260807.mbx

260807.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 Friday, August 7, 2026, Vol. 29, No. 157 Headlines A U S T R A L I A ACFS PORT: Collapses Into Administration BERNDALE CAPITAL: D'Amore Jailed for Misusing Nearly AUD700K Funds DENBIN PTY: First Creditors' Meeting Set for Aug. 13 ENGINEERING (NSW): First Creditors' Meeting Set for Aug. 12 GFA CAPITAL: ASIC Suspends AFS Licence of CFD Issuer KOORBURRA HOUSE: First Creditors' Meeting Set for Aug. 13 LATITUDE AUSTRALIA 2026-1: Moody's Assigns B1 Rating to Cl. F Notes METALLUM FABRICATION: Second Creditors' Meeting Set for Aug. 12 PEPPER COMMERCIAL NO. 2: S&P Assigns B (sf) Rating to Cl. F Notes PLENTI AUTO 2026-1: Moody's Assigns B1 Rating to AUD9.75MM F Notes PLENTI RATED 4: Term Out No Adverse Impact on Moody's Ratings RIHAAN SDP: Second Creditors' Meeting Set for Aug. 11 ST CHARBEL'S CARE: First Creditors' Meeting Set for Aug. 14 I N D I A AARNEEL TECHNOCRAFTS: ICRA Keeps B Debt Rating in Not Cooperating ADITYA HOTELS: CARE Keeps D Debt Rating in Not Cooperating AEROC SPACE: ICRA Keeps B Ratings in Not Cooperating Category AGGARWAL ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating ALTECH INFRASTRUCTURE: ICRA Keeps D Debt Rating in Not Cooperating ANIL PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating ASSOCIATED MACHINERY: Insolvency Resolution Process Case Summary BRIGHTSTAR INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating FEST HOMES: CARE Keeps D Debt Rating in Not Cooperating Category FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating Category HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category HOWRAH MILLS: Insolvency Resolution Process Case Summary INDIAN TECHNICAL: CARE Keeps B- Debt Rating in Not Cooperating JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating JUMBO SAMRIDDHI: Insolvency Resolution Process Case Summary K.B. BOARD: CARE Keeps B- Debt Rating in Not Cooperating Category KAMAKHYA TRADERS: ICRA Keeps B Debt Ratings in Not Cooperating KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating KHANDAKA SONS: CARE Keeps D Debt Rating in Not Cooperating NEXTGEN TEXTILE: Insolvency Resolution Process Case Summary NOEL PHARMA: Insolvency Resolution Process Case Summary RAJA UDYOG: Insolvency Resolution Process Case Summary RAM CHANDRAN: Insolvency Resolution Process Case Summary SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating SHAH LAXMICHAND: Insolvency Resolution Process Case Summary SHIV VEGPRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category SIGMA ONE REMONESA: CARE Keeps B- Debt Rating in Not Cooperating SIGMA ONE: CARE Keeps B- Debt Rating in Not Cooperating Category SUSEE TRUCKS: ICRA Keeps B Debt Rating in Not Cooperating Category TAMOGNA ENTERPRISES: CARE Lowers Rating on INR9cr LT Loan to D VEERABHADRESHWARA RICE: CARE Keeps B- Rating in Not Cooperating VELEX LOGISTICS: Insolvency Resolution Process Case Summary M A L A Y S I A MMM GROUP: Plans to Appeal Bursa's Rejection of PN17 Revamp Plan N E W Z E A L A N D SYLVESTER NEW ZEALAND: Fashion Brand to Close Next Year S I N G A P O R E CHERRY BEANS: Commences Wind-Up Proceedings GIFTS DESIGN: Court Enters Wind-Up Order GRACE OCEAN: Dali Operators Plead Not Guilty in Key Bridge Collapse PRISTONE PTE: Creditors' Meetings Set for Aug. 18 SUNPOWER ENERGY: Creditors' Proofs of Debt Due on Sept. 3 TECHTRA SOLUTIONS: Creditors' Meetings Set for Aug. 19 TOP ACE: Court Enters Wind-Up Order S O U T H K O R E A JOONGANG GROUP: Court Extends JTBC Creditor Talks by One Month NOLBOO CO: Files for Court Rehab Amid Surge in Operating Loss - - - - - ================= A U S T R A L I A ================= ACFS PORT: Collapses Into Administration ---------------------------------------- The Australian Financial Review reports that ACFS Port Logistics, the container logistics empire run by the billionaire Tzaneros family, has fallen into administration despite promises to repay a string of creditors including the Australian Taxation Office. ACFS, which moves stock from ports around the country for companies including Coles and Wesfarmers' Bunnings and Kmart chains, was put into administration by ScotPac, a specialist business lender, on Aug. 6. Salea Advisory was appointed as the administrator. According to the Financial Review, the moves came ahead of the hearing of a separate Federal Court wind-up application lodged by the ATO over nearly AUD60 million scheduled for Aug. 7. On Aug. 2, an ACFS spokesman said it had "finalised arrangements” to pay the full amount by Aug. 4 and "understands that the winding-up application will be withdrawn once payment has been received”. ACFS has previously settled winding-up threats from suppliers and other creditors, and blamed a slowing economy for delays in payments. In June, Transurban asked the Supreme Court of NSW to wind up the company before a last-minute settlement was reached, the Financial Review recalls. ACFS has had hundreds of payment defaults registered against its accounts, many of them by Crown Equipment, an American forklift truck manufacturer. ACFS was founded by Arthur Tzaneros and his father Terry Tzaneros, now the company's chairman, in 2005. The Financial Review Rich List estimated the family's wealth at about AUD1.61 billion earlier this year. The logistics industry is a difficult one, with the cost of storing empty containers increasing tenfold. ACFS owns two container parks, but otherwise has to pay fees to other private companies that own the rest. ACFS is yet to file its financial accounts for the 12 months to the end of June last year, the Financial Review says. In the previous financial year, the company's filings showed revenues of about AUD479 million but a reported net loss of AUD26.7 million. Despite the statutory loss on the most recent filed accounts, the Tzaneros family has been an active buyer in Sydney's high-end real estate market, the Financial Review says. Three generations connected to the ACFS fortune have purchased a string of property across the city's east including in Point Piper and Vaucluse. BERNDALE CAPITAL: D'Amore Jailed for Misusing Nearly AUD700K Funds ------------------------------------------------------------------ Former Berndale Capital Securities Pty Ltd director Stavro D'Amore will serve 23 months in prison as part of a three-year and ten-month total effective sentence handed down by the Federal Court for multiple dishonesty offences committed between 2017 and 2018. Mr D'Amore improperly transferred AUD681,496.98 in company funds, which he knew were primarily derived from retail client deposits. Former Berndale clients are owed more than AUD8.9 million following its collapse. He also authorised the making of false and misleading statements in documents submitted to ASIC about overseas bank accounts containing Berndale funds. Berndale's Australian financial services (AFS) licence required it to maintain a minimum level of net tangible assets and lodge audited financial reports. The relevant overseas funds and accounts either did not exist or were grossly inaccurate. ASIC Chair Sarah Court said, 'Mr D'Amore seriously abused his position as director to enrich himself and he authorised false statements to ASIC to hide the true financial position of the company he had taken money from at the expense of Berndale investors. 'The sentence demonstrates the egregiousness of his misconduct. 'Conduct of this type puts retail investors at serious risk and undermines trust in Australia's financial system. ASIC will continue to hold to account those who engage in this sort of misconduct.' When delivering the sentence, Justice Abraham said, 'Offences of this nature undermine the integrity of Australia's financial markets and system of corporate regulation and erode the confidence of participants in the commercial world. 