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260805.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 Wednesday, August 5, 2026, Vol. 29, No. 155 Headlines A U S T R A L I A ABC WAREHOUSE: First Creditors' Meeting Set for Aug. 13 AESTHETIK GROUP: First Creditors' Meeting Set for Aug. 10 LIBERTY BELL: Smelter Officially Enters Liquidation MATAUTIA DEVELOPMENTS: Second Creditors' Meeting Set for Aug. 7 NORTHSIDE SMASH: Second Creditors' Meeting Set for Aug. 10 PEPPER PRIME 2026-1: S&P Assigns B(sf) Rating on Class F Notes REEF VIEW: Second Creditors' Meeting Set for Aug. 10 ROYAL CAPITAL: ASIC Seeks Court Orders to Halt Fund Promotions YEA LAND: Second Creditors' Meeting Set for Aug. 6 ZEN ENERGY: Creditors Lucky to Get 10c on the Dollar After Collapse ZENOZ ENTERPRISES: ASIC Cancels Co's Australian Credit Licence I N D I A AAKRITI LANDCON: Insolvency Resolution Process Case Summary AASMA FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ADHUNIK MEGHALAYA: Insolvency Resolution Process Case Summary ADYA BHAWAN: CARE Keeps B- Debt Rating in Not Cooperating Category AISHWARYA AVANT: CARE Keeps D Debt Rating in Not Cooperating AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating ARAVALI MINES: CARE Keeps B- Debt Rating in Not Cooperating ARVIND INTERIORS: Insolvency Resolution Process Case Summary BISUI POULTRY: CARE Keeps D Debt Rating in Not Cooperating CHAMPION GROUP: CARE Keeps B- Debt Rating in Not Cooperating CHOICE FURNITURE: Voluntary Liquidation Process Case Summary CITRON INFRAPROJECTS: Insolvency Resolution Process Case Summary CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating CODDIWOMPLE INDIA: Voluntary Liquidation Process Case Summary DATARISHI TECHNOLOGIES: Voluntary Liquidation Process Case Summary DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating Category DODSAL ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating EPIC YARNS: Insolvency Resolution Process Case Summary GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating KANCHAN OIL: CARE Lowers Rating on INR15cr LT Loan to B- KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating KONARK SYNTHETIC: CARE Keeps D Debt Ratings in Not Cooperating MAANASA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating MALLIKHARJUNA AGENCIES: CARE Keeps B- Rating in Not Cooperating N KUMAR RETAILS: Insolvency Resolution Process Case Summary OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating PRASHANT ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating RAJIV AGGARWAL: CARE Keeps B- Debt Rating in Not Cooperating RAO EDUSOLUTIONS: Liquidation Process Case Summary SAS INFRAENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating SHIVANGI AGRO: Insolvency Resolution Process Case Summary SITA ISPAT: CARE Lowers Rating on INR14.5cr Long Term Loan to B- SNEH EXPORTS: Insolvency Resolution Process Case Summary STAR GRANITO: CARE Keeps B- Debt Rating in Not Cooperating SUNBEAM DEALERS: CARE Keeps D Debt Rating in Not Cooperating TITLE DEVELOPERS: Insolvency Resolution Process Case Summary V&RO HOSPITALITY: Insolvency Resolution Process Case Summary VIDHATA METAL: Liquidation Process Case Summary WHITE GOLD: CARE Keeps B- Debt Rating in Not Cooperating Category J A P A N NISSAN MOTOR: Returns to Profit in Fiscal Q1 Amid Cost-Cutting Push M A L A Y S I A AVILLION BERHAD: Auditor Raises Going Concern Doubt N E W Z E A L A N D BURGERBURGER LTD: Owes NZD2.7 Million, Search For Buyer Continues S I N G A P O R E ADSQUARE PTE: Creditors' Proofs of Debt Due on Aug. 29 BLUESTAR MARKETING: Court to Hear Wind-Up Petition on Aug. 14 INNOVATION ENGINEERING: Court to Hear Wind-Up Petition on Aug. 14 MY COMMUNITY: Commences Wind-Up Proceedings N.V.V. TRADING: Court to Hear Wind-Up Petition on Aug. 14 SOLUTIONS BASE: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: Stocks KRW640M per Store as Reopening Faces Delay Risk V I E T N A M SOUTHEAST ASIA COMMERCIAL: Moody's Affirms 'Ba3' Deposit Ratings TIEN PHONG: Moody's Alters Outlook on 'B1' Deposit Ratings to Pos. - - - - - ================= A U S T R A L I A ================= ABC WAREHOUSE: First Creditors' Meeting Set for Aug. 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of ABC Warehouse Pty Ltd will be held on Aug. 13, 2026, at 10:30 a.m. via via Microsoft Teams. Nikhil Khatri of Worrells was appointed as administrator of the company on July 31, 2026. AESTHETIK GROUP: First Creditors' Meeting Set for Aug. 10 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Aesthetik Group Pty Ltd will be held on Aug. 10, 2026, at 12:00 a.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, VIC and via online video conference. Rachel Burdett and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on July 30, 2026. LIBERTY BELL: Smelter Officially Enters Liquidation --------------------------------------------------- ABC News reports that attempts will soon begin to claw back tens of millions of dollars owed to creditors by Australia's only manganese alloy smelter after creditors voted to liquidate Liberty Bell Bay. At a meeting on Aug. 3, creditors appointed former administrators, EY Parthenon, as liquidators, the ABC relates. The 66-year-old smelter in northern Tasmania went into administration in March, due to longstanding issues with former owner GFG Alliance. After a potential sale collapsed last month, it officially closed, leaving 200 workers without jobs. A recent report to creditors found it may have been trading while insolvent for almost a year and is understood to owe creditors between AUD70 million and AUD300 million, including AUD27 million to workers, according to the ABC. With the company now in liquidation, workers can apply to the federal government's Fair Entitlements Guarantee for many of their entitlements, including unpaid wages, redundancy pay, annual leave and long service leave. The ABC says FEG payments are capped at the maximum weekly wage of AUD3,032. It does not cover unpaid superannuation. "We encourage all impacted workers and their families to engage with the dedicated webpage set up by the Department of Employment and Workplace Relations, which provides clear information on supports and entitlements," a Commonwealth government spokesperson said. The ABC adds that Australian Workers Union assistant branch secretary Robert Flanagan said the former workers were trying to move forward with their lives. "Today is a part of the process of them being able to recover their entitlements," he said. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. MATAUTIA DEVELOPMENTS: Second Creditors' Meeting Set for Aug. 7 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Matautia Developments Pty Ltd ATF The Austral Investment Trust has been set for Aug. 7, 2026, at 11:00 a.m. via Teleconference facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 6, 2026 at 4:00 p.m. Timothy Cook of Balance Insolvency was appointed as administrator of the company on July 3, 2026. NORTHSIDE SMASH: Second Creditors' Meeting Set for Aug. 10 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Northside Smash Repairs (Vic) Pty Ltd has been set for Aug. 10, 2026, at 4:30 p.m. via Microsoft Teams Videoconferencing Facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 7, 2026 at 4:00 p.m. Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on July 6, 2026. PEPPER PRIME 2026-1: S&P Assigns B(sf) Rating on Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned ratings to eight of the 10 classes of prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee for Pepper Prime 2026-1 Trust. Pepper Prime 2026-1 Trust is a securitization of prime residential mortgage loans originated by Pepper Homeloans Pty Ltd., a subsidiary of Pepper Money Ltd. (Pepper). The ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, and we believe the credit support is sufficient to withstand the stresses we apply. The credit support for the rated notes comprises note subordination and excess spread. Our assessment of credit risk considers the underwriting standards and centralized approval process of the seller, Pepper." The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the excess spread reserve, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date. "We have assessed the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and interest rate swap provider, and Commonwealth Bank of Australia as bank account provider. The transaction documents for the liquidity facility, swap and bank account include downgrade remedy language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Pepper Prime 2026-1 Trust Class A1-s, A$272.80 million: AAA (sf) Class A1-a, A$607.20 million: AAA (sf) Class A2, A$45.00 million: AAA (sf) Class B, A$32.50 million: AA (sf) Class C, A$21.50 million: A (sf) Class D, A$10.00 million: BBB (sf) Class E, A$5.00 million: BB (sf) Class F, A$2.50 million: B (sf) Class G1, A$1.75 million: Not rated Class G2, A$1.75 million: Not rated REEF VIEW: Second Creditors' Meeting Set for Aug. 10 ---------------------------------------------------- A second meeting of creditors in the proceedings of Reef View Homes Pty Ltd has been set for Aug. 10, 2026, at 10:30 a.m. via virtual technology 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 Aug. 7, 2026 at 4:00 p.m. Daniel Walley and Adam Colley of Teneo Financial Advisory were appointed as administrators of the company on July 6, 2026. ROYAL CAPITAL: ASIC Seeks