260811.mbx

260811.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 11, 2026, Vol. 29, No. 159 Headlines A U S T R A L I A 3RT HOLDING: Second Creditors' Meeting Set for Aug. 13 AVANT FINANCE 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes BARTON CONSTRUCTION: Second Creditors' Meeting Set for Aug. 13 BONDI TRUST 2025-1: Moody's Upgrades Rating on Class F Notes to B1 CENTRAL ACCORD: ASIC Suspends AFS Licence for 6 Months EBEV.COM PTY: Second Creditors' Meeting Set for Aug. 13 MAINFREIGHT GROUP: Pays AUD594,000 in Infringement Notices PEPPER SPARKZ NO. 10: S&P Assigns Prelim. Bsf Rating on F Notes PLENTI AUTO 2025-2: Moody's Raises Rating on Class F Notes to Ba3 PROUD POPPY: Enters Into Voluntary Administration SETTLEMENT HOLDINGS: Balance Insolvency Appointed as Administrator TMAR LABOUR: First Creditors' Meeting Set for Aug. 14 WESTWOOD CAPITAL: First Creditors' Meeting Set for Aug. 14 C H I N A ZW DATA: Signs Five SPAs For 1M Shares, $1.45M Total Gross Proceeds I N D I A AVINASH ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating C.A. VEGE: CARE Keeps D Debt Ratings in Not Cooperating Category CHAMPA BITUMEN: CARE Keeps B- Debt Rating in Not Cooperating CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating GUNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating HANUMAN RICE: CARE Keeps D Debt Rating in Not Cooperating Category HERITAGE DISTILIARIES: CARE Keeps B- Rating in Not Cooperating J. G. RICE: CARE Keeps B- Debt Rating in Not Cooperating Category LUCKNOW MEDICAL: CARE Keeps B- Debt Rating in Not Cooperating MAA DURGA: CARE Keeps B- Debt Rating in Not Cooperating Category MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating MODERN ACADEMY: CARE Keeps B- Debt Rating in Not Cooperating P.R. FASTENERS: CARE Keeps D Debt Ratings in Not Cooperating PADAM MOTORS: CARE Keeps D Debt Ratings in Not Cooperating PERFECT FOOTWEAR: CARE Keeps B- Debt Rating in Not Cooperating PREM KUMAR: CARE Keeps B- Debt Rating in Not Cooperating Category Q1 BONE: CARE Keeps B- Debt Rating in Not Cooperating Category RIVERBANK DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating SAI KRIPA: CARE Keeps B- Debt Rating in Not Cooperating Category SARDAR POULTRY: CARE Keeps C Debt Rating in Not Cooperating SPM WEAVING: CARE Keeps D Debt Rating in Not Cooperating Category SUDHAR METALS: CARE Keeps B- Debt Rating in Not Cooperating VEDIK ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category VIJAYA LAKSHMI: CARE Keeps B- Debt Rating in Not Cooperating WADHAWAN GLOBAL: CARE Keeps D Debt Rating in Not Cooperating I N D O N E S I A POS INDONESIA: Fitch Hikes National LongTerm IDR to 'CC(idn)' L A O S EDL-GENERATION PUBLIC: S&P Assigns 'CCC+' LT ICR, Outlook Stable M A L A Y S I A GREENPRO CAPITAL: Posts $0.71M Q2 Net Loss Amid Going Concern Doubt N E W Z E A L A N D MOUNT DUNSTAN: Pinot Noir Vineyard Companies Placed in Liquidation NAATI HAULAGE: Trucking Company Creditor Claims Total NZD545,309 NORTHSEA HOLDINGS: Placed in Liquidation Owing Over NZD450,000 S I N G A P O R E ENTERPRISE FUND: Creditors' Proofs of Debt Due on Sept. 7 JACKIE CHEU: Court to Hear Wind-Up Petition on Aug. 21 LUGALIS SHIPPING: Creditors' Proofs of Debt Due on Sept. 7 MARS TELETECH: Creditors' Proofs of Debt Due on Sept. 7 MAXEON SOLAR: Three Top Executives Resign Amid Judicial Management ONE2WORLD PTE: Creditors' Meetings Set for Aug. 31 SEALEAD SHIPPING: US Sanctions Push Company Into Liquidation TKX HOLDING: Court Enters Wind-Up Order UNIQUE TECHNOLOGIES: Court to Hear Wind-Up Petition on Aug. 21 S O U T H K O R E A HOMEPLUS CO: Back in Business, Faces 3-Week Survival Test - - - - - ================= A U S T R A L I A ================= 3RT HOLDING: Second Creditors' Meeting Set for Aug. 13 ------------------------------------------------------ A second meeting of creditors in the proceedings of: - 3RT Holding Pty Ltd; - 3RT Labs Pty Ltd; - 3RT Technologies Pty Ltd; and - 3RT (Australia) Pty Ltd has been set for Aug. 13, 2026, at 9:30 a.m. via virtual technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 12, 2026 at 5:00 p.m. Robert Smith and Mark Knight of McGrathNicol were appointed as administrators of the company on July 9, 2026. AVANT FINANCE 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to Notes to be issued by Perpetual Corporate Trust Limited as trustee of the Avant Finance Medico 2026-1 Trust. Issuer: Perpetual Corporate Trust Limited as trustee of the Avant Finance Medico 2026-1 Trust AUD200.0 million Class A Notes, Assigned (P)Aaa (sf) AUD25.0 million Class B Notes, Assigned (P)Aa2 (sf) AUD7.5 million Class C Notes, Assigned (P)A2 (sf) AUD7.5 million Class D Notes, Assigned (P)Baa2 (sf) AUD7.0 million Class E Notes, Assigned (P)Ba2 (sf) AUD0.5 million Class F Notes, Assigned (P)B2 (sf) The AUD2.5 million Class G Notes are not rated by Moody's. The transaction is a securitisation of a diversified portfolio of loans to Australian medical and healthcare professionals and their related business entities. The portfolio comprises loans secured by medical practice premises (commercial real estate), equipment and practice goodwill, together with unsecured line-of-credit facilities. Medical practice loans (loans secured by commercial property) represent 42.6% of the portfolio and benefit from first-ranking mortgage security over healthcare-related real estate. All receivables were originated by Avant Doctors' Finance Pty Ltd (Avant Finance). The transaction is Avant Finance's inaugural asset-backed securitisation (ABS) issuance. Avant Finance is a specialist lender to the Australian healthcare sector and forms part of Avant Mutual Group Limited (Avant Mutual), Australia's largest medical defence organisation and medical indemnity insurer. Avant Finance provides funding solutions for practice acquisition, expansion and operations, commercial property, equipment and personal lending needs. Its residential and medical finance brokering business commenced in 2016. In 2021, Avant Finance commenced direct lending, materially expanding its lending operations from 2023. As of June 30, 2026, Avant Finance had originated approximately AUD378.3 million of direct medical finance loans and had a portfolio balance of AUD326.6 million. Through its broking operations, the company has also facilitated more than AUD4.0 billion of residential mortgages and AUD600 million of medical finance loans. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) Moody's assessments of the capital structure and the credit enhancement available to the rated Notes; (3) the availability of excess spread over the life of the transaction; (4) the liquidity facility sized at 1.5% of the aggregate invested amount of the rated Notes, subject to a floor of AUD500,000; (5) the legal structure; (6) Avant Finance's capabilities as servicer; and (7) the presence of Perpetual Corporate Trust Limited (Perpetual) as standby servicer. In Moody's views, the transaction benefits from credit strengths such as the prime healthcare-focused borrower base, strong collateral support and additional loss protection from the excess spread reserve. Credit challenges include Avant Finance's relatively short operating history, the portfolio's concentration in the healthcare sector and exposure to loans with balloon and bullet repayment features. KEY MODELLING ASSUMPTIONS -- Mean default rate: Moody's assumed a mean default rate of 3.04%, equivalent to a Baa3 proxy rating. The default rate assumption was based on (1) the historical performance data of Avant Finance's portfolio; (2) benchmarking to comparable portfolios performance, in particular the performance of other specialist healthcare lender portfolios; and (3) the characteristics of the loan-by-loan portfolio information. -- Recovery rate: Moody's assumed a 45.6% stochastic recovery rate with a standard deviation of 20.0%. The recovery assumption reflects loan-level collateral information, commercial-real-estate loan-to-value ratios and historical Australian commercial asset finance recovery rates. -- SME Stressed Loss: Moody's SME Stressed Loss for the collateral pool – representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario – is 19.8%. PORTFOLIO CHARACTERISTICS The initial portfolio balance is AUD250.0 million and consists of loans to 873 obligor groups. The average obligor group exposure is AUD286,382. Medical practice premises loans account for 42.6% of the portfolio, practice goodwill loans 18.7%, business equipment loans 36.4%, unsecured lines of credit 1.6% and business loans 0.6%. The largest obligor exposure represents 1.1% of the pool balance and the top 10 obligors account for 8.8% of the pool balance. The weighted average portfolio yield is 7.68% KEY TRANSACTION STRUCTURAL FEATURES -- The Notes will initially amortise on a sequential basis. Subject to the step-down criteria being satisfied, Class A through Class F Notes will amortise on a pro-rata basis. Following the first call option date, the Notes will revert to sequential amortisation. The step-down criteria include, among others, the Class A subordination percentage being equal to or greater than 30% and no unreimbursed charge-offs. -- The call option date will occur on the earlier of the payment date in May 2030 or the date on which the aggregate Invested Amount of the Notes is less than 20% of the aggregate Invested Amount of the Notes on the Closing Date. -- The transaction benefits from a liquidity facility that is sized at 1.5% of the aggregate invested amount of Notes, subject to a floor of AUD500,000, and is sufficient to cover approximately 2.6 months of required payments Methodology Underlying the Rating Action The principal methodology used in these ratings was "SME Asset-backed Securitizations" published in July 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the Notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the Notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in the case of 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. BARTON CONSTRUCTION: Second Creditors' Meeting Set for Aug. 13 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Barton Construction Group Pty Ltd has been set for Aug. 13, 2026, at 12:00 p.