisil B/Stable (ISSUER NOT
   Convertible                    COOPERATING; Revised from
   Debentures                     'Crisil B+/Stable ISSUER NOT
                                  COOPERATING')

Crisil Ratings has been consistently following up with GMSPL 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 GMSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GMSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on Optionally
Convertible Debentures of GMSPL revised to 'Crisil B/Stable Issuer
not cooperating' from 'Crisil B+/Stable Issuer not cooperating'.

Incorporated in 2020, GMSPL manufactures electric vehicle
components such as digital instrument cluster (for two-wheelers and
three-wheelers), telematics, battery pack, BMS, VCU, BLDC motor and
motor controller. Its manufacturing facilities are at Neelambur in
Coimbatore (Tamil Nadu). GMSPL is owned and managed by Manikandan
P, Pramodhini J and Selvam M.


IIFL FINANCE: Moody's Rates New Senior Secured USD Notes 'Ba3'
--------------------------------------------------------------
Moody's Ratings has assigned a Ba3 long-term foreign currency
senior secured rating to the proposed senior secured USD notes to
be issued by IIFL Finance Limited (IIFL Finance).

The notes will be issued under IIFL Finance's US$1.5 billion global
medium term note (MTN) program, which has a (P)Ba3 senior secured
MTN program rating.

The rating outlook is stable.

Moody's already have a Ba3 corporate family rating (CFR) on IIFL
Finance and a (P)Ba3 senior secured rating on its MTN program.

The rating is subject to receipt of final documentation, the terms
and conditions, which are not expected to change in any material
way from the draft documents that Moody's have reviewed.

The proceeds of the notes will be used, in accordance with IIFL
Finance's Social Financing Framework, for onward lending and to
support the growth of the company's lending business in compliance
with India's external commercial borrowing (ECB) regulations.

The notes issued 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.

RATINGS RATIONALE

The Ba3 senior secured rating is in line with the company's Ba3 CFR
given that secured debt forms the predominant portion of the
company's borrowings.

IIFL Finance's Ba3 senior secured 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.

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

Moody's could upgrade IIFL Finance's ratings if the company
improves its tangible common equity to tangible managed assets
ratio (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 this rating was Finance Companies
published in July 2024.

IIFL Finance is headquartered in Mumbai and reported total assets
of INR700.1 billion as of March 31, 2026.

IMPERIAL ELECTRIC: CRISIL Lowers Corporate Credit Rating to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of The Imperial Electric Company (TIEC), as:

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Corporate Credit        -        Crisil B/Stable (ISSUER NOT
   Rating                           COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with TIEC 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 TIEC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TIEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on Corporate Credit
Rating of TIEC revised to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil BB+/Stable Issuer not cooperating'.

TIEC was set up in 1978 in Kolkata, West Bengal. The firm provides
electrical AMC services, wherein it provides manpower for
maintenance, bill distribution, meter reading and smart metering.
Mr Hasibul Hossain is the proprietor.


J.V AGRO: CARE Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of J.V Agro
Exports (JAE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          2.50       Crisil B/Stable (Issuer Not
                                   Cooperating)

   Proposed Fund-       7.14       Crisil B/Stable (Issuer Not
   Based Bank Limits               Cooperating)

Crisil Ratings has been consistently following up with JVAE 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 JVAE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JVAE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JVAE continues to be 'Crisil B/Stable Issuer not cooperating'.  

JVAE was established in December 2017 as partnership firm. It is
engaged in milling and processing of paddy into rice and rice bran.
The firm has started its commercial operation from November 2018
and has rice milling facility at Karnal (Haryana). It is owned by
Mr. Sahil Malik and Mr. Sahil Kadyan.


J.V. STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
Crisil Ratings the ratings on bank facilities of J.V. Steel Tubes
(JVST) continue to be 'Crisil B/Stable Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             5          Crisil B/Stable (Issuer Not
                                      Cooperating)

   Cash Credit-            4.5        Crisil B/Stable (Issuer Not
   Book Debt                          Cooperating)

   Overdraft Facility      2.5        Crisil B/Stable (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with JVST 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 JVST, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JVST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JVST continues to be 'Crisil B/Stable Issuer not cooperating'.  

Set up as a partnership firm in 2005 by Gupta and Bansal families,
JVST manufactures ERW pipes for the bicycle and automotive
industries. Unit in Ludhiana has capacity to manufacture 1000 tonne
per month of pipes in sizes of 0.5-2.0 inch.


JAGADHATRY CONSTRUCTION: CRISIL Assigns B+ Rating to INR1cr Loan
----------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the
bank facilities of Jagadhatry Construction (JC).

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit            0.15       Crisil B+/Stable (Assigned)

   Proposed Term Loan     0.85       Crisil B+/Stable (Assigned)

The rating reflects JC's susceptibility to tender-based operations
and its modest scale of operations. These weaknesses are partially
offset by the extensive industry experience of the partners in the
civil construction industry.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of JC.

Key Rating Drivers - Weaknesses

* Extensive industry experience of the partners: The partners have
an experience of over 15 years in the civil construction industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Key Rating Drivers - Strengths

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

* Small scale of operations: JCs business profile is constrained by
its small scale of operations in the intensely competitive civil
construction industry reflected by revenue of around Rs. 1 crores
in FY26. JCs scale of operations will continue limit its operating
flexibility.

Liquidity Stretched

Bank limit utilisation is low at around 16.04 percent for the past
twelve months ended February 2026. Cash accrual are expected to be
over INR3 lakh which are sufficient against term debt obligation of
less than a lakh over the medium term. In addition, it will be act
as cushion to the liquidity of the firm.