Court Orders to Halt Fund Promotions -------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) is seeking orders from the Federal Court to restrain Royce Capital Investments Pty Ltd, Royce (Aust) Real Estate Pty Ltd (RARE), Louie Kortesis and Paul Chiodo from advertising, promoting or accepting money in Australia for Royce Global Investments LP (registered in the Cayman Islands), Royce Global Real Estate LP (registered in the Cayman Islands) and Royce Private Investments Fund LP (registered in Delaware, USA). ASIC's proposed orders would also restrain Royce Capital, RARE, Mr. Kortesis and Mr. Chiodo from advertising, promoting or accepting money for financial products generally in Australia. ASIC alleges that in August 2025, Royce Capital raised AUD1.536 million from five Australian SMSF investors, purportedly for investment in one or more of the above offshore funds. ASIC alleges that: * Royce Capital provided financial services without holding an Australian financial services licence; * Mr. Kortesis and Mr. Chiodo were involved in Royce Capital's alleged unlicensed conduct; and that * Royce Capital and/or RARE made misleading or deceptive representations in brochures provided to some investors, including to the effect that they would receive a guaranteed or fixed return of 13% per annum. Mr. Chiodo is also the subject of Federal Court proceedings in relation to the Shield Master Fund. YEA LAND: Second Creditors' Meeting Set for Aug. 6 -------------------------------------------------- A second meeting of creditors in the proceedings of Yea Land Holdings Pty Ltd has been set for Aug. 6, 2026, at 2:00 p.m. via Microsoft teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 5, 2026 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 2, 2026. ZEN ENERGY: Creditors Lucky to Get 10c on the Dollar After Collapse ------------------------------------------------------------------- The Australian Financial Review reports that creditors owed more than AUD200 million by a renewable energy retailer backed by former Rudd government climate adviser Ross Garnaut will be lucky to get 10 cents on the dollar, with most likely to receive nothing at all. The Financial Review relates that Zen Energy's administrator, McGrathNicol, told creditors the business had failed because its business model – buying renewable energy from wind, solar and battery projects on long-term contracts and selling it to large electricity users – had come unstuck amid volatile power markets. "Zen's business model exposed the group to significant market risk through long-term and substantial positions in the energy market, with market conditions moving against these positions," McGrathNicol partners Robert Smith and Jason Preston wrote in a report circulated to creditors. According to the Financial Review, Zen was particularly hard hit by the collapse in the price of large generation certificates, tradeable financial instruments under a government-set renewable energy target purchased by companies and retailers to meet emissions obligations. The price of each certificate dropped from AUD50 in 2022 to less than AUD10 by the end of 2025. "In 2025 and 2026, a combination of a decline in [certificate] prices, low wholesale prices and long solar generation positions meant that Zen was selling electricity at a loss," Mr. Smith and Mr. Preston wrote in their report. Mr. Smith and Mr. Preston said the strategy, which failed to hedge against these positions, were potential failings "in good corporate governance and risk management practices . . . which meant that the business did not sufficiently manage downside risk in establishing the long-term business model". McGrathNicol said it had not identified any misconduct by directors, the Financial Review relays. The Adelaide-headquartered company reported consecutive losses and had been heading toward a AUD322 million loss in the last financial year, the Financial Review discloses. The Financial Review addss that McGrathNicol's Smith and Preston have recommended that Zen be liquidated and said under an optimistic scenario, secured creditors who are owed AUD200 million would receive 10 cents on the dollar. Unsecured creditors, who are owed around AUD415 million, will receive nothing. About Zen Energy Zen Energy develops and manages renewable energy projects in Australia. Robert Smith and Jason Preston of McGrathNicol were appointed as administrators of Zen Energy Pty Ltd and related companies on July 3, 2026. ZENOZ ENTERPRISES: ASIC Cancels Co's Australian Credit Licence -------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian credit licence of Zenoz Enterprises Pty Ltd effective from July 3, 2026. The licence was cancelled after Zenoz ceased to engage in credit activities and failed to pay industry funding levies (and related late payment penalties) for the 2023-2024 financial year which were outstanding for over 12 months. ASIC granted Australian credit licence number 000544102 to Zenoz (ACN 621 170 616) on Feb. 16, 2023. The licence authorised Zenoz to engage in credit activities as a credit provider. ========= I N D I A ========= AAKRITI LANDCON: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Aakriti Landcon Private Limited Registered Office Address: MBS Nagar, Kota Rajasthan - 32400 Business Address: Shreenath Estate, Station Road, Kota Rajasthan - 324002 Insolvency Commencement Date: July 24, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 20, 2027 Insolvency professional: Babu Lal Sharma Interim Resolution Professional: Babu Lal Sharma 306, 3rd Floor, Durga Business Centre (DBC), Near Pink City Petrol Pump, M.I. Road, Jaipur, Rajasthan - 302039 Email: tejgati@yahoo.com ibc.aakriti@gmail.com Classes of Creditors: Allottees under Real Estate Project Authorized Representatives of creditors in a class: 1. Prashant Agarwal E-mail: prashantfcajaipur@yahoo.com 2. Prashant Sharma E-mail: prashantfcajaipur@yahoo.com 3. Anubha Singh E-mail: anubha.singh5@gmail.com Last date for submission of claims: August 7, 2026 AASMA FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aasma Foods and Beverages Private Limited (AFBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 June 17, 2025, placed the rating(s) of AFBPL under the 'issuer non-cooperating' category as AFBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 3, 2026, May 13, 2026, May 23, 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 Aasma Food & Beverages Private Limited (AFBPL) was incorporated in August 2009 by M.K. Singh, R.P. Singh and Devendra Prasad. Since its inception, the company is into processing of milk products. However, the company was taken over by the current promoters Mr. Ved Prakash Pandey, Mr. Kishan Modi, Mr. Rajendra Prasad Modi and Mrs. Payal Modi with effect from July 11, 2017. The company has been engaged in milk processing and produce milk products like cheese, paneer, butter, ghee, milk pouch, dahi, lassi, milk powder and cream. The processing plant of the company is located at EPIP Industrial Area, Hajipur, Bihar with a processing capacity of 1 lakh tons per annum. The company sells its product under its registered brand i.e. 'Milk Magic' through distributors in the state of Bihar and West Bengal. The company also does job work for Orissa State Cooperative Milk Producers' Federation Limited (OMFED) and earns commission charges from it. ADHUNIK MEGHALAYA: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Adhunik Meghalaya Steels Private Limited Plot No. 19, 23E, PIP Zone Bymihat, Jainta Hills, Meghalaya - 793101 Insolvency Commencement Date: July 21, 2026 Court: National Company Law Tribunal, Guwahati Bench Estimated date of closure of insolvency resolution process: January 17, 2027 Insolvency professional: Sanjay Kumar Poddar Interim Resolution Professional: Sanjay Kumar Poddar Infinity Benchmark, Unit No. 608, 6th Floor, GP Block, Sector V, Salt Lake, Kolkata - 700091 Email: poddar.sanjay@gmail.com cirp.amspl@gmail.com Last date for submission of claims: August 4, 2026 ADYA BHAWAN: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Adya Bhawan Limited (ABL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.67 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 June 10, 2025, placed the rating(s) of ABL under the 'issuer non-cooperating' category as ABL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2026, May 6, 2026, May 16, 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 Adya Bhawan Limited (ABL), incorporated in February 2008 by the Kolkata-based Seth family, is a part of the Keya Seth group. The company is into retailing of readymade garments. The company also sells cosmetics, bags, wallets, junk jewellery, and other items, and presently operates through 4 outlets completely owned by it. ABL has commenced operations from July 2015 onwards. The apparel and junk jewellery products are primarily sold under its group brand, Keya Seth Exclusive, whereas cosmetics are sold under the brands Keya Seth Aromatics and Keya Seth Cosmetics, which are owned by group entities. AISHWARYA AVANT: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aishwarya Avant Builders LLP (AABL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 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 July 3, 2025, placed the rating(s) of AABL under the 'issuer non-cooperating' category as AABL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AABL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2026, May 