'Victims of these types of crimes are not confined to those who directly suffered through loss of their funds, but extend to the investing public at large.' Mr. D'Amore was sentenced on July 23, 2026 and was taken into immediate custody. The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following an investigation and referral from ASIC. ASIC was previously unable to publish this media release due to an unrelated five-week trial involving Mr. D'Amore in the County Court of Victoria, which was due to commence on August 3, 2026. Berndale was a retail over-the-counter (OTC) derivatives provider which collapsed in December 2018. It issued and made a market for retail OTC derivative products. When operating, Berndale asserted it was the fourth largest OTC business in Australia. On May 1, 2026, Mr. D'Amore pleaded guilty to three 'rolled up' charges contrary to the Corporations Act (2001) which combine multiple offences (26-088MR) including: * dishonestly using his position as a director, contrary to section 184(2) * dishonest conduct in the course of carrying on a financial services business, contrary to sections 1041G and 1311(1) and * authorising the making of a false and misleading statement in a document submitted to ASIC, contrary to sections 1308(2) and 1311(1). Mr. D'Amore was charged on June 2, 2023, at the same time as former director Daniel Kirby. On Sept. 16, 2024, Mr. Kirby pleaded to dishonest conduct and misuse of company funds. On July 15, 2025, Mr. Kirby was sentenced to 2 years and 11 months imprisonment, to be released after 12 months on a recognisance of AUD1,000 on the condition that he be of good behaviour for a further 3 years. ASIC's investigation into Berndale arose from ASIC's work into retail OTC providers and the consumer harm caused by highly complex and risky products offered to the public. DENBIN PTY: First Creditors' Meeting Set for Aug. 13 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Denbin Pty Ltd will be held on Aug. 13, 2026, at 10:30 a.m. at the offices of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn East. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were appointed as administrators of the company on Aug. 4, 2026. ENGINEERING (NSW): First Creditors' Meeting Set for Aug. 12 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Engineering (NSW) Pty Ltd will be held on Aug. 12, 2026, at 12:00 p.m. via Zoom Meeting. Danny Vrkic and Daniel O'Brien of DVRM Sydney were appointed as administrators of the company on Aug. 3, 2026. GFA CAPITAL: ASIC Suspends AFS Licence of CFD Issuer ---------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has suspended the Australian financial services licence (AFS) of CFD issuer GFA Capital Markets Ltd (GFA) for five months after finding multiple client money, reporting obligation and compliance failures. GFA's licence has been suspended from July 23, 2026 to Dec. 18, 2026. ASIC identified GFA's deficiencies during its industry-wide review of 52 licenced CFD issuers. Following an administrative hearing, ASIC found that GFA: * failed to properly separate and handle client money into a designated client money account * mixed non-client money with client money * breached reporting obligations under the ASIC Derivative Transaction Rules (Reporting) 2024 * failed to establish and maintain adequate systems and controls to comply with financial services laws * did not have adequate financial resources, technological systems and staffing * was likely to breach its general obligations as an AFS licensee. The suspension has been recorded on ASIC's Professional Registers and GFA may apply to the Administrative Review Tribunal for a review of ASIC's decision. While its licence is suspended, GFA may continue to operate for the limited purposes of: * maintaining its Australian Financial Complaints Authority (AFCA) membership * holding professional indemnity insurance, and * complying with written notices issued by ASIC. Prior to the expiration of its suspension period, GFA must demonstrate to ASIC how it has improved its compliance, client money and reporting processes. If ASIC is not satisfied that it has improved adequately, it may increase the length of the suspension or cancel GFA's license. ASIC can suspend or cancel an AFS licence when a licensee fails to comply with its legal obligations. Driving better outcomes for consumers of financial products and services, including high-risk products, such as CFDs, is one of ASIC's priorities for supervising market intermediaries. ASIC will continue to take action where firms fail to meet their legal obligations, particularly in sectors involving high-risk products that can cause significant consumer harm. GFA has held AFS licence 398104 since March 16, 2011. CFDs allow investors to speculate on the price movements of assets such as shares, currencies or commodities, without owning them. KOORBURRA HOUSE: First Creditors' Meeting Set for Aug. 13 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Koorburra House Pty Ltd will be held on Aug. 13, 2026, at 10:00 a.m. via via videoconference only. Kathleen Vouris, Richard Albarran & Renee Di Carlo of Hall Chadwick were appointed as administrators of the company on Aug. 2, 2026. LATITUDE AUSTRALIA 2026-1: Moody's Assigns B1 Rating to Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to notes issued by Perpetual Corporate Trust Limited as trustee of Latitude Australia Personal Loans Series 2026-1 Trust. Issuer: Perpetual Corporate Trust Limited as trustee of Latitude Australia Personal Loans Series 2026-1 Trust AUD405.00 million Class A Notes, Assigned Aaa (sf) AUD65.40 million Class B Notes, Assigned Aa2 (sf) AUD33.60 million Class C Notes, Assigned A2 (sf) AUD20.40 million Class D Notes, Assigned Baa2 (sf) AUD42.00 million Class E Notes, Assigned Ba2 (sf) AUD3.60 million Class F Notes, Assigned B1 (sf) The AUD30.00 million Seller Notes are not rated by Moody's. Latitude Australia Personal Loans Series 2026-1 Trust is a cash securitisation of secured and unsecured personal loans extended to obligors located in Australia. The transaction has a substitution period of 4 months subject to certain substitution termination events. All receivables were originated and are serviced by Latitude Personal Finance Pty Limited (Latitude). Latitude provides sales finance, credit cards and personal loans in Australia and New Zealand. Latitude originates loans through direct and third-party channels. Direct channels include online and call centre based applications with third-party distribution through partnership agreements and a network of brokers. The Latitude Australia Personal Loans Series 2026-1 Trust transaction represents Latitude's seventh personal loan term ABS transaction and its first personal loan term ABS for 2026. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Moody's evaluations of the underlying receivables and their expected performance; -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A Notes. Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among all classes of notes. The Seller Notes will stop receiving principal payments once their balance falls below 2% of the aggregate initial invested amount of notes at closing date. Following the call date, the structure will revert to a sequential repayment profile. Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 32.50%, 21.60%, 16.00%, 12.60%, 5.60% and 5.00% of note subordination, respectively; -- The availability of excess spread over the life of the transaction; -- The pool parameters which must be maintained during the substitution period -- The aggregate outstanding balance of Receivables with a variable rate does not exceed 62.00% of the aggregate pool balance; -- The aggregate outstanding balance of Receivables with a remaining term exceeding 72 months does not exceed 54.00% of the aggregate pool balance; -- The aggregate outstanding balance of Receivables with an outstanding balance exceeding A$50,000 does not exceed 20.00% of the aggregate pool balance; -- The aggregate outstanding balance of Receivables with a GECO Score of CR3 does not exceed 22.75%; -- The aggregate outstanding balance of Receivables with a GECO Score of CR4 does not exceed 6.00%, of the aggregate pool balance; -- The aggregate outstanding balance of Receivables where the obligor is not resident in NSW, VIC or QLD does not exceed 30.00% of the aggregate pool balance; and -- The weighted average annualised interest rate of the Receivables exceeds 17.70%. -- The liquidity facility in the amount of 1.50% of the aggregate outstanding principal balance of receivables not in arrears by more than 90 days, subject to a floor of AUD1.00 million; -- The trust will enter into an eligible interest rate swap to mitigate interest rate risk between fixed rates loan receivables and floating rates rated notes; -- The experience of Latitude as servicer; and -- The back-up servicing arrangements with AMAL Asset Management Limited MAIN MODEL ASSUMPTIONS Moody's base case assumptions are default rate of 9.00% for the initial pool and 9.25% for the loans added during the substitution period, portfolio credit enhancement (PCE) of 35.0% and a recovery rate of 10.0%. Moody's assumed default rate and recovery rate are stressed compared to the extrapolated mean default of around 8.8% and actual historical levels of recovery rate of around 25%. Key indicative pool features are as follows: -- The composition of the pool is such that fixed rate loans constitute 40.1% while the remaining 59.9% is made up of variable rate loans; -- The weighted average interest rate of the portfolio is 18.5%; -- The weighted average remaining term of the portfolio is 66.4 months; and -- The weighted average seasoning of the initial portfolio is 9.7 months. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties or insufficient transactional governance and fraud. METALLUM FABRICATION: Second Creditors' Meeting Set for Aug. 12 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Metallum Fabrication Pty Ltd (trading as Metallum Heavy Industries) has been set for Aug. 12, 2026, at 11:00 a.m. at the offices of Rodgers Reidy, at Level 12, 210 Clarence Street, in Sydney, NSW. 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. 11, 2026 at 12:00 p.m. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on July 7, 2026. PEPPER COMMERCIAL NO. 2: S&P Assigns B (sf) Rating to Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven of the eight classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes issued by Permanent Custodians Ltd. as trustee of Pepper Commercial and Residential Securities Trust No. 2. Pepper Commercial and Residential Securities Trust No. 2 is a securitization of loans to small-ticket commercial and residential borrowers, secured by first-registered mortgages over Australian small-ticket commercial or residential properties originated by Pepper Homeloans Pty Ltd. (Pepper). The ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for each class of rated note." The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity facility sized at 1.5% of the outstanding aggregate invested amount of the notes, a yield reserve that builds via excess spread, and the principal draw function. An extraordinary expense reserve of A$250,000, funded from day one by Pepper, will be available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned Pepper Commercial and Residential Securities Trust No. 2 Class A1, A$300.00 million: AAA (sf) Class A2, A$60.00 million: AAA (sf) Class B, A$40.00 million: AA (sf) Class C, A$42.50 million: A (sf) Class D, A$25.00 million: BBB (sf) Class E, A$13.50 million: BB (sf) Class F, A$14.25 million: B (sf) Class G, A$4.75 million: Not rated PLENTI AUTO 2026-1: Moody's Assigns B1 Rating to AUD9.75MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as the trustee of the Plenti Auto ABS Trust 2026-1. Issuer: Perpetual Corporate Trust Limited in its capacity as the trustee of the Plenti Auto ABS Trust 2026-1 AUD565.50 million Class A Notes, Assigned Aaa (sf) AUD10.50 million Class A-X Notes, Assigned Aaa (sf) AUD35.75 million Class B Notes, Assigned Aa2 (sf) AUD16.25 million Class C Notes, Assigned A2 (sf) AUD5.20 million Class D Notes, Assigned Baa1 (sf) AUD11.70 million Class E Notes, Assigned Ba1 (sf) AUD9.75 million Class F Notes, Assigned B1 (sf) The AUD5.85 million Class G Notes are not rated by Moody's. Plenti Auto ABS Trust 2026-1 (Plenti 2026-1) transaction is a static cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. The loans are originated by Plenti Finance Pty Limited (Plenti) and are serviced by Plenti RE Limited (Plenti RE). Plenti is a 100%-owned Australian subsidiary of Plenti Group Limited, established in 2014 focusing on consumer lending. It started consumer automotive lending in 2017 and commercial automotive lending in 2021. Following strong growth in its automotive finance book, Plenti is issuing its seventh auto ABS term transaction. Plenti is a technology-led lending business, offering automotive, renewable energy and personal loans, delivered via its proprietary technology platform. RATINGS RATIONALE The ratings take into account, among other factors: -- The limited amount of historical data. Plenti was established in 2014, with significant origination growth beginning in 2017 onwards and commercial auto loans commencing in 2021. The collateral performance data used in Moody's analysis reflects Plenti's short origination history and does not cover a full economic cycle. -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A Notes. Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among Class A through Class F Notes. Following the call date, or if the pro rata conditions are otherwise not satisfied, the principal collections distribution will revert to sequential. Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 13.00%, 7.50%, 5.00%, 4.20%, 2.40% and 0.90% of note subordination, respectively. -- The Class A-X Notes are repaid according to a scheduled amortisation profile. These notes are not collateralised and are repaid through the interest waterfall only. The notes are sensitive to very high prepayment rates, which could see the underlying asset portfolio repay in full before the notes have fully amortised in May 2029. If the deal is called by the sponsor before repayment of the Class A-X Notes under the amortisation schedule in May 2029, the Class A-X Notes will be made whole and repaid in full. The notes also benefit from access to principal draw providing the Class A Notes stated amount is above zero. -- The availability of excess spread over the life of the transaction. Repayment of the Class A-X Notes in a senior position the interest waterfall reduces the availability of excess spread for the other notes. -- The liquidity facility in the amount of 1.50% of the note balances, subject to a floor of AUD1.50 million. -- The interest rate swap provided by National Australia Bank Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)). -- The experience of Plenti RE Limited as servicer, and the back-up servicing arrangements with Perpetual Corporate Trust Limited. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are a mean default rate of 2.4%, a recovery rate of 35.0%, and a Aaa portfolio credit enhancement ("PCE") of 11.5%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio default distribution curve and to associate a probability with each potential future default scenario in its ABSROM cash flow model. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 1.8%. The stress Moody's have applied in determining its mean default rate reflects the limited historical data available for Plenti's portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 11.5% is broadly in line with other Australian auto ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. Key pool features are as follows: -- Consumer loans constitute 48.3% of the pool while the remaining 51.7% is made up of commercial loans; -- The weighted average interest rate of the portfolio is 8.48%; -- The weighted average remaining term of the portfolio is 57.6 months; and -- The weighted average seasoning of the initial portfolio is 7.5 months. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors. The Australian job market is a primary driver of performance. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Moody's current expectations of loss could be worse than its original expectations because of more defaults by underlying obligors. The Australian job market is a primary driver of performance. Other reasons for worse performance than Moody's expect include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, lack of transactional governance and fraud. PLENTI RATED 4: Term Out No Adverse Impact on Moody's Ratings ------------------------------------------------------------- Moody's Ratings announced that the term out of loans from the portfolio on July 30, 2026 (the Term Out) would not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Moody's current ratings of the notes issued by Plenti Rated Funding Trust No. 4. Current ratings of the notes are as follows: Class A Notes, currently rated Aaa (sf) Class A-X Notes, currently rated Aaa (sf) Class B Notes, currently rated Aa2 (sf) Class C Notes, currently rated A2 (sf) Class D Notes, currently rated Baa2 (sf) Class E Notes, currently rated Ba1 (sf) Class F Notes, currently rated B2 (sf) The Term Out includes the sale of auto loan receivables leading to an updated ratio of commercial and consumer auto loan receivables. The note subordination levels for the rated notes following the Term Out are as follows: For Class A Notes, 31.9% For Class B Notes, 27.3% For Class C Notes, 22.8% For Class D Notes, 18.2% For Class E Notes, 13.7% For Class F Notes, 9.1% Based on the latest pool and, among other factors, historical performance data available, Moody's updated default and PCE assumptions are 2.6% and 12.2%, respectively. The transaction is a revolving cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. The loans were originated by Plenti Finance Pty Limited and are serviced by Plenti RE Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Moody's opinion address only the credit impact associated with the proposed Term Out, and Moody's are not expressing any opinion as to whether the proposed Term Out has, or could have, other non-credit related effects that may have a detrimental impact on the interests of holders of rated obligations and/or counterparties. RIHAAN SDP: Second Creditors' Meeting Set for Aug. 11 ----------------------------------------------------- A second meeting of creditors in the proceedings of Rihaan SDP Pty Ltd (trading as IGA Meadow Heights) has been set for Aug. 11, 2026, at 11:00 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 10, 2026 at 4:00 p.m. Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant Thornton were appointed as administrators of the company on April 8, 2026. ST CHARBEL'S CARE: First Creditors' Meeting Set for Aug. 14 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of St Charbel's Care Centre Ltd will be held on Aug. 14, 2026, at 3:00 p.m. via virtual meeting technology. Michael Gregory Jones of Jones Partners Insolvency & Restructuring was appointed as administrator of the company on July 4, 2026. ========= I N D I A ========= AARNEEL TECHNOCRAFTS: ICRA Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Aarneel Technocrafts Private Limited (ATPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ATPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with ATPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Aarneel Technocrafts Private Limited (ATPL) is a private limited company involved in manufacturing of signages, light poles, bus shelters and other metal fabricated fixtures that are installed on roads. The company has been promoted and fully held by Mr. Samit Holkar and Mr. Piyush Jain. ATPL's manufacturing facility is located in Indore (Madhya Pradesh). ADITYA HOTELS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aditya Hotels and Hospitalities Private Limited (AHHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.16 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 08, 2025, placed the rating(s) of AHHPL under the 'issuer non-cooperating' category as AHHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHHPL 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 Satara (Maharashtra) based, Aditya Hotels & Hospitalities Private Limited (AHHPL) was incorporated in December 26, 2016 and is currently being run by Mr. Shriram Krishan Surve, Mrs. Rutuja Shriram Surve and Mr. Akshay Shriram Surve. AHHPL has been set up with an aim to provide catering services (on marriage and other occasions) and lodging facilities along with restaurant. AHHPL has been operating its facility (hotel) in Satara, Maharashtra. AEROC SPACE: ICRA Keeps B Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term rating of Aeroc Space Technologies Private Limited (ASTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.82 [ICRA]B (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 0.18 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ASTPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with ASTPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Aeroc Space Technologies Private Limited (ASTPL) is incorporated in 2009 and is involved in the manufacturing of high precision components and assemblies which cater to the needs of aerospace component manufacturing companies who in turn supply their products to ISRO, DRDO, BDL, BEML, Midhani and HAL etc. ASTPL is equipped with tool room machines, CNC production machines, production general machines and host specialized facilities for task like, metalizing equipment (PTA), welding (Arc, MIG, TIG), short peening and vibro finishing. The company also follows inspection practices like: QA coverage over entire product development cycle, Traceability at all stages, Comprehensive reporting, Heading towards TQM. AGGARWAL ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Aggarwal Associates (AA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short 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 24, 2025, placed the rating(s) of AA under the 'issuer non-cooperating' category as AA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AA 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: Not Applicable Aggarwal Associates (AA) is a partnership firm established in 1995. It is currently being managed by Mr. Amit Garg and Mrs. Rimple Garg sharing profits and losses equally. AA is engaged in civil construction work in Haryana which includes infrastructure development and road work. The firm is registered as a class 'A' contractor with Public Work Department (PWD) of Punjab. The orders undertaken by the firm are secured through the competitive bidding process. ALTECH INFRASTRUCTURE: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-term ratings of Altech Infrastructure Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.62 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 3.40 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 0.23 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AIPLs' performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with AIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AIPL was incorporated in the year 2006 and is engaged in the manufacturing of Deaerators, Pressure Vessels, Heat Exchangers, Condensers, Evaporators and other stainless-steel tanks which find application in many industries like, Chemical, Fertilizer, Breweries, Petro Chem., Paper, Plywood, Power, and others. The company has its manufacturing facility in Bhiwadi, Rajasthan. The promoters of the company are well experienced in the line of business and have other group companies along same line of business. ANIL PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anil Plastic and Enterprises (APE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.07 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 APE under the 'issuer non-cooperating' category as APE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APE 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 APE was established in September 1993 and is based out of Pune (Maharashtra). The entity is engaged in the manufacturing of critical injection moulded plastic components and moulds. ASSOCIATED MACHINERY: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Associated Machinery Corporation Limited F-64, Bulandshahr Road, Industrial Area, Ghaziabad, Uttar Pradesh, India, 201001 Insolvency Commencement Date: July 22, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: January 20, 2027 Insolvency professional: Sandeep Kumar Interim Resolution Professional: Sandeep Kumar 2118, Phase-1, Gautampuri, Badarpur, South New Delhi - 110005 Email: advsandeep.ip@gmail.com 1102, Tower A, ATS Bouquet, Sector 132, Noida , 201304 Email: cirp.amcl@gmail.com Last date for submission of claims: August 5, 2026 BRIGHTSTAR INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Brightstar Infrastructure Private Limited (BIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding BIPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with BIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. BIPL is a special purpose vehicle (SPV), incorporated in 2005-06 and promoted by Ruchi Realty Holdings Ltd. (RRHL) and SARE, in a 55:45 joint venture, respectively. The SPV is developing an integrated residential township, named Ruchi Lifescapes in Jatkhedi Village, Bhopal, Madhya Pradesh spread over ~85 acres of land. The township consists of 1,477 housing units, with amenities like school, dispensary etc. FEST HOMES: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fest Homes Developers Private Limited (FHDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 127.00 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 9, 2025, placed the rating(s) of FHDPL under the 'issuer non-cooperating' category as FHDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FHDPL 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: Not Applicable Fest Homes Developers Private Limited was incorporated in April, 2016 and the company is into real estate development. It is a part of the Lotus Group. FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Short-Term rating of Fine Facets India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- (5.