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260722.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, July 22, 2026, Vol. 29, No. 145 Headlines A U S T R A L I A AMAB TRAINING: First Creditors' Meeting Set for July 24 CULLETON CONTRACTING: McGrathNicol Appointed as Receivers GFG ALLIANCE: Tasmania May Shoulder Liberty Bell Bay Rehabilitation IRIS PW NO.1: First Creditors' Meeting Set for July 27 SHIFT 2026-1: Moody's Assigns B1 Rating to AUD7MM Cl. F Notes TRIANGLE ENERGY ONSHORE: First Creditors' Meeting Set for July 24 TRIANGLE ENERGY: First Creditors' Meeting Set for July 24 WALLAROO SHORES: First Creditors' Meeting Set for July 24 C H I N A CHINA CITIC: Moody's Rates New AT1 Capital Securities 'Ba2(hyb)' TAOPING INC: Issues $3.2M Convertible Note to Streeterville Capital I N D I A AMP UNIVERSAL: CRISIL Keeps B Debt Ratings in Not Cooperating ASHOKA DISTILLERS: CRISIL Keeps B Debt Ratings in Not Cooperating ASTRA ROCKS: CRISIL Keeps B- Debt Ratings in Not Cooperating BAHUBALI CASHEWS: CRISIL Keeps B Debt Rating in Not Cooperating BALAJEE ARUN: CRISIL Keeps B Debt Ratings in Not Cooperating BRAJ MINING: CRISIL Keeps B Debt Ratings in Not Cooperating DAS PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating FNM PROPERTY: CRISIL Lowers Rating on INR10cr LT Loan to D HIMATSINGKA AUTO: CRISIL Moves B- Debt Ratings to Not Cooperating PRAKASH OFFSET: CRISIL Hikes Rating on INR14.5cr Tern Loan to B R. S. AGRO: CRISIL Lowers Rating on INR10cr Cash Loan to C RADHIKAREDDY INFRA: CRISIL Keeps B Debt Rating in Not Cooperating S.F.C. FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating SAMARTHA HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating SARAOGI SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating SECURITY PRODUCTS: CRISIL Keeps B Debt Rating in Not Cooperating SHARP RENEWAL: CRISIL Keeps B Debt Ratings in Not Cooperating SHIVOM MINERALS: CRISIL Lowers Rating on INR21cr Cash Loan to B SHYAM IRON: CRISIL Lowers Rating on INR6cr Cash Loan to C SIDDESHWAR MULTIPURPOSE: CRISIL Keeps B Rating in Not Cooperating SOUTHERN HOLDINGS: CRISIL Keeps B Debt Ratings in Not Cooperating SRISTI HOSPITALITY: NCLAT Upholds Sale of Company to Consortium SUN HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating TARA INVESTMENTS: CRISIL Keeps B Debt Ratings in Not Cooperating TARAPUR TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating VENKATA SURESH: CRISIL Keeps B Debt Ratings in Not Cooperating N E W Z E A L A N D BURGER BURGER: Buyer Sought to Save Chain Facing NZD5.3MM Debt ENDURE FAITH: Creditors' Proofs of Debt Due on Aug. 10 GREENFIRE NZ: Creditors' Proofs of Debt Due on Aug. 21 LIFESTYLE RENTAL: Goes Into Interim Receivership MOTE'S INVESTMENT: Court to Hear Wind-Up Petition on July 28 PUNJAB KING: Court to Hear Wind-Up Petition on Aug. 14 TAP AND GO: More Than NZD455,000 Owed Will Not Be Repaid TJM PAINTING: Goes Into Liquidation Owing IRD Nearly Half a Million WESTIE FOOD: Teneo Financial Advisory Appointed as Receivers S I N G A P O R E DOLPHIN GEO: Court to Hear Wind-Up Petition on July 24 INNOTREND PTE: Court to Hear Wind-Up Petition on July 31 NEAR INTELLIGENCE: Placed Under Provisional Liquidation OFFITEK & ENGINEERING: Court to Hear Wind-Up Petition on July 24 UNIQUE GRILLES: Court to Hear Wind-Up Petition on July 31 S O U T H K O R E A HOMEPLUS CO: Court Extends Rehabilitation Process After Appeal - - - - - ================= A U S T R A L I A ================= AMAB TRAINING: First Creditors' Meeting Set for July 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Amab Training Services Pty Ltd (trading as The Australian Academy of Cinemagraphic Makeup (AACM) & Bellevue Beauty) will be held on July 24, 2026, at 10:30 a.m. via virtual facilities only. Graeme Robert Beattie of C/- Worrells was appointed as administrators of the company on July 14, 2026. CULLETON CONTRACTING: McGrathNicol Appointed as Receivers --------------------------------------------------------- Mark Holland and Robert Kirman of McGrathNicol were appointed as administrators of Culleton Contracting Pty Ltd on July 20, 2026. "As Administrators, we have assumed control of Culleton Contracting's business, property and affairs and are undertaking an urgent assessment to determine the best course of action to preserve value for stakeholders. "We are also assessing the position in relation to Culleton Contracting's property and other assets, including the Gulargambone Hotel, and will provide further information to affected stakeholders as it becomes available," Mr. Holland said in a circular. Based in South-East and Central Queensland, Culleton Contracting specialises in plant hire, mining & civil projects, bulk earthworks. GFG ALLIANCE: Tasmania May Shoulder Liberty Bell Bay Rehabilitation ------------------------------------------------------------------- ABC News reports that responsibility for rehabilitating and cleaning up the Liberty Bell Bay site could ultimately fall to the Tasmanian government, according to legal experts, after administrators failed to secure a buyer for the embattled manganese smelter. The ABC relates that administrators announced on July 16 that they had been unable to secure a buyer for the northern Tasmanian smelter, triggering its immediate closure and leaving about 200 workers without jobs, while also raising questions about the future of the industrial site. While the Tasmanian government has not ruled out another operator taking over the site, it is likely to become a major financial burden if it is closed down. "This particular site will need a significant rehabilitation if it does come to that kind of full closure," the ABC quotes Tasmanian Minister for Business, Industry and Resources Felix Ellis as saying. "Now obviously that'll be something that the owners will need to work through, and the government is monitoring that situation closely." In October, a report by William Buck, the administrator of Sanjeev Gupta's Whyalla Ports, estimated the rehabilitation costs of Liberty Bell Bay to be about AUD200 million if the facility was closed. Asked on July 17 whether that figure was accurate, Mr. Ellis said it was "around that mark," the ABC relates. "It depends, of course, on the scale of rehabilitation, but I can definitely indicate it is substantial," he said. So, if that is the case, who pays for it? At it currently stands, the administrators are responsible for the site and the associated clean-up and remediation costs. However, according to University of Sydney professor Jason Harris, an expert in corporate and insolvency law, that is likely to change if the company enters liquidation, the ABC says. "Liquidators have a power that administrators don't," he said. "If the company goes into liquidation, what would happen is the liquidators would be able to disclaim the property. On July 17, Mr. Ellis did not directly answer whether the state government would undertake and pay for the site's rehabilitation if the company was unable to, the ABC relays. "It's too early. This is still a hypothetical at this stage," he said. "The owners currently have an obligation around the clean-up and to ensure the site is rehabilitated if the business goes into full closure The ABC relates that Professor Harris said a full closure would be an "extreme outcome" and he suspected the government would work with administrators to find an alternative. "The EPA and the state government do not want to have a AUD200 million bill lobbed on their front door," the ABC quotes Professor Harris as saying. "So they would want to be working with the administrators to try and sell the asset if they can, or facilitate the sale of the asset if they can, even if it means that they need to put in more financial support." Professor Harris said another option available to liquidators was to sue former directors, if there were legal grounds to do so. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. IRIS PW NO.1: First Creditors' Meeting Set for July 27 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Iris - PW No.1 2017 Pty Ltd will be held on July 27, 2026, at 11:00 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Suite 6.02, Level 6, 109 St Georges Terrace, in Perth, WA and via virtual facilities. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on July 16, 2026. SHIFT 2026-1: Moody's Assigns B1 Rating to AUD7MM Cl. F Notes ------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to notes issued by AMAL Trustees Limited, as trustee of Shift 2026-1 Trust. Issuer: AMAL Trustees Limited as trustee of Shift 2026-1 Trust AUD262.50 million Class A Notes, Assigned Aaa (sf) AUD23.45 million Class B Notes, Assigned Aa2 (sf) AUD18.55 million Class C Notes, Assigned A2 (sf) AUD9.45 million Class D Notes, Assigned Baa2 (sf) AUD16.45 million Class E Notes, Assigned Ba1 (sf) AUD7.00 million Class F Notes, Assigned B1 (sf) The AUD6.30 million Class G1 Notes and the AUD6.30 million Class G2 Notes are not rated by us. The transaction is a securitisation of a portfolio of commercial auto and equipment loans and leases originated by Shift Financial Pty Ltd ("Shift"). Shift will act as servicer of the transaction. This is the fifth ABS transaction (4th commercial auto and equipment transaction) for Shift. Shift is an Australian SME lender providing working capital facilities, term loans and asset finance to Australian businesses since 2014. As of April 2026, Shift has lent circa AUD6.6 billion to over 32,000 Australian businesses. RATINGS RATIONALE The definitive ratings take into account, among other factors, Moody's evaluations of the underlying receivables and their expected performance, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes' balance, the legal structure, the experience of Shift as servicer and the presence of Verofi Pty Limited as a standby servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses, a highly diversified portfolio and full income verification underwriting. Some key challenges include relatively limited historical performance data with equipment loan originations starting in 2017. As such, the pool's performance could be subject to greater variability than the observed data indicates. The transaction's key features are as follows: -- Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 25.00%, 18.30%, 13.00%, 10.30%, 5.60% and 3.60% of note subordination, respectively. -- Once the stepdown conditions are satisfied, Class A to Class F Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, Class A subordination being equal to or greater than 1.2 times of the Class A subordination on the closing date and there being no unreimbursed charge-offs. The deal will revert to sequential pay post the call date. -- A swap provided by Westpac Banking Corporation (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow the scheduled amortization of the fixed rate portion of the portfolio. -- Verofi Pty Limited (Verofi) acts as standby servicer. Upon termination of the servicer, Verofi will take over the servicing role in accordance with the standby servicing agreement. Key portfolio features are as follows: -- The portfolio is diversified both at an obligor level and a geographical level. The largest obligor concentration is 0.4%. -- The portfolio has a high yield of 11.1% which provides excess spread to cure portfolio losses. -- Heavy commercial vehicle loans are the largest asset type cohort making up 42.2% of the portfolio, intangible tertiary assets such as installations and fitouts are the second largest component making up 22.4% of the portfolio. Key model assumptions: Moody's base case assumptions are a default rate of 5.5%, recovery of 15.0% and a portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recessionary scenario — of 27.0%. To address the limited historical loss data on Shift's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. TRIANGLE ENERGY ONSHORE: First Creditors' Meeting Set for July 24 ----------------------------------------------------------------- A first meeting of the creditors in the proceedings of Triangle Energy Onshore Pty Ltd and Triangle Energy Offshore Pty Ltd will be held on July 24, 2026, at 1:30 p.m. at the offices of 101 Advisory, at Level 3, 101 St Georges Terrace, in Perth, WA, and via virtual meeting technology. Bryan Hughes of 101 Advisory was appointed as administrator of the company on July 15, 2026. TRIANGLE ENERGY: First Creditors' Meeting Set for July 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Triangle Energy (Operations) Pty Ltd will be held on July 24, 2026, at 10:00 a.m. via Microsoft Teams. Stephen Earel of Cor Cordis was appointed as administrator of the company on July 14, 2026. WALLAROO SHORES: First Creditors' Meeting Set for July 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Wallaroo Shores Resort Management Pty Ltd will be held on July 24, 2026, at 10:30 a.m. at the offices of Tarquin Koch Accounting & Insolvency Services, at Unit 2, 23-25 Beulah Road, in Norwood, SA, and via virtual meeting technology. Tarquin Koch of Tarquin Koch Accounting & Insolvency Services were appointed as administrators of the company on July 15, 2026. ========= C H I N A ========= CHINA CITIC: Moody's Rates New AT1 Capital Securities 'Ba2(hyb)' ---------------------------------------------------------------- Moody's Ratings has assigned a foreign currency Ba2(hyb) preferred stock rating to China CITIC Bank International Limited's proposed USD and RMB-denominated, undated, non-cumulative and subordinated Additional Tier 1 (AT1) capital securities with non-viability loss absorption features. Distributions may be cancelled in full or in part on a non-cumulative basis at the issuer's discretion or mandatorily in the case of 1) insufficient distributable reserves or 2) the Monetary Authority's direction. The AT1 capital securities will be drawn down under the USD3 billion Medium Term Note program of China CITIC Bank International Limited. The rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody's have reviewed. RATINGS RATIONALE The assigned Ba2(hyb) rating is in line with China CITIC Bank International Limited's foreign currency preferred stock non-cumulative rating, and reflects the structure of the issuance. The AT1 capital securities constitute direct, unsecured and subordinated obligations of the bank and will at all times rank pari passu among themselves. China CITIC Bank International Limited's preferred stock non-cumulative rating reflects: (1) the bank's Baseline Credit Assessment (BCA) and Adjusted BCA of baa2; (2) Moody's Advanced Loss Given Failure (LGF) analysis, resulting in a position that is three notches below the bank's Adjusted BCA; and (3) Moody's assumptions of a low probability of government support for loss-absorbing instruments, resulting in no uplift. Given the limited subordination in the form of residual equity, the Advanced LGF analysis indicates a high loss-given-failure for the AT1 securities, resulting in a position one notch below the bank's Adjusted BCA. In addition, Moody's rating for non-viability securities also incorporates two additional notches to capture the risk of coupon suspension on a non-cumulative basis. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating on China CITIC Bank International Limited's AT1 securities if Moody's upgrade the bank's BCA. An upgrade of China CITIC Bank International Limited's BCA is unlikely without an upgrade of its parent bank, China CITIC Bank Corporation Limited's (Baa2 positive, ba2) BCA, given the business and reputational links between the two entities, and the potential contagion risks from the parent. Moody's could upgrade the bank's BCA if parent's BCA improves; at the same time, the bank's strengthens asset quality sustainably, improves profitability with net income/tangible assets rising above 0.75% on a sustained basis, and maintains strong capitalization. Moody's could downgrade the bank's AT1 securities rating if Moody's downgrade China CITIC Bank International Limited's BCA. Moody's could downgrade the bank's BCA if the bank's asset quality or profitability deteriorates, with its impaired loan formation rate increasing significantly or impaired loan ratio approaching 3.0%, or net income/tangible assets consistently below 0.38%; and reliance on less stable funds increasing to more than 22% of tangible banking assets. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Headquartered in Hong Kong SAR, China, China CITIC Bank International Limited reported consolidated total assets of HKD550.6 billion and total equity of HKD59.9 billion as of December 31, 2025. TAOPING INC: Issues $3.2M Convertible Note to Streeterville Capital ------------------------------------------------------------------- Taoping Inc. said in a regulatory filing with the Securities and Exchange Commission that it entered into a Securities Purchase Agreement with Streeterville Capital, LLC, a Utah limited liability company, pursuant to which the Company issued an unsecured convertible promissory note with a 12-month maturity to Streeterville. The Convertible Note has the original principal amount of $3,195,000 including the original issue discount of $180,000 and Streeterville's legal and other transaction costs of $15,000. Interest accrues on the outstanding balance of the Convertible Note at 7% per annum. Upon the occurrence of a Trigger Event, Streeterville may increase the outstanding balance payable under the Convertible Note by 15% or 10%, depending on the nature of such event. If the Company fails to cure the Trigger Event within the required five trading days, the Trigger Event will automatically become an event of default and interest will accrue at the lesser of 18% per annum or the maximum rate permitted by applicable law. Pursuant to the terms of the Convertible Note and the Purchase Agreement, the Company must obtain Streeterville's consent for certain fundamental transactions such as consolidation, merger, disposition of substantial assets, change of control, reorganization or recapitalization. Any occurrence of such fundamental transaction without Streeterville's prior written consent will be deemed a Trigger Event. After Streeterville delivers the purchase price of the Convertible Note to the Company, Streeterville, subject to certain restrictions, may convert all or any part of the outstanding balance of the Convertible Note into the Company's ordinary shares at a conversion price of $6.00. In addition, subject to certain restrictions, Streeterville may redeem all or any portion of the Convertible Note, subject to a maximum amount of $250,000 per month. Payments of each redemption amount may be made, in the Company's discretion: (a) in cash, (b) by converting such redemption amount into ordinary shares per the following formula: the number of Redemption Conversion Shares equals the portion of the applicable redemption amount being converted divided by the Redemption Conversion Price, which is equal to the lesser of: (i) the Lender Conversion Price, and (ii) 80% of the lowest daily VWAP during the 10 trading days immediately preceding the applicable redemption date, or (c) by any combination of the foregoing, so long as the cash is delivered to Streeterville on the fifth trading day immediately following the applicable redemption date and the Redemption Conversion Shares are delivered to Streeterville on or before the applicable delivery date, subject to the terms and conditions under the Convertible Note. Notwithstanding the foregoing, the Company is required to pay any redemption amount in cash if, on the applicable redemption date, the Redemption Conversion Price is below the floor price of $0.30 per ordinary share, or there is an Equity Conditions Failure that is not waived by Streeterville. The Company is responsible for certain late fees equal to 2% of the Conversion Share Value with a floor of $500 per day and a cap of 200% of the applicable Conversion Share Value if it fails to deliver the ordinary shares upon conversion or redemption pursuant to the terms of the Convertible Note. The Company may prepay the outstanding balance of the Convertible Note in cash equal to 120% multiplied by the portion of the outstanding balance the Company elects to prepay. Pursuant to the Convertible Note, the Company shall not effect any conversion of the Convertible Note to the extent that, after giving effect to such conversion, it would cause Streeterville (together with its affiliates) to beneficially own a number of ordinary shares exceeding 9.99% of the number of ordinary shares outstanding on such date (including for such purpose the ordinary shares issuable upon such issuance). The beneficial ownership of ordinary shares will be determined pursuant to Section 13(d) of the Exchange Act. In addition, pursuant to the Convertible Note, Streeterville has the right to redeem all or any portion of the outstanding balance of the Convertible Note into ordinary shares at Redemption Conversion Price if either: (a) the intraday trading price of the ordinary shares exceeds the minimum price by at least 15%, or (b) the daily trading volume exceeds 300% of the average daily trading volume for the preceding five trading days. Redemption notices must be submitted within specified timeframes following the triggering event. If the Redemption Conversion Price is below the Floor Price on the redemption date, the Company must pay the redemption amount in cash. These redemptions are in addition to, and do not reduce or count against, the Maximum Monthly Redemption Amount. Streeterville may not exercise this right after receiving shares equal to the Maximum Amount until six months after the purchase price date, and any excess shares must be issued pursuant to an available registration exemption or effective registration statement. After the Company has redeemed an amount equal to half of the $3,195,000 original principal amount of the Convertible Note in cash, any subsequent redemptions it makes in cash will be subject to a twenty-five percent (25%) premium. Closing of Purchase Agreement On July 15, 2026, the transaction contemplated by the Purchase Agreement was closed as all the closing conditions set forth therein were satisfied. In connection with the Purchase Agreement, the Company filed a prospectus supplement under the registration statement on Form F-3 (File No. 333-288404) to register up to 2,970,440 ordinary shares of the Company issuable upon the conversion of the Convertible Note. The Company estimates that the net proceeds from the sale of the Convertible Note will be approximately $3.0 million, after deducting estimated expenses, and intends to use the net proceeds for working capital and general corporate purposes. The Company may be reached through: Jianghuai Lin Taoping Inc. 21st Floor, Building 3, Tianjin Science and Technology Plaza Keyan West Road Nankai District, Tianjin, 300192 People's Republic of China The Investor may be reached through: John Fife Streeterville Capital, LLC 297 Auto Mall Drive #4 St. George, Utah 84770 -- or -- Jonathan Hansen Capital Law Partners PLLC 1873 W Traverse Pkwy, Suite E #610 Lehi, Utah 84043 Full-text copies of the Purchase Agreement and the Convertible Note are available at https://tinyurl.com/33vdt6zv and https://tinyurl.com/4bez7w4k, respectively. A copy of the opinion of Maples and Calder relating to the validity of the shares that may be issued pursuant to the Convertible Note is available at https://tinyurl.com/yhn7w2u9 About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-based technologies for Smart City IoT platforms, elevator products and related services, digital advertising delivery, and other internet-based information systems in China. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio for its products and services, which are aligned together with its smart cloud platform, cloud services, and solutions. PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31,  2025, citing that the competitive market in China impacting the legacy business, potential financial consequences from the escalated tariff and geopolitical disorders, and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern in the shorter term. As of Dec. 31, 2025, the Company had $39.4 million in total assets, $19.9 million in total liabilities, and $19.5 million in total equity. ========= I N D I A ========= AMP UNIVERSAL: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of AMP Universal Realty Private Limited (AMP) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 0.9 CRISIL B/Stable (Issuer Not Discounting Loan Cooperating) Proposed Long Term 17.1 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AMP for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AMP, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMP continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2006, AMP is promoted by the Meharia consortium, the Tavarya group, the Shanta Subhasree group, and the Shivalik group. It was formed to develop a commercial complex, AMP Baisakhi in Kolkata, in a joint venture with Bidhannagar Municipality. ASHOKA DISTILLERS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Ashoka Distillers and Chemicals Private Limited (ADCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 43 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ADCPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ADCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ADCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1986 and promoted by Mr Ajay Kumar Modi, ADCPL manufactures grain neutral spirit, country liquor, IMFL and flavoured liquor. Its distillery unit was set up in 1987 in Hathin, Haryana. The company also has a contract bottling arrangement with Pernod Ricard. ASTRA ROCKS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Astra Rocks and Minerals Private Limited (ARMPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 2.5 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 6.5 Crisil B-/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ARMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ARMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Based in Vijayawada, Andhra Pradesh, ARMPL is engaged in quarrying and selling of rough granite blocks. Incorporated in December 2014, operations began in December 2016. The company is promoted by Dr Satish Chandra and Dr Swati. BAHUBALI CASHEWS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bahubali Cashews (BC) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BC for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BC continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a proprietorship firm in 2000, BC processes raw cashew nuts and sells cashew kernels. Its facility in Udupi (Karnataka) has installed processing capacity of 4 metric tonnes per day of cashew kernels. Its operations are managed by proprietor Ms. Nirmala Mahaveer Hegde. BALAJEE ARUN: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Balajee Arun Educational Society (BAES) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 25 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 10 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAES for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BAES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAES continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2004, BAES runs three DPS franchisee schools in Mahendra Hills, Nacharam and Nadergul in Hyderabad. The society is promoted by Mr M Komaraiah and family. BRAJ MINING: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Braj Mining Corporation Private Limited (BMCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 1.8 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BMCPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BMCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010, BMCPL undertakes contracts for mining, extraction and transportation of iron and manganese ore. Mr DB Singh and Mr Jaswant Singh are the promoters of the company. DAS PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Das Processors (DP) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 Crisil D (Issuer Not Cooperating) Cash Credit 5 Crisil D (Issuer Not Cooperating) Long Term Loan 0.48 Crisil D (Issuer Not Cooperating) Proposed Long Term 0.52 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DP for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DP continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2012, DP is based in Chhattisgarh. The firm is involved in civil construction of roads, bridges and canals, irrigation and electrification works. FNM PROPERTY: CRISIL Lowers Rating on INR10cr LT Loan to D ---------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of FNM Property Services Private Limited (FNM) to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with FNM for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of FNM, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on FNM is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of FNM to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. FNM, incorporated in 2015, offers facility management, common area marketing, branding services, leasing, and real-estate brokerage and advisory services. About 60% of the revenue come from facility management services. Mr Devinder Gupta and Mr Manish Kochhar are the promoters, while Ms Rimpy Soni looks after the daily operations. HIMATSINGKA AUTO: CRISIL Moves B- Debt Ratings to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Himatsingka Automobiles Private Limited (HAPL) to 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working Capital Facility 0.5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Rupee Term Loan 4 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with HAPL for obtaining information through letter and email dated July 1, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of HAPL to 'Crisil B-/Stable Issuer not cooperating'. Patna-based HAPL was set up in December 2007 by Mr Mohan Himatsingka. It used to deal in commercial vehicles of TML in Bihar and Jharkhand. The company has haulted its operations of dealerships and is now only in assembly of trailers in Jharkhand. PRAKASH OFFSET: CRISIL Hikes Rating on INR14.5cr Tern Loan to B --------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with guidelines of the Securities Exchange Board of India, had migrated its rating on the long-term bank facilities of Prakash Offset Printers (POP) to 'Crisil D Issuer Not Cooperating'. However, the management has subsequently started sharing the information necessary for carrying out a comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating of POP to 'Crisil B/Stable' from 'Crisil D issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil B/Stable (Migrated from 'Crisil D ISSUER NOT COOPERATING') Cash Term Loan 14.5 Crisil B/Stable (Migrated from 'Crisil D ISSUER NOT COOPERATING') Proposed Fund- 2.0 Crisil B/Stable (Migrated from Based Bank Limits 'Crisil D ISSUER NOT COOPERATING') The migration of the rating reflects POP's track record of timely repayment of debt, led by improved liquidity. The rating continues to reflect the modest scale and working capital-intensive operations and exposure to customer concentration risk. These rating weaknesses are partially offset by the extensive experience of the partners in the printing industry and the moderate financial risk profile of the firm. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of POP. Key rating drivers - Weaknesses * Working capital-intensive operations: Gross current assets are estimated to be high at 194 days as on March 31, 2026, owing to the large receivables and inventory levels. Given the nature of the printing business, the firm needs to extend long credit period to its customers and hold large work-in-process and finished goods inventory. * Modest scale of operations and exposure to customer concentration risk: Revenue is estimated to be low around INR25.60 crore for fiscal 2026. The key customer, Funskool Ltd accounted for more than 70% of total sales. The firm has maintained a healthy relationship with Funskool Ltd; however, its business risk profile will remain vulnerable to any change in business strategies of the latter. Key rating drivers - Strengths * Extensive experience of the partners: The partners have been engaged in the printing industry for more than 35 years. This has helped them gain a strong understanding of local market dynamics and establish healthy relationships with suppliers and customers. * Moderate financial risk profile: The financial risk profile is supported by moderate debt protection metrics. Interest coverage and net cash accrual to total debt ratios are estimated to be around 2.90 times and 0.19 time, respectively, supported by healthy operating profitability of 10–25% over the three fiscals ended March 31, 2026. Gearing remains moderate and is estimated to be 1.48 times as on March 31, 2026, owing to higher reliance on debt to fund working capital expenses. Liquidity Stretched Bank limit utilisation was high, averaging around 88.5% for the 12 months ended April 30, 2026. Expected cash accrual of INR4-5 crore should suffice to cover the term debt obligation of INR3.5–4.0 crore over the medium term. Current ratio is estimated to be weak at 0.97 time as on March 31, 2026. Outlook Stable Crisil Ratings believes POP will continue to benefit from the extensive experience of its partners in the printing industry. Rating sensitivity factors Upward factors: * Growth in operating income and margin, leading to net cash accrual of more than INR4 crore * Improvement in the financial risk profile and liquidity Downward factors * Decline in operating income or margin, leading to cash accrual less than INR2 crore * Weakening of the financial risk profile and/or liquidity POP was formed as a partnership firm in 1982. The firm offers printing services, including offset or commercial printing. The facility is located in Mangaluru, Karnataka. P Raghuveer Nayak, Pallavi R Nayak, Anand S Prabhu, Vasanthi Prabhu and Savithri R Prabhu are the partners. R. S. AGRO: CRISIL Lowers Rating on INR10cr Cash Loan to C ---------------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of R. S. Agro Industries (RSAI) to 'Crisil C Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil B/Stable ISSUER NOT COOPERATING') Term Loan 1 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RSAI for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSAI revised to 'Crisil C Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. Established in 2006 as a partnership firm and based in Burdwan, West Bengal, RSAI mills and processes paddy into rice, with bran, husk and broken rice as the by-products. Mr Apurva Kumar Pal, Mr Goutam Kumar Pal, Mr Gitesh Sarkar, Mr Nabaranjan Sain, Mr Debprasad Mondal and Mr Sanjib Mondal are partners in the firm. RADHIKAREDDY INFRA: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Radhikareddy Infra Projects Private Limited (RIPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RIPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2019, RIPL is expected to be engaged in trading of infra related products like steel, cement, aluminum etc. It is promoted by Mr. Gummadi Venkateswerllu and Ms. Radhika Reddy. S.F.C. FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of S.F.C. Foods Private Limited (SFPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.4 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Fund- 3.6 CRISIL B/Stable (ISSUER NOT Based Bank Limits COOPERATING) Crisil Ratings has been consistently following up with SFPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFPL continues to be 'Crisil B/Stable Issuer not cooperating'. SFPL was incorporated in the year 2002. It is engaged in manufacturing of food products such as black pepper powder, red chilli powder & clove powder, etc. Its manufacturing facility located in Rudrapur, Uttarakhand and promoted by Jaju family. SAMARTHA HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Samartha Hospital And Research Centre Private Limited (SHRCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 0.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 15 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Cash 1 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Crisil Ratings has been consistently following up with SHRCPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHRCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHRCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHRCPL continues to be 'Crisil B/Stable Issuer not cooperating'. SHRCPL was incorporated in 2001, by the promoters, Dr Arjun Ganpat Bhangale and Ms Jyoti Arjun Bhangale. The company is engaged in wholesale trading of medicines and medical products. The hospital is expected to commence operations in fiscal 2024. The company is setting up a 100-bed multispecialty hospital in Jalgaon, Maharashtra. SARAOGI SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Saraogi Super Sales Private Limited (SSSPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 4 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSSPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSSPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSSPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in June 2017, SSSPL is a wholesaler of readymade garments, sarees and other apparels spread across 14 cities, operating 14+ branches. It also provides B2B garment sourcing and supply solutions. SSSPL is owned & managed by Mr. Rajesh Saraogi, Mr. Shekarchand Saraogi, Mr. Priyam Saraogi, Mrs. Dropadi Saraogi and Mrs.Vinita Saraogi. SECURITY PRODUCTS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Security Products Private Limited (SPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2005 and promoted by members of the Kapadia, Raja, and Prehar families, SPPL manufactures security products for key documents of government agencies and banks. The production unit is in Baddi, Himachal Pradesh. SHARP RENEWAL: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sharp Renewal Energy Private Limited (SREPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Working 2 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SREPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SREPL continues to be 'Crisil B/Stable Issuer not cooperating'. SREPL was incorporated in June 2019. The company is setting up a waste-based compressed biogas plant at Panipat (Haryana), with installed capacity of 2400 kg of bio CNG per day. The plant is expected to be commissioned in December, 2020. Operations are managed by promoters, Mr Satish Kumar Jaglan