29, 2026, June 8, 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 Avant group is a Mumbai based real estate developer which was established in the year 2010 by founder/promoter Mr. Sudeep Saha. The other promoter is Mr. Harsh R Shah. The Firm Aishwarya Avant Builders LLP is currently developing a residential redevelopment project in jogeshwari (East), Mumbai. The project is known as "Avant Heritage" which comprises of Phase-I & Phase-II located adjacent to each other and having total saleable area of 1.04 lakh sq. ft. AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aishwarya Enterprises (AE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.95 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 July 8, 2025, placed the rating(s) of AE under the 'issuer non-cooperating' category as AE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2026, June 3, 2026, June 13, 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 Aishwarya Enterprises (AE) was established in April 2002 as a proprietorship firm by Mr. Karan Thapar. AE is engaged in trading of yarn, fabric and readymade garments at its facility located in Ludhiana, Punjab. The firm is also engaged in manufacturing of garments. ARAVALI MINES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aravali Mines and Minerals (AMM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.82 CARE B-; Stable; ISSUER NOT Bank 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 July 24, 2025, placed the rating(s) of AMM under the 'issuer non-cooperating' category as AMM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AMM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2026, June 19, 2026, June 29, 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 Jaipur (Rajasthan) based Aravali Mines and Minerals (AMM) was formed in September, 2015 by seven partners i.e. Mr. Vidhyadhar Singh, Mr. Virendra Krishania, Dr. Shailesh Singh, Mr. Sanjeev K. Choudhary, Mr. Ram Ratan Dhanopia, Mr. Neeraj Tak and Mr. Bhanwar Lal Bula with an objective to install processing unit of Feldspar and Quartz. ARVIND INTERIORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Arvind Interiors Private Limited 112/31, 1st Floor, 6th Cross SSI Area, Rajajinagar, Bangalore - 560010 Insolvency Commencement Date: June 19, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: December 16, 2026 Insolvency professional: Gururaj K. Interim Resolution Professional: Gururaj K. No. 3, SBI Officers Colony, Basaveshwaranagar, Bangalore, 17th Cross, Near Ayodhya Sagar Hotel, Bangalore, Karnataka - 560079 Email: gkashi1234@gmail.com cirparvindinteriorspltd@gmail.com Last date for submission of claims: August 7, 2026 BISUI POULTRY: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bisui Poultry Private Limited (BPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.70 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 June 16, 2025, placed the rating(s) of BPPL under the 'issuer non-cooperating' category as BPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in January 2012, Bisui Poultry Private Limited (BPPL) was promoted by the Bisui family based out of Paschim Medinipur West Bengal. BPPL is engaged in the business of layer poultry farming and involved in sales of eggs and birds. The poultry farm has a total capacity of layer birds is improved from 70,000 to 1,50,000 after completion of expansion project with facilities located at Bankura, West Bengal. CHAMPION GROUP: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Champion Group of Company (CGOC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 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 July 9, 2025, placed the rating(s) of CGOC under the 'issuer non-cooperating' category as CGOC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CGOC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2026, June 4, 2026, June 14, 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 Champion Group of Company (CGOC) was established as a proprietorship firm in the year 2000 by Mr. Amit Kumar Singh. Since its inception, the firm has been engaged in mining, lifting and trading of sand and stone chip. Later on the firm has also started trading of agro commodities like rice, paddy, jute bags, and other products depending on their economic viability. The firm participates in government tenders for procurement of sand and stone chip. CHOICE FURNITURE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Choice Furniture Fixtures and Fitout India Private Limited #48, 1st Floor, DVG Road, Basavanagudi, Bangalore, Karnataka - 560004 Liquidation Commencement Date: July 17, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Sumana Rao No. 56, 4th Cross, 2nd Sector, Nobonagar, Bannerghatta Road, Bengaluru 560076, Karnataka Tel: +91-94485-21179 Email: csraosumana@gmail.com choiceliq2025@gmail.com Last date for submission of claims: August 17, 2026 CITRON INFRAPROJECTS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Citron Infraprojects Limited 97, Maker Tower F Cuffe Parade, Mumbai City, Mumbai, Maharashtra, India, 400005 Insolvency Commencement Date: July 21, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 17, 2027 Insolvency professional: Sunil Kumar Kabra Interim Resolution Professional: Sunil Kumar Kabra 3rd Floor, Reegus Business Centre, New Citylight Road, Above Mercedes Benz Showroom, Bharthana-Vesu, Surat - 385007 Email: jlnusco@gmail.com ip.citroninfra@gmail.com Last date for submission of claims: August 4, 2026 CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Climax Overseas Private Limited (COPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 0.25 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Long Term Bank 1.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 25.00 CARE D; ISSUER NOT COOPERATING Bank 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 July 21, 2025, placed the rating(s) of COPL under the 'issuer non-cooperating' category as COPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. COPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 6, 2026, June 16, 2026, June 26, 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 Haryana based Climax Overseas Private Limited (COPL) was incorporated in 1994. The company is currently being managed by Mr Prameet Singh Sood and Mrs. Aveen Kaur Sood. COPL is engaged into manufacturing of rubber, plastic and sheet metal components such as valve stem, valve cover gaskets, filters, engine mounts, etc. The company caters to various OEM's and other manufacturing companies in the field of automobile, power transmission & distribution, white goods, defense and aviation industry etc. CODDIWOMPLE INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Coddiwomple India Private Limited Door No. 106, 2nd Floor, 332, SY No. 17, Thimmaiah Road (Off Queens Road) Vasanth Nagar, H.K.P. Road, Bangalore, Bangalore North, Karnataka, India, 560051 Liquidation Commencement Date: July 21, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Venkata Subbarao Kalva #41/1, 11th Cross, 8th Main, 2nd Block, Jayanagar, Bengaluru - 560011 Tel: +91 8147238639 Email: subbaraocs@gmail.com Last date for submission of claims: August 20, 2026 DATARISHI TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Datarishi Technologies Private Limited 235, Binnamangala, 2nd Floor, 13th Cross Road, Indiranagar (Bangalore), Bangalore North, Karnataka, India - 560038 Liquidation Commencement Date: July 24, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Mansij Arya B-182, Surajmal Vihar, Near Sanatan Dharam Mandir, East Delhi - 110092 Tel: 011-46518956 Email: pcsmansij@gmail.com datarishi.vl@gmail.com Last date for submission of claims: August 23, 2026 DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Deen Dayal Foods Private Limited (DDFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 July 4, 2025, placed the rating(s) of DDFPL under the 'issuer non-cooperating' category as DDFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DDFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2026, May 30, 2026, June 9, 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 Deen Dayal Foods Private Limited (DDFPL) was incorporated in 2010 by Mr. Dileep Kumar Singhal, Mrs Aradhna Singhal and Mr. Vijay Pal. The company is engaged in the business of manufacturing milk and milk products. It purchases milk from local farmers with the help of agents. Its products include loose milk, skimmed milk powder, butter, Ghee, etc. It has a good customer base all over India. The company supplies its products mainly to Parle Products Private Limited and Virat Crane Industries Limited. DODSAL ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dodsal Enterprises Private Limited (DEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 129.58 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING Category Long Term Bank 105.00 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 July 4, 2025, placed the rating(s) of DEPL under the 'issuer non-cooperating' category as DEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2026, May 30, 2026, June 9, 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 Dodsal Enterprises Private Limited (DEPL), a closely held company formerly known as Dodsal Engineering & Construction Pvt Ltd till August 2009, belongs to the Dubai-based Dodsal group. DEPL was established in 