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 12, 2026 at 4:00 p.m. David Henry Sampson of BPS Resolved was appointed as administrator of the company on July 9, 2026. BONDI TRUST 2025-1: Moody's Upgrades Rating on Class F Notes to B1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by AMAL Trustees Limited as trustee of Bondi 2025-1 Trust. The affected ratings are as follows: Issuer: AMAL Trustees Limited as trustee of Bondi 2025-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Oct 2, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Oct 2, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Oct 2, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Oct 2, 2025 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B1 (sf); previously on Oct 2, 2025 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the July 2026 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 8.8%, 6.8%, 4.5%, 2.9% and 1.9% respectively from 5.5%, 4.3%, 2.8%, 1.8% and 1.2% at closing. Principal collections have been distributed on a sequential basis starting from the Class A1 and A2 Notes. Current outstanding notes balance as a percentage of the closing notes balance is 62.8%. As of end-June 2026, 0.5% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption of 1.2% of the original pool balance (equivalent to 1.9% of the outstanding pool balance) from closing. Moody's have also maintained Moody's MILAN CE assumption at 9.2%. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Wave Money Pty Ltd, a privately held non-bank residential mortgage lender in Australia. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. CENTRAL ACCORD: ASIC Suspends AFS Licence for 6 Months ------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Central Accord Pty Ltd (AFS licence 226405) until Feb. 4, 2027. The suspension took effect on July 30, 2026. The licence was suspended because Central Accord Pty Ltd is no longer carrying on a financial services business. If Central Accord Pty Ltd is in a position to recommence its financial services business before the expiration of the suspension, it may make submissions to ASIC requesting that the suspension order be revoked. Pursuant to s915B(3)(a) of the Corporations Act 2001 (Cth) (Corporations Act), ASIC may suspend or cancel an AFS licence held by a body corporate if the body corporate ceases to carry on a financial services business. Central Accord Pty Ltd may apply to the Administrative Review Tribunal for a review of ASIC’s decision. Central Accord Pty Ltd has held AFS Licence 226405 since March 28, 2003. Central Accord Pty Ltd first came to ASIC’s attention after the Australian Financial Complaints Authority (AFCA) notified ASIC that Central Accord Pty Ltd had been expelled as an AFCA member for failing to pay invoices more than 12 months overdue. Under s912A(2)(c) of the Corporations Act, a financial services licensee is required to have membership of the AFCA scheme. EBEV.COM PTY: Second Creditors' Meeting Set for Aug. 13 ------------------------------------------------------- A second meeting of creditors in the proceedings of Ebev.com Pty Ltd has been set for Aug. 13, 2026, at 11:00 a.m. at the offices of WLP Restructuring, at Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW, and via electronic conference facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 12, 2026 at 12:00 p.m. Benjamin Ho and Glenn Livingstone of WLP Restructuring were appointed as administrators of the company on July 9, 2026. MAINFREIGHT GROUP: Pays AUD594,000 in Infringement Notices ---------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has issued infringement notices totalling AUD594,000 to three companies within supply chain logistics operator Mainfreight Group for allegedly failing to lodge their financial reports for the financial year ended 31 March 2025 on time. Mainfreight Distribution Pty Limited, Owens Group Australia Pty Limited, and Mainfreight Holdings Pty Ltd each paid an infringement notice of AUD198,000 for not lodging their financial reports by the July 31, 2025 deadline. The issuing of these infringement notices forms part of ASIC's ongoing surveillance and enforcement work focused on financial reporting compliance. Payment of an infringement notice is not an admission of guilt or liability, and the companies are not regarded as having been convicted of the alleged offence. The specific reasons for ASIC's concerns are set out in the infringement notices on the Infringement Notices Register. ASIC's Focus on Financial Reporting in 2026 ASIC Commissioner Kate O'Rourke said the infringement notices issued to the Mainfreight Group should serve as a warning for companies required to lodge financial reports for the year ended 30 June 2026. 'ASIC's action sends a clear message to reporting entities that we are actively enforcing the financial reporting requirements and expect companies to comply. 'We have issued infringement notices to companies across a range of sectors including retail, hospitality and now logistics. All of these companies play a significant role in our economy and should be complying with their financial reporting obligations. 'We remind companies required to lodge financial reports that they must generally lodge within four months after the end of the financial year. Disclosing entities and registered schemes generally have three months. 'Reporting companies should act now to ensure their FY26 financial reports are prepared, audited and lodged with ASIC on time. We will take appropriate action to ensure reporting entities comply with their governance and disclosure obligations,' Ms O'Rourke said. ASIC has issued 27 infringement notices totalling more than AUD5 million for alleged financial reporting breaches since commencing a broad surveillance focused on late lodgement and non-lodgement of financial reports in August 2025. Ms O'Rourke said, 'We will continue our targeted, data-driven surveillance to identify and investigate companies that have lodged late or failed to lodge at all, in line with our current enforcement priority focusing on financial reporting misconduct.' Companies should check whether they are required to lodge financial reports, confirm their applicable lodgement deadline, and ensure audit and board approval processes are scheduled early enough to meet that deadline. ASIC's focus on financial reporting Financial reporting misconduct, including the failure to lodge financial reports, is one of ASIC's 2026 enforcement priorities. Since commencing its broad surveillance focused on alleged late lodgement and non-lodgement of financial reports in August 2025, ASIC has issued infringement notices totalling more than AUD5 million. Further details about these actions are included in the following media releases: * ASIC issues over AUD2.2 million in infringement notices to 12 large proprietary companies for alleged failure to lodge financial reports * Infrabuild companies pay infringement notices for failing to lodge financial reports on time * Mecca companies pay AUD594,000 in infringement notices for failing to lodge financial reports on time * Canva Group pays AUD792,000 in infringement notices for failing to lodge financial reports on time * Fashion and beauty retailers trading under the Zara, H&M and Sephora brands pay AUD596,000 in infringement notices for failing to lodge financial reports on time. In addition to the 27 infringement notices issued, we have obtained court-imposed fines for failing to lodge financial reports and related governance obligations, including more than AUD1.1 million in fines against three public companies in a single day at the Downing Centre Local Court. Financial reporting obligations Large proprietary companies are required to prepare and lodge annual financial reports. A proprietary company is classified as large if it meets at least two of the following criteria for a financial year: * the consolidated revenue of the company and any entities it controls is AUD50 million or more * the consolidated gross assets of the company and any entities it controls is AUD25 million or more, and * the company and any entities it controls have 100 or more employees. In addition to large proprietary companies, other entities that are required to prepare and lodge financial reports include public companies, registered managed investment schemes, registrable superannuation entities, and small proprietary companies that are controlled by a foreign company. Financial reports are an important source of information for investors, creditors and the broader market. PEPPER SPARKZ NO. 10: S&P Assigns Prelim. Bsf Rating on F Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven classes of asset-backed securities (ABS) to be issued by BNY Trust Co. of Australia Ltd. as trustee of Pepper SPARKZ Trust No. 10. The notes are backed by a pool of chattel mortgage, consumer loan contracts, and finance lease backed by motor vehicles and equipment that were originated by Pepper Asset Finance Pty Ltd. (PAF). The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support available are commensurate with the preliminary ratings assigned. Credit support for the class A1-a, class B, class C, class D, class E and class F notes is provided in the form of subordination. All contract payments, including balloon payments, are an obligation of the borrower. As a result, the trust is not exposed to any market-value risk associated with the sale of the motor vehicles (on performing receivables), which is a risk that can be associated with other products, such as operating leases. The issuer has the capacity to meet timely payment of interest and ultimate payment of principal under the rating stresses commensurate with the preliminary ratings assigned. All rating stresses are made on the basis that the issuer does not call the notes on or beyond the call-option date, and that the notes must be fully redeemed via the mechanisms under the transaction documents. Timely payment of senior expenses and note interest is supported by the use of principal collections and a liquidity facility. The liquidity facility is sized at 1.25% of the invested amount of the class A, class B, class C, class D, class E, and class F notes, subject to a floor of A$500,000. The legal structure of the issuer, which is established as a special-purpose entity, meets S&P's criteria for insolvency remoteness. S&P said, "Our preliminary ratings also take into account the counterparty support provided by Commonwealth Bank of Australia as bank account provider, Westpac Banking Corp. as liquidity facility provider, and Royal Bank of Canada, London Branch as interest-rate swap provider. Fixed- to floating-rate interest-rate swaps will be provided to hedge the mismatch between the fixed-rate payments on the receivables and the floating-rate interest