260616.mbx

260616.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 Tuesday, June 16, 2026, Vol. 29, No. 119 Headlines A U S T R A L I A BLUESFEST BYRON: May Have Traded While Insolvent Before Collapse CONNECTING BRANDS: First Creditors' Meeting Set for June 22 DASHDOT PTY: Owed AUD16.5MM at Time of Collapse, Liquidator Reveals KAMILAROI-YANKUNTJATJARA: First Creditors' Meeting Set for June 22 MY VOICE: Second Creditors' Meeting Set for June 22 SIX STRING: First Creditors' Meeting Set for June 22 UNITED FOUNDATION: Enters Voluntary Administration; Axes 27 Jobs UNITED FOUNDATION: First Creditors' Meeting Set for June 19 WILD ESCAPES: Ex-Director Pursued Over AUD91k Lavish Home Payment C H I N A RETO ECO-SOLUTIONS: Terminates 51% Acquisition of MeinMalzeBier H O N G K O N G LAI SUN: Seeks Note Swap in Bid to Ease Liquidity Pressure I N D I A A2Z INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating CIRCLE INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating DIMYRA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating EMMANUEL RESORTS: CARE Keeps B- Debt Rating in Not Cooperating HARI EQUIPMENTS: CARE Keeps D Debt Ratings in Not Cooperating HISSAR PIPES: CARE Keeps B- Debt Rating in Not Cooperating JAMMU AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating JAYAMM MILK: CARE Lowers Rating on INR25cr LT Loan to B- MANGALAM AUTO: CARE Lowers Rating on INR9.95cr LT Loan to B- MARIGOLD ALLIED: CARE Keeps B- Debt Rating in Not Cooperating MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating MITTAL INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating MOON DIAMONDS: CARE Keeps B- Debt Rating in Not Cooperating NEPRA RESOURCE: CARE Lowers Rating on INR33cr NCDs to B NORTHERN POWER: CARE Keeps C Debt Rating in Not Cooperating ONKAR INTERNATIONAL: CARE Keeps C/A4 Ratings in Not Cooperating OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category RAHEJA DEVELOPERS: NCLT Admits Insolvency Plea by 176 Homebuyers RENUKA CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating SELVANAAYAKI TEXTILE: CARE Keeps D Debt Rating in Not Cooperating SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category SOMULA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating SSAGRI GROUP: CARE Lowers Rating on INR30cr LT/ST Loan to D THANGAVEL FABRICS: CARE Keeps D Debt Ratings in Not Cooperating M A L A Y S I A GREENPRO CAPITAL: Lee Chong Kuang Holds 11.3% Equity Stake N E W Z E A L A N D CHANDNI NAAG: Court to Hear Wind-Up Petition on July 2 MANAAKI MANAGEMENT: Wharewaka Owners NZD800,000 Out of Pocket R.T TEXTILES: Court to Hear Wind-Up Petition on July 2 ROOP LIMITED: Creditors' Proofs of Debt Due on June 30 TIGRIS FOODS: Creditors' Proofs of Debt Due on July 14 UNIQUE FABRICS: Creditors' Proofs of Debt Due on July 2 S I N G A P O R E AKSTRA PTE: Court Enters Wind-Up Order ART GLASS: Court to Hear Wind-Up Petition on June 26 CANCITO PTE: Creditors' Proofs of Debt Due on June 25 DOZER DATA: Creditors' Proofs of Debt Due on July 13 XIN HUI: Creditors' Proofs of Debt Due on July 11 S O U T H K O R E A COUPANG INC: South Korea Fines Unit US$410MM Over Data Breaches - - - - - ================= A U S T R A L I A ================= BLUESFEST BYRON: May Have Traded While Insolvent Before Collapse ---------------------------------------------------------------- ABC News reports that Byron Bay Bluesfest may have been trading while insolvent for months before it collapsed, according to a new report from the liquidator. The iconic northern New South Wales music festival, which had been running for more than 30 years, went into liquidation in March with debts exceeding AUD10 million. Of that, AUD7.4 million is owed to unsecured creditors, primarily ticketholders and suppliers, who are expected to recover only about 11 cents for every dollar they are owed. Two entities, Bluesfest Byron Bay Pty Ltd and Bluesfest Enterprises Pty Ltd, went into liquidation on March 13, three weeks out from the annual festival. Bluesfest Byron Bay Pty Ltd was responsible for the operation of the event, while Bluesfest Enterprises Pty Ltd received the festival's ticketing income. According to the ABC, the first entity "may have become insolvent sometime around October 2025", the appointed liquidator Jason Bettles wrote in a statutory report filed with the corporate regulator on June 11. "While there was a short‑term improvement in November 2025, the overall position did not recover." As for Bluesfest Enterprises, it "may have become insolvent in or around early 2026, if not earlier", the liquidator wrote in another report into that entity, the ABC relays. The ABC relates that the report revealed that the liquidator is probing Bluesfest's founder, Peter Noble, for transactions that seemed "out of the ordinary", and that investigations are ongoing. Mr. Noble, who was previously awarded the Medal of the Order of Australia for his services to the live music industry, has been reported to the Australian Securities and Investments Commission (ASIC) by the liquidator for potential breaches of his duties as a director. Mr. Noble said in a statement to the ABC via his lawyers that he was "cooperating" with the liquidator, that he had acted "properly at all times" and expects that "in due course the liquidator will be of the same opinion". Mr. Bettles told the ABC that many ticket holders had managed to get refunds and he estimated 900 people were owed money. "Some of the transactions that occurred seem to be out of the ordinary course," he said. "And that's not to say that anything is wrong. "It's just that we haven't completed our conclusions in respect of those investigations." The ABC says the liquidator flagged a transaction he deemed "unusual" in the months and weeks leading up to the festival's demise. That involved a rental agreement between the companies and festival venue, a farm in Tyagarah that Mr. Noble owns. The liquidator noted payments were made to the farm that were "sporadic and did not consistently match the invoiced amounts". Although the festival's rental agreement had expired in January last year, the liquidator wrote that less than two weeks before he was appointed, Bluesfest Byron Bay paid more than AUD300,000 in payments marked as "rent". The report also drew attention to a manual journal entry added just days before liquidators took over, which wiped a AUD143,000 debt the farm owed Bluesfest Byron Bay. It was moved to another entity related to Bluesfest, the ABC relates. "The basis for this adjustment is presently unclear and forms part of our ongoing investigations," the liquidator wrote. According to the ABC, the liquidator also examined a labour hire business also controlled by Mr Noble, which was paid "large, bulk amounts" in the two weeks before Bluesfest Byron Bay collapsed. The payments totalled more than AUD500,000 and were marked as "wages" or "transfer", but had "no supporting documentation". These transactions were made "in close proximity to our appointment", the liquidator said. The ABC adds that the liquidator flagged unfair preference payments, insolvent trading and uncommercial transactions as possible recovery actions against the director to recoup funds for creditors. The liquidator's report also noted that AUD120,000 was owed to the Australian Taxation Office. Tourism agency Destination NSW is owed AUD302,500, while Transport for NSW has put in a claim for AUD222,000, the ABC discloses. In a March statement, Bluesfest said it was "an incredibly difficult decision", but the event was no longer viable. Jason Walter Bettles of Worrells was appointed liquidator of Bluesfest Byron Bay Pty Ltd and Bluesfest Enterprises Pty Ltd on March 12, 2026. CONNECTING BRANDS: First Creditors' Meeting Set for June 22 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Connecting Brands (Albury) Pty Ltd will be held on June 22, 2026, at 11:00 a.m. via virtual meeting technology. Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as administrators of the company on June 10, 2026. DASHDOT PTY: Owed AUD16.5MM at Time of Collapse, Liquidator Reveals ------------------------------------------------------------------- SmartCompany reports that property buyers agency Dashdot owed more than AUD16.5 million at the time of its collapse, with the Australian Taxation Office, Meta, startup lender Mighty Partners, and 695 customers among its creditors. A preliminary report prepared by Dashdot liquidator Rebecca Gill, of corporate advisory firm Teneo, shines a light on the finances of a startup that abruptly closed its doors late last month, SmartCompany says. According to SmartCompany, the report arrives two weeks after co-founder Glenn 'Goose' McGrath blamed tough economic conditions, tax reforms designed to make property investment less enticing, and social media marketing costs for the company's collapse. Dashdot Pty Ltd - the only corporate entity under the Dashdot banner under voluntary liquidation - owed the tax office nearly AUD916,000, the report showed. It owed more to Mighty Partners, with the report outlining a AUD1.5 million debt to an outfit dedicated to supporting high-growth technology companies. Meta, the parent company of Facebook and Instagram, was owed more than AUD134,000, showcasing Dashdot's use of Facebook and Instagram to reach prospective clients. It was those customers who made up the bulk of the creditors identified by the initial report, SmartCompany notes. Some 695 customers on Dashdot's books are owed a collective AUD10.6 million, split between prepaid services and those seeking refunds, according to the document cited by SmartCompany. A further 17 customers are owed a total of nearly AUD42,000 in what the report lists as client referral fees. The report also showed a AUD1.4 million debt owed to G Squared - seemingly referencing the entity used by Mr. McGrath and co-founder Gabi Billing to hold their shares in the company they founded in 2018. G Squared Holdings, which is domiciled in the British Virgin Islands, has raised eyebrows among some creditors as the Dashdot co-founders transferred their ownership stake to that offshore entity in 2024. Mr. McGrath previously denied anything "untoward or nefarious" with that share transfer and G Squared Holdings' relationship to Dashdot, telling SmartCompany that lifestyle factors dictated the decision. SmartCompany makes no claims of wrongdoing, only that a creditor raised their concerns in an email to Teneo, and that the liquidator is considering the entity's place in Dashdot's affairs. The report also showed 43 employees are collectively owed north of AUD1.1 million in entitlements, SmartCompany discloses. Other debts include almost AUD414,000 owed to American Express. But Dashdot Pty Ltd counted just AUD749 in available cash at the time of its liquidation, and assets with an estimated realisable value of AUD70,674. The report is an opening salvo in what Ms. Gill earlier described as a "thorough investigation process" into Dashdot Pty Ltd and the value that could be returned to its creditors, says SmartCompany. KAMILAROI-YANKUNTJATJARA: First Creditors' Meeting Set for June 22 ------------------------------------------------------------------ A first meeting of the creditors in the proceedings of Kamilaroi- Yankuntjatjara Working Group Pty Ltd will be held on June 22, 2026, at 11:00 a.m. at the offices of SV Partners, at Level 7, 151 Castlereagh St, in Sydney, NSW and via virtual meeting technology. Joshua Lee Robb of SV Partners was appointed as administrator of the company on June 10, 2026. MY VOICE: Second Creditors' Meeting Set for June 22 --------------------------------------------------- A second meeting of creditors in the proceedings of My Voice Pty. Limited (trading as My Voice Disability) has been set for June 22, 2026, at 11:00 a.m. via Microsoft Teams Meeting Facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 19, 2026 at 4:00 p.m. Nelson Huang and Domenic Calabretta of Mackay Goodwin were appointed as administrators of the company on May 15, 2026. SIX STRING: First Creditors' Meeting Set for June 22 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Six String Brewing Company Pty Ltd (trading as "Six String Brewery" and "Six String Brewery Restaurant") will be held on June 22, 2026, at 11:00 a.m. via Zoom. Henry McKenna of Vincents was appointed as administrator of the company on June 10, 2026. UNITED FOUNDATION: Enters Voluntary Administration; Axes 27 Jobs ---------------------------------------------------------------- ABC News reports that a disability services labour hire company has entered voluntary administration and laid off 27 staff blaming regulatory changes, withheld NDIS payments and rising workforce costs. The ABC relates that United Foundation notified staff last week that administrators from Mackay Goodwin had been appointed in a move it described as a step to "keep trading while we sort the finances out". The move does not mean the company will necessarily wind up, but it does not guarantee survival either. The company employs about 480 disability support workers for more than 1,000 NDIS participants in supported independent living settings in New South Wales and South Australia. Many of the participants were caught up in the shock collapse of United Employment last year, according to the ABC. United Foundation, which is registered as a not-for-profit charity, took on the labour hire work after United Employment went under. According to the ABC, the director of United Foundation, Karim Amin, is separately contesting the validity of ASIC documents that show he was a director of United Employment for eight months. The case is being heard in the Federal Court. In an internal email to employees Mr. Amin said the decision was driven by "three things hitting at once": NDIS provider registration changes due to take effect from July 1, delayed payments from the scheme, and rostering costs exceeding the funding received for services, the ABC relays. "Voluntary administration is the opposite move [to liquidation]. It lets us keep trading while we sort the finances out so the business survives and your jobs continue," the ABC quotes Mr. Amin as saying. The company told workers their pay would continue as normal and that superannuation, leave entitlements and visa sponsorship arrangements would not be affected. Mackay Goodwin is expected to contact staff in the coming days with a formal notice of the administration to follow. The administrators said they would continue operating the business and paying staff during the process, the ABC adds. UNITED FOUNDATION: First Creditors' Meeting Set for June 19 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of United Foundation Pty Ltd (trading as Abilityx Foundation) and United Shared Services Pty Ltd will be held on June 19, 2026, at 11:00 a.m. and 12:00 p.m. via Microsoft Teams. Domenico Alessandro Calabretta, Mitchell Ball & Nelson Huang of Mackay Goodwin were appointed as administrators of the companies on June 9, 2026. WILD ESCAPES: Ex-Director Pursued Over AUD91k Lavish Home Payment ----------------------------------------------------------------- Daily Telegraph reports that Elise Clare Charlesworth, the former director of the collapsed luxury travel firm Wild Escapes Oceania, is being pursued by a liquidator for allegedly using company funds to pay off AUD91,000 of the mortgage on her lavish home in Sydney's Hill District. Wild Escapes Oceania was an Australian tour company that provided luxury experiences to international travelers. The company collapsed in March 2025 with Shumit Banerjee of Westburn Advisory appointed as liquidator. ========= C H I N A ========= RETO ECO-SOLUTIONS: Terminates 51% Acquisition of MeinMalzeBier --------------------------------------------------------------- ReTo Eco-Solutions, Inc. (ReTo or the "Buyer") announced in a regulatory filing that it entered into a Termination and Release Agreement, by and among: (i) Buyer, (ii) MeinMalzeBier Holdings Limited, a British Virgin Islands business company, (iii) Lap Cheong Chan, (iv) Mr. Chan and Terence Kwong Lung Wong, (v) Beijing ReTo Hengda Technology Co., Ltd., a company incorporated under the laws of the People's Republic of China and wholly-owned subsidiary of Buyer, (vi) Shenzhen Melody Catering Management Co., Ltd., a company incorporated under the laws of the People's Republic of China, and (vii) Dirong Century Big Data Technology Co., Ltd., a company incorporated under the laws of the People's Republic of China. Pursuant to the Termination and Release Agreement, the parties agreed to terminate the Share Exchange Agreement and that certain Management Services Agreement, dated as of April 25, 2025, by and among Buyer, ReTo Technology, Melody and Dirong, unwind the transactions contemplated by the Share Exchange Agreement, provide for the return of the Purchased Shares to the Sellers, provide for the release and cancellation of the Exchange Shares and related Escrow Property, provide for the payment by the Sellers to Buyer of an aggregate amount equal to $300,000, and provide for the mutual releases and other agreements set forth therein. Background As previously reported, on April 25, 2025, Buyer, the Company, the Sellers' Representative, and the Sellers entered into a share exchange agreement, pursuant to which the Sellers sold, transferred, conveyed, assigned and delivered to Buyer, and Buyer purchased, acquired and accepted from the Sellers, an aggregate of 5,100 ordinary shares, par value $1.00 per share, of the Company, representing 51% of the issued and outstanding equity interests of the Company. The closing of the acquisition of the Purchased Shares occurred on April 25, 2025. Pursuant to the Share Exchange Agreement, Buyer paid to the Sellers cash consideration in the aggregate amount of $3,978,000 and issued 4,680,000 Class A shares, par value $1.00 per share, of Buyer. All of the Exchange Shares were deposited with VStock Transfer, LLC, as escrow agent, pursuant to the escrow agreement entered into in connection with the Share Exchange Agreement. Effectiveness; Termination of Share Exchange Agreement and Management Services Agreement The Termination and Release Agreement