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

                     A S I A   P A C I F I C

          Friday, July 17, 2026, Vol. 29, No. 142

                           Headlines



A U S T R A L I A

BARTON CONSTRUCTION: First Creditors' Meeting Set for July 21
EBEV.COM PTY: First Creditors' Meeting Set for July 21
GFG ALLIANCE: Liberty Bell Bay Closes, Hundreds Out of Work
JDH CAPITAL: Jean-Dominique Huynh's Debts Now Exceed AUD660MM
MA MONEY 2026-3: S&P Assigns Prelim. B+(sf) Rating on Cl. F Notes

MULCH HEALTHCARE: First Creditors' Meeting Set for July 21
PEPPER COMMERCIAL 2: S&P Assigns (P)Bsf Rating on Class F Notes
PEPPER PRIME 2026-1: S&P Assigns (P)Bsf Rating on Class F Notes
PROGRESS WAREHOUSE 6: S&P Assigns BB(sf) Rating on Cl. E Notes
QPM ENERGY: First Creditors' Meeting Set for July 17

TFI BV: First Creditors' Meeting Set for July 22
WEALTHHUB SECURITIES: Fined Over AUD1MM For Reporting Failures


C H I N A

CHINA EVERGRANDE: Liquidators Warn PwC Partners on Asset Shielding
[] CHINA: Distressed Assets Dominate Shenzhen's Big Property Deals


H O N G   K O N G

FUTURE FINTECH: Fortune CPA Out, Wei Wei Steps In as Auditor


I N D I A

BEFREE BUSINESS: CRISIL Lowers Rating on INR50cr Term Loan to B
BIMBO BAKERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
CONTINUUM GREEN: S&P Affirms 'BB-' ICR & Alters Outlook to Negative
GANGA VEHICLES: CRISIL Lowers Rating on INR7.95cr Cash Loan to B
HOSUR SUPER: CRISIL Keeps B Debt Rating in Not Cooperating

JAYPEE CEMENT: CARE Keeps D Debt Ratings in Not Cooperating
JDC INDIA: CARE Keeps C Debt Rating in Not Cooperating Category
KALPANA GINNING: CRISIL Lowers Rating on INR3.5cr LT Loan to B
KALPANA INDUSTRIES: CRISIL Cuts Rating on INR3cr Cash Loan to B
KAUSIKH THERAPEUTICS: CRISIL Cuts Rating on INR12cr Loan to B

LAHARIYA OIL: CRISIL Lowers Rating on INR6cr Term Loan to B
LAKSHMI VENKATA: CRISIL Lowers Rating on INR28cr Cash Loan to B
LINGA BHAIRAVI: CRISIL Keeps B Debt Ratings in Not Cooperating
MAC STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
MAGIC MIRROR: CRISIL Keeps B Debt Rating in Not Cooperating

MALOO INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
NILACHAL WEAVING: CRISIL Keeps B Debt Ratings in Not Cooperating
PRINT SOLUTIONS: CRISIL Keeps B Debt Rating in Not Cooperating
RAJASTHAN INDUSTRIES: CRISIL Cuts Rating on INR15cr Loan to B
RAJNI EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating

RASIK VATIKA: CRISIL Keeps B Debt Rating in Not Cooperating
RATAN TEXTILES: CRISIL Lowers Rating on INR6.5cr Export Loan to B
RESOURCE FOODS: CRISIL Lowers Rating on INR5.81cr Cash Loan to B
SEYA PATE: CARE Keeps B- Debt Rating in Not Cooperating Category
SHANKER INDUSTRIES: CRISIL Cuts Rating on INR7.5cr Cash Loan to B

SHILPA STAINLESS: CRISIL Withdraws B Ratings on LT/ST Term Loans
SHRADDHA MOTORS: CRISIL Keeps B Debt Rating in Not Cooperating


N E W   Z E A L A N D

AUCKLAND FINANCE: Teneo Financial Appointed as Receivers
GUDSELL HOLDINGS: Teneo Financial Appointed as Receivers
HAMLEIGH HOLDINGS: Creditor Claims Soar to Over NZD2 Million
JRD SERVICES: Court to Hear Wind-Up Petition on Aug. 7
MANGO INTERIORS: Court to Hear Wind-Up Petition on July 28

RANA HOSPITALITY: Creditors' Proofs of Debt Due on Aug. 7


S I N G A P O R E

CRYSTAL INVESTMENT: Creditors' Proofs of Debt Due on Aug. 11
MUTO SINGAPORE: Creditors' Proofs of Debt Due on Aug. 11
OZ MINERALS: Creditors' Proofs of Debt Due on Aug. 11
SHINFOX FAR: Deloitte Singapore Appointed Provisional Liquidators
SOFT RICE: Ironwood Advisory Appointed as Liquidator



S O U T H   K O R E A

HOMEPLUS CO: Creditor to Extend Fresh Funding For Retailer

                           - - - - -


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

BARTON CONSTRUCTION: First Creditors' Meeting Set for July 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Barton
Construction Group Pty Ltd will be held on July 21, 2026, at 12:00
a.m. via Microsoft Teams.

David Henry Sampson of BPS Recovery was appointed as administrators
of the company on July 9, 2026.


EBEV.COM PTY: First Creditors' Meeting Set for July 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ebev.com Pty
Ltd will be held on July 21, 2026, at 11:00 a.m. via via Microsoft
Teams.

Benjamin Ho and Glenn Livingstone of WLP Restructuring were
appointed as administrators of the company on July 9, 2026.


GFG ALLIANCE: Liberty Bell Bay Closes, Hundreds Out of Work
-----------------------------------------------------------
April Glover at nine.com.au reports that hundreds of jobs have been
lost following the immediate shuttering of Australia's only
manganese smelter.

According to nine.com.au, Liberty Bell Bay, located in George Town
in northern Tasmania, was ordered to close on July 16 by
administrators after it failed to attract a buyer, despite a
"tireless" effort to secure a serious offer.

nine.com.au relates that administrator EY-Parthenon said it had
entered into an agreement with a consortium to acquire the
smelter.

However, that deal fell through this week.

"In the absence of both a commercially viable transaction, and the
funding required to continue operations, the administrators have
made the difficult decision to commence the orderly closure of the
business with immediate effect," EY-Parthenon said in a statement.

"These difficulties were, in part, driven by the broader economic
challenges associated with operating the smelter in a volatile
global economy."

Employees were told early on July 16 that their jobs had been made
redundant, effective immediately, according to nine.com.au.

More than 200 people were employed at the smelter.

A small workforce will remain on site to safely demobilise the
site.

According to nine.com.au, the Mining and Energy Union (MEU) said
the news of a failed takeover had come as a shock to workers.

"We have fought hard alongside our members over many months to keep
Australia's only manganese smelter operating," nine.com.au quotes a
union spokesperson as saying.

"We will help members access their entitlements and keep fighting
for state and federal support for our members, their families and
their community."

nine.com.au says the union has called on the state and federal
government to intervene to resume the sales process.

"These workers have made an immeasurable contribution to the
Tasmanian economy, and deserve full wrap-around support from state
and federal government," the MEU spokesperson added.

nine.com.au adds that Tasmanian Premier Jeremy Rockliff and federal
Industry Minister Tim Ayres said it was a sad day for communities
in the region.

"Workers, unions, local businesses, EY and all levels of government
have worked tirelessly these past few months towards finding a
serious buyer for the smelter," they said in a joint statement.

"This is deeply difficult news for the workers of Liberty Bell Bay
and the communities of Bell Bay, George Town and northern Tasmania
who have fought tirelessly for a better outcome.  

"Both the Commonwealth and Tasmanian governments are now focused on
ensuring workers and their families are supported during this time,
with immediate on-ground support now available."

The Tasmanian and federal governments had stumped up almost AUD10
million in wage support during the protracted administration
process and said they had offered AUD20 million for a start-up
package, nine.com.au relays.

The smelter had been in operation since the 1960s and was bought by
Liberty Steel Group, owned by parent company GFG Alliance, in
2021.

It hit troubled times in May 2025 after shutting down due to price
volatility and disruptions to ore supply.

