260710.mbx

260710.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 10, 2026, Vol. 29, No. 137 Headlines A U S T R A L I A C.A.E. PERFORMANCE: First Creditors' Meeting Set for July 13 DIVERSA TRUSTEES: Faces New ASIC Probe Over Client Member Fees HOWARD CONSTRUCTION: First Creditors' Meeting Set for July 14 M FISK: First Creditors' Meeting Set for July 14 NATIONAL GROUP: Fitch Assigns Then Withdraws 'CCC' Final LT IDR PERSIAN ART: First Creditors' Meeting Set for July 14 PLS GROUP: Fitch Affirms 'BB' IDR, Outlook Stable RECTIFYRE PTY: First Creditors' Meeting Set for July 13 SOLUTIONSWON GROUP: Owes AUD6 Million to Creditors C H I N A BINHAI INVESTMENT: Fitch Affirms & Withdraws 'BB+' Long-Term IDR CHINA CITIC: Fitch Hikes Viability Rating to 'bb' CHINA EVERBRIGHT: Fitch Hikes Viability Rating to 'bb' INDUSTRIAL BANK: Fitch Hikes Viability Rating to 'bb-' SHANGHAI PUDONG: Fitch Hikes Viability Rating to 'bb' H O N G K O N G FUTU HOLDINGS: China Watchdog Tracks U.S. Insider Trading Lawsuit I N D I A AARYA INDUSTRIAL: Liquidation Process Case Summary AKSHAY TECHFORGE: Insolvency Resolution Process Case Summary ANJANEYA MEDICAL: CRISIL Keeps B Debt Rating in Not Cooperating BHANSALI & CO: CRISIL Lowers Rating on INR180cr Loan to B BHUBANESHWARI SEAFOOD: Insolvency Resolution Process Case Summary CONCEPT MOTOR: CRISIL Moves B Debt Ratings to Not Cooperating FORTUNE SPIRIT: CARE Keeps D Debt Rating in Not Cooperating GOODLUCK MEDICAL: CRISIL Lowers Rating on INR46cr Term Loan to B GOSWAMI INFRATECH: CARE Reaffirms B+ Rating on INR8,343cr NCDs INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating INNOVATIVIEW FINANCE: Voluntary Liquidation Process Case Summary JAI AMBE: Insolvency Resolution Process Case Summary JSW STEEL: Fitch Hikes Long-Term IDR to 'BB+', Outlook Positive KALA AGENCIES: CRISIL Keeps B Debt Ratings in Not Cooperating KAUTILYA DEVELOPERS: CRISIL Lowers Rating on INR30cr Loan to B KUMAR FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating LAKSHMI CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating LAKSHMI SOLVENT: CRISIL Keeps B Debt Ratings in Not Cooperating LOCK & LOCK: Voluntary Liquidation Process Case Summary MANIKYAM POULTRY: CARE Reaffirms B Rating on INR56.37cr LT Loan NARSHINHA ENGINEERING: CARE Assigns B+ Rating to INR19cr LT Loan NCS AUTOCARS: NCLT Rejects Insolvency Plea Against Auto Dealer NEWLINK OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating OLA ELECTRIC: Faces Insolvency Petitions Over Unpaid Dues OXIGEN SERVICES: CRISIL Keeps D Debt Ratings in Not Cooperating PRATHAM-HEERA SALES: Insolvency Resolution Process Case Summary RAGHURAMACHANDRA RICE: CRISIL Cuts Rating on INR4.3cr Loan to B RAYAT AND BAHRA: CARE Reaffirms D Rating on INR39cr LT Loan RM DAIRY: CARE Keeps D Debt Rating in Not Cooperating Category S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating SAKET PROMOTERS: Insolvency Resolution Process Case Summary SATYAM ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating SLV EARTH: CARE Lowers Rating on INR24cr LT Loan to B+ STEEL SUN: CRISIL Keeps B Debt Ratings in Not Cooperating SURYAA CHAMBALL: CRISIL Keeps B Debt Ratings in Not Cooperating VARIDHI COTSPIN: Insolvency Resolution Process Case Summary VRUNDAVAN CERAMIC: Liquidation Process Case Summary J A P A N ZENTOSHIN CO: Bankruptcy Hits Banks and Restaurants M A L A Y S I A EMPIRE RESORTS: S&P Raises Long-Term ICR to 'B+', Outlook Stable N E W Z E A L A N D C H ALLEN: Creditors' Proofs of Debt Due on July 27 CANTING TRADER: Creditors' Proofs of Debt Due on Aug. 5 GOODVIEW WHOLESALE: Creditors' Proofs of Debt Due on Aug. 3 GREEN & MCCAHILL: Owes Creditors NZD73 Million, Liquidators Say MORRISLW1 LIMITED: Court to Hear Wind-Up Petition on Aug. 6 SIMPLY ASIA: Court to Hear Wind-Up Petition on July 17 S I N G A P O R E ART GLASS: Court Enters Wind-Up Order FINGERMOTION INC: Falls Below Nasdaq Minimum Bid Price Requirement PPFA KOREA: Creditors' Proofs of Debt Due on Aug. 3 S P H BUILDERS: Court Enters Wind-Up Order STRAITS INTERNATIONAL: Court Enters Wind-Up Order SUNTEC REIT: Creditors' Proofs of Debt Due on Aug. 3 X X X X X X X X [] ADB Sees Slower Growth for APAC in 2026 Amid Energy Crisis - - - - - ================= A U S T R A L I A ================= C.A.E. PERFORMANCE: First Creditors' Meeting Set for July 13 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of C.A.E. Performance Products Pty Ltd will be held on July 13, 2026, via Microsoft Teams. Nathan Lee Deppeler and Matthew James Jess of Worrells Solvency & Forensic Accountants were appointed as administrators of the company on July 3, 2026. DIVERSA TRUSTEES: Faces New ASIC Probe Over Client Member Fees -------------------------------------------------------------- Lucas Baird at The Australian Financial Review reports that the corporate regulator has opened a new investigation on troubled superannuation services business Diversa Trustees, examining how the firm bills the members of its largest clients, adding pressure on the company that is already being scrutinised for alleged governance failings related to the collapsed First Guardian Master Trust. Diversa is embroiled in the fallout from the implosion of the AUD500 million First Guardian Master Trust, an allegedly fraudulent investment scheme made available to the public through its wealth management platforms, which act as shopfronts for financial advisers to sell investments to their clients, according to the Financial Review. Dodgy advisers and lead generators used Diversa's systems to funnel victims into the First Guardian scheme, whose failure now threatens thousands of customers' life savings. The Australian Securities and Investments Commission sued the company late last year, alleging it did not conduct proper due diligence of the First Guardian scheme before admitting it to its platform, nor enforcing holding limits imposed to protect individual members from being overly exposed, recalls the Financial Review. Diversa is defending the claims, arguing that member losses are solely due to fraudulent conduct within First Guardian and has applied to the federal government for financial assistance to remediate affected customers. The scandal has, however, also sharpened focus on its wider business, the Financial Review says. The Financial Review says Diversa – owned by a consortium backed by American Teddy Wasserman, Australian investment banker Matthew Kibble and Vista Equity Partners – acts as a third-party trustee, holding assets on behalf of a superannuation fund to monitor risks and ensure compliance with the law for those that cannot afford or manage the administrative burden of maintaining their own entity. But some of its largest customers, including Praemium and Superhero, have complained to regulators that Diversa is overcharging their members and blocking efforts to find new trustees for products that they operate, the Financial Review relates. While these complaints were initially directed to the Australian Prudential Regulation Authority, two people with knowledge of the matter who talked on the condition of anonymity said ASIC had started investigating Diversa's conduct regarding member fees. According to the Financial Review, the rebel customers allege that Diversa had improperly deducted fees from member reserves with little explanation or justification, and that it had blocked efforts from both to move their fund to a new trustee provider. A Diversa spokesman said it was "confident we have always met our obligation to our members to act in their best interests, and is happy to work with our regulators to demonstrate that," the Financial Review relays. It adds to the scrutiny that Diversa is already under. In addition to the ASIC case, APRA has imposed licence conditions on the firm over its own governance concerns and publicly flagged it is investigating executive pay after The Australian Financial Review revealed chief executive Andrew Peterson had taken home a AUD770,000 bonus the year First Guardian failed. Diversa has consistently stood by its processes, and said in response to the APRA investigation last month that it was "confident that all of its remuneration decisions were made in accordance with APRA's prudential standards and trustees' duties". In December 2025, The Australian Securities and Investments Commission (ASIC) said it has commenced civil penalty proceedings in the Federal Court against Diversa Trustees Limited, alleging failures concerning the First Guardian Master Fund. Around AUD300 million was invested into First Guardian from 2020 to 2024 through superannuation funds for which Diversa was trustee. ASIC alleged Diversa failed to conduct adequate due diligence before allowing its members to invest and failed to conduct adequate ongoing monitoring. Further, ASIC alleged that Diversa failed to enforce a 50% holding limit it imposed for First Guardian and failed to have systems and processes in place to ensure that there was compliance with that holding limit. HOWARD CONSTRUCTION: First Creditors' Meeting Set for July 14 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Howard Construction and Earthmoving Pty Ltd will be held on July 14, 2026, at 11:30 a.m. at the offices of Rodgers Reidy, at Level 12, 210 Clarence Street, in Sydney, NSW. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on July 2, 2026. M FISK: First Creditors' Meeting Set for July 14 ------------------------------------------------ A first meeting of the creditors in the proceedings of M Fisk Investments Pty Ltd IIOR & ATF Fisk Invesments Family Trust (Formerly Trading as "Engineroom Woy Woy") will be held on July 14, 2026, at 11:00 a.m. via virtual meeting technology. Jason Tang and Ian Niccol of KPT Restructuring were appointed as administrators of the company on July 2, 2026. NATIONAL GROUP: Fitch Assigns Then Withdraws 'CCC' Final LT IDR --------------------------------------------------------------- Fitch Ratings has assigned Australia-based National Group Corporation Pty Ltd (NGC) a final Long-Term Issuer Default Rating of 'CCC'. Fitch has simultaneously withdrawn all ratings. The final Long-Term IDR is below the 'B-(EXP)' expected rating assigned in January 2026 and affirmed in April 2026. The lower final rating reflects the non-completion of a proposed transaction, which has delayed NGC's planned refinancing. This indicates weaker-than-expected access to financial markets and reduced financial flexibility relative to Fitch's expectations at the time of the expected rating, and is therefore reflected in the lower final rating. Details of the revised refinancing structure are not available. Fitch is withdrawing the ratings as NGC has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for NGC. Fitch has also withdrawn the expected rating on National Plant and Equipment Pty Ltd's proposed senior secured bond as it is no longer expected to convert to a final rating. Key Rating Drivers Financial Market Access Challenged: Fitch views NGC's access to financial markets as challenged, reflecting the company's non-completion of a proposed transaction, including the issuance of USD325 million of senior secured bonds, which has delayed its planned refinancing. NGC has not made available to Fitch details of the revised refinancing structure, including the target capital structure and flexibility under new terms. However, Fitch believes that the unsuccessful issuance plan shows higher refinancing risk and weaker financial flexibility for the company than incorporated in the expected rating, which was the key driver for the lower final IDR prior to the withdrawal. Scale, Concentration Increase Earnings Risk: NGC is the second-largest heavy-mining equipment rental company in Australia, but is significantly smaller by revenue and EBITDA than Fitch-rated mining service peers. The five largest customers generated about 80% of revenue in the financial year ended June 2025 (FY25) and metallurgical coal contracts contributed 65%. This exposes NGC to earnings volatility from unexpected events or commodity cycles, especially since customers can terminate contracts early with limited recourse for NGC, and limits opportunities to redeploy its commodity-agnostic fleet. Supportive Customer Profile, End-Markets: NGC's entrenched position in mining equipment rental supports revenue visibility, helping to shield its earnings during commodity downcycles. NGC's focus on providing core mining equipment to Tier 1 miners in Australia, its position as the preferred supplier for many customers, consistent availability of equipment and strong safety record contribute to its success in winning and renewing contracts. Fitch's forecast of growth in Australia's mining sector also supports future demand. Defensive Cost Structure: Fitch expects the flexibility built into NGC's asset base and cost structure to allow the company to protect its financial profile during commodity downturns. The company's in-house maintenance functions allow it to control its maintenance schedule, reduce downtime and improve planning for large capex. It can reduce maintenance costs and keep capex at an appropriate level during commodity downturns and periods of weak demand. This allows it to remain profitable and minimise cash outflow to protect its balance sheet. Middle East Conflict: Fitch does not think the Middle East conflict will have an immediate impact on NGC's operations. The company operates under dry lease conditions, passing risks related to the shortage of fuel and supply, and downtimes to the counterparty. However, the risks may increase if the conflict escalates further and Middle East tension translates into weak demand for commodities, including metallurgical coal, which is the major contributor to NGC's revenue. Peer Analysis NGC's closest peer is Emeco Holdings Limited (BB-/Stable), Australia's largest rental operator, which provides open-cut and underground mining equipment. Emeco has a larger scale than NGC, and its earnings are better diversified by commodities and customers, providing it with greater flexibility to absorb demand changes through the cycle. Its rating also reflects its commitment to maintaining a conservative balance sheet, with EBITDA net leverage remaining below the company's long-term target of 1.0x. These factors, alongside Emeco's demonstrated access to capital markets, explain Emeco's higher rating. Both NGC and Emeco benefit from their integrated repair and maintenance functions, strong customer relationships and higher margins due to their focus on rentals, which support their ability to manage through the cycle. However, their focus on rentals leads to larger exposure to short-term contracts, which weakens their revenue visibility relative to contract mining peers, such as Perenti Limited (BB+/Stable). Notwithstanding its weaker access to capital markets, which constrained its rating compared with peers prior to the withdrawal, NGC's business profile compares well with a wider range of peers rated in the 'B'-category with similarly limited scale, concentration and exposure to commodity cycles. These include Borr Drilling Limited (B-/Stable), an oilfield service company operating a high-specification jack-up fleet, whose utilisation rates are highly influenced by conditions in the oil and gas markets. However, its business profile is supported by its fleet's geographical mobility and strong relationships with oil and gas majors. Trekor Metals Limited (B-/Positive) is a Canadian metals and mining company with limited scale and concentrated exposure to a single commodity, copper. Its concentrated mining operations and high-cost mines aligned Trekor with NGC, whose cash flow is very sensitive to the performance of its largest contracts. However, Trekor's sizeable copper assets provide stronger recovery prospects for creditors. Fitch’s Key Rating-Case Assumptions Not applicable as the ratings have been withdrawn. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', lower), sector characteristics ('bb-', lower), market and competitive positioning ('ccc+', moderate), diversification and asset quality ('b-', moderate), company operational characteristics ('bb+', lower), profitability ('ccc+', moderate), financial structure ('b-', moderate), and financial flexibility ('ccc', higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'ccc'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC'. RATING SENSITIVITIES Rating sensitivities are no longer applicable given the ratings have been withdrawn. Liquidity and Debt Structure Not applicable as the ratings have been withdrawn. Issuer Profile NGC is an earth-moving equipment rental company in Australia. The company has operations in all key mining regions of Australia and around 85% of its revenue is sourced from Tier 1 miners, mainly in the metallurgical coal, gold and iron ore segments. Summary of Financial Adjustments Fitch has capitalised NGC's leases under its Corporate Rating Criteria, as Fitch considers the equipment financing to be essential to its core business and a major strategic funding decision. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for National Group Corporation Pty Ltd is 55 for 2035. The higher Climate.VS reflects NGC's exposure to providing equipment to thermal mine operators. The risks to NGC's operations from its exposure to thermal coal and its strategy to address this exposure have been considered in the rating. Fitch has incorporated NGC's strategy to increase its diversification into iron ore and gold miners, which will be aided by its commodity-agnostic fleet, meaning no additional capex is required to redeploy fleet away from thermal coal, while mobilisation and demobilisation costs are typically the responsibility of NGC's customers. This allows NGC's fleet to be used for mining resources that are in stronger demand. Therefore, NGC's revenue split is significantly influenced by mining activity in particular commodities, with exposure to higher-risk resources declining over time as demand for these commodities decreases. This, in its opinion, effectively reduces NGC's exposure to climate-related risks, similar to other miners and mining-service entities. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- National Group Corporation Pty Ltd LT IDR CCC New Rating B-(EXP) LT IDR WD Withdrawn National Plant and Equipment Pty Ltd senior secured LT WD Withdrawn B(EXP) PERSIAN ART: First Creditors' Meeting Set for July 14 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Persian Art Gallery Pty. Ltd., trading as Rug Liquidation Centre; HOJJATI will be held on July 14, 2026, at 10:30 a.m. via virtual facilities only. Graeme Robert Beattie of Worrells was appointed as administrator of the company on July 2, 2026. PLS GROUP: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------- Fitch Ratings has affirmed Australia-based PLS Group Limited's Issuer Default Rating (IDR) at 'BB'. The Outlook is Stable. Fitch has also affirmed PLS's USD600 million senior unsecured notes due 2031 at 'BB', with a Recovery Rating of 'RR4'. The rating on the notes is the same as the IDR, as they constitute the senior, unsecured and unsubordinated obligations of PLS and rank pari passu with PLS's other outstanding senior unsecured obligations. The rating reflects PLS's leading position among hard-rock lithium producers and its operating model, which provides flexibility to withstand volatility in the lithium market, despite a lower level of commodity diversification than its peers. PLS's financial profile is strong, with a net cash position and conservative capital allocation, supporting comfortable leverage headroom, which is reflected in the Stable Outlook on PLS's ratings. Key Rating Drivers Notes Simplify Capital Structure: PLS's USD600 million notes due 2031 extend the company's maturity profile and partially replace its secured debt. The note proceeds were used to reduce the limit on its existing AUD1 billion senior secured facilities to AUD500 million and for general corporate purposes. The recovery analysis under Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria results in an instrument rating of 'BB' with a Recovery Rating of 'RR4'. Price Sensitivity: PLS is an upstream lithium producer, making its cash flow highly sensitive to lithium prices, which have been highly volatile. The company is a price-taker, evident from the drop in its Fitch-calculated EBITDA margin to 8% in the financial year ended June 2025 (FY25) from a high of 81% in FY23 after realised spodumene prices fell materially. The company is focused on capturing additional value through vertical integration in the battery-material supply chain. Its diversification plan includes an 18% stake in a 43,000 tonne per annum lithium hydroxide plant, jointly operated with South Korea's POSCO, and a potential new lithium conversion plant with China-based Ganfeng. Fitch believes these measures can reduce margin volatility through the cycle and improve PLS's scale and diversification. Improving Lithium Prices: PLS's underlying EBITDA rose to AUD253 million in 1HFY26 from AUD97 million in FY25, largely reflecting a rebound in lithium prices to USD1,105/tonne (SC6 equivalent) (FY25: USD769/tonne). Fitch expects the higher lithium prices and a moderation in PLS's capex intensity, following the completion of its capacity expansion to 1 million tonnes (P1000), to support its cash flow generation, with its free cash flow (FCF) remaining positive over FY26-FY28 under its price assumptions. Significant Operational Scale; Single Commodity: PLS is the third-largest primary lithium producer globally, with the company expecting higher annual production of 820,000-870,000 tonnes in FY26 (FY25: 755,000 tonnes), following the completion of the P1000 expansion project. The company also plans to restart production at its Ngungaju plant from July 2026 that will add another 200,000 tonnes per annum. Potential expansion of the P2000 project to expand the Pilgangoora operations to 2 million tonnes per annum (mtpa) will provide an additional growth option, with a feasibility study scheduled for completion by end-2026. Flexible Operational Model: PLS owns 100% of its operational assets and sells spodumene to top-tier lithium converters under medium-term off-take agreements. This model allows flexibility in choosing medium-term marketing strategies between spot markets and