260713.mbx

260713.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, July 13, 2026, Vol. 29, No. 138 Headlines A U S T R A L I A BOOTH SERVICES: First Creditors' Meeting Set for July 17 CAIP SERVICES: ASIC Cancels Australian Financial Services Licence CASHMERE FUNDING 2026-1:S&P Assigns (P) BB+ (sf) Rating to E Notes COCKATOO ISLAND: First Creditors' Meeting Set for July 17 CONGO BRANDS: Collapses Into Administration EMECO HOLDINGS: Fitch Affirms Then Withdraws 'BB-' Long-Term IDR FIRSTMAC ASSET NO.1: Fitch Affirms 'Bsf' Rating on Class E Notes GFG ALLIANCE: Whyalla Ports and Ferretti Int'l Enter Liquidation HAPPITAT ADVENTURE: First Creditors' Meeting Set for July 17 LATITUDE AUSTRALIA 2026-1: Moody's Assigns (P)B1 Rating to F Notes SIX STRING: Second Creditors' Meeting Set for July 15 T.A.T.S. DOWNUNDER: First Creditors' Meeting Set for July 15 TAURUS 2024-1PP: Moody's Ups Rating on Cl. F Notes from Ba1 [] ASIC Reviews Audit Conduct Complaints at Big Four H O N G K O N G LAI SUN: Secures 96% Bondholder Backing, Cuts Debts by HKD2 Billion I N D I A ADISHAKTI MEDICAL: ICRA Withdraws D Rating on INR14.45cr ST Loan AGRO INDUS: ICRA Moves B+ Debt Ratings to Not Cooperating ANAND FARM: CRISIL Lowers Rating on INR5cr Proposed Loan to B ARPEGGIO INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating BEARDSELL LIMITED: ICRA Keeps B+ Debt Rating in Not Cooperating BONDCONNECT SECURITIES: Voluntary Liquidation Process Case Summary CHIDAMBARAM SHIPCARE: ICRA Withdraws B+ Rating on INR2.5cr Loan CMT MECHANISED: Insolvency Resolution Process Case Summary DAMAIRA PHARMACEUTICALS: CRISIL Cuts Rating on INR11cr Loan to D G. P. DESIGNS: CRISIL Withdraws B Rating on INR20cr Cash Loan GAJANAND SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating GALAXY IEC: Insolvency Resolution Process Case Summary GREENOCARE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating HEMKUND GASES: CRISIL Keeps D Debt Ratings in Not Cooperating HERO FINCORP: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable IIFL FINANCE: Fitch Assigns 'B+' Rating to Senior Secured Notes JADEJA TRADELINK: CRISIL Lowers Rating on INR8.5cr Cash Loan to B JAMMU AUTO: CRISIL Lowers Long Term Ratings to C JOYMAKALI COLD: ICRA Withdraws B Rating on INR5.62cr LT Loan KURLON ENTERPRISE: ICRA Withdraws B+ Rating on INR58cr LT Loan NAGPUR DISTILLERS: CRISIL Moves B Debt Ratings to Not Cooperating NALARI FERRO: ICRA Withdraws B- Rating on INR5.70cr Term Loan RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating RAMILA DIAM: CRISIL Keeps B- Debt Rating in Not Cooperating RAVI NAIR: CRISIL Withdraws C Rating on INR7.25cr Cash Loan SGAF TECHNOLOGIES: Voluntary Liquidation Process Case Summary SPACE INCUBATRICS: Insolvency Resolution Process Case Summary SRI RAVICHANDRA: Liquidation Process Case Summary SUPREME ENGINEERING: Insolvency Resolution Process Case Summary SWADESHI MERCHANTS: Insolvency Resolution Process Case Summary UNITED HOTELS: ICRA Withdraws D Rating on INR14.45cr ST Loan YES BANK: S&P Assigns 'BB+/B' ICRs, Outlook Stable J A P A N ZENTOSHIN CO: Lenders Seek USD700 Million After Firm's Collapse N E W Z E A L A N D ELITE PARKING: Court to Hear Wind-Up Petition on July 16 KIWI CRUNCH: Enters Voluntary Administration ONE SEVENTY: Creditors' Proofs of Debt Due on July 31 RY WORKS: Creditors' Proofs of Debt Due on July 30 TECH SOLUTIONS: Creditors' Proofs of Debt Due on Aug. 14 WILMECH LIMITED: Court to Hear Wind-Up Petition on July 16 S I N G A P O R E ALTERA INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 29 FRASERS HOSPITALITY: Moody's Withdraws Ba1 Corporate Family Rating G10 JAPAN: Creditors' Proofs of Debt Due on Aug. 6 GIFTS DESIGN: Court to Hear Wind-Up Petition on July 24 MERCURY SEA: Creditors' Proofs of Debt Due on Aug. 7 TRADEPAC SYSTEMS: Court Enters Wind-Up Order S O U T H K O R E A JOONGANG GROUP: Creditors Approve Unit's Debt Workout Scheme - - - - - ================= A U S T R A L I A ================= BOOTH SERVICES: First Creditors' Meeting Set for July 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Booth Services S.B.S Pty Ltd will be held on July 17, 2026, at 12:00 p.m. via Microsoft Teams. David Henry Sampson of BPS Recovery was appointed as administrator of the company on July 7, 2026. CAIP SERVICES: ASIC Cancels Australian Financial Services Licence ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of CAIP Services Pty Ltd effective from July 8, 2026. The AFS licence was cancelled after ASIC found that CAIP Services Pty Ltd was no longer using the AFS licence to provide financial services. Under s915B(3)(a) of the Corporations Act 2001 (Cth), ASIC may suspend or cancel an AFS licence if the licence holder ceases to carry on a financial services business. CAIP Services Pty Ltd had held AFS Licence number 432297 since Feb. 6, 2013. It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to general insurance and life risk insurance products to retail and wholesale clients. CAIP Services Pty Ltd has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision. CASHMERE FUNDING 2026-1:S&P Assigns (P) BB+ (sf) Rating to E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to 10 classes of prime residential mortgage-backed securities (RMBS) to be issued by AMAL Trustees Ltd. as trustee of Cashmere Funding Trust 2026-1. Cashmere Funding Trust 2026-1 is a securitization of prime residential mortgages originated by RAMS Financial Group Pty Ltd., a subsidiary of Westpac Banking Corp. The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, and it believes the credit support is sufficient to withstand the stresses S&P applies. The credit support for the rated notes comprises note subordination and excess spread. The assessment of credit risk considers the underwriting standards and loan approval processes. RAMS Financial Group Pty Ltd. originated the loans in the portfolio and Pepper Money Ltd. performs the servicing role. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "We have assessed the counterparty exposure to Westpac as the bank account provider and interest-rate swap provider as well as Bank of America N.A., Australian Branch as the liquidity facility provider. The transaction documents include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Cashmere Funding Trust 2026-1 Class A1-1, A$6,678.40 million: AAA (sf) Class A1-2, A$2,701.20 million: AAA (sf) Class A1-3, A$1,750.60 million: Not rated Class A1-4, A$1,500.00 million: AAA (sf) Class A1-5, A$1,500.00 million: AAA (sf) Class A2-1, A$314.00 million: AAA (sf) Class A2-2, A$235.60 million: AA+ (sf) Class B, A$376.80 million: AA- (sf) Class C, A$289.40 million: A- (sf) Class D, A$110.00 million: BBB (sf) Class E, A$62.80 million: BB+ (sf) Class F, A$70.60 million: Not rated Class G, A$23.60 million: Not rated Class H, A$78.60 million: Not rated COCKATOO ISLAND: First Creditors' Meeting Set for July 17 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Cockatoo Island Mining Pty Ltd will be held on July 17, 2026, at 12:00 p.m. via Microsoft Teams. John Bumbak and Richard Tucker of KordaMentha were appointed as administrators of the company on July 7, 2026. CONGO BRANDS: Collapses Into Administration ------------------------------------------- News.com.au reports that the Australian company behind Logan Paul and KSI's Prime sports drinks has collapsed into administration. Administrator Alice Fay Ruhe of The Ruhe Group was appointed last week to oversee Congo Brands Australia, with the first creditors meeting scheduled to be held this Friday [July 17], news.com.au discloses. Congo Brands Australia is the local business behind the influencer-led brands such as Logan Paul and KSI's Prime and Lunchily, which was jointly founded with Mr Beast. Launched in 2022, Prime quickly became hugely popular among Australian schoolchildren with intense hype drive by Logan Paul and KSI - two well-known social media influencers. But in the company's last financial report lodged with the Australian Securities and Investments Commission in September last year, Congo Brands Australia reported its sales had halved from the previous year to AUD14.5 million from AUD31 million, news.com.au discloses. News.com.au relates that the Melbourne-based company suffered a net loss of AUD1.42 million in the financial year 2024, with AUD7.92 million in debts and only AUD84,855 in the bank. Between 2023 and 2024, Congo Brands Australia also dropped its inventory holdings from AUD28.9 million to AUD1.7 million, including a AUD4.57 million writedown of stock. The financial report reveals Congo Brands Australia is directed by Congo's US-based founder Max Clemons and Peter Davison. It states the Australian-arm is reliant on the Kentucky-based global holding company to meet its liabilities, adding Congo Brands Australia has received a "commitment to support the company for the foreseeable future," according to news.com.au. News.com.au says the appointment of administrators comes as packaging company Orora Group filed a lawsuit in the Federal Court to wind up Congo Brands Australia in June. No details of the case are publicly available however wind up applications are usually brought by creditors seeking to force a company into liquidation due to outstanding debts. A hearing has been scheduled for the Federal Court case on July 31, news.com.au adds. EMECO HOLDINGS: Fitch Affirms Then Withdraws 'BB-' Long-Term IDR ---------------------------------------------------------------- Fitch Ratings has affirmed Australia-based Emeco Holdings Limited's Long-Term Issuer Default Rating at 'BB-'. The Outlook is Stable. Fitch has simultaneously withdrawn all ratings. Emeco's rating reflects revenue diversification by commodity and customer, a high-margin mining equipment rental business, and the operation of an integrated rebuild and in-field maintenance workshop network that also supports its core rental business and provides greater flexibility in managing operating and capital expenses. However, the company remains exposed to the more cyclical rental equipment market, which can increase earnings volatility. The Stable Outlook reflects the flexibility that Emeco's strong balance sheet, which, along with demonstrated financial discipline, enables the company to absorb the impact of market weakness expected in the financial years ending June 2026 and 2027 (FY26 and FY27). Fitch estimates Emeco's EBITDA net leverage remained below 0.5x at FYE26. The company also continues to assess its capital allocation options, meaning Fitch does not expect leverage to stay at current levels over the longer term. Nevertheless, Fitch expects the company to maintain the metric near its long-term target. Fitch has chosen to withdraw the ratings of Emeco for commercial reasons. Fitch will no longer provide ratings or analytical coverage for Emeco. Key Rating Drivers Flexibility to Absorb Market Weakness: Fitch expects Emeco's FY26 and FY27 earnings to be weaker than previously forecast, reflecting lower utilization across 2HFY26 as wet weather, supply chain challenges and fuel price uncertainty affected demand. Emeco has been focusing on securing redeployment opportunities, although Fitch expects these to be progressed through 1HFY27 with full-year earnings growth to return in FY28. However, Fitch expects the company to be able to absorb this earnings weakness at its current rating level, reflecting its strong balance sheet and defensive cost structure. Moderate Revenue Visibility: Emeco's revenue visibility has improved with higher mix of service revenue, as service contracts tend to be longer term and closely integrated into miners' operations. Nevertheless, Emeco remains primarily focused on equipment hire and related services, leaving it more vulnerable than higher-rated peers offering integrated or full-service solutions. Visibility in its core segment is partially supported by diversification across a broad customer base and commodities - especially gold at over 30% of revenue - and by a commodity-agnostic fleet that can be redeployed across projects, regions and commodities to meet shifting demand. Defensive Cost Structure: Fitch believes the flexibility built into Emeco's asset base and cost structure will allow the company to protect its financial profile during commodity downturns. The company's in-house rebuild and 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. Strong Financial Profile: Fitch estimates Fitch-adjusted EBITDA net leverage continued to improve in FY26 (FY25: 0.5x), supported by strong cash flow from operations and extended suspension of dividends. Emeco continues to consider the use of its built-up cash. Fitch does not expect leverage to stay low in the medium term, but believe the company will maintain a conservative balance sheet through the cycle, with net debt/EBITDA leverage remaining close to its long-term target of below 1x. Peer Analysis Emeco is the largest rental operator in Australia providing open-cut and underground mining equipment. Its revenue is well diversified across commodities and customers. The company integrates large in-house rebuilding and maintenance functions, enhancing its ability to manage through the cycle. Still, Emeco's focus on rentals leads to larger exposure to short-term contracts, weakening its revenue visibility in comparison with contract mining peer, Perenti Limited (BB+/Stable). Emeco has a better financial profile than its peers. Its profitability surpasses that of Perenti, driven by its focus on rentals, which generate higher margins. Emeco has also demonstrated its commitment to maintaining a conservative balance sheet, with EBITDA net leverage remaining below the company's long-term target of 1.0x. Fitch’s Key Rating-Case Assumptions - Gross utilisation rate to decline to around 80% in FY26 and FY27, reflecting market weakness, before improving towards 85% by FY29 - Fitch-calculated EBITDA margin of 35% on average from FY26 to FY26. - Net capex at around 20% of revenue on average from FY26 to FY29. - 40% of operating net profit after tax to be returned to shareholders from FY27. 