Current ratio is healthy at 4.4 times on March31, 2025. Low gearing
and moderate net worth support its financial flexibility, and
provides the financial cushion available in case of any adverse
conditions or downturn in the business.

Outlook Stable

Crisil Ratings believes JC will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating sensitivity factors

Upward factors

* Substantial improvement in revenue by over 45% and operating at
5-6%, leading to higher net cash accruals.
* Improvement in financial risk profile and liquidity

Downward factors

* Decline in revenue and operating at 3%, leading to higher lower
cash accruals.
* Deterioration in financial risk profile and liquidity

JC was established as a partnership firm in 2011, it is located in
Jamshedpur, Jharkhand. JC is engaged in civil construction works,
such as construction of roads and buildings. JC is owned & managed
by Mr Swarup Patra and Mr Biman Patra.


KEDIA PIPES: CRISIL Lowers Rating on INR12cr Loan to B
------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Kedia Pipes (KP), as:

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

   Channel Financing      12         Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Working        8         Crisil B/Stable (ISSUER NOT
   Capital Facility                  COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with KP 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 KP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KP
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB/Stable Issuer not cooperating'.

Established in 1975 as a partnership firm, Kolkata-based KP is an
exclusive distributor for galvanised iron pipes and Tata Structura
(square and rectangular hollow sections) for TSL in seven districts
of West Bengal: Kolkata, Howrah, North 24 Parganas, South 24
Parganas, Nadia, Hooghly and East Midnapore. Mr Prabhat Kedia and
Mr Dilip Kedia are partners in the firm.


KHEDUT SOLVEXP: CRISIL Lowers Rating on INR45cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Khedut Solvexp Private Limited (KSPL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Cash Credit           45       Crisil B/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'Crisil BB+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Term Loan     1.6     Crisil B/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'Crisil BB+/Stable ISSUER NOT
                                  COOPERATING')

Crisil Ratings has been consistently following up with KSPL 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 KSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KSPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

Incorporated in 1991 in Gondal, Gujarat, KSPL is promoted by Mr
Dhirajlal Desai and his son, Mr Sagar Desai. The company processes
refined groundnut oil and makes de-oiled cakes through the solvent
extraction method.


KIRTIMAN CEMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Kirtiman
Cements and Packaging Industries Limited (KCP) continue to be
'Crisil D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      0.02      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               4.98      CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with KCP 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 KCP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KCP
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
KCP continues to be ‘Crisil D Issuer not cooperating'.  

KCP was incorporated in 1996 as a private-limited company by Mr.
Oberoi and his family members. However, the company commenced
operations only in August 2008. It manufactures polypropylene and
high-density polyethylene fabric bags and trades in jute bags. Its
facility is at Yamuna Nagar in Haryana. Mr Ashwini Oberoi and his
brother, Mr Sunil Oberoi, are the promoters.


LAKSHMI VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Venkata Ramana Publishers (LVRP) continue to be 'Crisil D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan         7.4        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     1.6        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

Crisil Ratings has been consistently following up with LVRP 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 LVRP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LVRP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LVRP continues to be 'Crisil D Issuer not cooperating'.  

Established in 2015 as a partnership firm, LVRP is engaged in
offset printing and book manufacturing business. Based in
Vijaywada, Andhra Pradesh, the firm is promoted by Mr.P Srinivasa
Rao.


MAA ALU: Voluntary Liquidation Process Case Summary
---------------------------------------------------
Debtor: Maa Alu Panel (India) Private Limited
        864/P, Sagar Ceramic,
        Near Sarvoday Hotel,
        N.H. No. 8, Sabar Kantha,
        Himatnagar, Gujarat,
        India - 383001

Liquidation Commencement Date: June 19, 2026

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Vinit Nagar
            818, Shivalik Satyamev,
            Bopal-Ambli Cross Road,
            Bopal, Ahmedabad
            380058, Gujarat
            Tel: 02717-416007
            Email: ipvinitnagar@gmail.com

Last date for
submission of claims: July 19, 2026

MAHAKALI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahakali
Foods Private Limited (MFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          24.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Credit Limit          3           CRISIL D (Issuer Not
   Under Gold Card                   Cooperating)

   Letter of Credit      1.75        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.62        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.6         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MFPL 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 MFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MFPL
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the ratings on bank facilities
of MFPL continues to be ‘Crisil D/Crisil D Issuer not
cooperating'.  

MFPL was set up in 1990, by the Saha family of Indore, Madhya
Pradesh. The company manufactures soya products, including
unrefined soya oil, edible and non-edible DOC, and value-added soya
products such as soya nuggets and granules, full fat grit, and soya
flour.


MEHSANA DAIRY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mehsana Dairy and Food Products Limited
        Survey No. 423, at: Aloda,
        Near Chhatthiyarda Railway Cross,
        Mahesana, Aloda,
        Gujarat, India - 384205

Insolvency Commencement Date: June 25, 2026

Court: National Company Law Tribunal, Ahmedabad Bench-I

Estimated date of closure of
insolvency resolution process: December 22, 2026

Insolvency professional: Atul Tandon

Interim Resolution
Professional: Atul Tandon
              NPV Insolvency Professionals Private Limited
              H-35, 1st Floor,
              Jangpura Extension, Jungpura,
              South Delhi, New Delhi - 110014
              Email: ipe@npvca.in

              10th Floor, 1003,
              Zion Z1, Near Avalon Hotel,
              Sindhu Bhavan Road, Thaltej,
              Ahmedabad - 380054
              Email: cirp.mehsanadairy@npinsolvency.in

Last date for
submission of claims: July 9, 2026

MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Mysore
Paper Mills Limited (MPM) 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             1         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            11.7       Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            12.6       Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             9.4       Crisil D (Issuer Not
                                     Cooperating)
   
   Cash Credit             4         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             5         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             1.3       Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit       21.68      Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit        7.07      Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit        2         Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit        5.75      Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit       12         Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit        6.5       Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MPM 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 MPM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MPM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPM continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

MPML was founded in May, 1936 by the then Maharaja of Mysore
(Karnataka). Government of Karnataka, which acquired a controlling
stake in November 1977, held 64.7% of equity shares as on September
30, 2016; the remainder was held by financial institutions and the
general public. MPML is an ISO-14001-certified company, producing
newsprint, writing and printing paper, and sugar at its plant at
Bhadravati in the Shimoga district of Karnataka.


