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260312.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, March 12, 2026, Vol. 29, No. 51 Headlines A U S T R A L I A A. RAPTIS: First Creditors' Meeting Set for March 18 A. RAPTIS: Goes Into Voluntary Administration AEG MAINTENANCE: Second Creditors' Meeting Set for March 17 EMPIRE NIGHT: Second Creditors' Meeting Set for March 17 ILLAWARRA SERIES 2024-1: S&P Affirms BB (sf) Rating on Cl. E Notes N.A SERVICES: First Creditors' Meeting Set for March 18 OLYMPUS 2026-1: S&P Assigns B (sf) Rating to Class F Notes SAPPHIRE XXXIV 2026-1: S&P Assigns B (sf) Rating to Class F Notes SWIVEL GROUP: Second Creditors' Meeting Set for March 17 TURQUOISE IV: S&P Affirms B+ (sf) Rating on Class F Notes C H I N A CHINA PHARMA: Subsidiary Signs $6.93MM Patent Transfer Agreement FINGERMOTION INC: Confirms Board, Auditor at Annual Meeting KUN PENG: Liquidity Pressure Triggers Going Concern Doubt TAOPING INC: Appoints Bin Ma as Co-Chief Executive Officer I N D I A AHINSHA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating ALFA ONE: CARE Keeps D Debt Rating in Not Cooperating Category ESTEEM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category HARIHAR INDUSTRIES: CARE Keeps B- Debt Ratings in Not Cooperating HIBZA FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category HOPKINS HEALTHCARE: CARE Moves B Debt Rating to Not Cooperating ICONIC GLASS: CARE Lowers Rating on INR80cr LT Loan to D INSIGHT MEDIA: CARE Keeps D Debt Rating in Not Cooperating ISHANI RICE: CARE Keeps D Debt Ratings in Not Cooperating Category JAMPESWAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating K. T. RAVI: CARE Keeps C Debt Rating in Not Cooperating Category KALA CHAND: CARE Lowers Rating on INR6.60cr LT Loan to D MANOHAR INFRA: CARE Keeps B- Debt Rating in Not Cooperating MARUTI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category MUNIRAJ ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating OM BESCO: CARE Keeps D Debt Rating in Not Cooperating Category PRAMILA PROJECTS: CARE Moves D Debt Ratings to Not Cooperating PROTECH FEED: CARE Keeps C Debt Rating in Not Cooperating Category PROTIMA ALU: CARE Lowers Rating on INR6.0cr LT Loan to D RAMAYANI CREATIONS: CARE Keeps C Debt Rating in Not Cooperating RELIANCE MEDIAWORKS: CARE Keeps D Debt Rating in Not Cooperating RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating SACHIN AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category SAMAARU FINANCE: CARE Reaffirms B+ Issuer Rating SHREEJEE READYMIX: CARE Cuts Rating on INR150cr LT Loan to B+ SINGH CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating VAMSADHARA GINNING: CARE Keeps D Debt Rating in Not Cooperating N E W Z E A L A N D BLACK LION: Cafe Put in Liquidation After Dispute with Former Staff FLORA HABITAT: Court to Hear Wind-Up Petition on March 23 HEINZ WATTIE'S: Plans to Shut Three NZ Facilities, Cut 350 Jobs HELIUS THERAPEUTICS: Placed in Voluntary Administration MAHITAONE BUILDERS: Court to Hear Wind-Up Petition on March 17 OCD DEVELOPMENTS: Khov Jones Appointed as Receivers RC EQUIPMENT: Calibre Partners Appointed as Receivers SHUNDI CUSTOMS: Calibre Partners Appointed as Receivers S I N G A P O R E BAN NEE: Court Enters Wind-Up Order DASIN RETAIL: Trustee-Manager Placed Under Judicial Management GLOBAL TRADE: Court Enters Wind-Up Order HUONE SINGAPORE: Creditors' Meeting Set for March 27 M2 MASSAGE: Court Enters Wind-Up Order MM2 ASIA: Faces Receivership Over Charged Shares in UnUsUaL Unit RONG DOI: Creditors' Proofs of Debt Due on April 13 S O U T H K O R E A HOMEPLUS CO: MBK Injects US$68 Million Emergency Financing [] KOREA: Courts Introduce Guidelines to Write Off Crypto Debts - - - - - ================= A U S T R A L I A ================= A. RAPTIS: First Creditors' Meeting Set for March 18 ---------------------------------------------------- A first meeting of the creditors in the proceedings of: - A. Raptis & Sons Pty Ltd - Raptis Fishing Licences Pty Ltd - Harvest Seafood Australia Pty Ltd - A.G. Raptis (Karumba) Pty Ltd - Todreel Pty Ltd - Raptis Engineering Pty Ltd - Athanasios Raptis Pty Ltd will be held on March 18, 2026, at 10:00 a.m. via Zoom. Ben Campbell, Vaughan Strawbridge and Kathryn Evans of FTI Consulting were appointed as administrators of the company on March 6, 2026. A. RAPTIS: Goes Into Voluntary Administration --------------------------------------------- The Sydney Morning Herald reports that Australia's largest wild-caught prawn operation has gone into voluntary administration, citing a difficult season last year. A. Raptis & Sons Group, comprised of seven different entities, had administrators from FTI Consulting appointed on March 6. According to SMH, administrators said the business was hampered by a poor prawn season last year, which prompted the difficult decision to sell. "We are working with A. Raptis & Sons Group's management team and staff and other stakeholders to undertake an urgent assessment of the business and restructuring options," SMH quotes administrator Ben Campbell as saying. "We are continuing to operate the business while this assessment is undertaken. "A transaction process for the business was undertaken last year and received interest from a range of potential investors. "We intend to explore all available options to facilitate a restructure and/or sale of business and assets in an expedited timeframe with the support of relevant stakeholders." Business in the group include A. Raptis & Sons, Raptis Fishing Licences, Harvest Seafood Australia, A.G. Raptis (Karumba), Todreel, Raptis Engineering, and Athanasios Raptis, SMH discloses. The related company Raptis Investments, who lodged plans for a commercial marina in Brisbane's inner eastern suburbs in April last year, will not be sold, according to SMH. "We are saddened by the news that A. Raptis & Sons Pty Ltd has entered voluntary administration after more than 60 years," a spokesperson for Raptis Investments said. "Raptis Investments is a separate legal and financial entity that owns and operates retail, commercial, industrial and wharf assets across eastern Australian and South Australia. "The A. Raptis & Sons Pty Ltd administration has no impact on the operations of Raptis Investments." A. Raptis & Sons Group is based in Brisbane and its operations include commercial fishing vessels operating across northern and southern Australia. It supplies wild caught seafood to retail, food service, wholesale and export markets. AEG MAINTENANCE: Second Creditors' Meeting Set for March 17 ----------------------------------------------------------- A second meeting of creditors in the proceedings of AEG Maintenance Pty Ltd has been set for March 17, 2026, at 11:00 a.m. via virtual teams meeting only. 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 March 16, 2026 at 4:30 p.m. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Feb. 11, 2026. EMPIRE NIGHT: Second Creditors' Meeting Set for March 17 -------------------------------------------------------- A second meeting of creditors in the proceedings of Empire Night Club RnB & Cocktail Lounge Pty Ltd has been set for March 17, 2026, at 10:00 a.m. at the offices of Jirsch Sutherland, at Level 9, 120 Edward Street, in Brisbane, QLD, and 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 March 16, 2026 at 4:00 p.m. Christopher John Baskerville of Jirsch Sutherland was appointed as administrator of the company on Feb. 17, 2026. ILLAWARRA SERIES 2024-1: S&P Affirms BB (sf) Rating on Cl. E Notes ------------------------------------------------------------------ S&P Global Ratings raised its ratings on three classes of Australian prime residential mortgage-backed securities (RMBS) issued by BNY Trust Co. of Australia Ltd. as trustee of Illawarra Series 2024-1 RMBS Trust. At the same time, S&P affirmed its ratings on three classes of notes. Illawarra Series 2024-1 RMBS Trust is a securitization of prime residential mortgage loans originated by IMB Ltd., trading as IMB Bank. The rating actions reflect S&P's view of the credit support available, which is sufficient to withstand the stresses it applies. Credit support comprises note subordination for all rated notes, lenders' mortgage insurance covering 21.5% of the loan pool, and excess spread, if any. S&P has considered the credit risk of the underlying collateral portfolio. As of Jan. 31, 2026, the pool's weighted-average effective loan-to-value ratio is 56.1%. Loans more than 30 days in arrears represent 0.6% of the pool, with 0.3% being loans in arrears for more than 90 days. The transaction's cash flows support the timely payment of interest and ultimate repayment of principal to the rated classes of notes under S&P's rating stress assumptions. S&P believes the various mechanisms to support liquidity within the transaction, including a liquidity reserve equal to 1.0% of the aggregate invested amount of the notes, subject to a floor of A$500,000, and the principal draw function are sufficient to ensure timely payment of interest. Ratings Raised Illawarra Series 2024-1 RMBS Trust Class B: to AA+ (sf) from AA (sf) Class C: to A+ (sf) from A (sf) Class D: to A- (sf) from BBB (sf) Ratings Affirmed Illawarra Series 2024-1 RMBS Trust Class A: AAA (sf) Class AB: AAA (sf) Class E: BB (sf) N.A SERVICES: First Creditors' Meeting Set for March 18 ------------------------------------------------------- A first meeting of the creditors in the proceedings of N.A Services Pty Ltd (trading as Lollipop's Playland & Cafe Strathpine) will be held on March 18, 2026, at 10:00 a.m. via MS Teams meeting only. Lee Crosthwaite of Worrells was appointed as administrator of the company on March 6, 2026. OLYMPUS 2026-1: S&P Assigns B (sf) Rating to Class F Notes ---------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Olympus 2026-1 Trust. Olympus 2026-1 Trust is a securitization of prime residential mortgages originated by Athena Mortgage Pty Ltd. This is the sixth standalone RMBS transaction rated by S&P Global Ratings consisting fully entirely of loans originated by Athena. The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Athena's underwriting standards and approval process. Our assessment also takes into account Athena's servicing and underwriting standards. 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's 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 it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents 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 Olympus 2026-1 Trust Class A1S, A$189.00 million: AAA (sf) Class A1L, A$711.00 million: AAA (sf) Class A2, A$56.50 million: AAA (sf) Class B, A$17.00 million: AA (sf) Class C, A$11.50 million: A (sf) Class D, A$5.00 million: BBB (sf) Class E, A$5.00 million: BB (sf) Class F, A$1.50 million: B (sf) Class G1, A$2.00 million: Not rated Class G2, A$1.50 million: Not rated SAPPHIRE XXXIV 2026-1: S&P Assigns B (sf) Rating to Class F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire XXXIV Series 2026-1 Trust. Sapphire XXXIV Series 2026-1 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process as well as its 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, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's 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 it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Bank of America, N.A., Australian Branch (BANA) as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. We have derived our rating on BANA from our 'A+/Stable/A-1' ratings 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 Sapphire XXXIV Series 2026-1 Trust Class A1S, A$437.50 million: AAA (sf) Class A1L, A$562.50 million: AAA (sf) Class A2, A$105.00 million: AAA (sf) Class B, A$59.37 million: AA (sf) Class C, A$44.38 million: A (sf) Class D, A$20.00 million: BBB (sf) Class E, A$10.00 million: BB (sf) Class F, A$6.25 million: B (sf) Class G1, A$2.50 million: Not rated Class G2, A$2.50 million: Not rated SWIVEL GROUP: Second Creditors' Meeting Set for March 17 -------------------------------------------------------- A second meeting of creditors in the proceedings of Swivel Group Pty Ltd has been set for March 17, 2026, at 10:00 a.m. via Teams videoconferencing. 