payable on the notes. The transaction documents for the bank account, liquidity facility, and swaps include downgrade language consistent with our "Counterparty Risk Methodology" criteria, published on July 25, 2025, that requires the replacement of the counterparty or other remedy, should its rating fall below the applicable rating." Preliminary Ratings Assigned Pepper SPARKZ Trust No. 10 Class A1-x, A$26.76 million: AAA (sf) Class A1-a, A$745.00 million: AAA (sf) Class B, A$84.00 million: AA (sf) Class C, A$50.00 million: A (sf) Class D, A$30.00 million: BBB (sf) Class E, A$41.00 million: BB (sf) Class F, A$14.00 million: B (sf) Class G, A$36.00 million: Not rated PLENTI AUTO 2025-2: Moody's Raises Rating on Class F Notes to Ba3 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on seven classes of notes issued by Plenti Auto ABS 2025-2 Trust. The affected ratings are as follows: Issuer: Plenti Auto ABS 2025-2 Trust Class B1 Notes, Upgraded to Aa1 (sf); previously on Nov 20, 2025 Definitive Rating Assigned Aa2 (sf) Class B2 Notes, Upgraded to Aa1 (sf); previously on Nov 20, 2025 Definitive Rating Assigned Aa2 (sf) Class C1 Notes, Upgraded to Aa3 (sf); previously on Nov 20, 2025 Definitive Rating Assigned A2 (sf) Class C2 Notes, Upgraded to Aa3 (sf); previously on Nov 20, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A2 (sf); previously on Nov 20, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Nov 20, 2025 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Nov 20, 2025 Definitive Rating Assigned B1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the July 2026 payment date, credit enhancement available for the Class B (Class B1 and B2), Class C (Class C1 and C2), Class D, Class E, and Class F Notes has increased to 10.1%, 6.3%, 5.0%, 2.8% and 0.8% respectively, from 8.0%, 5.0%, 4.0%, 2.2%, and 0.6% at closing. Principal collections have been distributed on a sequential basis since closing. Current outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance is 79.4%. The Class A-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-June 2026, 0.8% of the outstanding pool was 30-plus days delinquent and 0.1% was 90-plus days delinquent. The portfolio has incurred gross losses of 0.1% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 2.8% of the outstanding portfolio balance (equivalent to 2.3% of the original portfolio balance) from closing. Moody's have lowered the Aaa portfolio credit enhancement to 11.0% from 13.3% at closing. The transaction is a cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PROUD POPPY: Enters Into Voluntary Administration ------------------------------------------------- SmartCompany reports that the founder of Proud Poppy Clothing has told her customers it's "business as usual" after the clothing retailer fell into voluntary administration last week. Proud Poppy Clothing operates an online shop front, as well as a small number of physical retail stores in Victoria and Queensland. Known for its colourful womenswear, the business has amassed a social audience in the hundreds of thousands thanks to its on-trend designs and a size range that encompasses sizes 6 through to 30. The business was founded in 2019 by Tara McKeon, who made the leap into entrepreneurship after a career in nursing. In an Instagram post at the end of last week, Ms. McKeon confirmed the business is now in voluntary administration, but said: "this is not a business shut down, bankruptcy or closure of the overall business". "This is a voluntary restructure, us reaching out to the professionals to help us through the turbulent time we are all feeling at the moment across business, ecommerce and retail," she explained. SmartCompany relates that Ms. McKeon said three of Proud Poppy's regional stores have now closed, but the brand's stores in Doreen in Victoria, and Toowoomba and Gympie will continue to trade. "It's business as usual here," Ms. McKeon continued. "We have an amazing team helping us navigate what the road ahead looks like but I promise, hand on heart I'm feeling calm and positive about the outcome." According to SmartCompany, Ms. McKeon described the administration as "the best decision" for the business and its community of customers, and thanked her "village" for their "love, kindness and support". "This isn't a PR or legal approved post," she added. "This is just me sharing with you exactly how I'm feeling and what's going on. I will always be honest and transparent with you. Through the good and the bad! Don't forget it's my first time doing this too, you only know what you know and you can only do the best that you can!" SmartCompany, citing a notice published by the Australian Securities and Investments Commission (ASIC), discloses that Proud Poppy Clothing Pty Ltd was placed in voluntary administration on August 5. Kathleen Vouris, Richard Albarran and Marcus Watters from Hall Chadwick have been appointed to oversee the administration, with a first meeting of creditors scheduled to take place on August 17 via teleconference, SmartCompany relays. As Ms. McKeon said, Proud Poppy is continuing to trade as usual, with recent posts on its Facebook and Instagram accounts showcasing the retailer's new releases and a pop-up shop at Ipswich in Queensland, adds SmartCompany. SETTLEMENT HOLDINGS: Balance Insolvency Appointed as Administrator ------------------------------------------------------------------ Nicholas Charlwood and Timothy Cook of Balance Insolvency on Aug. 6, 2026, were appointed as Administrators of Settlement Holdings Pty Ltd. The Administrators may be reached at: Nicholas Charlwood Timothy Cook Balance Insolvency Level 1, Suite 4 17 Castlereagh St Sydney, NSW, 2000 TMAR LABOUR: First Creditors' Meeting Set for Aug. 14 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Tmar Labour Pty Ltd as Trustee for Marland Labour Unit Trust will be held on Aug. 14, 2026, at 12:00 p.m. at the offices of Mackay Goodwin, at Level 12, 20 Bridge Street, in Sydney, NSW, and via virtual meeting facilities. Domenic Calabretta and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on Aug. 5, 2026. WESTWOOD CAPITAL: First Creditors' Meeting Set for Aug. 14 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Westwood Capital Pty Ltd will be held on Aug. 14, 2026, at 11:00 a.m. via via Microsoft Teams. Domenic Calabretta and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on Aug. 4, 2026. ========= C H I N A ========= ZW DATA: Signs Five SPAs For 1M Shares, $1.45M Total Gross Proceeds ------------------------------------------------------------------- ZW Data Action Technologies Inc. said in a regulatory filing with the Securities and Exchange Commission that on July 30, 2026, it entered into Securities Purchase Agreements with five investors for the private placement of an aggregate of 1 million shares of common stock, par value $0.001 per share, at a purchase price of US$1.45 per share, for aggregate gross proceeds of US$1.45 million. Each purchaser has entered into a lock-up agreement with the Company whereby the purchaser agreed not to transfer the shares until the six-month anniversary of the date of the applicable Securities Purchase Agreement. The closing of each transaction shall take place on the date mutually agreed by the parties, subject to the closing conditions contained in the applicable agreement. The five transactions are as follows: * Amber Strong International Limited, a British Virgin Islands business company, agreed to purchase 150,000 shares for an aggregate purchase price of US$217,500. * Marvel Investment Limited, a British Virgin Islands business company owned and controlled by George Chu, a director of the Company, agreed to purchase 300,000 shares for an aggregate purchase price of US$435,000. * Matrix International Limited, a British Virgin Islands business company, agreed to purchase 150,000 shares for an aggregate purchase price of US$217,500. * Optimal Success Investments Limited, a British Virgin Islands business company, agreed to purchase 150,000 shares for an aggregate purchase price of US$217,500. * Global Yeh Family Ltd., a Republic of China (ROC) business company, agreed to purchase 250,000 shares for an aggregate purchase price of US$362,500. The Purchasers may be reached through: Amber Strong International Limited: Mandy Ip Amber Strong International Ltd. Unit 502, 5/F, Beverley Commercial Centre 87–105 Chatham Road South, Tsim Sha Tsui Kowloon, Hong Kong Tel: +852 2375 3733 Marvel Investment Limited: Phoenix Lee Marvel Investment Ltd. 9F., No.1-1, Sec. 5, Zhongxiao E. Rd. Xinyi Dist. Taipei City, Taiwan (R.O.C.) Tel: +886 988981133 Matrix International Limited: Adrian Chan Matrix International Ltd. Rm803, 8/F, iHome Centre 365 Lockhart Road, Wanchai Hong Kong Tel: +852 9731 5050 Optimal Success Investments Limited: Carrie Tsui Optimal Success Investments Ltd. Unit 1102, 11/F 29 Austin Road, Tsim Sha Tsui Kowloon, Hong Kong Tel: +852 2110 0018 Global Yeh Family Ltd: Yeh Hsin Jung Global Yeh Family Ltd. 11 F.-3, No. 41, Liansheng St. Zhonghe Dist. New Taipei City 235603 Taiwan (R.O.C.) Tel: +85223753733 Copies of the Securities Purchase Agreements and the lock-up agreements are available at https://tinyurl.com/ye4z6sms, https://tinyurl.com/ejah762x, https://tinyurl.com/4vx2d3bk, https://tinyurl.com/ynakhf4k, and https://tinyurl.com/bmheyyse, respectively. About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. Hong Kong, China-based ARK Pro CPA & Co., issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has accumulated a deficit from recurring net losses and significant net operating cash outflow for the year ended Dec. 