NATIONAL ELECTRONICS: CRISIL Lowers Rating on INR12cr Loan to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of National Electronics (NE), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             12        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

   Cash Credit              6        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Cash            7        Crisil D (ISSUER NOT
   Credit Limit                      COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Cash            1.34     Crisil D (ISSUER NOT
   Credit Limit                      COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with NE for
obtaining information through letter and email dated January 23,
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 NE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NE is
consistent with 'Assessing Information Adequacy Risk'.

Based on the best available information, Crisil Ratings has
downgraded its rating to 'Crisil D Issuer Not Cooperating' from
'Crisil B/Stable Issuer Not Cooperating' as NE has defaulted in the
repayment of loans to banks or other borrowings from any lender as
per information in the public domain.

NE was set up in 1990 as a partnership between two brothers, Mr
Kulwant Singh and Mr Jaspal Singh. The firm deals in consumer
electronic goods such as television sets, refrigerators, washing
machines, air conditioners, and mobile phones of brands such as LG,
Sony, Samsung, Hitachi, Godrej, and Voltas. It has four showrooms
at Jamshedpur and one at Ranchi (both in Jharkhand).


PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      4.33      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with PBFPL 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 PBFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PBFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PBFPL continues to be 'Crisil D Issuer not cooperating'.  

Gujarat based PBFPL was incorporated in fiscal 2010. It
manufactures and sells bio-fertilisers. PBFPL started its
commercial operation in fiscal 2013 and is promoted by Mr Babubhai
Patel. The company has also started manufacturing of enzymes used
in detergents.


POMMYS GARMENTS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Pommys Garments (India) Limited
        5/13-B, Pommys Nagar,
        Seithur Road, Dhalavaipuram,
        Virudhunagar - 626188

Liquidation Commencement Date: June 5, 2026

Court: National Company Law Tribunal, Chennai Bench-II

Liquidator: Sridevi Sundari G.
            Q-504, Casagrand Firstcity,
            Cheran Nagar, Perumbakkam,
            Chennai - 600100
            Email: sridevisundariip@gmail.com

            Leo Law Chambers, No. 359,
            1st Floor, Hospital Road,
            Indrapriyadharshini Nagar,
            Perumbakkam, Chennai - 600100
            Email: pommys.liquidation@gmail.com

Last date for
submission of claims: July 17, 2026

R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. G.
International Private Limited (RGIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            55         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with RGIPL 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 RGIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RGIPL continues to be 'Crisil D Issuer not cooperating'.  

                         About the Group

TC Agro was established as a partnership firm in 1995, with Mr Ram
Gopal Singla and Mr Rajendra Kumar as partners. In 2002, the firm
was reconstituted as a proprietorship concern, with Mr Singla as
the proprietor. The firm mills and sorts basmati rice. Its unit at
Karnal, Haryana, has milling capacity of 14 tonne per hour (tph)
and sorting capacity of 8 tph.

RGIPL was established as a partnership firm in 2007 by Mr Rajesh
Kumar Singla and his two brothers Mr Munish Kumar Singla and Mr
Murari Lal Singla. The firm was reconstituted as a private limited
company on April 1, 2013. The company is engaged in milling &
sorting of basmati rice. Its unit in Karnal has a milling capacity
of 16 tph and sorting capacity of 12 tph.


RASHMI REALTY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rashmi Realty Builders Private Limited
        (CIRP restricted to Project-
         Rashmi Starcity Phase II and III)   
  
        Registered Office:
        B/215, Shanti Shopping Centre,
        Opposite Railway Station,
        Mira Road (East), Thane,
        Maharashtra, India, 401107

        Project Site:
        Rashmi Starcity Phase II
        Plot No. 327/363H1,
        Virar City (M Corp), Vasai,
        Naigaon East, Mira Road and Beyond,
        Naigaon, Mumbai

        Rashmi Starcity Phase III
        Plot No. Old/New 99 Hissa No. 3,
        At Vasai Virar City (M Corp),
        Naigaon East, Mira Road and Beyond,
        Naigaon, Mumbai

Insolvency Commencement Date: June 19, 2026

Court: National Company Law Tribunal, Mumbai Bench-VI

Estimated date of closure of
insolvency resolution process: December 16, 2026

Insolvency professional: Purusottam Behera

Interim Resolution
Professional: Purusottam Behera
              Flat No. 402,
              Sai Parasad Building,
              Sion Kamgar CHS, Road No. 29,
              Sion (East) Mumbai - 400022
              Email: purusosbbj@yahoo.com

              410, 4th Floor,
              Blue Rose, Industrial Estate,
              Near Metro Mall, Borivali East,
              Mumbai, Maharashtra - 400066
              Email: ibc.rashmirealty@gmail.com

Classes of creditors: Real Estate Allottees

Authorized Representatives
of creditors in a class: 1. Summet Surendra Chimbalkar
                         2. Vikas Gopichand Khiyani
                         3. Vivek Satyaprakash Jalan

Last date for
submission of claims: July 3, 2026

SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sainatha
Rice Industries (SSRI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          4         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSRI 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 SSRI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSRI continues to be 'Crisil D Issuer not cooperating'.  