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-', moderate), market and competitive positioning ('b+', higher), diversification and asset quality ('bb-', moderate), company operational characteristics ('bb+', moderate), profitability ('bb+', moderate), financial structure ('aa', lower), and financial flexibility ('a', lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the historical year FY25, 40% for the forecast year FY26 and 10% for the forecast year FY27. - The governance assessment of 'good' has no impact. - The operating environment assessment of 'aa-' 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 Not applicable as the rating has been withdrawn. Liquidity and Debt Structure Emeco had total liquidity of AUD271 million at 1HFY26, comprising AUD171 million in cash and AUD100 million in undrawn committed facilities pro forma for the repayment of its AUD250 million 6.25% senior secured notes in January 2026. The company's AUD355 million syndicated facility matures in December 2030. Fitch expects this and its strong cash generation to support liquidity over the medium term. Issuer Profile Emeco, founded in 1972, is one of the leading earthmoving equipment rental companies listed on the Australian Securities Exchange. The company has operations in all key mining regions of Australia and its customers include mining companies and contractors across gold, coal, copper, bauxite and iron ore. 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 FY24 revenue-weighted Climate.VS for Emeco is 50 out of 100, suggesting moderate exposure to climate-related risks in that year. Emeco provides rental mining equipment and services to mining companies. Its equipment is generally commodity agnostic, meaning the fleet will be used for mining resources that are in stronger demand. Therefore, Emeco'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 Emeco's exposure to climate-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. Following the withdrawal of ratings for Emeco, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Prior ----------- ------ ----- Emeco Holdings Limited LT IDR BB- Affirmed BB- LT IDR WD Withdrawn FIRSTMAC ASSET NO.1: Fitch Affirms 'Bsf' Rating on Class E Notes ---------------------------------------------------------------- Fitch Ratings has upgraded three and affirmed two notes of Firstmac Asset Funding Trust No. 1 Series Auto No. 2 (Firstmac Asset Funding No. 2). The upgrades of the class B, C and D notes reflect the build-up of credit enhancement (CE), driven by the exclusion of the class F note from pro rata principal distributions and stable asset performance. The Outlook on the class D notes is Positive as there is potential for further upgrades, based on expected transaction performance and the continued build-up of CE. The Outlooks on the remaining notes are Stable. Fitch has affirmed all notes of Firstmac Asset Funding Trust No. 1 Series Auto No. 3 (Firstmac Asset Funding No. 3). The Outlook on the class C notes has been revised to Positive from Stable, reflecting the potential for upgrade, based on the build-up of CE ahead of the transaction entering its pro rata phase and expected transaction performance. The Outlooks on the remaining notes are Stable. Fitch has affirmed the ratings of all notes of Firstmac Asset Funding Trust No.1 NAB Auto Warehouse Series (Firstmac Asset Funding NAB Auto Warehouse). The Outlooks are Stable as the transaction remains within its revolving period. The transactions are backed by a pool of first-ranking Australian automotive loan receivables originated by Firstmac Limited. The notes were issued by Firstmac Fiduciary Services Pty Limited as trustee for the trusts. Entity/Debt Rating Prior ----------- ------ ----- Firstmac Asset Funding Trust No.1 NAB Auto Warehouse Series A LT AAAsf Affirmed AAAsf B AU3FN0053237 LT AAsf Affirmed AAsf C AU3FN0053245 LT Asf Affirmed Asf D AU3FN0053252 LT BBBsf Affirmed BBBsf E AU3FN0090387 LT Bsf Affirmed Bsf Firstmac Asset Funding Trust No. 1 Series Auto No. 2 A1 AU3FN0083036 LT AAAsf Affirmed AAAsf A2 AU3FN0083044 LT AAAsf Affirmed AAAsf B AU3FN0083051 LT AA+sf Upgrade AAsf C AU3FN0083069 LT AA-sf Upgrade Asf D AU3FN0083077 LT A-sf Upgrade BBB+sf Firstmac Asset Funding Trust No. 1 Series Auto No. 3 A1 AU3FN0101705 LT AAAsf Affirmed AAAsf A2 AU3FN0101713 LT AAAsf Affirmed AAAsf B AU3FN0101721 LT AA+sf Affirmed AA+sf C AU3FN0101739 LT A+sf Affirmed A+sf D AU3FN0101747 LT A-sf Affirmed A-sf E AU3FN0101754 LT BBBsf Affirmed BBBsf F AU3FN0101762 LT BBB-sf Affirmed BBB-sf Transaction Summary The collateral pool for Firstmac Asset Funding No. 2 has amortised to AUD85 million as of the 31 May 2026 pool-cut date from AUD300 million at closing. The pool comprises 4,450 loans with an average loan balance of AUD18,020, compared with 8,173 loans at closing that had an average loan balance of AUD41,866. The weighted-average remaining term has decreased to 28 months from 55 months at closing. The collateral pool for Firstmac Asset Funding No. 3 has amortised to AUD350 million as of the 31 May 2026 pool-cut date from AUD500 million at closing. The pool comprises 11,918 loans with an average loan balance of AUD29,335, compared with 14,015 loans at closing that had an average loan balance of AUD45,138 The weighted-average remaining term has decreased to 47 months from 55 months at closing. Firstmac Asset Funding NAB Auto Warehouse is a warehouse that purchases receivables on a revolving basis. The asset pool is subject to eligibility criteria and pool parameters. The transaction has triggers to protect noteholders from deterioration in the portfolio's credit quality, which may either require remedial action or trigger an amortisation event where principal collections are used to pay down the note principal in sequential order. KEY RATING DRIVERS Stable Asset Performance: As of end-May 2026, 30+ day arrears ranged between 1.3% (Firstmac Asset Funding No. 3) and 1.9% (Firstmac Asset Funding No. 2), while 60+ day arrears ranged between 0.8% (Firstmac Asset Funding No. 2) and 0.9% (Firstmac Asset Funding NAB Auto Warehouse). Arrears were broadly comparable with Fitch's 1Q26 Australian Auto ABS Performance Monitor benchmarks of 1.6% for 30+ day arrears and 0.8% for 60+ day arrears. The performance of the underlying assets in Firstmac Asset Funding No. 2 has been broadly in line with Fitch's base-case expectations, after incorporating the recovery lag. As of end-May 2026, the transaction had paid down to 27% of its original balance, and cumulative defaults and losses were 2.0% and 1.3%, respectively, compared with lifetime base-case default and loss assumptions of 2.5% and 1.3%, respectively, set at the last surveillance. Fitch's base-case default and recovery assumptions remain unchanged at 2.5% and 50%, respectively, with the 'AAAsf' portfolio loss unchanged at 10.9%. There is not yet sufficient data to assess the performance of the underlying assets in Firstmac Asset Funding No. 3 against Fitch's base case. As of end-May 2026, the transaction had paid down to 71% of its original balance, and cumulative defaults and losses were 0.2% and 0.1%, respectively, compared with lifetime base-case default and loss assumptions of 2.6% and 1.3%, respectively, set at closing. Fitch's base-case default and recovery assumptions remain unchanged at 2.5% and 50%, respectively, with the 'AAAsf' portfolio loss broadly unchanged at 11.2%. Firstmac Asset Funding NAB Auto Warehouse is currently within its revolving period. As of end-April 2026, cumulative defaults and losses were 1.6% and 1.1%, respectively, compared with lifetime base-case default and loss assumptions of 2.7% and 1.4%, respectively, set at closing. Fitch's base-case default and recovery assumptions remain unchanged at 2.7% and 50%, respectively, with the 'AAAsf' portfolio loss unchanged at 11.9%. CE Supports Ratings: Updated cash flow analysis was performed for Firstmac Asset Funding No. 2 and Firstmac Asset Funding No. 3, with the prepayment rate unchanged at 22%. Fitch did not re-run the cash flow analysis for Firstmac Asset Funding NAB Auto Warehouse, as the base-case assumptions were unchanged and the transaction remains within its revolving period. Firstmac Asset Funding No. 2 is currently within its pro-rata amortisation period and will revert to sequential pay on the earlier of the 10% clean-up call option or the December 2027 call option date, subject to performance triggers. Firstmac Asset Funding No. 3 is currently within its sequential amortisation period and is expected to switch to pro-rata amortisation once the class A1 subordination trigger of 25% is met, which Fitch expects to occur in 1Q27. Firstmac Asset Funding NAB Auto Warehouse is currently within its revolving period, which is scheduled to end in April 2027. If the revolving period is not extended, the transaction will switch to sequential amortisation for life. Low Operational and Servicing Risk: All receivables were originated by Firstmac Limited, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Trustee Company Limited. Fitch undertook an operational review and found that the operations of the servicer were comparable with those of other auto lenders. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% in the year to March 2026 and unemployment was 4.4% in May 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing weighted-average (WA) defaults and decreasing the WA recovery rate. Firstmac Asset Funding No. 2 Notes: A1 / A2 / B / C / D Rating: AAAsf / AAAsf / AA+sf / AA-sf / A-sf 10% defaults increase: AAAsf / AAAsf / AAsf / A+sf / A-sf 25% defaults increase: AAAsf / AA+sf / AA-sf / Asf / BBB+sf 50% defaults increase: AAAsf / AAsf / A+sf / A-sf / BBB-sf 10% recoveries decrease: AAAsf / AAAsf / AA+sf / AA-sf / A-sf 25% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf 50% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBB+sf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AAsf / A+sf / BBB+sf 25% defaults increase/25% recoveries decrease: AAAsf / AA+sf / A+sf / A-sf / BBBsf 50% defaults increase/50% recoveries decrease: AAAsf / A+sf / A-sf / BBBsf / BBsf Firstmac Asset Funding No. 3 Notes: A1 / A2 / B / C / D / E / F Rating: AAAsf / AAAsf / AA+sf / A+sf / A-sf / BBBsf / BBB-sf 10% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BBsf 25% defaults increase: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf 50% defaults increase: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf / B+sf 10% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BBsf 25% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf / BB-sf 50% recoveries decrease: AAAsf / AAAsf / AA+sf / Asf / BBBsf / B+sf / Bsf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AA+sf / Asf / BBB+sf / BBsf / BB-sf 25% defaults increase/25% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / B+sf / Bsf 50% defaults increase/50% recoveries decrease: AA+sf / AA-sf / Asf / BBBsf / BBsf / Less than Bsf / Less than Bsf Firstmac Asset Funding NAB Auto Warehouse As no models where run for this rating action, please refer to Fitch's previously published downgrade rating sensitivities for this transaction in the rating action commentary titled "Fitch Assigns Ratings to Firstmac Asset Funding Trust No. 1 NAB Auto Warehouse; Outlook Stable", published on 20 August 2024. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The 'AAAsf' notes are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Firstmac Asset Funding No. 2 Notes: B / C / D Rating: AA+sf / AA-sf / A-sf 10% defaults decrease/10% recoveries increase: AAAsf / AAsf / A+sf Firstmac Asset Funding No. 3 Notes: B / C / D / E / F Rating: AA+sf / A+sf / A-sf / BBBsf / BBB-sf 10% defaults decrease/10% recoveries increase: AAAsf / AAsf / Asf / BBBsf / BB+sf Firstmac Asset Funding NAB Auto Warehouse As no models where run for this rating action, please refer to Fitch's previously published upgrade rating sensitivities for this transaction in the rating action commentary titled "Fitch Assigns Ratings to Firstmac Asset Funding Trust No. 1 NAB Auto Warehouse; Outlook Stable", published on 20 August 2024. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. 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. GFG ALLIANCE: Whyalla Ports and Ferretti Int'l Enter Liquidation ---------------------------------------------------------------- ABC News reports that two Whyalla-based companies owned by GFG Alliance, the former operator of the Whyalla Steelworks, have been forced into liquidation. According to the Australian Manufacturing Workers Union, unlike the steelworks, the Whyalla Ports and Ferretti International do not have tangible assets to sell to pay their respective debts, including to their workers, the ABC relays. The ABC relates that AMWU organiser Steve McMillan said the liquidation process was unlikely to cover the companies' outstanding debts. "Whatever money's left has to be divvied amongst the creditors . . . and the employees being one of those," the ABC quotes Mr. McMillan as saying. "But unfortunately, we don't think there's going to be enough money in the coffers to pay the entitlements of those workers." Ferretti International owes more than AUD2 million in entitlements to its 100-strong workforce between the Whyalla and Wingfield sites, the ABC discloses. Whyalla Ports owes roughly AUD194 million to its various creditors. Mr. McMillan said workers felt let down. "It's just another thing that's happened in Whyalla that has basically, you know, left a black mark," he said. "I mean, people work for a company in good faith that their entitlements are secure . . . regardless of what the business is doing. When Whyalla Ports and Ferretti International were placed into administration last year creditors allowed GFG Alliance, the parent company, to maintain control under a Deed of Company Arrangement (DOCA), according to the ABC. The ABC relates that Michael Brereton from administrator William Buck said a creditors' meeting was held earlier this month after "material breaches" were identified under the respective arrangements. "In both matters, the deed proponent, under the GFG Alliance, had failed to make required cash contributions in accordance with its obligations under the DOCAs," he said. A spokesperson from the Department of Employment and Workplace Relations said the FEG scheme is a safety net for workers when an employer enters liquidation or bankruptcy. To be eligible, workers must be an Australian citizen, permanent visa holder or special category visa holder at the time their employment ended, the ABC says. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. HAPPITAT ADVENTURE: First Creditors' Meeting Set for July 17 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of: - Happitat Adventure Parks Pty Ltd (formerly t/as Happitat, and Happinets Adventure Park Formerly k/as Happinets Adventure Parks Pty Ltd) - Happitat Lamington National Park Pty Ltd (formerly k/as Happi Adventures Pty Ltd, Happitat Pty Ltd, and Happitat Scenic RIM Pty Ltd) - Naviq Capital Pty Ltd (formerly k/as Uplift Properties Australia Pty Ltd) - Homeofwalden Pty Ltd (formerly k/as Naviq Logistics Pty Ltd, and Uplift Transport Australia Pty Ltd Formerly t/as Walden b) will be held on July 17, 2026, at 10:00 a.m. at the offices of Rodgers Reidy, at Level 2A, 181 Elizabeth Street, in Brisbane, QLD, and via virtual meeting technology. Nicholas David Lancaster and Kaily Lyn Chua of Rodgers Reidy were appointed as administrators of the company on July 7, 2026. LATITUDE AUSTRALIA 2026-1: Moody's Assigns (P)B1 Rating to F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following provisional ratings to notes to be issued by Perpetual Corporate Trust Limited as trustee of Latitude Australia Personal Loans Series 2026-1 Trust. Issuer: Perpetual Corporate Trust Limited as trustee of Latitude Australia Personal Loans Series 2026-1 Trust AUD337.50 million Class A Notes, Assigned (P)Aaa (sf) AUD54.50 million Class B Notes, Assigned (P)Aa2 (sf) AUD28.00 million Class C Notes, Assigned (P)A2 (sf) AUD17.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD35.00 million Class E Notes, Assigned (P)Ba2 (sf) AUD3.00 million Class F Notes, Assigned (P)B1 (sf) The AUD25.00 million Seller Notes are not rated by Moody's. Latitude Australia Personal Loans Series 2026-1 Trust is a cash securitisation of secured and unsecured personal loans extended to obligors located in Australia. The transaction has a substitution ending in months subject to certain substitution termination events. All receivables were originated and are serviced by Latitude Personal Finance Pty Limited (Latitude). Latitude provides sales finance, credit cards, personal loans and consumer credit insurance in Australia and New Zealand. Latitude originates loans through direct and third-party channels. Direct channels include online and call centre based applications with third-party distribution through partnership agreements and a network of brokers. The Latitude Australia Personal Loans Series 2026-1 Trust transaction represents Latitude's sixth personal loan term ABS transaction and its first personal loan term ABS for 2026. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- Moody's evaluations of the underlying receivables and their expected performance; -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A Notes. Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among all classes of notes. The Seller Notes will stop receiving principal payments once their balance falls below 2% of the aggregate initial invested amount of notes at closing date. Following the call date, the structure will revert to a sequential repayment profile. Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 32.50%, 21.60%, 16.00%, 12.60%, 5.60% and 5.00% of note subordination, respectively; -- The availability of excess spread over the life of the transaction; -- The pool parameters which must be maintained during the substitution period: -- The aggregate outstanding balance of Receivables with a variable rate does not exceed 62.00% of the aggregate pool balance; -- The aggregate outstanding balance of Receivables with a remaining term exceeding 72 months does not exceed 54.00% of the aggregate pool balance; -- The aggregate outstanding balance of Receivables with an outstanding balance exceeding A$50,000 does not exceed 20.00% of the aggregate pool balance; -- The aggregate outstanding balance of Receivables with a GECO Score of CR3 does not exceed 22.75%; -- The aggregate outstanding balance of Receivables with a GECO Score of CR4 does not exceed 6.00%, of the aggregate pool balance; -- The aggregate outstanding balance of Receivables where the obligor is not resident in NSW, VIC or QLD does not exceed 30.00% of the aggregate pool balance; and -- The weighted average annualised interest rate of the Receivables exceeds 17.70%. -- The liquidity facility in the amount of 1.50% of the aggregate outstanding principal balance of receivables not in arrears by more than 90 days, subject to a floor of AUD1.00 million; -- The trust will enter into an eligible interest rate swap to mitigate interest rate risk between fixed rates loan receivables and floating rates rated notes; -- The experience of Latitude as servicer, and; -- The back-up servicing arrangements with AMAL Asset Management Limited. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are default rate of 9.00% for the initial pool and 9.25% for the loans added during the substitution period.; portfolio credit enhancement (PCE) of 35.0% and a recovery rate of 10.0%. Moody's assumed default rate and recovery rate are stressed compared to the extrapolated mean default of around 8.8% and actual historical levels of recovery rate of around 25%. Key indicative pool features are as follows: -- The composition of the pool is such that fixed rate loans constitute 39.3% while the remaining 60.7% is made up of variable rate loans; -- The weighted average interest rate of the portfolio is 18.4%; -- The weighted average remaining term of the portfolio is 67.0 months; and -- The weighted average seasoning of the initial portfolio is 9.6 months. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties or insufficient transactional governance and fraud. SIX STRING: Second Creditors' Meeting Set for July 15 ----------------------------------------------------- A second meeting of creditors in the proceedings of Six String Brewing Company Pty Ltd (trading as "Six String Brewery" and "Six String Brewery Restaurant") has been set for July 15, 2026, at 11:00 a.m. via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 14, 2026 at 4:00 p.m. Henry McKenna of Vincents was appointed as administrator of the company on June 10, 2026. T.A.T.S. DOWNUNDER: First Creditors' Meeting Set for July 15 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of T.A.T.S. Downunder Pty Limited will be held on July 15, 2026, at 10:00 a.m. at the offices of Shaw Gidley, at Level 1, 160 Pacific Highway, in Charlestown, NSW and via virtual meeting technology. Jeffrey Allan Shute of Shaw Gidley was appointed as administrator of the company on July 6, 2026. TAURUS 2024-1PP: Moody's Ups Rating on Cl. F Notes from Ba1 ----------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued from Taurus 2024-1PP Trust. The affected ratings are as follows: Issuer: Taurus 2024-1PP Trust Class C Notes, Upgraded to Aa1 (sf); previously on Nov 13, 2025 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa1 (sf); previously on Nov 13, 2025 Upgraded to A1 (sf) Class E Notes, Upgraded to A2 (sf); previously on Nov 13, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Baa1 (sf); previously on Nov 13, 2025 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and good performance of the collateral pool to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the June 2026 payment date, credit enhancement available for the Class C, Class D, Class E and Class F Notes has increased to 11.2%, 7.6%, 2.9%, and 2.2% respectively, from 10.6%, 6.9%, 2.3% and 1.6% at the time of the last rating action in November 2025. Principal collections have been distributed on a pro-rata basis among the rated notes (excluding Class A1-X Notes) since August 2025 payment date. Current outstanding notes (excluding Class A1-X Notes) as a percentage of the closing notes balance is 36.1%. The Class A1-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-May 2026, 1.1% of the outstanding pool was 30-plus days delinquent and 0.3% was 90-plus days delinquent. The deal has incurred 0.5% of losses to date, which have been covered by excess spread. According to the servicer, reported losses are net of collections from vehicle sales or insurance claims proceeds before the loan is written off. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 2% of the outstanding pool balance (equivalent to 1.4% of the original balance) from 2.3% of the outstanding pool balance (equivalent to 1.6% of the original balance) at the time of the last rating action in November 2025. Moody's have also decreased Moody's Aaa Portfolio credit enhancement (PCE) assumption to 10% from 13% at the time of the last rating action and increased Moody's recovery rate assumption to 35% from 30%. Moody's have considered sensitivity scenarios with various default and PCE assumptions and lower recovery rate to evaluate the resiliency of the note ratings. The transaction is a cash securitization of consumer and commercial auto loan receivables extended to prime borrowers in Australia by Taurus Finance Holdings Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. [] ASIC Reviews Audit Conduct Complaints at Big Four ---------------------------------------------------- Reuters reports that Australia's corporate regulator has launched a review of audit conduct complaints at the Big Four audit firms, widening its scrutiny of the sector after allegations that KPMG staff misused confidential information to win contracts. Reuters says the probe comes as Australia's Treasury consults on tougher regulation of large accounting, auditing and consulting firms, including possible reforms that could expand the corporate regulator's role. The government has also said it ⁠is considering options including breaking up the Big Four after repeated controversies in the sector. According to Reuters, the Australian Securities and Investments Commission (ASIC) said on July 9 it would examine internal and whistleblower complaints about audit conduct, including the misuse or sharing of confidential information, while continuing a separate investigation into specific allegations involving KPMG. "The allegations concerning KPMG are serious. ASIC will use the existing suite of limited powers available to us, while continuing to engage constructively with the government's reform process," ASIC Chair Sarah Court said. ================= H O N G K O N G ================= LAI SUN: Secures 96% Bondholder Backing, Cuts Debts by HKD2 Billion ------------------------------------------------------------------- The Standard reports that Lai Sun Development has successfully completed its dollar bond exchange offer and consent solicitation, securing over 96 percent support, with the bondholders' special resolution formally passed. In this bond transaction, the company repaid 30 percent of the participating exchange bond principal, approximately US$143 million (HK$1.12 billion), in cash out of a total of about US$477 million, The Standard relates. The remaining principal will be exchanged for new notes with a three-year maturity due on July 28, 2029, optimizing the debt structure and buying time for deleveraging. According to The Standard, Lai Sun said that amid the still-challenging commercial real estate and credit environment in Hong Kong, the company successfully united creditor consensus through transparent and fair transaction arrangements. Upon completion of the transaction, together with the repayment of bank loans from the sale of the 3 Connaught Road Central project in late last month, the company has effectively reduced its total liabilities by approximately HK$2 billion, demonstrating the company's execution capability in asset monetization and deleveraging. The Standard adds that the company said its liquidity pressure has been significantly alleviated, and its financial foundation has become more solid, positioning it well to pursue orderly deleveraging and focus on core business development. About Lai Sun Development Headquartered in Hong Kong, Lai Sun Development Company Limited (HKG:0488) -- https://www.laisun.com/lai-sun-development -- together with its subsidiaries, invests in, develops, leases, and sells real estate properties in Hong Kong, Mainland China, Macau, the United Kingdom, Vietnam, and internationally. Lai Sun Development reported annual net losses of HKD2.87 billion, HKD3.67 billion and HKD2.96 billion for the financial years ended July 31, 2025, 2024 and 2023, respectively. The company reported annual net loss of HKD1.97 billion in 2022. ========= I N D I A ========= ADISHAKTI MEDICAL: ICRA Withdraws D Rating on INR14.45cr ST Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Adishakti Medical Center Private Limited in accordance with ICRA's rating withdrawal policy, following the closure of the rated facilities. This is evidenced by the No Due Certificates (NDCs) issued by the respective lenders. Based on the NDCs, ICRA is of the view that there are no outstanding dues payable by the company in respect of the bank facilities rated by ICRA. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.25 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short-term- 14.45 [ICRA]D; ISSUER NOT Non-fund based- COOPERATING; Withdrawn Others The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, and Key Financial Indicators have not been presented, as the rated instruments have been withdrawn. Adishakti Medical Center Private Limited (formerly Adishakti Alloys Pvt. Ltd.) incorporated in 1995, is involved in manufacturing of aluminum alloy ingots and billets from recycled aluminium scrap. AAPL's manufacturing facility is in West Bengal and its products are used in power transmission, auto components and other engineering units. AGRO INDUS: ICRA Moves B+ Debt Ratings to Not Cooperating --------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Agro Indus Credits Limited (AICL) to the 'Issuer Not Cooperating' category. The ratings are denoted as '[ICRA]B+ (Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 9.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Rating moved to Working capital to "Issuer not cooperating" Term loan category Long Term- 10.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Rating moved to Cash Credit to "Issuer not cooperating" Term loan category Short-term 5.00 [ICRA]A4; [ICRA]A4 ISSUER NOT fund based- COOPERATING; Rating moved to Overdraft "Issuer not cooperating" category As part of its process and in accordance with its rating agreement with AICL, ICRA has been trying to seek information from the entity to monitor its performance. Despite multiple requests, the entity's management has remained non-cooperative. In the absence of requisite information and in line with ICRA's policy in respect of non-cooperation by a rated entity, the ratings have been moved to the 'Issuer Not Cooperating' category. The ratings are based on the best available information. ICRA assesses whether the information available about the entity is commensurate with its ratings and reviews the same as per its 'policy in respect of non-cooperation by a rated entity' available at www.icra.in. Lenders, investors and other market participants are thus advised to exercise appropriate caution while using these ratings as they may not adequately reflect the credit risk profile of the entity. Agro Indus Credits Limited (AICL) is a non-deposit taking non-banking financial company (NBFC) incorporated in January 1997. It was acquired by the current promoters, Mr. Muraleedharan Kesavan, Mrs. Beena Muraleedharan and others, in 2010. At present, AICL offers gold loans while mortgage loans and vehicle loans were sanctioned earlier. It operates mainly in Tamil Nadu and Kerala through its branches, with its head office in Kochi (Kerala). The company has 62 branches in these two states, including 36 in Tamil Nadu. Its total portfolio outstanding was INR110.7 crore and INR92.4 crore as of September 2024 and March 2024, respectively. AICL reported a net profit of INR1.3 crore (provisional) on a total asset base of INR116.5 crore in H1 FY2025 compared to INR1.2 crore and INR98.7 crore, respectively, in FY2024. ANAND FARM: CRISIL Lowers Rating on INR5cr Proposed Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Anand Farm and Nursery (AFN) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 5 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with AFN for obtaining NDS through letters/emails dated April 30, 2026, May 29, 2026 and June 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated June 25, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of AFN to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from AFN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on AFN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AFN migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Set up in 2000 as a proprietorship, AFN provides a wide range of plants and garden accessories. The firm also undertakes landscaping activities. It is based in Gandhinagar, Gujarat. It is owned and managed by Mr Pravin Abheraj Chaudhary. ARPEGGIO INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Arpeggio Industries Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Arpeggio Industries Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Arpeggio Industries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Arpeggio Industries Private Limited (AIPL) was setup in 2020 with the purpose to operate an amusement park at Gopalpur beach in Odisha which includes a combination of 13 rides (with ferry wheel being the main attraction), along with water sports, mobile theater, microbrewery, and food beverages stall. The rides and other infrastructures are proposed to be domestically procured or constructed in-house. The total capital cost of the project is estimated to be at INR27.0 crore. The COD is yet to be determined as the land acquisition process is yet to completed. The company has received an In principle approval from The Industrial Promotion & Investment Corporation of Odisha Limited to set-up the amusement park and the company is in the process of obtaining 6.57 acres of land to setup the project which will be on a lease basis for a tenure of 99 years with the Odisha State Government. BEARDSELL LIMITED: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term rating for the fixed deposits of Beardsell Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fixed Deposit 5.00 [ICRA] B+(Stable); ISSUER NOT COOPERATING*; Rating Continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Beardsell Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Beardsell Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Beardsell Limited was incorporated in 1936 with its head office in Chennai. It manufactures insulation products such as prefabricated products and packaging and moulded products. The prefabricated segment comprises panel products, which find application in sectors such as cold storages, affordable housing, food processing plants, pharma and roofing applications. The company's packaging and moulded products segment manufactures panels (expanded polystyrene sheets and rigid polyurethane foam slabs) primarily used for composite packaging, anti-static packaging, building insulation, etc, that find application in the consumer durables industry. Besides, BSL trades in industrial motors in the domestic market. It is a channel partner for the electric motors of Siemens in Tamil Nadu. The company has six manufacturing units, one each in Chennai, Thane, Karad, Hyderabad, Maler (Karnataka) and Hapor. Its registered office is in Chennai with nine branches pan-India. BONDCONNECT SECURITIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Bondconnect Securities Private Limited 103, Dom Ann Villa, Opposite Rajpura Hall, N.P Thakker Road, Vile Parle East, Mumbai - 400057 Liquidation Commencement Date: June 23, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Jagdish Ratanlal Ahuja 2C-1405, Dreams Complex, Bhandup West, LBS Road, Near Pawar Public School, Mumbai - 400078 Tel: +91-93231 44390 Last date for submission of claims: July 23, 2026 CHIDAMBARAM SHIPCARE: ICRA Withdraws B+ Rating on INR2.5cr Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Chidambaram Shipcare Private Limited in accordance with ICRA's rating withdrawal policy, following the closure of the rated facilities. This is evidenced by the No Due Certificates (NDCs) issued by the respective lenders. Based on the NDCs, ICRA is of the view that there are no outstanding dues payable by the company in respect of the bank facilities rated by ICRA. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short-term- 2.85 [ICRA]A4; ISSUER NOT Non-fund based- COOPERATING; Withdrawn Others Unallocated 0.65 [ICRA]B+(Stable); ISSUER NOT Limits COOPERATING; Withdrawn The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, and Key Financial Indicators have not been presented, as the rated instruments have been withdrawn. Chidambaram Shipcare Private Limited (CSPL) was set up by Mr. K. Chidambaram in 1979 to provide afloat ship repair services and fabrication services at shipyards and ship building yards. Currently, apart from providing these services, CSPL also has dealership and service support agreements with: * Volvo India Private Limited for marine propulsion and genset engines, spare parts and accessories; * SMAG Peiner Grabs (India) Private Limited for grabs; and * Optimarin for ballast water treatment systems. CSPL is a registered Ship Repair Unit (SRU) with the Directorate General of Shipping for rendering afloat ship repair services. It currently has a workshop at the Chennai Port and another at Darukhana, near the Mumbai Port, which act as the base for its southern and western operations, respectively. CMT MECHANISED: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: CMT Mechanised System Private Limited CIB-235/1, GIDC Industrial Estate, POR-Ramangamdi, Vadodara 391243, Gujarat Insolvency Commencement Date: June 25, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 22, 2026 Insolvency professional: Mohit Chawla Interim Resolution Professional: Mohit Chawla SCO 26, Shri Balaji Complex, Old Ambala Road, Dhakauli, Zirakpur District SAS Nagar, Punjab, 140603 Email: camohitchawla@gmail.com ip.cmtmspl@gmail.com Last date for submission of claims: July 9, 2026 DAMAIRA PHARMACEUTICALS: CRISIL Cuts Rating on INR11cr Loan to D ---------------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of Damaira Pharmaceuticals Pvt Ltd (DPPL) to 'Crisil D' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil D (Downgraded from 'Crisil B+/Stable') Proposed Fund- 2.1 Crisil D (Downgraded from Based Bank Limits 'Crisil B+/Stable') Term Loan 11 Crisil D (Downgraded from 'Crisil B+/Stable') Term Loan 5.5 Crisil D (Downgraded from 'Crisil B+/Stable') Term Loan 1.4 Crisil D (Downgraded from 'Crisil B+/Stable') Term Loan 3 Crisil D (Downgraded from 'Crisil B+/Stable') The downgraded reflects delays in meeting term debt obligation on account of weak liquidity. The company also a modest financial risk profile. However, these weaknesses are partially offset by the extensive experience of the promoters. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of DPPL. Key Rating Drivers - Weaknesses * Delay in debt servicing: DPPL has delayed repaying its term loan by 1-2 days in a few months in the 12 months through June 2026 because of stretched liquidity. * Leveraged financial risk profile: Gearing and total outside liabilities to adjusted networth ratio are estimated to be weak at 5.80 times and 7.20 times, respectively, as on March 31, 2026. Debt protection metrics have been muted in the past due to low accrual from operations. Key Rating Drivers - Strengths * Extensive experience of the promoters: The promoters' experience of about six decades in the pharmaceutical industry through group entity, Damaira Exports and Medicos, has enabled them to understand the market dynamics and establish healthy relationships with customers and suppliers. Significant increase in revenue over the medium term will remain monitorable. Liquidity Poor The company has delayed meeting its debt obligation for 1-2 days in the 12 months through June 2026 due to weak liquidity. This is due to stretched working capital cycle following high receivables and inventory levels. Additionally, the company has significant fixed debt obligation against low net cash accrual. Large working capital requirement and leveraged capital structure will continue to constrain liquidity over the medium term. Rating Sensitivity Factors Upward Factors * Track record of timely servicing of debt and absence of any irregularity for at least 3 months * Significant improvement in liquidity Incorporated in July 2020, DPPL is promoted and managed by Mr Bhagwat Bansal and Mr Vikul Bansal. The company recently set up a manufacturing unit for dry powder injectables of antibiotics such as meropenem, imipenem or cilastatin, and ceftriaxone, with capacity of 80,000 vials per day. The facility is in Raipur Rani, Haryana. G. P. DESIGNS: CRISIL Withdraws B Rating on INR20cr Cash Loan ------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of G. P. Designs Private Limited (GPDPL; part of the GP Design group) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Cash 5 Crisil B/Stable/Issuer Not Credit Limit Cooperating (Withdrawn) Proposed Long Term 0.63 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 1.37 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with GPDPL 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 GPDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GPDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of GPDPL to 'Crisil B/Stable Issuer not cooperating'. About the Group GPDPL was incorporated in 2006. GPDPL manufactures grey and finished fabric for suiting and shirting at its unit in Bhilwara, Rajasthan. STPL was incorporated in 1986. STPL is also engaged in the same line of business. It manufactures grey and finished fabric for suiting and shirting at its unit in Bhilwara, Rajasthan. The group is owned and managed by Mr. Rajesh Gagrani and Mr. Gaurav Gagrani. GAJANAND SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gajanand Spintex India Private Limited (GSIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (Issuer Not Cooperating) Rupee Term Loan 4.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GSIPL 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 GSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GSIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2014, GSIPL is based in Mehsana, Gujarat. The company manufactures cotton yarn. It is promoted by Mr Ashok Patel, Mr Bharat Patel, Mr Sanjay Patel and Mr Vijay Patel. GSIPL has set up a spinning mill of 11,520 spindles with complete system LMW. The company's manufacturing facility in Mehsana has installed capacity to produce 7,200 kilogram of yarn per day. GALAXY IEC: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Galaxy IEC India Private Limited RP-14, Galaxy House Road No. 5, Sudama Nagar, Dombivli East, Thane - 421201 Maharashtra Insolvency Commencement Date: June 19, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 19, 2026 Insolvency professional: Krishna Gopal Ratanlal Maheshwari Interim Resolution Professional: Krishna Gopal Ratanlal Maheshwari 602, Rajendra Ratna, Mahesh Nagar, S V Road, Goregaon West, Mumbai City, Maharashtra, 400104 Email: 1kgmaheshwari@gmail.com Primus Insolvency Resolution and Valuation Pvt Ltd. 408, 4th Floor, Manish Chambers, Sonawala Road, Goregaon East, Mumbai - 400063 Email: cirp.galaxyiec@gmail.com Last date for submission of claims: July 6, 2026 GREENOCARE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Greenocare Engineering Private Limited (GEPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil D (ISSUER NOT COOPERATING) Cash Credit 17.5 Crisil D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GEPL 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 GEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GEPL continues to be 'Crisil D Issuer not cooperating'. GEPL, incorporated in 2015, undertakes projects related to erection and commissioning of pre-fabricated structures and buildings. HEMKUND GASES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hemkund Gases (HG, part of Ginni Group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.42 Crisil D (Issuer Not Cooperating) Proposed Long Term 1.08 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HG 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 HG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HG continues to be 'Crisil D Issuer not cooperating'. HG was established as partnership firm and is engaged in gas filling and distribution of LPG in cylinders for domestic, commercial and industrial purposes across different segments. The firm has two facilities: Unit I is in Ranchi, Jharkhand, and Unit II is in 24 Parganas. HERO FINCORP: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term issuer credit ratings on Hero FinCorp. Ltd. The outlook on the long-term rating is stable. Hero FinCorp is exposed to low-income clients and small businesses that are vulnerable to economic downcycles. The Indian finance company's portfolio pruning, tightened underwriting and client selection, as well as secured loans pivot will enable it to gradually improve its asset quality and maintain adequate capitalization. S&P views Hero FinCorp's risk management as evolving. The company remains exposed to low-income households and small businesses, segments that are particularly vulnerable to economic downcycles. Inflationary pressures arising from the Middle East conflict could reduce disposable income for low-income households and margins for small businesses. While Hero FinCorp does not have direct exposure to crop loans, weaker monsoons in India can also affect the asset quality of the rural economy, where the company operates in. Hero FinCorp's portfolio pruning, tightened underwriting and client selection, as well as pivot to secured loans should enable it gradually improve its asset quality. S&P expects Hero FinCorp to lower its credit costs to 2.8%-3.5% of total loans over the next two years. The company's credit costs were 5.4% in fiscal 2025 (year-end March 31) and 4.5% in fiscal 2026 amid stress in unsecured retail and vehicle loans portfolio. Hero FinCorp will likely maintain adequate capital buffers. S&P forecasts the company will have a risk-adjusted capital (RAC) ratio of 7.8%-8.3% over the next two years. It could return to profitability in fiscal 2027 following a loss of Indian rupee (INR) 2.3 billion in fiscal 2026. Drivers will be lower credit costs and higher interest income from an increase in loan disbursals. Association with Hero MotoCorp will continue to underpin the funding profile of Hero FinCorp. Finance companies in India that are part of larger, well-known corporate groups tend to benefit from better or preferential access to funds, in our opinion. The market continues to factor in support from Hero MotoCorp into the pricing of Hero FinCorp's debt. The ongoing support gives Hero FinCorp a structurally better funding profile than similar-sized peers. S&P said, "If linkages between Hero FinCorp and Hero MotoCorp diminish such that we expect reduced group support, we could revise downward our assessment of the company's funding profile and stand-alone credit profile (SACP). "We believe Hero FinCorp remains strategically important to Hero MotoCorp. The company is part of Hero MotoCorp's strategy of improving financing penetration for two-wheeler sales, particularly in tier-two and tier-three markets." Hero FinCorp financed about 16% of Hero MotoCorp's total two-wheeler sales in fiscal 2026. The parent will likely maintain majority ownership and control over Hero FinCorp over the next two years, despite a potential dilution of its stake in case of a successful public listing of Hero FinCorp. S&P said, "The stable rating outlook reflects our view that Hero FinCorp will remain strategically important to, and receive extraordinary support in a stress scenario, from the Hero MotoCorp group over the next 12-18 months. "We could lower the ratings on Hero FinCorp if: (1) the company's asset quality does not continue its improving trend; (2) the company's linkages with the wider group diminish; or (3) if the group credit profile weakens. "Our assessment of the group credit profile could weaken if the group experiences a significant loss of market share in the two-wheeler segment or a significant decline in earnings because of economic headwinds." The linkages could be set back by a continued decline in Hero FinCorp's proportion of the group's two-wheeler financing or by a further material reduction of the group's shareholding in the company beyond that resulting from the current IPO plan. If the linkages with the wider group diminish, Hero FinCorp could face a multi-notch downgrade due to declining group support uplift, as well as a potential decrease in ongoing support. Such a shift could eliminate the advantage that gives Hero FinCorp a structurally better funding profile than its peers of similar size that lack a strong parent. S&P said, "We could also lower the ratings on Hero FinCorp if the company's asset quality weakens further due to strategic missteps such as a higher risk appetite or weak underwriting. "We believe an upgrade of Hero FinCorp is unlikely over the next 12 months. "We could revise upward our assessment of the SACP if: (1) Hero FinCorp's RAC ratio improves sustainably above 10%; and (2) its asset quality improves such that credit losses sustain below 3.5%. This improvement in RAC could happen if the company's IPO plan materializes and the conversion of its compulsorily convertible preference shares into common equity takes place." IIFL FINANCE: Fitch Assigns 'B+' Rating to Senior Secured Notes --------------------------------------------------------------- Fitch Ratings has assigned India-based IIFL Finance Limited's (B+/Positive) USD300 million 7.6% senior secured notes due July 2030 a final rating of 'B+' and Recovery Rating of 'RR4'. This follows the receipt of final