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under Limits 'Issuer Not Cooperating' Category Short-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Fine Facets India Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Fine Facets India Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2005, Fine Facets India Pvt.Ltd. (Fine Facets) is engaged in trading certified and uncertified cut and polished diamonds primarily for exports. The company has its marketing office in Opera House, Mumbai. HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hanuman Dal Industries Private Limited (HDI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.06 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 HDI under the 'issuer non-cooperating' category as HDI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HDI 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 Hanuman Dal Industries (HDI) was established in 2010 by Mr. Ramanarao Musalaiha Bolla and Mr. Tirupati Rao Bolla. The promoters operate other group entities viz Hanuman Rice Industries, Shree Laxmi Tirupati Amma Murmura Industries, Balaji Industries, Tirumala Dal Udyog and Adinath Cold Storage Private Limited. The firm is engaged in processing & milling of pulses (tur and chana dal) and sale of its by–products in the domestic market. The processing unit is located at Kamptee, Nagpur. HOWRAH MILLS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Howrah Mills Co. Ltd. 493/C/A G T Road, Sibpur Bazar, Howrah, Uluberia - II, West Bengal, India, 711102 Insolvency Commencement Date: July 17, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 13, 2027 Insolvency professional: Sanjai Kumar Gupta Interim Resolution Professional: Sanjai Kumar Gupta 27/A AKMA Heights Bagmari Road, Kolkata - 700054 Email: casanjaigupta@gmail.com iphowrahmills@gmail.com Last date for submission of claims: July 31, 2026 INDIAN TECHNICAL: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indian Technical And Computer Institute (ITCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 ITCI under the 'issuer non-cooperating' category as ITCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ITCI 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 ITCI is registered under the Bombay Public Trust Act, 1950 and was founded in 2008 by Mr. Dhananjay Varnekar. ITCI operates Cambridge International School, Pune under its umbrella which offers education from Nursery to Eighth standards. JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings of Sree Jeyasoundharam Textile Mills Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Interchangeable- (1.00) [ICRA]C ISSUER NOT COOPERATING; Limits Rating continues to remain under 'Issuer Not Cooperating' Category Long-term- 17.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 6.07 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.33 [ICRA]C ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category Short Term- 3.25 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sree Jeyasoundharam Textile Mills Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sree Jeyasoundharam Textile Mills Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sree Jeyasoundharam Textile Mills Private Limited was established by Mr. J Rajesh and Mrs. J Gnanamani as a partnership Sree Jeyasoundharam Textile Mills Private Limited was incorporated as a private limited company in September 1989 in Sivagangai, Tamil Nadu. In 1997, it was taken over by Mr. T R Dhinakaran, the promoter of Ramalinga Group of Companies. The company is primarily engaged in manufacturing of cotton yarn of medium to fine counts. Over the years, the company has increased the spindle capacity from 3,000 spindles to its current level of 41,760 spindles and 672 rotors. The company is a part of Ramalinga Group of Companies based out of Aruppukottai, Tamil Nadu. The major companies in the Ramalinga group include (a) Shri Ramalinga Mills Limited (SRML) (ii) Aruppukottai Shri Ramalinga Spinners Private Limited and (iii) Tamilnadu Jaibharath Mills Limited. JUMBO SAMRIDDHI: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Jumbo Samriddhi (India) Limited B-88, Basement No. 1, Surya Marg, Tilak Nagar, Jaipur, Rajasthan - 302004 Insolvency Commencement Date: July 22, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 18, 2027 Insolvency professional: Shailesh Desai Interim Resolution Professional: Shailesh Desai Headway Resolution and Insolvency Services Pvt. Ltd. 708, Raheja Centre, Nariman Point, Mumbai, Maharashtra - 400021 Email: ip10362.desai@gmail.com cirpjumbofinvest@gmail.com Last date for submission of claims: August 5, 2026 K.B. BOARD: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K.B. Board Mills LLP (KBML) 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 KBLP under the 'issuer non-cooperating' category as KBLP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBLP 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 Hinganghat (Maharashtra) based KBLP was established in August 2009 and is engaged in the business of manufacturing of paper and paper-based products. The entity procures the raw material i.e. waste papers from Maharashtra based dealers and sell its final products i.e. paper tubes and paper cones to the customers located at domestic as well as international market. The major export destinations of the entity are Srilanka and Dubai. KAMAKHYA TRADERS: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Kamakhya Traders in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Kamakhya Traders's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Kamakhya Traders, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2001, Kamakhya Traders has been engaged in the trading of coal especially coking coal used for metallurgical uses as well as providing allied services such as logistics and transportation of coal to its customers. The firm purchases the coal domestically from Assam, Kolkata and Gorakhpur while sells off to steel and other metal players, tyre manufacturing companies as well as construction units. The sales are made majorly in Gorakhpur while the firm also sells to other parts of UP. The firm has a designated team assigned in Assam from where the coal is loaded on the train for Gorakhpur. The firm takes orders in advance post which the order for the specific quantity of coal is given in Assam and Kolkata. The coal is received in Goarkhpur by another team of Kamakhya which load the same on the logistics units provided by the customers. Hence, major logistics work is either carried through the train or further handled by the customer itself reducing any logistics pressure on Kamakhya. However, in some cases, Kamakhya provides logistics services by hiring a vehicle and charges a specific commission from the customer. KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Kanchan Auto Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Kanchan Auto Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Kanchan Auto Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2010, Kanchan Auto Private Limited (KAPL) is engaged in the two-wheeler dealership business as an authorized dealer of Bajaj Auto Limited. The operations of the company are managed by Mr. Vimal Bolia who has an experience over 15 years in this line of business. KAPL has showrooms and service outlets in Ulhasnagar, Thane, Dombivli, Kalyan, Mumbra and Kanjur Marg. The firm also operates through a network of Authorised Service Centres (ASCs) beyond Murbad in the rural areas of Maharashtra. KHANDAKA SONS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Khandaka Sons Jewellers (KSJ) 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 24, 2025, placed the rating(s) of KSJ under the 'issuer non-cooperating' category as KSJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSJ 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: Not Applicable Jaipur-based (Rajasthan) Khandaka Sons Jewellers (KSJ) was formed in April, 2015 by Mr. Kuber Kumar Khandaka and Mr S. Alka Khandaka as a partnership firm to share profit or loss in equal ratio. KSJ is engaged in the business of manufacturing and retailing of gold, diamond and platinum hallmark jewellery. NEXTGEN TEXTILE: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Nextgen Textile Park Private Limited C - 152, Nirman Vihar, New Delhi, India, 110092 Insolvency