Established as a partnership firm in 2013 and based in Nizamabad
(Telangana), SSRI mills and processes paddy into rice, rice bran,
broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna
and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh
Kuna.


SKYCOMM ELECTRONICS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Skycomm
Electronics (India) Private Limited (SEIPL) continues to be 'Crisil
D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with SEIPL 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 SEIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SEIPL continues to be 'Crisil D Issuer not cooperating'.  

SEIPL, incorporated in 2012, is an authorised distributor of
Samsung's electronic appliances (except mobiles and light-emitting
diodes) in Andhra Pradesh and Telangana; it is also an authorised
dealer for Godrej's washing machines and refrigerators in
Hyderabad.


ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of St. Xavier's
Educational Trust (SXET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit/            0.85        CRISIL D (Issuer Not
   Overdraft facility                  Cooperating)

   Cash Credit/            3           CRISIL D (Issuer Not
   Overdraft facility                  Cooperating)

   Cash Credit/            2.25        CRISIL D (Issuer Not
   Overdraft facility                  Cooperating)

   Long Term Loan          2.50        CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Working       21.40        CRISIL D (Issuer Not
   Capital Facility                    Cooperating)

Crisil Ratings has been consistently following up with SXET 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 SXET, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SXET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SXET continues to be 'Crisil D Issuer not cooperating'.  

SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.


UNITED MASTERBATCHES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: United Masterbatches Private Limited
        Village Uttar Rajyadharpur,
        P.O.-Baidyabati, P.S.-Serampore,
        Hooghly, Serampore,
        West Bengal, India, PIN - 712222

Insolvency Commencement Date: June 23, 2026

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 22, 2026

Insolvency professional: Pratap Mukherjee

Interim Resolution
Professional: Pratap Mukherjee
              27A, Bhattacharjee Para Road,
              Paschim Barisha, P.O.-Thakurpukur,
              Kolkata - 700063
              Email: pratapmukherjee62@gmail.com
                     umpl.ibc@gmail.com

Last date for
submission of claims: July 7, 2026

UNIVERSAL COMMODITY: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Universal Commodity Exchange Ltd.
        Exchange House, Building No. 8 (105),
        Sector II, Millennium Business Park,
        Mahape, Thane, Navi Mumbai,
        Maharashtra, India, 400710

Liquidation Commencement Date: June 10, 2026

Court: National Company Law Tribunal, Mumbai Bench-I

Liquidator: Jayant Prabhakar Pimpalgaonkar
            Plot No. 216, Prabhurang,
            Shilpa Society, Behind UCO Bank,
            Narendra Nagar Extension,
            Nagpur, Maharashtra - 440015
            Email: pimpalgaonkarjayant1971@gmail.com

            Suite No. 5, 8th Floor,
            207, Embassy Centre,
            Jamnalal Bajaj Marg,
            Nariman Point,
            Mumbai, Maharashtra - 400021
            Email: irp.ucx@gmail.com

Last date for
submission of claims: June 24, 2026

VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Educational Trust (SVET) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             10.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SVET 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 SVET, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVET
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
SVET continues to be ‘Crisil D Issuer not cooperating'.  

Set up in 2014, SVET has two schools, Sri Venkateswara
Matriculation School, and Sri Venkateswara Public (CBSE) School.
The operations are managed by Mr G Venkatesan. Fiscal 2017 was the
first year of operations.


YUSEN LOGISTICS: CRISIL Keeps B CCR in Not Cooperating Category
---------------------------------------------------------------
Crisil Ratings said the rating on Corporate Credit Rating of Yusen
Logistics (India) Private Limited (YLIN) continues to be 'Crisil
B/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Corporate Credit        -        CRISIL B/Stable (ISSUER NOT
   Rating                           COOPERATING)

Crisil Ratings has been consistently following up with YLIN 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 YLIN, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on YLIN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on Corporate Credit
Rating of YLIN continues to be 'Crisil B/Stable Issuer not
cooperating'.  

YLIN, incorporated in 1998, is a step-down subsidiary of Nippon
Yusen Kabushiki Kaisha, Japan which with its global presence has
diversified operations in the logistics and shipping industry. YLIN
is a multimodal transport operator offering freight forwarding,
logistics and warehousing services in India. The company is managed
by a team of key professionals under guidance and directions of
Japanese Expats in India.




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

ASDION BHD: Taps Legal Adviser as Last-Ditch Bid to Avert Delisting
-------------------------------------------------------------------
The Malaysian Reserve reports that ACE Market-listed Asdion Bhd has
appointed Messrs Krish Maniam & Co (KMC) as its legal adviser to
assist in a last-minute corporate rescue effort as the company
races to avoid being delisted from Bursa Malaysia.

In a filing on July 7, Asdion said KMC's scope of engagement
includes advising on a proposed regularisation plan and scheme of
arrangement to address creditor obligations.

The Malaysian Reserve relates that the legal firm will also assist
the company in sourcing and appointing a new sponsor, investment
bank and other professional advisers needed to implement its
turnaround plan.

The move comes after Bursa Malaysia announced that trading in
Asdion's securities will be suspended on July 14, with the company
set to be delisted from the ACE Market on July 16, following the
resignation of Kenanga Investment Bank Bhd as its principal adviser
and sponsor effective July 6.