documentation conforming to information previously received. The final rating is in line with the expected rating assigned on 2 July 2026. The notes are secured by collateral that includes the issuer's specified assets and receivables. The notes are subject to maintenance-based covenants that require the issuer and each of its principal subsidiaries to meet regulatory capital requirements and maintain a net 90-day non-performing loan ratio of no more than 5%. The covenants also require the issuer to maintain a security coverage ratio, comprising standard assets, of at least 1.0x at all times. The notes are issued in the international market under the Reserve Bank of India's external commercial borrowings framework. Key Rating Drivers The senior secured notes are rated at the same level as IIFL Finance's Long-Term Foreign-Currency Issuer Default Rating (IDR), in accordance with Fitch's rating criteria, as they are the issuer's secured obligations and rank pari passu at all times with its other secured obligations. Most of IIFL Finance's debt is secured and Fitch believes non-payment of the senior secured debt would best reflect the uncured failure of the issuer. IIFL Finance can issue unsecured debt in overseas markets, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. The Recovery Rating on the senior secured debt reflects its expectation of 'Average' recovery prospects in the event of default. This is in line with its criteria for India-based entities with a Long-Term IDR of 'B+' or below. The notes are subject to a cross-acceleration clause, where the acceleration of any debt of the issuer or its principal subsidiaries may constitute an event of default. There has been no adverse lender action over the microfinance subsidiary's breach of certain delinquency-related loan covenants in the financial year ended March 2025, with the relevant delinquency ratio improving over the past 12-18 months. The issuer and its principal subsidiaries continue to meet all repayment obligations. For more information on IIFL Finance's key rating drivers and sensitivities, please see Fitch Revises Outlook on IIFL Finance to Positive; Affirms at 'B+', published 16 October 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on IIFL Finance's Long-Term IDR would drive a corresponding action on the rating of the notes. The rating may also be downgraded if Fitch believes that recovery prospects are likely to weaken to below 30% of outstanding senior secured bonds in a liquidation scenario. The Recovery Rating would be revised to 'RR5' in such a scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of IIFL Finance's Long-Term IDR would result in a similar action on the bond rating. Date of Relevant Committee 15-Oct-2025 ESG Considerations IIFL Finance has an ESG Relevance Score of '4' for Management Strategy, as Fitch believes the company's operations and franchise remain sensitive to management's ability to maintain sound implementation of internal controls and return the business to adequate profitability following the lifting of Reserve Bank of India sanctions on its gold loan business. IIFL Finance has an ESG Relevance Score of '4' for Governance Structure, as the history of regulatory action implies there are gaps in the oversight structure and management of compliance risks that may pose a reputational risk for the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- IIFL Finance Limited senior secured LT B+ New Rating RR4 B+(EXP) JADEJA TRADELINK: CRISIL Lowers Rating on INR8.5cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Jadeja Tradelink Private Limited (JTPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 1.5 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with JTPL for obtaining NDS through letters/emails dated April 30, 2026, May 29, 2026 and June 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated June 25, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of JTPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from JTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on JTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JTPL migrated to 'Crisil B/Stable Issuer not cooperating'. JTPL, incorporated in 2021, is engaged in the trading of waste paper, clay and allied materials. JTPL is owned and managed by Mr Jaydeepsinh V Jadeja and Mr Hardeepsinh V Jadeja. JAMMU AUTO: CRISIL Lowers Long Term Ratings to C ------------------------------------------------ Crisil Ratings has migrated the ratings on bank facilities of Jammu Auto Mart Private Limited (JAMPL) to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil BB/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil C (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Short Term Rating - Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Crisil Ratings has been consistently following up with JAMPL for obtaining information through letter and email dated June 9, 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 JAMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JAMPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of JAMPL to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil BB/Stable/Crisil A4+'. About the Group Incorporated in 2008 and promoted by Mr Ankur Mahajan and Mr Sanjay Mahajan, JAMPL is an authorised dealer of Hyundai automobiles in Jammu and Kashmir. It has five showrooms. PAPL started its operations in 2019 and is an authorised dealer of Hyundai automobiles and added the Kia dealership in 2025. PAPL has seven showrooms. JOYMAKALI COLD: ICRA Withdraws B Rating on INR5.62cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Joymakali Cold Storage Private Limited in accordance with ICRA's rating withdrawal policy, following the closure of the rated facilities. This is evidenced by the No Due Certificates (NDCs) issued by the respective lenders. Based on the NDCs, ICRA is of the view that there are no outstanding dues payable by the company in respect of the bank facilities rated by ICRA. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.62 [ICRA]B (Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Unallocated 0.38 [ICRA]B(Stable); ISSUER NOT Limits COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING; Withdrawn The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, and Key Financial Indicators have not been presented, as the rated instruments have been withdrawn. Incorporated in 1978 as a private limited company, Joymakali Cold Storage Private Limited (JCSPL) is a closely held company promoted by Mr. Naba Kumar Kundu and his family members. The company provides coldstorage facility to potato-growing farmers and traders on a rental basis with a storage capacity of 150,604 quintals. The cold-storage unit is located in Burdwan, West Bengal. KURLON ENTERPRISE: ICRA Withdraws B+ Rating on INR58cr LT Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Kurlon Enterprise Limited in accordance with ICRA's rating withdrawal policy, following a request from the company. Further, as per the status update on the Ministry of Corporate Affairs (MCA) portal, the entity stands amalgamated and has consequently ceased to exist. Based on this, ICRA is of the view that there are no outstanding dues payable by the company in respect of the bank facilities rated by ICRA. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 58.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short-term- 15.00 [ICRA]A4; ISSUER NOT Non-fund based- COOPERATING; Withdrawn Others KEL was incorporated in October 2011 as a 99.99% subsidiary of Kurlon Limited (KL). KL was incorporated in February 1962 as Karnataka Consumer Products Limited by Mr. T. Ramesh U. Pai. The company's name was changed to Kurlon Ltd. in 1995. In March 2014, KL signed a business transfer agreement with KEL, effective from April 1, 2014, to transfer the business division of mattress, foam, furniture and other products (including assets, liabilities, contracts and licenses) of the former, as a going concern, on a slump-sale basis to KEL. In consideration of the net assets taken over, KEL issued shares to KL. Under the agreement, all land and buildings were retained by KL and all plants and machinery (except the Gwalior plant) were transferred to KEL. The core operations of the mattress, foam and furniture business are now carried out by KEL, and all the products manufactured by KL (through the Gwalior plant) are sold to KEL. The Group has manufacturing facilities for rubberised coir in Yeswanthpur (Bangalore), Bhubaneswar and Gwalior, polyurethane foam manufacturing facility at Dabaspet (Karnataka), Roorkee (Uttarakhand) and Jhagadia (Gujarat), and spring manufacturing facility at Peenya (Bangalore), Jhagadia (Gujarat) and Bhubaneshwar. Kurlon Trading & Invest Management Private Limited (KTIMPL) is incorporated in May 2022 with a purpose of acquiring 6.19% stake held by Motilal Oswal Private Equity and IFC in KEL. On October 20, 2023, Sheela Foam Ltd has informed BSE/NSE on completion of acquisition of Kurlon Enterprise Limited from Kanara Consumers Products Limited (earlier Kurlon Limited). NAGPUR DISTILLERS: CRISIL Moves B Debt Ratings to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Nagpur Distillers Private Limited (NDPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Working Capital 0.5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with NDPL for obtaining information through letter and email dated June 19, 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 NDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NDPL 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 NDPL to 'Crisil B/Stable Issuer not cooperating'. NDPL was established in 1983 as a partnership firm, which was reconstituted as a private limited company in fiscal 2008. It is promoted by the Anand, Bapuna, and Dewani families, and Mr Thakkar. The company, based in Nagpur, Maharashtra, manufactures country liquor under its own brand, Cheetah. It also operates a retail outlet in Nagpur. NALARI FERRO: ICRA Withdraws B- Rating on INR5.70cr Term Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Nalari Ferro Alloys Private Limited in accordance with ICRA's rating withdrawal policy, following the closure of the rated facilities. This is evidenced by the No Due Certificates (NDCs) issued by the respective lenders. Based on the NDCs, ICRA is of the view that there are no outstanding dues payable by the company in respect of the bank facilities rated by ICRA. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.25 [ICRA]B- (Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 5.70 [ICRA]B- (Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Unallocated 0.38 [ICRA]B(Stable); ISSUER NOT Limits COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING; Withdrawn Short-term- 7.50 [ICRA]A4; ISSUER NOT Non-fund based- COOPERATING; Withdrawn Others Unallocated 0.55 [ICRA]B-(Stable); ISSUER NOT Limits COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING; Withdrawn Incorporated in February 2001, NFAPL is engaged in manufacturing ferro silicon with two 7.5 MVA submerged electric arc furnaces (EAF), translating into a combined installed capacity of 11,200 TPA. The manufacturing facility is located at Byrnihat, Meghalaya. RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Radhagobinda Rice Mills Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Radhagobinda Rice Mills Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 2.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term 5.