260806.mbx

260806.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, August 6, 2026, Vol. 29, No. 156 Headlines A U S T R A L I A CAREWEST GROUP: Second Creditors' Meeting Set for Aug. 11 CHRIS EVANS: Five Transport Companies Submit Rescue Bids CONGO BRANDS: Second Creditors' Meeting Set for Aug. 11 DACADOO APAC: First Creditors' Meeting Set for Aug. 11 INFRABUILD AUSTRALIA: Fitch Puts 'CCC' IDR on Watch Negative NAVIQ GROUP: Second Creditors' Meeting Set for Aug. 11 SUNSHINE CITY CLUB: Worrells Appointed as Administrators TURQUOISE VII TRUST: S&P Assigns B(sf) Rating on Class F Notes ZEN ENERGY: Second Creditors' Meeting Set for Aug. 7 C H I N A LUOYANG SHANGDU: Says Can Repay Debt Even as Bond Sale Hits Snag I N D I A C. RAMAKRISHNA: CRISIL Lowers Rating on INR5.15c Pack Loan to B CARREG COMMODITIES: CRISIL Lowers Rating on INR5cr Cash Loan to B CHANDRADHARA RICE: CRISIL Lowers Rating on INR5cr Cash Loan to B GANESH AGRO: CRISIL Lowers Rating on INR3.6cr Cash Loan to B GUPTA RICE: CRISIL Lowers Rating on INR4cr Cash Loan to B GUPTA WOOD: CRISIL Downgrades Rating on INR4.5cr LoC to B HARSHGEET OVERSEAS: CRISIL Cuts Rating on INR10cr Cash Loan to B IN4 VELOCITY: CRISIL Lowers Rating on INR3.9cr Secured Loan to B J J REALTECH: CRISIL Lowers Rating on INR17cr Term Loan to B JAGDAMBAY RICE: CRISIL Lowers Rating on INR7.25cr Cash Loan to B JAI BHARAT: CRISIL Lowers Rating on INR2.5cr Proposed Loan to B JUPITER FOOD: CRISIL Lowers Rating on INR7cr Cash Loan to B K. R. V. SPINNING: CRISIL Lowers Rating on INR6.25cr Loan to B KARNATAKA RICE: CRISIL Lowers Rating on INR5cr Cash Loan to B KRISHNA COTTEX: CRISIL Lowers Rating on INR4cr Cash Loan to B LINK MARBLE: CRISIL Lowers Rating on INR17.75cr Cash Loan to D MALABAR IMPEX: CRISIL Lowers Rating on INR8.5cr Term Loan to B MANI BHUSAN: CRISIL Lowers Rating on INR5cr Cash Loan to B MEKA BUJJI: CRISIL Lowers Rating on INR4.9cr Cash Loan to B NATIONAL INDUSTRIES: CRISIL Cuts Rating on INR5cr Cash Loan to D NEW KUMAR: CRISIL Lowers Rating on INR0.5cr Cash Loan to B NEXTGEN TEXTILE: CRISIL Lowers Rating on INR10cr Term Loan to D NIRMAN ESTATE: CRISIL Lowers Rating on INR8cr Cash Loan to B PRUTHVI DEVELOPERS: CRISIL Lowers Rating on INR9cr LT Loan to B R.S. PROFILLING: CRISIL Lowers Rating on INR21cr Cash Loan to B RAGHURAM INDUSTRIES: CRISIL Cuts Rating on INR5cr Cash Loan to B RUPAL INFRASTRUCTURE: CRISIL Cuts Rating on INR5cr Term Loan to B SALASAR COTTEX: CRISIL Lowers Rating on INR0.95cr Whse Loan to B SUZLON ENERGY: NCLT Dismisses Insolvency Plea Against Company VAS INFRASTRUCTURE: NCLT Rejects Authum's Plan Over CIRP Issue J A P A N UNIVERSAL ENTERTAINMENT: Fitch Lowers LongTerm IDR to 'CCC+' L A O S EDL-GENERATION PUBLIC: Fitch Assigns 'CCC+' LongTerm IDR M A L A Y S I A MMM GROUP: Auditor Raises Going Concern Uncertainty SERBA DINAMIK: Liquidator Sues KPMG Over Alleged Audit Negligence P H I L I P P I N E S ABS-CBN CORP: Ang Lines Up PHP3.5B Rescue, MVP Eyed to Run Network S I N G A P O R E ACTIVE RENO: Court Enters Wind-Up Order ANTANIUM GLOBAL: Creditors' Meetings Set for Aug. 17 HAO MART: Closes Last Upscale Grocery Outlet NAVISOFT SOLUTIONS: Creditors' Meetings Set for Aug. 20 OFFITEK & ENGINEERING: Court Enters Wind-Up Order PAAM OASIS: Court to Hear Wind-Up Petition on Aug. 13 SPARKLINK ENGINEERING: Court to Hear Wind-Up Petition on Aug. 14 - - - - - ================= A U S T R A L I A ================= CAREWEST GROUP: Second Creditors' Meeting Set for Aug. 11 --------------------------------------------------------- A second meeting of creditors in the proceedings of Carewest Group Pty. Ltd. has been set for Aug. 11, 2026, at 3:30 p.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 10, 2026 at 4:00 p.m. Stephen Dixon of HM Advisory was appointed as administrator of the company on July 7, 2026. CHRIS EVANS: Five Transport Companies Submit Rescue Bids -------------------------------------------------------- NT News reports that five national and local South Australian transport companies have submitted bids to rescue the collapsed Renmark-based firm, Chris Evans Transport. The company entered voluntary administration on May 21 after accumulating over AUD4.5 million in debts, including AUD434,000 directly owed to its staff. According to NT News, administrators indicated the company may have been trading while insolvent as early as November 30 of the previous year. NT News says the financial collapse followed a fatal accident on April 21, where co-owner Jane Evans died after a vehicle crashed while attempting to board the Lyrup ferry. Her husband, Chris Evans, was subsequently charged with causing death by careless use of a vehicle. Thomas Stuart Otway and Matthew Ormsby of SV Partners were appointed as voluntary administrators of the company on May 21, 2026. CONGO BRANDS: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------- A second meeting of creditors in the proceedings of Congo Brands Australia Pty Ltd has been set for Aug. 11, 2026, at 11:00 a.m. Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 10, 2026 at 5:00 p.m. Alice Fay Ruhe of The Ruhe Group was appointed as administrator of the company on July 7, 2026. DACADOO APAC: First Creditors' Meeting Set for Aug. 11 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Dacadoo Apac Pty Ltd will be held on Aug. 11, 2026, at 9:00 a.m. via Zoom Video Conferencing Only. Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as administrator of the company on July 31, 2026. INFRABUILD AUSTRALIA: Fitch Puts 'CCC' IDR on Watch Negative ------------------------------------------------------------ Fitch Ratings has placed InfraBuild Australia Pty Ltd.'s Long-Term Issuer Default Rating (IDR) of 'CCC' on Rating Watch Negative (RWN). Fitch has also placed its senior secured bonds, rated 'B-', on RWN. The Recovery Rating on the bond is 'RR2'. The RWN reflects InfraBuild's increasing liquidity pressure and reliance on timely execution of planned liquidity support measures, including asset disposals. InfraBuild's rating is constrained by weak EBITDA and continued negative free cash flow (FCF). Absent sufficient liquidity support, cash could fall below AUD150 million in the next 12-15 months, a level that may be insufficient to sustain operations and meet fixed obligations. Fitch estimates InfraBuild's cash stood at AUD300 million at the end of the financial year to June 2026 (FY26). Resolution of the RWN may take longer than six months, depending on progress in the company's planned liquidity support measures. Key Rating Drivers Deteriorating Liquidity: Fitch estimates InfraBuild's EBITDA (FY26E: AUD98 million, FY25: AUD70 million) to remain insufficient relative to its fixed obligations including a mandatory USD10 million quarterly bond redemption, high interest expense (FY26E: AUD165 million), around AUD50 million of maintenance capex and working-capital needs. As a result, Fitch expects the company to continue to burn through cash, which could fall to critical levels by early FY28 unless there is sufficient liquidity support. FY26 performance was subdued, although slightly better than Fitch's expectations, mainly due to soft domestic demand, low prices and narrow spreads. Fitch estimates that operating performance is unlikely to improve enough in the near term, so execution of the planned asset disposals and potential bond refinancing has become more important to support liquidity in the short term. Negative FCF; Weak Profitability: Fitch expects FCF to remain negative over the next three to four years (FY26E: negative AUD165 million), reflecting low, albeit improving, EBITDA. Domestic demand is likely to recover only gradually from weakness driven by inflation and interest rates, while competitive pressure from imports remains high in Australia, with limited protection beyond anti-dumping duties and certification requirements. Near-term EBITDA margins (FY26E: 2.2%) are likely to face further pressure from replacing Whyalla Steelwork's billet supply with higher-cost imports, and from second-order impacts from the Iran conflict. These pressures should be partly offset by cost-saving initiatives and recent price increases. InfraBuild previously sourced 20%-25% of its billets from Whyalla Steelwork, which has faced operational outages since April 2026. The shift to imported supply is likely to also pressure working capital in the near term. Potential Asset Sales: InfraBuild expects total proceeds of about AUD250 million to AUD300 million from two potential sales of its non-integrated Australian assets in the next 18 months. Fitch has not included these in its forecast, as they remain preliminary and subject to high execution risk. If completed broadly as planned, they would materially strengthen liquidity and support the current rating. InfraBuild disposed of its US-based recycling assets for AUD45 million in FY26 and another small asset for AUD11 million in July 2026. New Planned Loan: InfraBuild is seeking a new secured loan of around AUD50 million against its Mayfield property. The company says the property, which is now part of the US dollar note security package, would be released and re-pledged for the new facility upon closing. InfraBuild repaid the previous loan secured on the property in April 2025 using proceeds from notes tap issuance. Fitch expects the facility to be signed in FY27, in line with management's plan. Any delay or failure to close the loan would weaken liquidity faster than expected under the rating case. Rated on Standalone: InfraBuild's ultimate controlling party, according to its financial statements, is Singapore-incorporated Liberty Steel Group Holdings Pte. Ltd. (LSGH), which is part of the broader GFG Alliance, a privately held group controlled by the Sanjeev Gupta family. Fitch does not have sufficient information on LSGH or its shareholders to undertake a detailed parent-subsidiary linkage assessment. Complex Group; Weak Governance: InfraBuild sits within a multi-layered ownership structure with several intermediate holding companies (holdcos). Fitch has information only on InfraBuild's immediate parent, and the holdco above it, and looks through these entities as they do not generate revenue or hold material cash or debt. While bond covenants mitigate the risk of cash leakage from InfraBuild for the benefit of the wider GFG Alliance, the company's association with GFG Alliance—several of whose subsidiaries are in administration or in legal proceedings—and the group's complex structure weigh