Asdion is required to submit an appeal to Bursa Malaysia by July 13
to seek a deferment of the delisting process, The Malaysian Reserve
notes.

The software developer and ICT services provider was classified as
a Guidance Note 3 (GN3) company on July 31, 2024, after its
external auditors highlighted material uncertainties over its
ability to continue as a going concern.

The company had reported a net loss of MYR7.79 million for the
financial period ended March 31, 2024, while its current
liabilities exceeded current assets by MYR5.56 million, resulting
in a capital deficiency position, The Malaysian Reserve discloses.

Based in Kuala Lumpur, Malaysia, Asdion Berhad --
https://www.asdiongroup.com/ -- an investment holding company,
engages in software development and information communication
technology services businesses primarily in Malaysia. It also
advices solutions relating to information technology; dormant; land
and building developer; logistics, dry bulk cargo stevedoring,
commodity trading, stainless steel, and related activities; and
operates as a subcontractor of civil work.

GREENPRO CAPITAL: Pays $100K to Settle 2021 NFT Dispute With MFAI
-----------------------------------------------------------------
Greenpro Capital Corp. announced in a regulatory filing that it
entered into a Confidential Settlement Agreement and Mutual Release
of Claims with Millennium Fine Art Inc.. The Settlement Agreement
resolves all claims asserted in the Nevada state court action (Case
No. A-21-840033-B) and the related JAMS arbitration (Ref. No.
5260000038), including claims previously disclosed by the Company
relating to an alleged 2021 NFT-related contract.

Pursuant to the Settlement Agreement, and subject to the parties'
satisfaction of certain closing conditions, including delivery of
executed dismissal documents, the Company will pay MFAI $100,000
and surrender 2,000,000 restricted shares of MFAI's Class B common
stock for cancellation.

The 2,000,000 restricted shares of MFAI Class B common stock to be
surrendered for cancellation represent the entirety of the
Company's equity interest in MFAI. As previously disclosed, the
Company acquired these shares on July 1, 2020 as consideration for
the sale to MFAI of the Company's 4% ownership interest in a
12.3-kilogram carved natural blue sapphire, in which MFAI holds a
100% interest. These shares represent approximately 5% of MFAI's
issued and outstanding shares and approximately 1% of MFAI's total
voting rights. Other than this investment, the matters resolved by
the Settlement Agreement, and the Settlement Agreement itself,
there is no material relationship between the Company and MFAI.

Following the exchange of the settlement consideration, the parties
will dismiss the litigation and arbitration with prejudice. The
Settlement Agreement also contains mutual general releases of
claims, confidentiality and non-disparagement provisions, and
provides that neither the agreement nor its performance constitutes
an admission of liability or wrongdoing by the Company.

The Company's Board of Directors approved the Settlement Agreement
via unanimous written consent dated June 15, 2026.

                   About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-sized businesses located in Asia, with an
initial focus on Hong Kong, China, and Malaysia. Greenpro offers a
range of services as a package solution to its clients, believing
that this approach can reduce business costs and improve revenues.

Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated March
30, 2026, attached to the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2025, citing that for the year ended
December 31, 2025, the Company incurred a negative cash flow from
operating activities of $1.79 million and as of December 31, 2025,
the Company incurred an accumulated deficit of $40.25 million.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

As of March 31, 2026, the Company had $21.89 million in total
assets, $2.19 million in total liabilities, and $19.70 million in
total stockholders' equity.

PERTAMA DIGITAL: Classified as PN17 Following Equity Erosion
------------------------------------------------------------
The Star reports that Bursa Malaysia Securities Bhd has announced
that Pertama Digital Bhd has been classified as a Practice Note 17
(PN17) company after meeting the criteria under Paragraph 2.1(a) of
PN17 of the Main Market Listing Requirements.

In a separate filing issued June 30, Pertama Digital said it was
informed by Bursa Malaysia on July 1, 2026, that it had triggered
the PN17 criteria based on its audited consolidated financial
statements for the financial year ended Dec. 31, 2025 (FY 2025).

Accordingly, the company said it was making the announcement in
compliance with the listing requirements.

The Star relates that Pertama Digital noted that triggering
Paragraph 2.1(a) of PN17 does not change its existing
regularisation direction, as the matter is already being addressed
under a regularisation plan submitted to the Securities Commission
Malaysia (SC) on April 8, 2026.

It said the company's first announcement on Aug. 10, 2022,
regarding its classification as an affected listed issuer under
Paragraph 8.03A(2)(a)(bb) of the Main Market Listing Requirements
of Bursa Malaysia and subsequent monthly updates on its
regularisation efforts remain relevant.

Based on its audited consolidated financial statements for FY 2025,
announced on April 30, 2026, the company had triggered the
prescribed PN17 criteria.

Its shareholders' equity on a consolidated basis had fallen to 25
per cent or less of its share capital and below MYR40 million, The
Star discloses.

"Prior to this announcement, the company had considered the matter
within the context of its existing affected listed issuer status
under Paragraph 8.03A of the Listing Requirements, having regard to
its earlier announcement dated Aug. 10, 2022, and monthly status
updates since then," it said.

It added that this consideration also took into account the
submission of its regularisation plan to the SC on April 8, 2026.

Pertama Digital Berhad, an investment holding company, engages in
the development, operation, and maintenance of mobile messaging and
mobile payment applications in Malaysia.




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

BREMWORTH LTD: Takeover of Floorscape Limited Collapses
-------------------------------------------------------
Radio New Zealand reports that Bremworth's proposed takeover by
Floorscape Limited has collapsed after shareholders representing 38
percent of the carpet maker's shares said they would not support
the deal.