off-takers, as well as volumes allocated to other options, such as conversion to higher-grade battery chemicals. The company's cost model is also adaptable to market conditions, as it can switch each of its two plants on and off to manage operational and capital costs. Cost Position to Improve: Fitch estimates PLS's free-on-board (FOB) costs improved in FY26 to AUD600/tonne and should drop further to AUD550/tonne by FY29 (FY25: AUD627/tonne), driven by growing production at the Pilgangoora operations following its P1000 expansion. Fitch expects the Pilgan plant, once it operates at full capacity, to increase scale and improve processing efficiency. The Ngungaju plant will stay at its relatively high-cost position on the industry curve, but margins will be supported by a new two-year off-take agreement with Canmax Technologies Co. Ltd, including a floor price of USD1,000/tonne. Liquidity and Balance-Sheet Strength: PLS's financial profile is strong, with a net cash position maintained in the last three years. Fitch estimates PLS sustained the net cash position through FY26 (FY25: -8.1x), supported by improving lithium prices. This provides the company with financial flexibility and allows it to fund growth through the cycle. PLS's two key growth projects - P2000 and Colina - may reach a final investment decision in the next two years, which would increase leverage. However, Fitch expects the company to maintain a conservative balance sheet through the cycle with EBITDA net leverage remaining close to its long-term target of below 1.5x. Middle East Conflict: Fitch believes a prolonged conflict could make spodumene prices more volatile. Middle East tensions and weak electric-vehicle sales may weigh on the lithium demand outlook, dampening prices. The conflict's impact on oil prices would also spill over to the price of diesel, which is extensively used in Australian mining. Conflict around the Strait of Hormuz risks disrupting shipping and threatening the supply of sulphur, explosives and other chemicals used in the mining, flotation and beneficiation processes for lithium production. However, the increase in material cost is likely to have a limited impact due to its low contribution to the total input cost. Peer Analysis PLS's operational scale and market position compare well with its closest peer, Mineral Resources Limited (MinRes, BB-/Stable). MinRes is a smaller lithium producer, operating its two largest mines with joint-venture partners, but it is better diversified through significant exposure to iron ore and mining services, which are less affected by volatile commodity cycles. MinRes' financial profile is somewhat weaker, and its ratings also reflect corporate governance issues. PLS's commodity diversification is also weaker than that of Sibanye-Stillwater Limited (BB/Stable), which holds a diverse portfolio of platinum group metals (PGM) and gold assets and is developing a lithium project in Finland. The cost positions of both mining companies are weak, which somewhat reduces the diversification benefits for Sibanye-Stillwater when prices for its core PGM commodity decline. It also has higher leverage due to growth investment in battery materials. PLS is a large player in the lithium market, with 100% ownership of one of the largest hard-rock lithium mines, Pilgangoora, located in a Tier 1 mining jurisdiction, Australia. This is comparable with the position of other Australian single-commodity companies, such as Northern Star Resources Ltd (NST, BBB-/Stable). Both have strong financial profiles, but NST is materially larger and is exposed to gold, which is considered less volatile than lithium. Fitch’s Key Rating-Case Assumptions - Spodumene concentrate price of around USD1,719/tonne in 2026 and USD1,582/tonne in 2027 before decreasing to USD1,027/tonne in 2028; - Spodumene concentrate production to increases to 1mtpa on average in FY27-FY28; - FOB costs of AUD604/tonne on average in FY26-FY28; - Dividend payments to resume in FY27 at a payout ratio of 30% of FCF; - Capex forecast does not include any major growth projects after FY26. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management (bbb, Lower), sector characteristics (bbb, Lower), market and competitive positioning (bb, Higher), diversification and asset quality (bb-, Moderate), company operational characteristics (bb, Higher), profitability (bb+, Moderate), financial structure (bbb+, Lower), and financial flexibility (bb, Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year FY24, 20% for the historical year FY25, 20% for the forecast year FY27, 20% for the forecast year FY28 and 20% for the forecast year FY29. The governance assessment of 'good' has no impact. The operating environment assessment of 'a' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage rising to above 2.5x on a sustained basis - Expectations of negative Fitch-defined FCF over the cycle Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely in the near term. Fitch may consider positive rating action if lithium fundamentals improve such that demand outpaces industry capacity or if the company strengthens its integration in downstream segments, improves its cost position and/or operational scale such that its sensitivity to price volatility is reduced, and maintains EBITDA net leverage below 1.5x. Liquidity and Debt Structure PLS had cash of AUD954.4 million at end-December 2025 (FYE25: AUD974.4 million). It had AUD375 million outstanding on its revolving credit facilities (RCF) due FY28 and AUD90 million of convertible bonds (including accumulated interest) due FY27. The USD600 million senior unsecured note placement reduced the RCF limit to AUD500 million from AUD1 billion. Issuer Profile PLS is an Australian independent hard rock lithium producer. Its main mining asset is the 100%-owned Pilgangoora operation located in the Pilbara region, Western Australia, with nameplate capacity of 1mtpa. PLS is also developing the Colina lithium project in Brazil, and holds an 18% interest in a lithium hydroxide monohydrate chemical facility in Korea. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for PLS. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- PLS Group Limited LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB RECTIFYRE PTY: First Creditors' Meeting Set for July 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Rectifyre Pty Ltd will be held on July 13, 2026, at 10:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on July 1, 2026. SOLUTIONSWON GROUP: Owes AUD6 Million to Creditors -------------------------------------------------- ABC News reports that Tasmanian developer Dean Coleman's company, SolutionsWon Group, which was involved in the rejected 'Stadium 2.0' plan for Hobart and in liquidation, owes creditors AUD6 million and AUD145,000 in unpaid superannuation to employees. The ABC relates that Mr Coleman said the failed stadium project was a "significant" factor in the company's financial position. Mr. Coleman is the director and secretary of the company, which is in property development that works on commercial, residential and industrial projects. In December last year, SolutionsWon Group went into liquidation. Liquidation documents show the company owed AUD6 million to its creditors and AUD145,000 in superannuation to its employees, the ABC discloses. Other debts included: - AUD1 million to the Australian Taxation Office - AUD948,000 to National Australia Bank - AUD315,000 to Gray and Johnson Real Estate - AUD285,000 to Archwon Design - AUD41,000 to Paddington Property Group He is currently involved in another development proposal at Regatta Point - a housing project - but has told the ABC that his role is only advisory and communicative. ========= C H I N A ========= BINHAI INVESTMENT: Fitch Affirms & Withdraws 'BB+' Long-Term IDR ---------------------------------------------------------------- Fitch Ratings has affirmed Binhai Investment Company Limited's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating at 'BB+'. The Outlook on the Long-Term IDRs remains Negative. At the same time, Fitch has withdrawn all the ratings on Binhai. Binhai's ratings benefit from a one-notch uplift from its Standalone Credit Profile (SCP) of 'bb'. This reflects Fitch's strong expectation of support from the Tianjin municipal government under its Government-Related Entities Rating Criteria. The Negative Outlook reflects risks to Binhai's deleveraging from the Iran conflict, which can lead to higher gas costs that delay volume recovery and narrow margins. As a result, leverage could stay above Fitch's downgrade trigger of 5.3x. Fitch currently expects Binhai's EBITDA net leverage to decline to 5.3x in 2026 (2025: 5.5x), on gas sales recovery, stable margin and continued prudent cash management. Fitch has chosen to withdraw the ratings for commercial reasons. Key Rating Drivers Uncertainties in Deleveraging: Binhai's deleveraging depends on whether a gas volume recovery in 1Q26 is sustainable, especially if gas costs rise. Binhai reported 23% growth in gas sales volume in 1Q26. City gas sales also recovered as 1Q26 was colder than a year earlier. Commercial and industrial (C&I) gas sales grew despite maintenance at key customers, which indicates better resilience at other users. The margin impact from higher costs, lower connection volume and management's financial policy adds to the uncertainties. Stable Gas Margin Despite Higher Cost: Fitch expects stable city gas dollar margin in 2026 despite higher spot LNG prices following the closure of the Strait of Hormuz. However, its forecast depends on the duration and effects of the Iran war. Binhai plans to source most gas from national oil companies (NOCs) in 2026 to reduce spot market exposure. It may also receive a special discount on purchases from its second-largest shareholder, China Petroleum & Chemical Corporation (Sinopec, A/Stable). A small share of NOC purchases is linked to spot LNG and crude prices in the pricing formula. However, Binhai can generally pass on higher costs to C&I customers. The strong dollar margin in 1Q26 also provides a buffer against future cost increases. Geographical Concentration; Higher Profit Volatility: Binhai's profitability is more volatile than that of rated city gas peers. Concentration in Tianjin and Hebei increases volume volatility from winter weather. Exposure to a small number of key industrial customers raises risk from outages as seen in 2025. Its relatively small scale also makes margins more sensitive to fuel cost changes than those of national peers. In addition, one-off connections accounted for 16% of EBITDA, above that of peers. Connection Business Remains Weak: Fitch expects connection EBITDA to continue to decline because Fitch expects new property sales to keep falling, although at a slower pace. Binhai's new connections for households fell 35% in 2025 as the property market remained subdued. C&I new-connection volume fell 37% as economic activity weakened in its concession areas. Connection EBITDA margin also narrowed because lower-margin renovation projects contributed more. Management expects higher C&I connections in 2026 after increasing promotion. Links to Tianjin Government: Binhai is 42%-owned by TEDA Investment Holding Company Ltd., which is fully owned by the Tianjin State-owned Assets Supervision and Administration Commission (SASAC). Fitch applies its Government-Related Entities Rating Criteria directly to Binhai because Fitch believes the Tianjin government has ultimate control and can provide support directly if needed, while TEDA is not likely to prevent such support. Strong Responsibility to Support: Fitch assesses the Tianjin government's decision-making and oversight as 'Strong'. The government approves Binhai's major financing and investment decisions through TEDA or directly and monitors financial performance through monthly reports. Fitch also assesses support precedents as 'Strong', reflecting state support for Binhai's predecessor when it was in distress. The government also helped Binhai refinance its US dollar debt. Strong Preservation of Policy Role: Fitch assesses the preservation of government policy role as 'Strong'. Binhai is a key gas supplier with 10 concessions in Tianjin. Gas accounts for around 20% of energy consumption in Tianjin and is a key source of heating. Its natural monopoly for gas supply means there will be no immediate substitute should Binhai default, which would lead to disruptions in industrial activity and affect the well-being of residents. Contagion Risk: Fitch assesses the contagion risk of a Binhai default as not strong enough mainly due to its small size compared with other government-related entities in Tianjin and the lack of capital-market debt. Peer Analysis Binhai's SCP of 'bb' is weaker than the 'bbb-' SCP of Foran Energy Group Co.,Ltd. (BBB+/Stable). Both are regional city-gas distributors, with most of the gas sales from their home markets. Foran Energy is larger, with gas sales volume and EBITDA about three times those of Binhai. Foran Energy's financials are also stronger, with EBITDA net leverage of 2.2x and EBITDA interest coverage of over 7.9x in 2025. Fitch rates Binhai on a bottom-up basis and one notch above the SCP under its Government-Related Entities Rating Criteria based on its government support score and the difference between its SCP and its internal assessment of the sponsor's creditworthiness. Fitch assesses Binhai's decision-making and oversight, precedents of support and preservation of government policy role factors as 'Strong', the same as for Foran, which is indirectly owned by Foshan SASAC, reflecting their important public service roles. Fitch assesses contagion risk as 'not strong enough' for Binhai, and 'Strong' for Foran. This mainly reflects Foran's larger size relative to other Foshan government-related entities, and its higher exposure in capital markets as a key bond issuer in Foshan. Fitch’s Key Rating-Case Assumptions - Gas sales volume to grow by 5.8% in 2026 and 5.9% in 2027, and by less than 3% a year in 2028 and 2029 - Blended gas sales dollar margin (including VAT) of CNY0.39/cubic metre in 2026 and gradually improve to CNY0.42 by 2029 - New residential connections to decline by 10% a year in 2026 and 2027, and 5% a year in 2028 and 2029 - Gas transmission volume to fall by 6% in 2026 due to maintenance of gas-fired power plants, and then gradually return to normal levels of around 650 million cubic metres by 2028 - Cash capex (excluding capitalised interest) of around CNY360 million in 2026, CNY380 million in 2027, and CNY340 million each in 2028 and 2029 - Cash dividend paid reflecting dividend per share of HKD0.083 in 2026, HKD0.091 in 2027, and HKD0.010 in 2028-2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', lower), sector characteristics ('bbb', moderate), market and competitive positioning ('bb-', moderate), diversification and asset quality ('bb-', higher), company operational characteristics ('bbb-', moderate), profitability ('bb-', moderate), financial structure ('bb', higher), and financial flexibility ('bb+', moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Application of Fitch's Government-Related Entities Rating Criteria results in a bottom-up +1 approach. RATING SENSITIVITIES Not applicable, as the ratings on Binhai have been withdrawn. Liquidity and Debt Structure Binhai had short-term debt of CNY1,128 million at end-2025, of which USD81.4 million (CNY572 million) was from its US dollar syndicated loan that was refinanced by a new syndicate loan of USD45 million and CNY172.5 million (equivalent to CNY487.5million) in 1H26. Binhai had readily available cash of CNY163 million, short-term bank deposits of CNY21 million and undrawn loan facilities ofCNY1,747million at end-2025, which are more than enough to cover the remaining short-term debt. Fitch expects Binhai's share of US dollar debt to decline to 10% in 2026 from 20% previously as it refinances part of the US dollar debt with local-currency debt. This will help to bring down its effective interest cost and reduce exposure to foreign-exchange volatility. Issuer Profile Binhai is a regional city gas distributor. Its key businesses include piped gas sales, gas connection service, value-added services, and long-distance gas transmission. Public Ratings with Credit Linkage to other ratings Binhai's IDR benefits from a one-notch uplift due to the Tianjin government's support, in line with Fitch's Government-Related Entities Rating Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Binhai Investment Company Limited LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn LC LT IDR BB+ Affirmed BB+ LC LT IDR WD Withdrawn senior unsecured LT BB+ Affirmed BB+ senior unsecured LT WD Withdrawn CHINA CITIC: Fitch Hikes Viability Rating to 'bb' ------------------------------------------------- Fitch Ratings has affirmed China CITIC Bank Corporation Limited's (CNCB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A-', Short-Term IDR at 'F1', and Government Support Rating (GSR) at 'a-'. The Outlook on the Long-Term IDR is Stable. At the same time, Fitch has upgraded the bank's VR to 'bb' from 'bb-'. The upgrade of CNCB's VR reflects a sustained reduction in the bank's risk appetite, including the reduction in entrusted investments and improved transparency of those activities, together with a continued reduction in growth appetite. Key Rating Drivers Government Support Underpins IDR: CNCB's Long-Term IDR is driven by its assessment of a very high likelihood of government support, as expressed by the GSR. Its view reflects the bank's size, domestic importance and ownership by CITIC Group, one of China's two major state-owned financial conglomerates, as well as its very close links to the central government through its ultimate parent. Fitch believes CNCB has a higher likelihood of receiving extraordinary support from the central government, if needed, than most other mid-tier banks. Improving Transparency: The 'bbb-' operating environment (OE) score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating (A/Stable), will provide greater financial and economic stability than the implied score indicates. Sustained improvements in transparency and risk assessment in the sector could be positive to its OE assessment. Fitch forecasts China's GDP growth to slow modestly to 4.6% in 2026, from 5.0% in 2024 and 2025. This reflects domestic challenges, especially in the property sector, which are partly offset by stronger-than-expected growth, easing deflationary pressures and robust exports. Chinese banks have limited direct exposure to the Middle East, although second-order effects could become more apparent if the conflict persists. Fitch expects GDP growth to remain moderate, supporting broadly stable system leverage over the medium term. Franchise Benefits from Parental Support: CNCB's business profile score of 'bbb-' takes into account its close relationship with ultimate parent China CITIC Group, and strengthened collaboration among group subsidiaries, which supported its stable financial performance despite domestic challenges. That said, the score is below the 'a' implied category score to reflect influence by authorities over management and governance, given pressure from the authorities to support segments of borrowers in challenging times, like most rated Chinese banks. Improved Risk Profile: Fitch has revised CNCB's risk profile score to 'bb' from 'bb-', reflecting the bank's declining shadow-banking activities and more disciplined growth appetite. Fitch expects the bank to maintain disciplined growth and continue to improve transparency over its shadow-banking exposure over the medium term. Stable Asset Quality: Fitch revised CNCB's asset quality score to 'bb'/stable from 'bb-'/positive, reflecting its moderated risk appetite, continued reduction in its shadow-banking activities and active resolution of non-performing loans in recent years that have kept its asset quality steady. The revision is also supported by improving transparency and strengthening recognition policies. That said, the score is still below the 'bbb' category implied score to reflect its non-loan exposure. Profitability in Line with Peers: Fitch expects CNCB's operating profit/risk-weighted asset (RWA) ratio to stay just above 1.0% in the next one to two years, on a par with the mid-tier bank average. Easing net interest margin (NIM) pressure, a moderate level of loan growth, and steady fee income growth should support the bank's 'bb-' earnings and profitability score. Stable Core Capitalisation: Fitch expects CNCB to report a stable common equity Tier 1 (CET1) ratio in the next two years, supported by its moderated growth appetite and largely stable profitability. Its CET1 ratio was at 9.3% at end-1Q26, on a par with the mid-tier bank average. Stable LDR: Fitch expects the bank's Fitch-calculated loan/deposit ratio (LDR) ratio to remain stable at around 96% - 97% over 2026-2027. That said, the funding and liquidity score of 'bb' is below the 'bbb' category implied score to reflect the bank's reliance on non-deposit funding, which may understate its reported LDR. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-Term IDR and GSR The bank's Long-Term IDR and GSR would be downgraded if Fitch perceives that the central government's propensity or ability to provide timely extraordinary support has diminished. For example, a sovereign rating downgrade could reflect diminished ability to provide support, while lower propensity may be reflected through an effective resolution framework. However, Fitch does not expect either scenario to occur in the near term. A reduction in CITIC Group's importance as a majority state-owned conglomerate, a weakening of the group's policy role, or a significant dilution in the parent's ownership and control of CNCB, which would indicate weaker central government linkages, could affect its assessment of the state's propensity to support the bank. VR Weakening of capitalisation relative to peers, a reversion to a high-growth model, or the resumption of aggressive growth in entrusted investments or wealth management products (WMPs) that erodes the bank's capital buffer would be credit negative. These factors could be reflected in a sustained deterioration in financial metrics, such as a combination of the following reported core metrics: - The four-year average of impaired loans/gross loans weakening to - and remaining at - around 5.0% assuming that issues around asset-quality transparency have been addressed (2022-2025 average: 1.3 % on a reported basis). Fitch may also lower the asset quality score and VR even if the impaired-loan ratio does not reach this threshold if the reported metrics significantly understate underlying asset quality issues. Its asset-quality assessment also takes into account "special-mention" loans, impaired-loan formation ratio and loan-loss provisioning to capture this risk; and - The CET1 ratio falling below 8.75% without a credible plan to raise it back towards current levels (9.3% at end-1Q26). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Long-Term IDR and GSR An upgrade of the sovereign rating could lead to positive rating action on the bank's GSR and support-driven Long-Term IDR if the sovereign rating change were to indicate a greater ability to support CNCB with no less propensity to support. A significant increase in CNCB's domestic importance, either through expansion to a scale similar to that of state banks, and/or a strengthened policy role that is similar to policy institutions, will be credit positive. That said, neither scenario is likely in the near term. VR A sustained improvement in the bank's risk profile, such as a sustained decrease in its entrusted investments to a level similar to that of state banks or further improvement in the transparency of those activities, while its underlying asset quality remains resilient, together with sustained strengthening in its capital buffers, would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Short-Term IDR has been assigned at the higher of the two options of CNCB's Long-Term IDR, reflecting its expectations that government support is more certain in the near term. CNBC's Long-Term IDR (xgs) is driven by the VR and the Short-Term IDR (xgs) maps to the Long-Term IDR (xgs). Fitch has upgraded the Long-Term (xgs) to 'BB (xgs)' from 'BB- (xgs)' and affirmed the Short-Term IDR (xgs) at 'B(xgs)'. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The Short-Term IDR will be downgraded if its Long-Term IDR is downgraded to 'BBB' or below. The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR(xgs) is downgraded below 'B-(xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The Short-Term IDR is only likely to be upgraded if its Long-Term IDR is upgraded to 'A' or above. The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-Term IDR (xgs) could be upgraded if the Long-Term IDR(xgs) is upgraded above 'BB+(xgs)'. VR ADJUSTMENTS The operating environment score of 'bbb-' is above the 'bb' category implied score due to the following adjustment reason(s): sovereign rating (positive). The business profile score of 'bbb-' is below the 'a' category implied score due to the following adjustment reason(s): management, governance and strategy (negative). The asset quality score of 'bb' is below the 'bbb' category implied score due to the following adjustment reason(s): non-loan exposure (negative). The funding & liquidity score of 'bb' is below the 'bbb' category implied score due to the following adjustment reason(s): non-deposit funding (negative). Public Ratings with Credit Linkage to other ratings CNCB's IDRs and GSR are linked to China's sovereign ratings. ESG Considerations CNCB has an ESG Relevance Score of '4' for Financial Transparency due to structural issues around financial transparency and disclosure. These are not captured in headline performance metrics in China and affect its operating environment and financial profile assessment. The bank is more exposed to such risks relative to the state banks due to greater exposure to wealth-management products and entrusted investments. This stems from the use of off-balance-sheet transactions. This has a negative impact on its credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- China CITIC Bank Corporation Limited LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 Viability bb Upgrade bb- Government Support a- Affirmed a- LT IDR (xgs) BB(xgs) Upgrade BB-(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) CHINA EVERBRIGHT: Fitch Hikes Viability Rating to 'bb' ------------------------------------------------------ Fitch Ratings has affirmed China Everbright Bank Company Limited's (CEB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB+', Government Support Rating (GSR) at 'bbb+' and Short-Term IDR at 'F1'. The Outlook on the Long-Term IDR is Stable. Fitch has also upgraded the bank's Viability Rating (VR) to 'bb' from 'bb-'. The bank's VR is in line with the implied VR. The VR upgrade is driven by a gradual improvement in the bank's intrinsic credit profile, reflected in a more moderate risk appetite and a reduction in its off-balance-sheet activities, which support its asset quality, capitalisation, and funding and liquidity despite sector-wide profitability pressures. Key Rating Drivers Government Support-Driven IDR: The Long-Term IDR is driven by its assessment of a high likelihood of government support in the event of stress. This is based on CEB's size, domestic significance, ownership by China Everbright Group's (CEG) and record of government support. The higher likelihood of government support for CEB relative to most other mid-tier banks in China is also driven by CEG's strategic importance and close relationship with the central government as a state-owned conglomerate. Improving Transparency: The 'bbb-' operating environment (OE) score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating (A/Stable), will provide greater financial and economic stability than the implied score indicates. Sustained improvements in transparency and risk assessment in the sector could be positive to its OE assessment. Fitch forecasts China's GDP growth will slow modestly to 4.6% in 2026, from 5.0% in 2024 and 2025. This reflects continued domestic challenges, especially in the property sector, partly offset by growth that has been stronger than Fitch expected, easing deflationary pressure and robust exports. Chinese banks have limited direct exposure to the Middle East, although second-order effects could become more apparent over time if the conflict persists. Fitch expects GDP growth to remain moderate, supporting broadly stable system leverage over the medium. Solid Corporate Franchise: Fitch expects CEB to continue to benefit from a strong corporate customer base, supported by close ties with CEG. The bank contributed over 90% of CEG's total assets, making it one of CEG's most important subsidiaries. Fitch expects CEB to continue to cooperate closely with its parent in terms of customer acquisition, data sharing and business generation. Reduced Risk Appetite: The revision of CEB's risk profile score to 'bb'/stable from 'bb-'/positive reflects its continued moderation in growth appetite and the reduction in shadow-banking activities. Its loan balance grew at a CAGR of only 5% during 2022-2025, below both the system CAGR of 10% during the same period and its historical CAGR of 13% during 2018-2021. Meanwhile, entrusted investments declined steadily to 5% of total assets by end-2025 from 19% at end-2017. Stable Underlying Asset Quality: Fitch has lifted CEB's asset quality score to 'bb'/stable from 'bb-'/positive, as its moderating growth appetite, a decline in shadow-banking activities and active non-performing loan resolution to sustain its underlying asset quality. That said, the score remains below the implied 'bbb' category score due to its larger exposure to non-loan assets than that of higher-rated peers. Steady Profitability: Fitch expects CEB's operating profit/risk-weighted asset (RWA) ratio to remain largely stable in 2026 and 2027. Net interest margin compression should ease this year, supported by fewer loan prime rate cuts and continued deposit repricing. Fitch does not expect a material rise in impairment charges, due mainly to its moderated growth appetite and reduced risk exposure in recent years. However, as with most mid-tier banks, Fitch expects profitability to remain below that of state banks due to relatively higher funding costs. Stable Capitalisation: Fitch expects CEB's common equity Tier 1 (CET1) ratio to remain stable and above that of most mid-tier peers, supported by its moderated growth appetite. Its CET1 ratio remained stable at 9.7% at end-1Q26. Fitch expects CEB to benefit from ordinary support from CEG when needed, given the bank's integral role in the group. Healthy Liquidity and Funding Profile: Fitch expects CEB's Fitch-calculated loan/deposit ratio to remain around 97% in 2026 and 2027. Its close relationship with the parent and moderated growth appetite should help to sustain its funding and liquidity profile over the medium term. That said, its funding and liquidity score is below the 'bbb' category implied score, because of CEB's higher reliance on non-deposit funding than at large state banks. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-Term IDR and GSR The bank's Long-Term IDR and GSR will come under pressure if Fitch perceives that the central government's propensity or ability to provide timely extraordinary support has diminished. For example, a sovereign rating downgrade could indicate diminished ability to provide support, while a lower propensity to support may be reflected through an effective resolution framework. However, Fitch does not expect either scenario to occur in the near term. Any weakening of the parent's status as a major state-owned conglomerate or a significant dilution in ownership and control over CEB may affect its assessment of the state's propensity to support the bank. VR The VR could be downgraded if the operating environment score is downgraded or if Fitch believes that CEB has significantly increased its risk appetite - particularly in entrusted investments or wealth management products - which could erode its capital buffer. A sustained deterioration in financial metrics could also lead to a VR downgrade, including a combination of the following reported core metrics: - the four-year average of impaired loans/gross loans weakening to around 5.0% and remaining at that level assuming that issues around asset quality transparency have been addressed (2022-2025 average: 1.4%). Fitch may also lower the asset quality score and VR even if the impaired loan ratio does not reach this threshold if the reported metrics significantly understate underlying asset quality issues. Its asset-quality assessment also takes into account "special-mention" loans, impaired loan formation ratio and loan-loss provisioning to capture this risk; and - the CET1 ratio falling and staying consistently below 8.75% without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Long-Term IDR and GSR An upgrade of the sovereign rating could lead to positive rating action on the bank's GSR and support-driven Long-Term IDR if the sovereign rating change were to indicate a greater ability to support CEB with no less propensity to support. An increased propensity for the central government to provide support to the bank or its parent, CEG, greater clarity over its quasi-policy role and government linkages, and/or evidence of more explicit statements of support, could be positive to its assessment of CEB's GSR and Long-Term IDR. VR A sustained improvement in the bank's risk profile, such as a sustained decrease in its entrusted investments to a level similar to that of state banks or further improvement in the transparency of those activities, while its underlying asset quality remains resilient, together with sustained strengthening in its capital buffers, would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS CEB's Short-Term IDR has been assigned at the higher of the two options of the Long-Term IDR, reflecting its view that government support is more certain in the near term. CEB's Long-Term IDR (xgs) is driven by its VR and has consequently been upgraded to 'BB(xgs)' from 'BB-(xgs)'. The Short-Term IDR (xgs) of 'B(xgs)' maps to the Long-Term IDR (xgs). CEB's senior debt instruments are rated in line with its Long-Term IDRs and IDRs (xgs), as they represent its unsecured and unsubordinated obligations. The senior unsecured long-term IDR(xgs) on its senior debts instruments has consequently been upgraded to 'BB(xgs)' from 'BB-(xgs)', including issuance from its Hong Kong branch. Fitch has assigned a senior unsecured short-term rating of 'F1' and a senior unsecured short-term rating (xgs) of 'B(xgs)' to CEB's USD6 billion medium-term note (MTN) programme and China Everbright Bank Co., Ltd., Hong Kong Branch's USD6 billion MTN programme, in line with CEB's Short-Term IDR and Short-Term IDR (xgs). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: CEB's Short-Term IDR is likely to be downgraded if its Long-Term IDR is downgraded. The Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. A downgrade of CEB's IDRs or IDRs (xgs) would lead to negative rating action on its senior debt ratings, including issuance from its Hong Kong branch. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: CEB's Short-Term IDR is likely to be upgraded if its Long-Term IDR is upgraded to at least 'A'. The Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+(xgs)'. An upgrade of CEB's IDRs or IDRs (xgs) would lead to positive rating action on its senior debt ratings, including issuance from its Hong Kong branch. VR ADJUSTMENTS The operating environment score of 'bbb-' is above the 'bb' category implied score for the following adjustment reason: sovereign rating (positive). The asset quality score of 'bb' is below the 'bbb' category implied score for the following adjustment reason: non-loan exposure (negative). The funding and liquidity score of 'bb' is below the 'bbb' category implied score for the following adjustment reason: non-deposit funding (negative). Public Ratings with Credit Linkage to other ratings CEB's IDRs are directly linked to China's sovereign ratings. ESG Considerations CEB has ESG Relevance Score of '4' for Financial Transparency risk. There are structural issues around financial transparency and disclosure that are not captured in headline performance metrics in China and affect its operating environment assessment. This has a negative effect on the banks' credit profiles and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- China Everbright Bank Co., Ltd., Hong Kong Branch senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 New Rating senior unsecured LT (xgs) BB(xgs) Upgrade BB-(xgs) senior unsecured ST (xgs) B(xgs) New Rating China Everbright Bank Company Limited LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 Viability bb Upgrade bb- Government Support bbb+ Affirmed bbb+ ST IDR (xgs) B(xgs) Affirmed B(xgs) LT IDR (xgs) BB(xgs) Upgrade BB-(xgs) senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 New Rating senior unsecured ST (xgs) B(xgs) New Rating senior unsecured LT (xgs) BB(xgs) Upgrade BB-(xgs) INDUSTRIAL BANK: Fitch Hikes Viability Rating to 'bb-' ------------------------------------------------------ Fitch Ratings has upgraded Industrial Bank Co., Ltd.'s (IND) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB+' from 'BBB' and Viability Rating (VR) to 'bb-' from 'b+'. The Outlook on the Long-Term IDR is Stable. At the same time, Fitch has upgraded the Short-Term IDR to 'F1' from 'F2' and the Government Support Rating (GSR) to 'bbb+' from 'bbb'. The IDR upgrade reflects the bank's increasing systemic importance, as reflected in its growing niche platform that helps small regional banks with funding access, payment and settlement services, and core operating system infrastructure. Chinese authorities have focused on addressing risks at small banks in recent years. Fitch believes transferring the operations of IND's niche interbank platform to other participants would be very difficult and could increase material contagion risk in a stress scenario, which supports a higher likelihood of government support under such a scenario. The VR upgrade reflects a sustained reduction in the bank's growth and risk appetite, including a continued reduction in and improved transparency around entrusted investments. Key Rating Drivers Support-Driven IDR: IND's Long-Term IDR is driven by Fitch's assessment of a high likelihood of government support, as reflected in the GSR. This is based on a combination of factors, including relative size and increasing domestic significance, as well as the Fujian provincial government's strategic ownership. The rating also considers the bank's niche interbank platform and important role in supporting local state-owned enterprises in Fujian province. Reduced Risk Appetite: Fitch has revised IND's risk profile score to 'bb-'/stable from 'b+'/positive, reflecting the bank's declining shadow-banking activities and more disciplined growth appetite. Entrusted investments declined to 9.8% of its assets in 2025, from 11.5% in 2024 and down from a peak of 28.2% in 2017. That said, its exposure is still the highest among Fitch-rated mid-tier peers and weighs on its assessment on its risk profile score. This drags down the assigned VR below the 'bb' implied VR to the level of the risk profile score. Improving Transparency: The 'bbb-' operating environment (OE) score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating (A/Stable), will provide greater financial and economic stability than the implied score indicates. Sustained improvements in transparency and risk assessment in the sector could be positive for its OE assessment. Fitch forecasts China's GDP growth will slow modestly to 4.6% in 2026, from 5.0% in 2024 and 2025. This reflects ongoing domestic challenges, especially in the property sector, partly offset by stronger growth than Fitch previously expected, easing deflationary pressures and robust exports. Chinese banks have limited direct exposure to the Middle East, although second-order effects could become more apparent over time if the conflict persists. Fitch expects GDP growth to remain moderate, supporting broadly stable system leverage over the medium term. Regional Significance: IND has a leading interbank platform and plays a key role in supporting Fujian province's economy. That said, its business profile score of 'bbb-' is lower than the 'a' implied category score, which reflects the influence of the Chinese authorities over the bank's management and governance. This is not uncommon in China, where banks face pressure from authorities to support certain borrower segments during periods of economic stress. Stable Asset Quality: Fitch has revised IND's asset-quality score to 'bb-'/stable' from 'b+'/positive, reflecting its moderating risk appetite, continued reduction in shadow activities, and active resolution of non-performing loans in recent years to sustain its asset quality. The revision is also supported by improving transparency and strengthening recognition policy. The asset-quality score is still below the 'bbb' category implied score, as IND's non-loan exposure remains high and its underwriting standards are weaker than those of higher rated peers. Easing Net Interest Margin Pressure: Fitch expects the bank to report a largely stable operating profit/risk-weighted asset ratio of 1.0%-1.1% in the next one to two years, supported by easing net interest margin pressure, a moderate level of loan growth, and steady fee income growth. This would remain commensurate with the 'bb-' earnings and profitability score. Capitalisation at Mid-Tier Average: Fitch expects IND to maintain stable capitalisation over 2026-2027 based on its steady profitability and moderating growth appetite. Its common equity Tier 1 (CET1) ratio was 9.5% at end-1Q26, on a par with the mid-tier bank average. Higher Interbank Funding Than Peers: Fitch expects a stable Fitch-calculated loan/deposit ratio of just above 100% over 2026-2027. IND relies on interbank funding and has a weaker deposit franchise than higher-rated mid-tier peers. Fitch assigns the funding and liquidity score of 'bb-' below the 'bbb' category implied score due to the bank's dependence on non-deposit funding. Its large off-balance-sheet exposure may also strain on-balance-sheet funding. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-Term IDR and GSR The Long-Term IDR and GSR would come under pressure if Fitch perceives that the central government's propensity or ability to provide timely extraordinary support has diminished. For example, a sovereign rating downgrade could reflect diminished ability to provide support, while a lower propensity to support may be reflected through an enhanced resolution framework. However, Fitch does not expect either scenario to occur in the near term. A weakening in IND's relationship with the Fujian government, such as significant changes to its ownership structure or regional significance, or a reduction in the significance of its niche interbank platform, may also affect its assessment of the state's propensity to support the bank. VR The VR could be downgraded if IND's risk appetite increases, for example if rapid credit growth weakens capital buffers or if the bank resumes aggressive growth in entrusted investments or wealth-management products that erodes its funding and liquidity profile. Disruption to interbank markets could also strain IND's funding and liquidity relative to peers. These factors could be reflected in a sustained deterioration in financial metrics, such as a combination of the following reported core metrics. - The four-year average of impaired loans/gross loans increasing to - and remaining at - around 6%, assuming that issues around asset-quality transparency have been addressed (2022-2025: reported four-year average: 1.1%). Fitch may also lower the asset-quality score and VR even if the impaired loan ratio does not reach this threshold if the reported metrics significantly understate underlying asset-quality issues. Its asset-quality assessment also takes into account "special-mention" loans, impaired loan formation ratio and loan-loss provisioning to capture this risk; and - The CET1 ratio falling to around 8.5% without a credible plan to raise it back towards the current level (1Q26: 9.5%). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Long-Term IDR and GSR An upgrade of the sovereign rating could lead to positive rating action on IND's GSR and support-driven Long-Term IDR if that were to indicate a greater ability to support IND with no less propensity to support. An increased policy role and/or a more explicit statement of central government support could also lead to an upgrade. A material improvement in IND's retail deposit franchise to a level similar to that of higher-rated peers may also be positive for its GSR and IDR. VR A sustained reduction in IND's risk appetite — such as a material decrease in entrusted investments to a level similar to higher-rated mid-tier peers' or improved transparency around those activities, as well as a further and sustained reduction in growth that strengthens capital buffers with its CET1 ratio sustained above 10% — would be positive for the VR. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS IND's Short-Term IDR has been upgraded to 'F1' from 'F2' following the upgrade of the Long-Term IDR. It is assigned at the higher of the two options for the Long-Term IDR, reflecting its view that government support is more certain in the near term. The Long-Term IDRs (xgs) are driven by the VR, while the Short-Term IDR (xgs) maps to the Long-Term IDR (xgs). Fitch has upgraded the Long-Term IDR (xgs) to 'BB-(xgs)' from 'B+(xgs)' and affirmed the Short-Term IDR (xgs) at 'B(xgs)'. The medium-term note (MTN) programme and senior debt instruments are rated in line with IND's Long- and Short-Term IDRs and IDRs (xgs), as they represent its unsecured and unsubordinated obligations. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Short-Term IDR would be downgraded if the Long-Term IDR is downgraded. The Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. The long- and short-term ratings on the MTN programme and the long-term rating on the notes would be downgraded if IND's IDRs or IDRs (xgs) are downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Short-Term IDR is likely to be upgraded if the Long-Term IDR is upgraded to 'A' or above. The Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+(xgs)'. The long- and short-term ratings on the MTN programme and the long-term rating on the notes would be upgraded if IND's IDRs or IDRs (xgs) are upgraded. VR ADJUSTMENTS The operating environment score of 'bbb-' is above the 'bb' category implied score due to the following adjustment reason: sovereign rating (positive). The business profile score of 'bbb-' is below the 'a' category implied score due to the following adjustment reason: management, governance and strategy (negative). The asset-quality score of 'bb-' is below the 'bbb' category implied score due to the following adjustment reasons: non-loan exposure (negative) and underwriting standards and growth (negative). The funding and liquidity score of 'bb-' is below the 'bbb' category implied score due to the following adjustment reason: non-deposit funding (negative). The VR of 'bb-' is below the 'bb' implied VR due to the following adjustment reason: risk profile (negative). Public Ratings with Credit Linkage to other ratings IND's IDRs are linked to China's sovereign ratings. ESG Considerations IND has an ESG Relevance Score of '4' for Financial Transparency due to structural issues around financial transparency and disclosure. These issues are not captured in headline performance metrics in China and affect its assessment of the operating environment and IND's financial profile. IND, like other mid-tier banks, remains more exposed to this risk relative to state banks because of its larger exposure to wealth-management products and entrusted investments stemming from the use of off-balance-sheet transactions. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Industrial Bank Co., Ltd. LT IDR BBB+ Upgrade BBB ST IDR F1 Upgrade F2 Viability bb- Upgrade b+ Government Support bbb+ Upgrade bbb LT IDR (xgs) BB-(xgs) Upgrade B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) senior unsecured LT BBB+ Upgrade BBB senior unsecured ST F1 Upgrade F2 senior unsecured ST (xgs) B(xgs) Affirmed B(xgs) senior unsecured LT (xgs) BB-(xgs) Upgrade B+(xgs) SHANGHAI PUDONG: Fitch Hikes Viability Rating to 'bb' ----------------------------------------------------- Fitch Ratings has upgraded Shanghai Pudong Development Bank Co., Ltd.'s (SPDB) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB+', from 'BBB', with a Stable Outlook. Fitch has also upgraded the Government Support Rating (GSR) to 'bbb+', from 'bbb', Short-Term IDR to 'F1', from 'F2', Viability Rating (VR) to 'bb', from 'bb-', and Long-Term IDR(xgs) to 'BB(xgs)', from 'BB-(xgs)'. The assigned VR is in line with the implied VR. The IDR and GSR upgrades reflect stronger support propensity and greater supervisory oversight from the central government and Shanghai municipality, evidenced in its equity conversion of convertible bonds in 2025, as well as a sustained increase in SPDB's size and retail deposit franchise to levels close to those of higher-rated peers. China Orient Asset Management Co., Ltd. (BBB+/Stable) and China Cinda Investment Co., Ltd., both majority owned by the central government, became two of SPDB's largest shareholders in 2025 and appointed directors to the board, further strengthening the central government's linkages with the bank. The VR upgrade is driven by a gradual improvement in the bank's intrinsic credit profile, reflected in a more moderate risk appetite and a reduced off-balance-sheet activities. This supports its asset quality, capitalisation and funding and liquidity, despite sector-wide profitability pressure. Key Rating Drivers Government Support-Driven IDR: SPDB's Long-Term IDR is driven by its assessment of a high likelihood of government support in the event of stress, as reflected in its GSR. This is based on several factors, including SPDB's systemic importance, regional significance and strategic local-government ownership. Strengthening Government Linkage and Oversight: The Shanghai State-owned Assets Supervision and Administration Commission is the bank's largest shareholder with a 30% stake. Its capital injections into SPDB in 2017 and 2025 via Shanghai International Group, SPDB's immediate parent, give the municipal government greater control and closer oversight of the bank. Improving Retail Franchise and Regional Significance: SPDB ranks among China's largest mid-tier banks, with a global systemically important bank (G-SIB) score and domestic systemically important bank (D-SIB) bucket similar to those of higher-rated peers. Its retail deposit franchise has strengthened in the past five years, with its greater business focus and more affluent customer base in Shanghai and Yangtze River Delta. SPDB, as the only national joint-stock bank headquartered in Shanghai, holds a leading regional market share. Improving Transparency: The 'bbb-' operating environment score (OE) is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating (A/Stable), will provide greater financial and economic stability than the implied score indicates. Sustained improvements in transparency and risk assessment in the sector could be positive to its OE assessment. Fitch forecasts China's GDP growth will slow modestly to 4.6% in 2026, from 5.0% in 2024 and 2025. This reflects continued domestic challenges, especially in the property sector, partly offset by growth that has been stronger than Fitch expected, easing deflationary pressure and robust exports. Chinese banks have limited direct exposure to the Middle East, although second-order effects could become more apparent over time if the conflict persists. Fitch expects GDP growth to remain moderate, supporting broadly stable system leverage over the medium. Local Franchise with Regional Focus: SPDB is China's 10th-largest commercial bank by assets, with about 2% of system loans and deposits at end-2025. Fitch expects SPDB's close relationship with the Shanghai government to continue to support its regional franchise and customer base. However, the bank's business profile score is lower than the 'a' category implied score to reflect influence by authorities over management and governance. These issues are common in China, where banks face pressure from authorities to support certain borrower segments during periods of economic stress. Reduced Risk Appetite: Fitch has lifted SPDB's risk profile score to 'bb'/stable, from 'bb-'/positive, on a moderating growth appetite and shrinking shadow-banking activity. Its loan balance rose at a CAGR of just 4% over 2022-2025, below the system's 10% over the period and SPDB's historical CAGR of 11% over 2018-2021. Off-balance-sheet wealth management products fell to 16% of total assets and 28% of total deposits by end-2025, from 26% and 52%, respectively, at end-2017, while entrusted investment dropped to 7% of total assets, from 17%. Stable Underlying Asset-Quality: Fitch has lifted SPDB's asset quality score to 'bb'/stable, from 'bb-'/positive, as Fitch expects its moderating growth appetite, shrinking shadow banking activity, stricter non-performing loan (NPL) recognition and active NPL resolution to sustain its underlying asset quality. That said, the score remains below the implied 'bbb' category score, due to the bank's larger non-loan asset exposure than at higher-rated peers. Steady Profitability: Fitch expects the operating profit/risk-weighted assets ratio to hold steady through to 2027. Net interest margin compression should ease on fewer loan prime rate cuts and continued deposit repricing, while an improved loan-loss allowance ratio could increase the bank's capacity to absorb asset quality and earnings volatility. However, as with most mid-tier banks, profitability is likely to remain below that of state banks on higher funding costs. Stable Capitalisation: Fitch forecasts a stable common equity Tier 1 (CET1) ratio of around 9.0%, supported by SPDB's moderated growth appetite. The capital and leverage score of 'bb-' is above the 'b' category implied score, as Fitch expects SPDB to benefit from ordinary support from its parent, if needed, given its close linkage with the Shanghai government and regional significance. Improving Funding Mix: Fitch has revised SPDB's funding and liquidity score to 'bb/Stable', from 'bb-/Stable', due to steady rise in its retail deposit contributions and increasing regional significance in Shanghai and Yangtze River Delta. Retail deposits reached 32% of total deposits by end-1Q26, from 20% at end-2018. Combined with moderated loan growth, this should further lower its loan/deposit ratio. That said, the score is below the 'bbb' category implied score, reflecting SPDB's higher reliance on non-deposit funding than at large state banks. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and GSR The Long-Term IDR and GSR will come under pressure if Fitch perceives that the central government's propensity or ability to provide timely extraordinary support has diminished significantly. For example, a sovereign rating downgrade could indicate reduced ability to provide support, while lower propensity may be reflected through an effective resolution framework. However, Fitch does not expect either scenario in the near term. A weakening in SPDB's relationship with the Shanghai government, such as significant changes to its ownership structure or regional significance, could also weaken its assessment of the state's propensity to support the bank. VR The VR could be downgraded if Fitch lowers the operating environment score or if Fitch believes that SPDB has significantly increased its risk appetite - particularly in entrusted investments or wealth management products - eroding its capital buffer. A sustained deterioration in financial metrics could also trigger a VR downgrade, including a combination of the following reported core metrics: - the four-year average of impaired loans/gross loans weakening to around 5.0% and remaining at that level assuming that issues around asset quality transparency have been addressed (2022-2025 average: 1.7%). Fitch may also lower the asset quality score and VR even if the impaired loan ratio does not reach this threshold if the reported metrics significantly understate underlying asset quality issues. Its asset-quality assessment also takes into account "special-mention" loans, impaired loan formation ratio and loan-loss provisioning to capture this risk; and - the CET1 ratio falling and staying consistently below 8.75% without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and GSR An upgrade of the sovereign rating could lead to positive rating action on SPDB's GSR and support-driven Long-Term IDR if it were to indicate a greater ability to support SPDB with no less propensity to support. A higher propensity for the central government to provide support could also be positive, possibly reflected in a further increase in SPDB's regional significance, greater clarity over government linkages and quasi-policy role, evidence of more explicit statements of support or a meaningful increase in the bank's retail deposit franchise close to that of higher-rated peers. VR A sustained improvement in the bank's risk profile, such as entrusted investments falling towards state-bank levels or greater transparency of shadow banking activities, while underlying asset quality stays resilient, together with sustained strengthening in capital buffers, would be positive for the VR. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Fitch has upgraded the Short-Term IDR following the upgrade of the Long-Term IDR. The Short-Term IDR is assigned at the higher of the two options for the Long-Term IDR, reflecting its view that government support is more certain in the near term. The Long-Term IDR (xgs) is driven by SPDB's VR and has consequently been upgraded to 'BB(xgs)' from 'BB-(xgs)'. The Short-Term IDR (xgs) of 'B(xgs)' maps to the Long-Term IDR (xgs). Fitch rates SPDB's senior debt instruments, including those issued by its Hong Kong branch, in line with its Long-Term IDR and Long-Term IDR (xgs) and have consequently upgraded the ratings to 'BBB+' and 'BB(xgs)', from 'BBB' and 'BB-(xgs)', respectively, as they represent its unsecured and unsubordinated obligations. Fitch has assigned a senior unsecured short-term rating of 'F1' and a senior unsecured short-term rating (xgs) of 'B(xgs)' to SPDB's USD5 billion medium-term note (MTN) programme, in line with its Short-Term IDR and Short-Term IDR (xgs). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The Short-Term IDR will be downgraded if the Long-Term IDR is downgraded. The Long-Term IDR (xgs) will be downgraded if the VR is downgraded. The Short-Term IDR (xgs) will be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. A downgrade of the IDRs or IDRs (xgs) would lead to negative rating action on the bank's senior debt ratings, including issuance from its Hong Kong branch. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The Short-Term IDR is likely to be upgraded if the Long-Term IDR is upgraded above 'A'. The Long-Term IDR (xgs) will be upgraded if the VR is upgraded. The Short-term IDR (xgs) will be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+(xgs)'. An upgrade of SPDB's IDRs or IDRs (xgs) would lead to positive rating action on its senior debt ratings, including issuance from its Hong Kong branch. VR ADJUSTMENTS The operating environment score of 'bbb-' is above the 'bb' category implied score due to the following adjustment reason: sovereign rating (positive). The business profile score of 'bbb-' is below the 'a' category implied score due to the following adjustment reason: management, governance and strategy (negative). The asset quality score of 'bb' is below the 'bbb' category implied score due to the following adjustment reason: non-loan exposure (negative). The capitalisation & leverage score of 'bb-' is above the 'b & below' category implied score due to the following adjustment reason: capital flexibility and ordinary support (positive). The funding & liquidity score of 'bb' is below the 'bbb' category implied score due to the following adjustment reason: non-deposit funding (negative). Public Ratings with Credit Linkage to other ratings SPDB's IDRs are directly linked to China's sovereign ratings. ESG Considerations SPDB has ESG Relevance Score of '4' for Financial Transparency risk. There are structural issues around financial transparency and disclosure that are not captured in headline performance metrics in China and affect its operating environment assessment. This negatively affects the banks' credit profiles and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Shanghai Pudong Development Bank Co., Ltd. LT IDR BBB+ Upgrade BBB ST IDR F1 Upgrade F2 Viability bb Upgrade bb- Government Support bbb+ Upgrade bbb LT IDR (xgs) BB(xgs) Upgrade BB-(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) senior unsecured LT BBB+ Upgrade BBB senior unsecured ST F1 New Rating senior unsecured ST (xgs) B(xgs) New Rating senior unsecured LT (xgs) BB(xgs) Upgrade BB-(xgs) Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch senior unsecured LT BBB+ Upgrade BBB senior unsecured LT (xgs) BB(xgs) Upgrade BB-(xgs) ================= H O N G K O N G ================= FUTU HOLDINGS: China Watchdog Tracks U.S. Insider Trading Lawsuit ----------------------------------------------------------------- Bloomberg News reports that China's securities regulator said it was monitoring developments in a US lawsuit after Susquehanna International Group alleged insider traders made at least $100 million from well-timed options bets before Beijing's recent crackdown on illegal cross-border trading. The China Securities Regulatory Commission stopped short of signaling any domestic probe, saying only that it would continue to follow the case closely. It notified online brokers before the penalty announcement was made public, the CSRC said in a statement to Bloomberg on July 7. The market had been anticipating the regulatory action for a "long period of time," it added. According to Bloomberg, the response came after the US market maker won a legal request for brokers Futu Holdings Ltd., Up Fintech Holding Ltd. and Interactive Brokers Group Inc. to freeze the accounts of traders who made options bets ahead of a Chinese government crackdown on overseas trading. Susquehanna said in its complaint that the information may have come from Chinese securities regulators. "China's securities regulators and other relevant authorities have established rigorous internal control and management systems," the regulator said in its statement. "The trading activities referenced in the lawsuit occurred in the US market and are therefore subject to applicable US laws and regulations." Bloomberg relates that Susquehanna, a major liquidity provider in the US equity options market, told a Manhattan federal court last week that it was the counterparty of alleged insider trades that generated more than $70 million in profits. This week, Citadel Securities LLC said it was also the victim of the same alleged insider-trading scheme. It alleged the trades yielded closer to $137 million and is seeking to join Susquehanna's lawsuit, saying it lost about $28 million as the "victim of a brazen insider trader scheme," Bloomberg relays. The firm said traders on the other side of the transactions had bought put options on the shares of Futu and Up Fintech in the two weeks before May 22. That day, China's central bank, its public security ministry and six other government bodies released a statement pledging to crack down on illegal offshore trading, Bloomberg states. The securities regulator then announced specific penalties against Futu, Up Fintech's Tiger Brokers and Long Bridge Securities Ltd., an unlisted firm. When the stock prices of Futu and Up Fintech plunged on the news, the traders allegedly made huge profits. There was "powerful evidence" the traders were using material non-public information to inform their well-timed bets, Susquehanna alleged, Bloomberg relays. It said the tips could have come from Chinese securities regulators or personnel at Futu or Up Fintech. Bloomberg adds that the US Securities and Exchange Commission is looking into Susquehanna's allegations, although the scope of its probe wasn't immediately clear. Its reviews can end without any enforcement action being taken. The Justice Department is also examining the trades. A representative for Futu said the firm was aware of the court proceedings and taking appropriate steps in response. Up Fintech didn't initially respond to requests for comment on the case, Bloomberg notes. Headquartered in Hong Kong, Futu Holdings Limited, which operates digital investment platforms including Futubull and Moomoo, provides brokerage, margin financing, securities lending and wealth management services, alongside corporate advisory offerings such as IPO distribution and investor relations support. ========= I N D I A ========= AARYA INDUSTRIAL: Liquidation Process Case Summary -------------------------------------------------- Debtor: Aarya Industrial Products Private Limited Crescent Tower, 229, A J C, Bose Road, Suite #GA, Kolkata, West Bengal, India - 700020 Liquidation Commencement Date: June 26, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Tripti Agarwal Daulat Resolution Services Private Limited 33, Shakespeare Sarani, Kolkata - 700017 Email: daulat.resolution@gmail.com 12, Park Lane, Kolkata - 700016 Email: liq.aaryaindustrial@gmail.com Last date for submission of claims: July 22, 2026 AKSHAY TECHFORGE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Akshay Techforge Private Limited Plot No. 18 and 19, Gut No. 53, Sajapur, Near MIDC Waluj, Tq. Gangapur, Aurangabad, Maharashtra, India - 431136 Insolvency Commencement Date: June 22, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 19, 2026 Insolvency professional: Swapnil Mukund Agrawal Interim Resolution Professional: Swapnil Mukund Agrawal Flat No. 102, Krushna Kunj, Plot No. 10-C, Near Tilak Nagar Ground, Nagpur - 440010 Email: swapnil.ip845@gmail.com akshaytechforge.cirp@gmail.com Last date for submission of claims: July 6, 2026 ANJANEYA MEDICAL: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Sree Anjaneya Medical Trust (SAMT) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 3.15 