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 March 16, 2026 at 4:00 p.m. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on Feb. 23, 2026. TURQUOISE IV: S&P Affirms B+ (sf) Rating on Class F Notes --------------------------------------------------------- S&P Global Ratings affirmed its ratings on five classes of prime and nonconforming residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Turquoise IV Trust. Turquoise IV Trust is a securitization of prime and nonconforming residential mortgages originated by Bluestone Mortgages Pty Ltd. The rating affirmations follow the substitution of about A$386 million of residential mortgage loan assets out of the Turquoise IV Trust and A$433 million into the Turquoise IV Trust, with the difference being funded by further issuance of notes and the cash proceeds remaining in the collection account. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings affirmed. Note subordination and excess spread provide credit support. S&P said, "We have assessed the revised underlying collateral portfolio as of Jan. 31, 2026. The portfolio consists of 1,430 consolidated loans, with a weighted-average effective loan-to-value ratio of 71.5% and weighted-average loan seasoning of 7.3 months. Loans that are more than 30 days in arrears make up 1.1% of the pool, of which 0.27% is more than 90 days in arrears. "About 73.6% of the pool consists of loans for which Bluestone has not carried out full income verification but has instead used alternative means to verify income. We have assumed a higher default frequency for low-documentation loans in our calculation of credit support for the corresponding rating levels. "Some 75.4% of the loans in this portfolio are to self-employed borrowers. We expect self-employed borrowers to experience higher cash flow variability and, thus, higher loan arrears, making them more susceptible to defaults should there be a downturn in the Australian economy. We assume higher default frequencies for such loans. "By current balance, 2.7% of the loans in the portfolio are to borrowers with unfavorable credit records in the five years before settlement of the loan and 2.6% of the borrowers have been in arrears at least once during the past 12 months. Market experience has shown that such borrowers are more likely to default than the general population. We assume higher default frequencies for loans to nonconforming borrowers." There were no loans to self-managed superannuation fund (SMSF) borrowers included in the pool at transaction close, and all loans were to Australian residents living in Australia. Following the substitution of new assets, the underlying pool will contain 8.44% loans to SMSF borrowers and 0.75% loans to Australian residents living abroad. S&P Global Ratings has applied an additional adjustment in its credit-support calculation for SMSF loans to reflect the more significant consequences of noncompliance in an ever-changing regulatory landscape, elevated risk profile of SMSF lending, limited data history of performance in more stressful economic periods, and its more nuanced underwriting complexity. 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 liquidity facility and the principal draw function. S&P's 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 it assumes the notes are not called at or beyond the call-option date. Ratings Affirmed Turquoise IV Trust Class A, A$893.04 million: Not rated Class B, A$10.00 million: AA (sf) Class C, A$37.50 million: A (sf) Class D, A$15.00 million: BBB (sf) Class E, A$8.00 million: BB (sf) Class F, A$3.50 million: B+ (sf) Class G1, A$4.00 million: Not rated Class G2, A$2.00 million: Not rated ========= C H I N A ========= CHINA PHARMA: Subsidiary Signs $6.93MM Patent Transfer Agreement ---------------------------------------------------------------- China Pharma Holdings, Inc. disclosed in a regulatory filing that Hainan Helpson Medical & Biotechnology Co., Ltd, a wholly owned subsidiary of the Company, entered into a Technology Transfer Agreement with Xiaoyan Zhang. The Transferor owns an invention patent of an Prinsepia Utilis Esterol Sublingual Tablets and Method for Its Preparation. Pursuant to the Agreement, the Transferor will transfer the ownership of the Invention Patent to Helpson. The Transferor or its designated third party shall provide relevant technical services, which include but are not limited to product research and development, writing of registration materials, registration application and other technical services. The transfer price as contemplated by the Agreement is $6.93 million, which will be paid in the form of common stock of the Company, par value $0.001 per share, at $0.55 per share. A full English Translation of Technology Transfer Agreement is available at https://tinyurl.com/hk8ntvbf About China Pharma China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures, and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing as of December 31, 2024, the Company had a working capital deficit of $1.7 million and had an accumulated deficit of $44 million. In addition, the Company had incurred net losses of $4.7 million and had negative cash flows from operating activities of $0.5 million for the year ended December 31, 2024. This condition raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $15.8 million in total assets, $7.5 million in total liabilities, and $8.3 million in total stockholders' equity. FINGERMOTION INC: Confirms Board, Auditor at Annual Meeting ----------------------------------------------------------- FingerMotion Inc. convened its Annual Meeting of Stockholders to approve agenda items. Proxies for the AGM were solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, and there was no solicitation in opposition to the Company's solicitation. A total of 27,126,232 shares (44.26% of the 61,281,308 issued and outstanding shares of the Company's common stock entitled to vote as of January 14, 2026, the record date for the AGM) were present in person or by proxy, constituted a quorum for the transaction of business and were voted at the AGM. The agenda items submitted at the AGM were passed. Percentages indicated reflect the percentage of the total number of shares voted at the AGM with respect to that agenda item. The Agenda Items were: Agenda Item 1. To elect six directors: 1. Martin Shen * For: 13,368,562 (99.00%) * Withheld: 134,676 (1.00%) 2. Hsien Loong Wong * For: 12,986,865 (96.18%) * Withheld: 516,373 (3.82%) 3. Yew Poh Leong * For: 11,147,903 (82.56%) * Withheld: 2,355,335 (17.44%) 4. Eng Ho Ng * For: 12,256,451 (90.77%) * Withheld: 1,246,787 (9.23%) 5. Tuck Seng Low * For: 12,826,958 (94.99%) * Withheld: 676,280 (5.01%) 6. Yang Yeat Choe * For: 13,071,869 (96.81%) * Withheld: 431,369 (3.19%) There were 13,622,994 broker non-votes with respect to this agenda item. Votes that were withheld and broker non-votes were counted for the purposes of determining the presence or absence of a quorum but had no other effect on this agenda item. Agenda Item 2. To ratify the appointment of CT International LLP as the Company's independent registered public accounting firm for the fiscal year ending February 28, 2025. The votes cast for or against this agenda item, and the number of abstentions, were as follows: * For: 26,816,321 (98.86%) * Against: 122,19 (0.45%) * Abstain: 187,713 (0.69%) There were no broker non-votes with respect to this agenda item. Abstentions were counted for purposes of determining the presence or absence of a quorum, and abstentions were deemed to be "votes cast" and had the same effect as a vote against this agenda item. Agenda Item 3. To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers. The votes cast for or against this agenda item, and the number of abstentions, were as follows: * For: 12,561,438 (93.03%) * Against: 534,317 (3.95%) * Abstain: 407,483 (3.02%) There were 13,622,994 broker non-votes with respect to this agenda item. Broker non-votes and abstentions were counted for purposes of determining the presence or absence of a quorum. Abstentions were deemed to be "votes cast" and had the same effect as a vote against this agenda item. Broker non-votes were not deemed to be "votes cast", and therefore had no effect on the vote with respect to this agenda item. Effective on February 26, 2026, following the annual meeting the Company's Board of Directors re-appointed the following officers: a. Martin Shen as President and Chief Executive Officer; and b. Yew Hon Lee as Chief Financial Officer, Secretary and Treasurer. About FingerMotion Inc. FingerMotion Inc. provides mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of November 30, 2025, the Company had $60,055,042 in total assets, $43,713,994 in total liabilities, and $16,341,048 in total stockholders' equity. KUN PENG: Liquidity Pressure Triggers Going Concern Doubt --------------------------------------------------------- Kun Peng International Ltd. submitted its Quarterly Report on Form 10-Q to the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2025. The report contains a going-concern qualification, noting that there is substantial doubt regarding the Company's ability to continue as a going concern. The Company's ability to continue as a going concern depends on the liquidation of its current assets and business developments. In assessing the Company's liquidity, the Company monitors and analyzes its cash and cash equivalents and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses, and capital expenditure obligations. For the quarter ended December 31, 2025, the Company incurred a substantial accumulated deficit of $9,303,561, a net loss of $265,577, and negative working capital of $8,923,443. For the year ended September 30, 2025, the Company incurred a substantial accumulated deficit of $9,037,984, a net loss of $1,268,913, and negative working capital of $8,495,197. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. The Company continues to monitor its operations to help improve its financial liquidity. Options under consideration in the review process include, but are not limited to, increase of sales through the Company's online business, reduction of operating costs, fund advance from the Company's stockholders and directors, or financing through the issuance of shares and bank loans. The Company has been focusing on increasing its revenue through its online platform and trimming its operating costs. For example, it explored additional revenue streams and reduced its service agent service fee. In order to continue as a going concern for the next 12 months, the Company continues to explore additional revenue streams, leverage the health care expertise and technology with local health care service providers, promote and sell preventive health care dietary supplements and products, and offer health care equipment-based services at the Kun Zhi Jian Customer Service Center. However, the Company cannot provide any assurance that it will be able to increase revenue, that it will be able to successfully implement its business plan, or that financing will be available to it on commercially acceptable terms, if at all... The directors intend to continue to support the group by providing adequate financial assistance to enable the group to continue its business operations for the foreseeable future. A full text copy of the Company's Report is available at https://tinyurl.com/5n7wy69d About Kun Peng International Beijing, China-based Kun Peng International Ltd., together with its subsidiaries, engages in the distribution of health care and health-related household products through its online platforms in the People's Republic of China. The company owns and operates King Eagle Mall, a mobile social e-commerce platform; and Kun Zhi Jian, an online platform. It also distributes physiotherapy equipment; health screening devices; dietary supplements, nutritional health food, beauty cosmeceuticals, milk powder, and dried fruits; and collagen peptides and probiotics. In addition, the company offers diet and nutritional advice; operates customer service centers; and coordinates with health care service providers to offer health screening and monitoring services. Kun Peng International Ltd. was founded in 2019 and is based in Beijing, China. As of December 31, 2025, the Company had $1,005,265 in total assets, $9,609,598 in total liabilities, and $8,604,333 in total stockholders' deficit. TAOPING INC: Appoints Bin Ma as Co-Chief Executive Officer ---------------------------------------------------------- Taoping Inc. disclosed in a regulatory filing that the board of directors appointed Mr. Bin Ma as a Co-Chief Executive Officer of the Company. As the Co-CEO, Mr. Ma will serve alongside Jianghuai Lin, who will continue as the Company's Chairman of the Board and the Co-CEO. Mr. Ma has over two decades of experience in real estate development and corporate management. Since 2023, Mr. Ma has served as Chairman and Chief Executive Officer of Skyladder Group Limited, a Hong Kong company and wholly owned subsidiary of the Company. Since 2016, Mr. Ma has also served as Chairman of Shenzhen Smart Skyladder IoT Limited and Tianjin Haizhi Ronggang Industrial Co., Ltd. Mr. Ma holds a Bachelor's Degree in Economics from Jinan University. Given his proven track record and wealth of knowledge, the Board believes that Mr. Ma is qualified to serve as the Co-CEO. In connection with Mr. Ma's Appointment, the Company has entered into an employment agreement and an indemnification agreement with Mr. Ma, which are available at https://tinyurl.com/2etzu5pk and https://tinyurl.com/3n6vy39t, respectively. Mr. Ma: (i) was not appointed as the Co-CEO pursuant to any arrangement or understanding with any other person; (ii) does not have a family relationship with any of the Company's directors or other executive officers; (iii) has not engaged, since the beginning of the Company's last fiscal year, nor proposes to engage, in any transaction in which the Company was or is a participant other than transactions that have been publicly disclosed by the Company. About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China. Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors. London, United Kingdom-based PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the competitive market in China, potential financial consequence from the tariffs war and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern. Due to the unfavorable macro-economic environment and the slowdown of the out-of-home advertising market in China, the Company incurred a net loss of approximately $7.1 million in 2022, $0.7 million in 2023 and $1.8 million in 2024. However, the Company will aggressively develop domestic and international markets to develop new customers and new product offerings through potential acquisitions and strategic collaborations with its business partners. There can be no assurance that the Company will be successful in achieving the goals set forth in its new business strategy and business model. As of June 30, 2025, the Company had $30,316,279 in total assets, $15,840,456 in total liabilities, and $14,475,823 in total equity. ========= I N D I A ========= AHINSHA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ahinsha Builders Private Limited (ABPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 37.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 6, 2025, placed the rating(s) of ABPL under the 'issuer non-cooperating' category as ABPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, January 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ahinsha Builders Private Limited (ABPL) was incorporated in April 2004. The company is promoted by Mr. Ghasitumal Jain and Mr. Vipin Jain. The company is engaged in the business of real estate development which involves development of residential Projects. ALFA ONE: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alfa One HiTech Infra Private Limited (AOHIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of AOHIPL under the 'issuer non-cooperating' category as AOHIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AOHIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Alfa One Hi-Tech Infra Private Limited (AOHIPL) is a Kannur-based company engaged in civil constructions for commercial and residential buildings. Mr. Luthufuddeen P M, the promoter of AOHT, promoted Alfa One Global Builders Private Ltd (AOGB) in the year 2008 for development of residential and commercial real estate projects. Mr. Luthufuddeen, the managing director of AOHT, manages the day-to-day operations of the company. ESTEEM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Esteem Industries Inc. (EII) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.20 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 11, 2025, placed the rating(s) of EII under the 'issuer non-cooperating' category as EII had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EII continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2025, January 7, 2026, January 17, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable The entity was established as a partnership firm in 1984 under the name of “Vikrant Equipments”. However, in January 2007, the firm changed its name to "Esteem Industries Inc." and is currently being managed by Mr. Mahendra Tandon, Mr Vipul Tandon and Mrs Roma Tandon, as its partners. EII is engaged in the manufacturing, trading and installation of medical, surgical and scientific laboratory instruments such as autoclaves, sterilisers, medical equipment, hospital furniture, consumable products, personal protection equipment, pathology products, etc, at its manufacturing facility located in Baddi, Himachal Pradesh. GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Grand Hira Resorts Private Limited (GHRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 11, 2025, placed the rating(s) of GHRPL under the 'issuer non-cooperating' category as GHRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GHRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2025, January 7, 2026, January 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Grand Hira Resorts Private Limited (GHRPL) was incorporated in 2006 and is currently being managed by Mr. Randhir Singh Yadav, Mrs. Billo Yadav and Mr Sunny Yadav. GHRPL is in the hospitality industry and constructed a four-star hotel with a total cost of project of INR22 crore. The hotel consists of 48 double rooms, 4 suites and banquet facility. It also includes 4 specialty restaurants comprising of a fast-food facility, Indian food restaurant, coffee house cum bar and a Japanese cuisine restaurant. HARIHAR INDUSTRIES: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Harihar Industries (HI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.20 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.40 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of HI under the 'issuer non-cooperating' category as HI had failed to provide information for monitoring of the rating as greed to in its Rating Agreement. HI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings.' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable HI was promoted in 2014 as a partnership firm; currently it has been owned and managed by Mr. Pushkar Patel, Ms. Dharmishtha Patel, Mr. Pradip Patel, Mr. Avibhram Patel, Mr. Vinod Patel. HI is engaged in ginning and pressing of raw cotton. The firm's -installed capacity of Cotton bales stood at 325 MT (Metric tonnes) and of Cotton seedcake at 211 MT per day as on March 31, 2021. HI is operating from its sole manufacturing unit located at Kadi (Gujarat). The firm caters to the demands of textile and spinning mills mainly in Gujarat and Maharashtra. HIBZA FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Hibza Foods Private Limited (HFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 15.45 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of HFPL under the 'issuer non-cooperating' category as HFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable HFPL was incorporated in May 2017 by Mr. Ali Ahmad and Mr. Imteyaz Ahmad for setting up a rice milling and processing unit. The company is currently setting up a rice milling unit with aggregate installed capacity of 30,720 metric ton per annum at Madhubani, Bihar. The commercial operation is estimated to commence from December 2018. HOPKINS HEALTHCARE: CARE Moves B Debt Rating to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Hopkins Healthcare Private Limited (Hopkins) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 208.00 CARE B (RWD); ISSUER NOT Debentures COOPERATING; Rating moved to ISSUER NOT COOPERATING category; Continues to be on Rating Watch With Developing Implications Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from Hopkins to monitor the rating vide email communications dated February 16, 2026, February 12, 2026, February 06, 2026, February 4, 2026, January 19, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings and has not paid the surveillance fees for the rating exercise agreed to in the rating agreement. Nevertheless, company has been providing No default statement (NDS) every month stating that there are no delays or defaults in meeting its debt obligations. In line with the extant SEBI guidelines, CARE Ratings Limited (CareEdge Ratings) has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating of Hopkins's Non-Convertible Debentures will now be denoted as CARE B (RWD); ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating has been moved to 'Issuer Not Cooperating' due to the non-availability of requisite information, following Hopkins' lack of cooperation with CareEdge Ratings efforts to undertake a review of the outstanding ratings, as CareEdge Ratings views information availability risk as a key factor in its assessment of credit risk profile. Additionally, the rating of Hopkins continues to be on rating watch with developing implications in view of the company's announcement on December 20, 2025, that its subsidiary, TMI Healthcare Private Limited (TMI), has entered into definitive agreements to sell its hospital business, People Tree Hospital in Yeshwanthpur, to a Fortis group entity for cash consideration. The transaction involves the transfer of hospital operations carried out by the subsidiary, together with the identified business undertaking and associated assets and liabilities. While, as per the company's disclosure to the stock exchange, the transaction has been completed, the eventual impact on Hopkins' business profile and credit metrics remains unclear at this stage. The rating watch has therefore continued, as CareEdge Ratings awaits greater clarity in order to assess the impact of this transaction on the company's overall credit profile. Detailed description of the key rating drivers At the time of last review on December 30, 2025, the following were the rating strengths and weaknesses. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in revenue by over 10-15% consistently with PBILDT margin above 15% on sustained basis. * Total debt to profit before interest, lease rentals, depreciation and tax (PBILDT) going below 4x. Negative factors * A decline of over 8% in the company's TOI resulting in rising losses and a worsening liquidity situation. Analytical approach: Standalone factoring linkages with TMI as the two entities have linkages in terms of common promoters and control over business operations. Outlook: Not applicable. Detailed description of key rating drivers: Key weaknesses * Small scale of operations: Hopkins currently has small scale of operations in the form lease rental. It has commenced operations from January 2024 and has reported revenue of about INR0.90 crore during FY24 and about INR8.21 crore (INR11.04 crore as per consolidated) during FY25. Hospital segment is part of Hopkins after the transaction. The hospital segment (TMI) historically had moderate occupancy levels and Average Revenue Per Occupied Bed (ARPOB). TMI had total bed capacity of 286 beds and was operating at an occupancy level of around 33% in FY24. The occupancy ratio has been remained about the same over last three years. * Elevated debt levels coupled with weak credit metrics: After the infusion of funds by BlackRock in Hopkins there is significant elevation in debt levels from ~INR44 crore in FY24 to ~INR299 crore (including lease liabilities of ~INR71 crore) in FY25. Further, the coupon rate on the said transaction is at 16% (includes accrued premium of 10% until the first 18 months). The interest servicing and the redemption of the said NCDs primarily depends on the cash flow generated from TMI whose credit metrics have remained weak on account of negative PBILDT and gross cash accruals (GCA) in the past. CareEdge Ratings expects that even after the combined financials of TMI with Hopkins the credit metrics of Hopkins are anticipated to remain weak on account of overall small scale of operations of the company in both real estate and hospital segment coupled with moderate cash accruals. * Susceptibility of reputation to treatment related risk: Healthcare industry is very sensitive to mishandling of a case or negligence on part of any doctor and /or staff of the unit can lead to distrust among the masses. Thus, all the healthcare providers need to monitor each case diligently and maintain standards of services in order to avoid the occurrence of any unforeseen incident. They also need to maintain high vigilance to avoid malpractice at any cost. * Presence in fragmented and highly regulated industry: The healthcare sector is highly fragmented with very few players in the organised sector. Barring a few, most of the organised sector players have one or two hospitals only. All these leads to high level of competition in the business. Further healthcare sector is highly regulated and is governed by various laws such as Indian Medical Council Act 1956, The Clinical Establishments (registration and regulation) Act 2010, and Indian Medical Council Regulations 2002 etc. Government of India has been taking various steps towards increasing the affordability and coverage of healthcare services in the country by putting price restriction on pharmaceutical entities, medical equipment manufacturers and hospitals services. * Intense competition from other established players: The healthcare sector is facing intense competition as consumers increasingly prefer established brands known for quality. Rising self-awareness and access to organized diagnostics are driving higher expectations for transparency and efficiency. Increased health insurance penetration enables more individuals to explore various options, intensifying rivalry among providers. Organizations must differentiate themselves through innovative services and improved patient experiences. Key strengths * Experienced promoters with long track record of operations in healthcare industry: Hopkins and TMI are promoted by Dr Upendra Kandluri who is a consultant urologist and his wife Dr Jothi Neeraja in Bangalore. The promoters have over a decade of experience in healthcare industry. Further, their son Dr.Abhisheik Hariharan Kandluri has joined the business. He is a second-generation entrepreneur and has completed his MBA from Johns Hopkins Carey Business School Baltimore, USA and has done masters specialization in healthcare business strategy operations, technology, innovation, AI, and finance, for the furtherance of business development of TMI. TMI operates under the brand People Tree Hospitals in Bengaluru. These are multi-speciality facilities providing a wide range of services, including neurosciences, orthopaedics, cardiology, ENT, paediatrics, and urology. * Diversified revenue stream across specialisations: TMI's total income is spread across various specialities among which neuroscience and orthopaedics are the major contributors. None of the specialities contribute more than 20% of total revenue and top 5 departments contributed around 54%/55% to total operating income during FY24 and H1FY25. * Revenue from lease rentals with long term lease agreement: Hopkins have been engaged in real estate operations. The company has bought in December 2023, an existing commercial four storied building having total constructed area of 1,04,800 square feet. The original plan was to make ground floor as speciality hospital and the four floors were intended to let out. Currently, out of these four floors, three floors have been let out to Big Basket and OYO Workspaces India Private Limited for a period of nine years. Liquidity: Stretched On a consolidated basis, Hopkins has reported negative GCA of INR1.65 crore in FY25 and TMI has been reporting negative GCA from FY21 onwards. The cash and bank balance of TMI remained low at INR 0.10 crore as on June 30, 2024. However, the cash and bank balance of Hopkins improved to INR9.67 crore (consolidated) as on March 31, 2025. The group continues to carry debt obligations in the form of principal and interest repayments, while the trajectory of its cash flows and liquidity profile remains to be watched. Incorporated on March 31, 2022, Hopkins is promoted by Dr Upendra Kumar Kandluri and his two sons Dr Abhishek Hariharan Kandluri and Mr Abhinav Krishna Kandluri. Dr Upendra has over three decades of experience in the healthcare sector. He completed his fellowship in Endourology & laser surgery from Germany and MS in general surgery from India. Mr Upendra and his wife Dr Jothi is also the promoter of TMI Healthcare Private Limited which has four multi-speciality hospitals in Bengaluru with the brand name People Tree Hospitals. Currently company is engaged in real estate activities through which it earns rental income. ICONIC GLASS: CARE Lowers Rating on INR80cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Iconic Glass LLP (Iconic), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 80.00 CARE D; ISSUER NOT COOPERATING; facilities Downgraded from CARE BB; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from Iconic to monitor the ratings vide e-mail communications dated February 13, 2026, and February 19, 2026, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, Iconic has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on Iconic's bank facilities will now be denoted as CARE D ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The revision in the rating assigned to the bank facilities of Iconic takes into account the on-going delay in servicing debt repayment obligation due to which its bank account has been classified under SMA-1 category. Analytical approach: Stable Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: There are on-going delays in servicing debt repayment obligation of the banks. The bank account is currently under SMA-1 category. Liquidity: Poor There are on-going delays in debt servicing leading to poor liquidity profile. IGL, incorporated in November 2016, is promoted by Aman Gupta and Ayush Gupta. The firm is setting up a greenfield manufacturing unit of glass containers with an installed capacity of 45,625 MTPA in the Kamrup district of Assam. The firm shall cater to the demand for the glass container in various industries such as soft drinks, food & milk, cosmetic, and liquor. INSIGHT MEDIA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Insight Media City (India) Private Limited (IMCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.12 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of IMCPL under the 'issuer non-cooperating' category as IMCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IMCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Consolidated CARE has considered the consolidated financials of Insight Media City (India) Private Limited (IMCPL) along with its wholly-owned subsidiary Suryansh Broadcasting P Ltd. (Suryansh). IMCPL carries out the operation of its General Entertainemnt Channel (GEC) through Suryansh Outlook: Not applicable Insight Media City (India) Ltd. was founded by a group of investors during March 2013 with the aim of putting up a media city in Kochi. The media city will have 5 Strategic Business Units (SBUs) viz., TV Channels, Movies and FM Radio, Expo and Events, Education and Digital & Synergy (marketing) SBU. ISHANI RICE: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ishani Rice Mills Private Limited (IRMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.65 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of IRMPL under the 'issuer non-cooperating' category as IRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Agnibina Rice Mills Private Limited (ARMPL) was incorporated as a Private Limited Company on May 10, 2013. However, after remaining dormant for almost five years, the company started commercial operation from April, 2018. The company has set up a rice milling and processing unit at Burdwan, West Bengal with an installed capacity of 24,000 MTPA. Mr. Nazrul Islam Miya looks after the day to day activities of the company and