1948 to carry out the engineering and construction contracts (EPC Division) in India and later diversified into business such as Casual Dining Restaurant (Food Division) and Trading (Agency Division). The food business was sold to Samara Capital (Private Equity) in September 2015. EPIC YARNS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Epic Yarns Private Limited Registered Office: 402 4th Floor, Kamla Hub, CTS No. 35 Plot, North South Road, No. 1 Juhu Scheme, Near Aroma's Cafe Vile, Parle West, Mumbai City, Mumbai, Maharashtra, India, 400049 Factory Site: 3368, 905 A/4, Spinning Building, c/o Islampur Integrated Textile Park Pvt Ltd., NH-48, Pune Bangalore Highway, Peth Naka, Village: Peth (Islampur), Tal-Walwa District, Sangli, Maharashtra - 415407 Insolvency Commencement Date: July 23, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 19, 2027 Insolvency professional: Jitendra Lohia Interim Resolution Professional: Jitendra Lohia Klass Insolvency Resolution Professionals Private Limited 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata - 700020 Email: jitulohia@knjainco.com cirp.epicyarns@gmail.com Last date for submission of claims: August 6, 2026 GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Genga Mills Private Limited (SGMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2025, placed the rating(s) of SGMPL under the 'issuer non-cooperating' category as SGMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2026, April 24, 2026, May 4, 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 Tamil Nadu based, Sree Genga Mills Private Limited (SGMPL) was established as a partnership firm in 1993 by 9 partners and later in 2005, the constitution of the entity was changed to private limited. The company is managed by R. Srinivasan. The company is engaged in spinning of cotton yarn (20 to 60 counts) with a total installed capacity of 12,096 spindles with a total production capacity of 3200 kg/day as on October 2020. Located at Sattur, Tamil Nadu, SGMPL has its customer base in Tamil Nadu and Maharashtra. SGMPL purchases raw cotton mainly from dealers based at Warangal (Telangana) and Raichur (Karnataka). HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hotel Parmeshwari (HP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.00 CARE B-; Stable; ISSUER NOT Bank 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 July 23, 2025, placed the rating(s) of HP under the 'issuer non-cooperating' category as HP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2026, June 18, 2026, June 29, 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 HP was incorporated in August 2016 as a partnership firm by Mr. Laxmi Narayan Pujari, Mr Ram Bihari Pujari and Mr. Vishnu Dutt Pujari with an objective to establish a hotel at Salasar (Rajasthan) and agrees to share profit and loss in the ratio of 40:30:30. HP had started construction of the hotel from the month of August 2017 which envisaged to be completed by March 2019. The project consists total 52 rooms and other amenities like restaurant, banquet hall, swimming pool, gym, spa etc. KANCHAN OIL: CARE Lowers Rating on INR15cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kanchan Oil Industries Limited (KOIL), as: 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 and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2025, placed the rating(s) of KOIL under the 'issuer non-cooperating' category as KOIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KOIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2026, May 29, 2026, June 8, 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 assigned to the bank facilities of KOIL have been revised on account of non-availability of requisite information. The revision also considers decline in scale of operations, net losses and deteriorated debt coverage indicators in FY25. Analytical approach: Standalone Outlook: Stable Incorporated in 1974, Kanchan Oil Industries Limited (KOIL), belongs to the Kolkata-based Edible group with Budge Budge Refineries Limited as its flagship company. The company is currently involved in the hydrogenation of vegetable oil/ Vanaspati and manufacturing of crude oils from fatty acids (by-product). The manufacturing facilities are located in Jhargram, West Bengal and is an ISO 9001-2000 certified organization. KOIL has refining capacity of 80MT/day, Hydrogenation of Vegetable Oil/ Vanaspati capacity of 60MT/day, Bakery Fat capacity of 60MT/day and Blended Vegetable Oil (Packing) capacity of 50MT/day. KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Knitcraft Apparels International Private Limited (KAIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 35.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of KAIPL under the 'issuer non-cooperating' category as KAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 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 Delhi based Knitcraft Apparels International Private Limited (KAIPL) has succeeded an erstwhile partnership firm Knitcraft Apparels International established in 1999 and converted into private limited company in in the year 2007. The company is currently being managed Mr. Sanjay Khurana, Mr. Sandeep Khurana and Mr. Sanchit Khurana. KAIPL is predominantly an export-oriented unit. The company is engaged in manufacturing and export of readymade garments which includes knitting, dyeing, finishing, printing, embroidery, stitching etc. of Shirts, Fleece, and Jacquard etc. The company also manufactures 100% micro polyester & polyester spandex products used in golf & other active wears. KONARK SYNTHETIC: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Konark Synthetic Limited (KSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of KSL under the 'issuer non-cooperating' category as KSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 5, 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 KSL (ISIN: INE517D01019), incorporated in 1984, is primarily engaged in the manufacturing specialty yarn and fabric. Apart from the manufacturing activities the company is also involved in job work for ready-made garments and trading of processed fabrics. The company has three units namely Yarn unit in Silvaasa, Fabric unit in Sarigram (Gujarat) and the Garment manufacturing unit in Bangalore and has been certified as an ISO 9001:2000 company. The Company's product range includes yarn dyed and piece dyed polyester fabrics and its blends with cotton, linen, rayon and silk. It provides texturized and air texturized yarn in India. Its apparel product range includes trousers, shirts and shorts. MAANASA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Maanasa Enterprises Private Limited (SMEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of SMEPL under the 'issuer non-cooperating' category as SMEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 5, 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 Sri Maanasa Enterprises Private Ltd. (SMEPL) was incorporated on August 10, 2012. The company was started as a partnership firm in 2007 under the name of M/s. Sri Maanasa Enterprises at Kakinada with a single retail outlet before being incorporated as a private limited concern. In 2011, another retail outlet was started in Vizag under the name of Sri Maanasa Garments Private Limited and subsequently, in 2013, both the units got amalgamated into the present form of Sri Maanasa Enterprises Private Ltd. The company is engaged in textile trading business dealing in men's, women's and children's garments, and currently operates four retail outlets; one each in Vizag and Eluru and two in Kakinada, Andhra Pradesh. The entire shareholding lies with the promoters and their relatives. Mr. Krishna Murthy Gollapudy (Managing Director) has around 15 years of experience in the retail industry. MALLIKHARJUNA AGENCIES: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mallikharjuna Agencies (MA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 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 July 4, 2025, placed the rating(s) of MA under the 'issuer non-cooperating' category as MA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2026, May 30, 2026, June 9, 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 August 10 2004, Mallikharjuna Agencies (MA) was promoted by Mr. Ashok Kumar Reddy (Managing Partner) and Mr. Kamlesh Kumar Reddy (Partner). The firm is engaged in the wholesale trading of wines (MGM Wine & Spirits, 5000 super premium, Troubadour megma etc.,). the firm purchases the products from companies like Privilege Industries Limited and etc and sells the same to dealers located in Puducherry. N KUMAR RETAILS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: N Kumar Retails & Properties Private Limited 1st Floor B, Poonam Chambers, Byramji Town, Chhindwara Road, Nagpur, Maharashtra, India, 440013 Insolvency Commencement Date: July 20, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 16, 2027 Insolvency professional: Megha Agrawal Interim Resolution Professional: Megha Agrawal Truenex Absolute Insolvency Resolutions LLP 001, Shivranjini Apartments in Circle of Congress Nagar Garden, Congress Nagar, Nagpur, 440012 (M.S.) Email: ip.meghaagrawal@gmail.com Plot No. 72, Anjaneya Niwas, Opposite Dew Trinity Hospital, Hindustan Colony, Near Sai Mandir, Wardha Road, Nagpur, 440015 Email: nkumarretails.cirp@gmail.com Last date for submission of claims: August 3, 2026 OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Om Sai Resorts (OSR) continues to remain in the 'Issuer Not Cooperating' category. 