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAMT 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 SAMT, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAMT is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SAMT continues to be ‘Crisil B/Stable Issuer not cooperating’. Established in 2005 in Kerala by Mr Anil Kumar and Dr. Sudha Anil Kumar.SAMT runs a multi-specialty hospital and college- Malabar Medical College and Research Hospital. It also operates 7 institutes providing undergraduate courses in medicine, dental science, nursing and paramedical sciences. BHANSALI & CO: CRISIL Lowers Rating on INR180cr Loan to B --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bhansali & Co. (Bhansali), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Post Shipment 180 Crisil B/Stable (ISSUER NOT Credit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Bhansali 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 Bhansali, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Bhansali is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Bhansali revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Bhansali is a partnership firm started by Bhansali family in 1963. The firm is engaged in the business of manufacturing and trading of cut and polished diamonds. The current partners of the firm are Mr. Prakash Bhansali, Mr. Ashok Bhansali, Mr. Mahesh Bhansali, Mr. Sahil Bhansali, Mr. Rahul Bhansali and Mrs. Jayvanti Bhansali. The firm has its head office at Bandra, Mumbai and the manufacturing unit at Surat and Deesa, Gujarat. BHUBANESHWARI SEAFOOD: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Bhubaneshwari Seafood Private Limited Unit No. 403, 4th Floor, 122, Lenin Sarani, Kolkata, West Bengal, India, 700013 Insolvency Commencement Date: June 22, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 19, 2026 Insolvency professional: Tripti Agarwal Interim Resolution Professional: Tripti Agarwal 9C, Ekta Residency, 174A Manicktala Main Road, Kolkata - 700054 Email: ip.tripti@gmail.com 12 Park Lane, Kolkata - 700016 Email: ibc.bhubaneshwari@gmail.com Last date for submission of claims: July 8, 2026 CONCEPT MOTOR: CRISIL Moves B Debt Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Concept Motor Garage Private limited (CMGPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 7.2 Crisil B/Stable (ISSUER NOT Funding Facility COOPERATING; Rating Migrated) Inventory 10 Crisil B/Stable (ISSUER NOT Funding Facility COOPERATING; Rating Migrated) Inventory 34.8 Crisil B/Stable (ISSUER NOT Funding Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with CMGPL for obtaining information through letter and email dated June 18, 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 CMGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CMGPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of CMGPL to 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2018, CMGPL is a wholly owned subsidiary of Concept Motors India Pvt Ltd (CMPL; 'Crisil BB+/Stable'). CMGPL is an authorised dealer for the passenger cars of MG Motor India Ltd (Morris Garages). The company operates a showroom and a service centre in Ahmedabad, Gujarat. It is promoted by Mr Pranav Nanda. FORTUNE SPIRIT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fortune Spirit Limited (FSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of FSL under the 'issuer non-cooperating' category as FSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Fortune Spirit Limited (FSL) was incorporated in 2007 by Mr. Deepak Kumar Sahu (Chairman) and his brother Mr. Rajesh Kumar Sahu (MD). Both of them are having an experience of more than two decades. They are supported by Mr. Ayush Sahu (son of Mr. Deepak Kumar Sahu). The Company is engaged in bottling and manufacturing of India Made Foreign Liquor (IMFL) with installed capacity of 4,50,000 cases per annum at Gopalpur, Odisha. GOODLUCK MEDICAL: CRISIL Lowers Rating on INR46cr Term Loan to B ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Goodluck Medical and Research Centre Private Limited (GMRCPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Term Loan 46 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Working Capital 2.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Working Capital 7.5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with GMRCPL for obtaining information through letter and email dated June 17, 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 GMRCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMRCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of GMRCPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Incorporated in 2004, GMRCPL has set up a new 250-bed hospital in Greater Noida called Mahanandan Superspeciality Hospitals. The hospital commenced commercial operations from October 2024. Dr Ramesh Chandra Mishra and his daughter, Dr Aditi Mishra, are the promoters. GOSWAMI INFRATECH: CARE Reaffirms B+ Rating on INR8,343cr NCDs -------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Goswami Infratech Private Limited (GIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible Debentures 8,343.00 CARE B+; Negative Reaffirmed Rationale and key rating drivers Reaffirmation in the rating assigned to Non-Convertible Debentures of GIPL continues to factor in its low operating cash flows with the entity being holding company and no major cashflow in the form of interest/dividend either received in past or expected in the period going forward, inherent market-related risk impacting the market value of direct and indirect investments of credit option provider and elevated refinancing risk associated with the NCD repayments. CARE Ratings Ltd (CareEdge Ratings) also notes the delay in fund raising at the group level, as against earlier envisaged timelines, which has thereby resulted in heightened refinancing risk associated with the NCD repayment. The rating also takes cognizance of the latest extension sought by GIPL for final redemption which has been duly approved by all the investors through Debenture Trustee, ahead of the final maturity date i.e June 30, 2026. The management has articulated that the SP group is at an advanced stage of completing the refinancing transaction with the proceeds earmarked for full redemption of the outstanding debentures. Debenture Trust Deed for the new transaction has been signed and the transaction closure was expected by June end, as per management. With the existing investors also a part of new investment and extended procedural formalities, the transaction is expected to get consummated by July 2026. Hence, in the interim period, the company has sought extension of redemption date from June 30, 2026, to July 31, 2026, which has been approved by all the investors on June 29, 2026, ahead of the due date of payment. There has been no breach of covenant and no penalty/additional charges levied for the aforementioned extension. CareEdge Ratings understands that the group also had alternate funding line assurance to meet the redemption requirement on the maturity date, i.e., June 30, 2026. The rating continues to factor in inherent market-related risk impacting the market value of direct and indirect investments of credit option provider and elevated refinancing risk associated with the NCD repayments. The Group has demonstrated its ability to successfully consummate large refinance deals in the past, which partially offsets the risk. GIPL continues to hold 25.03% stake in Afcons Infrastructure Limited (AIL), which imparts financial flexibility. The rating continues to derive strength in the form of Credit Support Undertaking (CSU) from Cyrus Investments Private Limited (CIPL – Credit Support Provider, CSP) and a pledge of its portfolio holding. CIPL (promoter holding company) holds a 9.185% stake in Tata Sons Private Limited (TSPL), which has provided financial flexibility for the group holding companies to raise funds. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in loan-to-value (LTV) of the underlying borrowings. * Monetisation of investments leading to reduction in debt. Negative factors * Significant decline in the market value of portfolio companies considered for LTV calculation. * Delay in refinancing beyond the revised timelines * Moderation in the credit profile of credit support provider. Analytical approach: Standalone along with linkages with the Shapoorji Group Outlook: Negative The rating outlook continues to remain negative in view of the elevated refinancing risk associated with the NCD. The outlook may be revised to 'Stable' in case of earlier than envisaged refinancing and/or further deleveraging of GIPL. Detailed description of key rating drivers: Key weaknesses * Elevated refinancing risk: GIPL and CIPL (the put option provider) being investment holding companies, their income largely comprises dividend income received from the investments in various companies. For the repayment of borrowings, these companies highly depend on the cash flow of underlying entities. The NCDs, along with the accrued coupon, were originally due for redemption on June 30, 2026. The management has articulated that the group is an advanced stage of completing the refinancing transaction with the proceeds earmarked for full redemption of the outstanding debentures. Debenture Trust Deed for the new transaction has been signed and the transaction closure was expected by June end, as per management. With the existing investors also a part of new investment and extended procedural formalities, the transaction is expected to get consummated by July 2026. Hence, in the interim period, the company has sought extension of redemption date from June 30, 2026, to July 31, 2026, which has been approved by all the investors on June 29, 2026, ahead of the due date of payment. CareEdge Ratings notes that the proposed extension is primarily driven by the timing of completion of the refinancing process rather than any weakening in the group's refinancing ability. The management expects the refinancing transaction to be completed shortly upon receipt of the committed investor funds. While the extension was being sought, CareEdge Ratings understands that group also had alternate funding line assurance, to meet the redemption requirement on the maturity date i.e. July 31, 2026. With large near-term repayments, the refinancing risk remains elevated. Timely refinancing of NCDs within the envisaged timelines is a critical rating factor. The Group has demonstrated its ability to consummate large refinance deals in the recent past, which provides comfort. * Exposure to market risk: CSP's investments would act as an enabler to raise necessary funds, if required, to honour timely NCD redemption. However, these investments are exposed to market-related risk. GIPL's financial flexibility determined by way of adequate cover available (LTV) is primarily relied on the existing equity market condition. Key strengths * Experience promoter group: With over 150 years of operations, Shapoorji Pallonji (SP) group is one of India's oldest and most well-reputed business groups in the construction, infrastructure, and real estate space. During its operations, the SP group has built diverse civil and engineering structures, such as factories, nuclear waste handling establishments, landmark stadiums and auditoriums, airports, hospitals, hotels, housing complexes, water treatment plants, roads and power plants, Floating Production Storage and Offloading (FPSO) around the world. As the group's flagship company, Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE BBB-; Negative/CARE A3) benefits from the vast experience of its qualified promoters and management and from the group's resourcefulness. * Credit support undertaking: The NCDs are backed by the credit support undertaking from CIPL which is an SP group promoter company. The comfort from CIPL is mainly derived from its financial flexibility led by sizeable value of direct and indirect investments held in the portfolio of companies (the portfolio; as defined in the Debenture Trust Deed [DTD], held by TSPL). Under this structure, the LTV is computed on a 9.185% stake of TSPL minus corresponding indebtedness of TSPL, with an initial LTV of 13.44% and with a top-up trigger at 19.77%. However, upon LTV crossing respective limits of 19.77%, GIPL or the CSP will have to restore the LTV either by depositing cash in the cash top-up account or by opening and maintaining a cash top-up fixed deposit account or by redeeming a proportionate number of debentures or a combination of all. There has been no breach of aforesaid covenants. Liquidity: Stretched Liquidity is stretched with elevated refinancing risk and dependence on support from sponsors. However, GIPL's liquidity profile is supported by the investment of CIPL in TSPL, which provides financial flexibility and liquidity in the group. GIPL also holds 25% of shareholding in AIL, which renders it some financial flexibility at a standalone level. Assumptions/Covenants: Not applicable Incorporated in August 2012, GIPL is an equally held joint venture between SC Finance and Investments Private Limited (SC Finance) and SP Finance Private Limited (SP Finance), which are, in turn, promoted by the Mistry family. GIPL does not have operations, and the company acts as one of the investment companies for the SP Group. INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Infutec Healthcare Limited (IHL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 49.09 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 14.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of IHL under the 'issuer non-cooperating' category as IHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable IHL (erstwhile Goa Formulations Ltd, CIN: U24230MH2005PLC155962) was a wholly owned subsidiary of Indore-based Parental Drugs India Limited (PDIL). As on July 10, 2018, one of the investors i.e. Mahaganpati Investment Private Limited (MIPL) converted preference share of INR48.50 crore (book value) into equity share leading to dilution of the shareholding of PDIL. As on March 31, 2021, PDIL holds 12.24% equity stake in the company whereas the majority holding of 87.76% equity stake is held by MIPL. IHL is engaged in manufacturing of pharmaceutical products mainly into intravenous fluids at its plant located at Hoshiarpur, Punjab. INNOVATIVIEW FINANCE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Innovatiview Finance Private Limited Plot No. 6, Sector-127, Noida, Gautam, Buddha Nagar, 201301 Uttar Pradesh, India Liquidation Commencement Date: June 23, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Loveneet Handa 201, 2nd Floor, Park View Complex 48, Near Reliance Fresh, Hasanpur, I.P. Extension, Patparganj, Delhi - 110092 Tel: 98186 64478 Email: liquidation.Innovatiview@gmail.com loveneet.cs@gmail.com Last date for submission of claims: July 23, 2026 JAI AMBE: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: Jai Ambe Spares Private Limited Plot No. 87, BRG Industrial Park, Gram Mali Khedi, Behind New Geeta Toll Kanta, Nemawar Road, Bicholi Mardana, Indore, Madhya Pradesh - 452016 Insolvency Commencement Date: June 23, 2026 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: December 20, 2026 Insolvency professional: Harsh Firoda Interim Resolution Professional: Harsh Firoda D-1101, BCM Paradise, Nipania, Near Advance Academy, Indore, MP - 452010 Email: harshfiroda@gmail.com 2nd Floor, 211-B, Scheme No. 134, Nipania, Indore, MP - 452010 Email: jaiambespares.rp@gmail.com Last date for submission of claims: July 7, 2026 JSW STEEL: Fitch Hikes Long-Term IDR to 'BB+', Outlook Positive --------------------------------------------------------------- Fitch Ratings has upgraded India-based JSW Steel Limited's (JSWS) Long-Term Issuer Default Rating (IDR) and the rating on JSWS's outstanding bonds to 'BB+', from 'BB'. All ratings have been removed from Rating Watch Positive (RWP). The Outlook is Positive. The RWP resolution follows the receipt of proceeds from selling steel assets to a 100% subsidiary of JSW JFE Kalinga Steel Limited (JJKSL), JSWS's newly formed 50:50 joint venture (JV) with Japan-based JFE Steel Corporation. JSWS received INR294 billion in March 2026 and INR79 billion in June 2026. The upgrade reflects its expectation that EBITDA net leverage, including proportionate consolidation of JJKSL, will remain below its previous positive rating sensitivity of 2.7x. The Positive Outlook reflects its view that leverage could improve further to around 2.0x on a sustained basis. A fall in leverage below 2.0x could drive a rating upgrade to 'BBB-'. The ratings remain underpinned by JSWS's strong business profile, given its leading market position in India, low-cost operations and a majority share of value-added and special products in sales. These strengths are partly offset by the cyclical nature of the steel industry and JSWS's high capex intensity. Key Rating Drivers Better Financial Structure and Discipline: Fitch expects EBITDA net leverage to fall to around 2.0x from the financial year ending March 2027 (FY27), from 2.5x in FY26 and 4.0x in FY25. This will be aided by rising EBITDA, cost efficiencies and debt reduction using the cash proceeds from the JJKSL asset sale. This is notwithstanding its view that capex will stay high and free cash flow (FCF) negative over the period. Leverage improvement could be faster if the cost-saving initiatives widen margins by more than Fitch expects. Fitch believes JSWS's financial discipline has improved, as evidenced by accelerated deleveraging and lower public net debt/EBITDA and net debt/equity targets. Fitch proportionately consolidates JJKSL's financial statements in its forecasts, as Fitch expects JSWS and JFE to proportionally support JJKSL if needed, given the strategic nature of its assets. JJKSL's current debt is without recourse to its JV partners, and Fitch continues to monitor the terms of any future debt at the JV. Rising Steel Profitability: Fitch forecasts JSWS's standalone EBITDA/tonne to reach INR10,750 in FY27 and INR11,250 in FY28 (FY26E: around INR9,700/tonne), with prices rising faster than costs. Prices should be supported by the 11%-12% definitive safeguard duties India imposed on certain steel imports until April 2028, strong domestic demand and improving industry conditions. This, along with easing iron ore prices, should offset cost pressure from the second-order impact of the Iran war. Robust Volume Growth: Fitch forecasts sales volume will rise by around 8% on average over FY28-FY30 (FY26E: 4%). Growth will be driven by the ramp-up of the 5 million tonnes per annum (mtpa) brownfield expansion at Dolvi, debottlenecking across several capacities and the contribution from BMM Ispat Ltd after its FY26 merger with JSWS. Fitch expects India's steel consumption to expand by about 8% over the next few years on strong demand from the infrastructure, construction and manufacturing sectors. Capex to Accelerate: Fitch has raised its capex forecast to INR230 billion-275 billion over FY27-FY29, from INR210 billion-225 billion earlier. This follows JSWS revising up its target for crude steelmaking capacity (excluding JVs) to 50.3mtpa by FY30, from 44.4mtpa earlier (FY26: 33.4mtpa). Capex covers capacity expansion at JSWS's brownfield (Dolvi and Vijayanagar) and greenfield (Utkal and Kadapa) plants alongside spend on mining infrastructure, value-added product facilities and overseas operations. JSWS has a reasonable record of capex flexibility in periods of weak industry conditions. Higher JV Investments Manageable: Fitch forecasts JSWS's planned equity investment in JJKSL and JV with POSCO that it announced in April 2026 at INR21 billion a year over FY28-FY31, with little impact on JSWS' credit metrics. JSWS expects its two JVs to add 11.5mtpa of crude steel capacity by FY32, but project scope, cost and funding structure are pending board formation and approval. Fitch does not proportionately consolidate POSCO JV financials in JSWS, as it has no existing operations that may need support. Improving Raw-Material Security: Rising output from JSWS's domestic and overseas assets should boost its coking coal and iron ore self-sufficiency over the next few years. This will add to supply certainty and lower logistics costs, although production cost may not always be lower given high state royalties. JSWS's iron ore mines supplied 33% of its requirements in FY26 and its coking coal mines a mid-to-high single-digit percentage; JSWS expects to increase both to 50% by FY31. Cost-Efficient Operations: JSWS's Indian operations are highly efficient. Its largest plant at Vijayanagar ranks in the first quartile of WoodMac's 2026 global crude steel site cost curve. This places JSWS's weighted-average cost in the first half of the curve, despite fourth-quartile costs at its overseas units. Continued investment in cost-saving measures, such as wider use of renewable energy and better transport links, should further sharpen its cost position. Peer Analysis JSWS can be compared with global peers Vallourec SA (BBB-/Stable), United States Steel Corporation (U.S. Steel, BBB-/Stable, Standalone Credit Profile (SCP): bb) and Gerdau S.A. (BBB/Positive). Vallourec's ratings reflect a strong position in the seamless tube market and its integrated operations. However, it has a weaker business profile than JSWS due to its smaller scale and weaker cost position. It also generated 78% of 2025 revenue from the volatile oil, gas and petrochemical sectors. Vallourec's one-notch-higher rating reflects lower leverage. U.S. Steel, an integrated producer of flat-rolled steel and tubular products with operations in North America and Europe, has a weaker business profile than JSWS, with a smaller EBITDA scale and weaker cost position in the second half of the global cost curve. This is despite its better raw material self-sufficiency. U.S. Steel is shifting to flexible, lower-cost and more efficient mini mills, which should improve its cost position. JSWS's higher EBITDA net leverage balances its stronger business profile. Gerdau's ratings reflect its leading position in long steel in the Americas along with a strong presence in special steel in the U.S. and Brazil. Its geographical diversification and flexible electric arc furnace steel production structure provide competitive advantages and enable Gerdau to promptly adapt to changing market conditions. This, along with Gerdau's conservative capital structure, results in its two-notch higher ratings than JSWS. Fitch’s Key Rating-Case Assumptions - Sales volume growth of around 8% a year over FY28-FY30. - Annual standalone EBITDA/tonne of around INR10,750 in FY27 and INR11,250 thereafter. - Average annual capex of around INR230 billion-275 billion over FY27-FY30 at JSWS. - Around INR223 billion to be spent by JJKSL over FY27-FY31 to expand capacity. - Dividend pay-out ratio of 20% over FY28-FY30. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb', Moderate), market and competitive positioning ('bbb', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('bb+', Higher), profitability ('bb-', Moderate), financial structure ('bb+', Higher), and financial flexibility ('bb+', Moderate). Assessments of the quantitative financial subfactors include bespoke calculations. The governance assessment of 'good' has no impact. The operating environment assessment of 'bb+' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating action is unlikely due to the Positive Outlook. However, Fitch may revise the Outlook to Stable if the positive rating sensitivities are not met. A sustained increase in EBITDA net leverage (including JJKSL on a proportionate consolidated basis) to more than 2.7x may lead to further negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA net leverage (including JJKSL on a proportionate consolidated basis) on track to fall below 2.0x over the next 18 to 24 months. Liquidity and Debt Structure JSWS has strong liquidity, with readily available cash of INR413 billion at FYE26 in addition to undrawn term loans of INR48 billion and unused working-capital lines (fund- and non-fund-based) of around INR231 billion. The working-capital lines are generally renewed every year. JSWS had short-term debt maturity of INR343 billion, including INR142 billion of trade acceptances treated as debt. Fitch expects JSWS to roll over its short-term debt and trade acceptances, supported by its healthy business profile. Fitch believes JSWS has robust access to diverse financial sources, such as domestic and international banks and public markets, and can also cut discretionary capex to aid liquidity, if needed. Issuer Profile JSWS is India's leading steelmaker, with a primary steelmaking capacity of 31.9mtpa in operation in India as of 1HFY26, rising to 34.2mtpa including its share of JJKSL and 35.7mtpa on a consolidated basis. The company has a flat product-focused portfolio, with value-added products accounting for around 60% of total sales in FY26. It also has smaller assets in the US and Italy. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for JSWS is 56. This reflects transition risk, in line with other steelmakers that mostly use blast furnace-basic oxygen furnaces (BF-BOF), as well as physical risk, given its estimate that two of its physical sites account for around 73% of EBITDA. JSWS derives almost all its revenue from steel produced via the BF-BOF route, which emits far more carbon dioxide per tonne of crude steel than an electric arc furnace. This exposes JSWS and similar steelmakers to transition risk from emerging decarbonisation technologies, rising carbon costs and tighter environmental policies. The transition is likely to require large investments that, along with higher carbon costs, may render BF-BOF production less competitive. JSWS targets net-zero greenhouse gas emissions by 2050 and plans to increase the share of renewable energy consumption and lower-emission steel production meaningfully within the next five to seven years. Its sales and manufacturing operations are mainly in India, which has set a net-zero target by 2070, later than the 2050 timeline of most developed economies. Fitch thinks this lowers risks for JSWS compared with many peers, especially those in developed markets. JSWS will invest in expanding, upgrading or replacing its facilities with more carbon-efficient units, but the pick-up in capex is likely to be gradual. Fitch does not expect an impact on JSWS's business profile and its forecast of rising capex largely incorporates transition-related spending. Therefore, Fitch thinks JSWS's rating adequately incorporates decarbonisation-related risks. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- JSW Steel Limited LT IDR BB+ Upgrade BB senior unsecured LT BB+ Upgrade BB KALA AGENCIES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Kala Agencies (SKA) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 4 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Proposed 1 Crisil B/Stable (Issuer Not Overdraft Facility Cooperating) Crisil Ratings has been consistently following up with SKA 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 SKA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKA continues to be 'Crisil B/Stable Issuer not cooperating'. SKA, an Andhra Pradesh-based firm established in 2011, operates an IOCL fuel-filling station on NH-5 in Viskhapatnam (Andhra Pradesh). The firm is promoted by Mr. K Sri Krishna. KAUTILYA DEVELOPERS: CRISIL Lowers Rating on INR30cr Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Kautilya Developers (KD), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Overdraft Facility 30 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KD 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 KD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KD revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. KD, a part of the Samvaad group, was established in 2018 as a partnership firm by Mr Kiran Kamdar and Mr Zashesh Navinbhai Patel. It constructs residential buildings, apartments and commercial complexes. The firm has one ongoing residential (154 units) and commercial (26 shops) project, KAUTILYA ONE54, located on CG Road in Ahmedabad, which is expected to get completed by December 2026. KUMAR FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kumar Feeds And Biotech Private Limited (KFBPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (ISSUER NOT COOPERATING') Proposed Fund- 3.78 CRISIL B/Stable (ISSUER NOT Based Bank Limits COOPERATING') Term Loan 4.22 CRISIL B/Stable (ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KFBPL 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 KFBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KFBPL continues to be 'Crisil B/Stable Issuer not cooperating'. KFBPL, which was incorporated in 2015, manufactures poultry feed and allied products.Operations are managed by Mr Ajay Kumar and Mr Uday Kumar. The company has a manufacturing capacity of 200 tonne per day. LAKSHMI CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi Constructions and Developers (SLCD) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SLCD 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 SLCD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLCD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLCD continues to be 'Crisil B/Stable Issuer not cooperating'. SLCD is a partnership firm established by M Eswara Rao and M Indrani in Vizag, Andhra Pradesh. The firm is engaged in residential real estate development. LAKSHMI SOLVENT: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Lakshmi Solvent Extractions (SLSE) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 1.11 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.89 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SLSE 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 SLSE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLSE continues to be 'Crisil B/Stable Issuer not cooperating'. Established in August 2017, SLSE manufactures RBO at its plant in Pedapalli, Telangana. Mr Varakantham Vinod Reddy and his family members are the promoters of the firm. LOCK & LOCK: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Lock & Lock Living Solutions India Private Limited 2nd Floor, 201, K Raheja Platinum, Marol Industrial Estate, Andheri East, Mumbai, Marol Bazar, Maharashtra, India, 400059 Liquidation Commencement Date: June 20, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mutharasapuram Ganesan Chandrasekaran Flat No. 104, Tiana, House of Hiranandani, 5/63 OMR, Egattur, Navalur (Post), Chengalpattu (District), Near Marina Mall, Chennai, Tamil Nadu, 600130 Tel: +91-98110 81281 Email: sekaranirp@gmail.com Last date for submission of claims: July 20, 2026 MANIKYAM POULTRY: CARE Reaffirms B Rating on INR56.37cr LT Loan --------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Manikyam Poultry Farm (MPF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 56.37 CARE B; Stable Rating removed Facilities from ISSUER NOT COOPERATING category and reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had earlier placed the ratings of the bank facilities of MPF under Issuer Not Cooperating (INC) as the firm did not provide the information for monitoring the ratings. The firm has subsequently provided the requisite information for carrying out a review of the ratings, and accordingly, the rating has been removed from INC. The rating assigned to MPF continues to be constrained by its modest scale of operations, thin profitability margins, and working capital–intensive nature of operations. The liquidity position remains stretched, characterized by weak cash accruals vis-à-vis repayment obligations and high inventory holding levels. The rating is further impacted by deterioration in capital structure due to debt-funded capital expenditure, resulting in elevated leverage and weak debt coverage indicators. The credit profile is also exposed to significant customer concentration risk and inherent risks in the poultry industry, including price volatility and disease outbreaks. However, the rating derives comfort from the significant scale-up in operations in FY26, driven by successful completion of capacity expansion, along with improvement in operating margins. Further comfort is drawn from experienced promoters and established relationships with customers and suppliers, which provide operational stability and support revenue visibility. While these factors are expected to support revenue growth and margin stability in the near to medium term, the overall credit profile remains sensitive to improvement in profitability, moderation in working capital intensity, and reduction in leverage levels. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could individually or collectively lead to positive rating action/upgrade: * Total operating income of more than INR150 Cr and improvement in DSCR to above 1.05x. Negative factors: Factors that could individually or collectively lead to negative rating action/downgrade: * Further deterioration in capital structure with overall gearing more than 4.5x times * Deline in scale of operations below INR80 crores on a sustained basis. Analytical approach: Standalone Outlook: Stable The Stable outlook reflects CareEdge Ratings' expectation that MPF will continue to benefit from improved scale of operations post completion of its capacity expansion, leading to steady revenue growth and stable operating performance. It also factors in the promoters' experience and established customer relationships, which are expected to support sustained operations. Detailed description of key rating drivers: Key weaknesses: * Leveraged capital structure post debt-funded expansion: MPF's capital structure has witnessed deterioration post completion of its debt-funded expansion project, with total debt increasing sharply to INR55.72 crore as on March 31, 2026 (INR31.20 crore as on March 31, 2025). This has resulted in an increase in overall gearing to 2.02x as on March 31, 2026, reflecting higher leverage and increased financial risk. Although the capex has supported scale expansion, the elevated debt levels continue to exert pressure on solvency metrics and constrain the firm's financial risk profile in the near term. Consequently, debt protection metrics remain weak, with total debt to gross cash accruals (TD/GCA) at elevated levels (18.6x), indicating limited financial flexibility. Sustained improvement in earnings and controlled debt levels will be key to moderation in leverage over the medium term. * Working capital intensity and exposure to business risks: MPF operates in a highly working capital-intensive segment characterised by bulk procurement of key feed inputs such as maize, soya and rice broken during harvest seasons to benefit from price arbitrage. This has resulted in substantial inventory holding of around 7,000–10,000 tons, leading to an elongated operating cycle and significant blockage of funds in inventory. While this strategy supports cost optimization over the long term, it exposes the firm to inventory price risk, increases dependence on working capital funding and adversely impacts liquidity. The company has a concentrated customer profile with approximately 45% of total sales derived from two key customers under annual off-take agreements. The ability to manage inventory levels, diversify the customer base and withstand industry volatility will remain critical for sustaining operational stability over the medium term. * Partnership nature of business: MPF being a partnership firm has the inherent risk of succession plan and the possibility of withdrawal of capital at the time of personal contingency, which can affect the capital structure. The firm has low net worth of INR27.57 crores as on March 31, 2026, thus restricting the financial flexibility. * Vulnerability of the industry's performance to outbreaks of flu and other diseases: Avian flu outbreaks such as bird flu can lead to drastic fall in demand followed by crash in poultry prices. At the time of outbreak of the coronavirus, the poultry industry was impacted in the major chicken consuming states. Such scenario could pressurize the company's revenue flows as well as profitability. Key strengths * Improved scale and operating performance post expansion: MPF has reported a substantial increase in scale of operations with total operating income (TOI) rising sharply to INR101.40 crore in FY26 from INR71.75 crore in FY25, driven by successful completion and operationalisation of its expanded capacity. The firm has demonstrated improvement in operating efficiency with profit before interest, lease rentals, depreciation, and taxation (PBILDT) margins improving to 8.38% in FY26 from 4.86% in FY25. However, overall profitability remains moderate, with profit after tax (PAT) margins of around 1.18%. While scale and operating margins are expected to sustain in the near term, improvement in net profitability will depend on stable realizations and input cost management. * Extensive experience of partners in the poultry business: Manikyam Poultry Farm is a partnership firm established in the year 2007 by Mr. I. Siva Koti Reddy, K.Rama Mohan Rao and others. Mr. I Siva Koti Reddy and Mr. K.Rama Mohan Rao both have over two decades of experience in the poultry business. Due to long term presence in the market, firm has established relations with customers and suppliers. Liquidity: Stretched The liquidity position of MPF remains stretched, characterized by modest gross cash accruals (GCA) of INR3 crore vis-à-vis higher repayment obligations of INR5.4 crore, resulting in a structural funding gap. Cash flows from operations were negative in FY26, primarily due to high inventory build-up under its bulk procurement strategy, while cash balances remain low, further constraining liquidity. The company relies on efficient inventory liquidation cycles, steady advance-based sales inflows, and promoter support to meet its debt obligations. However, high working capital intensity continues to constrain liquidity flexibility. The liquidity profile is expected to remain stretched in the near term, with improvement contingent upon better inventory management and higher internal accrual generation. Manikyam Poultry Farm (MPF) is a partnership firm established in the year 2007 by Mr. I. Siva Koti Reddy, K.Rama Mohan Rao and others. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds, and their manure. The firm sells its products such as eggs and cull birds to retailers mainly in the cities of Mumbai, Goa, Belgaum, and Bangalore. NARSHINHA ENGINEERING: CARE Assigns B+ Rating to INR19cr LT Loan ---------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Narshinha Engineering Works (NEW), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 19.00 CARE B+; Stable Assigned Short Term Bank Facilities 5.50 CARE A4 Assigned Rationale and key rating drivers Ratings assigned to the bank facilities of Narshinha Engineering Works (NEW) remained constrained due to small scale of operations and moderate profitability margins, stretched liquidity position, the constitution of the entity being a partnership firm thereby leading to risk of withdrawal of capital. The ratings are further constrained by the profit margins being susceptible to fluctuation in raw material prices. Rating derive strength from its established track record of operations and experienced promoters, comfortable capital structure and debt coverage indicators. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Increase in order book position above 3x of the latest financial year revenue thereby providing revenue visibility over medium term. * Increase in the scale of operations with total operating income (TOI) exceeding INR50 crore on a sustained basis. Negative factors * Deterioration in the profitability margins leading to deterioration of the debt coverage indicators marked by interest coverage ratio below 1.5x on a sustained basis * Increasing working capital cycle above 90 days thereby impacting the liquidity of the entity * Significant withdrawal of capital from the firm by the partners Analytical approach: Standalone Outlook: Stable The “stable” outlook on the reflects CARE Ratings Limited (CareEdge Ratings) expectation that the firm will continue to benefit from its experienced promoters thereby maintaining its financial risk profile. Detailed description of key rating drivers: Key weaknesses * Small scale of operations with low revenue visibility in absence of adequate order book position: The overall scale of operations stood small with total operating income (TOI) stood in the range of INR11.03 crore to INR39.45 crore during FY22 to FY26. Although TOI grew at a compounded annual growth rate (CAGR) of 30.73% in last 5 years ended FY26, TOI moderated by 16% to INR32.21 crore in FY26 against INR38.21 crore in FY25 on account of moderation in sales realisation which due to lower sales from electrical contract services. It has modest net worth base, which stood at INR7.80 crore as on March 31, 2026. The small scale of operations limits the entity's financial flexibility and ability to scale up the business significantly. Further, competition in the industry will continue to restrict future growth prospects. The firm has meagre order book position of INR7.33 crore as on May 31, 2026, which has impacted due to global uncertainties led by middle east crisis. Nevertheless, firm has already initiated participating in various tenders to secure the orders from Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Maharashtra State Electricity Transmission Company Limited (MSETCL). Hence, ability of the firm to increase its scale of operations remains key credit monitorable. * Moderate profitability margins: NEW's operating profitability exhibited a stable trend with a profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin within the range of 5-6% in the past three years ended FY26. It stood moderate at 5.62% during FY26 compared to 5.37% in FY25, the slight improvement was due to reduction in the raw material cost. Profit after Tax (PAT) margin stood moderate and slightly deteriorated in FY26 to 4.66% compared to 5.35% in FY25 owing to higher depreciation and interest cost. Profitability susceptible to fluctuation in raw material prices NEW is exposed to raw material price volatility risk due to volatility in the price of steel products depending on the demand supply gap. Further, transformer oil is also constituting considerable pie in the cost structure, which is a crude oil derivative and hence, prices of the same remain susceptible to crude oil prices which remained highly volatile in the recent past. In absence of the price escalation clause, any adverse price fluctuation could negatively impact the profit margins. Hence profitability margins remain susceptible to fluctuation in the raw material prices. * Partnership nature of constitution: NEW's constitution being a partnership firm has the inherent risk of possibility of withdrawal of the partner's capital at the time of personal contingency and the firm being dissolved upon the death/retirement/insolvency of the partner. Moreover, the partnership firms have restricted access to external borrowing which limits their growth opportunities to some extent. Key strengths * Extensive experience of promoters with long standing operational track record of the firm: The firm is managed by Ghanshyam Sharma and his son, Harshad Sharma, who are the partners of the entity. Ghanshyam Sharma has over four decades of experience in electrical contracting and looks after the contracting business segment while Harshad Sharma holds a Bachelor of Engineering (E&TC) and an MBA and looks after the transformer manufacturing segment. Over the years of existence, the firm has established long standing relationship with its customers, suppliers and stakeholders. * Comfortable capital structure and debt coverage indicators: The entity's capital structure stood comfortable, as marked by an overall gearing of 0.72x as on March 31, 2026 (0.98x as on March 31, 2025) due to low reliance on external debt. Its debt profile largely comprises working capital debt. The total outside liabilities to net worth stood low at 0.84x as on March 31, 2026 (moderated from 1.33x as on March 31, 2025). The improvement in capital structure was on account of profit accretion to partners' capital. Going forward, the capital structure is expected to be moderated on account of proposed increase in working capital borrowings. Debt coverage indicators also stood comfortable as marked by interest coverage of 4.65x in FY26 (14.99x in FY25) and total debt to gross cash accruals (TD/GCA) of 3.65x in FY26 (3.27x in FY25). Moderation during the year was on account of reduction in absolute profitability. Going forward, debt coverage indicators are expected to moderate due to expected debt availment for meeting incremental working capital requirements. Liquidity: Stretched NEW's liquidity profile remains stretched due to low cash accruals led by small scale of operations and negative cash flow from operations. The firm doesn't have any long-term debt repayment obligations in absence of term loan. As on March 31, 2026, the current and quick ratio stood at 1.97x (PY: 1.59x) and 1.64x (PY: 1.46x) respectively. The working capital bank limits of INR7 crore were utilised at around 70% for the 12 months ended May 2026. Additionally, NEW maintained unencumbered cash and bank balances of INR2.12 crore in as on March 31, 2026 (compared to INR5.08 crore as on March 31, 2025). Cash flow from operations was negative at INR0.84 crore in FY26 compared to negative INR2.39 crore in FY25. Incorporated in 2013 as a partnership firm, Narshinha Engineering Works (NEW) is engaged in the manufacturing of transformers and execution of electrical contracting works. It is managed by Ghanshyam Sharma and Harshad Sharma as partners of the firm. The firm is an approved vendor for MSEDCL and MSETCL. NEW operates a manufacturing facility at MIDC area, Nanded, Maharashtra with an installed transformer manufacturing capacity of 3,000 units as on March 31, 2026. Further, the firm is planning to diversify its business into installation of solar powered submersible pumps and hybrids systems. NCS AUTOCARS: NCLT Rejects Insolvency Plea Against Auto Dealer -------------------------------------------------------------- Press Trust of India reports that the Kochi bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency petition against a Kerala-based auto dealer, ruling that the Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to recover private debts. PTI relates that the petition was filed by eight financial creditors against NCS Autocars Pvt Ltd in Pathanamthitta district, who claimed that the company had defaulted on loans worth INR4 crore advanced in two tranches in September and December 2023. After part repayments, they claimed outstanding dues of INR3.82 crore, including INR2.55 crore in principal and INR1.27 crore in interest, PTI relays. NCS Autocars Pvt. Ltd. is engaged in the sale, maintenance, and repair of motor vehicles, offering vehicle sales alongside servicing and customer support. NEWLINK OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Newlink Overseas Finance Limited (NOFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 3.12 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 6.68 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 9.77 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Fixed deposit 15.12 CARE D; ISSUER NOT COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated March 19, 2024, placed the rating(s) of NOFL under the 'issuer non-cooperating' category as the company had failed to provide information for monitoring the rating. NOFL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter/email dated February 21, 2026, March 3, 2026, and March 13, 2026. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis best available information, which in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and public at large) are hence, requested to exercise caution while using these rating(s). Ratings consider delays in debt servicing including ongoing delays in repayment of dues to debenture holders and fixed deposits due to the acute shortfall in cashflow. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last ratings on March 19, 2024, the following were rating weaknesses and strengths. Key weaknesses * Poor liquidity; instances of delays in debt servicing: With lower collections in FY21 accentuated by outbreak of COVID-19, the company defaulted in repayment of dues to debenture holders and deposits. Per the auditor report for FY23 dated July 24, 2023, NOFL defaulted in repayment of dues to debenture holders and deposits. As on March 31, 2023, the company had cash and bank balance of INR1.49 crore. * Small scale of operations: NOFL completely paused disbursements since FY21 and as a result, loan portfolio declined and stood at INR48.84 crore as on March 31, 2023, against INR50.84 crore as on March 31, 2022. Vide its letter dated May 26, 2023, the Reserve Bank of India (RBI) cancelled the company's Certificate of Registration, restricting it to carry out business operations of a non-banking finance company (NBFC) as defined in clause (a) of Section 45-IA of the RBI Act 1934. * Weak asset quality: Gross non-performing assets (GNPA) and net non-performing assets (NNPA) stood at 100% and 0% as on March 31, 2023, from 100% and 30.42% as on March 31, 2022, respectively. With higher provisions made in FY23, Provision Coverage Ratio (%) stood at 100% in FY23. * Continuation of losses in FY23: With the significant increase in NPA, interest income has dropped 42% y-o-y from INR0.60 crore in FY22 to INR0.35 crore in FY23. However, with profit from the sale of asset and other income, total income stood at INR3.21 crore in FY23 compared to INR1.74 crore in FY22. With credit cost remaining high, the company reported net loss of INR22.93 crore in FY23 against a loss of INR23.29 crore in FY22. * Capital adequacy falling below regulatory requirement: With significant losses reported in from FY21 to FY23, the net worth completely deteriorated and remained negative as on March 31, 2023. * Concentrated funding profile: NOFL's funding profile remained concentrated over the years with dependence on non-convertible debentures (NCDs) and fixed deposits (FDs). RBI vide their letter dated February 13, 2021, advised the company to stop accepting fresh public deposits and renew existing deposits and that all existing deposits shall run off till maturity. Share of FDs as a percentage of total borrowings stood at 57% (PY: 50%) and share of NCDs stood at 32% (PY: 32%) as on March 31, 2022. Apart from these, inter corporate deposits (ICDs; 9%) and working capital loans from banks (2%) account for the balance portion of the funding mix as on March 31, 2022. The public deposits held by the company as on March 31, 2022, stood at INR24.59 crore. Key strengths * Long-standing track record of the company: NOFL was incorporated in January 1991 and has a long-standing track record of ~30 years of operations. Post the demise of A Namasivayam (Former MD) in December 2018, there were many changes in the board of directors and currently the board comprises four directors as on March 31, 2022, OP Garg, UP Prakasham, Denise Marcelle Mollex Panjwani and S Deivanai. NOFL is a Chennai-based deposit taking NBFC registered with RBI. It was promoted in January 1991 by retired bankers in Chennai, and Mumbai-based businessmen. The company was engaged in hypothecation loans, hire purchase financing and short-term lending. OLA ELECTRIC: Faces Insolvency Petitions Over Unpaid Dues --------------------------------------------------------- Business-Standard.com reports that two key suppliers to Ola Electric Technologies Pvt., the operating arm of listed Ola Electric Mobility, have petitioned the National Company Law Tribunal (NCLT) to initiate insolvency proceedings over alleged unpaid dues of more than INR40 crore, according to media reports. According to Business-Standard.com, Sterling E-Mobility Solutions Ltd., the electric-vehicle components arm of Sterling Tools Ltd., and Anevolve Mando eMobility Pvt., part of the Anand Group, allege that Ola Electric Technologies failed to pay for components supplied to the company. Business-Standard.com relates that Ola Electric Technologies allegedly owes INR29.8 crore to Sterling E-Mobility Solutions and INR10.8 crore to Anevolve Mando eMobility, according to filings with the Ministry of Corporate Affairs. The dues had remained unpaid for more than 45 days, prompting both suppliers to file insolvency petitions under Section 9 of the Insolvency and Bankruptcy Code, which allows operational creditors to seek corporate insolvency proceedings. Headquartered in Bangalore, Karnataka, Ola Electric Mobility designs and manufactures electric two-wheelers, including the Ola S1 in three variants named Ola S1 Air, Ola S1X and S1 Pro. The company also produces battery cells at its manufacturing facility in Tamil Nadu, which supplies energy storage solutions for its vehicles and other applications. OXIGEN SERVICES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Oxigen Services India Private Limited (Oxigen Services) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 CRISIL D (Issuer Not Cooperating) Overdraft Facility 60 CRISIL D (Issuer Not Cooperating) Overdraft Facility 50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 30 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Oxigen Services for obtaining information through letter and email dated May 26, 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 Oxigen Services, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Oxigen Services is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Oxigen Services continues to be 'Crisil D/Crisil D Issuer not cooperating'. Oxigen Services, incorporated in 2004, is a leading payment service provider for mobile, direct-to-home, and utilities across India. Currently, it processes over 50 crore transactions annually through a platform that is developed and managed in-house. The company launched India's first virtual mobile wallet in 2008, which became the first non-bank wallet to be integrated with National Payments Corporation of India, allowing instant money transfers through 70 major banks in India. After financial restructuring, Oxigen Services converted its receivables in Oxigen Online valued at INR114 crore into equity by virtue of which it now owns 97% of the equity in Oxigen Online. PRATHAM-HEERA SALES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Pratham-Heera Sales Private Limited CSN 570/A, Krida Bhavan, Nandurbar, Maharashtra, India, 424001 Insolvency Commencement Date: June 16, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Estimated date of closure of insolvency resolution process: December 13, 2026 Insolvency professional: Arihant Nenawati Interim Resolution Professional: Arihant Nenawati B-202, Nenawati & Associates, Sheraton Classic, Dr Charat Singh Colony Chakala, Andheri East, Mumbai City, Maharashtra, 400069 Email: arihant.nenawati@truvisoryipe.com 410, 4th Floor, Bluerose Industrial Estate, Near Metro Mall and Tata Power Petrol Pump, Western Express Highway, Borivali East, Mumbai - 400066 Email: ibc.prathamheera@gmail.com Last date for submission of claims: July 9, 2026 RAGHURAMACHANDRA RICE: CRISIL Cuts Rating on INR4.3cr Loan to B --------------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of Sri Raghuramachandra Rice Industries (SRRI) revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.3 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 1.1 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SRRI 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 SRRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRRI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2011 as a proprietorship firm, SRRI mills and processes paddy into rice, rice bran, broken rice, and husk. The firm is promoted by Mr. A. Raghuram and is based out of Raichur (Karnataka). RAYAT AND BAHRA: CARE Reaffirms D Rating on INR39cr LT Loan ----------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Rayat and Bahra Group of Institutes (RBGI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 39.00 CARE D Rating removed from Bank Facilities ISSUER NOT COOPERATING category and Reaffirmed Short Term 1.00 CARE D Rating removed from Bank Facilities ISSUER NOT COOPERATING category and Reaffirmed The rating previously assigned to the bank facilities of Rayat and Bahra Group of Institutes (RBGI) was denoted as CARE D; ISSUER NOT COOPERATING, since the trust did not provide the requisite information for monitoring the ratings. Further, in line with the extant SEBI guidelines, CARE Ratings Limited (CareEdge Ratings) reviewed the ratings on the basis of the best available information. However, the trust has now submitted the requisite information to monitor the ratings and CareEdge Ratings has carried out a full review of the rating and the rating stands at 'CARE D'. Rationale and key rating drivers Reaffirmation of the rating factors in the ongoing delays in servicing of debt obligations by Rayat and Bahra Group of Institutes up to April 2026, as confirmed through banker feedback. Although the account has been regularised post infusion of funds by the trust in April 2026 and has been moved from Special Mention Account-1 (SMA-1) category to standard category in May 2026, the track record of timely debt servicing remains limited. Rating also continues to be constrained by poor liquidity, marked by almost full utilisation of the cash credit facility. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely track record of debt servicing by trust for more than 3 months. * Sustainable improvement in operations of the trust. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Ongoing delays in servicing of debt obligation: According to the verbal feedback received from the banker, the account has been regularised post infusion of funds by the trust in April 2026 and has been moved from SMA-1 category to standard category in May 2026, but the track record of timely debt servicing remains limited. Liquidity: Poor The liquidity of the trust is poor, leading to the delays in debt servicing. Established in 2003, RBGI is an educational and charitable society running two campuses having twelve colleges located in Mohali and Hoshiarpur, Punjab. Apart from the above, the society is also running two K-12 schools, one each under the Mohali and Hoshiarpur campus. The Society was established with an objective to provide education in the field of engineering and technology, management, and pharmacy. The different courses offered are duly approved by AICTE (All India Council of Technical Education), PTU (Punjab Technical University) - Jalandhar, SCERT (State Council of Educational Research and Training) - Punjab, PU (Punjab University) - Chandigarh and PSBTE (Punjab State Board of Technical Education) - Chandigarh. RM DAIRY: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RM Dairy Products LLP (RDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 42.41 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of RDPL under the 'issuer non-cooperating' category as RDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RM Dairy Products LLP is the flagship company of Ram Meher Group. The group was started in 2005 with focus in the real estate and glass industry. RM Dairy Products LLP was incorporated in April, 2015 as a limited liability partnership firm by eight partners - Mr Ram Vinod Singh, Ms Radha Singh, Mr Shishir Singh, Mr Girish Goyal, Ms Suman Goyal, Mr Ravi Singhal, Ms Archana Singhal and Ms Shally Singh. The firm has a manufacturing plant in Aligarh, Uttar Pradesh. S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S.D.S. Electronics Private Limited (SEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 14, 2025, placed the rating(s) of SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SEPL was incorporated in 1993. The company is promoted and managed by Mr Yogeshwar Sahdev and Mr Kuldeep Sahdev. SEPL is engaged in the manufacturing as well as trading of electronic security equipments, Bomb Detection and Disposal Solution (BDDS) and Anti-sabotage equipments which include the products like non-linear junction detection, explosive detector, mine detector, deep search metal/mine detector, bomb disposal suit, digital portable X-Ray machine, multi zone walk through metal detector, search lights, flashlights, search and rescue devices, etc. Its manufacturing facility is located at Panchkula, Haryana. SAKET PROMOTERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Saket Promoters Limited 46, B.B Ganguly Street, 1st Floor, Kolkata 700012, West Bengal Insolvency Commencement Date: June 22, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 19, 2026 Insolvency professional: Pratim Bayal Interim Resolution Professional: Pratim Bayal Resurgent Resolution Professionals LLP, 2/6 Sarat Bose Road, Central Plaza, 7th Floor, Room No. 708, Kolkata - 700020 Email: pratimbayal@gmail.com cirp.saketpromoters@gmail Last date for submission of claims: July 8, 2026 SATYAM ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Satyam Enterprises - Pune (SE) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SE for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil B/Stable Issuer not cooperating'. Formed in 1988 as proprietorship firm, SE is managed by Mrs Sunita Bodas. The firm, based in Pune, Maharashtra, is an authorised distributor of Schneider Electric India Private Limited for low-voltage switchgear and automation products. SLV EARTH: CARE Lowers Rating on INR24cr LT Loan to B+ ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of SLV Earth Movers Private Limited (SLV), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Short Term Bank 46.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) has been seeking information from SLV to carry out surveillance of the rating through e-mail communications and letters dated May 14, 2026, June 10, 2026, June 16, 2026 and June 24, 2026, among others, as well as through numerous follow-up phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the ratings based on the best available information, which, however, in CareEdge Ratings' opinion, is not sufficient to arrive at a fair rating. The rating of SLV's bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The revision in the rating assigned to the bank facilities of SLV factors in the non-availability of requisite financial and operational information, leading to constrained transparency and credit assessment. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of the last rating on May 27, 2025, the following were the rating strengths and weaknesses. Key weaknesses * Modest scale of operations: The scale of operations has remained modest over the past 3 years with TOI ranging between INR45 crores to INR73 crores. In FY24, TOI decreased by 38%, primarily due to time taken by bidding process for awarding the contract which led to lower execution of projects in FY24. During FY25 the revenue is situated at INR45.30 crores which is at similar level reporting no growth. The primary reason for no growth is attributable to due to delay in initial land acquisition for the 277 crores project which has resulted in delay getting the land awarded in the company's name. Though the company has incurred the capex for machinery for the project execution, the same could not be started in FY25. The entire revenue in FY25 come from mix of small orders executed by the company during the year. The company is expecting revenue of INR18 – 20 Cr in Q1FY26 and projecting a revenue of INR60 – 70 Cr (excluding GST) in FY26 based on orders in hand. The company is expecting revenue growth of minimum of 20% each for FY26 and FY27 on a conservative basis. The ability of the company to improve its execution speed resulting in improved scale and profitability margins as envisaged remain monitorable. * Customer and geographic concentration risks: Most projects executed by the company cater to the NHAI, Government of India entities primarily pertaining to road redevelopment, road widening with them contributing 85-90% to FY24 revenue. This exposes the company to geographic and customer concentration risks. * Leveraged capital structure marked by low networth base and moderate coverage indicators: The capital structure of the firm stood leveraged marked by overall gearing of 2.69x and TOL/TNW of 2.99x as on March 31, 2024 as against 4.93x and 6.71x as on March 31, 2023. Furthermore, as on March 31, 2025, the overall gearing has increased to 3.26x, TOL/TNW has also increased to 3.79x indicating a further deterioration in capital structure due to higher debt and current liabilities. Further the coverage indicators stood moderate marked a TD/GCA of 6.19xin FY25, 3.78x in FY24 (FY23: 3.65x). The networth base of the company remain low at INR9.14 as on March 31, 2024 and INR12.52 crore as on March 31, 2025, thus restricting the financial flexibility. * Tender based business and highly competitive nature of construction industry: SLV is involved in constructing and expanding roads, bridges, and national highways for state and central government entities. SLV's dependence on government contracts exposes it to geopolitical and policy risks, which could impact revenues. There are various factors affecting its revenue such as delays in regulatory approvals, land acquisition issues, can disrupt project timelines and revenue realization. The company operates in the intensely competitive construction industry. The Indian construction sector is highly fragmented with the presence of many mid and large-sized players. All the contracts are awarded through tendering process based on financial criteria and price bid. The presence of large number of players results in aggressive bidding which can exerts pressure on the margins. * Elongated operating cycle albeit remain on increasing trend: The operating cycle of the company has increased to 70 days in FY24. During FY25 the operating cycle has further increased to 148 days due to stretched receivable and inventory days. During FY25, receivable days has increased to 101 days compared to 94 days in FY24 highlighting stretch in receiving payments from the customers. The reason for this increase can be attributable to longer receivable cycle associated with contracts/orders received from State Government of Karnataka as if the contact is awarded from State Government of India, then the receivables days can extend up to 90 days, which was the case here as majority of contracts execution were from State Government only due to which receivables days are stretched during FY24 & FY25. Going forward, in FY26 it is expected that the company has majority of orders from Government of India which is likely to improve the receivable days as contractual receivables