The carpet maker's board has stopped talks with Floorscape about
extending the scheme of arrangement, meaning the takeover will
lapse.

According to RNZ, Bremworth chair Rob Hewett said the board was
disappointed but respected the size of the opposition and would now
look at alternative plans for the business.

"Thirty-eight percent of shareholders speaking is a big number, and
we're certainly respectful of that," he said.

RNZ relates that the board said the move denied Bremworth's
remaining 2300-plus shareholders the chance to vote on the scheme
with the benefit of all relevant information, including the
independent adviser's report.

The deal was due to be completed through a scheme of arrangement,
which required strong shareholder backing at a special meeting, as
well as regulatory approval.

The Commerce Commission approved the proposed transaction at the
end of June after several delays.

Mr. Hewett said the board had worked hard to get the scheme "over
the line" and still viewed it as the best option for shareholders
on a risk-adjusted basis, RNZ relays.

He said the company had also been preparing contingency plans while
it waited for the Commerce Commission's decision.

Mr. Hewett said Bremworth would engage with the shareholders who
opposed the deal to understand what direction they wanted the
company to take.

"We haven't had a meaningful alternative put to us yet, including
business as usual," he said.

The collapse of the deal leaves Bremworth facing a difficult
trading environment, with the company warning it did not expect to
be profitable or cash flow positive in the second half of its 2026
financial year, which ended on June 30.

Mr. Hewett said retail conditions had been tough in both New
Zealand and Australia, and the drawn-out Commerce Commission
approval process had not helped.

He said Bremworth was pushing ahead with existing plans, including
the reinstated yarn plant in Napier and its move back into
synthetic dyed nylon products, but clarity from shareholders on the
company's direction would be useful.

Mr. Hewett said the board was now "downing tools" on the takeover
and focusing on alternative plans for Bremworth.

Bremworth Limited (NZX:BRW) -- https://bremworth.co.nz/ -- together
with its subsidiaries, engages in the manufacture and sale of
carpets and rugs in New Zealand, Australia, the United States,
Canada, and internationally. The company operates through Carpet
and Wool segments. It is also involved in the acquisition and sale
of wool, as well as sale of carpet yarns. The company offers its
products under the Bremworth brand.  


CHIBA AUTOS: Creditors' Proofs of Debt Due on July 27
-----------------------------------------------------
Creditors of Chiba Autos Limited are required to file their proofs
of debt by July 27, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 22, 2026.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Epsom, Auckland 1051


FNZ NZ FINCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed FNZ NZ Finco Limited's B3 corporate
family rating and the B3 senior secured first lien term loan
ratings, as well FNZ US Finco LLC's B3 senior secured first lien
term loan rating, which are the borrowing entities for FNZ Group
Limited (FNZ). The outlook remains stable on both entities.

RATINGS RATIONALE

The affirmation of the B3 CFR reflects FNZ's position as a leading
global front-to-back wealth management Platform-as-a-Service (PaaS)
provider with $2.3 trillion contracted Assets on Platform (AoP) as
well as the company's high leverage, limited scale, and weak
profitability and cash flow generation.

Under new management since 2024, FNZ has been in a period of
restrained growth and rationalization of its operations, addressing
its high cost base, quality of service and exceptional cost items.
In 2025, FNZ reported a pre-tax loss of over $1 billion driven by
the high expenses and impairments and in spite of FNZ Group Limited
revenue of $1.7 billion, up by 10% and AoP up by over 30%.

Moody's continues to expect the company's cash flows and
profitability to improve over time given the strength of its
product offering and the recurring nature of its revenues. The
trajectory of improvement remains commensurate with a B3 CFR and
that a period of organic growth and consolidation post its
acquisitions will lead to growing profitability, supporting its
pre-tax margin and cash flow generation.

Moody's calculates FNZ's debt to EBITDA leverage to be a high
negative 6x, in 2025 but once adjusted for non-recurring items
Moody's calculates it to be around 7x. Moody's also notes that the
company's term loan maturities are in 2031, which provides a long
lead in for improvements in its financial performance to be able to
refinance or pay down the obligations.

FNZ's global operations have been built through a sustained period
of organic growth, a series of acquisitions and have grown quickly
over recent years, and which has resulted in a complex and opaque
legal organizational structure which acts a constraint to its
ratings.

FNZ NZ Finco Limited's and FNZ US Finco LLC's senior secured first
lien term loan ratings of B3 reflect the priorities of claims in
the company's liability structure.

The outlooks are stable, reflecting Moody's expectations that FNZ's
financial performance will remain in line with its current rating
level.

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

Factors that could lead to an upgrade

FNZ NZ Finco Limited's CFR could be upgraded following
profitability improving to become sustainably positive and growing
supporting scale, as growth investments made in prior years start
to generate returns and new clients are onboarded. A sustained
reduction of Debt / EBITDA leverage as measured by us to below 6.0x
would also lead to an upgrade. A less complicated legal ownership
and organizational structure could also be positive for the
ratings.

Factors that could lead to a downgrade

A downgrade in the CFR could stem from a further increase in
leverage, a failure to become profitable by 2027 and to improve
cash flows in line with expectations as well as increasing
competitive pressures resulting in significant AoP churn and
reduced revenues. A potential IT systems failure or prolonged
operational failures in its end to end platform as well as any
compliance or risk management failures or negative regulatory
findings would also negatively pressure the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Securities
Industry Service Providers published in February 2024.

FNZ NZ Finco Limited's B3 assigned standalone assessment is set
four notches above the Ca initial score to reflect expected
improvements in its scale and cash flows which will lead to lower
leverage and higher coverage ratios than latest reported
financials.