has around two decades of experience in the same line of business through other similar companies and they are equally supported by other directors and a team of experienced professionals who are having adequate experience in the similar line of business. The company as changed its name from Agnibina Rice Mills Private Limited to Ishani Rice Mills Private Limited as on May 24, 2022. JAMPESWAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jampeswar Agro Udyog Private Limited (JAUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of JAUPL under the 'issuer non-cooperating' category as JAUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable JAUPL was incorporated in Jan 28, 2012, by Mr Siddharth Mondal, Mr Rabindranath Chowdhury, Mr. Ramkrishna Banerjee and Mr. Somnath Banerjee of Birbhum, West Bengal with Mr. Siddharth Mondal being the main promoter. The company commenced operation since December 2013. JAUPL is engaged in the processing and milling of rice. The milling unit of the company is located at Birbhum, West Bengal. K. T. RAVI: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K. T. Ravi (KTR) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of KTR under the 'issuer non-cooperating' category as KTR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KTR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, February 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mysore-based M/s. K. T. Ravi (KTR) was established by an engineering graduate, Mr K T Ravi in the year 1994 as a proprietorship concern. The firm is engaged in civil construction works such as laying roads and irrigation works for government organizations covering Public Works Department (PWD) and Panchayat Raj which are procured through tenders. Mr K T Ravi is a Class – I contractor and has experience of more than two decades in civil contract works. KALA CHAND: CARE Lowers Rating on INR6.60cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kala Chand Bose (KCB), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.60 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated September 17, 2025, placed the rating(s) of KCB under the 'issuer non-cooperating' category as KCB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Further the revision also considers delays in debt servicing as recognised from publicly available information. i.e. CIBIL filings. Analytical approach: Standalone Outlook: Not applicable M/s Kala Chand Bose was established in September 2000 as a partnership entity by two partners namely, Mr. Kalachand Bose, and Smt. Pratima Rani Bose with an objective to enter into trading of potatoes and potatoes seeds business. The registered address of the entity is located at G. T Road, PO- Memari, Dist- Burdwan, West Bengal-. Mr. Kala Chand Bose (Partner) along with Smt. Protima Rani Bose (Partner) who has around 25 years and 30 years of experience in the similar line of business look after the day to day operation of the entity. MANOHAR INFRA: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manohar Infrastructure and Constructions Private Limited (MICPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 05, 2025, placed the rating(s) of MICPL under the 'issuer non-cooperating' category as MICPL had failed to provide information for monitoring of the as agreed to in its Rating Agreement. MICPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2005, Manohar Infrastructure & Constructions Private Limited (MICPL) is engaged in the development of residential and commercial real estate projects, situated at Mohali (Punjab) and Mullanpur (New Chandigarh), near Chandigarh. MICPL is currently being managed by Mr. Tarninder Singh (Managing Director) and Mr. Narinderbir Singh. The company is a part of the Manohar Singh Group was founded by Late Mr. Manohar Singh in the year 1955 by starting Manohar Singh & Company to carry out the business of real estate in Chandigarh and nearby areas. The group is also into property dealing and underwriting of properties since inception. Currently, MICPL is developing various residential and commercial projects in Mohali and Mullanpur (New Chandigarh). MARUTI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Maruti Enterprises (Hajipur) (ME) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Maruti Enterprises (ME) was established in 1986 as a partnership firm. Currently the firm is managed by four partners namely, Mrs. Vinita Sinha, Mr. Niket Kumar Sinha, Mr. Abhishek Kumar and Mr. Amit Kumar. The registered office of the firm is situated at Vaishali, Bihar. Since its inception, the firm has been engaged in civil construction business in the segments like construction of road, bridges etc. MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mohan Motor Udyog Private Limited (MMUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of MMUPL under the 'issuer non-cooperating' category as MMUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr. Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj. MMUPL was an authorised dealer of Sale & Service of Maruti Suzuki India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has entered into an agreement with Hyundai Motor India Limited (HMIL) as its authorised dealer. The group has an integrated mode of operations, functioning in various verticals of auto dealership business to provide one stop shop solution to its customers. It has service stations, spare parts distribution and vehicle finance which provide the customer with complete solution at single point. MUNIRAJ ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Muniraj Enterprise (ME) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Surat - based (Gujarat) ME was established as a partnership firm in 2011 by five partners i.e. Mr Harish Patel, Mr Vivek Poddar, Mr Mirang Shah, Mr Sushil Poddar and Mr Jayendra Patel. Later on, Mr Jayendra Patel retired from firm and Mrs Nayna Shah, Mrs Rita Morakhiya & Mrs Deepika Patel were added as partners. The firm is engaged into the real estate activities. Currently, the firm is executing a commercial project 'MEENA Bazaar' (RERA Registration no. - PR/GJ/SURAT/SURAT CITY/SUDA/CAA03436/180918) consisting of 215 shops, 82 offices, 1 warehouse and 7 halls at Pal area of Surat, Gujarat. OM BESCO: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Om Besco Rail Products Limited (OBRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 46.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of OBRPL under the 'issuer non-cooperating' category as OBRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OBRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Om Besco Rail Products Ltd. (OBRPL) was promoted by Shri Madhu Sudan Tantia (son of Shri O.P Tantia) in March 2008. The company, after incorporation, remained dormant for about 4 years. In 2012, OBRPL ventured into setting up manufacturing facility of alloy steel casting products (bogies, couplers, draft gears) to be used in railway freight wagons in Jharkhand. The project is backward integration to meet the raw material requirement of the flagship company - Besco Ltd (Wagon division) [Besco]. PRAMILA PROJECTS: CARE Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Pramila Projects Private Limited (PPPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank Facilities 13.00 CARE D; ISSUER NOT COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from PPPL to monitor its ratings vide email communications dated February 13, 2026, February 11, 2026, February 5, 2026, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring ratings. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on the best available information, which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. PPPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. Ratings on PPPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using above ratings. Ratings assigned to bank facilities of PPPL consider ongoing delay in debt servicing where there is overutilisation in cash credit account for over 30 days. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on December 4, 2025, the following were the rating weaknesses: Key weaknesses * Delays in debt servicing: Per management confirmation and lender feedback, there is ongoing overutilisation in cash credit account for over 30 days considering invocation of bank guarantee. PPPL was incorporated in 2007 in Bhubaneswar, Odisha. PPPL is an Odisha-based company engaged in providing different types of structural construction services to manufacturing companies, which includes design drawing, land development, construction of shades and installation of machineries among others. The company is currently focused on design, fabrication, and installation of pre-engineered steel buildings for government and private companies. The day-to-day operations are looked after by Swarupa Patra, MD, and other director, Pravash Chandra Patra, and a team of experienced personnel. PROTECH FEED: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Protech Feed Private Limited (PFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.95 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of PFPL under the 'issuer non-cooperating' category as PFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable PFPL was initially incorporated in July 17, 2007 in the name of Protech Biosciences Pvt Ltd. Subsequently in June 2010, the name of the company was changed to the current one. The company was promoted to set up an integrated chicks farming and poultry feed processing unit at industrial area Hajipur, Bihar with processing capacity of 60,000 MTPA. Currently the company is managed by Mr. Sanjay Kumar Choudhury (Managing Director), Mr. Santosh Kumar Ishwar (Director), Mr. Sanjay Kumar Pandey (Director) and Mr. Sujeet Singh (Director). PFPL has commenced operation of chicks farming unit from February 2012 and poultry feed unit from January 2013. PROTIMA ALU: CARE Lowers Rating on INR6.0cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Protima Alu Company (PAC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated September 29, 2025, placed the rating(s) of PAC under the 'issuer non-cooperating' category as PAC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Further the revision also considers delays in debt servicing as recognised from publicly available information. i.e. CIBIL filings. Analytical approach: Standalone Outlook: Not applicable M/s Protima Alu Company was established in February 2002 as a partnership entity by two partners namely, Smt. Susmita Bose, and Mr. Bhaktipada Bose with an objective to enter into trading of potatoes business. The registered address of the entity is located at G. T Road, POMemari, Dist- Burdwan, West Bengal. Smt. Susmita (Partner) along with Mr. Bhaktipada (Partner) who has around 20 years and 50 years of experience in the similar line of business look after the day to day operation of the entity. RAMAYANI CREATIONS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramayani Creations (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 5, 2025, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhiwadi-based, (Rajasthan) RC was established as a partnership firm in 2015, by Mr Jitender Bansal, Mr Sanjeev Jindal, Mr Vipin Mehta and Mr Sunil Gupta with equal profit loss sharing ratio. RC was established with an objective to manufacture readymade garments for ladies. The firm is setting up a manufacturing unit at Bhiwadi, Rajasthan. The commercial operations are expected to commence from June, 2015. RELIANCE MEDIAWORKS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Reliance Mediaworks Financial Services Private Limited (RMFSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 638.20 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has been seeking information from RMFSPL to monitor the rating(s) vide e-mail communications/letters dated January 20, 2026, January 30, 2026, and February 9, 2026, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring ratings. Aligned with the extant SEBI guidelines, CARE Ratings has reviewed the rating based on the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Further, RMFSPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on Reliance Mediaworks Financial Services Private Limited instruments will now be denoted as CARE D; Issuer not Cooperating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using above rating(s). Detailed description of key rating drivers: As of the rating date on March 17, 2023, the debenture trustee provided feedback indicating the company had defaulted on the servicing of principal and interest for its capital market instruments. This default was also disclosed by the company in its financial statements for the period ending December 31, 2025. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Default in servicing of debt obligations: The company has defaulted on repayment of principal and interest outstanding on NCD's issued by the company, respectively, principal of INR369.35 crore and interest of INR173.61 crore. * Weak earning profile: RMFSPL started its operation in the year 2017. Since then, the company is suffering losses due to very low business activity. For the 9 months ending December 31, 2025, net loss of Reliance Media works Financial Services Private reported to INR27.80 crore against net loss of INR36.63 crore in FY25. There were no sales reported in the 9 months ending December 31, 2025 and in the previous year ending March 31, 2025 * Weak solvency profile: RMFSPL's net worth is fully eroded due to losses incurred, because of which the liabilities are in excess of its assets. Company has a negative tangible net worth of INR814.43 crore as on December 31, 2025. Liquidity: Not available Reliance Mediaworks Financial Services Private Limited (RMFSPL) was incorporated on March 10, 2017, which is engaged in to carry on an investment company and invest, buy, sell, transfer deal in and dispose of shares, stocks, debentures, debenture stock bonds, mortgages, obligations and securities of kind issued or guaranteed by any company, corporation or undertaking of whatever nature whether incorporated or otherwise; and where so ever constituted or carrying on business of immovable property and rights directly or indirectly connected therewith and or bullion, including gold, silver and other precious metals and/or precious stones such as diamonds, rubies and/or other asset. RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Riddhi Siddhi Cold Storage Private Limited (RSCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.21 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of RSCSPL under the 'issuer non-cooperating' category as RSCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Riddhi Siddhi Cold Storage Pvt Ltd (RSCSPL) was incorporated in August 2015 by one Mr Raja Chakraborty and Ms. K Chakraborty from Kolkata to set-up a cold storage and potato trading business. Afterwards the company started to install the cold storage service at Shamuktala in Alipourduar district of West Bengal. During March 2016 the company started weighbridge service at the site and during June 2016 the commercial operation of cold storage service and trading activities of potato has been started with an installed capacity of 27,500 MTPA. The day-to-day affairs of the company are looked after by Mr. Raja Chakraborty (Director) with adequate support from other director- Ms. K Chakraborty (wife of Mr Raja Chakraborty) and a team of experienced personnel. SACHIN AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sachin Agro Foods LLP (SAFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 15.00 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of SAFL under the 'issuer non-cooperating' category as SAFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SAFL based out of Latur, Maharashtra, is a limited liability partnership concern, established in the year 2017 is promoted by Mr. Shivajirao Hude and Mr. Sandeep Hude. The plant is expected to commence its operations by October 2018. SAMAARU FINANCE: CARE Reaffirms B+ Issuer Rating ------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Samaaru Finance Private Limited (SFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - CARE B+; Stable Reaffirmed Rationale and key rating drivers Reaffirmation of the rating assigned to SFPL factors in small scale, low vintage profile with limited geographical diversification, weak profitability, regulatory and inherent risks associated with unsecured lending. The rating derived strength from experienced management and support from promoters in the form of infusion of funds. The company has acquired the licence to operate as a non-banking financial company (NBFC) in June 2023, its operational performance and sustainable profitability remains key monitorable. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Significant improvement in the scale of operations while maintaining comfortable asset quality metrics and maintaining profitability on a sustained basis * Diversification in resource profile. * Significant infusion in equity capital to support the growth plan as envisaged. Negative factors * Weakness in the company's profitability and asset quality on a sustained basis * Lack of significant scale up in loan book over medium term Analytical approach: CARE Ratings Limited (CARE Ratings) has assessed Samaaru Finance Private Limited's standalone credit profile and its managerial, operational and financials. Outlook: Stable The 'stable' outlook reflects CARE Ratings' expectation of growth in scale of operations and sustainable improvement in the company's financial performance. Detailed description of key rating drivers: Key weaknesses * Low vintage profile with limited geographical diversification: The company was incorporated in 2019 and started business operations through the business correspondent model for banks until disbursing INR39 crore until June 2023. Post procuring the NBFC licence in FY24, it started building its own book and currently has presence in over five states operated through central office in Pune. The company's majority exposure is in Rajasthan however, the company has been continuously diversifying its operations across Maharashtra, Gujarat, Karnataka and Tamil Nadu with no immediate plans to enter into newer geographies. The disbursement for FY25 and 9MFY26 amounted to INR8.60 crore and INR3.79 crore, compared to INR11.73 crore in FY24. As on December 31, 2025, the company's assets under management (AUM) remained stagnant and stood at INR10.74 crore (INR11.51 crore as on March 31, 2025). The company is also exploring co-lending opportunities with its lending partners. SFPL's ability to grow its lending operations going forward remains a key rating monitorable. * Weak profitability: SFPL reported a loss of INR2.86 crore on a total income of INR4.03 crore in FY25 as against a loss of INR2.11 crore on a total income of INR2.72 crore in FY24 as the business is still at a nascent stage resulting in higher opex. Further, the company has reported a loss of INR3.20 crore on total income of INR1.83 crore in 9MFY26. The company's ability to scale up profitably remains a key monitorable going forward. * Regulatory and inherent risks associated with unsecured lending: SFPL operates in a business segment that is inherently exposed to elevated credit risk. Additionally, given its relatively low vintage profile, the underwriting framework and product policies remain largely untested across credit cycles. The company is also exposed to regulatory risks arising from any adverse changes in the guidelines governing NBFC operations. Key strengths * Experienced management and support from promoters in the form of infusion of funds: Majority of the equity is held by the company's promoters. In 9MFY26, the company raised INR1.40 crore in capital from angel investors through the issue of equity shares. As on March 31, 2025, the company's net worth stood at INR8.97 crore (INR7.87 on December 31, 2025). SFPL's major shareholder includes Michael Andrade, who is also the Managing director (MD) & Chief Executive Officer (CEO) with 67% stake, Sandeep Raju with 26% stake followed by Dinesh Poduval with 5% and the balance is held by other minority stake holders. Michael Andrade is an ex-agri banking head at HDFC Bank with an experience of handling a book size of ~$5 billion. His focus relies on strategy, growth and risk management. Going forward, the company will require continuous support from promoters considering its high growth plans. Liquidity: Stretched SFPL had a unencumbered cash and bank balance of INR0.32 crore including liquid investments as on December 31, 2025 against the debt obligation of INR0.81 crore for the next 3 months leading to a liquidity coverage ratio (LCR) of 40%. Samaaru Finance Pvt Ltd (SFPL) offers affordable finance to smallholder farmers in India through value chain organisation. They serve rural communities in five states in partnership with three banks in India. The company was incorporated in 2019 as a joint venture (JV) with a Swiss-India agri incubator. In 2021, SFPL executed a founder buyout and refinanced the venture. SFPL have secured an NBFC license for own-book lending in early 2023. The company is led by the founder, Michael Andrade, who is an ex-agri banking head at HDFC and has experience of handling a book size of ~$5 billion. The company operates through a branchless distribution model through milk agents leading to a low-cost farmer acquisition and collection. The company also focuses on monthly farm visits as well as provides farm/credit advisory in order to lower default rates. SFPL provides loans directly to farmer through unsecured term loans (cattle Loans) ranging from INR1.2 Lacs (Minimum for two cattles) to INR2.8 Lacs. These unsecured loans are offered for a tenure ranging from 12 to 24 months. SHREEJEE READYMIX: CARE Cuts Rating on INR150cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shreejee Readymix Private Limited (SRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 150.