provides that, effective upon: (a) the execution and delivery of the Termination and Release Agreement by all parties thereto, (b) Buyer's receipt of the $300,000 Termination Payment in immediately available funds and (c) delivery by Buyer and the Sellers' Representative of joint written instructions to the Escrow Agent pursuant to the Termination and Release Agreement, the Share Exchange Agreement and the Management Service Agreement will be terminated in its entirety and will be of no further force or effect, except for any provisions that are expressly incorporated in the Termination and Release Agreement or are necessary to give effect to the Termination and Release Agreement. Return of Purchased Shares Following the Effective Time, Buyer will transfer the Purchased Shares back to the Sellers, free and clear of liens created by Buyer, in the same proportions in which the Sellers originally sold such shares to Buyer, unless otherwise directed by the Sellers' Representative. The parties will cooperate to execute all documents reasonably necessary to effect the transfer. Escrow Property; Exchange Shares Pursuant to the Termination and Release Agreement, the Sellers waived and surrendered all rights to the Exchange Shares, the Escrow Earnout Shares, any earnings thereon, and any other securities or property issuable or payable under the Share Exchange Agreement or the Escrow Agreement. As a condition to the effectiveness of the Termination and Release Agreement, Buyer and the Sellers' Representative will deliver joint written instructions to the Escrow Agent to release the Escrow Property to Buyer for cancellation. Termination Payment The Sellers agreed, jointly and severally, to pay to Buyer an aggregate amount equal to $300,000 by wire transfer of immediately available funds to an account designated in writing by Buyer prior to or on the date of the Termination and Release Agreement. Mutual Release; Covenant Not to Sue The Termination and Release Agreement contains a customary mutual release by each party, on behalf of itself and its related parties, in favor of the other parties and their respective related parties, from claims relating to the Share Exchange Agreement, the Management Services Agreement, the transactions contemplated thereunder, and the ownership, transfer, escrow, vesting, forfeiture, surrender or cancellation of the Purchased Shares, Exchange Shares, Escrow Earnout Shares, Escrow Property or other related securities. The release does not apply to obligations arising under the Termination and Release Agreement, including the Sellers' obligation to pay the Termination Payment. Each party also agreed, on behalf of itself and its related parties, to a covenant not to sue with respect to the released matters. A full text copy of the Termination and Release Agreement is available at https://tinyurl.com/mrhfj9mz About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA INC., the Company's auditor since 2021, issued a going concern qualification in its report dated May 1, 2026, attached to the Company's Annual Report on Form 20-F for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $31.8 million in total assets, $7.1 million in total liabilities, and $24.7 million in total shareholders' equity. ================= H O N G K O N G ================= LAI SUN: Seeks Note Swap in Bid to Ease Liquidity Pressure ---------------------------------------------------------- Cheryl Arcibal at South China Morning Post reports that Hong Kong developer Lai Sun Development, chaired by businessman Peter Lam Kin-ngok, who also chairs the city's Tourism Board, has launched an exchange offer for its outstanding US$493 million worth of 5 per cent guaranteed notes due July 2026, in an effort to relieve short-term liquidity pressures, the company said in a filing to the Hong Kong stock exchange on June 12. Eligible noteholders can swap their existing holdings for new, US dollar-denominated senior guaranteed notes carrying an 8 per cent annual coupon with a three-year tenor, the Post relates. While the residential property market has shown signs of recovery, commercial real estate markets in Hong Kong and mainland China remain challenging. Continued downward pressure on market valuations and negative rental reversions remain. As of April, overall vacancy rates in Hong Kong's premium office spaces stood at 13.5 per cent, unchanged from March, the Post discloses citing data tracked by JLL. While four other core office areas saw an uptick in empty spaces, Central's vacancy rate declined to 9.2 per cent from 9.6 per cent, data showed. "These adverse market conditions have materially and negatively affected the group's business, operating results and financial and liquidity position," the developer said in the filing. The group's portfolio includes office, retail and hospitality projects in Shanghai and Guangzhou, Zhongshan and Hengqin in Guangdong province. In Hong Kong, it owns commercial and office buildings including Causeway Bay Plaza 2 and Cheung Sha Wan Plaza, as well as a 50 per cent interest in the China Construction Bank (CCB) Tower in Central. According to the Post, Lai Sun has been actively refinancing its borrowings with various creditors to improve its overall liquidity position, completing transactions totalling more than HK$7 billion (US$893.39 million) over the last 12 months. It entered into an agreement with an investment entity of JD.com to sell its 50 per cent stake in the CCB Tower for HK$3.5 billion in December last year. In 2024, it also sold its equity stake in the AIA Central skyscraper for HK$1.42 billion to a unit of the insurance giant. The group had outstanding borrowings of HKD25.8 billion as of April, the Post discloses. If the swap is successfully completed by July 22, holders of each note will get US$300 in cash plus US$700 in new notes, or they will have the entire amount converted into new notes. As part of the consent solicitation, Lai Sun is also seeking noteholder approval to extend the existing notes' maturity date by three years to July 2029. A bondholder meeting will be held on July 10 in Hong Kong to vote on the proposal, the Post says. About Lai Sun Development Headquartered in Hong Kong, Lai Sun Development Company Limited (HKG:0488) -- https://www.laisun.com/lai-sun-development -- together with its subsidiaries, invests in, develops, leases, and sells real estate properties in Hong Kong, Mainland China, Macau, the United Kingdom, Vietnam, and internationally. Lai Sun Development reported annual net losses of HKD2.87 billion, HKD3.67 billion and HKD2.96 billion for the financial years ended July 31, 2025, 2024 and 2023, respectively. The company reported annual net loss of HKD1.97 billion in 2022. ========= I N D I A ========= A2Z INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A2Z Infra Engineering Limited (AIEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 147.80 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Short Term Bank 337.29 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 20, 2025, placed the rating(s) of AIEL under the 'issuer non-cooperating' category as AIEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in January 2002 as A2Z Maintenance Services Private Ltd, the company was renamed 'A2Z Maintenance & Engineering Services Private Ltd' in June 2005. Subsequently, the company became a public limited company in March 2010. A2Z came up with an IPO in October 2010 and raised INR776.2 crore. The company got its present name in December 2014 and is primarily engaged in providing Engineering, Procurement and Construction (EPC) services in power transmission and distribution sector. ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Angle Infrastructure Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 13, 2025, placed the rating(s) of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2026, April 8, 2026, April 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in April 30, 2010, Angle Infrastructure Private Limited (AIPL) is engaged in the development of residential/group housing project in Gurgaon (Haryana). AIPL is a part of Delhi based Krrish Group, which has interests in liquor business in Delhi, Haryana, Bihar, Jharkhand, U.P. and real estate business in Gurgaon, Faridabad and Delhi in India and Colombo in Sri Lanka. The group is present in liquor business for over three decades through Frost Falcon Distilleries Limited. The group entered the real estate business in 2011 by launching its first ultra -luxury project Provence Estate (under Jasmine Buildmart Pvt. Ltd. (JBPL), a 10 lsf residential project in Gurgaon. CIRCLE INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Circle Infotech Private Limited (CIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of CIPL under the 'issuer non-cooperating' category as CIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2008, Circle Infotech Private Limited (CIPL) is promoted by Mr. Sanjeev Kumar and Mrs. Sneha Sanjeev Kumar, is primarily engaged in trading of computer peripherals under its own brand 'Circle'. The product ranges from desktop