Commencement Date: July 23, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: January 24, 2027 Insolvency professional: Rahul Jindal Interim Resolution Professional: Rahul Jindal 52/54, Ramjas Road, Karol Bagh, New Delhi, National Capital Territory of Delhi - 110005 Email: jindalrahul60@gmail.com cirp.nextgentextile@gmail.com Last date for submission of claims: August 8, 2026 NOEL PHARMA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Noel Pharma (India) Limited Registered Address: 24-85/7, Laxminarayana Nagar Colony, New Ida, Uppal, Hyderabad, Telangana, 500039 Work Address: Khasra No. 66/3 & 67/2, Juddi Kalan, Sai, Baddi, District Solan, Himachal Pradesh - 173205 Insolvency Commencement Date: July 23, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: January 1, 2027 Insolvency professional: Hemanshu Jetley Interim Resolution Professional: Hemanshu Jetley SCO-818, 1st Floor, NAC Manimajra, Chandigarh, 160101 Tel: 91-98759 21491 Email: hejetley@gmail.com cirpnoelpharma@gmail.com Last date for submission of claims: August 6, 2026 RAJA UDYOG: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Raja Udyog Private Limited 16 F, B.T. Road, Sukchar Girja, Parganas North, Kolkata - 700115 Insolvency Commencement Date: July 20, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 16, 2027 Insolvency professional: Abhijeet Jain Interim Resolution Professional: Abhijeet Jain Diamond Chamber, 4, Chowringhee Lane, Block-I, 4th Floor, R. No. 4M, Kolkata, West Bengal - 700016 Tel: 98311 03320 Email: ajasso@rediffmail.com cirp.rupl@gmail.com Last date for submission of claims: August 5, 2026 RAM CHANDRAN: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Ram Chandran Traders Pvt Ltd. No. 2 Bharathi Nagar IInd Street Villivakam, Chennai, Tamil Nadu, India - 600049 Insolvency Commencement Date: July 3, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: December 30, 2026 Insolvency professional: K.J. Vinod Interim Resolution Professional: K.J. Vinod Flat No B-602, Santha Towers, Paruthipattu, Avadi, Chennai, Tamil Nadu, 600071 Email: kjvinod05@rediffmail.com cirp.rctpl@gmail.com Last date for submission of claims: July 24, 2026 SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings of Sargam Metals Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 8.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sargam Metals Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sargam Metals Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1970, Sargam Metals Private Limited is primarily engaged in manufacture of aluminium, zinc and manganese ingots (contributes to ~85% of total revenues), which are used as raw materials in foundries for producing cast products. SMPL is also engaged in manufacture of cathode protection products, which are used in ships, off-shore structures such as platforms, sub-sea pipelines and structures such as jetty, wharves and barges. The company has an alloy production facility with an installed capacity of 7800 MT in SIPCOT Industrial estate in Cheyyar (Tamil Nadu) recently shifted from Manapakkam, Chennai. The company is managed by Mr. S Arun and is closely held by the promoter group. SHAH LAXMICHAND: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Shah Laxmichand Vershi Masalawala LLP Unit 29/2, MIDC Turbhe, TTC Industrial Estate, Sandapa, Thane, Maharashtra, India, 400703 Insolvency Commencement Date: July 22, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 18, 2027 Insolvency professional: Dakshesh Pravinchandra Choksi Interim Resolution Professional: Dakshesh Pravinchandra Choksi 303-305, Vrajbhumi Complex, Next to Induben Shop, Near Girish Colddrink Char Rasta, Off C G Road, Navrangpura, Ahmadabad, Gujarat, 380009 Email: ca.dakshesh@gmail.com 9B, Vardan Tower, Lakhudi Circle, Near Vimal House, Navrangpura, Ahmedabad - 380014 Email: cirp.slvm@gmail.com Last date for submission of claims: August 5, 2026 SHIV VEGPRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term rating of Shiv Vegpro Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Shiv Vegpro Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Shiv Vegpro Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SVPL is engaged in solvent extraction of soybean seeds, producing soybean oil and deoiled cake. The promoters belong to the Saboo Group, which has a long track record of about four decades in the food processing industry and business, having been involved in the manufacture of edible oil in Hadoti area comprising Kota, Bundi, Baran, Jhalawar and Bhawanmandi. The company has solvent extraction and allied 3 processes at RIICO Industrial Area, Kota with a crushing capacity of 400 TPD (tonnes per day) of soybean seed for production of de-oiled cake. SIGMA ONE REMONESA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sigma One Remonesa Ventures (SORV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE B-; 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 8, 2025, placed the rating(s) of SORV under the 'issuer non-cooperating' category as SORV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SORV 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 Established in the year 2010, SORV is a special purpose vehicle of the Sigma One Group (SOG), Pune. The group is in the business of real estate development since the last one and a half decades with Sigma One Landmarks Private Limited. SIGMA ONE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sigma One Kundan Ventures (SOKV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.75 CARE B-; 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 8, 2025, placed the rating(s) of SOKV under the 'issuer non-cooperating' category as SOKV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOKV 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 Established in the year 2008, SOKV is the special purpose vehicle of Sigma One Group (SOG), Pune. The group is in the business of real estate development since last one and a half decade with Sigma One Landmarks Private Limited. SUSEE TRUCKS: ICRA Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term rating of Susee Trucks Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.00 [ICRA]B (Stable); ISSUER NOT Fund-based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Susee Trucks Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Susee Trucks Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2004, Susee Trucks Private Limited is the sole authorised dealer of SCVs and LCVs for Tata Motors Limited in Tamil Nadu, across six districts, namely, Vellore, Thiruvannamalai, Kanchipuram, Tirupattur, Vandavasi and Sriperumbudur. It has four 3S showrooms and multiple sales showrooms. The company is a part of the larger Susee Group, with interests in various businesses including logistics, packaging and education, apart from auto dealership. The company's day-to-day operations are managed by Mr. S. Manivannan. TAMOGNA ENTERPRISES: CARE Lowers Rating on INR9cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Tamogna Enterprises Private Limited (TEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 12, 2025, placed the rating(s) of TEPL under the 'issuer non-cooperating' category as TEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TEPL 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, July 28, 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 TEPL have been revised on account of non-availability of requisite information. The revision also factored in ongoing delays in debt servicing recognized from publicly available information. Analytical approach: Standalone Outlook: Not Applicable Hyderabad-based Kommineni Fintech Consultants Private Limited was incorporated in the year 1996 and promoted by Mr. K Venkata Ramanappa (Late), Mr. K Praveen Kumar, Mr. P Eswar Reddy and Mr. E Venkateswara Rao. Later on, the name of the entity changed to current nomenclature, i.e., Tamogna Enterprises Private Limited (TEPL). TEPL is presently engaged in providing services like mobilizing and servicing financial Products like bill discounting, letter of credit and recovery agency services to various private and nationalized banks. TEPL provides consultancy and document handling services through its employees for the entire process of opening, processing and closing of bank guarantees (BGs), letter of credit (LCs) and other bank facilities between its client, client bank, suppliers of its clients and suppliers bank. The company has around 150 to 200 clients. During FY17, the company entered into trading of Petcoke (Petroleum Coke) and Iron Ore. VEERABHADRESHWARA RICE: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Veerabhadreshwara Rice Industries (SVRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of SVRI under the 'issuer non-cooperating' category as SVRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVRI 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 Shree Veerabhadreshwara Rice Industries was established in 2015 as a partnership firm and promoted by Mr. S M Veeresh and Ms. RoopaVeeresh (Spouse of S M Veeresh). SVRI is engaged in milling and processing of rice. The rice milling unit of the firm is located at Hanagawadi industrial Area, Harihar Taluk, and Davangere district of Karnataka. Apart from rice processing, the firm is also engaged in selling by-products such as broken rice, husk and bran. The firm started its commercial operations from March 2016. Earlier, the promoter of the firm, Mr. S M Veeresh, was engaged in warehousing business of paddy and other agriculture products. The main raw material, paddy, is directly procured from local farmers located in and around Devangere District and the firm sells rice and other by-products in the open markets of Karnataka. VELEX LOGISTICS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Velex Logistics Private Limited 13th Floor, Wework, 247 Park, Vikhroli Corporate Park, Lal Bahadur Shastri Road, Hindustan C Bus Stop, Gandhi Nagar, Vikhroli West, Mumbai - 400083 Insolvency Commencement Date: July 28, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 24, 2027 Insolvency professional: Dipti Narayan Mundra Interim Resolution Professional: Dipti Narayan Mundra DBS House, 31, Floor-G-2, Plot-31 Marzban Road, Bombay Gymkhana, Fort, Mumbai City, Maharashtra - 400001 Email: ip.dipti@gmail.com cirp.velex@yahoo.com Last date for submission of claims: August 11, 2026 =============== M A L A Y S I A =============== MMM GROUP: Plans to Appeal Bursa's Rejection of PN17 Revamp Plan ---------------------------------------------------------------- The Edge Malaysia reports that MMM Group Bhd plans to appeal against Bursa Securities' decision to reject its proposed regularisation plan to exit Practice Note 17 (PN17) status for financially distressed companies. According to The Edge, MMM said it is in the process of submitting its appeal and will announce developments on it later, its bourse filing showed on Aug. 3. MMM, which has been classified as a PN17 issuer since October 2019 after its shareholders' equity fell below 25% of its issued share capital, has until Aug. 9 to appeal against Bursa's decision, The Edge says. Failing that, or if the appeal is unsuccessful, the company's securities will be delisted two market days after notification from Bursa. Bursa Malaysia rejected MMM's regularisation plan last month, citing concerns over its proposed MYR16 million acquisition of outdoor advertising company EDSB Outdoor Sdn Bhd, The Edge recalls. Bursa noted that the purchase price was significantly higher than EDSB's net assets of about MYR800,000. A plan to convert 26 billboards to digital would have increased the total investment to MYR22.16 million. Although EDSB founders Chong Yoke Lai and Gan Soon Choon have provided a profit after tax guarantee of MYR2 million annually for the financial years ending Dec. 31, 2026 (FY2026) to 2028 - MYR6 million in total - the guaranteed earnings are significantly lower than the acquisition price and did not sufficiently demonstrate the company's long-term earnings sustainability beyond the guarantee period, Bursa, as cited by The Edge, noted. The Edge relates that the stock exchange also raised concerns over the acquisition being a full-cash transaction, leaving the vendors with no equity participation in the enlarged MMM and no exposure to the future risks and performance of the business. In addition, Bursa also questioned the sustainability and viability of EDSB's business, noting that its revenue declined to MYR6.09 million in FY2025 from MYR8.62 million in FY2023, while the company recorded losses in three of the past four financial years. According to The Edge, Bursa pointed out that the completion of the acquisition is conditional upon EDSB obtaining approvals for 144 operating sites. But the company expects to secure these only by the second quarter of 2027, potentially delaying implementation of the regularisation plan, Bursa noted. So, MMM could incur additional costs and resources to regularise the remaining 84 sites and face potential regulatory risks if approvals are not obtained, Bursa added. The Edge adds that Bursa also highlighted that the group's proposed capital reduction would eliminate accumulated losses of MYR32.65 million and improve shareholders' equity to about MYR42.8 million; the improvement stems largely from "accounting adjustments rather than sustainable operating profitability”. MMM failed to demonstrate to Bursa's satisfaction that the circumstances that led to its PN17 categorisation had been comprehensively addressed, or that the risk of the company falling back into financial distress had been sufficiently mitigated, the stock exchange added. The EDSB acquisition was announced in August 2025. The Edge says the regularisation plan included a rights issue with free detachable warrants and a private placement to raise up to MYR39.97 million, alongside a 10-for-one share consolidation. Grand Portfolio Sdn Bhd, controlled by Chen Jui-Liang, undertook to subscribe for at least 108.33 million rights shares, which would raise its stake in MMM to 30.81% from 12.51%. For the full-year ended March 31, 2026 (FY2026), MMM Group posted a net profit of MYR3.02 million, compared with a net loss of MYR615,000 in FY2025, as revenue more than doubled to MYR17.93 million, from MYR7.97 million, The Edge discloses. The higher revenue was mainly driven by higher contributions from the event management, out-of-home and lift-up projector segments, its bourse filings showed. About MMM Group MMM Group Bhd (formerly Asia Media Group Bhd) is a digital out-of-home Transit TV company. The Company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises. Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru. The company slipped into PN17 status in October 2019 after its shareholders' equity fell to less than 25% of its issued capital. In August last year, its external auditor Messrs CAS Malaysia PLT highlighted a material uncertainty related to a going concern in its financial statements for the financial year ended March 31, 2021. ===================== N E W Z E A L A N D ===================== SYLVESTER NEW ZEALAND: Fashion Brand to Close Next Year ------------------------------------------------------- Radio New Zealand reports that Sylvester, an iteration of the classic New Zealand brand Kate Sylvester, announced the closure on July 29. RNZ relates that the brand that is now helmed by the designer's three sons told customers in an email on July 29 this would happen by February next year. This summer's collection will be Sylvester's final, the email read. According to RNZ, the announcement marks the end of another influential New Zealand fashion brand, with the likes of Wynn Hamlyn and made-to-order setup Rachel Mills also announcing closure this year. Ike Conway, one of the three sons, told RNZ in an email that the family is "devasted" by the pending closure, but the company's priority is looking after its employees and suppliers. As to the professional future for the brothers, "fashion runs in our DNA. I'm sure we will get involved in the industry again in the future," Ike added. In the email to customers, New Zealand's economic climate was the reason given for the closure. "We knew trying to build a business would be tough, but just trying to keep afloat in this current climate has been too intensely stressful for our entire team," read the email that was signed off by the three brothers Tom, Ike and Cosmo Conway, as well as their parents Kate and Wayne, RNZ relays. Kate Sylvester walked away from the Kate Sylvester brand in 2024 after 31 years of designing and building it along with Wayne. In 2004, she spun off the more casual and edgier Sylvester brand. Her three sons relaunched Sylvester in 2024. ================= S I N G A P O R E ================= CHERRY BEANS: Commences Wind-Up Proceedings ------------------------------------------- Members of Cherry Beans Singapore Pte. Ltd. on July 28, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Oon Su Sun Finova Advisory 182 Cecil Street #30-01 Frasers Tower Singapore 069547 GIFTS DESIGN: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of Gifts Design Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GRACE OCEAN: Dali Operators Plead Not Guilty in Key Bridge Collapse ------------------------------------------------------------------- Bryan Lynn at CBS News reports that attorneys representing the operators of the ship that struck Baltimore's Key Bridge on July 31 pleaded not guilty to all counts in a criminal case brought by federal prosecutors against the companies. CBS News relates that the U.S. Attorney's office confirmed the not guilty plea to all counts in the indictment connected with the deadly collapse of the bridge in March 2024. The companies entering the plea were Synergy Marine Group and Synergy Maritime. An investigation found that the container ship Dali lost power twice in just four minutes before hitting the Key Bridge, according to CBS News. The collapse of the bridge killed six construction workers. In May, federal prosecutors charged both companies, along with the 47-year-old man who was the Dali's superintendent, with conspiracy, obstruction, and making false statement to investigators, recalls CBS News. In June, federal prosecutors filed additional criminal charges in the deadly 2024 Francis Scott Key Bridge collapse. The chief engineer of the Dali was charged with violations of the Port and Waterways Safety Act. Karthikeyan Deenadayalan is accused of knowingly and willfully failing to notify the U.S. Coast Guard about hazardous conditions on the ship. CBS News relates that the federal indictment charged Synergy Marine's Singapore- and India-based operations with conspiracy to defraud the United States, failing to inform the U.S. Coast Guard of a known hazardous condition, misconduct or neglect by ship officers causing death, false statements and obstructing an agency proceeding. According to CBS News, federal prosecutors allege the defendants improperly used a "flushing pump" to supply diesel to two of the Dali's generators, rather than normal fuel supply pumps that have redundancies and can automatically restart. That pump's failure has been blamed for the second of two power outages in the moments leading up to the collision. CBS News relates that Kelly Hayes, the U.S. attorney for the District of Maryland, said at the time it was announced that the indictment alleged "that if the Dali had been using the proper fuel supply pumps, then the vessel would have regained power in time to safely navigate under the Key Bridge." In May, families of the victims of the Key Bridge collapse settled with the owners and operators of the Dali container ship. Terms of the settlement were not disclosed. Attorneys representing four of the men who died and one survivor of the collapse said the settlement resolved "all the claims against the owners and operators of the M/V Dali," CBS News notes. About Grace Ocean Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager, respectively, of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. PRISTONE PTE: Creditors' Meetings Set for Aug. 18 ------------------------------------------------- Pristone Pte. Ltd. will hold a meeting for its creditors on Aug. 18, 2026, at 3:00 p.m. by using audio-visual conference tool Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. authorize the Liquidator to be at liberty to exercise all or any of the powers conferred on her pursuant to the Insolvency, Restructuring and Dissolution Act 2018 including but not limited to the powers to appoint solicitors and to compromise debts and claims; and e. any other business. SUNPOWER ENERGY: Creditors' Proofs of Debt Due on Sept. 3 --------------------------------------------------------- Creditors of Sunpower Energy Systems Singapore Pte. Ltd. are required to file their proofs of debt by Sept. 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2026. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 TECHTRA SOLUTIONS: Creditors' Meetings Set for Aug. 19 ------------------------------------------------------ Techtra Solutions Pte. Ltd. will hold a meeting for its creditors on Aug. 19, 2026, at 2:00 p.m. via teleconference. Agenda of the meeting includes: a. to provide an update on the status of the Company's Liquidation; b. to resolve that the Liquidators' fees and disbursements be paid out of the assets of the Company; and c. any other business. On July 11, 2025, the High Court of Singapore entered an order to wind up the operations of Techtra Solutions Pte. Ltd. The company's liquidators can be reached at: Cameron Lindsay Duncan Joshua Joseph Jeyaraj c/o KordaMentha Pte Ltd 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 TOP ACE: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of Top Ace Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== JOONGANG GROUP: Court Extends JTBC Creditor Talks by One Month -------------------------------------------------------------- Yonhap News Agency reports that a court on July 29 granted JTBC an additional month to continue negotiations with its creditors on restructuring plans amid the local broadcaster's liquidity crisis. According to Yonhap, the Seoul Bankruptcy Court extended the deadline for JTBC's autonomous restructuring support (ARS) program to Aug. 30, following its initial approval on June 30. JTBC, an affiliate of media giant JoongAng Group, requested the ARS program when it filed for corporate rehabilitation on June 15, three days after failing to repay KRW20.6 billion (US$13.3 million) in asset-backed loans at maturity, Yonhap notes. The court can suspend rehabilitation proceedings for up to three months and extend the deadline further if significant progress is made. Meanwhile, the court has already ordered corporate rehabilitation proceedings to begin for four other JoongAng Group affiliates that sought court protection on June 14, according to Yonhap. Megabox JoongAng and Contentree JoongAng must submit their rehabilitation plans by Dec. 1 and Dec. 15, respectively, followed by JoongAng Holdings and JoongAng P&I by Dec. 22. About JoongAng Group JoongAng Group operates media business. The Company publishes books, newspapers, and periodicals. JoongAng Group also offers ultra high frequency broadcast television and radio broadcast stations services. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2026, five affiliates of JoongAng Group, including JTBC, a comprehensive programming channel operator, have filed for court receivership to restructure debts and normalize operations under judicial supervision. According to The Chosun Daily, JTBC announced on June 15, 2026, that it had applied to the Seoul Rehabilitation Court to commence receivership after a board meeting. JoongAng Holdings, the group's holding company; Contentree JoongAng, which operates broadcasting content; Megabox JoongAng, a cinema business; and JoongAng P&I, a real estate leasing firm, also filed for receivership the previous day. JoongAng Ilbo, a core affiliate, stated it would pursue a corporate restructuring workout to improve its financial structure through negotiations with creditors. NOLBOO CO: Files for Court Rehab Amid Surge in Operating Loss ------------------------------------------------------------- Yonhap News Agency reports that restaurant chain operator Nolboo Co. has filed for corporate rehabilitation after its operating loss surged nearly 15-fold last year, legal sources said Aug. 6. Yonhap relates that the Seoul Bankruptcy Court issued a comprehensive prohibition order for Nolboo on Aug. 4, according to the sources. The order freezes all claims against the company until the court decides whether to commence rehabilitation proceedings, halting forced executions, provisional seizures, preliminary injunctions and auction procedures. According to Yonhap, the court has scheduled a hearing with the debtor's representative next Tuesday [Aug. 11] to likely inquire about the scale of the company's debts and its debt restructuring plans. According to Nolboo's audit report, its operating loss jumped 14.8 times to KRW8.69 billion (US$6.09 million) last year from KRW584.8 million the previous year, Yonhap discloses. Nolboo Co., Ltd provides services in the restaurant and food service industry. The Company offers franchise startup consulting, restaurant interior design services, and restaurant franchising. Nolboo Co Ltd serves prospective restaurant franchisees and entrepreneurs in the Republic of Korea. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***