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Long Term/ 50.00 CARE B+; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities LT rating downgraded from CARE BB-; Stable and ST rating reaffirmed and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from SRPL to monitor the rating(s) vide latest e-mail communications dated February 5, 2026, February 11, 2026, February 16, 2026 and February 19, 2026 along with numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The ratings on SRPL's bank facilities will now be denoted as 'CARE B+; Stable; ISSUER NOT COOPERATING/CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of SRPL has been revised on account of non-availability of requisite information. The ratings remained constrained by leveraged capital structure and weak debt coverage indicators along with low net-worth base, highly fragmented business segment and vulnerability to cement price volatility, project stabilization and offtake risk for recently concluded capex. However, these ratings draw comfort from extensive experience of promoters in the industry and reputed client base albeit risk of customer concentration. The ratings also take into cognizance of growing albeit moderate scale of operations. Analytical approach: Combined CareEdge Ratings has taken a combined approach of Shreejee Readymix Private Limited (SRPL) and Shreejee RMC, as both entities (together referred to as 'group') have common promoters, common management, and operational linkages. Outlook: Stable Detailed description of the key rating drivers At the time of last rating on November 21,2025 the following were the rating strengths and weaknesses. Key weaknesses * Leveraged capital structure and weak debt coverage indicators along with low net-worth base: The group's capital structure stood leveraged, as marked by an overall gearing of 2.90x as on March 31, 2025, due to high reliance on external debt. Its debt profile largely comprises external debt in the form of working capital and term debt. Debt coverage indicators stood marginally weak, as marked by moderate interest coverage of 1.97x and high total debt to gross cash accruals (TDGCA) of 14.36x as on March 31, 2025. Further, the group has low net-worth base of INR8.90 crore as on March 31, 2025. CareEdge Ratings expects moderation in overall gearing of the group driven by increasing reliance on external debt to support the growing scale of operations. * Highly fragmented business segment and vulnerability to cement price volatility: The group operates in a highly fragmented and competitive industry comprising several small to medium-sized firms and large enterprises. Its end product is primarily used in the construction sector, making its business risk profile directly linked to the performance of the construction and real estate industry. Furthermore, profitability remains exposed to fluctuations in cement prices, which are influenced by macroeconomic conditions, demand-supply dynamics, and input cost variations. Cement is a key raw material, and any sharp increase in its price can significantly impact operating margins due to limited ability to pass on cost escalations in a competitive market. Seasonal demand patterns and regulatory changes further contribute to price volatility, and the group's ability to manage procurement efficiently and maintain stable margins will remain critical for its financial performance. * Project stabilization and offtake risk for recently concluded capex: The group has recently concluded its capacity expansion of 300 cubic meter with a total project cost of INR44 crore partly funded through debt. Further, the promoters have infused in capital to support the growing scale of operations. The group achieving optimum production with offtake of the enhanced capacity will remain a key monitorable in near future. Key strengths * Growing albeit moderate scale of operations: TOI grew at a compounded annual growth rate (CAGR) of 30% in last 5 years ended FY25 and stood at INR86.10 crore in FY25 (FY refers to April 01 to March 31). The operations of the group increased on account of improved demand from customers and improvement in sales realization. The profitability margin as marked by PBILDT margin stayed in the range of 4-5% in the last 4 years and stood modest at 4.09% during FY25. It has also reported TOI of INR58.81 crore during 7MFY26 (7M refers April 1 to October 31). Scale of operations remained modest, which limits the group's ability to scale up the business significantly. Further, competition in the industry will continue to restrict future growth prospects. * Reputed client base albeit risk of customer concentration: The group has reputed clientele base however contributes 100% of TOI in FY25, indicating highly concentrated customer base, which can pose risks such as revenue volatility if any major customer reduces their orders or leaves. It also means the group might face pressure to offer better terms to these key clients, potentially impacting profitability. However, during the year the group has added reputed clients like Ahluwalia Contracts (India) Limited [rated CARE AA-; Stable/ CARE A1+]. The execution of the orders is yet to be seen and will remain a crucial factor to monitor. Shreejee Readymix Private Limited is a leading Ready-Mix Concrete (RMC) provider in Gurgaon, serving the construction industry's growing needs. SRPL, is a closely held private limited entity engaged in manufacturing and supplying RMC since its inception. Shreejee RMC Private Limited was established in 2016, however, rapid growth led to compliance challenges, prompting the formation of a new partnership firm, Shreejee RMC ad on January 29, 2022, which took over operations from Shreejee RMC Private Limited effective April 1, 2022. Subsequently, as on February 15, 2025, Shreejee RMC was acquired by SRPL. SINGH CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Singh Construction Private Limited (SCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 6, 2025, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 22, 2025, December 2, 2025, December 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in September 2010, Singh Construction Private Limited (SCPL) is engaged in construction and maintenance of roads in different regions of Bihar. The company was earlier set up as a partnership concern by Mr. Shailesh Kumar Singh in 1984. SCPL is enlisted with various government entities like NHPC Ltd., Road Construction Department (RCD), Rural Works Department (RWD) etc. It adopts high quality standards, safety measures and strict compliance of time schedule for the job work undertaken. This has helped the company to get repeat orders, for higher value projects, from its existing clients and also to acquire new clients. VAMSADHARA GINNING: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vamsadhara Ginning and Pressing Industries (VGPI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of VGPI under the 'issuer non-cooperating' category as VGPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VGPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vamsadhara Ginning & Pressing Industries (VGPI) was established in the year 2016 by seven partners. The firm is engaged in cotton ginning & pressing at its factory located at Piduguralla, Guntur district. The operations started from February 2017 and the firm has its customer presence in Andhra Pradesh and Telangana who purchase cotton lint and cotton seed manufactured by the firm. Mr. Sontineni Venkateswara Rao, the chief promoter and managing partner of this firm since its inception, has 27 years of experience in the line of rice milling and cotton ginning business. He is also having a major stake in the associate concerns, 'Vamsadhara Rice Industries' and 'Vamsadhara Cotton Industries' both located at Janapadu, Andhra Pradesh. ===================== N E W Z E A L A N D ===================== BLACK LION: Cafe Put in Liquidation After Dispute with Former Staff ------------------------------------------------------------------- Stuff.co.nz reports that the company behind a Wellington cafe has been put into liquidation after failing to pay a worker the more than NZD18,000 she is owed. Black Lion Bakery and Cafe on Cuba St has been locked in a dispute with former employee Carolyn Peterson, who claimed she was unjustifiably dismissed. In 2024, Ms. Peterson was awarded NZD18,450 by the Employment Relations Authority (ERA) in lost wages and compensation after a disagreement with the cafe's owner, Shewangizaw Worku, over the cleaning of the coffee machine, Stuff relates citing The Post. Ms. Peterson left the cafe after their disagreement, though she and Mr. Worku had differing accounts of how the conversation went, the ERA decision said. Stuff relates that Ms. Peterson missed her shift the next day as she was "still shaken", the ERA noted, and it was only after she contacted Mr. Worku to ask whether she should return on her next rostered shift that she learned a new barista had replaced her. Mr. Worku argued Ms. Peterson had abandoned her employment, but the ERA found she was unjustifiably dismissed and ordered Black Lion Holdings Ltd, the company behind the cafe, to pay her for the lost wages and compensation. Fast-forward two years, and Ms. Peterson has yet to be paid, Stuff notes. Mr. Worku had previously said he wanted to appeal the ERA decision. On March 11, a High Court judge ruled there was no prospect of the debt being recovered, forcing Black Holdings Ltd into liquidation, The Post, as cited by Stuff, reported. FLORA HABITAT: Court to Hear Wind-Up Petition on March 23 --------------------------------------------------------- A petition to wind up the operations of Flora Habitat Limited will be heard before the High Court at Hamilton on March 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 5, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton HEINZ WATTIE'S: Plans to Shut Three NZ Facilities, Cut 350 Jobs --------------------------------------------------------------- Radio New Zealand reports that major food company Heinz Wattie's has proposed changes to discontinue some manufacturing operations in New Zealand. RNZ relates that the company said the proposal would result in the closure of three manufacturing facilities in Auckland, Christchurch and Dunedin. Packing would also cease at the associated frozen lines in King St, Hastings. According to RNZ, the company said about 350 jobs were expected to be affected. It outlined plans to axe the sale and production of a number of its products and brands, including frozen vegetables and Gregg's coffee. It would also no longer produce dips sold under the Mediterranean, Just Hummus and Good Taste Company brands, RNZ relays. Heinz Wattie's said it would consult with staff on the plan, which it said had come about because of increasingly difficult manufacturing conditions. New Zealand–based Heinz Wattie's Limited produces frozen and packaged fruit, vegetables, sauces, baby food, cooking sauces, dressings and pet foods. HELIUS THERAPEUTICS: Placed in Voluntary Administration ------------------------------------------------------- Radio New Zealand reports that medicinal cannabis company Helius Therapeutics has been placed in voluntary administration, citing a tough commercial and regulatory environment. The Auckland-based company was founded in 2018, and was one of the early players in the sector. The voluntary administration does not impact the clinic business owned by Helius Group, and operating under Cannaplus, RNZ relates. According to RNZ, Helius chief executive Vicky Taylor, who joined in late 2025, said the decision reflected challenges facing the sector. "This is an incredibly difficult moment for our team and for the wider medical cannabis industry," RNZ quotes Ms. Taylor as saying. "Unfortunately, the current commercial and