Workers had remained in their jobs over the past 14 months as
administrators attempted to find a buyer, nine.com.au notes.

                         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.


JDH CAPITAL: Jean-Dominique Huynh's Debts Now Exceed AUD660MM
-------------------------------------------------------------
The Australian Financial Review reports that the debts of failed
property developer Jean-Dominique Huynh, best known for being
behind the remodeling of Sydney's iconic Sirius building and
raising hundreds of millions of dollars for landmark developments
on the east coast, have risen from AUD131 million to a staggering
AUD667 million, according to his bankruptcy trustee.

The Financial Review relates that Mr. Huynh, a former Macquarie
Group investment banker, once touted his alleged connections to
Australia's richest person, Gina Rinehart, and Vietnamese
billionaires, to raise funds. His creditors include some of
Australia's largest private credit funds, such as Metrics Credit
Partners and Fortress Loans, along with a series of wealthy
families.

Last month, Mr. Huynh, 42, declared that he only had liabilities
worth AUD130.8 million after being compelled to share those details
by the Australian Financial Security Authority.

However, The Australian Financial Review can reveal that his
financial collapse is far larger than first disclosed.

Mr. Huynh's trustee, SV Partners, which was placed in charge of his
affairs due to orders from the Australian Taxation Office, said
that after accounting for new claims against him, it estimated his
debts had ballooned to more than AUD667 million, the Financial
Review relays.

"A review of [Huynh's statement of affairs] has identified a number
of inconsistencies and omissions when compared with information
obtained from independent sources and my ongoing investigations,"
SV Partners' director Jason Porter said in an updated report to
creditors on July 9.

According to the Financial Review, Mr. Huynh's rise to becoming a
property developer appeared to have been assisted by the picture he
painted of success and elite connections. He drove luxury cars,
took up residence in a Vaucluse mansion in one of Sydney's
wealthiest suburbs, and dressed in Hermes and Chanel.

He also talked up his family connections to Vietnamese entrepreneur
Johnathan Hanh Nguyen, the founder of Imex Pan Pacific Group, which
is the Asian nation's largest luxury retailer. But the connection
is distant. Hanh Nguyen is the uncle of Huynh's sister-in-law,
according to sources close to Huynh.

Another mogul he advertised his connection to was Australia's
richest person, mining mogul Gina Rinehart, and the property arm of
her business, Hancock Prospecting, the Financial Review says.

Mr. Huynh told his partners Ms. Rinehart was considering a role as
a silent partner in a proposed redevelopment of Brisbane's Stamford
Plaza. Mr. Huynh asked investors for cash to pay for the consulting
fees for the project.

When called by the Financial Review and asked about the proposal,
John Campbell, the chief executive of Hancock Prospecting's
property arm, said, "I don't know what you're talking about",
before hanging up.

Amid soaring inflation and long construction delays following the
pandemic, Mr. Huynh's property empire began to falter and debts
began to pile up, the Financial Review says. Mr. Huynh was also hit
by softer conditions for the ultra-luxury market, but according to
SV Partners, he was gambling millions of dollars before his
business, JDH Capital, collapsed. He was declared bankrupt on April
9.

According to the SV Partners' breakdown, private credit giant
Metrics Credit Partners is allegedly exposed to a $293 million
contingent claim in relation to a Rushcutters Bay development in
Sydney by Mr. Huynh, as well as a second secured claim for an
undisclosed sum relating to a Brighton-Le-Sands project, also in
Sydney, that it financed, the Financial Review discloses.
Apartments at both projects are complete and are currently being
sold.

The Financial Review says Newport Advisory partner Costa Nicodemou,
who was appointed as receiver by Metrics over the 119-unit block at
Rushcutters Bay, said the $293 million figure reflected the
original loan advanced to complete the project rather than Metrics'
current exposure.

Mr. Nicodemou said Metrics' exposure had declined since the
receivers were appointed and apartments began being sold, but
declined to disclose the lender's remaining liability. He added
that the Brighton-Le-Sands loan was continuing to perform and that
Metrics expected to recover its lending on that project.

"The AUD293 million loan figure is not unsecured. It has
subsequently reduced because we've been selling down the secured
property," the Financial Review quotes Mr. Nicodemou as saying.

Other major private credit lenders have also emerged as significant
creditors, the Financial Review notes. Fortress Loans is listed
with contingent claims of AUD123.8 million, while MaxCap Group is
owed a further AUD85.5 million, highlighting the heavy exposure of
non-bank lenders to Huynh's property ventures.

According to the Financial Review, the list of creditors extends
well beyond institutional investors. Sydney restaurateur Billy
Wong, owner of Golden Century and XOPP, is listed as being owed
AUD1 million, while businessman Sunny Ngai, son of the late ABC
Tissue founder Henry Ngai, is owed AUD5 million.

The Financial Review reported last month that creditors also
include the Australian Taxation Office, which is owed AUD83.6
million, law firm Maddocks, Dilcara managing director Antoine
Gittany, Bellevue Hill entrepreneur Garrett Jandegian and AWF
Capital, an investment vehicle ultimately owned by the sons of
Nanshan Group co-founder Song Zuowen.

Jack Lin is another investor who has lost money after backing
Huynh's developments, although he has not lodged a claim with the
bankruptcy trustee.

JDH Capital was wound up in July 2025 after the company failed to
repay millions of dollars to the family of a Chinese billionaire,
according to the Financial Review.


MA MONEY 2026-3: S&P Assigns Prelim. B+(sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as
trustee of MA Money Residential Securitisation Trust 2026-3. MA
Money Residential Securitisation Trust 2026-3 is a securitization
of nonconforming and prime residential mortgage loans originated by
MA Money Financial Services Pty Ltd. (MA Money).

The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
MA Money's underwriting standards and approval process as well as
its servicing quality.

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. S&P 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, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents include downgrade
remedy 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

  MA Money Residential Securitisation Trust 2026-3

  Class A1S, A$170.00 million: AAA (sf)
  Class A1L, A$230.00 million: AAA (sf)
  Class A2, A$50.00 million: AAA (sf)
  Class B, A$17.50 million: AA (sf)
  Class C, A$16.50 million: A (sf)
  Class D, A$7.00 million: BBB (sf)
  Class E, A$4.50 million: BB (sf)
  Class F, A$2.00 million: B+ (sf)
  Class G1, A$1.25 million: Not rated
  Class G2, A$1.25 million: Not rated


MULCH HEALTHCARE: First Creditors' Meeting Set for July 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Mulch
Healthcare Pty Ltd (formerly trading as "Alike Specialist Medical
Healthcare Hub") will be held on July 21, 2026, at 11:00 a.m. at
the offices of Rapsey Griffiths Turnaround + Advisory, at Level 5,
55-57 Hunter Street, in Newcastle, NSW and via virtual meeting
technology.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisory was
appointed as administrator of the company on July 9, 2026.


PEPPER COMMERCIAL 2: S&P Assigns (P)Bsf Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by Permanent Custodians Ltd.
as trustee of Pepper Commercial and Residential Securities Trust
No. 2.

Pepper Commercial and Residential Securities Trust No. 2 is a
securitization of loans to small-ticket commercial and residential
borrowers, secured by first-registered mortgages over Australian
small-ticket commercial or residential properties originated by
Pepper Homeloans Pty Ltd. (Pepper).

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.

"Our analysis of credit risk for the small-ticket commercial
mortgage loans is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions.

"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination for each
class of rated note."

The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, an amortizing liquidity facility sized at 1.5% of the
outstanding aggregate invested amount of the notes, a yield reserve
that builds via excess spread, and the principal draw function.