on its governance assessment of 'some deficiencies'. Peer Analysis InfraBuild's IDR can be compared with that of Metinvest B.V. (CCC-), which is rated lower due to higher near-term risk. InfraBuild's RWN reflects the likely deterioration in its liquidity if the planned liquidity support measures do not proceed as planned. Metinvest is a vertically integrated Ukrainian mining and steel producer with additional operations in Europe. The 'CCC-' rating reflects limited liquidity headroom and significant refinancing risk related to the notes due in October 2027. Financial flexibility remains constrained, and repayment of the October 2027 notes will depend on a combination of operating cash flow generation, liquidity rebuilding and access to external funding. Operating risk remains very high due to the Russia-Ukraine war, including continued exposure to disruption or damage at key facilities and foreign-exchange restrictions linked to the conflict. Cleveland-Cliffs Inc. (Cliffs, B+/Stable) is a higher-rated peer which is the largest flat-rolled steel producer and largest producer of iron ore pellets in North America. It is a majority blast furnace producer of steel with some electric arc furnace production. Its business profile is stronger than InfraBuild's due to a much larger EBITDA scale and focus on higher value-added products. Fitch also expects Cliffs' leverage and coverage metrics to be healthier than InfraBuild's. Fitch’s Key Rating-Case Assumptions - Average revenue to grow by around 2% annually (FY26E: flat); - Average Fitch-adjusted EBITDA margin to widen to more than 3% from FY28; - Total capex of AUD140 million during FY27-FY28 (FY26E: AUD70 million); - USD10 million quarterly bond redemption until September 2027, in line with covenants - Cash outflow related to significant items classified as dividends by the company of AUD20 million in FY27 (FY26E: AUD28million) - No asset disposals. - New Mayfield loan of around AUD50 million in FY27. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b-', moderate), sector characteristics ('bbb', lower), market and competitive positioning ('b-', moderate), diversification and asset quality ('b+', moderate), company operational characteristics ('b+', moderate), profitability ('ccc', moderate), financial structure ('ccc-', higher), and financial flexibility ('ccc', higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'ccc'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC'. Recovery Analysis The recovery analysis assumes that InfraBuild would be liquidated in bankruptcy as Fitch estimates this results in a better return to creditors. Fitch has assumed a 10% administrative claim. To calculate the liquidation value, Fitch uses an 80% advance rate against InfraBuild's reported receivables, which consist almost entirely of trade receivables, and a 35% rate against the reported inventory and property, plant and equipment (PP&E) as of end-March 2026. The advance rates used for inventory and PP&E are lower than the rates Fitch typically uses for recovery analysis. This reflects the risk of weak recoveries from inventories and PP&E due to volatile steel market conditions, which could prevail in the next few years. Fitch assumes the proposed Mayfield secured loan will be senior to InfraBuild's US dollar notes in the debt waterfall for distribution of value. These assumptions result in an 'RR2' Recovery Rating for the US dollar notes under its Corporate Recovery Ratings and Instrument Ratings Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Delays in completing planned liquidity support measures, including asset disposals and refinancing, within about six months, such that liquidity stress increases. Factors that Could, Individually or Collectively, Lead to Removal of the RWN: - Completion of planned liquidity support measures in around six months, such that the risk of liquidity weakening is reduced. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade is unlikely, however, limited risk of year-end readily available cash falling below AUD150 million, or improved banking access, along with EBITDA interest coverage sustained above 1.5x, may lead to an upgrade Liquidity and Debt Structure Fitch estimates InfraBuild had readily available cash of about AUD300 million at end-June 2026, which should sufficiently cover the short-term debt maturities comprising mandatory quarterly amortisation of its US dollar notes. At end-June 2026, InfraBuild's debt mainly comprised the outstanding USD649 million notes and a small AUD72 million loan from previous related party OneSteel Manufacturing's (OSM) Whyalla Steelwork. The OSM loan is subordinated to the US dollar notes and not repayable until the notes mature. Liquidity would weaken over time if planned liquidity support measures were delayed or do not materialise. This will increase the refinancing risk for the US dollar notes despite their maturity far off in November 2028, as cash would continue to decline and access to traditional bank funding remains limited. The company has started to explore refinancing options for the notes, but these remain at an early stage. Issuer Profile InfraBuild is Australia's sole vertically integrated manufacturer, processor and distributor of long steel products, including reinforcing steel, with an electric arc furnace-based steelmaking capacity of 1.4 million tonnes per annum. It comprises the manufacturing, product mill, distribution and recycling assets of the former Arrium Group, which were taken over by GFG Alliance in 2017. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for InfraBuild Australia Pty Ltd. ESG Considerations InfraBuild Australia Pty Ltd. has an ESG Relevance Score of '4' for Group Structure due to ownership by entities within Sanjeev Gupta's GFG Alliance, which is under investigation by the UK's Serious Fraud Ofﬁce. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. InfraBuild Australia Pty Ltd. has an ESG Relevance Score of '4' for Governance Structure due to it being part of the complex GFG Alliance and a record of several related-party transactions. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- InfraBuild Australia Pty Ltd. LT IDR CCC Rating Watch On CCC senior secured LT B- Rating Watch On RR2 B- NAVIQ GROUP: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------ A second meeting of creditors in the proceedings of Naviq Group Pty Ltd has been set for Aug. 11, 2026, at 10:30 a.m. at the offices of Worrells, at Bryant House, Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore, QLD. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 10, 2026 at 4:00 p.m. Paul Eric Nogueira of Worrells was appointed as administrator of the company on July 7, 2026. SUNSHINE CITY CLUB: Worrells Appointed as Administrators -------------------------------------------------------- Nathan Lee Deppeler and Matthew Kucianski of Worrells on July 31, 2026, were appointed as Administrator of The Sunshine City Club. The Administrators may be reached at: Nathan Lee Deppeler Matthew Kucianski Worrells Level 14 570 Bourke Street Melbourne, VIC 3000 TURQUOISE VII TRUST: S&P Assigns B(sf) Rating on Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to nine classes of residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Turquoise VII Trust. Turquoise VII Trust is a securitization of residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The ratings we have 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 Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and Bank of America, N.A., Australian Branch (BANA) as liquidity facility provider. We have derived our rating on BANA from our rating on the parent entity. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Turquoise VII Trust Class A1S, A$365.00 million: AAA (sf) Class A1L-a, A$186.00 million: AAA (sf) Class A1L-b, A$299.0 million: AAA (sf) Class A2, A$45.00 million: AAA (sf) Class B, A$36.00 million: AA (sf) Class C, A$33.00 million: A (sf) Class D, A$18.00 million: BBB (sf) Class E, A$7.00 million: BB (sf) Class F, A$7.00 million: B (sf) Class G1, A$2.00 million: Not rated Class G2, A$2.00 million: Not rated ZEN ENERGY: Second Creditors' Meeting Set for Aug. 7 ---------------------------------------------------- A second meeting of creditors in the proceedings of: - Zen Energy Pty Ltd - Zen Energy Finance Pty Ltd - Zen Energy Retail Pty Ltd - Zen Energy Derivatives Pty Ltd - Zen Energy Holdings Pty Ltd - Zen Energy Markets Pty Ltd - Zen Energy Environmental Pty Ltd - Sunshot Industries Pty Ltd - Zen Transport Fuels Pty Ltd - Zen Metals Pty Ltd - Zen Energy Retail Holdings Pty Ltd - Zen Energy Wholesale Pty Ltd has been set for Aug. 7, 2026, at 3:30 p.m. via virtual facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 6, 2026 at 5:00 p.m. Jason Preston and Robert Smith of McGrathNicol were appointed as administrators of the company on July 3, 2026. ========= C H I N A ========= LUOYANG SHANGDU: Says Can Repay Debt Even as Bond Sale Hits Snag ---------------------------------------------------------------- Bloomberg News reports that a Chinese municipal borrower said it has enough funds to repay CNY1.08 billion in offshore notes due next week, after people familiar with the matter said a plan to refinance that debt with a new bond sale had been delayed. Bloomberg relates that Luoyang Shangdu City Investment Holding Group Co was scheduled to price a 364-day yuan-denominated offshore bond last Friday [July 31] to help repay the notes but the deal was postponed due to disagreements with investors over pricing, the people said, asking not to be identified as the matter is private. The local government financing vehicle said it has ready cash and will repay two yuan offshore bonds - a 6.9% bond and a 7.9% note - both set to mature on Aug. 11, on time, responding to queries from Bloomberg News. The company didn't provide further details and declined comment on whether it will try to sell the offshore bond again this week. According to Bloomberg, the circumstances surrounding Luoyang Shangdu show the challenges faced by distressed LGFVs in the country despite government support as they try to exhaust all means to meet debt payments. Thousands of LGFVs have built up massive debt after years of helping China's towns and cities raise funds for a range of infrastructure projects including roads and public housing. They have about CNY16 trillion worth of bonds outstanding, with roughly five trillion yuan set to mature by the end of 