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had US$9.46 million in total assets, US$5.09 million in total liabilities, and US$4.37 million in total stockholders' equity. ========= I N D I A ========= AVINASH ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Avinash Associates (AA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2025, placed the rating(s) of AA under the 'issuer non-cooperating' category as AA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2026, June 5, 2026, June 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Avinash Associates (AA) was established in 2005 as a proprietorship firm by Mr. Avinash Goyal. The firm is an authorized dealer of Raymond Limited for men's shirt and suit fabric and the firm is also engaged in trading of blankets (mink, polar and fleece blankets) at its facility located in Rohtak, Haryana. C.A. VEGE: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of C.A. Vege Fruit Stores (CVFS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2025, placed the rating(s) of CVFS under the 'issuer non-cooperating' category as CVFS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CVFS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2026, June 5, 2026, June 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Mohali-based (Punjab), C.A. Vege Fruit Stores (CVFS), is a proprietorship concern established in June, 2010 by Mr Rajiv Malhotra. However, the firm commenced its commercial operations in January, 2015 by letting the cold storage unit on rental basis. Currently, the firm is running an integrated cold chain storage facility by engaging in procurement, cold storage and distribution of fruits and vegetables at its warehouse located in Mohali, Punjab. CHAMPA BITUMEN: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Champa Bitumen Hot Mixture Plant (CBHMP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.31 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 27, 2025, placed the rating(s) of CBHMP under the 'issuer non-cooperating' category as CBHMP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CBHMP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2026, May 23, 2026, June 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Champa Bitumen Hot Mixture Plant (CBHMP) was established in May 2017 as a proprietorship firm to initiate a Bitumen and Asphalt Mixing unit at Kokrajhar in Assam. During February 2018, the firm has started its commercial operation with an installed capacity of 1,00,000 MTPA. The firm will sell its products to the local construction projects. The day-to-day affairs of the firm are looked after by Mr Sewli Mohilary, proprietor, along with a team of experienced personnel. CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Coruscation Vidyut Vitaran (Ujjain) Private Limited (CVVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 62.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2025, placed the rating(s) of CVVPL under the 'issuer non-cooperating' category as CVVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CVVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2026, May 16, 2026, May 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Coruscation Vidyut Vitaran (Ujjain) Private Limited (CVVPL), incorporated on April 24, 2012, as a special purpose vehicle (SPV) promoted by Essel group for functioning as the distribution franchisee (DF) for the Ujjain area. The SPV is held by Essel group Investment Company i.e. Pan India Network Limited (PINL) holding 74% and balance is held by Pan India Infraprojects Private Limited (PIIPL). CVVUPL was responsible for the purchase and distribution of power to the existing and future consumers in the prescribed area, maintenance of the distribution assets and all related activities subject to the terms and conditions as stipulated in the distribution franchise agreement (DFA) and various regulatory authorities. ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Essel Walajahpet Poonamallee Toll Roads Private Limited (EWPTRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 164.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2025, placed the rating(s) of EWPTRPL under the 'issuer non-cooperating' category as EWPTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EWPTRPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated May 6, 2026, May 16, 2026, May 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable EWPTRPL is a special purpose vehicle (SPV) incorporated on May 18, 2012, by EIL. EIL has been awarded the four to six laning of the Poonamallee (Km 13/8) Walajahpet (Km 106/8) section of NH4 in the state of Tamil Nadu by National Highway Authority of India (NHAI) under design build finance operate and transfer (DBFOT) basis covering a length of approximately 93.00 km. GUNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Guna Poultry Feeds (GPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of GPF under the 'issuer non-cooperating' category as GPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Guna Poultry Feeds (GPF) was established in the year 2002 as proprietorship firm by Mrs. R. Gunavathi. The firm is engaged in manufacturing of poultry feed with an installed capacity of 40 tons per day at Rajagoundanur, Namakkal, Tamil Nadu. The firm is also engaged in trading of eggs. The firm purchases major raw materials (Maize, Soya) from the local dealers in and around Namakkal. The firm sells the poultry feeds to its associate concern Rajamanickam Poultry Farm (RPF) (75% of total poultry feed sales) and other local poultry farms (25% of total poultry feed sales). The firm purchases eggs from RPF and sells them to local traders. HANUMAN RICE: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hanuman Rice Industries (HRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2025, placed the rating(s) of HRI under the 'issuer non-cooperating' category as HRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2026, June 6, 2026, June 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hanuman Rice Industries (HRI) was established in 2010 by Mr. Ramanarao Musalaiha Bolla and Mrs. Vijaylaxmi R. Bolla. The promoters operate other group entities viz Hanuman Dal Industries, Shree Laxmi Tirupati Amma Murmura Industries, Balaji Industries, Tirumala Dal Udyog and Adinath Cold Storage Private Limited. The firm is engaged in processing & milling of par boiled rice and sale of its by–products like husk, rice bran etc. in the domestic market. The processing unit is located at Kamptee, Nagpur. HERITAGE DISTILIARIES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Heritage Distiliaries Private Limited (HDPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.81 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 19, 2025, placed the rating(s) of HDPL under the 'issuer non-cooperating' category as HDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 5, 2026, May 15, 2026, May 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Heritage Distiliaries Private Limited (HDPL) was incorporated in February 1999 by Mr. Kartik Swain, Mrs. Kanchan Swain, Mr. Rashmi Kanta Pattnayak and Mr. Suryakanta Swain. Initially, the company was into bottling business of Indian Made Foreign Liquor (IMFL) till 2012. However, the company has discontinued the bottling business thereafter and it has leased out its bottling plant (land, building and plant & machineries) to United Spirits Limited (USL) as per lease agreement dated from May 25, 2013. The company entered into a lease out agreement with USL for leasing out its complete bottling plant for 5 years with effect from April 2013. Further, the aforesaid deed of lease agreement dated May 25, 2013 entered into between the parties stands extended and shall continue for a period of 11 years with effect from July 3, 2017. J. G. RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of J. G. Rice Mill (JGRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.49 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 27, 2025, placed the rating(s) of JGRM under the 'issuer non-cooperating' category as JGRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JGRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2026, May 23, 2026, June 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s J.G. Rice Mill (JGRM) established and commenced operation from February, 2004. The entity is engaged in processing and milling of non-basmati rice. The milling unit of JGRM is located at Mill – Sirri, Kharora, Raipur, Chhattisgarh, with processing capacity of (Rice – 2856 MTPA, Broken Rice – 1320 MTPA and Rice Bran – 2760 MTPA). JGRM procure paddy from farmers & local agents and sells its products through the wholesalers and distributors across Chhattisgarh. Mr. Suresh Agarwal (Proprietor) has died on November 30, 2017 as per the death certificate registration number 2017- 01-008332. Mr. Sanjay Agarwal son of Mr. Suresh Agarwal has become the proprietor of J. G. Rice Mill as per the will of Mr. Suresh Agarwal. Mr. Sanjay Agarwal (Proprietor), having 20 years of experience in rice milling, looks after the day to day operations of the entity. He is supported by a team of experienced professionals. LUCKNOW MEDICAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lucknow Medical Agencies (LMA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 9, 2025, placed the rating(s) of LMA under the 'issuer non-cooperating' category as LMA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LMA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2026, June 4, 2026, June 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Lucknow Medical Agencies (LMA) was established as partnership firm in April 2000. LMA is engaged in trading of Pharmaceuticals & Drugs to retailers within Delhi. LMA procures the products directly from companies like Abott India, sun pharma, Lupin, Glaxo, Astra Zeneca etc and sells directly to retailers in Delhi. They have authorized distributorship of all the brands. MAA DURGA: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maa Durga Engineering Works (MDEW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.50 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 27, 2025, placed the rating(s) of MDEW under the 'issuer non-cooperating' category as MDEW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDEW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2026, May 23, 2026, June 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Maa Durga Engineering Works was initially established in the year 2005 as a proprietorship firm by Mrs. Anju Jaiswal with an objective to enter into the fabrication and manufacturing of fasteners. However, in 2015 the firm was converted into partnership business with an objective of entering into manufacturing of PP woven bags with Mrs. Anju Jaiswal, Mr. Shyam Narayan Jaiswal and Mr. Ranjan Jaiswal being its partners. The manufacturing facility is located at Burdwan, West Bengal with installed capacity of 1800 MTPA (fasteners) and 4200 MTPA (woven sack bags). Mr. Shyam Narayan Jaiswal (aged, 53 years) having more than a decade of experience in the same line of business looks after the day to day operations of the firm. He is supported by other partners Mrs. Anju Jaiswal and Mr. Ranjan Jaiswal and a team of experienced professionals. MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mhow Ghatabillod Toll Roads Private Limited (MGTRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 200.