cabinet, SMPS (power systems), keyboards, mouse, card reader, speakers, headphones, earplugs and other high-end products relating to gaming. CIPL's head office is located in Mumbai. COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Couple International Private Limited (CIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of CIPL under the 'issuer non-cooperating' category as CIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable New Delhi based CIPL was incorporated in 1998. The company is currently being managed by Mr. Rituraj Gupta and Ms. Kavita Vardhan. CIPL is engaged in the manufacturing of garments and accessories (scarfs). Its manufacturing plant is located in Noida, Uttar Pradesh. DIMYRA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dimyra International (DI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 9, 2025, placed the rating(s) of DI under the 'issuer non-cooperating' category as DI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2026, April 4, 2026, April 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 Dimyra International (DI) is a proprietorship firm established in April, 2016 by Mrs. Sheela Jain. DI is engaged in manufacturing and trading of fabric and readymade garments for women, men and kids at its manufacturing facility located at Ludhiana, Punjab, which has a total installed capacity of manufacturing 5.5 lakh pieces of textiles per annum, as on January 31, 2018. The product line of the firm mainly comprises sweaters, coats, jackets, tops, sports-wear, shirts, trousers, kurtis, etc. EMMANUEL RESORTS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Emmanuel Resorts Private Limited (ERPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.30 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 April 21, 2025, placed the rating(s) of ERPL under the 'issuer non-cooperating' category as ERPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ERPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 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 Emmanuel Resorts Private Limited (ERPL) was incorporated in the year 1996 and promoted by Dr. Mamta Deenadayal and Dr. D.S. Deenadayal. The company is engaged in providing resort services like camping sites, food and beverages and other provision of short-stay accommodation. The Resort is constructed on 16 acres of area. Currently, it has 122 rooms differentiated by areas spanning from 120 Sq. Ft. to 1000 Sq. Ft., the average room rent is from INR 3950-16000 per day and the occupancy level is 73% in FY18. Furthermore, it provides amenities like swimming pool, spa, conference room, meditation rooms and restaurants. The customer of the company includes individuals and corporates. HARI EQUIPMENTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hari Equipments Private Limited (HEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of HEPL under the 'issuer non-cooperating' category as HEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 1971, Hari Equipments Private Limited (HEPL) was promoted by Mr Kishanlal Choudhary who has more than three decades of experience in the Iron and Steel Industry. He is ably supported by his son Mr. Sunil Choudhary, who is the managing director and chief executive officer with an overall experience of 20 years. HEPL is part of Narayani group; the group comprises of five companies namely Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar Private Limited (ATVPL). Narayani group is engaged in trading of blooms, billets, TMT bars, pellets, wire coils and manufacturing of TMT bars and other long products such as rounds, flats, angles, channels, etc. Further, the group has a wide network for the sales and distribution of the products across Andhra Pradesh, Telangana and other states in India. HISSAR PIPES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hissar Pipes Private Limited (HPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of HPPL under the 'issuer non-cooperating' category as HPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hisar (Haryana) based, Hissar Pipes Private Limited (HPPL) was incorporated in the year 2006. The company is engaged in the manufacturing of steel pipes, primarily Mild Steel (MS) Electric Resistance Welded (ERW) tubes and Black Galvanized Steel pipes. The manufacturing facility is located in Hisar, Haryana. JAMMU AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jammu Automart Private Limited (JAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 12.00 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of JAPL under the 'issuer non-cooperating' category as JAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jammu Automart Private Limited (JAPL) (erstwhile known as K. C. Jammu Automart Private Limited) was incorporated in 2008 by Mr.Raju Chowdhary, Mr.Ankur Mahajan and Mr. Sanjay Mahajan. JAPL is the authorized automobile dealer of Hyundai Motor India Limited (HMIL) for its passenger cars segment. JAPL deals in complete range of passenger vehicles manufactured by HMIL like, EON, Santro, i10, i20, Verna etc. The company has its showrooms (3S facilities i.e. Sales, Service and Spares) located in Jammu. The showroom has attached workshop facility for the post sales services of cars. The group entitles of JAPL include 'K. C. Automart Private Limited' and 'K.C. Motors' which are running dealership for HMIL and General Motors respectively in Jammu and Kashmir Region. Further, other group entitles i.e. 'Tawi Chemical industries' is engaged into the business of steel products manufacturing and 'K.C. Education Society' is into education business. JAYAMM MILK: CARE Lowers Rating on INR25cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jayamm Milk Products Private Limited (JMPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of JMPPL under the 'issuer non-cooperating' category as JMPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JMPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, June 1, 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 JMPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Jayamm Milk Products Private Limited (JMPL) was incorporated in July 12,2022 and commenced operations in September 2022. The company is engaged in the processing of milk and curd and other value-added products like ghee, butter, panner under the brand name 'Swastika'. The processing unit is located at Pathikonda, Chittor, Andhra Pradesh with a capacity of 1.25 Lakh Liters per day. JMPL is promoted by Srinivasan Balaji, who has around 15 years of experience in Dairy, aqua and FMCG sectors. MANGALAM AUTO: CARE Lowers Rating on INR9.95cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Shri Mangalam Auto Private Limited (SMAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.95 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of SMAPL under the 'issuer non-cooperating' category as SMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of SMAPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Nagaur (Rajasthan) based Shri Mangalam Auto Private Limited (SMAPL) was incorporated in January 2015 by Mr. Mahendra Singh Bhati and Mr Bahadur Singh. SMAPL is an authorized dealer of Maruti Suzuki India Limited (MSIL) since April 2015. The number of showrooms has been increased from 4 to 7 in FY19 which include 5 Arena Outlet, 1 Nexa outlet and 1 Super Carry Vehicles Outlet currently operational in the regions of Rajasthan including Nagaur, Kuchaman, Didwana & Makrana. Out of which Nagaur and Kuchaman have facilities of Showroom cum Workshop, Body shop & true value shop while Didwana and Makrana have facilities of showroom and workshop. The company commenced operations from NEXA outlet at Nagaur (Rajasthan) from April 2018. MARIGOLD ALLIED: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Marigold Allied Corporation (MAC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.98 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of MAC under the 'issuer non-cooperating' category as MAC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Marigold Allied Corporation (MAC) was established as a partnership firm in May 2008 and is currently being managed by Mrs. Jatinder Kaur, Mr. Ramandeep Singh, and Mr. Hardeep Singh, as its partners. The firm was engaged in milling of rice on job work basis till 2016. However, post 2016, the firm commenced extraction of rice bran oil at its processing facility located in Jagraon, Punjab. The firm manufactures rice bran oil in semi edible form for industrial use, which is sold to refineries based in Punjab only. MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Maruti Granites and Marbles Private Limited (MGMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of MGMPL under the 'issuer non-cooperating' category as MGMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MGMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 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 Maruti Granites and Marbles Private Limited (MGMPL), incorporated in 1987, is promoted by Udaipur (Rajasthan) based Rajgarhia family. MGMPL is engaged in the business