2027, according to data compiled by Bloomberg. The company, based in China's central Henan province, showed signs of financial distress after it was placed on a Chinese court list in October following its failure to pay a court enforcement claim of CNY322,354, according to its filing to the Shanghai Stock Exchange, Bloomberg relays. It also had CNY10 million in overdue payments outstanding as of end-April this year, according to a person with knowledge of the matter who spoke on condition of anonymity. It reported CNY16 million in profit last year on revenue of CNY250 million, with its liability-to-asset ratio at 67.33%, according to a separate filing to the Shanghai Stock Exchange. Its 6.9% bond was indicated at around 97% of its face value on Friday, according to Bloomberg-compiled data. Bloomberg notes that LGFVs were once flagged as the top financial risk in Asia but borrowing costs fell to a record low after China told banks and provincial governments to help LGFVs repay domestic and offshore debt maturing no later than June 30, 2027. However, some weaker LGFVs have been facing refinancing pressure following a slew of measures taken by Chinese regulators, Bloomberg has reported. They're also discouraged from raising money offshore at higher yields. Luoyang Shangdu City Investment Holding Group Co. Ltd. is a local government financing vehicle based in Henan province, China. It manages infrastructure construction, old residential area upgrades, and local public utility projects. ========= I N D I A ========= C. RAMAKRISHNA: CRISIL Lowers Rating on INR5.15c Pack Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of C. Ramakrishna Padayatchi (CRP), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 5.15 Crisil B/Stable (ISSUER NOT Credit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with CRP 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 CRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CRP revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. CRP was set up as a proprietorship firm by Mr C Ramakrishna Padayatchi in 1978. The firm processes raw cashew nuts and sells cashew kernels. The processing facility is near Cuddalore (Tamil Nadu). CARREG COMMODITIES: CRISIL Lowers Rating on INR5cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Carreg Commodities Private Limited (Carreg), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 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 Carreg 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 Carreg, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Carreg is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Carreg revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Carreg was incorporated in November 2010, promoted by Ms Jacintha Panickeer. The company, based in Mangaluru, Karnataka, trades in diverse commodities such as coal, rice, and spices. CHANDRADHARA RICE: CRISIL Lowers Rating on INR5cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Chandradhara Rice Mill (CRM), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 0.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with CRM 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 CRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CRM revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. CRM was establish in 2003. CRM is owned & managed by Mrs Anitha R. CRM operates a rice mill and its manufacturing facility is located in Tumkur, Karnataka. GANESH AGRO: CRISIL Lowers Rating on INR3.6cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Ganesh Agro Industries - Nanded (Ganesh; part of the Venkateshwara group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.6 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.4 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 2.0 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Ganesh 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 Ganesh, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ganesh is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Ganesh revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. VDI was formed as a proprietorship firm of Mr Rajiv Achintalwar, in 2004. The firm processes and trades in different pulses, and has a manufacturing facility at Nanded (Maharashtra). Ganesh was set up in 2015, by the Kotgire and Achintalwar families. The firm processes toor dal (lentils). Operations began from February 2016 and the firm was operational for 45 days in fiscal 2016. The manufacturing facility is at Nanded. GUPTA RICE: CRISIL Lowers Rating on INR4cr Cash Loan to B --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Gupta Rice Export (GRE), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GRE 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 GRE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GRE revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Formed in 2010, Chandrapur based GRE, a proprietorship firm of Mr. Mahendra Gupta is engaged in into processing and milling of non-basmati rice. GUPTA WOOD: CRISIL Downgrades Rating on INR4.5cr LoC to B --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Gupta Wood Products (GWP), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Letter 4.5 Crisil B/Stable (ISSUER NOT of Credit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 1 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Secured Overdraft 1.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GWP 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 GWP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GWP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GWP revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 1998 as a partnership firm by Mr Sunil Kumar Gupta, Delhi-based GWP processes and trades in timber. Mr Gupta has been managing operations since 1998. HARSHGEET OVERSEAS: CRISIL Cuts Rating on INR10cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Harshgeet Overseas (Harshgeet), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Harshgeet 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 Harshgeet, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Harshgeet is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Harshgeet revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2011, Harshgeet trades in raw cotton. Based in Sendhwa (Madhya Pradesh), the firm is promoted by Mr. Jaideep Singh Rajpal. IN4 VELOCITY: CRISIL Lowers Rating on INR3.9cr Secured Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of In4 Velocity Systems Private Limited (IVSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft Facility 3.9 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with IVSPL 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 IVSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IVSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IVSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. IVSPL, incorporated in 2002, offers customized software packages for real estate and construction industry. Its core competency lies in building solutions for digitizing the entire business process of real estate companies and maintaining international quality standards. The company is based out of Bangalore. J J REALTECH: CRISIL Lowers Rating on INR17cr Term Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of J J Realtech Private Limited (JJRPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 17 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JJRPL 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 JJRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JJRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JJRPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 2012 by the Dehradun-based Lumba family, JJRPL undertakes residential and commercial real estate development in Dehradun. Mr Raj Lumba, the key promoter, manages operations. Currently, it is executing a residential project, Shivalik Emerald, at Rajpur Road, Dehradun. What about the commercial JAGDAMBAY RICE: CRISIL Lowers Rating on INR7.25cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Jagdambay Rice Mills (JRM), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JRM 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 JRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JRM revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 1992 as a partnership firm, JRM mills and processes basmati and non-basmati rice and sells mainly in the domestic market through its brands Golden Rath, Doha, and Goric. Its production facilities are in Amritsar, Punjab. Mr Punit Gujral and his family members are the partners. JAI BHARAT: CRISIL Lowers Rating on INR2.5cr Proposed Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Jai Bharat Chemicals (JBC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Foreign Letter 1.6 Crisil B/Stable (ISSUER NOT of Credit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 2.5 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 JBC 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 JBC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JBC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JBC revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. JBC was set in 2012, is engaged in trading of chemical & allied products used as a raw material under paint coating manufacturing industry. JBC is owned & managed by Mr. Sanjeev K Goswami. JUPITER FOOD: CRISIL Lowers Rating on INR7cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Jupiter Food Products India Private Limited (JFPIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 1.75 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JFPIPL 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 JFPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JFPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JFPIPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. JFPIPL was incorporated in 1992, it is located in Kanpur, UP. JFPIPL is owned and managed by Mr. Suresh Chand Jain, Mr. Alok Jain & Ms. Shalini Jain. JFPIPL is engaged in processing of chicory (roasted & liquid). K. R. V. SPINNING: CRISIL Lowers Rating on INR6.25cr Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of K. R. V. Spinning Mills Private Limited (KSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 9.44 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KSPL 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 KSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. KSPL, incorporated in 1990, manufactures cotton