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2025, placed the rating(s) of MGTRPL under the 'issuer non-cooperating' category as MGTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MGTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2026, May 16, 2026, May 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Mhow Ghatabillod Toll Roads Private Limited is a special purpose vehicle (SPV) promoted by Essel Infra projects Limited (EIL) and group entities for four laning of the Mhow Ghatabillod section (on SH-27) from km 1.500 to km 28.500 in the state of Madhya Pradesh on a design, build, finance, operate and transfer (DBFOT) toll basis. MODERN ACADEMY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Modern Academy (MA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.39 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2025, placed the rating(s) of MA under the 'issuer non-cooperating' category as MA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2026, June 5, 2026, June 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Haldwani (Uttarakhand)-based Modern Academy (Modern) was established as an educational society in 1999 with an objective to impart education in the field of Technology and Management by Mr. C L Dhingra, Mr. R C Monga, Mr. Narendra Dhingra, Mr. Sanjay Dhingra, and Ms. Nilam Dhingra. P.R. FASTENERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of P.R. Fasteners Private Limited (PFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 9, 2025, placed the rating(s) of PFPL under the 'issuer non-cooperating' category as PFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2026, June 4, 2026, June 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gurgaon, Haryana, based P.R. Fasteners Private Limited (PFPL) was incorporated in August, as a private limited company. The company is managed by Mr Vijender Verma and Mr Sanjay Verma. The company is engaged in manufacturing of fasteners such as nuts and bolts that finds its application in the automobile industry. The company has its manufacturing facility located at Gurgaon, Haryana. PADAM MOTORS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Padam Motors Private Limited (PMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.93 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 4, 2025, placed the rating(s) of PMPL under the 'issuer non-cooperating' category as PMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2026, May 30, 2026, June 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Padam Motors Private Limited (PMPL) was incorporated in May 2004 and operates as an authorized dealer for the sale of passenger and commercial vehicles of the Ashok Leyland, Tata and Renault. PERFECT FOOTWEAR: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Perfect Footwear (PF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2025, placed the rating(s) of PF under the 'issuer non-cooperating' category as PF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2026, June 5, 2026, June 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Agra (Uttar Pradesh) based M/s Perfect Footwear (PF) was formed as a partnership concern by Mr. Harvinder Pal Singh, Smt. Raminder Kaur and Smt. Jasmeet Kaur in 2015. It is currently being managed by Mr. A.S. Ahuja. PF is engaged in manufacturing of leather footwear. PREM KUMAR: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prem Kumar Pradeep Kumar (PKPK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2025, placed the rating(s) of PKPK under the 'issuer non-cooperating' category as PKPK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PKPK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2026, June 25, 2026, July 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Ganganagar based PKPK was incorporated in November 2011 by Mr. Pradeep Kumar who is the proprietor of the firm. The firm acts as commission agent, trader and grain merchant for agricultural commodities like Masoor, Moong, Math, Castor, Dhania, Mustard, Barley, Chana, Guar, etc. Q1 BONE: CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Q1 Bone & Joint Hospital (QBJH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.12 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of QBJH under the 'issuer non-cooperating' category as QBJH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. QBJH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Q1 Bone & Joint Hospitals (QBJH) was set up in 2012 by Dr. Ramana Murthy (Managing Partner) and Dr. Madhavi (Partner). QBJH had setup a super specialty hospital with 100 beds (General Wards 28, Private Rooms with AC 26, private rooms without AC 25, Intensive care unit with 21 beds) capacity in Visakhapatnam, Andhra Pradesh.QBJH have modern equipment and infrastructure which includes fully automated biochemistry analyser, biometric Mini Vidas, Radio meter, Microscope and Coagulation Analyser among others. The hospital has a panel of specialists in the field of Orthopedics, Urology, Nephrology, Neuro surgeon and their services are available on regular and consultancy basis as well. QBJH runs with all moderate equipments and facilities like, Ultrasound, X ray, Laboratory, 24 hours Ambulances service, ICU, Medical store, C.T. Scan, 2D Echo and operation Theatre. The building premise is located at Health City, Arilova, Visakhapatnam, Andhra Pradesh. RIVERBANK DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Riverbank Developers Private Limited (RDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Corporate 135.00 CARE D; ISSUER NOT COOPERATING; Guarantee Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE had, vide its press release dated June 10, 2020, placed the rating(s) of RDPL under the 'issuer non-cooperating' category as RDPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 29, 2026 and July 10, 2026 etc. In line with the extant SEBI guidelines, CARE has reviewed the rating based on the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been reaffirmed on invocation of corporate guarantee for the loan provided to BBT Elevated Road Private Limited (BERPL). There have been ongoing delays in debt servicing of BERPL for which corporate guarantee is provided by RDPL. Analytical approach: Standalone The Hiland Group, promoted by Mr. Sumit Dabriwala and Mr. Nandu Belani, is a reputed developer of real estate in Kolkata. The Hiland Group collaborated with Bata India Limited (BIL) to establish two special purpose vehicles – Riverbank Developers Private Limited (RDPL) and Riverbank Holdings Private Limited (RHPL), both being part of the Hiland Group, for the development of an integrated township project, named Calcutta Riverside (CRS), spread over 262 acres of land at Batanagar, Kolkata. With the court order dated September 9, 2014, RDPL amalgamated with RHPL with April 1, 2012 as the appointed date. RDPL has proposed to develop 150 lakh square feet saleable area (launched 54.84 lakh sq ft till date) by FY25 in phased manner. SAI KRIPA: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Kripa agro Processor (SKAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 28, 2025, placed the rating(s) of SKAP under the 'issuer non-cooperating' category as SKAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 13, 2026, June 24, 2026, July 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Udaipur (Rajasthan) based Sai Kripa Agro Processor (SKAP) was formed as a proprietorship concern in 2018 by Ms Anjali Dadheech (Proprietor) with an objective to set up a unit for extraction of soyabean oil from soya seeds with an installed capacity of 30000 MT per annum. SARDAR POULTRY: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sardar Poultry Farm (SPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.48 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2025, placed the rating(s) of SPF under the 'issuer non-cooperating' category as SPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2026, May 22, 2026, June 1, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sardar Poultry Farm (SPF) established during February 2008 by one Mr Bhupindra Kaur of Bilaspur. SPF is engaged in the business of layer poultry farming and involved in sales of eggs and birds. The farming facility of the firm is located near Bilaspur in Chhattisgarh. The day-to-day affairs of the firm are looked after by Mr. Bhupindra Kaur with adequate support from a team of experience personnel. SPM WEAVING: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri SPM Weaving Mills (SSWM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of SSWM under the 'issuer non-cooperating' category as SSWM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSWM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tamil Nadu based, Sri SPM Weaving Mills (SSWM) was established in the year 2015 as a partnership firm. SSWM has its registered office and plant located at M.S. Mangalam (Village), Erode, Tamilnadu with the area covering 3.75 acres. The firm is engaged in manufacturing of grey fabric. SUDHAR METALS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sudhar Metals & Alloys (SMA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 9, 2025, placed the rating(s) of SMA under the 'issuer non-cooperating' category as SMA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2026, June 4, 2026, June 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sudhar Metals & Alloys (SMA) was established as a proprietorship entity in the year 1999 by Mr. Kamal Mehra. The entity is managed by Mr. Kamal Mehra who is a graduate and has almost 50 years of experience in this business. The entity is engaged in manufacturing of non- ferrous metals which finds its application in manufacturing of consumer goods like engines, clutch of two-wheelers and four-wheelers. The entity has its manufacturing unit in Gurgaon, Haryana. VEDIK ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Vedik Ispat Pvt Ltd (VIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 85.39 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short-term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2025, placed the rating(s) of VIPL under the 'issuer non-cooperating' category as VIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2026, May 14, 2026, May 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vedik Ispat Pvt. Ltd. (VIPL), incorporated in 1992, was a dormant company till 2010. In 