of marble processing with its processing facility located at Sukher, Udaipur, Rajasthan having processing capacity of 2,00,000 sq ft per month to process marble slabs and tiles. The company procures marbles slabs and tiles from domestic market including purchase from its group concern and imports from Italy and Turkey. It sells its product in domestic market as well as export to other countries. MITTAL INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mittal Infrastructure Private Limited (MIPL) 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 Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 26, 2025, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 11, 2026, April 21, 2026, May 1, 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 MIPL was incorporated in October, 2005 by Mittal family of Pune. The company is engaged in civil construction business and undertakes the infrastructure work like construction of residential complex, office building, hostel building, college building, parking space, institute campus etc. The company is registered as Class A contractor with Military Engineer Services. The company executes orders for government/semi government authorities as well as private players. MOON DIAMONDS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Moon Diamonds (MD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of MD under the 'issuer non-cooperating' category as MD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. 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 1999 as a partnership firm, Moon Diamonds (MD) is managed by Mr. Ummedmal Dugar, and Mrs. Saroj Dugar. Mr. Ummedmal Dugar along with Mrs. Saroj Dugar primarily looks into the sales, strategy and overall operations of the firm along with Mr. Anand Dugar who is responsible for the processing functions. The firm is engaged in the import of rough diamonds and export of cut and polished diamonds of various sizes. The firm has two fully owned factories situated at Dahisar & Goregaon, Mumbai. The firm is primarily involved in processing of the diamonds on a job work basis. NEPRA RESOURCE: CARE Lowers Rating on INR33cr NCDs to B ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Nepra Resource Management Private Limited (NEPRA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 33.00 CARE B; Negative Downgraded Debentures from CARE BB-; Negative Non Convertible 16.50 CARE B; Negative Downgraded Debentures from CARE BB-; Negative Rationale and key rating drivers Revision in ratings assigned to the non-convertible debentures (NCDs) of NEPRA factors the net losses reported by the company during 10MFY26. CareEdge Ratings Limited (CareEdge Ratings) notes that NEPRA had sought an extension for the coupon payments due on June 8, 2026, and June 28, 2026, which was duly approved by the debenture holder on June 4, 2026, which was prior to the due date. The debenture holder permitted a deferment of the interest payments by three months from the original due dates. CareEdge Ratings further notes that the company had liquidity of approximately INR9.17 crore available on June 8, 2026, which was adequate to meet the aggregate interest payment of ~INR3.29 crore due in June 2026 (June 8, 2026 and June 28, 2026). The deferment was availed for sustaining the operations and growth of the company in the intervening period till the company raises funds from PE investors (which is presently at an advanced stage and is likely to fructify over next 2-3 months). CareEdge Ratings will continue to monitor planned fund infusion via a sizeable funding round of around INR100 crore - INR150 crore within the next 2–3 months, and any further inordinate delay will remain a key monitorable. Receipt of funds shall remain crucial for alleviating the working capital stress on the company, thereby supporting the scale-up of its operations. Rating continues to draw comfort from NEPRA's integrated presence across the waste management value chain, the favourable industry outlook, and its demonstrated ability to raise substantial equity from private equity (PE) investors. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Early ramp up of capacity utilisation of VAF leading to revenue of INR180 crore - INR200 crore along with improvement in PBILDT margin above 6% on a sustained basis. * Improvement in debt coverage indicators marked by PBILDT interest coverage above 1.10x. * Timely infusion of funds thereby supporting growth and profitability, and liquidity. Negative factors * Delay in closure of larger funding round, impacting company's ability to turnaround its operations in near term. Analytical approach: Standalone Outlook: Negative Negative outlook reflects CareEdge Ratings' expectation of company's subdued profitability and working capital stretch in the medium term. The outlook may be revised to Stable, if the company is able to secure the equity funding as envisaged and subsequently ramp-up operations with improvement in operating profitability. Detailed description of key rating drivers: Key weaknesses * Continued loss-incurring operations in past five years ended FY25 and 10MFY26: NEPRA incurred continuous cash losses since FY21, as a result of multiple factors such as COVID disruption, bad debt provisions in FY21-FY22, fire at key Material Recovery Facility (MRF) in Ahmedabad impacting company's operations during H2FY23 and FY24, discontinuation of trading business, sizeable investment in manpower and IT infrastructure, etc. in the past. NEPRA's TOI remained stable at INR131 crore in FY25 (FY24: INR130 crore), primarily due to the discontinuation of PET bottle trading from August 2024, lower revenues from EPR segment due to working capital challenges and slower than envisaged ramp up of VAF facility. In FY25, owing to one-time expenses (including professional and consultancy expenses, amongst others), slow ramp up of VAF facility (operating loss of around INR5 crore - INR6 crore), low revenue from EPR segment and increased finance costs, company's losses before exceptional items increased to INR47 crore in FY25 as against INR30 crore in FY24. In 10MFY26, NEPRA reported TOI of INR99 crore as against INR108 crore during 10MFY25, with scaling up remaining lower than envisaged on account of persistent working capital stress. The company continued to report operating loss of INR8.02 crore in 10MFY26 (10MFY25: operating loss of INR12.02 crore) due to slower than envisaged ramp-up of operations and subsequent lower absorption of fixed costs. For FY26, NEPRA now expects to achieve revenue of ~INR120 crore with operating loss of over INR8 crore. This is lower than the earlier revenue expectation of ~INR140 crore with operating break-even, reflecting the ongoing challenges in optimizing capacity utilization amidst working capital challenges. * Slower than envisaged ramp up of recently commissioned VAF unit: In FY24, NEPRA expanded its business through forward integration in the waste management value chain by commissioning a 20 metric tonne per day (MTPD) of VAF in Sanand, Gujarat for manufacturing of PPE and HDPE granules by of different quality from flexible and rigid plastic products. Though the commercial production commenced in FY24, the facility is not able to contribute meaningfully to the company's revenue, as the products being manufactured at VAF require quality check and customer approval. In FY25, the plant operated at 18% of its installed capacity earing revenue of INR8 crore. In 10MFY26, the company was able to clock monthly revenue of ~INR1 crore from the VAF facility and is expected to report revenue of ~INR15 crore of revenue from VAF facility in FY26 as against the earlier envisaged revenue of ~INR20 crore. As informed by the management, NEPRA is in the process to onboard additional customers / product approvals, which is being taking some time impacting the ramp-up of the facility. Ability of the company to scale up the revenue shall remain a key monitorable. The company has various other projects in the pipeline, which are at a discussion stage, with nothing currently concrete. Thus, the future size of the capex and the funding profile will be a key monitorable in the company. * Persistent working capital challenges impacting company's ability to scale up its operations: In FY25, NEPRA's operating cycle turned negative (FY24: 23 days), driven by improved collection efficiency and an extended creditor period. This improvement along with receipt of insurance claim enabled the company to meet its working capital requirement to some extent despite cash losses in FY25. However, working capital challenges continues to constrain NEPRA's ability to scale its operations in FY26, leading to lower absorption of fixed costs and consequent losses at an operating level. Ability of the company to tie up adequate working capital limits to drive revenue growth shall remain a key monitorable. Key strengths * Presence in the end-to-end waste management value chain: NEPRA is broadly engaged in two main activities – one being the primary activity of dry solid waste collection, segregation, processing and