and his family. SHIVOM MINERALS: CRISIL Lowers Rating on INR21cr Cash Loan to B --------------------------------------------------------------- Crisil Ratings has migrated the rating on the bank facilities of Shivom Minerals Limited (SML) have been migrated to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BBB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Proposed Working 14 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with SML for obtaining information through letter and email dated June 15, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SML is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on the bank facilities of SML have been migrated to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BBB/Stable'. Incorporated in 1999, Shivom Minerals Ltd (SML, erstwhile known as "Shivom Sales Private Limited") is engaged in the beneficiation of iron ore and trading Steel intermediaries. It is based in Rourkela, Odisha and its manufacturing facilities are located at Koira, Odisha with installed capacity of 120,000 metric tonnes per annum. SHYAM IRON: CRISIL Lowers Rating on INR6cr Cash Loan to C --------------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of Shri Shyam Iron and Power Private Limited (SSIPPL) to 'Crisil C Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil C (ISSUER NOT COOPERATING; Rating Revised from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SSIPPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSIPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSIPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSIPPL revised to 'Crisil C Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2004, Raipur, Chhattisgarh-based SSIPPL is promoted by Mr Anush Chaudhary and his wife Mrs Shalini Chaudhary. SSIPPL manufactures MS ingots, which are majorly sold to thermo-mechanically-treated bar manufacturers. SIDDESHWAR MULTIPURPOSE: CRISIL Keeps B Rating in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Siddeshwar Multipurpose Heemghar Private Limited (SMHPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMHPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMHPL continues to be 'Crisil B/Stable Issuer not cooperating'. SMHPL, incorporated in 2010, is engaged in providing cold storage facility for potato storage. The cold storage is in Chandrakona, Mednipur West with a capacity of 178,000 quintals per annum for storing potatoes. The day to day operations of the company is managed by 5 brothers Mr. Bhaskar Ghosh, Mr.Dipankar Ghosh, Mr. Sasanka Ghosh, Mr. Shankar Ghosh and Mr. Kinkar Prasad Ghosh. SOUTHERN HOLDINGS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Southern Holdings & Investments (Chennai) Private Limited (SHIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.3 CRISIL B/Stable (ISSUER NOT COOPERATING) Cash Credit 0.8 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 1.4 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SHIPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up 2011 by Mr. VA Kurien and family members, SHIPL operates a 48-room 4-star hotel, Lemon Tree in Port Blair. SRISTI HOSPITALITY: NCLAT Upholds Sale of Company to Consortium --------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has dismissed appeals against the sale of Sristi Hospitality through insolvency and refused to review its valuation, saying the resolution plan has already been accepted by the Committee of Creditors (CoC). ET relates that rejecting the allegations of undervaluation of the asset by the suspended board (former promoters) of the hospital, the insolvency appellate tribunal said: "We are of the view that once the CoC is satisfied with the valuation and has approved the resolution plan, such allegations raised by ex-promoters of the corporate debtor cannot be entertained." According to ET, the Mumbai bench of the National Company Law Tribunal (NCLT), on July 12, 2024, approved the resolution plan of a consortium of Admas Industries, Subh Ashish Exim Pvt Ltd and Amit Jatia, Hardcastle Restaurants, in which they had proposed an investment of INR32.41 crore. The former promoters moved to NCLAT, where they filed two appeals challenging the valuation for the Vile Parle, Mumbai, a prime-location-based property housing several restaurants, permit rooms, and other commercial activities. Santosh R Shetty, suspended director of the board of Sristi Hospitality, said earlier valuations (2017 and 2020) clearly established a much higher fair market value, which was up to INR76.72 crore, and alleged that the valuation obtained during the insolvency process was manipulated to enable the consortium to acquire the prime property at a throwaway price, ET relays. He further alleged that Hardcastle Restaurant, the master franchisee for McDonald's in west and south India, was operating a quick service restaurant (QSR) of the American multinational fast food restaurant chain. Shetty alleged collusion between the resolution professional and the consortium and was also denied the opportunity to submit a superior competing plan. However, the appellate tribunal rejected his appeals and said only valuations conducted by IBBI-registered valuers appointed after the commencement of the CIRP (corporate insolvency resolution process) are relevant, and that pre-insolvency valuations have no bearing on the process. "The commercial wisdom of the Committee of Creditors (CoC) is non-justiciable . . . neither the NCLT nor the NCLAT has jurisdiction to reverse the commercial decision of the CoC," the tribunal observed, citing the Supreme Court's ruling in K Sashidhar versus Indian Overseas Bank. If the CoC disagrees with a valuation, it has the power to direct a fresh valuation. "If the CoC accepts the valuation, that decision is final for the purposes of CIRP and cannot be interfered with by the Adjudicating Authority (NCLT) or even this Appellate Tribunal, or appellate authorities only on grounds of commercial inadequacy," it said. ET adds that NCLAT also observed that during the hearing, it was brought to the notice that the bids approved by NCLT on July 12, 2024, have been fully implemented. It also held that "no material irregularity in the exercise of powers by the Resolution Professional has been established". "We hold that the approved Resolution Plan does not suffer from any violation of the mandatory requirements of Section 30(2) of the Code. The CoC exercised its commercial wisdom in approving the Plan at the negotiated consideration. This Appellate Tribunal, exercising appellate jurisdiction under Section 61(3) of the Code, cannot sit as a court of appeal over the commercial wisdom of the CoC or substitute its judgment for that of the collective financial creditors," it said. About Sristi Hotel Sristi Hotel & Hospitality Management offers professional hospitality management courses focused on hotel operations, food & beverage service, housekeeping, and customer service skills. CIRP against Sristi Hospitality was initiated in February 2023 following a plea by Saraswat Co-operative Bank over an unpaid loan of over INR28 crore. SUN HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Sun Hospital Private Limited (SHPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 3.49 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SHPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil B/Stable Issuer not cooperating'. SHPL, incorporated in 1978, operates one multi-specialty hospital and three diagnostic centers in different districts of Odisha. In 1978, the company established its hospital in Cuttack and in 1992, it commercially opened its diagnostic center at Cuttack; it also opened diagnostic centers in Dhenkanal and Jajpur. Operations of the hospitals are managed by the founder promoters cum directors, Dr Deepak Mitra and Dr Vinita Sawhney. TARA INVESTMENTS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Tara investments Limited (TIL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term 7 Crisil B/Stable (Issuer Not Bank Facility Cooperating) Long Term Loan 8 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TIL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TIL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TIL continues to be 'Crisil B/Stable Issuer not cooperating'. TIL was incorporated in September 1974, promoted by Mr Sunil Kanoria, Mr Anklesh Agarwal and Mr Abhey Hamirbhasia. The company leases commercial properties West Bengal and proposes to set up a multi-commodity cold storage facility in Chattarpur, Odisha. TARAPUR TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tarapur Transformers Limited (Tarapur) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 13 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 14.