yarn. The company's manufacturing unit is at Nangavalli in Salem (Tamil Nadu). KARNATAKA RICE: CRISIL Lowers Rating on INR5cr Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Karnataka Rice Industries (KRI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KRI 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 KRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KRI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. KRI is a partnership firm promoted by Mr Mohammed Shayub, Mr Mohammed Yusuf, and Mr Mohammed Yunus. It mills and processes non-basmati rice at its facility at Tumkur, Karnataka. KRISHNA COTTEX: CRISIL Lowers Rating on INR4cr Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Krishna Cottex (KC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 2.43 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Working Capital 0.57 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KC 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 KC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KC revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up as a partnership firm in Amreli, Gujarat, in fiscal 2013 by Mr Hitesh Paradava and Mr Nilesh Paradava. It is engaged in ginning and processing of cotton into bales. LINK MARBLE: CRISIL Lowers Rating on INR17.75cr Cash Loan to D -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Link Marble and Granites Private Limited (LMGPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING) Cash Credit 17.75 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING) Foreign Exchange 0.2 Crisil D (ISSUER NOT Forward COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING) Letter of Credit 16 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING) Post Shipment 2.5 Crisil D (ISSUER NOT Credit COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING) Proposed Long Term 9.55 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LMGPL for obtaining information through letter and email dated October 16, 2025 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 LMGPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on LMGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the ratings to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B-/Stable/Crisil A4 Issuer not cooperating' due to delays in servicing debt obligation. The bank has marked the account as a Non-Performing Asset (NPA). LMGPL was set up in Bengaluru (Karnataka) in 2004 by Mr. Gurmeet Singh Modi and his family. The company trades and processes various types of marble, granite, and other natural stones. MALABAR IMPEX: CRISIL Lowers Rating on INR8.5cr Term Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Malabar Impex Solutions (MIS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Working Capital 4.5 CRISIL B+/Stable (Issuer Not Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MIS 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 MIS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIS revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2018 as a partnership firm by Mr Moosa Kunnath and Mr Mohammed Kunnath, MIS is setting up a plant in Malappuram, Kerala, to process frozen seafood products, food grains, and spices. MANI BHUSAN: CRISIL Lowers Rating on INR5cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Mani Bhusan Dutta Steel Private Limited (MBDSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Cash 5 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MBDSPL 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 MBDSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBDSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBDSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2012, MBDSPL is promoted Mr Prasanta Kumar Dutta and Ms Suparna Dutta. The company is distributor for JSW Steel in Hooghly and Howrah district of Kolkata. Apart from this company is also a distributor of JSW Cement and Nuvoco Cement MEKA BUJJI: CRISIL Lowers Rating on INR4.9cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Meka Bujji Parameswara Rao (MBPR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Fund- 1.1 CRISIL B+/Stable (Issuer Not Based Bank Limits COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MBPR 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 MBPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBPR revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. MBPR is a proprietorship firm set up in Krishna, Andhra Pradesh in 1983. The firm sell eggs obtained from its poultry farm of 2 lakh hens. The key proprietor, Mr. M B Parameswara Rao has experience of over three decade in the business. NATIONAL INDUSTRIES: CRISIL Cuts Rating on INR5cr Cash Loan to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of National Industries - Faridkot (NI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 0.8 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NI for obtaining information through letter and email dated September 5, 2025, 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 has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of 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 of NI, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on NI is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of NI to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. NI, a partnership set up in 1998 at Faridkot (Punjab), mills and sorts rice. It was taken over by the current partners in 2001, and is currently managed by Mr. Rohit Monga and his cousin, Mr. Vikram Monga. NEW KUMAR: CRISIL Lowers Rating on INR0.5cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of New Kumar Stores (NKS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NKS 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 NKS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NKS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NKS revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. NKS, set up in 2000 Mr Ramesh Kumar Shaw, is a Kolkata-based wholesaler of groceries and cosmetics. NEXTGEN TEXTILE: CRISIL Lowers Rating on INR10cr Term Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Nextgen Textile Park Private Limited (NTPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NTPPL for obtaining information through letters and emails dated November 10, 2025 and July 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 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 has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of NTPPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on NTPPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of FNM to 'Crisil D Issuer not cooperating' from 'Crisil B-/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. NTPPL, incorporated in March 2007, is a special purpose vehicle promoted by Mr. Aloke Bhatnagar, Mr. B S Bhatnagar, and Mr. Dinesh Gangadharan (nominee director) to set up a textile park near Pali (Rajasthan). The company was set up under SITP, supported by the Ministry of Textiles, the Government of India, to set-up textile park infrastructure to house units of small entrepreneurs. The project is expected to be fully operational from April 2016. NIRMAN ESTATE: CRISIL Lowers Rating on INR8cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Nirman Estate Developers Private Limited (NEDPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NEDPL 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 NEDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NEDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NEDPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Setup in 1990, NEDPL is engaged in residential real estate development in Nasik (Maharashtra). It currently has two ongoing projects - Nirman Dwarkapuram and Nirman Vrindavan Garden. The company is managed by Mr. Nemchand Poddar and his sons Mr. Vipul Poddar and Mr. Hitesh Poddar. PRUTHVI DEVELOPERS: CRISIL Lowers Rating on INR9cr LT Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Pruthvi Developers (PD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PD 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 PD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PD revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Formed in 2003 as a partnership, PD undertakes residential real estate projects. PD is promoted by Mr. Appasaheb J. Patil, Mr. Ankit Butala, Mr. Girish Dang, Mr. Pratik Sanghvi and Mr. Nandkumar Lunawat along with his family member. The firm is currently executing residential real estate project 'Misty Greens' in Chikhali, Pune. R.S. PROFILLING: CRISIL Lowers Rating on INR21cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of R.S. Profilling Private Limited (RSPPL, part of R.S. group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.01 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Working Capital 2.1 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Working Capital 4.19 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RSPPL 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 RSPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSPPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. RSPPL was incorporated in July 2013. RSPPL is engaged in manufacturing of wide range of pre-engineered building products such as color coated coils & sheets, panel profile sheets, roofing sheets colored, steel roof trusses and steel girder bridges. RSPPL manufacturing facility is located in Srinagar, Jammu & Kashmir. RSPPL is owned & managed by Mr. Dawood Ahmad, Ms. Jameela Ahmad and Mr. Najam who have a rich industrial experience. Norplex Oak India Ltd: Acquired in current financial year from PCBL Ltd. as wholly owned subsidiary of RSPPL to carry on business of manufacturing of Copper Clad sheets. Current company doesn't have any operations. Maple Circuits Ltd: Acquired in current financial year from PCBL Ltd. as wholly owned subsidiary of RSPPL to carry on business of manufacturing of circuit board. Current company doesn't have any operations. RAGHURAM INDUSTRIES: CRISIL Cuts Rating on INR5cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Raghuram Industries (Raghuram), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Raghuram 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 Raghuram, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Raghuram is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Raghuram revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 2009 as a partnership firm, Raghuram is engaged in milling and