An extraordinary expense reserve of A$250,000, funded from day one
by Pepper, will be available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

S&P said, "Our ratings also reflect the legal structure of the
trust, which has been established as a special-purpose entity and
meets our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Pepper Commercial and Residential Securities Trust No. 2

  Class A1, A$300.00 million: AAA (sf)
  Class A2, A$60.00 million: AAA (sf)
  Class B, A$40.00 million: AA (sf)
  Class C, A$42.50 million: A (sf)
  Class D, A$25.00 million: BBB (sf)
  Class E, A$13.50 million: BB (sf)
  Class F, A$14.25 million: B (sf)
  Class G, A$4.75 million: Not rated


PEPPER PRIME 2026-1: S&P Assigns (P)Bsf Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
ten classes of prime residential mortgage-backed securities (RMBS)
issued by Permanent Custodians Ltd. as trustee for Pepper Prime
2026-1 Trust. Pepper Prime 2026-1 Trust is a securitization of
prime residential mortgage loans originated by Pepper Homeloans Pty
Ltd., a subsidiary of Pepper Money Ltd. (Pepper).

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated notes comprises note subordination and excess spread.
Our assessment of credit risk considers the underwriting standards
and centralized approval process of the seller, Pepper."

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the excess spread
reserve, 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 National
Australia Bank Ltd. as liquidity facility provider and interest
rate swap provider, and Commonwealth Bank of Australia as bank
account provider. The transaction documents for the liquidity
facility, swap and bank account include downgrade remedy 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

  Pepper Prime 2026-1 Trust

  Class A1-s, A$272.80 million: AAA (sf)
  Class A1-a, A$607.20 million: AAA (sf)
  Class A2, A$45.00 million: AAA (sf)
  Class B, A$32.50 million: AA (sf)
  Class C, A$21.50 million: A (sf)
  Class D, A$10.00 million: BBB (sf)
  Class E, A$5.00 million: BB (sf)
  Class F, A$2.50 million: B (sf)
  Class G1, A$1.75 million: Not rated
  Class G2, A$1.75 million: Not rated


PROGRESS WAREHOUSE 6: S&P Assigns BB(sf) Rating on Cl. E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to five classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress Warehouse Trust No.6
Trust. Progress Warehouse Trust No.6 is a securitization of prime
residential mortgages originated by AMP Bank Ltd.

S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio, and that the credit support
provided to each class of rated notes is commensurate with the
ratings assigned. Credit support is provided by subordination,
lenders' mortgage insurance (LMI) and excess spread, if any. Our
assessment of credit risk considers AMP Bank's underwriting
standards and approval process, which are consistent with
industrywide practices, the servicing quality of AMP Bank, and the
support provided by the LMI policies on 7.5% of the portfolio.

"We believe 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 LMI cover, the
provision of a liquidity facility, and the provision of an income
reserve--funded by AMP Bank at closing to cover extraordinary
expenses--sized at a level consistent with the ratings. All rating
stresses are made on the basis that the trust does not call the
notes at or beyond the first call-option date, and that all rated
notes must be fully redeemed via the principal waterfall mechanism
under the transaction documents.

"Our ratings also consider the counterparty exposure to Westpac
Banking Corp. as bank account providers and AMP Bank as liquidity
facility provider. The transaction documents include downgrade
remedies consistent with our counterparty criteria. The legal
structure of the trust is established as a special-purpose entity
and meets our criteria for insolvency remoteness."

  Ratings Assigned

  Progress Warehouse Trust No.6

  Class A, A$1,100.000 million: Not rated
  Class AB, A$17.461 million: AAA (sf)
  Class B, A$17.228 million: AA (sf)
  Class C, A$11.640 million: A (sf)
  Class D, A$5.355 million: BBB (sf)
  Class E, A$4.772 million: BB (sf)
  Class F, A$7.567 million: Not rated


QPM ENERGY: First Creditors' Meeting Set for July 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - QPM Energy Limited
     - MPS (Holdings No 1) Pty Ltd
     - Moranbah Power Station No1 Pty Ltd
     - QPM Tech Project Pty Ltd
     - Anroca Pty Ltd
     - Mineral Developments Pty Ltd
     - Pure Manganese Pty Ltd
     - QPME Pty Ltd  
     - QPM Energy (Holdings No 1) Pty Ltd  
     - QPM Energy (Merchant Services) Pty Ltd  
     - QPM Energy (Midstream) Pty Ltd  
     - QPM Energy (Holdings No 2) Pty Ltd  
     - QPM Energy Markets Pty Ltd  
     - QPM Energy (MGP Upstream) Pty Ltd  
     - Isaac Energy Pty Ltd  
     - Isaac Power Station No1 Pty Ltd  
     - Isaac Energy Hub Pty Ltd  

will be held on July 17, 2026, at 10:00 a.m. via virtual
technology.

Mark Holland and Anthony Connelly of McGrathNicol were appointed as
administrators of the company on July 7, 2026.


TFI BV: First Creditors' Meeting Set for July 22
------------------------------------------------
A first meeting of the creditors in the proceedings of TFI BV Pty
Ltd (formerly trading as Triforce Investments Pty Limited) will be
held on July 22, 2026, at 11:30 a.m. at the offices of SV Partners
Sydney, at Level 7, 151 Castlereagh Street, in Sydney, NSW and by
Microsoft Teams facilities.

Hugh Armenis and Jason Lloyd Porter of SV Partners were appointed
as administrators of the company on July 10, 2026.


WEALTHHUB SECURITIES: Fined Over AUD1MM For Reporting Failures
--------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) said that
WealthHub Securities Limited, an online broker owned by National
Australia Bank (NAB), has been fined AUD1.055 million by the
Markets Disciplinary Panel (MDP) relating to failures to accurately
report regulatory data more than 9.5 million times over a 10-year
period.

Following an ASIC investigation, the MDP found that from July 28,
2014 to Oct. 31, 2024, WealthHub failed to provide complete and
accurate regulatory data and did not have and maintain the
necessary organisational and technical resources to comply with its
reporting obligations.

Market participants have a core obligation under the ASIC Market
Integrity Rules to report full and precise regulatory data. This
equips ASIC with the capability to effectively supervise the market
and detect misconduct, such as insider trading and market
manipulation.

In its decision, the MDP identified that WealthHub repeatedly
failed to provide the Intermediary ID, and in some cases provided
the incorrect Intermediary ID, in certain orders and trade reports
submitted to market operators, including ASX.

The Intermediary ID is the Australian Financial Services (AFS)
licence number of the financial services entity responsible for
placing orders and trades through a market participant's trading
system. Intermediary ID information helps ASIC to accurately
identify orders and trading patterns within an entity, such as a
securities dealer, and is used to calculate industry funding
levies. Incorrect or missing data in the Intermediary ID field can
undermine ASIC's surveillance activities and ultimately market
integrity.

The MDP considered that WealthHub failed to maintain the necessary
systems, expertise and oversight, or dedicate the appropriate
resources needed to ensure that it reported the Intermediary ID
correctly in regulatory data.

It was concerned that WealthHub lacked the capacity and capability
to identify and remediate breaches in a timely and effective
manner, missed multiple opportunities to address the root cause of
the reporting failures, failed to take adequate corrective action
and did not lodge a reportable situation report to ASIC until
January 2023.

The MDP emphasised that market participants are responsible for
maintaining and regularly reviewing technology systems and ensuring
they have people with the appropriate expertise to identify and
address reporting issues.

WealthHub has complied with the infringement notice and paid the
fine.

Compliance with the infringement notice is not an admission of
guilt or liability and by doing so, WealthHub is not taken to have
contravened subsection 798H(1) of the Corporations Act 2001.

WealthHub, a wholly owned subsidiary of NAB, is a market
participant and trading participant of the ASX Market and Cboe
Market. WealthHub provides execution, clearing and settlement
services via two business units, nabtrade and its private wealth
business JBWere Ltd.

In September 2021, ASIC published Market Integrity Update – Issue
130, reminding market participants of their 'obligations to provide
accurate and complete regulatory data' including the Intermediary
ID requirements.




=========
C H I N A
=========

CHINA EVERGRANDE: Liquidators Warn PwC Partners on Asset Shielding
------------------------------------------------------------------
The Financial Times reports that liquidators of property developer
China Evergrande have told PwC partners in Hong Kong that they
could pursue them personally for any damages over audit failures
and warned them not to use methods such as divorce to shield
assets.

According to the FT, Evergrande's liquidators have sued PwC for at
least $8.5 billion, citing "negligence" and "misrepresentation" in
the firm's audit of the group, whose 2021 default precipitated a
crisis in China's property sector.