selling it to aggregators and recyclers for further processing, while it also undertakes recycling of rigid plastic / plastic waste into granules for reuse. Other key revenue streams such as selling of residual waste or mix waste to cement plants as alternate fuel resource (AFR) and service income through providing complete EPR services to various manufacturing companies. The company has five MRFs across four states. NEPRA is the first company in India to use optical sorting technology in its waste management process. NEPRA's AFR waste provides a gross calorific value (GCV) similar to that of coal for cement plants. The EPR segment of the company provides services to some marquee companies, which contributed around 28% of revenue in FY25 (FY24: 36%). Following the discontinuation of PET bottle trading in FY25, the core waste management activity accounted for around 20% of revenue (FY24: 41%), while AFR sales rose significantly to 45% (FY24: 22%). Contributions from VAF and other services remained low at 7% in FY25. * Demonstrated capability of fund raising and induction of professional management: During FY19-FY23, NEPRA has raised equity of INR214 crore which were largely utilised towards setting-up MRFs and funding of losses, with debt of around INR49.50 crore as on FY25-end in the form of NCD's. However, owing to continuous losses on a y-o-y basis, NEPRA's net worth base declined significantly, at ~INR86 crore as on FY25-end as against INR185 crore in FY21, leading to deterioration in its capital structure marked by overall gearing of 0.74x as on FY25-end. (FY24: 0.51x). Aimed at strategic reengineering of the company's operations and establishing a path toward its long-term growth, the PE investors, who hold a majority stake in the company have appointed a professional CEO to oversee and manage the business operations and all promoters have stepped down from the Board of Directors. The company appointed Mr. Deep Dholakia, CEO, has over three decades of extensive experience across marketing, operations, and business management and Mr. Darshan Bagadia, CFO, has more than 15 years of expertise in the finance sector. * Favourable industry prospects: India has implemented several waste management policies, including the Solid Waste Management Rules, 2026, which mandate segregation, composting, and scientific disposal. The Swachh Bharat Mission has improved urban sanitation and waste collection, while the Plastic Waste Management Rules and EPR aim to reduce plastic pollution. This along with the Prime Minister's urge to open new dedicated MRFs for recycling and promoting circular economy provides a great boost for the industry. Though these policies have led to improvements in cleanliness and awareness, challenges like poor segregation, limited infrastructure, and uneven implementation across states hinder their full effectiveness. Future strategies under Vision 2047 aim to integrate technology and scale sustainable practices. Liquidity: Stretched NEPRA's liquidity remains stretched marked by continuous operating losses leading to below unity interest coverage. During FY25, the debt repayment and capex of the company were funded through cash flow from operation supported by improved collections and receipt of insurance claim of INR7.39 crore, related to asset losses incurred from a fire at its Ahmedabad plant. Further, the losses and interest payment for 10MFY26 was funded by receipt of bridge financing of INR13 crore in September 2025. CareEdge Ratings also notes that, despite maintaining free liquidity of approximately INR9.17 crore as on June 8, 2026, the company opted to defer interest payments due on its NCDs in June 2026 with the objective of sustaining the operations and growth of the company in the intervening period till the company raises funds from PE investors (which is presently at an advanced stage and is likely to fructify over next 2-3 months). Expected fund infusion in near term shall enable the company to meet its working capital requirement and consequently scale up its operations. Ability of the company to raise additional funds and turnaround its operations shall remain a key monitorable. Incorporated on October 13, 2006 (operations started from 2011), NEPRA is engaged in the collection, segregation, and processing of solid dry waste. NEPRA has presence in six cities – Ahmedabad, Sanand, Indore, Pune, Bangalore and Jamnagar (the MRF facility is not operational owing to disruption caused by floods in August 2024) – across four states. The company has five MRFs with a total combined capacity of 692 MTPD. Apart from waste management, the company also generates revenue from sale of residual or rejected or mixed type of waste to cement plants as AFR and it also provides complete platform for EPR services to various marquee companies. In FY24, the company also forayed into the business of processing of flexible and rigid plastic to produce recycled plastic granules The said VAF is established at Sanand near Ahmedabad, Gujarat having a total installed capacity of 20 TPD. NORTHERN POWER: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Northern Power Erectors Limited (NPEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of NPEL under the 'issuer non-cooperating' category as NPEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable New Delhi based, Northern Power Erectors Limited (NPEL) is a closely held public limited company originally incorporated in 1986 as Northern Power Erectors Private Limited. The name was and constitution was revised to present one in May, 1993. The Company is currently being managed by Mr. V.S. Mittal and Mr. N.S. Mittal. The company is engaged in manufacturing of hydro turbine and generator parts like S.S. rings, turbine runners, guide vane housing, etc. The company is also engaged in servicing and maintenance of hydro power stations. ONKAR INTERNATIONAL: CARE Keeps C/A4 Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Onkar International Private Limited (OIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 18.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 1.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of OIPL under the 'issuer non-cooperating' category as OIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 1980, Onkar International Private Limited (OIPL) provides corporate travel management solutions. The company is engaged in the business of airline ticketing services, and other travel related services including visa/passport services and documentation, insurance services. OIPL is promoted by Mr. Karanvir Singh Bahia. The company is an International Air Transport Association (IATA) registered ticketing agency and is also the member of Travel Agent Federation of India. ATIPL derives commission from the booking of domestic and international tickets. OIPL offers services in business to business (B2B) segment. OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ozone GSP Infratech (OGI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 35.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of OGI under the 'issuer non-cooperating' category as OGI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OGI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 03, 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 Ozone GSP Infratech constituted as a partnership firm on September 20, 2010 is currently partnered by Jotindra steel and tubes limited and Mr. Akhil Kumar Sureka. The entity is a part of a business conglomerate that is engaged in diverse industries viz. Steel tube manufacturing, LPG Cylinder manufacturing, trading and finance businesses and real estate. RAHEJA DEVELOPERS: NCLT Admits Insolvency Plea by 176 Homebuyers ---------------------------------------------------------------- The Times of India reports that the principal bench of National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by 176 homebuyers of Raheja Developers' Revanta project in Sector 78 after finding a prima facie case of default in handing over possession despite substantial payments made by allottees. According to TOI, the petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Surinder Aggarwal and 175 other allottees holding 99 units in the luxury residential project. The homebuyers stated they had collectively paid over INR137 crore towards their flats - many having paid up to 95% of the total sale price - yet possession remained pending years beyond the promised delivery timeline, with no compensation offered in lieu of the delay. Raheja Developers launched the Revanta project in 2011, committing to deliver possession within 36 months for independent floors and 48 months for high-rise towers. The project completion date declared before Haryana Real Estate Regulatory Authority (HRera) was July 31, 2022. TOI says the tribunal, in its June 8 order, also noted that the company had entered into memorandums of understanding with several allottees explicitly acknowledging delays and promising both compensation and possession by revised timelines - commitments that were allegedly not honoured. TOI relates