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Tarapur for seeking information via letter and email dated May 26, 2026, apart from telephone calls. However, the issuer has remained non-cooperative. 'Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING', as the rating has been arrived at without any interaction with the management and is based on the best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Tarapur. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believe that rating action on Tarapur is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Tarapur continue to be 'Crisil D/Crisil D Issuer Not Cooperating'. Tarapur, incorporated in 1988, manufactures and repair power and distribution transformers. The company was a loss-making entity when Bilpower Ltd (rated 'Crisil D/Crisil D Issuer not cooperating') acquired 70% of its equity shares in 2006, following which it started making profit. Tarapur made its initial public offering in April 2010, following which, Bilpower Ltd's equity stake in it reduced to 41.46%. Bilpower Ltd continues to have a controlling stake in Tarapur. Tarapur's unit in Boisar (Maharashtra) undertakes repairs, while its second unit in Wada (Maharashtra), which commenced operations in 2008-09, manufactures transformers. The company has built facilities (at an outlay of INR430 million) to manufacture transformers ranging from 1 kilovolt ampere (kVA) to 5000 kVA. VENKATA SURESH: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Venkata Suresh Enterprises (VSE) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.8 CRISIL B/Stable (Issuer Not Cooperating) Proposed Cash 1.0 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 6.2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSE for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSE, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSE continues to be 'Crisil B/Stable Issuer not cooperating'. VSE started its operations in 2000 as a proprietorship firm. The firm is promoted by Mr. MV Suresh Babu. Based in Guntur (AP), the firm is engaged in trading of tobacco. ===================== N E W Z E A L A N D ===================== BURGER BURGER: Buyer Sought to Save Chain Facing NZD5.3MM Debt -------------------------------------------------------------- Stuff.co.nz reports that a new owner is being sought to rescue gourmet burger chain Burger Burger, which owes millions of dollars after running out of cash to fund its operations. Burger Burger began in 2014 with a store in Auckland before expanding with branches across Auckland, Tauranga and Hamilton. The company, Burgerburger Ltd, entered voluntary administration in June. According to Stuff, joint administrators Raymond Paul Cox and Gareth Russel Hoole said in a report to creditors last week that finding a purchaser offered the best pathway to protect the brand's future. "The administrators are of the view that the company should actively seek out a buyer of the business, who may continue the core business and engage with suppliers, landlords and staff to continue to trade the brand into the future," the report stated. The administrators confirmed they were already in active discussions with prospective buyers. "The administrators have . . . concentrated their efforts on seeking a buyer of the business and, at the time of preparation of this report, were engaged with three parties who had indicated a level of intent that merited investment of time and effort in due diligence and assisting to facilitate new lease arrangements," the report, as cited by Stuff, said. All five operating restaurants continue to trade on a "business-as-usual" basis while talks progress. The company owes approximately NZD5.32 million in total liabilities, Stuff discloses. That includes about NZD1.5 million to unsecured creditors, NZD800,000 to Inland Revenue, NZD500,000 to secured creditors, and around NZD250,000 to staff for unpaid holiday pay and alternate leave. A further sum exceeding NZD2 million is recorded as owed to shareholder Burgerburger Holdings Ltd, which is in receivership. According to Stuff, director Marina Gilmour-Buckley put forward a 24-month restructuring plan to save the business, proposing a transition to a multi-brand platform with Greek food, central food preparation, and Uber Eats virtual brands. However, the turnaround strategy was contingent on securing fresh capital, which fell through after a proposed NZD800,000 facility from ASB Bank was declined. Without committed funding, the administrators warned the company could not absorb short-term trading losses. Creditors will vote on the business's future at a watershed meeting on July 24, Stuff discloses. If no sale or arrangement is completed, administrators recommend liquidation, concluding the company in its current form "has no sustainable core business". Damien Grant and Adam Botterill of Waterstone have been appointed receivers to Burger Burger Holdings. ENDURE FAITH: Creditors' Proofs of Debt Due on Aug. 10 ------------------------------------------------------ Creditors of Endure Faith Limited (formerly Blackwood Building Limited) are required to file their proofs of debt by Aug. 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 3, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 GREENFIRE NZ: Creditors' Proofs of Debt Due on Aug. 21 ------------------------------------------------------ Creditors of Greenfire NZ Limited (trading as GreenFire NZ) and Van Wyk Limited (trading as Aston Norwood) are required to file their proofs of debt by Aug. 21, 2026, to be included in the company's dividend distribution. Greenfire NZ commenced wind-up proceedings on July 8, 2026. Van Wyk Limited commenced wind-up proceedings on July 9, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic c/o Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 LIFESTYLE RENTAL: Goes Into Interim Receivership ------------------------------------------------ Anya Fielding at Radio New Zealand reports that eight companies of a well-known Wellington landlord who owns numerous properties have been placed into interim receivership by the High Court, but he said he is appealing the order. Matthew Ryan's companies have been put into receivership after a property dispute with his former partner, according to the appointed receivers. "The purpose of the appointment is to gain control of the companies, their assets and income streams and preserve the assets pending further reporting to the court," RNZ quotes interim receiver Iain Shephard as saying. "Where possible, the receivers will attend to the payment of outstanding trading and tax liabilities of the companies," he said. RNZ relates that Mr. Ryan said there has "not been a business collapse - the companies are