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Incorporated in 2009, RRMPL is currently engaged in the milling of non-basmati rice. The manufacturing facility of the company is located at Jaunlia, in the district of Murshidabad, West Bengal. The company started its production in July 2012. RAMILA DIAM: CRISIL Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ramila Diam Private Limited (RDPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RDPL 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 RDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RDPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2010, Mumbai-based RDPL is promoted by Mr Shreyans Sheth and Ms Ramila Sheth. The company manufactures and trades in rough, cut, and polished diamonds and jewellery. RAVI NAIR: CRISIL Withdraws C Rating on INR7.25cr Cash Loan ----------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Ravi Nair Hospitals Private Limited (RNHPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.25 Crisil C (ISSUER NOT COOPERATING; Migrated from 'Crisil C'; Rating Withdrawn) Drop Line 3.20 Crisil C (ISSUER NOT Overdraft Facility COOPERATING; Migrated from 'Crisil C'; Rating Withdrawn) Rupee Term Loan 8.49 Crisil C (ISSUER NOT COOPERATING; Migrated from 'Crisil C'; Rating Withdrawn) Crisil Ratings has been consistently following up with RNHPL for obtaining information through letter and email dated June 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RNHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RNHPL 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 RNHPL to 'Crisil C Issuer not cooperating'. The Nair family ventured into the healthcare industry in 1996, when Mr Udaybhaskar Nair (chairman of the Nairsons group) acquired Neet Hospitals Pvt Ltd. This company was renamed as RNHPL. It operates a 150-bed multispecialty, secondary care hospital, Orange City Hospital & Research Institute, in Nagpur. SGAF TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: SGAF Technologies India Private Limited HD-653, WeWork DLF Forum, Phase-3, DLF Cybercity, DLF QE, Gurgaon, Haryana, India, 122002 Liquidation Commencement Date: June 25, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Shrishti Garg G-301, Parkview City-2, Sector-49, Sohna Road, Near Vatika Business Park, Gurgaon, Haryana - 122018 Tel: 9870221702 Email: liq.sgaf@gmail.com Last date for submission of claims: July 24, 2026 SPACE INCUBATRICS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Space Incubatrics Technologies Limited Desk No. A 41, D-9, Ground Floor, Sector-3, Noida, Gautam Buddha Nagar, Uttar Pradesh, India, 201301 Insolvency Commencement Date: June 10, 2026 Court: National Company Law Tribunal, Ahllahabad Bench, Prayagraj Estimated date of closure of insolvency resolution process: December 7, 2026 Insolvency professional: Dinesh Chander Gupta Interim Resolution Professional: Dinesh Chander Gupta 4819/24, Ansari Road, Near JPH Publishing House, Central Delhi, Delhi -110002 Email: dcgcomp@gmail.com sitl.cirp@gmail.com Last date for submission of claims: June 24, 2026 SRI RAVICHANDRA: Liquidation Process Case Summary ------------------------------------------------- Debtor: Sri Ravichandra Textiles Private Limited Flat No. 2, Saiprakash Apartments, Ground Floor, First Lane, Vidya Nagar, Guntur - 522007 Andhra Pradesh Liquidation Commencement Date: June 17, 2026 Court: National Company Law Tribunal, Amaravati Bench Liquidator: Srinivas Gudla Rao 6-20-20/3, Flat No. 201, Aqua Towers, East Point Colony, Back Gate Chaitanya College, Visakhapatnam, Andhra Pradesh - 530017 Email: gudlasrinivasrao@gmail.com Flat No. A-1, BR's Princeton Apartments, CBM Compound, VIP Road, Visakhapatnam - 530003, Andhra Pradesh Last date for submission of claims: July 2, 2026 SUPREME ENGINEERING: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Supreme Engineering Limited R-223, MIDC Complex, Thane, Belapur Road, Rabale, Navi Mumbai, Maharashtra, India, 400701 Insolvency Commencement Date: June 23, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 19, 2026 Insolvency professional: S. Gopalakrishnan Interim Resolution Professional: S. Gopalakrishnan 203, The Ghatkopar Nilkanth CHS, Jethabhai Lane, Ghatkopar (East) - 400077 Email: gopi63.ip@gmail.com supremeengineering.cirp@gmail.com Last date for submission of claims: July 8, 2026 SWADESHI MERCHANTS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Swadeshi Merchants Private Limited 31, Sir Hariram Goenka Street, Kolkata - 700007 West Bengal Insolvency Commencement Date: June 22, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 18, 2026 Insolvency professional: Sudipta Ghosh Interim Resolution Professional: Sudipta Ghosh 8, N.N. Mukherjee, 3rd Lane, Uttarpara, Hooghly - 712258, West Bengal Email: sudipta_ghosh08@yahoo.com 29C, Bentinck Street, 2nd Floor, Kolkata 700069, West Bengal Email: cirp.swadeshimerchants@gmail.com Last date for submission of claims: July 6, 2026 UNITED HOTELS: ICRA Withdraws D Rating on INR14.45cr ST Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of United Hotels And Properties Pvt. Ltd. in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from United Hotels And Properties Pvt. Ltd. towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 9.50 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Short-term- 14.45 [ICRA]D; ISSUER NOT Non-fund based- COOPERATING; Withdrawn Others Unallocated 23.00 [ICRA]D;ISSUER NOT COOPERATING/ Limits [ICRA]D; ISSUER NOT COOPERATING; Withdrawn Incorporated in 1992, UHPL was acquired by the present management in 2007. UHPL had leased out its assets (land, building and other equipment) in Bhubaneswar to S. P. Jaiswal Estates Private Limited (SPJEPL), the flagship company of the HHI Group, till FY2012. From FY2013, the company is managing the Bhubaneswar property and has set up a hotel in Pune, branded The HHI Pune. YES BANK: S&P Assigns 'BB+/B' ICRs, Outlook Stable -------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term and 'B' short-term issuer credit ratings to Yes Bank Ltd. The outlook on the long-term rating is stable. S&P said, "Our ratings on Yes Bank reflect our expectation of extraordinary support from SMBC, if needed. The ratings get one notch of uplift for potential extraordinary support from SMBC. We believe SMBC will provide extraordinary support to Yes Bank if required in times of financial stress. This reflects our view that the bank is a moderately strategic affiliate of SMBC, given its operations in the Indian market, which is a high priority growth corridor for SMBC. "We see SMBC's strategic influence on Yes Bank through its representation on the board. The bank will benefit from sharing global best practices in areas like risk, audit, IT, finance, and compliance functions, and strengthening its risk management culture. SMBC is the largest shareholder of the bank, after it acquired a 24.9% stake in 2025. "The starting point for our ratings on Yes Bank is the 'bbb-' anchor we derive for any bank operating predominantly in India. Yes Bank's loan exposure is almost entirely in India. We assess the bank's stand-alone credit profile (SACP) at 'bb', one notch below the issuer credit rating. "Yes Bank's adequate capitalization underpins its creditworthiness. We expect the bank to gradually improve its profitability, asset quality, and funding and gain market share over the next one to two years." Yes Bank's business position reflects its modest market share and low profitability. Yes Bank will gradually expand its market share and narrow its profitability gap with industry peers. As of late 2025, the bank held a modest market share of approximately 1.2% in loans and 1.3% in deposits. While a recent recovery in net interest margins and lower credit costs improved its return on assets to 0.8% for fiscal 2026 (ended March 31, 2026), the return still lagged the industry average of 1.3%. S&P expects Yes Bank's market position to benefit from its association with SMBC. The bank is poised to benefit from enhanced business opportunities through collaboration with SMBC's existing presence in India, including its branches and SMFG India Credit Co. Ltd. via client referrals and loan syndication. S&P said, "Yes Bank's capitalization is likely to benefit from steady internal capital generation. We anticipate the bank's risk-adjusted capital (RAC) ratio will stabilize at 8.0%-8.5% through fiscal 2027-2028, compared with 9.0% in March 2026. This reflects our expectation that its loan growth will gain momentum over the next two fiscal years. "We project Yes Bank's profitability will moderately rise, with its return on assets likely to exceed 0.9% by fiscal 2028 from 0.8% in fiscal 2026." The bank's net interest margin should improve by approximately 30 basis points (bps) over the next two fiscal years, narrowing its gap with industry peers. Driving this expansion will be a declining proportion of lending related to India's rural infrastructure development fund and lower funding costs. Funding costs will likely benefit from an improvement in Yes Bank's low-cost current account savings account (CASA) deposits. Additionally, the bank's partnership with SMBC could help the bank mobilize corporate relationship-based current accounts and access other funding sources such as external commercial borrowings and offshore bonds. Yes Bank's average cost of funding of 6.0% remains high among rated peers due to the bank's reliance on wholesale funding and premium pricing for certain retail deposits. Portfolio granularity has improved, but unsecured retail slippage is elevated. High new nonperforming loan formation in Yes Bank's retail loan portfolio in the past two years reflects rapid growth in unsecured lending and a higher proportion of riskier loans without commensurate investments in collection infrastructure. Additionally, higher funding costs than peers have lowered the bank's proportion of high-quality mortgage loans. However, recent slippages have improved on corrective actions such as enhanced collection and recovery mechanisms, tighter underwriting, and customer sourcing discipline. S&P expects Yes Bank's credit growth to be 14%-15% in fiscal 2027-2028, up from 11% in fiscal 2026. The bank's asset quality may come under pressure over the next two years amid macroeconomic volatility. As loan growth picks up, the bank's ability to preserve underwriting standards and limit incremental slippage will remain key. S&P expects Yes Bank's credit cost to remain below the average for the industry, supported by recoveries from legacy security receipts. Yes Bank has fully provided for these, with an outstanding balance of Indian rupee 34.7 billion. Credit costs could rise to approximately 50 bps in fiscal 2027 and 70 bps of customer loans in fiscal 2028. The uptick in fiscal 2028 reflects an increase in steady-state credit costs under the Reserve Bank of India's expected credit loss framework and tapering recoveries from security receipts. Yes Bank has rebalanced its loan portfolio toward retail and small and midsize enterprise segments from a historically corporate-heavy loan book. This aligns with some rated peers. As of end-March 2026, retail loans accounted for about 46% of the bank's total advances while the commercial segment (SME business) accounted for 26% and corporate and institutional banking made up 28%. Yes Bank's underwriting standards are improving, in S&P's view. Better risk management and resolution of stressed legacy assets have led to a steady recovery in asset quality. The bank's ratio of reported gross nonperforming loans to customer loans was at 1.3% as of end-March 2026, down from 1.6% a year earlier. As loan growth accelerates, the bank's ability to preserve underwriting standards and limit an incremental rise in nonperforming loans will be key. Retail deposits have increased, but wholesale funding remains higher than that of peers. The bank continues to build a more granular deposit base. Its loan-to-deposit ratio improved to about 85% as of end-March 2026, broadly comparable to the industry average. Retail and branch-led deposits constituted nearly 60% of total deposits. Additionally, the bank's CASA ratio further improved to 35% from 34% a year earlier, although this level still lagged that of some rated private sector peers. Meanwhile, Yes Bank's share of wholesale funding remains higher than that of several peers, despite an improvement to about 17% of the total funding base as of end-March 2026 from above 20% as of end-March 2025. Yes Bank has high depositor concentration, with its top 20 depositors accounting for about 11.3% of total deposits as of March 2025. This compared with 4%-7% for some rated peers. S&P said, "We also applied a one-notch positive comparable rating adjustment to reflect the ongoing positive transition at Yes Bank. We expect Yes Bank to gain market share, further strengthen underwriting standards, and optimize funding capabilities. We believe the bank can further accelerate in these areas due to its association with SMBC. Over time, the comparable rating adjustment will likely transition to an improvement in other stand-alone factors. "The stable rating outlook reflects our view that Yes Bank will benefit from ongoing and timely extraordinary support from SMBC, given its status of moderate strategic importance. We expect the bank to gradually improve its profitability, asset quality, and funding and gain market share over the next one to two years. We also expect its capitalization to decline amid higher loan growth but to remain adequate for the rating." S&P could lower its ratings