In a letter to individuals who were equity partners during the
firm's Evergrande audit from 2017 to 2020, the liquidators said
that, while they expected "PwC will be able to meet in full any
monetary judgment", they warned that they would look to the
partners "personally to recover any shortfall".

The letter, sent on June 30 and seen by the FT, also warned
partners against taking steps to "shield assets from execution of
judgment, including by divorcing spouses or placing assets in the
names of other family members" after reports of partners
contemplating such steps.

"We are therefore concerned to ensure that you have made adequate
provision for [Evergrande's] claims in your personal financial
affairs and will not do anything outside of the ordinary course to
put your assets beyond [Evergrande's] reach," Eddie Middleton and
Tiffany Wong, the liquidators from restructuring firm Alvarez &
Marsal, said in the letter.

While a trial date has not been set and the lawsuit could take
years to conclude, a person who had seen the letter said the
liquidators were putting the partners "on notice" that they "might
be asking you for some money," the FT relays. Evergrande's
liquidators can only pursue individuals if the firm does not pay
any damages in full.

Evergrande was China's largest property developer when it defaulted
on its debt and collapsed with more than $300bn in liabilities. Its
downfall exposed a sector-wide cash crunch that took down other
developers and sent shockwaves through China's financial system, as
most households carried much of their wealth in property.

Hui Ka Yan, Evergrande's founder, pleaded guilty in April to
charges of bribery, embezzlement and fraud. PwC's mainland China
business was fined Rmb441 million ($62 million), while Hong Kong's
securities regulator ordered the firm to set aside HK$1 billion
($128 million) for Evergrande's minority shareholders. The
Accounting and Financial Reporting Council imposed a HK$300 million
penalty.

Evergrande's liquidators have requested a judicial review of the
HK$1 billion compensation, arguing that the Securities and Futures
Commission did not have the authority to negotiate such a
settlement, according to a court document seen by the FT.

The settlement also circumvented "the statutory priority of
creditors" by compensating minority shareholders, argued the
liquidators.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong
Kong Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently
pending before the High Court of the Eastern Caribbean Supreme
Court (Case sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


[] CHINA: Distressed Assets Dominate Shenzhen's Big Property Deals
------------------------------------------------------------------
Caixin Global reports that foreclosed properties and distressed
assets made up the majority of large commercial real estate
transactions in Shenzhen in the first half of 2026, as banks, asset
managers and state-owned enterprises accelerated efforts to
liquidate holdings.

According to Caixin, the rise in distressed sales highlights the
continuing fallout from China's prolonged property liquidity
crisis, which has forced creditors to offer steep discounts to
recover funds and resolve debt in a weak market.




=================
H O N G   K O N G
=================

FUTURE FINTECH: Fortune CPA Out, Wei Wei Steps In as Auditor
------------------------------------------------------------
Future FinTech Group Inc. announced in a regulatory filing that the
Audit Committee of the Board of Directors approved the dismissal of
Fortune CPA Inc. as the Company's independent registered public
accounting firm. Fortune has served as the independent registered
public accounting firm for the Company since August 2023.

Fortune's audit reports on the Company's consolidated financial
statements as of and for the fiscal years ended December 31, 2025
and December 31, 2024 did not contain an adverse opinion or a
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles, except that the
audit reports on the consolidated financial statements of the
Company for the fiscal years ended December 31, 2025 and December
31, 2024 contained an explanatory paragraph regarding the Company's
ability to continue as a going concern.

During the Company's two most recent fiscal years and the
subsequent interim period through July 6, 2026, there were:

     (i) no disagreements (as defined in Item 304(a)(1)(iv) of
Regulation S-K and the related instructions thereto) with Fortune
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedures, which
disagreement, if not resolved to the satisfaction of Fortune, would
have caused it to make reference to the subject matter of the
disagreement in their reports on the financial statements for such
years, and

    (ii) no reportable events (as described in Item 304(a)(1)(v) of
Regulation S-K), except for the existence of a material weakness in
internal control over financial reporting as of December 31, 2024
and December 31, 2025 and through the subsequent interim period
preceding the dismissal, relating to insufficient staff with the
appropriate level of knowledge, training and experience in U.S.
GAAP and SEC reporting requirements, as previously disclosed in the
Company's Annual Reports on Form 10-K for the fiscal years ended
December 31, 2024 and December 31, 2025.

In connection with the material weakness, the Audit Committee
discussed the subject matter of such reportable event with Fortune,
and the Company has authorized Fortune to respond fully to the
inquiries of the Company's successor accountant, Wei, Wei & Co.,
LLP, concerning the subject matter of such reportable event.

Appointment of Wei, Wei & Co., LLP

Following the dismissal of Fortune CPA, the Audit Committee
approved the engagement of Wei, Wei & Co. as the Company's
independent registered public accounting firm, effective
immediately, and also approved Wei, Wei & Co. to act as the
Company's auditor for the fiscal year ending December 31, 2026,
effective as of July 6, 2026.

During the Company's two most recent fiscal years and the
subsequent period from January 1, 2026 to July 6, 2026, the Company
did not consult with Wei, Wei & Co. regarding any of the matters or
events set forth in Item 304(a)(2)(i) or 304(a)(2)(ii) of
Regulation S-K.

                        About Future FinTech

Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong
and incorporated in Florida, is a holding company that provides
financial technology-related services, including supply-chain
financing and trading in China. Originally engaged in fruit juice
production and distribution in China, the company has shifted its
business model toward fintech, while previously operating in asset
management, cross-border payments, brokerage and cryptocurrency
mining. It has divested several subsidiaries and discontinued
certain operations in recent years as it refocused on its core
supply-chain financing and trading activities.

Garden Grove, California-based Fortune CPA, Inc., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated March 18, 2026, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2025, citing
that the Company has suffered losses from operations. Therefore,
there is substantial doubt about its ability to continue as a going
concern.

As of March 31, 2026, the Company had $51.89 million in total
assets and $8.37 million in total liabilities, with stockholders'
equity of $43.52 million.




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

BEFREE BUSINESS: CRISIL Lowers Rating on INR50cr Term Loan to B
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Befree
Business Resourcing LLP (BBRL) to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BB+/Stable'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan             50        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'Crisil BB+/Stable')

Crisil Ratings has been consistently following up with BBRL for
obtaining information through letter and email dated June 29, 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 BBRL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BBRL
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 BBRL to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil BB+/Stable'.

Set up in 2016, BBRL provides professional services of accounting,
auditing and bookkeeping services mainly to clients in Australia
and UK. The firm is owned and managed by Mr Jignesh Kanabar and Mr
Viral Kanabar. BBRL has branches in Gift City SEZ, Mumbai, Chennai,
Kochi, Veraval, Ahmedabad, Bangalore and Indore.


BIMBO BAKERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bimbo
Bakeries India Private Limited (RRIPL; previously known as Ready
Roti India Private Limited) continue to be 'Crisil B/Stable Issuer
not cooperating'.  

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Proposed Cash           0.50      Crisil B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Long Term      1.66      Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Term Loan      17.84     Crisil B/Stable (Issuer Not
                                     Cooperating)

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

RRIPL was originally incorporated in 1998 as Taurus Bakery
Machinery Pvt Ltd; the name was changed in 2002. The company has a
bread-manufacturing plant in Bhiwadi (Rajasthan) with a capacity of
70,000 tonnes per annum. Harvest Gold Industries Private Limited,
set up in 1991 by Mr Adil Hassan, manufactures bakery products,
marketed under the Harvest Gold brand in the NCR. The product
portfolio includes a variety of breads and bakery products.
Recently 65% of the promoter shareholding was diluted and sold to a
Mexican Entity called Grupo Bimbo SAB de CV.


CONTINUUM GREEN: S&P Affirms 'BB-' ICR & Alters Outlook to Negative
-------------------------------------------------------------------
On July 13, 2026, S&P Global Ratings revised the outlook on
Continuum Green Energy Holdings Ltd. (Continuum Holdings) to
negative from stable and affirmed the 'BB-' long-term issuer credit
rating. S&P also affirmed its 'BB-' issue rating on the senior
secured notes of Continuum Energy Aura Pte. Ltd. (Aura) that
Continuum Holdings guarantees.