solvent". "This is a simple case of a former partner applying for an ex parte notice on Friday last week." He said he had no knowledge of the application until Monday afternoon. "I'm certain the application would have failed if I'd had the opportunity to reply," he added. He said he was appealing the order. According to RNZ, the companies in receivership are: - Lifestyle Rental Properties Limited; - Lifestyle Loans Limited; - Eastbourne Lifestyle Limited; - Gods Plan Limited; - Lifestyle Trading Limited; - Randwick Mews Limited; - Franklyn Street Limited; and - Pinot Grove Limited RNZ says Mr. Ryan has owned more than 100 properties, and regularly spoken to the media about the housing market and property investment. He is facing court proceedings over charges including strangulation/suffocation, threatening to kill or cause grievous bodily harm, and unlawfully possessing a firearm - which he has pled not guilty to. His trial is expected late this year or early 2027, RNZ notes. In May, he pleaded guilty to two counts each of making an intimate visual recording and publishing an intimate visual recording. MOTE'S INVESTMENT: Court to Hear Wind-Up Petition on July 28 ------------------------------------------------------------ A petition to wind up the operations of Mote's Investment Limited will be heard before the High Court at Wellington on July 28, 2026, at 10:00 a.m. Body Corporate 558212 filed the petition against the company on June 16, 2026. The Petitioner's solicitor is: Bruce Pamatatau, Barrister Level 6, 5 Short Street Newmarket Auckland PUNJAB KING: Court to Hear Wind-Up Petition on Aug. 14 ------------------------------------------------------ A petition to wind up the operations of Punjab King Transport Limited will be heard before the High Court at Auckland on Aug. 14, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TAP AND GO: More Than NZD455,000 Owed Will Not Be Repaid -------------------------------------------------------- The Press reports that more than NZD455,000 owed after the collapse of the company behind Darfield restaurant Grain & Grape will never be repaid. According to The Press, Tap and Go Ltd, which operated the restaurant and bar and was owned by former All Black Murray Davie and business partner Bernadette Taylor, sold the business before going into voluntary liquidation in September. The Press relates that the liquidator's final report said there are no funds available to distribute to any class of creditors. It lists five preferential creditor claims totalling NZD212,000 and eight unsecured creditor claims totalling NZD243,500 – all of which remain unpaid, The Press discloses. TJM PAINTING: Goes Into Liquidation Owing IRD Nearly Half a Million ------------------------------------------------------------------- The Press reports that a Christchurch-based painting company has been ordered into liquidation by the courts with outstanding debts of nearly half a million dollars – and its sole director is believed to have died. TJM Painting, a painting and decorating company, was placed into liquidation at the High Court in Christchurch on June 4, following an application from Inland Revenue. The NZ Insolvency and Trustee Service, a government agency, was appointed as liquidator, The Press discloses. According to the Companies Office, TJM Painting was first incorporated about five and a half years ago, in December 2020. Its sole director from the date it was registered was Melanie Jayne Johansen, most recently of Parklands, who last filed an annual return in August 2024. WESTIE FOOD: Teneo Financial Advisory Appointed as Receivers ------------------------------------------------------------ Stephen Speers Keen and Stephen Robert White of Teneo Financial Advisory New Zealand on July 15, 2026, were appointed as receivers and managers of Westie Food Group Limited. The receivers and managers may be reached at: Stephen Speers Keen Stephen Robert White Teneo Financial Advisory New Zealand Suite 6.4, 1 Albert Street Auckland CBD Auckland 1010 ================= S I N G A P O R E ================= DOLPHIN GEO: Court to Hear Wind-Up Petition on July 24 ------------------------------------------------------ A petition to wind up the operations of Dolphin Geo Subsea Pte. Ltd. will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. Oceanscan Pte Ltd filed the petition against the company on July 6, 2026. The Petitioner's solicitors are: Rev Law LLC 1D Duxton Hill Singapore 089587 INNOTREND PTE: Court to Hear Wind-Up Petition on July 31 -------------------------------------------------------- A petition to wind up the operations of Innotrend Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on July 7, 2026. The Petitioner's solicitors are: Quantum Law Corporation No. 10 Anson Road #26-10 International Plaza Singapore 079903 NEAR INTELLIGENCE: Placed Under Provisional Liquidation ------------------------------------------------------- Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on July 8, 2026, were appointed as provisional liquidator of Near Intelligence Pte. Ltd. The provisional liquidator may be reached at: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 OFFITEK & ENGINEERING: Court to Hear Wind-Up Petition on July 24 ---------------------------------------------------------------- A petition to wind up the operations of Offitek & Engineering Pte. Ltd. (formerly known as Offitek Pte. Ltd.) will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on July 2, 2026. The Petitioner's solicitors are: Kelvin Chia Partnership 1 Harbourfront Avenue #14-01, Keppel Bay Tower Singapore 098632 UNIQUE GRILLES: Court to Hear Wind-Up Petition on July 31 --------------------------------------------------------- A petition to wind up the operations of Unique Grilles Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 8, 2026. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Court Extends Rehabilitation Process After Appeal -------------------------------------------------------------- Yonhap News Agency reports that a bankruptcy court on July 21 canceled an earlier decision to end Homeplus' rehabilitation proceedings, extending the process after the troubled discount chain lodged an appeal. According to Yonhap, the Seoul Bankruptcy Court said it would extend the proceedings until Sept. 4 after Homeplus submitted the appeal Monday against the court decision to terminate the process on July 3. The court had originally decided to scrap the proceedings after the retailer failed to secure at least 200 billion won ($134 million) required for the restructuring. Yonhap relates that the appeal came after the retailer's largest creditor, Meritz Financial Group, agreed last week to provide financing in exchange for a full payment guarantee from private equity firm MBK Partners, the retailer's sole owner. "The original termination decision was based on a lack of feasibility to carry out the rehabilitation plan due to a shortage of funds, but as operating funds have been secured, the immediate appeal has been recognized," the court said. Yonhap says the distressed retailer temporarily closed its outlets starting July 13 due to a lack of operating capital and difficulties in maintaining store operations. MBK Partners acquired a 100 percent stake in Homeplus in 2015 from British retailer Tesco Plc for KRW7.2 trillion. About Homeplus Co Homeplus Co., Ltd., operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. On July 3, 2026, the Seoul Bankruptcy Court decided to terminate rehabilitation proceedings for troubled discount store chain, noting the company failed to come up with the necessary funds of at least KRW200 billion to carry out the plan. ********* 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 ***