processing of paddy into rice, rice bran, broken rice, and husk. Its rice mill is located in Nalgonda, Telangana. The firm is managed by Mr Sri Emmadi Anjaiah, Mr Sri Emmadi Somanarsaih, and Mr Sri Emmadi Somaiah who are also the partners. RUPAL INFRASTRUCTURE: CRISIL Cuts Rating on INR5cr Term Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Rupal Infrastructure Private Limited (RIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.9 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RIPL 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 RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2006, RIPL is promoted by Mr Anil Jaiswal and Mr Arun Jaiswal. The company undertakes construction of buildings and irrigation projects in Odisha. SALASAR COTTEX: CRISIL Lowers Rating on INR0.95cr Whse Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Salasar Cottex - Hinganghat (SC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Warehouse Financing 0.95 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SC 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 SC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SC revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2013, SC gins and presses cotton seeds. The company has been promoted by Mr Yogesh Hurkat and his family members. SUZLON ENERGY: NCLT Dismisses Insolvency Plea Against Company ------------------------------------------------------------- LiveLawBiz.com reports that the Ahmedabad Bench of the National Company Law Tribunal (NCLT) has recently rejected an insolvency plea against Suzlon Energy Limited. The plea was rejected after finding that the claim was time-barred and arose out of a pre-existing dispute. According to LiveLawBiz.com, the petition was filed by Harri Wind Farms, which sought initiation of insolvency proceedings after claiming INR9.70 crore towards land procurement, No Objection Certificates (NOCs), and Power Evacuation (PE) connectivity for a proposed 25 MW wind power project in Tamil Nadu. A bench of Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy observed, "There is a dispute on delivery and clearly the demand notice does not comply with the IBC 2016, barred by limitation, the dispute if any is only through the arbitration process, if to decide the matter, and this application is not admissible to pass any order under Sec 9 of IBC 2016." LiveLawBiz.com relates that Harri Wind Farms said it entered into an MoU with Suzlon Energy Limited in 2011 for procuring land parcels, NOCs and Power Evacuation (PE) licences. In 2015, it entered into a Development Agreement with Suzlon Gujarat Wind Park Limited, which was later merged into Suzlon Energy Limited. The firm claimed it fulfilled its obligations by procuring land, obtaining NOCs, and facilitating PE connectivity. It alleged that Suzlon acquired only a few land parcels and failed to clear invoices raised in July 2016. LiveLawBiz.com says Suzlon opposed the plea, contending that the claim was barred by limitation because the invoices were raised in July 2016 and the insolvency petition was filed only in 2022. Suzlon also argued that Harri Wind Farms had failed to carry out its contractual obligations. It contended that the claim did not qualify as an operational debt and that disputes between the parties had existed long before the Section 8 demand notice. The tribunal was not persuaded by Harri Wind Farms' case. It observed that the material on record indicated the firm had not fully discharged its obligations under the MoU and the Development Agreement. The tribunal also noted that Suzlon had independently obtained PE connectivity from TANGEDCO in April 2016. It found that the invoices raised thereafter fell outside the scope of the agreements. LiveLawBiz.com adds that the tribunal further held that the legal notice issued in December 2019 was already barred by limitation. It observed that the Section 8 demand notice issued in August 2022 sought recovery of a debt that was already time-barred. It also held that the dispute, if any, should be resolved through arbitration rather than insolvency proceedings. The insolvency petition was therefore rejected. Suzlon Energy Limited is a fully-integrated wind power solution provider and its activities include wind resource mapping, land & infrastructure development, creation of power evacuation facilities, component manufacturing, wind turbine installation, commissioning and Operation & Maintenance Services (OMS) both in domestic and international markets. VAS INFRASTRUCTURE: NCLT Rejects Authum's Plan Over CIRP Issue -------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has rejected the resolution plan submitted by Authum Investment and Infrastructure for debt-ridden Vas Infrastructure, holding that the corporate insolvency resolution process (CIRP) was vitiated by 'material irregularities', including alleged misrepresentation of assets and misleading disclosures by the resolution professional. Vas Infrastructure, a Mumbai-based listed real estate company engaged in redevelopment of old and dilapidated buildings, entered CIRP following an NCLT order dated March 11, 2024. ========= J A P A N ========= UNIVERSAL ENTERTAINMENT: Fitch Lowers LongTerm IDR to 'CCC+' ------------------------------------------------------------ Fitch Ratings has downgraded Japan-based Universal Entertainment Corporation's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'. Fitch has also downgraded the company's outstanding US dollar senior secured notes to 'CCC+' from 'B-' with a Recovery Rating of 'RR4'. The downgrade reflects a material deterioration in Universal Entertainment's integrated resort (IR) segment, driven by structural headwinds that have caused a sharp decline in VIP table games' gross gaming revenue, with mass-market revenue providing only a partial offset. Fitch expects downward pressure to persist in the near term. Fitch has therefore revised its rating case to project subdued EBITDA and negative free cash flow (FCF) in 2026 to 2027, with higher leverage and weaker interest coverage than its earlier expectations. This results in reduced liquidity headroom over the rating horizon to 2029. Universal Entertainment does not have any significant debt maturities until August 2029, but its buffer against further deterioration is limited. Key Rating Drivers Weaker 2025 Performance: Revenue and EBITDA in 2025 were materially below Fitch's previous rating case. Recovery in the amusement equipment segment was broadly in line with management's guidance, but this did not offset continued weakness in the IR segment. Softer gaming demand, higher promotional spending and a weaker Philippine economy weighed on earnings. Cost-cutting measures are likely to provide only partial mitigation. Structural Pressure on IR Segment: Fitch expects IR earnings to remain under pressure. VIP table games' share of gross gaming revenue at the OKADA MANILA fell to 20% in 2025, from 29% in 2024 and 35% in 2023, while mass segment growth has yet to offset the decline. Fitch views the shift towards lower-spending mass customers as structural. Competition, online migration and weaker macroeconomic conditions are likely to constrain the segment's revenue and EBITDA recovery. Weakening FCF and Liquidity: Fitch estimates the company requires a minimum EBITDA of around JPY20 billion to maintain breakeven FCF to cover cash interest of about JPY11 billion and capex of approximately JPY9 billion. The revised rating case forecasts around JPY19 billion of annual EBITDA through 2028, before recovering to above JPY20 billion in 2029, resulting in a gradual decline in readily available liquidity over this period. Structural pressure in the IR segment, macroeconomic headwinds and intense competition increase the uncertainty of FCF recovery. Weak Leverage and Coverage: Fitch forecasts EBITDAR leverage to improve to 7.2x in 2026 and 6.7x in 2027, from 7.9x in 2025. Fitch expects EBITDAR fixed-charge coverage to improve modestly to 1.5x in 2027, from 1.4x in both 2026 and 2025. However, coverage is expected to remain at or below Fitch's previous downgrade threshold of 1.5x over the near term, providing limited headroom against further deterioration. Volatile Amusement Equipment Segment: The amusement equipment business in Japan provides earnings diversification. Fitch expects a near-term recovery as Universal Entertainment accelerates pachislot and pachinko launches. However, structural risks remain due to a shrinking player base, Japan's ageing population and continued contraction in the broader pachinko and pachislot market. Limited Scale, High Concentration: Universal Entertainment's operating scale remains limited, with revenue well below that of larger rated gaming peers. EBITDA concentration is high, with the Philippine IR segment contributing about half of group revenue. This increases exposure to single-asset and single-market risks. The domestic amusement equipment business also faces long-term structural pressure. Peer Analysis Macao-based gaming operator SJM Holdings Limited (B+/Stable) and Universal Entertainment are both geographically concentrated, but SJM Holdings is rated at a higher level as it is much larger in terms of revenue. US regional gaming operator Bally's Corporation (B-/Negative) is comparable with Universal Entertainment in terms of revenue and profitability, but the Japanese company has lower leverage than Bally's. Fitch’s Key Rating-Case Assumptions - Revenue to increase by 4.8% in 2026, followed by low-single-digit growth from 2027 to 2029. - EBITDA margin to average 15% in 2026-2029. - Annual capex of JPY7 billion-9 billion from 2026 to 2029. - No dividend payments from 2026 to 2029. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b', moderate), sector characteristics ('b', moderate), market and competitive positioning ('b+', moderate), diversification and asset quality ('b+', lower), company operational characteristics ('b', moderate), profitability ('b-', higher), financial structure ('ccc+', moderate), and financial flexibility ('b-', higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. 'B+' to 'CC' considerations apply in its analysis and results in an adjustment of -1 notch. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'ccc+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'ccc+'. Recovery Analysis Key Recovery Rating Assumptions Fitch believes it is more appropriate to derive the recovery rating for Universal Entertainment's senior notes based on the post-restructuring cash flow from its Japan-based operations only. This is due to the challenges offshore bondholders may face in accessing the residual value of its Philippine IR assets in the event of bankruptcy, as local banks hold senior claims. The approach also accounts for the Philippines' classification as a Category D country in Fitch's Country-Specific Treatment of Recovery Ratings Criteria and that the security for noteholders is merely a pledge related to Universal Entertainment's interest in a Hong Kong-based intermediary holding company, rather than the tangible assets of the Philippine casino business. Under this approach, Fitch assumes the issuer would be restructured as a going-concern (GC) with 10% administrative expenses. Its conservative estimate of GC EBITDA for the company's Japanese operations is JPY10 billion, incorporating a substantial discount to its pro forma EBITDA (excluding IR operations) under its base-case scenario due to regulatory risks and transient consumer preferences driving product demand. Fitch believes an enterprise value (EV) multiple of 3.5x, applied to GC EBITDA to derive a post-reorganisation EV, is appropriate for Universal Entertainment, reflecting the weak long-term growth prospects of the pachinko or pachislot markets. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to stabilise the IR operations and increase consolidated EBITDA generation - EBITDA falling materially below JPY20 billion, combined with a cash balance declining below JPY20 billion - EBITDAR fixed-charge coverage sustained below 1.0x - Failure to establish a clear path to securing refinancing ahead of the August 2029 maturity Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Stabilisation of IR operations, leading to a sustained increase in consolidated EBITDA and positive FCF - EBITDAR fixed-charge coverage sustained above 1.5x. Liquidity and Debt Structure Universal Entertainment faces no significant refinancing requirements until August 2029, following the successful refinancing of its December 2024 maturities with USD800 million in new financing. Liquidity improved by end-2025, supported by working-capital reduction, asset disposal proceeds and the suspension of dividend payments, and stood at JPY33 billion at end-1Q26. Its core operations require limited working capital and near-term capex commitments are modest, but high financing costs continue to weigh on FCF, which Fitch expects to turn negative in 2026. EBITDAR fixed-charge coverage fell below 1.5x at end-2025 and is forecast to remain at or below this level through 2027. The extended maturity profile provides near-term flexibility, but does not constitute a meaningful buffer against further operational deterioration, given the absence of a clear earnings recovery path. Issuer Profile Universal Entertainment is a Japanese gaming equipment manufacturer listed on the Tokyo Stock Exchange. The company's two segments are amusement equipment, which develops, manufactures and sells pachislot and pachinko machines, and IR, which operates the OKADA MANILA, an IR in Entertainment City in Manila, the Philippines. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Universal Entertainment is 51. Its elevated Climate.VS is driven by wind and heat risks in Manila, where its IR assets are located. Its concentration risks are factored in its assessment of the Diversification and Asset Quality factor of the Sector Navigator and Fitch does not see any immediate credit impact. ESG Considerations Universal Entertainment has an ESG Relevance Score of '4' for Governance Structure due to ownership being concentrated in the hands of the founding family and disputes with its founder and former chairman, Kazuo Okada, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Universal Entertainment Corporation LT IDR CCC+ Downgrade B- senior secured LT CCC+ Downgrade RR4 B- ======= L A O S ======= EDL-GENERATION PUBLIC: Fitch Assigns 'CCC+' LongTerm IDR -------------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'CCC+' to Laos-based EDL-Generation Public Company (EDL-Gen) and a long-term rating of 'CCC+' with a Recovery Rating of 'RR4' to EDL-Gen's proposed USD300 million senior amortising notes due 2031. The proposed notes constitute direct, senior unsecured obligations of EDL-Gen and rank pari passu with its existing senior unsecured Thai baht debentures. EDL-Gen intends to use at least USD166 million of the net proceeds to refinance its EDLGEN269A debenture maturing in September 2026. EDL-Gen's Long-Term IDR is capped by its parent, Électricité du Laos (EDL), under the strong subsidiary path in Fitch's Parent and Subsidiary Linkage Rating Criteria, due to its 'Open' assessment of ring-fencing, as well as access and control between EDL-Gen and EDL. EDL's credit profile is aligned with Laos' sovereign rating of 'CCC+', reflecting a 'Virtually Certain' likelihood of state support. Fitch does not consider a Standalone Credit Profile (SCP) to be meaningful for EDL, as the company cannot be effectively de-linked from the Laos government. EDL-Gen's SCP is assessed at 'b-', reflecting good cash flow visibility from long-term contracted output, as well as improving margins and financial leverage following a July 2025 tariff reset. These strengths are balanced against a weak counterparty, single-resource concentration and concentrated debt maturities in the near term. Key Rating Drivers Constrained by Parent: EDL-Gen's 'b-' SCP is capped by Fitch's internal assessment of its parent, EDL. Fitch assesses ring-fencing as 'Open' as dividends from EDL-Gen to EDL are unrestricted and support for EDL is permitted. Fitch also assesses effective control as 'Open'. EDL controls the board of EDL-Gen and its major operational and financing decisions. Large inter-company transactions also lead to its 'Open' assessment of funding and cash management, despite separate funding channels. The proposed notes also introduce a covenant package, including a requirement that any dividend to EDL should be settled by a set-off against undisputed, overdue power-purchase-agreement (PPA) receivables owed by EDL. However, Fitch does not consider these features to be sufficient to alter the parent's constraint on the IDR. Sovereign-Linked Parent: EDL is wholly state-owned and classified as a strategic state enterprise. EDL has received consistent state support. It is the country's monopoly power distribution utility and the single buyer for domestic supply, which means a default would disrupt national power supply with no immediate substitutes. Most of EDL's debt is guaranteed by or from the government. EDL is central to the state's economic and social objectives and is deeply integrated with the state financially and operationally. EDL's critical system role and deep state integration mean it cannot be delinked from the sovereign. It remains dependent on government support for funding access and liquidity, although profitability is improving after tariff reform. EDL has been continuously servicing its debt, with the support of the state. Weak Counterparty: EDL-Gen's revenue is concentrated on a weak counterparty. Its wholly owned power plants, which account for around half of its net capacity, sell all electricity to EDL under long-term take-or-pay PPAs. This provides certainty in terms of volume and price, but the credit quality of the cash flow is limited by EDL's credit profile. EDL-Gen also receives sizable dividends from independent power producers (IPPs) that sell electricity to Thai state-owned utility Electricity Generating Authority of Thailand (EGAT; BBB+/Negative). However, their cash flow reaches EDL-Gen as dividends, which it cannot control, and rank behind project-level debt. Notes Easing Refinancing Risk: EDL-Gen faces high refinancing risk, with bullet maturities in 2026-2027 that its own cash flow does not fully cover. The proposed US dollar issuance, if successful, could extend the maturity into 2031. EDL-Gen has several other options to address the refinancing needs, including another tap of the Thai baht bond, internal cash, deferrable capex, domestic bank lines, and as a last resort, support from the Ministry of Finance (MoF). US Dollar Tariff Lifts Margins: The July 2025 tariff reset has increased EDL-Gen's EBITDA margin and reduced its foreign-exchange mismatch. The PPAs for its wholly owned power plants have moved from the Laotian kip to US dollars at a levelized rate of about USD0.05/kWh with an annual escalation of 1%. This aligns revenue with EDL-Gen's foreign-currency debt. Its EBITDA margin rose to 86% in 2025 from 78% in 2024. Fitch expects the EBITDA margin to improve further to 88% in 2026 from the full-year benefit of the currency switch. Moderate Leverage: EDL-Gen's EBITDA net leverage is moderate and Fitch expects it to improve to 3.3x in 2026 and about 2.8x in 2027 (2025: 4.3x), supported by better earnings. EBITDA interest coverage is likely to decrease to 3.5x in 2026 from 4.4x in 2025 from higher interest costs before increasing to 6.2x in 2028, as its debt is reduced. Peer Analysis EDL-Gen's IDR is capped by the sovereign rating through the credit profile of its parent, EDL. EDL's relationship with the state is comparable with that of other wholly owned utilities whose ratings are equalised with those of their sovereigns. EDL has state linkages similar to those of PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Negative) and EGAT with the Indonesian and Thai governments, respectively. They own their national networks and are central to supply. Their sovereign linkage also drives their ratings. Fitch’s Key Rating-Case Assumptions - Total electricity sold from wholly owned power plants of around 2,700-2,800 GWh per annum in 2026-2028 (2025: 2,974 GWh) - Average tariff rate of around LAK1,115 per kWh in 2026-2028 - EBITDA margin of around 88% in 2026-2028 (2025: 85.8%) - Dividends received from investment in IPP projects of around LAK1.5 trillion-1.8 trillion per annum in 2026-2028 - Total capex of LAK1.0 trillion over 2026-2028 - No dividend payment until 2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bb+', lower), sector characteristics ('bb', moderate), market and competitive positioning ('bbb', lower), diversification and asset quality ('b', moderate), company operational characteristics ('ccc+', higher), profitability ('bb+', moderate), financial structure ('bbb-', lower), and financial flexibility ('b-', higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. 