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2025, placed the rating(s) of OSR under the 'issuer non-cooperating' category as OSR had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. OSR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2026, June 3, 2026, June 13, 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 Om Sai Resorts (OSR) is a Goa based proprietorship, engaged in setting up a 38 rooms hotel owned by Mr. Akshay Govekar. The hotel is proposed to operate in an area of 2125 sq mt and have facilities viz. multispecialty restaurant, banquet hall, swimming pool, banquet hall, gym and others along with stay facility. The hotel is proposed to have 38 AC rooms comprising of 35 standard rooms and 3 luxury suites for stay purpose. PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pacific Education Trust (PET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 3.19 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 July 22, 2025, placed the rating(s) of PET under the 'issuer non-cooperating' category as PET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 7, 2026, June 17, 2026, June 29, 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 Ahmedabad based Pacific Education Trust (PET) was set up by the Pacific Group of Udaipur (Rajasthan) on July 22, 2010 to impart education in the field of engineering. The trust is managed by Mrs Leela Devi Agarwal (Chairman) and Mr Rahul Agarwal (Vice-chairman) having experience of more than a decade in managing various educational institutions. PET provides education in the field of engineering through 'Pacific School of Engineering, Surat (PSE) from the Academic Year (AY) 2012-13. PSE offers degree courses in Civil, Mechanical, Electrical, Chemical and Computer Science while it also offers diploma course in Mechanical, Civil and Electrical engineering. PRASHANT ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Prashant Enterprises (PE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 59.32 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 June 12, 2025, placed the rating(s) of PE under the 'issuer non-cooperating' category as PE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 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 Set up in 1979 as partnership firm by Singhal family, Prashant Enterprises is a manufacturer and exporter of building hardware materials comprising doorknobs, door handle, ceramic glass, aluminum doors, window hardware fittings, curtains finials & rods, tiebacks, holdbacks, etc. The manufacturing facility of Prashant Enterprises is located in Aligarh (Uttar Pradesh) with total installed capacity of 2,400 tons of building hardware as on March 31, 2019. The firm procures its raw material (brass, aluminum, zinc, iron/steel) from suppliers located in nearby areas (e.g. Aligarh, Hathras, Moradabad etc), whereas it earns all its revenue from exports to retail chains as well as wholesale traders in UK, Europe, South Africa and USA. RAJIV AGGARWAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rajiv Aggarwal (RA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 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 July 8, 2025, placed the rating(s) of RA under the 'issuer non-cooperating' category as RA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2026, June 3, 2026, June 13, 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 Rajiv Aggarwal, a partnership firm established in the year 2015 by Mr. Rajiv Aggarwal and Mr. Salil Aggarwal and is engaged in civil construction work which involves construction of commercial building, control rooms, hostels, office buildings installation of electric, sanitary, plumbing etc. The firm mainly operates in Delhi. The firm receives orders from government organizations through tendering process. On the other hand the firm procures various materials viz. Cement, Steel & TMT sheets/metals/bars/angles, equipment, pipes, sand, bricks, electric materials, etc. from the local suppliers in across Delhi. RAO EDUSOLUTIONS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Rao Edusolutions Pvt. Ltd. A-113, 1st Floor, Boomerang, Chandivali Farm Road, Andheri East Mumbai, 400072, Maharashtra Liquidation Commencement Date: July 9, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Bharati Manoj Daga 94B, Palash Tower, Veera Desai Road, Andheri West, Mumbai, 400053 Email: bharteedaga1008@gmail.com Near Country Club, Mumbai Suburban, Maharashtra - 400053 Email: cirp.raoedusolutions@gmail.com Last date for submission of claims: July 27, 2026 SAS INFRAENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sas Infraengineering Private Limited (SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.00 CARE B-; Stable; ISSUER NOT Bank 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 June 2, 2025, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 18, 2026, April 28, 2026, May 8, 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 October 2010, Sas Infraengineering Private Limited (SIPL) is engaged in the business of design, engineering, supply, installation, commissioning and maintenance of electrical transformers. Mr. Susanta Kumar Mohapatra, having around two decades of experience in the civil electrical contractor business, looks after the day to day operations of the company. He is supported by other directors and a team of experienced professionals. SHIVANGI AGRO: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Shivangi Agro India Private Limited Naveen Mandi Asthal Salarpur, Bahraich, Uttar Pradesh, India, 271801 Insolvency Commencement Date: July 21, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: January 19, 2027 Insolvency professional: Manoj Sehgal Interim Resolution Professional: Manoj Sehgal Flat 71, Tpwer-Acacia 2, Vatika City, Sector 49, Gurgaon, Haryana, 122018 Email: manojsehgal_1121@yahoo.co.in cirp.shivangi@gmail.com Last date for submission of claims: August 6, 2026 SITA ISPAT: CARE Lowers Rating on INR14.5cr Long Term Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Sita Ispat and Power Private Limited (SSIPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 14.55 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 2, 2025, placed the rating(s) of SSIPPL under the 'issuer non-cooperating' category as SSIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 18, 2026, April 28, 2026, May 8, 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 assigned to the bank facilities of SSIPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SSIPPL was incorporated in April 2004 and it was taken over in January 2008 by the Agarwal family of Raipur, Chhattisgarh. The company is currently managed by the two directors Mr. Sanjay Agrawal and Mr. Manoj Agarwal. The company has been engaged in manufacturing of sponge iron at its plant located at Raipur, Chhattisgarh with aggregate installed capacity of 30000 MTPA. The entity has recently completed a project for installation of power plant and ingot manufacturing (installed capacity 18000 MTPA). The project has commenced operations in FY21 Mr. Manoj Agrawal (aged 44 years), has around 17 years of experience in steel industry, looks after the day-to-day operations of the company. He is supported by other director Mr. Sanjay Agarwal who also has over a decade of experience in this line of business along with a team of experienced professional. SNEH EXPORTS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Sneh Exports Private Limited 2133, NH-8, District Dudu, Dudu, Jaipur, Rajasthan - 303008 Insolvency Commencement Date: July 24, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 20, 2027 Insolvency professional: Garima Diggiwal Interim Resolution Professional: Garima Diggiwal 91, Moji Colony, Malviya Nagar, Jaipur, Rajasthan - 302017 Email: garima286@gmail.com cirp.snehexports@gmail.com Last date for submission of claims: August 7, 2026 STAR GRANITO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Star Granito (SG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 4.25 CARE B-; Stable; ISSUER NOT Bank 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 May 30, 2025, placed the rating(s) of SG under the 'issuer non-cooperating' category as SG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 5, 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 Star Granito (SG) based out at Kishangarh-Rajasthan was formed on April 18, 2017 as a partnership concern by Jain family. SG is engaged in trading, processing and cutting of marbles and granites. The firm purchases raw material directly from Udaipur and Pali and sells its products all over India and exports its products through third party. The manufacturing unit of the firm is situated at Kishangarh and operating at an installed capacity of 1,000 Tonnes per Month (TPM) of Marble and 1,500 TPM of granite slabs as on March 31, 2021. SUNBEAM DEALERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sunbeam Dealers Private Limited (SDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 June 10, 2025, placed the rating(s) of SDPL under the 'issuer non-cooperating' category as SDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2026, May 6, 2026, May 16, 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 Ranchi based Sunbeam