S&P said, "The negative outlook reflects our view of Continuum
Holdings' limited capacity to accommodate operational or
construction delays. We could downgrade Continuum Holdings if the
company can't commission assets under construction in a timely
manner, improve the operational performance of existing assets, or
stabilize operations at newly commissioned assets over the next six
to 12 months.

"Simultaneously, we assigned our 'BB-' long-term issuer credit
rating to Continuum Green Energy Ltd. (Continuum Ltd.) with a
negative outlook. The rating and outlook on Continuum Ltd. reflects
those on its parent, Continuum Holdings.

"We also assigned our 'BB-' long-term issue rating to the proposed
senior unsecured notes to be issued by CGE Treasury IFSC Pte. Ltd.
(CGE Treasury).

S&P assigned its 'BB-' long-term issuer credit rating to Continuum
Green Energy Ltd. (Continuum Ltd.) with a negative outlook. The
rating and outlook on Continuum Ltd. reflects those on its parent,
Continuum Holdings.

The outlook revision reflects the risk Continuum Holdings may be
unable to reverse a trend of operational underperformance. The
degree of the company's underperformance against P90 (meeting power
generation probability of at least 90% of the time) estimates have
increased over the past two years across wind and solar projects.

Specifically, the portfolio underperformed P90 estimates by 4%–6%
over fiscals 2025–2026 (years ending March 31), compared with
about 2% underperformance in fiscals 2023–2024. While solar
assets typically offer higher stability, Continuum Holdings has
experienced volatility due to technical cable issues and
unfavorable weather patterns, such as extended monsoon seasons and
lower solar irradiance levels than the company had expected.

Although S&P expects such resource and technical challenges to
subside as Continuum Holdings resolves site-specific difficulties,
the company's ability to stabilize operational performance will be
key to maintaining its credit profile. Recent performance in the
first quarter of fiscal 2027 indicates some recovery in generation
volumes.

Timely commissioning of delayed projects will be critical.
Continuum Holdings has around 500 megawatts (MW) of the delayed
capacity scheduled to ramp up over the coming months. Timely and
successful commissioning of this pipeline is essential, in S&P's
view, because a failure to execute the ramp-up and stabilize cash
flows would prevent the credit profile from improving to levels
commensurate with a 'BB-' rating.

Material setbacks, including land acquisition complexities,
right-of-way issues, and contractual bottlenecks, have delayed
Continuum Holdings' original target of reaching 3.5 gigawatts (GW)
capacity by March 2026. The company now expects to reach this goal
by September 2026.

S&P now projects that the funds from operations (FFO) cash interest
coverage ratio will be about 1.2x in fiscal 2027. The ratio will
range between 1.4x and 1.5x in fiscals 2028-2029, hovering near
S&P's downside trigger of 1.5x. This is a downward revision from
its previous estimate of 1.6x–1.7x over fiscals 2027–2028.

Continuum Holdings will use equity proceeds from a transaction with
Chubu Electric Power Co. Inc.to partially fund growth capex.
Continuum Holdings' planned capacity increase to 4.2 GW by
September 2027 will require capital expenditure (capex) of about
US$55 million in fiscal 2027 and US$11 million in fiscal 2028.

Continuum Holdings intends to use part of the equity proceeds of
Indian rupee (INR) 13.5 billion (around US$140 million) to
partially fund the growth capex. Continuum raised equity from Chubu
Electric through a 12.8% stake sale in its India platform,
Continuum Green Energy Ltd. (Continuum Ltd.) in June 2026, subject
to approvals by Competition Commission of India and regulators.

S&P said, "In our view, Continuum Holdings' strategic partnership
with Chubu Electric holds the potential for new business
opportunities, apart from potential follow-on equity investments.
Continuum Holdings could expand into the Japanese commercial and
industrial customers in India, tapping Chubu Electric's
relationships. It also allows opportunities such as technical
collaboration in grid standards and in the supply chain for the
procurement of battery energy storage systems.

"While such factors could support Continuum Holdings' long-term
growth, they will take considerable time to materialize and
strengthen the company's credit profile, in our view. As a result,
we don't include these scenarios in our current base case.
Realizing these opportunities could also require considerable
investment."

A proposed bond issuance to refinance a February 2027 bond maturity
mitigates near-term refinancing risks. Continuum Holdings plans to
refinance its US$435 million Aura bond due February 2027 with the
proceeds from a proposed bond issuance of a similar amount.

The bond maturity, together with high capex needs, will constrain
Continuum Holdings' liquidity. S&P has therefore revised its
liquidity assessment for the company to less than adequate from
adequate.

S&P said, "However, we expect refinancing risk to be manageable,
given Continuum Holdings' proposed bond issuance to refinance the
February 2027 bond.

"We assigned our 'BB-' issuer credit rating to Continuum Ltd.,
reflecting its status as a core subsidiary of Continuum Holdings.
Continuum Ltd. is the principal operating entity for the group's
renewable energy portfolio in India.

"We view Continuum Ltd. as a core subsidiary of Continuum Holdings,
given its central role in the group's structure." This is because
all operational and under-construction renewable energy projects of
the group are managed under Continuum Ltd. The subsidiary accounts
for most of the group's consolidated assets and revenues, because
Continuum Holdings is a nonoperating holding company.

After repayment of the Aura bond, all debt will be housed under
Continuum Ltd.

Assuming Chubu Electric's equity investment goes ahead, Continuum
Ltd.'s ownership structure will comprise Continuum Holdings (about
68%), Just Climate U.K. (about 19%), and Chubu Electric (about
13%). The negative rating outlook on Continuum Ltd. mirrors that on
the parent, Continuum Holdings.

S&P said, "We equalize our issue rating on CGE Treasury's proposed
senior unsecured notes with the issuer credit ratings on Continuum
Ltd. and its parent, Continuum Holdings. We assess CGE Treasury as
a core subsidiary of Continuum Ltd. because we believe CGE Treasury
is an integral part of the group and its sole purpose is to raise
funding for the group."

CGE Treasury is a 100%-owned subsidiary of Continuum Ltd. The group
will use proceeds from the issuance to refinance the US$435 million
notes due February 2027 that Aura issued. The proposed notes
benefit from an unconditional and irrevocable guarantee from
Continuum Ltd., limited to an amount equal to 110% of the total
aggregate principal amount of the bond. The guarantee is a strong
signal of support. However, it does not explicitly contribute to
the rating because it does not fully cover all interest and
principal payments.

S&P said, "We expect CGE Treasury to benefit from the group's
long-term commitment to Continuum Ltd., thus the rating on the
notes is in line with that on Continuum Ltd.

"The negative outlook reflects our view of Continuum Holdings'
limited financial headroom to accommodate operational or
construction delays. We could downgrade Continuum Holdings if the
company can't commission assets under construction in a timely
manner, improve the operational performance of existing assets, or
stabilize operations at newly commissioned assets over the next six
to 12 months."

S&P may lower the ratings if Continuum Holdings' FFO cash interest
coverage is unlikely to stay above 1.5x on a sustainable basis.
This may happen if:

-- Material delays in project execution lead to cost overruns and
lower cash flow than S&P anticipates;

-- The company's operating performance lags our base case
projections over a sustained period, leading to lower revenues;

-- Funding costs are higher than S&P currently assumes or the
company fails to manage its foreign currency exposure in a timely
manner, leading to significant currency mismatch and weaker cash
flow; or

-- Continuum pursues higher debt-funded capex than S&P expects
without appropriate equity support.

S&P may also lower the rating if Continuum Holdings fails to
execute its planned bond refinancing in a timely manner, and
refinancing risk for the February 2027 bond increases.

S&P may revise the outlook to stable if Continuum Holdings' FFO
cash interest coverage ratio is likely to improve to above 1.5x on
a sustainable basis. This can happen if:

-- The company procures additional equity funding, combined with
disciplined growth and a proven track record of timely project
commissioning, leading to deleveraging; or

-- Operating performance is consistently stronger than S&P
expects;

-- Profitability improves significantly due to favorable market
dynamics in the commercial and industrial segment and the cost
position improves because of a larger portfolio.