'B+' to 'CC' considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'b+' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a constrained approach. Recovery Analysis The recovery analysis is on a going-concern basis, as the going-concern value is higher than the liquidation value. Fitch estimates going-concern EBITDA of about USD75 million for its wholly owned power generation business. This applies a 30% stress to pro forma EBITDA for the 12 months from 2Q26, assuming the US dollar-linked tariff introduced in July 2025 partially reverts and margins compress. Fitch applies a 5.0x enterprise value (EV)/EBITDA multiple to the core generation business, resulting in EV of about USD375 million. This is the mid-point of the 3.0x to 7.0x range for the rest of the world. Long-dated contracted PPA cash flow and long asset lives support the multiple. Fitch estimates EDL-Gen's equity interest in its IPP associates is valued at USD408 million. This applies the same 5.0x multiple to the IPPs' EBITDA, stressed by 20%. The lighter haircut reflects the IPPs' stronger off-taker mix, mainly EGAT against EDL. Fitch then deducts the debt at each IPP project level, leaving only the residual equity value attributable to EDL-Gen. This generates a total going-concern enterprise value of about USD783 million. After deducting 10% for administrative claims, about USD705 million is available to creditors. This results in a Recovery Rating of 'RR2' for the senior unsecured debt. However, EDL-Gen's assets are in Laos, which is a Group D Country, which caps the Recovery Rating at 'RR4'. RATING SENSITIVITIES Factors that could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative action on the Lao sovereign rating. - Weakening likelihood of government support. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive action on the Lao sovereign rating. For the sovereign rating of Laos, the following sensitivities were outlined by Fitch in its Rating Action Commentary of 21 October 2025: Factors that could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fiscal/External Finances: Signs of substantial external financing stress, for instance from a tightening of domestic FX liquidity amid continued difficulty in accessing external financing or a cessation of bilateral debt relief. - Macro/External Finances: A reversal of macro-stabilisation policies resulting in the re-emergence of FX liquidity stress, sharp exchange rate depreciation pressures and high inflation. - Fiscal: A sustained rise in public and publicly guaranteed debt/GDP, for instance from a return to wide fiscal deficits and/or a constant and large exchange rate depreciation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fiscal/External Finances: A sustained reduction in external debt repayments, for instance from greater clarity on a more permanent arrangement for bilateral debt relief addressing Laos' high external debt service costs, along with a sharp, sustained decline in government debt/GDP. - External Finances: A further easing of external liquidity pressure, evident in a continued increase in foreign-exchange reserves or greater confidence in sustained high current account surpluses. - Macro: Continued implementation of macro-stabilisation policies that sustainably reduces economic imbalances and generates a record of more sound policy implementation. Liquidity and Debt Structure EDL-Gen's available cash of LAK742 billion at end-1Q26 was below its short-term debt of approximately LAK4.67 trillion maturing in the next 12 months, mainly the USD166 million (LAK3.8 trillion) note due in September 2026. The gap remains even after taking into account its forecast positive free cash flow of around LAK1.9 trillion for 2026. Near-term liquidity is therefore contingent on refinancing, primarily the proposed USD300 million 144A issuance sized to refinance the 2026 note, after which the profile becomes self-sustaining on strong US dollar PPA cash flow. Fitch believes the residual gap is manageable in the event of a refinancing delay. EDL-Gen's free cash flow is supported by capex that is largely maintenance and somewhat deferrable in the near term, providing additional flexibility, while the company retains a broad set of contingency funding sources, including MoF support, demonstrated by the USD185 million provided in 2024, and domestic bank facilities under arrangement, underpinned by its close linkages with the Lao state. Issuer Profile EDL-Gen is Laos' main hydropower generation company majority owned by EDL. It operates 10 plants and holds stakes in 15 IPPs, supplying contracted power to domestic and Thai markets. Public Ratings with Credit Linkage to other ratings The ratings are linked to Laos' sovereign rating. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for EDL-Gen. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- EDL-Generation Public Company LT IDR CCC+ New Rating senior unsecured LT CCC+ New Rating RR4 =============== M A L A Y S I A =============== MMM GROUP: Auditor Raises Going Concern Uncertainty --------------------------------------------------- The Star reports that MMM Group Bhd's independent auditor, Messrs PKF PLT, has highlighted a material uncertainty related to the group's ability to continue as a going concern in its audit report for the financial year ended March 31, 2026. The Star relates that the auditor noted that the company recorded a net loss of MYR104,947, negative operating cash flow of MYR2.81mil, and current liabilities exceeding current assets by MYR1.47mil during the financial year. The uncertainty is compounded by Bursa Malaysia's rejection of the company's proposed regularisation plan and the suspension and delisting notice issued on July 10, 2026. According to The Star, the auditor said the group's ability to continue operating depends on generating sufficient cash flow, achieving its financial targets, meeting its obligations, and successfully addressing its PN17 status through an appeal to Bursa Malaysia. Despite these concerns, the auditor's opinion on the financial statements remains unmodified. "The company will appeal against Bursa Securities' decision within the appeal timeframe. The group will continue to operate as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future," it said. About MMM Group MMM Group Bhd (formerly Asia Media Group Bhd) is a digital out-of-home Transit TV company. The Company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises. Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru. The company slipped into PN17 status in October 2019 after its shareholders' equity fell to less than 25% of its issued capital. In August last year, its external auditor Messrs CAS Malaysia PLT highlighted a material uncertainty related to a going concern in its financial statements for the financial year ended March 31, 2021. SERBA DINAMIK: Liquidator Sues KPMG Over Alleged Audit Negligence ----------------------------------------------------------------- Justin Cheng at The Edge Malaysia reports that Serba Dinamik Holdings Bhd and its three subsidiaries, all of which are currently in liquidation, have filed a civil suit against KPMG PLT, seeking at least MYR1.56 billion (US$391 million) in damages plus interest for alleged negligence in the audits of the group between financial years 2016 and 2019. The Edge, citing a statement of claim filed in the Shah Alam High Court dated Aug. 2, 2026, relates that the four companies in liquidation, acting through liquidator Victor Saw Seng Kee, argued that the group took significant financial actions based on the clean audit opinions issued by KPMG during that period. Mr. Saw is attached with PricewaterhouseCoopers Advisory Services Sdn Bhd. The oil and gas services provider in 2021 disputed audit issues raised by KPMG's during its audit, The Edge recalls. KPMG resigned without completing the audit and following a legal dispute but Serba Dinamik fell into Practice Note 17 in 2022 after another auditor issued a disclaimer of opinion on its accounts. However, the suit argued that if KPMG had performed adequate audit procedures, it would have uncovered the misstatements much earlier instead of only raising serious concerns during the FY2020 audit. According to The Edge, the suit alleges that reliance on these audits resulted in the group paying out: * MYR1.795 billion in dividends that could not have been paid if the true financial state were known. * MYR851 million in finance costs, including interest and profit payments, arising from the group's borrowings and financing. * MYR161.5 million in income taxes paid on purported profits that were actually the result of overstated revenue. The four companies in liquidation are Serba Dinamik Holdings Bhd (SDHB), Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Group Bhd (SDGB) and Serba Dinamik International Ltd (SDIL), The Edge discloses. Serba Dinamik and four of its senior executives, including its CEO and MD Datuk Mohd Abdul Karim Abdullah, have been charged by the Securities Commission (SC) in 2021 for submitting a false statement to the exchange regarding its MYR6.014 billion revenue for FY2020, resulting in a total of MYR16 million in compounds, according to The Edge. Serba Dinamik was finally delisted from Bursa Malaysia on June 5, 2024, following its failure to submit its PN17 regularisation plan. According to a statement of claim sighted by The Edge, the plaintiffs alleged that KPMG failed to identify massive revenue overstatements that ultimately led to the group's collapse. The Edge relates that the plaintiff asserts that the group's reported financial statements for FY2016 to FY2019 by KPMG were significantly misstated, failing to provide a "true and fair view" of its affairs, with reported revenues overstated by between 62% and 87% each year. Upon investigations by the liquidator, it was alleged that the overstatements were primarily driven by fictitious sales to seven domestic customers via SDSB and 13 international customers via SDIL. For instance, in FY2018, the group's reported consolidated revenue of MYR3.28 billion was allegedly overstated by MYR2.85 billion (87%). By FY2019, SDSB purportedly reported MYR1.13 billion in sales to seven domestic customers but those customers confirmed actual sales of only MYR32.3 million, which is an overstatement of over MYR1.1 billion. "The financial statements were materially misstated because KPMG failed to properly plan and conduct adequate audit procedures to obtain sufficient appropriate audit evidence," said the liquidator in the claim. According to The Edge, the plaintiffs further alleged that KPMG failed to exercise professional scepticism despite unusual revenue growth, particularly within SDIL, and negligently allowed company staff to interfere with the external audit confirmation process. The plaintiffs are seeking damages to be assessed (currently valued at no less than MYR1.56 billion) representing the losses suffered through dividends, finance costs and excess taxes, along with pre-judgment interest at 5% per annum from the dates the losses were incurred. "Had KPMG complied with its professional duties, the group would have been liquidated much sooner than January 2023 . . . preventing the massive accumulation of debt and capital depletion," the plaintiffs noted. The group's current liquidator was appointed on Jan. 10, 2023, after the High Court ordered the liquidation of the four entities. About Serba Dinamik Serba Dinamik Holdings Berhad provides engineering solutions. The Company offers operation and maintenance, system integration, training, civil works, planning, procurement, construction, and commissioning services. Serba Dinamik Holdings operates facilities in Malaysia, Indonesia, UAE, Bahrain, and the United Kingdom. ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: Ang Lines Up PHP3.5B Rescue, MVP Eyed to Run Network ------------------------------------------------------------------ Bilyonaryo.com reports that financially struggling ABS-CBN is poised to receive a PHP3.5-billion rescue package from an investor group led by ultra bilyonaryo Ramon S. Ang in a deal that could also hand longtime media executive Manuel V. Pangilinan operational control of the Kapamilya network. According to Bilyonaryo.com, Babblers familiar with the negotiations said Mr. Ang's group will invest PHP3.5 billion in exchange for a 39% economic interest in ABS-CBN, providing the broadcaster with fresh capital to stave off liquidation after years of mounting losses following the loss of its broadcast franchise. Another Babbler said Mr. Ang intends to tap his longtime business partner, MediaQuest Holdings chairman Manuel V. Pangilinan, to run ABS-CBN, leveraging the executive's 16 years of experience building TV5 into a major media player. If completed, the transaction would finally give Mr. Pangilinan a major role in ABS-CBN after two failed attempts to acquire strategic assets of the Lopez-led media company over the past four years. A Babbler said the financing package consists of PHP2 billion in fresh equity and PHP1.5 billion in borrowings, Bilyonaryo.com relays. Of the equity portion, PHP1.3 billion will come from two foreign funding sources, including one (chipping in PHP500 million) represented by Hong Kong-based Fortman Cline Capital Markets, while another investor will contribute PHP800 million. The balance of PHP700 million will come from local sources. . Lopez Inc. currently owns about 56% of ABS-CBN with ABS-CBN Holdings owning a 10.2% stake. According to Bilyonaryo.com, the proposed investment was negotiated between March and June as the Lopez family feud escalated. Bilyonaryo.com relates that the dispute erupted after Federico "Piki" Lopez opposed another PHP2-billion capital infusion into ABS-CBN, arguing that more than half would fund retirement benefits for executives rather than operations. After he was removed as chairman of Lopez Inc., Piki challenged the move in court and later asked the Securities and Exchange Commission to investigate ABS-CBN's finances. The SEC subsequently formed an ad hoc committee to examine allegations raised by the rival Lopez factions involving ABS-CBN and First Gen. Bilyonaryo previously reported that the Gabby faction and its allies have injected more than PHP10 billion into ABS-CBN since 2020, even as the company accumulated over PHP43 billion in losses and PHP37 billion in debt. About ABS-CBN ABS-CBN Broadcasting operated a network of TV & radio stations in the Philippines. The Company produced entertainment and news programs for basic and cable channels. On May 5, 2020, the National Telecommunications Commission (NTC) issued a cease-and-desist order (CDO) against ABS-CBN, immediately directing it to stop broadcast operations in radio and television. The order followed the expiration of ABS-CBN's broadcast franchise on May 4, 2020. On July 10, 2020, members of the House of Representatives denied ABS-CBN's renewal franchise application, citing several issues on the network's prior 25-year franchise. The network has now rebranded itself as a mass content company and produced television programs, films and other entertainment content through partnerships with independent production companies and broadcasters. ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net losses in 2024 and PHP4.72 billion in 2025. ================= S I N G A P O R E ================= ACTIVE RENO: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of Active Reno & Construction Pte. Ltd. Fok Kai Kin filed the petition against the company. The company's liquidators are: Mr. Saw Meng Tee Mr. Ong Shyue Wen EA Consulting 1 North Bridge Road #23-05 High Street Centre Singapore 179094 ANTANIUM GLOBAL: Creditors' Meetings Set for Aug. 17 ---------------------------------------------------- Antanium Global Pte. Ltd. will hold a meeting for its creditors on Aug. 17, 2026, at 11:30 a.m. via Zoom. Agenda of the meeting includes: a. to lay a full statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims; b. to nominate Liquidator(s) or confirm the nomination of Liquidator(s) by member(s); c. to consider and if thought fit, appoint a Committee of Inspection consisting of not more than 5 persons, whether creditors or not, for the purpose of winding up the Company; and d. Any other business. Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia were appointed as provisional liquidators of the Company on July 29, 2026. HAO MART: Closes Last Upscale Grocery Outlet -------------------------------------------- VnExpress reports that the final upscale Eccellente outlet operated by minimart chain Hao Mart has closed, bringing an end to the retailer's premium grocery concept. VnExpress relates that the outlet, located on the second floor of Marina Square, Singapore, appears to have shut in June after its lease expired. "The Hao Mart Eccellente outlet at Marina Square came to a natural lease expiry and there were no outstanding matters arising from the lease," a SingLand spokesperson said in response to queries from The Straits Times, VnExpress relays. SingLand is a co-owner of Marina Square. With the closure, all Hao Mart Eccellente outlets have ceased operations, VnExpress notes. At least seven other Eccellente outlets, including those at KINEX, Far East Plaza, and East Village, had already closed. According to VnExpress, Hao Mart also appears to have significantly reduced its retail footprint. Only six stores still operating, in Bedok, Canberra, Pasir Ris, Bukit Panjang, Potong Pasir, and Whampoa. But Hao Mart's website continued to list 20 outlets, including Eccellente locations and other stores that had already ceased operations. VnExpress says the latest closure follows a difficult period for the retailer. Hao Mart posted a loss of $49.6 million for the financial year ended March 31, 2025, marking its third straight year of widening losses. According to VnExpress, the retailer has also become entangled in a series of legal disputes related to its business operations and former tenancies. It is facing five High Court lawsuits, including two involving department store operator OG, as well as separate cases involving property agency PropNex Realty and one of its agents, skincare company Belovie, and hair and scalp care company Bio Organicare Scalp. Department store operator OG has sued Hao Mart for allegedly breaching its lease agreement by failing to pay rent between January and November 2024 and by subletting parts of the premises without obtaining approval, VnExpress relays citing The Business Times. OG seeks SGD6.6 million (US$5.1 million) from the retailer. The lawsuits largely stem from the closure of Hao Mart's Taste Orchard concept, which has since ceased operations. Hao Mart was founded in 2018 and positioned itself as a neighborhood supermarket and convenience store chain. It later expanded into several retail formats, including Hao Mart, the premium Eccellente grocery stores, and Taste Orchard, a food-focused lifestyle mall that replaced the former OG Orchard Point. NAVISOFT SOLUTIONS: Creditors' Meetings Set for Aug. 20 ------------------------------------------------------- Navisoft Solutions Pte. Ltd. will hold a meeting for its creditors on Aug. 20, 2026, at 3:00 p.m. via Virtual Conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint or confirm the appointment of liquidators; c. to resolve that the Joint and Several Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by them as Joint and Several Liquidators of the Company, with such bank as the Joint and Several Liquidators see fit; d. to appoint a Committee of Inspection of not more than 5 members, if thought fit; and e. Any other business. Luke Anthony Furler and Tan Kim Han of Trident Capital Advisors (SG) were appointed as provisional liquidators of the Company on July 29, 2026. OFFITEK & ENGINEERING: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of Offitek & Engineering Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PAAM OASIS: Court to Hear Wind-Up Petition on Aug. 13 ----------------------------------------------------- A petition to wind up the operations of Paam Oasis Fund will be heard before the High Court of Singapore on Aug. 13, 2026, at 10:00 a.m. Paam Investments VCC filed the petition against the company on June 19, 2026. The Petitioner's solicitors are: Dentons Rodyk & Davidson LLP 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 SPARKLINK ENGINEERING: Court to Hear Wind-Up Petition on Aug. 14 ---------------------------------------------------------------- A petition to wind up the operations of Sparklink Engineering Pte. Ltd. will be heard before the High Court of Singapore on Aug. 14, 2026, at 10:00 a.m. Oversea-Chinese Banking Corporation Limited filed the petition against the company on July 22, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ********* 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. 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