2010, it started a project to set up a hot and cold-rolled sheets facility in Hindupur (AP), which started commercial activity in 2011, with an installed capacity of 72,000 TPA of slabs/billets. The plant has capability to produce both Mild Steel (MS) and Stainless Steel (SS) products. The company undertook installation of Annealing pickling plant to process HR coils as a part of its forward integration strategy. Apart from the above, VIPL is also engaged in trading of TMT bars, MS Pipes, angels and ingots. VIJAYA LAKSHMI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vijaya Lakshmi Enterprises (VLE) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of VLE under the 'issuer non-cooperating' category as VLE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VLE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, Vijaya Lakshmi Enterprises (VLE) was established in October 2013 as a partnership firm, by Mr. Satyanarayana and Mr. Jaya Lakshmi. Vijaya Lakshmi Enterprises (VLE) is an authorized licensed dealer in tobacco registered with Tobacco Board for trading of Virginia tobacco. VLE is mainly engaged in trading of Virginia tobacco. The firm purchases the raw material i.e., Wet Virginia tobacco through the competitive bidding process conducted by Tobacco Board (TB) at Andhra Pradesh location. The TB collects the tobaccos from farmers, who are licensed holder to grow any particular tobacco. Further, these tobaccos are put in tender process. After successfully winning the tender, the firm processes the Virginia tobacco manually by separating the tobacco leaves, with the help of local contractual workers. After separation of tobacco leaves, the firm outsources the process like threshing. Threshing process involves conditioning of tobacco with heat and moisture, and finally re-drying the Virginia tobacco. The processing unit for separation of tobacco leaves is located at Tangutur which is 20 km away from Ongole, where tobacco is one of the major crops. Till FY16, the firm was into trading of tobacco directly without processing. However, from FY17 the firm has started doing processes like threshing etc. through outsourcing and then trading. WADHAWAN GLOBAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Wadhawan Global Capital Limited (WGCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 1,900 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 25, 2021, placed the rating(s) of WGCL under the 'issuer non-cooperating' category, as WGCL failed to provide information for monitoring the rating as agreed to in its Rating Agreement. WGCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 12, 2026, June 19, 2026, and June 24, 2026. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on the best available information, which, however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users (including investors, lenders and public at large) are hence requested to exercise caution while considering these rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating, following were rating strengths and weaknesses (updated for the information available from company's website). Key weaknesses * Deteriorating financial performance: No latest financial data or operational data are available for the company from FY20 to FY26. Per the last available data, the company reported a loss of INR524 crore in FY19 compared to loss of INR171 crore in FY18, which was mainly considering provision for diminution in value of investments. WGCL is a core investment company, which is jointly promoted by Kapil and Dheeraj Wadhawan (promoters of DHFL). As on March 31, 2019, Kapil Wadhawan, Dheeraj Wadhawan, and Aruna Wadhawan together held 85% stake in the company. Incorporated as Wadhawan Housing Private Limited, the name of the company was subsequently changed to WGCL on May 31, 2014. ================= I N D O N E S I A ================= POS INDONESIA: Fitch Hikes National LongTerm IDR to 'CC(idn)' ------------------------------------------------------------- Fitch Ratings Indonesia has upgraded PT Pos Indonesia (Persero)'s (POST) National Long-Term Rating and senior unsecured rating to 'CC(idn)' from 'C(idn). The National Short-Term Rating is affirmed at 'C(idn)'. Fitch does not typically assign Outlooks to ratings in the 'CC' category since the volatility of these ratings is very high, in line with its rating definitions. The rating upgrades reflect Fitch's assessment that default risks have slightly eased following the payment of missed ijarah return installments or periodic distribution payments of its sukuk within the grace period. 'CC' National Long-Term Ratings denote the level of default risk is among the highest relative to other issuers or obligations in the same country or monetary union. 'C' National Short-Term Rating Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Payment of Missed Periodic Distributions: POST paid its missed ijarah return installments of IDR24.1 billion before the 14-day grace period ended on 27 July 2026. The first tranche of its sukuk consists of series A, B and C, which mature in January 2028, 2030 and 2032, respectively. Although POST cured the missed payment, the 'CC' rating continues to reflect Fitch's view that default of some kind is probable. The cured payment does not indicate a return to a stable credit profile. Standalone Credit Profile Remains Constrained: Despite the cured payment, POST's Standalone Credit Profile (SCP) remains constrained by high liquidity risk. The SCP reflects the entity's reliance on short-term loans and uncertainty over its ability to roll them over. This creates uncertainty about the company's capacity to meet near-term maturities without extraordinary support. The constraint is heightened by limited clarity on the company's current liquidity position due to delayed financial reporting since end-September 2025. The rating does not reflect sustained debt service capacity. Upcoming Payment Obligations: POST's senior unsecured debt consists of IDR1.5 trillion of sukuk in two tranches and IDR400 billion of bonds maturing in 2027. Interest payments are made every three months. The next payments are IDR11.66 billion of ijarah return installments on the second sukuk tranche due 28 August 2026, and IDR11.75 billion of bond coupon payments due 28 September 2026. Most of POST's debt consists of short-term working capital loans from banks that generally have monthly servicing obligations. Fitch is not aware of any missed payments or if POST has entered any grace period on these obligations. Rating Based on SCP: Fitch determines the rating on a standalone basis, and the government-related entities (GRE) support score is no longer relevant, consistent with its approach for GRE issuers with an SCP of 'cc' or below. Any potential uplift from extraordinary government support is no longer relevant to the rating because POST is in acute financial distress and faces high near-term default risk. Issuer Profile POST is wholly owned by the Indonesian government, with a mandate to provide universal postal and logistical services nationwide. Established in 1746, the company has evolved into a multifaceted service provider, offering courier, logistics, financial services and public services, particularly in remote and underserved areas. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Evidence of a default or default-like event including, entering into a grace period following non-payment of a material financial obligation, or formal announcement of a distressed debt exchange. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in POST's liquidity with greater clarity on near-term debt servicing capacity for upcoming payment obligations. - Evidence of extraordinary government support that would lead to stronger debt-service capacity. Entity/Debt Rating Prior ----------- ------ ----- PT Pos Indonesia (Persero) Natl LT CC(idn) Upgrade C(idn) Natl ST C(idn) Affirmed C(idn) senior unsecured Natl LT CC(idn) Upgrade C(idn) ======= L A O S ======= EDL-GENERATION PUBLIC: S&P Assigns 'CCC+' LT ICR, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' long-term issuer credit rating to EDL-Generation Public Co. (EDL-Gen) and a 'CCC+' issue rating to the senior unsecured notes. The outlook on the issuer rating is stable. The stable outlook reflects S&P's view that EDL-Gen will have sufficient liquidity sources to meet its cash flow needs and financial obligations over the next 12 months. EDL-Gen, a state-owned power generation company in Laos, has issued US$300 million of senior unsecured notes to refinance upcoming maturities, which will reduce immediate refinancing pressure. This has met the conditions of S&P's preliminary ratings. S&P said, "We believe the company's long-term capital structure and cash flows remain highly dependent on its exposure to its weaker parent, Electricite du Laos (EDL), which is a key offtaker. S&P's ratings consider EDL-Gen's successful issuance of the US$300 million senior unsecured notes. The issuance proceeds will be used to refinance upcoming debt maturities. This includes US$166 million in senior unsecured bonds due Sept. 2, 2026, and other debentures previously issued in the Thailand bond market. The issuance proceeds will cover most of the US$378 million in debt maturities through year-end 2027, leaving the remaining balance to be serviced by the company's internal cash flow generation. This helps alleviate refinancing risks for the company over the next 12 months. S&P's 'CCC+' ratings are in line with the preliminary ratings it assigned on July 24, 2026. S&P's assumptions on bond issuance and interest cost have not materially changed from its previous base-case assumptions. EDL-Gen's long-term financial sustainability is constrained by significant counterparty risk from its parent, EDL. EDL is a state-owned, single buyer in the domestic power market in Laos. EDL-Gen has 100% revenue exposure to EDL for its wholly owned hydropower projects, through long-term power purchase agreements (PPAs). S&P assesses EDL's financial position as weaker than the subsidiary's, which brings significant uncertainty regarding its ability to meet PPA obligations in a timely manner. This risk is evident from a historical record of EDL-Gen's high receivable days of above 200 days--significantly exceeding the 45-day payment period specified in the PPA terms. Continued collection delays will lead to high working capital pressure and strain cash flows. This risk is partly mitigated by dividend income from equity-invested