that homebuyers further relied on adverse findings recorded by HRera, which had directed the developer to pay refunds and interest in certain cases. The petitioners alleged that Raheja Developers had failed to comply with those regulatory directions as well, compounding the grievance. Raheja Developers opposed the plea, attributing the delay to factors beyond its control - including the absence of external infrastructure such as roads, sewerage, water supply and electricity connectivity - as well as pending approvals for shifting high-tension power lines and prolonged litigation over sector roads, according to TOI. The company argued that regulatory actions had also affected its ability to raise funds and complete construction. It maintained that the project had reached an advanced stage of completion and that the company remained solvent. TOI notes that NCLT's decision to proceed with the Revanta petition followed a clarification by National Company Law Appellate Tribunal (NCLAT) that allottees of different Raheja projects could pursue separate, project-specific insolvency proceedings. The tribunal had earlier kept the matter partly in abeyance pending resolution of legal questions around this very issue. Once NCLAT provided clarity, NCLT proceeded to examine the Revanta case on its own merits. TOI adds that the order marks a significant development in the long-running disputes involving Raheja Developers and homebuyers across multiple projects in the city, with insolvency proceedings already initiated or under consideration in relation to several other developments by the company. Raheja Developers Limited is engaged in real estate development (residential and commercial). RENUKA CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Renuka Constructions (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 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 Renuka Construction (RC) is a proprietorship firm set up by Mr. Babu Mhatre in 1998 in Pune. The firm has been carrying out development of residential and commercial projects in Pune majorly focused in the Pimpri-Chinchwad area. The firm has now undertaken development of a residential project “Renuka Glorify” in Ravet which is on the outskirts of Pune. SELVANAAYAKI TEXTILE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Selvanaayaki Textile (SST) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of SST under the 'issuer non-cooperating' category as SST had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SST continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sri Selvanaayaki Textile (SST) is a proprietorship concern established in the year 1989 by Mr. R. Palanisamy. The firm is primarily engaged in the manufacture of grey fabrics. The promoter is also supported by his wife Mrs. P. Indumathi in handling the operations. SST procures raw material (cotton) from suppliers located in India. The firm has sizing units. Each of the units have an installed capacity of about 7200 kgs of yarn per day. After sizing of yarn in the firm, the weaving process is outsourced to job workers in and around Coimbatore. SST also exports its fabrics to Mali, West Africa. SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shanti Agro Foods Private Limited (SAFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.42 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of SAFPL under the 'issuer non-cooperating' category as SAFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 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 Shanti Agro Food Private Limited (SAFPL) was established as a proprietorship firm in November, 2008 by Mr Sahil Verma under the name of M/S Shanti Foods. In 2013, the business operations were taken-over by Shanti Agro Food Private Limited with Mr Sahil Verma and Mr Bishambar Lal as its directors. The company is engaged in processing of paddy at its manufacturing facility located at Karnal, Haryana SOMULA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Somula Construction Private Limited (SCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Somula Construction Private Limited (SCPL) was incorporated by Mr Somula Venkata Prasad Reddy (Managing Director) and his wife Mrs Venkata Subbalakshmi Somula in the year 2008 as a Private Limited company. SCPL is a Kurnool based company engaged in civil construction works such as laying roads and irrigation works for government organizations covering Road & Buildings Department (R&B) and Panchayat Raj which are procured through tenders. The company is a Class– I contractor. Beside civil construction works, the company is also engaged in trading of coal and steel in Andhra Pradesh region. The company generates around 60% of its total revenues from trading activities and balance 40% from execution of civil construction works. SSAGRI GROUP: CARE Lowers Rating on INR30cr LT/ST Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of SSAGRI Group Private Limited (SGPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 30.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable/ CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of SGPL under the 'issuer non-cooperating' category as SGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026, June 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SGPL have been revised on account of non-availability of requisite information. The revision further considers the delays in debt servicing as recognized from publicly available information i.e., CIBIL filings and NCLT order. Analytical approach: Standalone Outlook: Not applicable Andhra Pradesh based, SSAGRI Group Private Limited (SGPL) established as private limited in FY20 by Mr. Naresh Chowdary Cherukuri and Mrs. Sirisha Cherukuri. SGPL is engaged in processing and grading of agri products i.e., fruits and vegetables. Company uses capacity and assets of Siva Sai Exports (SSE) located at Nashik, Maharashtra on rental basis. SSE dedicated the processing capacity of 50 tons per day (TPD) and cold storage unit with capacity of 4000 MTPA to SGPL. THANGAVEL FABRICS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Thangavel Fabrics Private Limited (TFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 17.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of TFPL under the 'issuer non-cooperating' category as TFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 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 Thangavel Fabrics Private Limited (TFPL) (erstwhile Thangavelu Fabrics Private Limited), is an Erode based fabric manufacturer, established in January 2005, by merging four proprietorship concerns promoted by Mr Thankavel. These proprietorship concerns were engaged in manufacture of fabric since 1975. Currently, the company has three manufacturing units in Erode, Tamil Nadu with a total weaving capacity of 81 auto looms (approximately 25,000 meters per day) as on March 22, 2017. TFPL is a deemed exporter for brands like GAP, HNM, Lewi's, MNS, Next, Target, Marks & Spencers, Gloria Jeans and C&A. The promoters, family and friends collectively hold 100% shareholding in the company. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Lee Chong Kuang Holds 11.3% Equity Stake ---------------------------------------------------------- Lee Chong Kuang disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of May 29, 2026, he beneficially owns 2,041,208 shares with 1,875,293 sole voting power, 165,915 shared voting power, 1,875,293 sole dispositive power, and 165,915 shared dispositive power of Greenpro Capital Corp.'s Common Stock, representing 11.3% of the 18,062,072 shares of Common Stock outstanding as of May 29, 2026. Includes 1,875,293 shares of Common Stock held directly by Mr. Kuang and 165,915 shares of Common Stock held directly by Mr. Kuang's spouse, Yap Pei Ling. Mr. Kuang may be deemed to share voting and dispositive power over the shares held by his spouse. On May 29, 2026, Mr. Kuang acquired 28,949 shares of Common Stock from the Issuer in a private placement pursuant to a Subscription Agreement, dated May 29, 2026, at a purchase price of $1.7272 per share, for an aggregate purchase price of $50,000. Lee Chong Kuang may be reached through: Lee Chong Kuang, CEO, President and Director Greenpro Capital Corp. B-23A-02, G-Vestor Tower Pavilion Embassy, 200 Jalan Ampang Kuala Lumpur, Malaysia 50450 Tel: 60 384081788 A full-text copy of Lee Chong Kuang's SEC report is available at: https://tinyurl.com/49wcfd4z About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1.79 million and as of December 31, 2025, the Company incurred an accumulated deficit of $40.25 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $21.89 million in total assets, $2.19 million in total liabilities, and $19.70 million in total stockholders' equity. ===================== N E W Z E A L A N D ===================== CHANDNI NAAG: Court to Hear Wind-Up Petition on July 2 ------------------------------------------------------ A petition to wind up the operations of Chandni Naag Limited will be heard before the High Court at Christchurch on July 2, 2026, at 10:00 