Dealers Private Limited (SDPL) was incorporated in August 2013 by the Sarawgi family to initiate a trading business of fabrics. Since its inception, the company has been engaged in trading of cotton, synthetic and grey fabrics. Mr. Amit Sarawgi (aged about 34 years), having around a decade of experience in this line of business, looks after the day to day operations of the company. He is supported by other director Ms. Swati Sarawgi along with a team of experienced professional. TITLE DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Title Developers LLP A/6, Sunil Sadan, Central Avenue Road, MDS Marg, Near Chembur Railway Station, Chembur, Mumbai City, Maharashtra, India - 400071 Insolvency Commencement Date: July 21, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 17, 2027 Insolvency professional: Palak Swapnil Desai Interim Resolution Professional: Palak Swapnil Desai Flat No. 901, 9th Floor, Park Vistas, Opposite Lallubhai Park, Near MTNL, Andheri West, Mumbai - 400058 Email: palakdesai77@gmail.com cirp.titledevelopers@gmail.com Last date for submission of claims: August 4, 2026 V&RO HOSPITALITY: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: V&RO Hospitality Private Limited 3rd Floor, Municipal No. 2211, HAL 3rd Stage, Bangalore, Karnataka, India, 560008 Insolvency Commencement Date: July 17, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: January 13, 2027 Insolvency professional: Jitendra Lohia Interim Resolution Professional: Jitendra Lohia Klass Insolvency Resolution Professionals Private Limited 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata - 700020 Email: jitulohia@knjainco.com cirp.vrohospitality@gmail.com Last date for submission of claims: August 7, 2026 VIDHATA METAL: Liquidation Process Case Summary ----------------------------------------------- Debtor: Vidhata Metal Pvt. Ltd. Room No. 2, 2nd Floor, House No. 280, Pocket-7, Sector 24, Rohini, Delhi - 110085 Liquidation Commencement Date: July 6, 2026 Court: National Company Law Tribunal, Delhi Bench Liquidator: Snehal Arvind Kamdar 606-609, 6th Floor, Metro Avenue, Pereira Hill Road, Gundavali Andheri (East), Near Gundavali-WEH Metro Junction, Mumbai Suburban, Maharashtra, 400099 Email: snehalkamdar@jjkandco.com cirp.vidhatametal10@gmail.com Last date for submission of claims: August 25, 2026 WHITE GOLD: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of White Gold Agro Industries (WGAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.27 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 June 11, 2025, placed the rating(s) of WGAI under the 'issuer non-cooperating' category as WGAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WGAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 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 White Gold Agro Industries (WGAI) based in Ludhiana, Punjab was established in August, 2016 as a partnership firm and is currently being managed by Mr. Vinod Jain, Mr. Rajiv Garg and Mr. Rishabh Goyal as its partners. WGAI is engaged in processing of raw cashews at its facility located in Ludhiana, Punjab. The firm sells its finished goods under the brand name 'Golden Nuts' directly to wholesalers and traders based in Rajasthan, Delhi, Punjab, Haryana etc. ========= J A P A N ========= NISSAN MOTOR: Returns to Profit in Fiscal Q1 Amid Cost-Cutting Push ------------------------------------------------------------------- The Associated Press reports that Nissan Motor Corp. reported on August 4 that it returned to profit in the first quarter of the fiscal year, helped by cost cutting measures and improved sales in some markets. Nissan, based in the port city of Yokohama, said it recorded a JPY3.8 billion ($24 million) net profit from April to June, a reversal from the JPY115.8 billion loss it racked up in the same period of 2025, the AP discloses. Quarterly sales totaled JPY2.96 trillion ($19 billion), up 9.5% from JPY2.7 trillion a year earlier. According to the AP, Nissan has been in the red for the last two fiscal years, posting billions of dollars in losses, but its leadership has promised to return it to profit in this fiscal year, which ends in March 2027. Chief Executive Ivan Espinosa told reporters cost reduction efforts were gaining momentum. But difficulties remain in some global markets like the Middle East, while sales were growing in the U.S. and Japan, he said. "We are managing disruption where it exists, building momentum where we see opportunity," the AP quotes Mr. Espinosa as saying. The AP says the war in Iran has recently effectively closed the Strait of Hormuz, a key route for Japan's exports to the Middle East. Nissan's sales have suffered in China because of fierce competition from Chinese automakers that have taken the lead in electrification. The AP adds that the maker of Leaf electric vehicles and Infiniti luxury models lowered its annual sales projection to 3.15 million vehicles, on a par with the year before and down from an earlier forecast of 3.3 million units, largely because of the problems in China. Nissan is allied with Renault SA of France and Mitsubishi Motors Corp. of Japan and also has a partnership with Japanese rival Honda Motor Co., sharing technology and some parts. Mr. Espinosa said production lines were partially stalled due to the magnitude 7.1 earthquake that struck Kumamoto, southwestern Japan, last week. But no employees were hurt and no facilities, including those of Nissan's partners, were damaged, the AP relays. The disruption is expected to last until Wednesday, August 5 and affect 5,000 vehicles, he said. In the U.S., Japanese automakers are dealing with the negative impact from tariffs imposed by President Donald Trump. After negotiations the tariffs were lowered to 15% from an initial 27.5% rate. They remain higher than earlier 2.5% rate. Higher material costs are another challenge, the AP notes. The AP says Nissan stuck to its earlier forecasts for a JPY20 billion ($127 million) profit on JPY13 trillion ($83 billion) in sales in this fiscal year. "Our focus is unchanged: Creating value for customers, improving profitability and free cash flow, and building a stronger, more resilient Nissan for the long term," Mr. Espinosa said. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. DBRS Ratings GmbH (Morningstar DBRS), on May 22, 2026, confirmed Nissan Motor Co., Ltd.'s Issuer Rating at BB and confirmed the instrument credit rating on Nissan's Senior Unsecured Debt at BB, with a recovery rating of RR4. Concurrently, Morningstar DBRS confirmed Nissan Canada Inc.'s Senior Unsecured Debt credit rating at BB, with a recovery rating of RR4. The trends on all credit ratings remain Negative. =============== M A L A Y S I A =============== AVILLION BERHAD: Auditor Raises Going Concern Doubt --------------------------------------------------- BusinessToday reports that Avillion Berhad has disclosed that its external auditor has highlighted a material uncertainty related to the group's ability to continue as a going concern, following losses and weak liquidity in its audited financial statements for the financial year ended March 31, 2026. BusinessToday relates that the hospitality and property group linked to the late Tun Daim Zainuddin said its external auditor, Baker Tilly Monteiro Heng PLT, issued an unmodified audit opinion but drew attention to uncertainties surrounding the group's financial position. The auditor noted that Avillion recorded a net loss of MYR14.88 million at the group level and MYR3.37 million at the company level during FY2026, BusinessToday discloses. The group also reported negative cash and cash equivalents of MYR13.23 million, while the company recorded negative cash and cash equivalents of MYR4.91 million. In addition, the company's current liabilities exceeded its current assets by MYR51.08 million as at March 31, 2026, indicating a material uncertainty that may cast significant doubt on its ability to continue operating as a going concern. According to BusinessToday, the auditor said if the group's recovery plans do not materialise, Avillion may be unable to realise its assets and settle its liabilities in the ordinary course of business, potentially requiring adjustments to the carrying values and classifications of its assets and liabilities. Despite the uncertainty, Avillion's board said it remains confident that preparing the financial statements on a going concern basis is appropriate, citing several initiatives aimed at strengthening the group's financial position, BusinessToday relays. Among the measures being implemented are the rollout of new promotional packages to improve hotel occupancy and revenue, disposal of low- or non-yielding land assets, intensified sales and marketing efforts to clear remaining property inventory, continued access to banking facilities, potential immediate sales of selected land held as inventories, as well as group restructuring and fund-raising exercises. BusinessToday adds that the company said it expects the issues relating to the material uncertainty to be resolved during the subsequent financial year, barring any unforeseen circumstances. Avillion Berhad, an investment holding company, engages in the hotel, property, and travel businesses in Malaysia, Hong Kong, Singapore, and Indonesia. ===================== N E W Z E A L A N D ===================== BURGERBURGER LTD: Owes NZD2.7 Million, Search For