hydropower projects, most of which have higher-quality offtakers in Thailand's state-owned integrated power company, Electricity Generating Authority of Thailand (EGAT). These dividends account for approximately 47% of EDL-Gen's adjusted EBITDA in 2025. EDL's weak balance sheet stems partly from large-scale debt-funded investments in hydropower projects and grid infrastructure, with reliance on high-interest borrowings from international lenders. Excessive generation capacity and delays in securing profitable, long-term export agreements led to unsustainable debt levels. This was compounded by a large depreciation of the Lao kip (LAK) between 2020 and 2024, increasing EDL's foreign-currency debt burden. S&P understands that EDL has a track record of debt restructuring and is likely to continue with such efforts to extend its debt repayment profile. S&P expects the 2025 upward revision of EDL-Gen's PPA tariffs and EDL's retail tariffs to materially improve earnings for both parties. That said, it remains to be seen if these can be translated to cash flow improvements. Effective July 2025, EDL-Gen arrived at an agreement with EDL to transition from a Lao kip-denominated tariff to a U.S. dollar-denominated tariff. This addressed a crucial currency mismatch between its revenues and debt obligations, which previously caused cash flow pressure when the Lao kip depreciated more than 50% against the dollar over 2020-2024. Under the new PPA structure, EDL-Gen's realized tariff will almost double to US$0.047 per kilowatt-hour (kWh) and increase to US$0.05 per kWh by 2029. The government has also approved a material increase in retail electricity prices for end-users as part of its power sector reform to improve EDL's earnings stability. S&P's rating assumes limited cash extraction by the parent, such as aggressive special dividends. Given EDL-Gen's listed status, related-party transactions, such as intercompany loans to EDL, are also subject to listing rules requiring minority shareholder approval. Legally and structurally, EDL and EDL-Gen maintain independent financing channels with no formal guarantees or cross-default provisions. S&P's rating also captures EDL-Gen's relatively small revenue scale (about US$108 million in 2025) and resource concentration risk to hydropower. These risks are partly mitigated by the company's stable operating history, characterized by satisfactory availability factors and high EBITDA margins in line with industry norms. S&P said, "We consider EDL-Gen to be a government-related entity with moderately high likelihood of timely and sufficient extraordinary support from the government of Laos. As a key vehicle for the government's power development initiatives, EDL-Gen's role is not easily replaceable. The total equity attributable capacity of its hydropower portfolio is 1.6 gigawatts (GW) as of end-2025, accounting for about 15% of the national hydropower capacity. The government maintains strong oversight through state ownership and board representation. It also has a record of providing direct emergency liquidity injections to EDL-Gen during periods of stress, such as US$185 million in interest-free capital in 2024 to help the company meet refinancing needs. However, we believe the government's overall fiscal capacity to support its state-owned entities remains highly constrained, making timely support in all scenarios unlikely. "The stable outlook reflects our view that EDL-Gen will have sufficient liquidity sources to meet its cash flow needs and financial obligations over the next 12 months. "We may lower our rating on EDL-Gen if we envision other default scenarios over the next 12 months. This may be caused by significantly higher working capital outflows than anticipated and unexpectedly large dividend payouts that lead to heightened risk of nonpayment on its financial obligations. "We may raise the rating if there is a sustainable improvement in EDL-Gen's operating cash flows and liquidity, indicated by a track record of improved revenue collection efficiency by EDL-Gen under revised PPA terms." A raised rating is also contingent on the sovereign rating on Laos being raised to 'B-'. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Posts $0.71M Q2 Net Loss Amid Going Concern Doubt ------------------------------------------------------------------- Greenpro Capital Corp. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three and six months ended June 30, 2026. The Company reported a net loss of $709,383 for the three months ended June 30, 2026, compared to net loss of $574,128 for the same period in the prior year. For the six months ended June 30, 2026, the Company reported net loss of $1,620,959, compared to net loss of $1,209,704 for the same period in the prior year. Total revenues for the three months ended June 30, 2026 were $302,167, compared to $427,092 in the prior-year period. Revenues for the six months ended June 30, 2026 decreased to $707,553 from $779,847 in the same period of the prior year. Liquidity and Capital Resources The Company's cash balance on June 30, 2026, was $634,440, as compared to $636,659 on Dec. 31, 2025, a decrease of $2,219. The Company estimates it may have sufficient cash available to meet its anticipated working capital for the next twelve months upon improving its profitability and the continuing financial support from its major shareholders. Going Concern The Company's accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2026, the Company incurred a net loss of $1,620,959 and net cash used in operations of $1,266,864, and as of June 30, 2026, the Company incurred an accumulated deficit of $41,867,671. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In addition, the Company's independent registered public accounting firm, in its report on the Company's Dec. 31, 2025, financial statements, has expressed substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide additional cash to meet the Company's obligations as they become due. Despite the amount of funds that the Company has raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its shareholders, in the case of equity financing. Operating activities Net cash used in operating activities was $1,266,864 and $772,674 for the six months ended June 30, 2026, and 2025, respectively. The net cash used in operating activities in 2026 primarily consisted of a net loss of $1,620,959 and an increase in prepaids and other current assets of $22,365, offset by a decrease in digital assets of $48,106, an increase in accounts payable and accrued liabilities of $204,384 and an increase in deferred revenue of $84,235. For the six months ended June 30, 2026, non-cash adjustments totaled $95,826, which was comprised of non-cash expenses from depreciation and amortization of $93,527, provision for credit losses of $115 and fair value loss on digital assets of $2,184. The net cash used in operating activities in 2025 primarily consisted of a net loss of $1,209,704, an increase in digital assets of $41,380, and a decrease in accounts payable and accrued liabilities of $141,784, offset by an increase in deferred revenue of $528,746. For the six months ended June 30, 2025, non-cash adjustments totaled $124,872, which was primarily comprised of non-cash expenses from depreciation and amortization of $119,438 and provision for credit losses of $40,514, offset by non-cash income from gain on disposal of investments of $39,800. Investing activities Net cash provided by investing activities was $265 and $39,950 for the six months ended June 30, 2026, and 2025, respectively. Cash provided by investing activities in 2026 was proceeds from the disposal of equipment of $265. Cash provided by investing activities in 2025 was proceeds from the disposal of investment of $39,950. Financing activities Net cash provided by financing activities was $1,267,937 and $477,236 for the six months ended June 30, 2026, and 2025, respectively. Cash provided by financing activities in 2026 was proceeds from the sale of our Common Stock in private placements of $400,000 and advance payments from related parties of $870,161, offset by the principal repayment of finance lease liabilities of $2,224. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/yrnuf7kz. About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended Dec. 31, 2025, the Company incurred a negative cash flow from operating activities of $1.79 million and as of Dec. 31, 2025, the Company incurred an accumulated deficit of $40.25 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2026, the Company had $23,181,579 in total assets, $2,575,633 in total liabilities, and $20,605,946 in total stockholders' equity. ===================== N E W Z E A L A N D ===================== MOUNT DUNSTAN: Pinot Noir Vineyard Companies Placed in Liquidation ------------------------------------------------------------------ Jaime Lyth at BusinessDesk reports that two companies behind a "world-class" Central Otago Pinot Noir vineyard are in liquidation, with NZD1.35 million of mostly related-party debt. According to BusinessDesk, Mount Dunstan Estates and Mount Dunstan Harvesting were placed into liquidation by shareholder resolution on July 30. The businesses grow and supply Pinot Noir grapes on a shared 56-hectare vineyard at 68 McArthur Rd, RD1 Alexandra in Central Otago. Both liquidations were attributed to a downturn in grape demand, lack of profitability, and differing views among shareholders, BusinessDesk relays. NAATI HAULAGE: Trucking Company Creditor Claims Total NZD545,309 ---------------------------------------------------------------- The New Zealand Herald reports that Gisborne-based trucking company Naati Haulage has been placed into court-ordered liquidation by the High Court, with combined creditor claims reaching a total of NZD545,309.41 Haati Haulage was placed into liquidation by order of the High Court at Gisborne on July 3, NZ Herald discloses. NORTHSEA HOLDINGS: Placed in Liquidation Owing Over NZD450,000 -------------------------------------------------------------- Stuff.co.nz reports that an Auckland casting agency has been placed into liquidation owing Inland Revenue (IRD) more than NZD456,000, following business disruptions from the Covid-19 pandemic, severe illness, and communication breakdowns during an accounting transition. Northsea Holdings Limited, formerly known as The Robert Bruce Agency Limited, was put into liquidation by a special resolution of its sole shareholder on the morning of