a.m. Corcoran French filed the petition against the company on May 21, 2026. The Petitioner's solicitor is: Grace Aislabie 74 Armagh Street Christchurch Central 8013 MANAAKI MANAGEMENT: Wharewaka Owners NZD800,000 Out of Pocket ------------------------------------------------------------- The Post reports that the owners of Wellington's waterfront Wharewaka facility said they are NZD800,000 out of pocket after the man who ran its cafe - and sits on the board of the city's economic development agency - took a company into liquidation for a second time. The Post relates that a liquidator's first report showed Manaaki Management, owned by Paul Retimanu and others, was put into voluntary liquidation in May owing about NZD3 million. Mr. Retimanu is a board member of WellingtonNZ, with a website saying he brings "leadership, business knowledge and entrepreneurship expertise" to the position. Mr. Retimanu was also an owner of KPR Event Management, which went into liquidation in 2012, the Post relays. Liz Mellish is the chairperson of Te Wharewaka o Poneke Charitable Trust, which owns the Wharewaka, where Mr. Retimanu until recently ran the cafe and function centre. "He hasn't paid us for bloody ages," the Post quotes Ms. Mellish as saying. The trust in 2023 forgave NZD384,105 in unpaid historic invoices, but another NZD800,000 had since amassed in rent, money, use of the attached function centre and interest, Ms. Mellish said. R.T TEXTILES: Court to Hear Wind-Up Petition on July 2 ------------------------------------------------------ A petition to wind up the operations of R.T Textiles 2023 Limited will be heard before the High Court at Christchurch on July 2, 2026, at 10:00 a.m. Global Window Coverings NZ Limited filed the petition against the company on June 2, 2026. The Petitioner's solicitor is: Thomas Newman Steindle Williams Legal Suite 2.1, Level 2 18 Sale Street Auckland CBD Auckland ROOP LIMITED: Creditors' Proofs of Debt Due on June 30 ------------------------------------------------------ Creditors of Roop Limited are required to file their proofs of debt by June 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 27, 2026. The company's liquidators are: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 TIGRIS FOODS: Creditors' Proofs of Debt Due on July 14 ------------------------------------------------------ Creditors of Tigris Foods Limited are required to file their proofs of debt by July 14, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidator is: Kevyn Botes i-Business Recovery Limited PO Box 55 Greenhithe, Auckland 0756 UNIQUE FABRICS: Creditors' Proofs of Debt Due on July 2 ------------------------------------------------------- Creditors of Unique Fabrics Limited are required to file their proofs of debt by July 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 2, 2026. The company's liquidators are: Stephen Keen John Fisk c/o Teneo NZ Suite 6.4, 1 Albert Street Auckland Central Auckland ================= S I N G A P O R E ================= AKSTRA PTE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on June 3, 2026, to wind up the operations of Akstra Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ART GLASS: Court to Hear Wind-Up Petition on June 26 ---------------------------------------------------- A petition to wind up the operations of Art Glass Solutions Pte. Ltd. will be heard before the High Court of Singapore on June 26, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 3, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 CANCITO PTE: Creditors' Proofs of Debt Due on June 25 ----------------------------------------------------- Creditors of Cancito Pte. Ltd. are required to file their proofs of debt by June 25, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2026. The company's liquidator is: Tian Wei Chin c/o 210A Clementi Avenue 6, #33-203 Singapore 121210 DOZER DATA: Creditors' Proofs of Debt Due on July 13 ---------------------------------------------------- Creditors of Dozer Data Pte. Ltd. are required to file their proofs of debt by July 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 5, 2026. The company's liquidator is: Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 XIN HUI: Creditors' Proofs of Debt Due on July 11 ------------------------------------------------- Creditors of Xin Hui Shipping (Pte) Ltd are required to file their proofs of debt by July 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 ===================== S O U T H K O R E A ===================== COUPANG INC: South Korea Fines Unit US$410MM Over Data Breaches --------------------------------------------------------------- Yonhap News Agency reports that South Korea's data protection regulator on June 1 fined e-commerce company Coupang Corp. a record KRW624.7 billion (US$410 million) over privacy violations, including a massive data breach that affected more than 37 million users. Yonhap relates that the Personal Information Protection Commission has decided to impose a record fine of KRW423.6 billion for the data breach and levy an additional KRW201.1 billion fine for the unauthorized collection of records of online user activities and other violations. It marked the largest fine ever imposed by the regulator on a single company, according to the commission. "The investigation found that this incident happened not by sophisticated hacking, but due to Coupang's inadequate safety management system," Yonhap quotes Song Kyung-hee, the watchdog's chief, as saying in a briefing. Coupang expressed regret over the record fine imposed, adding that it plans to "clarify the facts through legal procedures," Yonhap relays. According to Yonhap, the punitive measures come more than six months after Coupang belatedly reported a large-scale data breach last November of personal information of users in South Korea, including their names, phone numbers and delivery details. The regulator concluded that a hacker behind the breach accessed personal information of about 37.5 million users -- 33.2 million Coupang members and 4.3 million others, according to Song. The figure is sharply higher than the 33.67 million accounts earlier determined by a joint private-public probe to have been affected. The watchdog added that it decided to file a complaint against Coupang for actions that obstructed the investigation, Yonhap relays. Yonhap notes that the penalty for Coupang's data breach is over three times higher than the regulator's previous record fine of KRW134.8 billion imposed in August 2025 against mobile carrier SK Telecom for a data leak that affected 23 million users. Coupang failed to detect multiple irregularities related to the breach and did not properly manage its authentication system, the watchdog said of reasons for the record high penalties. Under the personal information protection law, companies that suffer personal information leaks can be fined up to 3 percent of their annual sales, although sales from businesses unrelated to the violation can be excluded, Yonhap relays. Coupang logged about KRW36 trillion in annual sales on average in the past three years, according to relevant industry data. Yonhap adds that the e-commerce company's massive data leak had also emerged as a source of friction between Seoul and Washington after some U.S. officials and lawmakers raised concerns about whether the Korean unit of the U.S.-listed Coupang Inc. was being treated unfairly in the investigation. Song said the watchdog's penalty was based on the investigation results, adding that it did not consider "other influences." Yonhap says the regulator also found that Coupang collected records of online activities of 11.17 million users, who accessed other services, without their permission. The records included websites and applications visited by the users. It additionally determined that the company did not properly manage advertisement partners that posted "hi-jacking" advertisements. Separately, the watchdog also fined the company's logistics arm, Coupang Fulfillment Services, KRW248 million for various privacy violations, such as collecting a list of journalists and keeping them on an employment restriction list, Yonhap reports. About Coupang, Inc. Coupang, Inc. (NYSE: CPNG) is a South Korea-based e-commerce company known for its fast-delivery logistics network and end-to-end fulfillment capabilities. The Company operates an online retail platform offering a broad range of consumer products, supported by proprietary technology and an integrated supply chain. It also provides related services such as food delivery, fintech solutions and video streaming within its ecosystem. Coupang, Inc.'s working capital deficit was US$260.0 million at March 31, 2026. The working capital was US$334.0 million at Dec. 31, 2025. At March 31, 2026, the Company had total current assets of US$9,363.0 million and total current liabilities of US$9,623.0 million. At Dec. 31, 2025, the Company had total current assets of US$9,691.0 million and total current liabilities of US$9,357.0 million. ********* 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 ***