on Yes Bank if: -- Its rapid growth and unseasoned loan book significantly weaken its asset quality below the industry average, as indicated by a rise in credit costs and its nonperforming loan ratio; or -- In an unlikely scenario, the bank's strategic importance to SMBC weakens. S&P could upgrade Yes Bank if the bank's strategic importance to SMBC further strengthens, for instance as represented by a step increase in SMBC's stake in the bank or increasing reputational linkage through brand and name sharing. ========= J A P A N ========= ZENTOSHIN CO: Lenders Seek USD700 Million After Firm's Collapse --------------------------------------------------------------- Bloomberg News reports that creditors across Japan are trying to claw back more than $700 million from a payments firm suspected to have faked its financial statement for at least 20 years and abruptly collapsed into bankruptcy last week. The financial failure of Osaka-based Zentoshin has left 63 creditors with claims totaling JPY115.16 billion ($709 million), Bloomberg discloses citing Tokyo Shoko Research. The creditors are mostly regional banks and other local lenders, with the biggest amount owed to Kinkisangyou Shinkumi Bank in Osaka at about JPY22 billion, the credit research firm wrote in a report. According to Bloomberg, Zentoshin's bankruptcy was triggered by difficulty securing additional financing after allegations of employee misconduct two years ago hit its reputation. Financial Services Agency officials don't see the event triggering concerns about the soundness of the financial institutions, but the regulator will examine if the lenders had exercised proper due diligence and risk management before making the loans to the collapsed firm, said people familiar with the matter. Tokyo Shoko released a list of creditors based on the bankruptcy petition Zentoshin submitted to the court, Bloomberg notes. That showed that other major creditors include Tokyo Star Bank, owned by Taiwan's CTBC Bank, and Towa Bank, based in Gunma Prefecture, with each of those claiming roughly JPY8 billion, Yamaguchi Bank in western Japan had lent about JPY7.5 billion, Bloomberg relays. Bloomberg adds that Bankers Co., a Tokyo-based operator of loan-based crowdfunding, was also listed as a creditor with claims of about JPY2.1 billion. The company said on its website that it had managed funds that lent money to Zentoshin and would "take all possible measures to maximize recoveries." However, if recoveries ultimately fall short, individual investors in those funds could also suffer losses, it said. Bloomberg relates that Zentoshin said it would "report on the status of its assets through its website and other channels to the extent possible." The company also said there are currently no plans to hold a creditors' meeting. Tokyo Shoko has said Zentoshin is suspected of having falsified its financial statements for at least two decades and may have been effectively insolvent by about JPY60.5 billion. The research firm said the reported claims may differ from final confirmed claims because they are subject to change through collateral enforcement and other adjustments, Bloomberg relays. Zentoshin's bankruptcy threatens small and medium-sized restaurants that relied on its credit card services, Bloomberg states. The company 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. Zentoshin Co., Ltd., provided advance payment services for credit card sales. ===================== N E W Z E A L A N D ===================== ELITE PARKING: Court to Hear Wind-Up Petition on July 16 -------------------------------------------------------- A petition to wind up the operations of Elite Parking Services Limited will be heard before the High Court at Christchurch on July 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 26, 2026. The Petitioner's solicitor is: Laura Hamilton Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch KIWI CRUNCH: Enters Voluntary Administration -------------------------------------------- Radio New Zealand reports that major apple grower and exporter Kiwi Crunch Hawke's Bay has entered voluntary administration, alongside several other associated companies. According to its website it managed 450 hectares of fruit-growing land across multiple orchards in Hawke's Bay and Central Otago. Wade Steven Glass was the director of Kiwi Crunch Hawke's Bay, along with Kiwi Crunch Exports Ltd, Kiwi Crunch Orchards Ltd, Kiwi Crunch Farms Ltd, Kiwi Crunch Nurseries Ltd, and KC IP Ltd which were also in voluntary administration, RNZ discloses. Kiwi Crunch Hawke's Bay was the sole shareholder of Hastings-based Crasborn Fresh Harvest Ltd which was placed in liquidation last week by order of the High Court in Auckland - reportedly in relation to NZD19 million in unpaid taxes and penalties owed to Inland Revenue. According to RNZ, Hawke's Bay Fruitgrowers' Association president Brydon Nisbet said he didn't know how many people would be affected but there were concerns about job losses. He said it came off the back of the difficult Covid-pandemic and post-Cyclone Gabrielle which many growers were still recovering from. "It's never nice when companies go into liquidation or receivership and it just means there's often job losses and families that are affected. "It's hard now days with the increasing cost of labour and compliance, and also the uncertainty of export returns all make it an industry that's not easy to navigate so it's just really unfortunate that this has happened." RNZ relates that Mr. Nisbet said the industry was still doing well though with positive signs after a successful apple harvest this year. "There's new players coming on board, a lot of great new varieties that are getting planted, companies are expanding, new coolstores are getting bought, new packsheds are getting developed . . . there's a lot of orchards getting bought and taken up for new leases with new companies getting involved. At the same time there's companies saying it's time to move on. "The fruit growing industry is still in a good place." Ecovis director Gareth Russel Hoole was appointed voluntary administrator of Kiwi Crunch Hawke's Bay, RNZ discloses. Leon Bowker or Kristal Pihama of KPMG have been appointed the liquidators for Crasborn Fresh Harvest Ltd but said they were in the early stage of the process and could not yet comment publicly. Their first report is expected in about a month time, RNZ notes. ONE SEVENTY: Creditors' Proofs of Debt Due on July 31 ----------------------------------------------------- Creditors of One Seventy Limited are required to file their proofs of debt by July 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2026. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 RY WORKS: Creditors' Proofs of Debt Due on July 30 -------------------------------------------------- Creditors of Ry Works Limited are required to file their proofs of debt by July 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2026. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 TECH SOLUTIONS: Creditors' Proofs of Debt Due on Aug. 14 -------------------------------------------------------- Creditors of Tech Solutions Limited, NT Nail and Beauty Limited, HM Foods Limited, and Concept Cleaning Services Limited (trading as Concept Cleaning Services) are required to file their proofs of debt by Aug. 14, 2026, to be included in the company's dividend distribution. Tech Solutions Limited commenced wind-up proceedings on June 25, 2026. NT Nail and Beauty Limited commenced wind-up proceedings on June 29, 2026. HM Foods Limited commenced wind-up proceedings on June 30, 2026. Concept Cleaning Services Limited (trading as Concept Cleaning Services) commenced wind-up proceedings on July 2, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 WILMECH LIMITED: Court to Hear Wind-Up Petition on July 16 ---------------------------------------------------------- A petition to wind up the operations of Wilmech Limited will be heard before the High Court at Christchurch on July 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 27, 2026. The Petitioner's solicitor is: Laura Hamilton Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch ================= S I N G A P O R E ================= ALTERA INFRASTRUCTURE: Creditors' Proofs of Debt Due on July 29 --------------------------------------------------------------- Creditors of Altera Infrastructure Services Pte. Ltd. are required to file their proofs of debt by July 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 29, 2026. The company's liquidators are: Sam Kok Weng c/o 7 Straits View Marina One East Tower, Level 12 Singapore 018936 FRASERS HOSPITALITY: Moody's Withdraws Ba1 Corporate Family Rating ------------------------------------------------------------------ Moody's Ratings has withdrawn the Ba1 corporate family rating of Frasers Hospitality Trust (FHT). At the same time, Moody's have also withdrawn the (P)Ba1 backed senior unsecured rating on the SGD1 billion multicurrency medium-term securities program issued by FH-REIT Treasury Pte. Ltd., a wholly owned subsidiary of FHT. Prior to the withdrawal, the outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Frasers Hospitality Trust is a stapled investment trust consisting of Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust. FHT owns a portfolio of serviced residences and hotels located across nine cities in Asia, Australia and Europe. G10 JAPAN: Creditors' Proofs of Debt Due on Aug. 6 -------------------------------------------------- Creditors of G10 Japan 3 Pte. Ltd. are required to file their proofs of debt by Aug. 6, 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 50 Havelock Road, #02-767 Singapore 160050 GIFTS DESIGN: Court to Hear Wind-Up Petition on July 24 ------------------------------------------------------- A petition to wind up the operations of Gifts Design Pte. Ltd. will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 30, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 MERCURY SEA: Creditors' Proofs of Debt Due on Aug. 7 ---------------------------------------------------- Creditors of Mercury Sea Pte. Ltd. are required to file their proofs of debt by Aug. 7, 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: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 TRADEPAC SYSTEMS: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on June 26, 2026, to wind up the operations of Tradepac Systems Pte. Ltd. FS Capital Pte Ltd filed the petition against the company. The company's liquidators are: BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== JOONGANG GROUP: Creditors Approve Unit's Debt Workout Scheme ------------------------------------------------------------ Yonhap News Agency reports that JoongAng Ilbo Co., a major South Korean newspaper publisher, has won approval for a creditor-led debt workout program, industry sources said July 10. Main creditor Hana Bank and other lenders reached the decision after consultations, Yonhap relates. On June 19, JoongAng Ilbo applied for the debt workout program amid liquidity problems at its parent, JoongAng Group. According to Yonhap, the application came after the company failed to meet a request for an early repayment of KRW22 billion (US$14.38 million) worth of commercial paper. Under the decision, creditors' debt collection efforts will be suspended for three months, allowing the company to avoid court-led rehabilitation proceedings. Yonhap relates that JoongAng Ilbo will draw up a business normalization plan based on a due diligence review by an accounting firm. The plan will be implemented after obtaining approval from the creditors, according to the sources. Yonhap says the company's self-rescue plans include drastic cost-cutting efforts, measures to generate stable cash flow, asset sales and the sale of the controlling shareholder's stake. JoongAng Ilbo has said it will hold talks with potential buyers on the sale of its management rights, Yonhap relays. JoongAng Holdings owns a 64.7 percent stake in JoongAng Ilbo and is controlled by the founding family of JoongAng Group. Meanwhile, five other JoongAng Group affiliates, including broadcaster JTBC and holding company JoongAng Holdings, filed for court-led rehabilitation proceedings last month, adds Yonhap. JoongAng Group operates media business. The Company publishes books, newspapers, and periodicals. JoongAng Group also offers ultra high frequency broadcast television and radio broadcast stations services. ********* 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 ***