HOKOI GROUP: Court to Hear Wind-Up Petition on Aug. 6
-----------------------------------------------------
A petition to wind up the operations of Hokoi Group Holdings
Limited will be heard before the High Court at Auckland on Aug. 6,
2026, at 10:00 a.m.

Gracefield Distribution Company Limited filed the petition against
the company on June 3, 2026.

The Petitioner's solicitor is:

          Bevan Marten
          Izard Weston
          Level 3, 26 The Terrace
          Wellington


HOKOI LOGISTICS: Court to Hear Wind-Up Petition on Aug. 6
---------------------------------------------------------
A petition to wind up the operations of Hokoi Logistics Limited
will be heard before the High Court at Auckland on Aug. 6, 2026, at
10:00 a.m.

Gracefield Distribution Company Limited filed the petition against
the company on June 3, 2026.

The Petitioner's solicitor is:

          Bevan Marten
          Izard Weston
          Level 3, 26 The Terrace
          Wellington


MEDITERRANEAN FOODS: Creditors' Proofs of Debt Due on July 31
-------------------------------------------------------------
Creditors of Mediterranean Foods Retail (Nelson) Limited (trading
as Prego Foods and Comida) and Rai & Sons Pvt Limited (trading as
Pita Pit Hornby) are required to file their proofs of debt by July
31, 2026, to be included in the company's dividend distribution.

Mediterranean Foods Retail (Nelson) commenced wind-up proceedings
on June 22, 2026.

Rai & Sons commenced wind-up proceedings on June 24, 2026.

The company's liquidator is:

          Robin Crimp
          RAC Insolvency Limited
          PO Box 1477
          Christchurch 8140

TECH CONNECT: Creditors' Proofs of Debt Due on July 24
------------------------------------------------------
Creditors of Tech Connect NZ 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 25, 2026.

The company's liquidators are:

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




=====================
P H I L I P P I N E S
=====================

ABS-CBN CORP: Converge Walks Away From Sky Cable Deal
-----------------------------------------------------
Bilyonaryo.com reports that Converge ICT Solutions Inc. is
reportedly cutting ties with Sky Cable, ending a partnership aimed
at helping the Lopez-owned broadband provider regain its footing
after years of subscriber decline.

Bilyonaryo.com relates that Babbler reported that Converge, owned
by bilyonaryo couple Dennis and Grace Uy, has terminated its
commercial agreement with Sky Cable, barely two years after it was
signed.

Hours after Babbler's report, Sky Cable and Converge issued a joint
customer advisory saying their commercial arrangement "remains in
full force and effect," Bilyonaryo.com relays. The companies said
the agreement announced on July 22, 2024 continues to be in force
and assured subscribers there would be no changes to the services
being provided.

According to Bilyonaryo.com, the reported exit comes as the group
led by former ABS-CBN chairman and chief executive Eugenio "Gabby"
Lopez III is said to be in talks with a potential white knight
investor to help ease mounting financial pressure on the media
company.

Babbler earlier reported that ABS-CBN management sought a fresh
PHP2 billion capital infusion from the Lopez family in November to
avert possible liquidation, Bilyonaryo.com relates. Former Lopez
Inc. chairman Oscar "Piki" Lopez reportedly declined the request,
claiming the refusal prompted Gabby to seek his removal from the
Lopez Inc. board.

The dispute has since spilled over into ABS-CBN itself,
Bilyonaryo.com notes. Bilyonaryo earlier reported that the company
has withheld the names of its nominees for next month's election
amid speculation that Gabby could appoint a representative of the
prospective investor to the board.

Bilyonaryo.com says Sky Cable had already been in decline even
before ABS-CBN lost its broadcast franchise in 2020. The loss
accelerated the downturn, forcing Sky to shut down its
direct-to-home satellite service and pivot to broadband.

In 2024, Sky signed a commercial agreement with Converge to upgrade
its broadband offerings using Converge's pure fiber network. The
partnership enabled Sky to offer speeds of up to 1 gigabit per
second, improve service reliability, compete with
telecommunications rivals and enhance content delivery through IPTV
without having to invest heavily in its own nationwide fiber
buildout.

Despite the shift, Sky has continued to lose subscribers amid
intense competition, resulting in billions of pesos in asset
write-downs over the past three years.

Sky Cable booked impairment losses of PHP2.395 billion on property
and equipment in 2023, PHP2.692 billion in 2024 following an asset
sale that highlighted a gap between book and market values, and
another PHP1.311 billion in 2025 for assets deemed no longer
recoverable, Bilyonaryo.com discloses.

ABS-CBN also fully impaired Sky Cable's PHP4.492 billion goodwill
in 2023 and recognized a related PHP1.89 billion impairment charge
on other intangible assets. In 2025, it booked an additional
PHP2.058 billion impairment on its investment in Sky Cable, citing
the rise of video-on-demand platforms and other developments that
weakened subscriber growth prospects.

The pressure carried into this year, Bilyonaryo.com notes.
ABS-CBN's Cable and Broadband segment saw revenue fall 46% to
PHP571 million in the first quarter as subscriber numbers continued
to decline. Net loss widened to PHP301 million from PHP171 million
a year earlier, while EBITDA plunged 92% to PHP23 million.

Converge's reported exit comes as ABS-CBN seeks fresh capital,
tries to keep lenders at bay and avoid a deeper restructuring,
while Sky Cable continues to grapple with declining subscribers and
losses, Bilyonaryo.com adds.

                           About ABS-CBN

ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.

On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.

On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.

The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.

ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net losses
in 2024 and PHP4.72 billion in 2025.