GANGA VEHICLES: CRISIL Lowers Rating on INR7.95cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of Shri
Ganga Vehicles Private Limited (SGVPL) to 'Crisil B/Stable Issuer
not cooperating' from 'Crisil B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.95       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

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

Incorporated in 1984, SGVPL is an authorised dealer for Suzuki's
motorcycles (with one showroom) and the passenger cars of Hyundai
(2 showrooms) in Sikar and Nangod District of Rajasthan. It is
promoted by Mr. Sukhbir Singh (Sikar showroom) and Mr. Ratan Lal
Burdak (Nangod showroom).


HOSUR SUPER: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hosur Super
Speciality Hospitals Private Limited (HSSHPL) continues to be
'Crisil B/Stable Issuer not cooperating'.       

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan              2        Crisil B/Stable (Issuer Not
                                   Cooperating)

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

Incorporated in 2013, HSSHPL operates a 120-bed super speciality
hospital located in Hosur, Tamil Nadu. It is promoted by Dr K
Pradeep Kumar, Dr M Senthil, Dr C Vijle, Dr Rajesh B Iyer, Dr K.S
Karthik Pandian, Dr P Subramaniyam and Dr K.B Prabhu Dev.


JAYPEE CEMENT: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaypee
Cement Corporation Limited (JCCL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,312.94     CARE D ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       50.00     CARE D ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 8, 2025, placed the rating(s) of JCCL under the
‘issuer non-cooperating' category as JCCL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JCCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
4, 2026, March 14, 2026, and July 3, 2026. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating based on
the best available information which however, in CareEdge Ratings
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using above
rating(s).

Rating sensitivities: Not Applicable

Analytical approach: Standalone

Detailed description of key rating drivers:

At the time of last rating on March 31, 2025, the following were
the rating weaknesses.

Key weaknesses

* Weak financial profile in FY25: During FY25, the company's net
loss stood at INR1230.58 crore on the total operating income of
INR108.21 crore against net loss of INR287.08 crore on total
operating income of INR20.5 crore in FY24. Low operating income and
high interest cost have been the key reasons for weak financial
performance. Due to weak financial risk profile of the group,
coupled with JCCL's weak operating performance, the liquidity
position continued to remain constrained, leading to delays in debt
servicing by the company.

Liquidity: Poor

The liquidity of the company is poor, owing to delays in debt
servicing. The company had cash and bank balance of INR6.06 crore
as on March 31, 2025.

JCCL, a wholly owned subsidiary of Jaiprakash Associates Ltd (JAL,
rated CARE D; Issuer Not Cooperating), is engaged in cement
manufacturing. It has a 1.20 MTPA cement grinding unit at Shahabad
District Gulbarga, Karnataka along with a 60 MW captive power
plant. Another 1.20 MTPA cement capacity at Jaypee Shahabad Cement
Project has been kept suspended temporarily.


JDC INDIA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JDC India
Limited (JIL) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.10       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 28, 2025, placed the rating(s) of JIL under the 'issuer
non-cooperating' category as JIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 14, 2026,
March 24, 2026, April 3, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

JDC India Limited was incorporated in October 24, 1995 with an
objective to enter into the rice milling and processing business.
However, after remaining dormant for a few years, the company
started its commercial operations from 2006. The manufacturing unit
of the company is located at Ausgram, Burdwan, West Bengal. The
current installed capacity of the unit is 24,000 tons per annum.
The entity is procuring raw paddy from the local farmers. The
company also has a cold storage facility in Ausgram for potato
traders and farmers. This apart, it also exports electrical goods
to Doha, Qatar. Mr. Ajoy Kumar Basu and Mr. Asim Kumar Bose both
having almost four decades of experience in similar line of
business, looks after the day to day operation of the company along
with other directors and a team of experienced professionals who
have rich experience in the similar line of business.


KALPANA GINNING: CRISIL Lowers Rating on INR3.5cr LT Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Kalpana Ginning - Nagpur (KG) to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil B+/Stable Issuer not cooperating'.     

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan         3.5      Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

KG, a proprietorship firm set up in November 2017 by Telmasare
family and engaged in ginning and pressing raw cotton. Its
manufacturing facility is located at Nagpur

KI, a proprietorship firm set up in November 2016 by Telmasare
family and engaged in ginning and pressing raw cotton. Its
manufacturing facility is located at Nagpur.


KALPANA INDUSTRIES: CRISIL Cuts Rating on INR3cr Cash Loan to B
---------------------------------------------------------------
Crisil Ratings has revised the rating on bank facilities of Kalpana
Industries - Nagpur (KI) to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil B+/Stable Issuer not cooperating'.     

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

   Rupee Term Loan        3        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

KI, a proprietorship firm set up in November 2016 by Telmasare
family and engaged in ginning and pressing raw cotton. Its
manufacturing facility is located at Nagpur.


KAUSIKH THERAPEUTICS: CRISIL Cuts Rating on INR12cr Loan to B
-------------------------------------------------------------
Crisil Ratings has revised the rating on bank facilities of Kausikh
Therapeutics Private Limited (KTPL) to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil B+/Stable  Issuer not cooperating'.     

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Loan Against          8         Crisil B/Stable (ISSUER NOT
   Property                        COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

   Overdraft Facility    0.8       Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

   Proposed              0.7       Crisil B/Stable (ISSUER NOT
   Overdraft Facility              COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan            12         Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

KTPL was founded by Mr Kausic V Neelakantan in 2000 for marketing
pharmaceutical products. In 2002, it set up a formulations
manufacturing plant. The company manufactures pharmaceutical
formulations in therapeutic segments such as general multivitamins,
cardiovascular, anti-diabetics, and antibiotics, in the form of
tablets, capsules, and dry syrups.


LAHARIYA OIL: CRISIL Lowers Rating on INR6cr Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Lahariya Oil Industries Private Limited (LOIPL) to 'Crisil B/Stable
Issuer not cooperating' from 'Crisil B+/Stable Issuer not
cooperating'.     

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          1        Crisil B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              6        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

Incorporated in 2015 and promoted by Mr Satyendra Gupta and Ms
Indra Gupta, LOIPL is setting up a refinery in Umran (Akbarpur) in
Kanpur-Dehat district of Uttar Pradesh to produce refined edible
oil, wax, and fatty acid oil. Commercial operations started from
October 2017.


LAKSHMI VENKATA: CRISIL Lowers Rating on INR28cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sri
Lakshmi Venkata Krishna Raw & Boiled Rice Mill (SLVKM) to 'Crisil
B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            28        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          1.5      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          12        Crisil B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      0.5      Crisil B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

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

SLVKM was set up in 1997 and is engaged in milling and processing
of paddy into rice, rice bran, broken rice and husk. Its rice mill
is located in Nellore district in Andhra Pradesh and is promoted by
Mr. Ramanjaneyulu and his family members.


LINGA BHAIRAVI: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Linga
Bhairavi Enterprises (Linga) continue to be 'Crisil B/Stable Issuer
not cooperating'.  

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4        Crisil B/Stable (Issuer Not
                                   Cooperating)

   Term Loan              3        Crisil B/Stable (Issuer Not
                                   Cooperating)

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

Set up in 2007, Elcon is engaged in manufacture of heavy pressed
and fabrication components. Linga was incorporated in 2016 and is
also engaged in manufacture of heavy duty press parts. The day to
day operations are promoted by Mr. Ganesh and Mrs Kalpana.


MAC STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mac Steel
Private Limited (MSPL) continue to be 'Crisil B/Stable Issuer not
cooperating'.       

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.5       Crisil B/Stable (Issuer Not
                                   Cooperating)

   Proposed Long Term    0.6       Crisil B/Stable (Issuer Not
   Bank Loan Facility              Cooperating)

   Term Loan             1.4       Crisil B/Stable (Issuer Not
                                   Cooperating)

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


Incorporated in 1997 and promoted by Mr Mahesh Rajput and Mr
Rajeshree Rajput, MSPL manufactures sheet metal pressed and tubular
components used across the automotive and electrical industries.
Its facility is in Nashik, Maharashtra.