regulatory environment has made it very challenging for manufacturers to operate sustainably at scale." Over the past few years, the sector has made repeated calls to ease regulatory burdens in New Zealand. Helius Therapeutics will close its East Tamaki manufacturing facility. Daniel Stoneman and Neale Jackson of Calibre Partners were appointed voluntary administrators, RNZ discloses. RNZ relates that Mr. Stoneman said they would continue to trade the business at reduced capacity over the next six weeks to sell the remaining stock on hand. All manufacturing operations have ceased, and assets would be sold, he said. "The company has been placed in voluntary administration following a sustained period of trading losses driven by high operating costs and a challenging regulatory environment," RNZ quotes Mr. Stoneman as saying. RNZ adds that Ms. Taylor said its priority was to support staff and ensure patients received care through its clinic network. "Most importantly, I want to thank the great people who have worked at Helius Therapeutics," she said. "Their commitment to patients, innovation and quality has been remarkable, and I'm grateful for everything they have contributed." Helius Therapeutics is a biotechnology company focused on medicinal cannabis research and development in Auckland, New Zealand. MAHITAONE BUILDERS: Court to Hear Wind-Up Petition on March 17 -------------------------------------------------------------- A petition to wind up the operations of Mahitaone Builders Limited will be heard before the High Court at Masterton on March 17, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 28, 2025. The Petitioner's solicitor is: Ashley Ashika Singh Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 OCD DEVELOPMENTS: Khov Jones Appointed as Receivers --------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on March 2, 2026, were appointed as Receivers and Managers of OCD Developments Limited and Pallet King Limited. The Receivers and Managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 RC EQUIPMENT: Calibre Partners Appointed as Receivers ----------------------------------------------------- Daniel Stoneman and Neale Jackson of Calibre Partners on March 4, 2026, were appointed as Receivers and Managers of RC Equipment Limited. The Receivers and Managers can be reached at: Daniel Stoneman Neale Jackson Calibre Partners Level 21 88 Shortland Street Auckland SHUNDI CUSTOMS: Calibre Partners Appointed as Receivers ------------------------------------------------------- Brendon Gibson and Neale Jackson of Calibre Partners on March 4, 2026, were appointed as Receivers and Managers of Shundi Customs Limited and Shundi Tamaki Village Limited. The Receivers and Managers can be reached at: Brendon Gibson Neale Jackson Calibre Partners Level 21 88 Shortland Street Auckland ================= S I N G A P O R E ================= BAN NEE: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Feb. 27, 2026, to wind up the operations of Ban Nee Chen Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 DASIN RETAIL: Trustee-Manager Placed Under Judicial Management -------------------------------------------------------------- Minichart reports that the General Division of the High Court of Singapore has placed Dasin Retail Trust Management Pte. Ltd., the trustee-manager of Dasin Retail Trust, under judicial management. Mr. Tan Jun Zhang, Solomon of Argile Partners Pte. Ltd., has been appointed as the Judicial Manager (JM). This development follows an application by Malayan Banking Berhad, Singapore Branch, to place DRTM under judicial management, both in its own capacity and as trustee-manager of Dasin Retail Trust, according to Minichart. Minichart relates that the High Court granted the application at a hearing held on March 9, 2026, with the official announcement made on March 10, 2026. Under the High Court Order, the Judicial Manager will take over the management of the affairs, business, and property of the Trustee-Manager. Minichart adds that the Judicial Manager has committed to providing further updates as and when there are material developments affecting the business trust. Dasin Retail Trust -- www.dasintrust.com -- is a retail property business trust providing direct exposure to the fast-growing Pearl River Delta region. Dasin Retail Trust's principal investment mandate is to invest in, own or develop land, uncompleted developments and income-producing real estate in Greater China (comprising the People's Republic of China, Hong Kong and Macau), used primarily for retail purposes, as well as real estate-related assets, with an initial focus on retail malls. Dasin Retail Trust Management Pte. Ltd. is the trustee-manager of Dasin Retail Trust. GLOBAL TRADE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Feb. 27, 2026, to wind up the operations of Global Trade Well Pte. Ltd. Tsudakoma Corp filed the petition against the company. The company's liquidators are: Abuthahir s/o Abdul Gafoor Yessica Budiman c/o AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 HUONE SINGAPORE: Creditors' Meeting Set for March 27 ---------------------------------------------------- Huone Singapore Pte. Ltd. will hold a meeting for its creditors on March 27, 2026, at 12:00 p.m., via electronic means. 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; and d. to form a committee of inspection of not more than 5 members, if thought fit. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as provisional liquidators of the Company on March 2, 2026. M2 MASSAGE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Feb. 27, 2026, to wind up the operations of M2 Massage Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MM2 ASIA: Faces Receivership Over Charged Shares in UnUsUaL Unit ---------------------------------------------------------------- TipRanks reports that mm2 Asia has disclosed that United Overseas Bank has enforced its security over shares in its events subsidiary UnUsUaL Limited, following earlier demands over outstanding debts. TipRanks relates that UOB has appointed receivers from RSM SG Corporate Advisory over more than 623 million UnUsUaL shares previously charged by UnUsUaL Management Pte. Ltd. in favour of the bank. According to TipRanks, the company is seeking legal advice and monitoring the situation, signalling potential implications for its control or economic interest in UnUsUaL. Management cautioned shareholders and investors to exercise care when trading its securities while it evaluates the impact and prepares further updates on any material developments arising from the enforcement action. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. RONG DOI: Creditors' Proofs of Debt Due on April 13 --------------------------------------------------- Creditors of Rong Doi MV12 Pte. Ltd. are required to file their proofs of debt by April 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 3, 2026. The company's liquidator is: Quar Lian Huat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Injects US$68 Million Emergency Financing ---------------------------------------------------------- The Korea Times reports that MBK Partners has extended a total of KRW100 billion ($68 million) in emergency debtor-in-possession financing to Homeplus to help stabilize the retailer's operations, the company said March 11. The private equity firm provided KRW50 billion, following its initial provision of KRW50 billion on March 4, completing the full amount, according to the report. Homeplus entered court-led rehabilitation in March 2025 and has yet to secure a clear path toward a full business turnaround. On March 3 this year, just one day before the original deadline, the Seoul Bankruptcy Court granted a two-month extension for creditors to approve the company's rehabilitation plan, The Korea Times says. Without the extension or approval of the plan, the country's second-largest supermarket chain could have faced the possibility of bankruptcy or liquidation proceedings. The latest funding support follows the court's decision to extend the deadline. According to The Korea Times, the funding was arranged after MBK Chairman Michael ByungJu Kim secured a KRW100 billion loan from Woori Financial Group using personal assets, including his residence, as collateral. The borrowed funds were subsequently lent to Homeplus. The Korea Times says the capital will be used to meet urgent operational needs such as paying employee wages and settling payments owed to suppliers. If Homeplus restores normal operations and successfully exits the rehabilitation process, the loan will be treated as a public-interest claim, which takes priority in repayment. However, MBK did not require collateral for the loan and has pledged not to seek repayment if the rehabilitation plan ultimately fails to gain court approval and the rehabilitation process is discontinued. With the latest financing included, MBK has injected about KRW400 billion in financial support through personal capital injections and other measures, The Korea Times notes. "We will continue to play our role as the controlling shareholder to support the implementation of Homeplus' rehabilitation plan and the company's operational recovery," The Korea Times quotes an MBK official as saying. In 2015, MBK acquired a 100 percent stake in Homeplus from British retailer Tesco for KRW7.2 trillion. Excluding the KRW1.2 trillion in existing debt that Homeplus assumed, the effective acquisition price was KRW6 trillion. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. [] KOREA: Courts Introduce Guidelines to Write Off Crypto Debts --------------------------------------------------------------- DLNews.com reports that courts in South Korea will use a new set of guidelines in rehabilitation hearings to write off people's crypto debts in an attempt to stop citizens from going bankrupt. According to DLNews.com, the new rules will see three courts, opened this month in the cities of Daejeon, Daegu, and Gwangju, exclude debts incurred from stock or cryptocurrency investments from liquidation calculations. And this, in turn, will reduce the overall amount debtors need to pay their creditors in personal rehabilitation proceedings, DLNews.com relates citing South Korean media outlet EToday. DLNews.com says the new rules are the South Korean authorities' latest attempt to get the country's rampaging debt problem under control. According to the report, the country's household debt-to-GDP ratio has risen to 92% in 2025. The government has vowed to act, promising to cap household debt growth at 3.8%. The new initiative comes after the government courted public criticism in December by providing 269 individual crypto traders with over $15 million in debt relief from a fund intended to help small companies. It is against this backdrop that the three new rehabilitation courts are set to write off crypto traders' debt, despite public criticism, DLNews.com states. DLNews.com says the first rehabilitation court was opened in Seoul in 2017, as part of a government drive to restructure insolvent individual firms' arrears and provide debt relief. The three courts will work alongside the Seoul court and two more branches opened in the cities of Suwon and Busan in 2023, DLNews.com adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***