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

C-QUEST CAPITAL: Court to Hear Wind-Up Petition on July 16
----------------------------------------------------------
A petition to wind up the operations of C-Quest Capital Africa
Fuels Holdings Pte. Ltd. and C-Quest Capital Development Co Pte.
Ltd. will be heard before the High Court of Singapore on July 16,
2026, at 10:00 a.m.

Mark Ian Bruce Woodall and Joel Alexander Hugh Sykes filed the
petition against the companies on May 21, 2026.

The Petitioner's solicitors are:

          Premier Law LLC
          12 Marina Boulevard
          #38-04 Marina Bay Financial Centre, Tower 3
          Singapore 018982


COMPENDIUM FOOD: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 19, 2026, to
wind up the operations of Compendium Food Services Pte. Ltd.

Rachelle The Rabbit Distillery Pte. Ltd. filed the petition against
the company.

The company's liquidator is:

          Ellyn Tan Huixian
          Forvis Mazars Consulting
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536


FLUID POWER: Creditors' Proofs of Debt Due on Aug. 3
----------------------------------------------------
Creditors of Fluid Power (Pte) Limited and Global Peo Services
Singapore Pte. Ltd. are required to file their proofs of debt by
Aug. 3, 2026, to be included in the company's dividend
distribution.

Fluid Power (Pte) commenced wind-up proceedings on June 28, 2026.

Global Peo Services Singapore commenced wind-up proceedings on June
30, 2026.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho Chjuen Meng
          c/o DHA+ pac
          9 Raffles Place
          #08-04 Republic Plaza
          Singapore 048619


KASEY AUTOMATION: Court to Hear Wind-Up Petition on July 17
-----------------------------------------------------------
A petition to wind up the operations of Kasey Automation 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 26, 2026.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


SALVATORE HOME: Court to Hear Wind-Up Petition on July 17
---------------------------------------------------------
A petition to wind up the operations of Salvatore Home 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 25, 2026.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098




===============
T H A I L A N D
===============

ALLIANCE LAUNDRY: Moody's Ups Rating on $25MM 1st Lien Debt to B1
-----------------------------------------------------------------
Moody's Ratings upgraded the rating assigned to Alliance Laundry
(Thailand) Company Limited's backed senior secured bank credit
facility, consisting of a $25 million backed senior secured first
lien revolving credit facility (due August 2029), to B1 from B2.
The outlook was changed to stable from positive.

The rating action follows Moody's previous action taken on June 25,
2026, when Moody's upgraded Alliance Laundry Systems LLC's (the
operating company) corporate family rating (CFR) and senior secured
instrument ratings to B1 from B2. The outlook was revised to stable
from positive.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

RATINGS RATIONALE

The B1 rating assigned to the $25 million Thailand based revolver
follows Moody's previous action taken on June 25, 2026, when
Moody's upgraded Alliance Laundry Systems LLC's (Alliance) CFR to
B1 from B2. Concurrently, Moody's also upgraded Alliance's
probability of default rating (PDR) to B1-PD from B2-PD, and the
ratings assigned to the $225 million senior secured first lien
revolving credit facility (due August 2029) and the $1.3 billion
senior secured first lien term loan (due August 2031) to B1 from
B2. The Speculative Grade Liquidity Rating (SGL) remained unchanged
at SGL-2, and the outlook was changed to stable from positive.

The B1 rating reflects the company's solid market position as the
leading manufacturer of commercial laundry equipment globally with
a high level of recurring revenue from servicing its large global
commercial unit installed base, robust EBITA margins consistently
around 20% and positive free cash flow in a largely non-cyclical
business.  The company's growing market share within the commercial
laundry equipment space will support stable organic growth over the
next several years.

Constraining credit factors include the company's limited track
record of operating as a public company with a more conservative
leverage profile and improved interest coverage ratios. The B1
rating also considers the still concentrated ownership as the
company's sponsor, BDT & MSD Partners, owns about 70% of the
company's shares. Even though Moody's expects that the sponsors
will reduce their stake over time.

Some uncertainty remains regarding the company's future financial
policy with respect to establishing a dividend or acquisitions,
once it has reached its leverage target.

Alliance Laundry Systems LLC (Alliance Laundry) is the operating
company and Alliance Laundry Holdings LLC issues audited financial
statements and provides downstream guarantees.

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

Moody's could upgrade the ratings if Alliance demonstrates a
sustained commitment to a conservative financial policy and debt
reduction, and in case of reduced concentration in ownership.
Specifically, the ratings could be upgraded if leverage is
sustained below 3.5x debt/EBITDA, EBITA-to-interest improves to
above 4.0x, and FCF/debt sustained above 7.5%.

Moody's could downgrade the ratings if the company's financial
policy becomes more aggressive, including material acquisitions or
engagement in shareholder friendly activities. Specifically, the
ratings could be downgraded if leverage is sustained above 4.5x
debt/EBITDA, EBITA-to-interest is sustained below 3.0x, or if the
company's liquidity deteriorates, including FCF/debt falling below
5% on a sustained basis.

The principal methodology used in this rating was Manufacturing
published in September.

Headquartered in Ripon, WI, Alliance Laundry Systems LLC designs,
manufactures and markets a line of commercial laundry equipment
under various brands, including Speed Queen, Primus, Huebsch, IPSO
and UniMac, in over 150 countries. Its product offering consists of
washers, drying tumblers and ironers for the coin laundry,
multi-housing laundries, institutional laundries (on premise
laundry (OPL)) and consumer residences. As of the twelve month
period ended March 2026, Alliance reported about $1.7 billion in
revenue.


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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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