MAGIC MIRROR: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Magic Mirror -
Mumbai (MMM) continues to be 'Crisil B/Stable Issuer not
cooperating'.       

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Loan Against           19       Crisil B/Stable (Issuer Not
   Property                        Cooperating)

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


Established as a partnership firm, MMM is engaged in retailing of
readymade garments, sarees, wedding garments, designer wear, and
art jewellery. The firm has three showrooms in Mumbai, Maharashtra,
built over 2000 square feet. It is owned and managed by Mr Motilal
Gada and his family members.


MALOO INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maloo
Industries (MI) continues to be 'Crisil B/Stable Issuer not
cooperating'.       

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       Crisil B/Stable (Issuer Not
                                   Cooperating)

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

MI was set up in 1996 as a proprietorship firm by Mr Sunil Maloo,
and was reconstituted as a partnership firm in April 2015. Till
fiscal 2016, it ginned and pressed raw cotton at its manufacturing
unit at Indore in Madhya Pradesh, and sold cotton bales and cotton
seeds. Post fiscal 2016, the firm started procuring cotton bales
and selling directly to customers on account on non-availability of
kapas (raw cotton) locally as farmers shifted from cotton to soya
bean production.


NILACHAL WEAVING: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nilachal
Weaving Mill (NWM) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit           7         Crisil B/Stable (Issuer Not
                                   Cooperating)

   Long Term Loan       16         Crisil B/Stable (Issuer Not
                                   Cooperating)

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

NWM was established in 2019, it is located in Coimbatore, Tamil
Nadu. NWM is owned & managed by Mr. Radheshyam Singhania and Mr.
Aditya Singhania. NWM manufactures knitted and woven fabric.


PRINT SOLUTIONS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Print
Solutions Private Limited (PSPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Lease Rental          19        Crisil B/Stable (Issuer Not
   Discounting Loan                Cooperating)

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

Incorporated in 2006, PSPL is promoted by Mr Gurjeet Singh Chhabra
and Mrs Prabjot Chhabra. The company has constructed buildings of
60,000 sq. ft., and has leased them to MHPL. MHPL runs Effotel
Hotel on the premises. Furthermore, the company lends loans and
advances (outstanding at INR14.87 crore as on January 2018) to
third parties on interest basis.


RAJASTHAN INDUSTRIES: CRISIL Cuts Rating on INR15cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of
Rajasthan Industries (RI) to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

Set up in 1979, RI dyes and prints grey fabric (cotton and
synthetic fabric used for sarees and dress materials) at its unit
in Pali, where it has 8 embroidery machines. Operations are managed
by Mr Vinesh Balar.


RAJNI EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajni Exports
& Imports (REI) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                         Amount
   Facilities        (INR crore)     Ratings
   ----------         -----------    -------
   Cash Credit             15        Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      10        Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

Set up in 2010 in Chennai as a partnership firm, REI trades in agro
commodities, mainly pulses. Operations are managed by Mr
Munirathnam and Mr Rajiv Naaram.


RASIK VATIKA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rasik Vatika
Silk Mills Private Limited (RVSM) continues to be 'Crisil B/Stable
Issuer not cooperating'.       

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            14       Crisil B/Stable (Issuer Not
                                   Cooperating)

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


Established in 1993 as a proprietorship firm named Rasik Vatika
Silk Mills, Surat-based RVSM was reconstituted as a private limited
company in 2010. Mr Harbans Lal Arora and Mr Kapil Arora are the
promoters. RVSPL dyes and processes grey fabric on a job-work basis
and has also started trading in garments.


RATAN TEXTILES: CRISIL Lowers Rating on INR6.5cr Export Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of Ratan
Textiles Private Limited-(Strike Off) (RTPL) to 'Crisil B/Stable
Issuer not cooperating' from 'Crisil B+/Stable Issuer not
cooperating'.     

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Export Packing        6.5       Crisil B/Stable (ISSUER NOT
   Credit                          COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

Incorporated in 1985 and promoted by Mr Naresh Jain and Mr Anant
Jain, RTPL manufactures and exports bed, kitchen, and table linen
and other textile items to the USA, the UK, Australia, and Japan.
Its unit is in Jaipur.


RESOURCE FOODS: CRISIL Lowers Rating on INR5.81cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Resource Foods Private Limited (RFPL) to 'Crisil B/Stable Issuer
not cooperating' from 'Crisil B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.81      Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan             5.42      Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

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

RFPL, incorporated by Mr Lawrence WJ Peris and Ms Jyoti Peris in
2009, processes and packages frozen peas, fruit pulp, and
vegetables. Its processing plant is in Nalagarh, Himachal Pradesh,
and has capacity of 500 tonnes per annum. The company is setting up
a controlled-atmosphere cold storage facility at Rajpura in
Himachal Pradesh.


SEYA PATE: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seya Pate
Constructions LLP (SPCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated June 9, 2025, placed the rating(s) of SPC under the 'issuer
non-cooperating' category as SPC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 25, 2026, May
5, 2026, May 15, 2026, among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Established in the January 2015, SPC is a limited liability
partnership and belongs to Pune based Pate Developers. The firm is
engaged in developing a residential project namely Seya at Pune.


SHANKER INDUSTRIES: CRISIL Cuts Rating on INR7.5cr Cash Loan to B
-----------------------------------------------------------------
Crisil Ratings has revised the rating on bank facilities of Shanker
Industries (SI) to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit           7.5       Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

Crisil Ratings has been consistently following up with SI for
obtaining information through letter and email dated May 21, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SI
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
B+/Stable Issuer not cooperating'.

Established in 2016 as a proprietorship firm by Mr Sahil Sharma, SI
manufactures polyvinyl chloride pipes, garden pipes and water
storages tanks at its facility in Phase 1, Industrial Growth
Centre, Samba, Jammu and Kashmir.


SHILPA STAINLESS: CRISIL Withdraws B Ratings on LT/ST Term Loans
----------------------------------------------------------------
Due to inadequate information, Crisil Ratings, in line with SEBI
guidelines, had migrated the ratings of Shilpa Stainless Private
Limited (SSPL) to 'Crisil B/Stable/Crisil A4 Issuer Not
Cooperating'. Crisil Ratings has withdrawn its rating on the bank
facilities of SFPL following a request from the company and on
receipt of a 'no dues certificate' (NDC) from the banker.
Consequently, Crisil Ratings is migrating the ratings on the bank
facilities of SSPL to 'Crisil B/Stable'. The rating action is in
line with Crisil Ratings' policy on withdrawal of bank loan
ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Rating      -         Crisil B/Stable (Migrated from
                                   'Crisil B/Stable ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)      

   Short Term Rating     -         Crisil A4 (Migrated from
                                   'Crisil A4 ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

Analytical Approach

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

Incorporated in 1990, SSPL undertakes engineering, procurement, and
construction of fire protection systems SSPL was incorporated in
2009 by Mr. Rakesh Shah and is based in Chennai. The company is
engaged in manufacturing stainless steel utensils.


SHRADDHA MOTORS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shraddha
Motors Private Limited (SMPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit/           6        Crisil B/Stable (Issuer Not
   Overdraft                       Cooperating)
   facility               
                                   
Crisil Ratings has been consistently following up with SMPL 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 SMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SMPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

SMPL was incorporated in November 2006, SMPL is an authorized
dealer of passenger vehicles of Tata Motors Limited in Bharuch,
Gujarat. The company has been promoted by Mr. Pankaj Desai and his
family members.




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

AUCKLAND FINANCE: Teneo Financial Appointed as Receivers
--------------------------------------------------------
John Howard Ross Fisk and Stephen Robert White of Teneo Financial
Advisory New Zealand on July 13, 2026, were appointed as receivers
and managers of Auckland Finance Limited.

The receivers and managers may be reached at:

          John Howard Ross Fisk
          Stephen Robert White
          Teneo Financial Advisory New Zealand Limited
          Suite 6.4 1 Albert Street
          Auckland CBD
          Auckland 1010


GUDSELL HOLDINGS: Teneo Financial Appointed as Receivers
--------------------------------------------------------
Richard John Nacey and Judith Majella Shields of Teneo Financial
Advisory on July 9, 2026, were appointed as receivers and managers
of Gudsell Holdings Limited.