days will extend only up to 30days, it is expected that this will decrease the receivable days to as low as 65 days in FY26. During FY25, the inventory cycle has increased to 82 days while in FY24 it was 15 days only, the increase is on account of work in progress and high inventory level kept due to delay in execution of projects. In FY26 inventory levels are expected to remain at similar level, as a result the operating cycle is stretched and elongated. Key strengths * Vast experience of promoter in to the construction business through proprietorship firm: SLV was founded by Mr. C.V. Narayana Reddy in October 2020 is a civil engineering contractor and is mainly engaged in the construction of roads and bridges for NHAI, Government of India and Government of Karnataka. The key promoter Mr. C.V. Narayan Reddy have about 3.5 decades of experience in civil construction works. Before incorporation of SLV, the promoters were involved in construction business through a proprietorship firm. Later, Promoter's son has also joined this business in SLV. The promoters of the company have established their presence in the industry which helps the company to get more orders as is evident from large un-executed order book as on March 31, 2025. * Healthy profit margins: SLV Earth Movers Private Limited's operating profitability remain in the range of 12-21% in the past three years ended FY25. It stood healthy at 20.88% during FY24, improvement of 880 bps when compared with 12% in FY23. Further, during FY25(UA) the company has reported PBILDT margins at 21.32%. Going forward it is to be noted that the contracts do have price escalation clause, thereby restricting the impact of input prices on profitability margins to a large extent. * Low counter-party risk: The clientele profile remains strong with Karnataka state government entities such as PWD, Department of Municipal Corporation Administration (DMA) along with NHAI, and Government of India entities etc., thus reducing the counter party credit risk to a large extant. However, it is to be noted that the order execution time remains longer owing to involvement of state governments and elongated time in handing over of project to commence construction. Although, the company has mix of order received from both Government of Karnataka and Government of India under NHAI. About 85-90% orders are from NHAI and rest is from State Government of Karnataka which is expected to reduce the project handing over time and project execution time. * Strong order book position providing revenue visibility; however timely execution remain monitorable: As on March 31, 2025, SLV had orderbook of INR492.69 crores indicating an order book to sale of 11x of FY25(UA) sales, which provides long term revenue visibility. The work order consists of order received from NHAI for amount INR452.67 crores in the month of December 2024 and January 2025 for widening of roads with execution timeline of 24 months from the appointment date thus providing revenue visibility. To support the increased orders, company has invested in fixed assets in current fiscal which was funded through debt. The order book consists of two major orders of INR277 crore and INR175 crore, both orders are in initial stage, the revenue for the orders will start to flow from the second quarter FY26 and Q3FY26 respectively. The company has executed one large order of INR252 crores contract value in the past. This project is 100% completed as on 31-03-2025. Initially the project was undertaken by CHVN and later SLV participated as JV and completed majority 87% of the contract. However, execution time needs remain a key monitorable for above unexecuted large orders. Liquidity: Adequate SLV recorded GCA of INR6.51 crores in FY24 against debt repayment obligation of INR1.62 crore. Furthermore, the company has achieved a GCA of INR6.60 crore in FY25 and is likely to achieve a GCA of INR9.02 crore in FY26 as against this the company has repayment obligation of INR4.28 crore in FY25 and INR5.50 crore in FY26. The average of maximum utilisation of working capital limits stood at about 75.39% over last 12 months ended March 2025, with near to full utilisation in November and December months indicating working capital intensive nature of operations, which might increase further in future as the company undertakes bigger projects which will result in higher working capital requirement at the same time require them to provide appropriate security. The company has non-fund-based limit of INR46.00 crores in FY25 with utilisation of 73% with full utilisation in November month. However, cash and liquid investments stood low at INR2.15 crores during FY24. (FY23: INR8.27 crores). Cashflow from operations stood thin at negative INR0.77 crores during FY24. (FY23: INR1.27 crores). SLV Earth Movers Private Limited, based in Karnataka, was established on October 19, 2020, by Mr. C. H. Venkata Narayana Reddy, is engaged in civil construction and handles large-scale construction and infrastructure projects mainly for roads and national highway developments. STEEL SUN: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Steel Sun (SS) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 10 Crisil B/Stable (Issuer Not Cooperating) Proposed Working Capital Facility 2.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SS 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 SS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SS continues to be 'Crisil B/Stable Issuer not cooperating'. SS was incorporated in the year 1993 by its Managing Partner Mr Nadeem Rahman. The firm is engaged in trading of Roofings and Ceiling panels, Roofing sheets, steel coils Roof Ventilators & Galvanized coils. The firm has in house service center at Bangalore where it cuts the jumbo steel products into smaller pieces and supplies to its customers. SURYAA CHAMBALL: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Suryaa Chamball Power Limited (SCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (Issuer Not Cooperating) Cash Credit/ 6.75 Crisil B/Stable (Issuer Not Overdraft facility Cooperating) Proposed Fund- 23.55 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil B/Stable Issuer not cooperating'. SCPL was set up in 1997, by the Bargodia family. The company operates a 7.5-megawatt biomass-based power plant near Kota in Rajasthan. The plant became operational in June 2006. VARIDHI COTSPIN: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Varidhi Cotspin Private Limited 1237, 1238, 1240/1, Village-Koth, Gangad Road, Ta-Dholka, Ahmedabad, Gujarat - 380051 Insolvency Commencement Date: June 22, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 19, 2026 Insolvency professional: Prawincharan Prafulcharan Dwary Interim Resolution Professional: Prawincharan Prafulcharan Dwary 407, Akchhat Tower, Pakwan Cross Road, S.G. Highway, Bodakdev, Ahmadabad - 380015 Email: dwaryprawin@gmail.com 9B, Vardan Tower, Lakhudi Circle, Near Vimal House, Navrangpura, Ahmedabad - 380014 Email: cirp.varidhicotspin@gmail.com Last date for submission of claims: July 9, 2026 VRUNDAVAN CERAMIC: Liquidation Process Case Summary --------------------------------------------------- Debtor: Vrundavan Ceramic Private Limited Survey No. 143/2, 8-A, National Highway, Behind Gangotri Glazed Tiles, Village Dhuva, Tal Wankaner Gujarat - 363622 Liquidation Commencement Date: September 27, 2024 Court: National Company Law Tribunal, Ahmedabad Bench-I Liquidator: Arunava Sikdar RRR Insolvency Service Experts LLP C-10, Lower Ground Floor, Lajpat Nagar-III, Delhi -110024 Email: info@rrrinsolvency.com asikdar1990@gmail.com liquidator.varundavanceramic@gmail.com Last date for submission of claims: July 21, 2026 ========= J A P A N ========= ZENTOSHIN CO: Bankruptcy Hits Banks and Restaurants --------------------------------------------------- Bloomberg News reports that the bankruptcy of Zentoshin, an Osaka-based credit card payment processor, threatens both the regional banks that funded it as well as the small and medium-sized restaurants that relied on its services. Zentoshin filed for bankruptcy with the Osaka District Court on July 6, according to Teikoku Databank, Japan's largest private corporate credit research firm. The company had total liabilities of approximately JPY115.2 billion ($710 million), at the time of the filing, making it Japan's largest corporate bankruptcy of the year, Bloomberg notes. Five listed regional banks and banking groups, including Towa Bank and The San ju San Financial Group, have said they will take writedowns because of the failure. According to Bloomberg, the company's collapse was triggered by difficulty securing additional financing following allegations of employee misconduct two years ago. Zentoshin turned to crowd-funding to sustain its operations. Nevertheless, many of Zentoshin's lending banks had classified their loans to the company as performing assets, meaning the impact on earnings will be significant, according to people familiar with the matter. Shares in regional banks tumbled. Bloomberg relates that Towa Bank said it would write off the entire JPY5.9 billion portion of its JPY8 billion in loans that is not covered by collateral or loan-loss reserves during the fiscal year ending March 2027. The bank is currently forecasting net income of JPY5.5 billion for that fiscal year, implying the write-off would push it into a net loss. The bank said it is reviewing its full-year earnings forecast. Zentoshin served about 200,000 shops, according to its website. Many of these merchants are small restaurants and retailers with limited cash-flow flexibility that depend on early payments, according to Osamu Naito, a manager at Teikoku Databank's Osaka branch, Bloomberg relays. If they do not receive sales proceeds that would otherwise have been remitted through Zentoshin, some businesses could face serious threats to their financial stability. In addition, merchants using Zentoshin's card terminals will no longer be able to accept cashless payments until they secure alternative payment systems. "We are concerned not only about the impact on financial institutions, but also about the risk of secondary bankruptcies among restaurants and retailers," Bloomberg quotes Naito as saying, warning that the failure could trigger a broader chain of business collapses. Zentoshin might have been falsifying accounts for 20 years or more, according to a report published July 8 by credit analysis company Tokyo Shoko Research, according to Bloomberg. Bloomberg adds that the Financial Services Agency has identified the extent of lending to Zentoshin by financial institutions, according to an agency spokesperson. While the FSA does not currently believe there are serious concerns about the soundness of those institutions, it is continuing to monitor the situation closely, the spokesperson said. Zentoshin Co., Ltd., provided advance payment services for credit card sales. =============== M A L A Y S I A =============== EMPIRE RESORTS: S&P Raises Long-Term ICR to 'B+', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Empire Resorts Inc. to 'B+' with a stable outlook. In addition, S&P affirmed its 'BB+' issue rating on Genting New York's existing senior unsecured notes. The recovery rating is unchanged at '3'. S&P has withdrawn the ratings on Empire at the company's request due to the repayment of the notes. Genting Americas Inc.'s new US$2 billion bank facility will alleviate refinancing risks on Empire Resorts Inc.'s US$300 million bond, which was repaid earlier this month. Proceeds from the issuance will also be used for the construction of Genting New York LLC's gaming and nongaming facilities, following the award of a full gaming license. S&P views Genting Americas' new bank facility to be largely neutral to its rating on Genting New York. The rating on Genting New York is driven by the group's highly strategic relationship with Genting Bhd. S&P's base case factors in incremental debt from the group to fund the construction of its New York commercial casino. S&P includes the US$2 billion senior secured facility in Genting New York's capital structure because it is one of the guarantors, while being jointly and severally liable. The bank facility comprises a mix of delayed-draw term loans to repay the existing US$775 million term loan and a US$150 million revolving credit facility for Genting New York as well as the US$300 million note for Empire. Meanwhile, Genting New York will utilize the remaining proceeds to fund the second phase of construction of the New York casino that is targeted to start in 2027. S&P said, "Recovery prospects on Genting New York's existing senior unsecured notes continue to be equalized to our 'BB+' issuer credit rating. In our view, the subordination risks are manageable on Genting New York's existing US$625 million notes. The US$2 billion senior secured facility is jointly and severally liable to all wholly owned restricted subsidiaries at Genting Americas, thereby benefitting from higher EBITDA at emergence. This includes Genting New York, Empire Resorts, and Resorts World Omni LLC. Resorts World Omni owns and operates the Miami Hilton Downtown Hotel. Nonetheless, our recovery prospects recognize high construction risks on the New York casino." The rating on Empire is raised to 'B+' and withdrawn. This reflects the successful refinancing and alleviated liquidity risks on the company. The rating also reflects Empire's fragile operating performance with minimal cash flow, resulting in its reliance on Genting Malaysia for financial support. ===================== N E W Z E A L A N D ===================== C H ALLEN: Creditors' Proofs of Debt Due on July 27 --------------------------------------------------- Creditors of C H Allen 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 26, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour, Auckland 0751 CANTING TRADER: Creditors' Proofs of Debt Due on Aug. 5 ------------------------------------------------------- Creditors of Canting Trader Limited are required to file their proofs of debt by Aug. 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 29, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 GOODVIEW WHOLESALE: Creditors' Proofs of Debt Due on Aug. 3 ----------------------------------------------------------- Creditors of Goodview Wholesale Limited are required to file their proofs of debt by Aug. 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 24, 2026. The company's liquidator is: Kevin John Davies Principle Insolvency LP PO Box 1566 Hamilton 3240 GREEN & MCCAHILL: Owes Creditors NZD73 Million, Liquidators Say --------------------------------------------------------------- NZ Herald reports that Weiti housing development business Green & McCahill Holdings is estimated to owe creditors NZD73 million, according to the initial liquidation report out on July 8. John Fisk and Lara Bennett, previously with PwC but now with Teneo, were appointed liquidators on June 30 by creditor resolution at a watershed meeting, NZ Herald notes. MORRISLW1 LIMITED: Court to Hear Wind-Up Petition on Aug. 6 ----------------------------------------------------------- A petition to wind up the operations of Morrislw1 Limited will be heard before the High Court at Auckland on Aug. 6, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 19, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SIMPLY ASIA: Court to Hear Wind-Up Petition on July 17 ------------------------------------------------------ A petition to wind up the operations of Simply Asia Food Group Limited will be heard before the High Court at Blenheim on July 17, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 27, 2026. The Petitioner's solicitor is: Kelly King Inland Revenue 663 Colombo Street Christchurch Central Christchurch ================= S I N G A P O R E ================= ART GLASS: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on June 26, 2026, to wind up the operations of Art Glass Solutions Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FINGERMOTION INC: Falls Below Nasdaq Minimum Bid Price Requirement ------------------------------------------------------------------ FingerMotion, Inc. announced in a regulatory filing that it received a deficiency letter from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, for 30 consecutive business days, the closing bid price for the Company's common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The Deficiency Letter has no immediate effect on the listing of the Company's common stock, and the Company's common stock will continue to trade on The Nasdaq Capital Market under the symbol "FNGR" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until December 28, 2026, to regain compliance with the Minimum Bid Price Requirement. If at any time before the Compliance Date, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, unless the Staff exercises its discretion to extend this 10-day period as provided in Nasdaq Listing Rule 5810(c)(3)(H), the Staff will provide written confirmation that the Company has achieved compliance. If the Company elects to implement a reverse stock split in order to regain compliance during the initial compliance period, it must complete such reverse stock split no later than 10 business days prior to the Compliance Date. If the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the minimum bid price deficiency, which may include, if necessary, implementing a reverse stock split. If the Company cannot regain compliance during such compliance period or any subsequently granted compliance period, the Staff will provide a written notification to the Company that its securities are subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Hearings Panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules. About FingerMotion Inc. Singapore-based FingerMotion Inc. is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. As of February 28, 2026, the Company had $60.85 million in total assets, $45.70 million in total liabilities, and $15.15 million in total stockholders' equity. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2026, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. PPFA KOREA: Creditors' Proofs of Debt Due on Aug. 3 --------------------------------------------------- Creditors of PPFA Korea I Pte. Ltd. are required to file their proofs of debt by Aug. 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 29, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia Pte Ltd 50 Havelock Road, #02-767 Singapore 160050 S P H BUILDERS: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 19, 2026, to wind up the operations of S P H Builders Pte. Ltd. Kian Hock Piling filed the petition against the company. The company's liquidators are: Mr. Lau Chin Huat Mr. Yeo Boon Keong Technic Inter-Asia Pte Ltd 50 Havelock Road, #02-767 Singapore 160050 STRAITS INTERNATIONAL: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on June 26, 2026, to wind up the operations of The Straits International Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SUNTEC REIT: Creditors' Proofs of Debt Due on Aug. 3 ---------------------------------------------------- Creditors of Suntec Reit UK 1 Pte. Ltd. and Suntec (PM) Pte. Ltd. are required to file their proofs of debt by Aug. 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2026. The company's liquidator is: Mr. Lai Seng Kwoon 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 =============== X X X X X X X X =============== [] ADB Sees Slower Growth for APAC in 2026 Amid Energy Crisis ------------------------------------------------------------- The Asian Development Bank (ADB) has lowered its growth forecast for developing Asia and the Pacific economies to 4.9% for 2026 compared to 5.5% growth in 2025. This is a reduction of 0.2 percentage points from April projections. Prolonged disruptions to energy markets caused by the Middle East conflict have weighed more heavily on the region's prospects than anticipated, according to ADB's latest economic outlook released on July 8. The 2027 growth forecast is maintained at 5.1%, reflecting recovering activity as these pressures ease. Asian Development Outlook (ADO) July 2026 expects disruptions to global energy markets to unwind only gradually, despite a framework agreement signed in June. With impacts extending beyond energy to fertilizers, other commodity prices, and supply chains, inflationary pressures are likely to persist. Regional inflation is now forecast at 4.3% this year compared to 3% in 2025—an upward revision of 0.7 percentage points from April. The inflation forecast for 2027 remains at 3.4%. "Durable implementation of the framework agreement would help normalize global energy markets, but the pace of adjustment is highly uncertain with significant downside risks," said ADB Chief Economist Albert Park. "Economic growth in developing Asia and the Pacific remains resilient, but persistent headwinds caused by the conflict require a careful policy balance between supporting growth and containing inflation." ADO July 2026 warns that renewed conflict escalation and prolonged geopolitical uncertainty remain key risks to the region's outlook. These could further tighten energy markets, raise risk premia, and intensify inflationary and external pressures. Tighter global financial conditions pose additional risks, with sovereign bond yields and borrowing costs rising, and fiscal deficits projected to widen in several economies. Higher tariffs and elevated trade policy uncertainty could also weigh on activity, while rising fertilizer prices continue to threaten agricultural output and food security. Growth projections for 2026 are lowered for most subregions, except developing East Asia. Forecasts for the People's Republic of China are unchanged at 4.6% for 2026 and 4.5% for 2027, supported by strong exports and infrastructure investment. India's growth forecast is revised down to 6.6% this year, as higher energy costs weigh on domestic demand, and maintained at 7.3% for next year. Growth projections for Southeast Asia and the Pacific are also trimmed, reflecting weaker domestic demand and tourism, rising inflation, and higher import costs. ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members - 50 from the region. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***