Buyer Continues ----------------------------------------------------------------- Stuff.co.nz reports that a gourmet burger chain that went into liquidation last week owes around NZD2.7 million as the quest for a buyer continues. The company behind Burger Burger was placed into liquidation, a week after it was revealed that a buyer was being sought to save the restaurant chain. Burgerburger Ltd first entered voluntary administration in June and in a report to creditors in July, administrators said that finding a purchaser offered the best pathway to protect the brand's future, according to Stuff. Voluntary administration was entered into after a secured creditor indebted to the shareholder demanded the repayment of the debt. When that demand was not satisfied, the creditor exercised its rights under its security arrangements and appointed a receiver. Raymond Cox and Gareth Hoole of Ecovis KGA were appointed joint and several administrators and are now also responsible for the liquidation, Stuff discloses. During the administration, Burger Burger continued to trade with a view to procuring a sale and purchase agreement for the business as a going concern. While significant progress was made in that regard, by the time a meeting of creditors was called, no firm agreement for the sale of the business had been concluded. The burger chain, which employed 90 people, had six branches in operation across Auckland's Torbay, Takapuna, Ponsonby and Commercial Bay, as well as in Hamilton and Mount Maunganui. According to Stuff, the first liquidator's report into the business was released on August 4, with Burger Burger Ltd owing around AUD2.7 million. The company is listed as having 111 creditors, with secured creditors owed an estimated NZD334,550, including the ASB Bank. Elsewhere, preferential creditors are owed NZD895,786, most of which is overdue PAYE and GST owed to Inland Revenue. Wages owed to employees totalling NZD54,000 were paid during the administration; however, NZD248,000 in employee holiday pay is still owed, Stuff discloses. Stuff says the liquidators have continued to engage with the parties who had indicated an interest in acquiring the business during the administration process and also with new parties who have expressed an interest in acquiring the business in one form or another. They remain confident that a purchaser will be found in the short term for the entire operation, or substantially all of the business and assets. To that end, the liquidators are continuing to trade the business, but have had to suspend operations in Hamilton, at least for the time being. Despite several staff leaving the business, the liquidators are attempting to keep operations running on a "business-as-usual basis" to attract a purchaser. They will continue to canvass prospective purchasers for the business as a going concern. In their report, the liquidators said it is not currently feasible to predict how long it will take to complete the liquidation, or the likelihood of any distribution to unsecured creditors. A notice in the Gazette published last week said creditors have until August 21 to make any claims and establish any priority their claims may have, adds Stuff. Burgerburger Ltd was a New Zealand-based restaurant operator that owns and operates the Burger Burger chain, a casual dining brand specializing in gourmet burgers, sides, shakes and beverages. ================= S I N G A P O R E ================= ADSQUARE PTE: Creditors' Proofs of Debt Due on Aug. 29 ------------------------------------------------------ Creditors of Adsquare Pte. Ltd. are required to file their proofs of debt by Aug. 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 28, 2026. The company's liquidators are: Mr. Teo Khoon Teng Mr. Goh Bun Hiong PKF-CAP Corporate Services c/o 6 Shenton Way #38-01 OUE Downtown 1 Singapore 068809 BLUESTAR MARKETING: Court to Hear Wind-Up Petition on Aug. 14 ------------------------------------------------------------- A petition to wind up the operations of Bluestar Marketing Pte. Ltd. will be heard before the High Court of Singapore on Aug. 14, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 21, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 INNOVATION ENGINEERING: Court to Hear Wind-Up Petition on Aug. 14 ----------------------------------------------------------------- A petition to wind up the operations of Innovation Engineering Private Limited will be heard before the High Court of Singapore on Aug. 14, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 22, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 MY COMMUNITY: Commences Wind-Up Proceedings ------------------------------------------- Members of My Community Limited on July 24, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Alton Murray Chun-Wen Poon 10 Anson Road #10-10, International Plaza Singapore 079903 N.V.V. TRADING: Court to Hear Wind-Up Petition on Aug. 14 --------------------------------------------------------- A petition to wind up the operations of N.V.V. Trading Pte. Ltd. will be heard before the High Court of Singapore on Aug. 14, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 23, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SOLUTIONS BASE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of Solutions Base Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Stocks KRW640M per Store as Reopening Faces Delay Risk ------------------------------------------------------------------- ChosunBiz reports that Homeplus Co has finalized initial stock for each of the 67 stores that are temporarily closed at 160 pallets per store, amounting to KRW640 million, ahead of reopening, as confirmed Aug. 4. However, with delivery start dates differing by vendor by as many as five days or more and a significant share of goods bunching right before opening, the reopening date may be pushed from the original target of Aug. 7 to Aug. 10 or Aug. 13. According to an internal work notice from Homeplus Co. obtained by ChosunBiz, the company decided to receive a total of 160 pallets of goods per reopening store from Aug. 3 to Aug 8. A pallet is a logistics unit in which goods are stacked on a plastic board laid on the floor and loaded onto a truck. Homeplus Co.'s internal average product value per pallet is about KRW4 million, totaling KRW640 million. Converted across the 67 stores reopening, that is around KRW43 billion. According to ChosunBiz, some inbounding of goods appears to have begun. Some large manufacturers, such as CJ CheilJedang and Daesang, are supplying products directly to stores without going through distribution centers. In addition, inventory of private brand (PB) reserve stock piled at the Anseong distribution center in Gyeonggi before the shutdown, and some products that were about to be allocated to each store on the 13th of last month right before the shutdown but were halted, are reportedly being released together. However, this mainly consumes existing inventory; full-scale inbounding through new purchase orders will be possible only after the KRW200 billion in emergency operating funds (DIP) from Meritz Financial Group is actually deposited. ChosunBiz relates that multiple vendors said they were notified to begin deliveries of refrigerated and frozen processed foods, which have about a one-month shelf life, on Aug. 6 or Aug. 10, and fresh foods with shorter shelf lives on Aug. 11. If fresh food supply begins after Aug. 11, the target of normal opening on Aug. 7 that Homeplus Co. is aiming for could effectively be difficult. It is also notable that the delivery deadline given to vendors was fixed as Sept. 3, ChosunBiz states. The deadline for approval of Homeplus Co.'s rehabilitation plan is Sept. 4, and if that date passes, the rehabilitation proceedings will be terminated. Vendors were told to supply goods only until the day before that, reflecting the assessment that a month or more of transactions cannot be finalized before the company's continuation is determined. In effect, the reopening starts with a one-month time limit. ChosunBiz adds that the prerequisite inflow of funds for reopening is also not yet complete. Homeplus Co. expected the KRW200 billion DIP from Meritz Financial Group to come in by Aug. 3, but the deposit did not occur. The company submitted a plan to the Seoul Bankruptcy Court on July 31 to approve use of the KRW200 billion, and the actual deposit is expected around Aug. 4–5. A Homeplus Co. official said, "As of now, since the 200 billion won has not yet come in, it is difficult to officially confirm and announce the opening date." About Homeplus Co Homeplus Co., Ltd., operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. On July 3, 2026, the Seoul Bankruptcy Court decided to terminate rehabilitation proceedings for troubled discount store chain, noting the company failed to come up with the necessary funds of at least KRW200 billion to carry out the plan. The court on July 21, 2026, reversed that decision after Homeplus filed an appeal, extending the rehabilitation proceedings until Sept. 4, 2026. The appeal came after Meritz Financial Group, Homeplus' largest creditor, agreed to provide financing in return for a full repayment guarantee from MBK Partners. ============= V I E T N A M ============= SOUTHEAST ASIA COMMERCIAL: Moody's Affirms 'Ba3' Deposit Ratings ---------------------------------------------------------------- Moody's