The receivers and managers may be reached at:

          Richard John Nacey
          Judith Majella Shields
          c/o Teneo Financial Advisory New Zealand Limited
          Office 3.03, 30 Waring Taylor Street
          Wellington Central
          Wellington 6011


HAMLEIGH HOLDINGS: Creditor Claims Soar to Over NZD2 Million
------------------------------------------------------------
Stuff.co.nz reports that a retail company collapse has left
creditors facing a multi-million dollar shortfall, with unsecured
claims surging far beyond initial estimates.

The liquidator's six-monthly report for Hamleigh Holdings Limited,
which operated two Stirling Sports franchise stores in
Christchurch, showed unsecured claims have jumped to more than
NZD2.05 million, Stuff discloses. This is a massive spike from the
NZD650,000 originally estimated when the company entered
liquidation in October 2025.

According to Stuff, liquidator Brenton Hunt, of Insolvency Matters
Limited, reported that the total estimated shortfall to all
creditors now stands at NZD2.245 million, noting it is "not likely"
unsecured creditors will receive a dividend.

While unsecured creditors face receiving nothing, the company's
former employees have received some relief. Preferential claims for
staff wages and holiday pay, totalling NZD19,597, have been paid
out at "100c in the dollar," Stuff relays.

The company operated its sports retailing outlets at Northlands
Mall and Palms Shopping Centre before ceasing trade on October 28,
2025, following a special resolution by sole director and
shareholder Simon David Leigh.

According to the liquidator's report, Mr. Leigh stated the
insolvency was due to an "ongoing economic environment, which has
significantly impacted sales and cash flow," Stuff relays.

Stuff says rising operating expenses alongside increasing supplier
and landlord costs made the business no longer viable. Mr. Leigh
had spent 12 months attempting to sell the business before
liquidating, but was unsuccessful.

An auction of the stores' plant, equipment, and stock realised
NZD97,008, contributing to total realisations of NZD115,031. From
these funds, a general secured creditor was paid NZD15,000, and a
specific secured creditor received NZD7,382. Liquidator's fees
accounted for NZD18,933, while auction costs and commissions
required NZD19,473.

The updated report showed the Inland Revenue Department has lodged
a preferential claim of NZD30,675 for outstanding GST and PAYE. A
total of 13 unsecured creditor claims have been received by the
liquidator so far.

Stuff adds that Mr. Hunt confirmed that investigations are ongoing
into the trading history of the company, related party
transactions, and potential voidable transactions.

This includes reviewing the director's actions for any potential
breaches of the Companies Act 1993. Under the act, if a director is
found to have breached their duties, a liquidator can apply to the
High Court to make them personally liable for the company's debts.

The liquidation is expected to be completed within the next six
months, Stuff notes.

Hamleigh Holdings Limited was placed into liquidation in November
2025.


JRD SERVICES: Court to Hear Wind-Up Petition on Aug. 7
------------------------------------------------------
A petition to wind up the operations of JRD Services Limited will
be heard before the High Court at Auckland on Aug. 7, 2026, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 4, 2026.

The Petitioner's solicitor is:

          Vanessa Shirley Young
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


MANGO INTERIORS: Court to Hear Wind-Up Petition on July 28
----------------------------------------------------------
A petition to wind up the operations of Mango Interiors Limited
will be heard before the High Court at Masterton on July 28, 2026,
at 10:00 a.m.

The Gold Vault Limited filed the petition against the company on
May 8, 2026.

The Petitioner's solicitor is:

          Susan Emma Barnes
          WCM Legal Limited
          Memorial Square
          Carterton


RANA HOSPITALITY: Creditors' Proofs of Debt Due on Aug. 7
---------------------------------------------------------
Creditors of Rana Hospitality Limited and Woodford Investment
Limited 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 July 6, 2026.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051




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

CRYSTAL INVESTMENT: Creditors' Proofs of Debt Due on Aug. 11
------------------------------------------------------------
Creditors of Crystal Investment Holdings Pte. Ltd. are required to
file their proofs of debt by Aug. 11, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2026.

The company's liquidators are:

           Quar Lian Huat
           Tay Tuan Leng
           c/o Tricor Singapore  
           9 Raffles Place
           #26-01 Republic Plaza
           Singapore 048619


MUTO SINGAPORE: Creditors' Proofs of Debt Due on Aug. 11
--------------------------------------------------------
Creditors of Muto Singapore Pte. Ltd. are required to file their
proofs of debt by Aug. 11, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 1, 2026.

The company's liquidator is:

          Ms. Susan Lim Wie
          Esteem Management Services
          133 Cecil Street
          #17-01A Keck Seng Tower
          Singapore 069535


OZ MINERALS: Creditors' Proofs of Debt Due on Aug. 11
-----------------------------------------------------
Creditors of Oz Minerals Singapore Pte. Ltd. are required to file
their proofs of debt by Aug. 11, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2026.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          c/o 8 Wilkie Rd
          #03-08 Wilkie Edge
          Singapore 228095


SHINFOX FAR: Deloitte Singapore Appointed Provisional Liquidators
-----------------------------------------------------------------
Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore SR&T
Restructuring Services on July 6, 2026, were appointed as
provisional liquidators of Shinfox Far East Company Pte. Ltd.

The provisional liquidator may be reached at:

          Tan Wei Cheong
          Lim Loo Khoon
          Deloitte Singapore SR&T Restructuring Services
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


SOFT RICE: Ironwood Advisory Appointed as Liquidator
----------------------------------------------------
Mr. Lam Zi Yang (Ethan) of Ironwood Advisory VI on July 2, 2026,
were appointed as liquidator of Soft Rice Pte Ltd.

The liquidator may be reached at:

          Mr. Lam Zi Yang (Ethan)
          Ironwood Advisory VI Pte. Ltd.
          133 Cecil Street
          Keck Seng Tower, #14-01
          Singapore 069535




=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: Creditor to Extend Fresh Funding For Retailer
----------------------------------------------------------
Yonhap News Agency reports that the main creditor of Homeplus Co.
decided July 16 to extend fresh funding worth KRW200 billion
(US$134 million) for the financially troubled discount store chain
that temporarily closed its outlets earlier this week amid a lack
of operating capital.

According to Yonhap, the decision came after Meritz Financial Group
agreed to extend the funding in exchange for the full guarantee by
private equity fund MBK Partners, which wholly owns the retailer.

Earlier this month, a court decided to terminate rehabilitation
proceedings for Homeplus, pushing the company closer to shuttering
its doors as it struggles to find a buyer, Yonhap notes.

Yonhap says the Seoul Bankruptcy Court rejected Homeplus' revised
rehabilitation plan, noting the company failed to come up with the
necessary funds of at least KRW200 billion to carry out the plan.

With the fresh funding, Homeplus is able to appeal the court's
decision to terminate its rehabilitation proceeding.

The retailer has become financially strapped due to a slump in the
discount store industry and entered court-led rehabilitation
proceedings in March last year.

MBK Partners acquired a 100 percent stake in Homeplus in 2015 from
British retailer Tesco Plc for KRW7.2 trillion.

Once the country's second-largest discount store chain, Homeplus at
its peak operated more than 140 stores nationwide.

However, the retailer's financial condition deteriorated as the
discount store industry weakened, eventually leading to its
court-supervised rehabilitation, Yonhap states.

Efforts to secure additional funding also have been hindered by a
prolonged dispute over responsibility between MBK Partners and
Homeplus' largest creditor.

                         About Homeplus Co

Homeplus Co., Ltd. Homeplus Co. operates discount store chain in
South Korea.

In March 5, 2025, Homeplus entered court-led rehabilitation process
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.

In December 2025, Homeplus submitted a rehabilitation plan that
included debtor-in-possession (DIP) financing and asset sales.
According to Yonhap News Agency, the plan's approval deadline was
initially set for March, but was later extended to May and again to
July as the court sought additional time to review the progress of
asset sales and funding efforts.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
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 ***