Ratings has affirmed Southeast Asia Commercial Joint Stock Bank's (SeABank) Ba3 local currency (LC) and foreign currency (FC) long-term (LT) bank deposit and issuer ratings. Moody's have changed the outlooks to positive from stable where applicable. Moody's have also upgraded the bank's Baseline Credit Assessment (BCA) and Adjusted BCA to ba3 from b1 and LT FC and LC Counterparty Risk Ratings (CRRs) to Ba2 from Ba3 and LT Counterparty Risk (CR) Assessment to Ba2(cr) from Ba3(cr). Moody's have also affirmed its NP short-term (ST) FC and LC CRRs, ST FC and LC bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR Assessment. RATINGS RATIONALE The affirmation of the bank's ratings and change in outlook to positive reflects its stronger BCA of ba3 and the potential for a one notch rating upgrade reflecting a moderate probability of support from the Government of Vietnam (Ba2 Positive) in times of need. SeABank's ratings will be upgraded if Vietnam's sovereign is upgraded in the future. The upgrade of the BCA to ba3 from b1 reflects Moody's views that the bank's solvency profile has strengthened, supported by stable asset quality and a stronger capital. While funding remains a relative weakness, Moody's expects the bank's credit profile to benefit from ongoing efforts to diversify its funding base and improve funding stability over the next 12–18 months. SeABank's asset quality remained broadly stable with its nonperforming loans ratio (NPL) increasing marginally to 2.2% as of March 2026 from an average of 2.0% during 2023-25, with most of its delinquencies from retail borrowers and small and medium-sized enterprises. Moody's expects new delinquencies over the next 12-18 months will remain low, underpinned by the supportive operating environment and the bank's adequate track record in asset quality management. Moody's expects the bank to maintain a tangible common equity (TCE) as a percentage of risk-weighted assets (RWA), or TCE ratio of more than 12% over the next 12-18 months supported by capital retention and modest loan growth compared to domestic peers. SeABank's TCE ratio is in line with similarly rated peers. SeABank's annualized net income-to-tangible assets ratio declined to 1.1% in the first quarter of 2026 from an average of 1.4% during 2023–25 because of tighter funding costs which have led to a decline in net interest margin. Moody's expects the bank's profitability to remain under pressure over the next 12–18 months. Moody's expects SeABank's funding structure to remain stable over the next 12-18 months, with the bank maintaining a high reliance on short-term market funding. Nevertheless, refinancing risks are partially mitigated by the bank's growing access to long-term funding from development financial institutions. Similar to other domestic peers, SeABank's liquidity buffer remains modest. High-quality liquid assets, after Moody's standard haircuts, accounted for around 8% of tangible banking assets as of March 31, 2026, providing a modest cushion against funding stress. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's will upgrade SeABank's long-term deposit ratings if Vietnam's sovereign rating is upgraded or if the bank's BCA is upgraded further. The BCA could be upgraded if the bank reduces its reliance on less-stable funding to below 30% and improves its core banking liquidity ratio above 10% on a sustained basis, while maintaining its stable asset quality and strong capital position. A sustained improvement in its net income-to-tangible assets ratio to above 1.5% will also be positive for the BCA. A downgrade of SeABank's long-term deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable. Moody's could downgrade SeABank's long-term deposit ratings if its BCA is downgraded by more than one notch. Downward pressure on the bank's BCA would develop if its TCE/RWA ratio declines below 10% and core banking liquidity ratio declines below 5%. A deterioration in its profitability will also be negative for the BCA. The principal methodology used in these ratings was Banks published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Southeast Asia Commercial Joint Stock Bank, headquartered in Hanoi, reported total assets of VND403 trillion as of March 31, 2026. TIEN PHONG: Moody's Alters Outlook on 'B1' Deposit Ratings to Pos. ------------------------------------------------------------------ Moody's Ratings has affirmed Tien Phong Commercial Joint Stock Bank's (TPBank) B1 long-term (LT) foreign currency (FC) and local currency (LC) bank deposit and issuer ratings, as well as its b2 Baseline Credit Assessment (BCA) and Adjusted BCA. At the same time, Moody's have affirmed TPBank's Ba3 LT FC and LC Counterparty Risk Ratings (CRRs) and Ba3(cr) LT Counterparty Risk (CR) Assessment, Not Prime (NP) short-term (ST) FC and LC CRRs, ST FC and LC bank deposit and issuer ratings and NP(cr) ST CR Assessment. Moody's have changed the outlook on the bank's ratings where applicable to positive from stable. RATINGS RATIONALE The rating affirmation and change in outlook to positive reflects Moody's expectations that stabilizing asset quality will enable the bank to maintain its capital buffers through sustained profitability. The bank's high reliance on short-term market funds and modest liquidity buffers remain a constraint on its overall credit profile. Vietnam's strong economic growth, among the highest in the region, will keep the operating environment supportive for banks, driven by robust domestic consumption, improving tourism and higher public investment. The rating affirmation also considers the ongoing efforts to strengthen corporate governance through a series of management changes implemented after the resignation of the bank's former vice chairman, who also served as chairman of its subsidiary, Tien Phong Securities Joint Stock Company, where continued progress could help reduce governance risks and support the bank's credit profile over time. TPBank's B1 LT deposit and issuer ratings are one notch above its b2 BCA, reflecting Moody's expectations of a moderate probability of support from the Government of Vietnam (Ba2 positive) for the bank when needed. TPBank's nonperforming loan (NPL) ratio increased modestly to 1.8% as of March 2026 from the year-end average of 1.6% during 2023-25, driven by slower loan growth and higher delinquencies among retail borrowers and small and medium-sized enterprises. The bank also maintains meaningful exposure to the cyclical real estate and construction sectors, with loans to these sectors accounting for around 20% of gross loans. Nevertheless, Moody's expects asset quality pressures to stabilize over the next 12–18 months, underpinned by the supportive operating environment, gradual recovery in the property market and moderation in loan growth. TPBank's capital position remains adequate, with its tangible common equity (TCE) to risk-weighted assets (RWA) ratio increasing to 11.0% as of March 31, 2026 from 10.6% as of December 31, 2025. Moody's expects the bank to maintain its TCE/RWA ratio at around 10%-11% over the next 12–18 months, with capital consumption remaining broadly in line with internal capital generation. Moody's expects TPBank's return on tangible assets to remain above 1% over the next 12-18 months, with narrowing net interest margin balanced by stronger non-interest income growth. The bank's net credit costs will remain manageable, with higher loan loss provisions partially offset by stronger bad debt recoveries. Moody's expects TPBank's funding structure to remain stable over the next 12-18 months, with the bank maintaining a high reliance on short-term market funding. The bank's core banking liquidity buffer remains modest, with high-quality liquid assets after Moody's standard haircuts representing around 8% of tangible banking assets as of March 31, 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade TPBank's ratings and BCA if the bank maintains its TCE/RWA ratio above 10.5% and its unencumbered core banking liquidity as a percentage of tangible banking assets above 10% on a sustained basis, while demonstrating continued stabilization of the bank's governance and management team. A downgrade of TPBank's deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if the bank is unable to sustain improvements in capitalization or if its asset quality weakens, hurting its profitability. Moody's could downgrade TPBank's long-term ratings and assessments if its standalone credit strength weakens. TPBank's b2 BCA could be downgraded if the bank's asset quality deteriorates, leading to higher credit costs and a decline in its return on tangible assets to below 1%, or if the bank's TCE/RWA ratio declines below 7%. Further weakening in TPBank's funding and liquidity will also be negative for the BCA. The principal methodology used in these ratings was Banks published in November 2025. TPBank's BCA of b2 is two notches lower than the scorecard-indicated outcome of ba3. This difference notably reflects TPBank's unseasoned risk from its high loan growth and meaningful exposure to the cyclical real estate and construction sectors. Tien Phong Commercial Joint Stock Bank, headquartered in Hanoi, reported total assets of VND527 trillion as of March 31, 2026. ********* 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. 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