July 30. Daran Nair and Heiko Draht of Nair Draht Chartered Accountants were appointed as joint liquidators, Stuff discloses. The Dominion Rd-based business had operated a casting agency service and embarked on an expansion in 2019. However, trading was significantly and adversely affected by the outbreak of Covid, which materially impacted its business activities and financial performance, Stuff relays. During the same period, sole director and 100% shareholder Gabriella Marie Larkin was diagnosed with a serious illness and spent a considerable amount of time in and out of hospital over the following three years, affecting her ability to actively manage the company's affairs. After becoming aware of outstanding liabilities owed to IRD, Larkin instructed the company's accountant to engage with the department to negotiate a settlement. Stuff says the matter was left unresolved following an accounting transition. "However, the accountant subsequently retired, and responsibility for the matter was transferred to a new accountant," the liquidators' first report stated. "The director states that communication difficulties arose during this transition, with the result that the matter was not resolved." Stuff notes that the company was unable to meet its liabilities, leading to the liquidation resolution. IRD has lodged a proof of debt in the liquidation for NZD456,147.16, of which NZD166,226.94 is claimed as a preferential debt. According to Stuff, the liquidators noted that the value of chattels located at the company's premises appeared limited, and a sale of those chattels has been negotiated. No other realisable assets have been identified to date, though investigations into company books, records, book debts, and receivables remain ongoing. The liquidators have dispensed with a creditors' meeting on the basis that no issues require consideration by creditors. Unsecured creditors have been asked to file their claim forms by Sept. 3, 2026, Stuff discloses. ================= S I N G A P O R E ================= ENTERPRISE FUND: Creditors' Proofs of Debt Due on Sept. 7 --------------------------------------------------------- Creditors of The Enterprise Fund III Ltd. are required to file their proofs of debt by Sept. 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 30, 2026. The company's liquidators are: Chan Li Shan Terence Ng Chi Hou c/o Impetus Corporate Advisory 11 Collyer Quay, #16-02 The Arcade Singapore 049317 JACKIE CHEU: Court to Hear Wind-Up Petition on Aug. 21 ------------------------------------------------------ A petition to wind up the operations of Jackie Cheu Consultancy Pte. Ltd. will be heard before the High Court of Singapore on Aug. 21, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 29, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 LUGALIS SHIPPING: Creditors' Proofs of Debt Due on Sept. 7 ---------------------------------------------------------- Creditors of Lugalis Shipping Pte. Ltd. are required to file their proofs of debt by Sept. 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia Pte Ltd 50 Havelock Road, #02-767 Singapore 160050 MARS TELETECH: Creditors' Proofs of Debt Due on Sept. 7 ------------------------------------------------------- Creditors of Mars Teletech (Singapore) Pte. Ltd. are required to file their proofs of debt by Sept. 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2026. The company's liquidator is: Yio Swee Khim c/o 20 Peck Seah Street #05-00 Singapore 079312 MAXEON SOLAR: Three Top Executives Resign Amid Judicial Management ------------------------------------------------------------------ Maxeon Solar Technologies, Ltd. (Under Judicial Management) and its subsidiary, Maxeon Solar Pte. Ltd. (Under Judicial Management), said in a regulatory filing with the Securities and Exchange Commission that the following executive and director departures occurred in connection with the Company's ongoing judicial management proceedings before the General Division of the High Court of the Republic of Singapore. Effective June 19, 2026, Tiffany See ceased to serve as Chief Human Resources Officer of the Company and resigned as a director of MSPL. She also resigned as a director of certain other subsidiaries of the Company for which she had been a director, effective June 29, 2026. Effective July 31, 2026, Frank Jeng resigned as Chief Legal Officer (interim) of the Company, having submitted his resignation on July 17, 2026. Effective Aug. 14, 2026, Dmitri Hu resigned as Chief Financial Officer of the Company, having submitted his resignation on July 16, 2026. Also effective Aug. 14, 2026, Mr. Hu resigned as a director of certain other subsidiaries of the Company for which he had been a director, including MSPL, having submitted such resignation on July 17, 2026. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in Aug. 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. On May 29, 2026, The High Court of Singapore entered an order to place the operations of Maxeon Solar Technologies, Ltd., and Maxeon Solar Pte. Ltd. under judicial management. The Company's Judicial Managers are: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 ONE2WORLD PTE: Creditors' Meetings Set for Aug. 31 -------------------------------------------------- One2World Pte. Ltd. will hold a meeting for its creditors on Aug. 31, 2026, at 2:30 p.m., via Zoom. Agenda of the meeting includes: a. to lay before the creditors a full statement of the company's affairs, showing the assets and liabilities of the Company; b. to appoint liquidators; c. to form a Committee of Inspection if deemed necessary; and d. any other business. Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia were appointed as provisional liquidators of the Company on Aug. 3, 2026. SEALEAD SHIPPING: US Sanctions Push Company Into Liquidation ------------------------------------------------------------ Splash reports that Singapore-headquartered SeaLead Shipping is being liquidated, marking the final chapter in one of container shipping's most dramatic rises and falls of recent years. Splash understands the company has moved into liquidation following sweeping US sanctions imposed last month that effectively cut the liner operator off from normal international business. The move comes little more than a year after SeaLead ranked as the world's 13th-largest container carrier, operating 53 ships with more than 200,000 teu of capacity. By late July, its fleet had collapsed to just four vessels and its global ranking had fallen to 80th. According to Splash, the decisive blow came on July 14 when the US Treasury's Office of Foreign Assets Control directly designated Sea Lead Shipping Pte Ltd, along with subsidiaries in Dubai, the Marshall Islands and India, as part of a major action against the shipping and trading network of Mohammad Hossein Shamkhani, son of senior Iranian political figure Ali Shamkhani. Splash relates that treasury alleged SeaLead was a key container shipping business within Shamkhani's network and said the company and related entities enabled the movement of both legitimate and illicit cargoes, including shipments connected to Iran-backed Houthi interests in Yemen. OFAC also blocked three SeaLead-linked containerships: Paya Lebar, Shenton Way and Tanjong Pagar 1. Splash says the designation went considerably further than the sanctions shock SeaLead suffered in July 2025, when 16 ships it had chartered were blacklisted over alleged links to the Shamkhani network. SeaLead immediately terminated those charters at the time and repeatedly denied links to the Iranian regime, insisting it maintained stringent sanctions-screening and due-diligence procedures. The fallout nevertheless gutted the fleet and was followed this year by further retrenchment, office closures and vessel off-hires as the Iran conflict disrupted SeaLead's important Middle East trades. Pressure escalated again in March when the US Department of Justice filed a civil forfeiture complaint seeking $2.4 million allegedly intended for SeaLead and its Indian affiliate. Prosecutors alleged the companies were intended to provide shipping services to the Shamkhani network. OFAC has issued General License Z allowing limited wind-down transactions involving SeaLead and the three blocked ships until September 12, Splash notes. The licence permits activities including cargo discharge, crewing, bunkering, insurance and safe port calls, but expressly prohibits new commercial contracts involving blocked persons outside the authorised wind-down. SeaLead's liquidation completes an extraordinary reversal for a carrier founded only in 2017 and, until recently, regarded as one of container shipping's fastest-growing challengers, Splash adds. TKX HOLDING: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of TKX Holding Pte. Ltd. Amazingtech Pte Ltd filed the petition against the company. The company's liquidators are: Cameron Lindsay Duncan David Dong-Won Kim Joshua Joseph Jeyaraj c/o KordaMentha Pte. Ltd. 50 Raffles Place #25-01, Singapore Land Tower Singapore 048623 UNIQUE TECHNOLOGIES: Court to Hear Wind-Up Petition on Aug. 21 -------------------------------------------------------------- A petition to wind up the operations of UNIQUE TECHNOLOGIES Pte. Ltd. will be heard before the High Court of Singapore on Aug. 21, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 28, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Back in Business, Faces 3-Week Survival Test --------------------------------------------------------- The Korea Times reports that Homeplus, which had been on the brink of closure, is accelerating efforts to normalize operations after securing KRW200 billion ($141 million) in emergency operating funds, company officials said Aug. 10. Whether the large-scale retailer can restore customer trust and sales and prove its viability by the Sept. 4 deadline for approval of its rehabilitation plan will be a key test of its recovery, according to industry watchers. According to The Korea Times, Homeplus resumed online orders at 2:00 p.m. on Aug. 10, following the reopening of 67 key stores nationwide on a trial basis last Friday [Aug. 7]. The retailer plans to resume full operations on Aug. 13, along with marketing campaigns aimed at attracting customers. The reopening comes about a month after the 67 stores were temporarily closed starting July 13, The Korea Times notes. Homeplus has been under court-led rehabilitation proceedings since March 4 last year. But the Seoul Bankruptcy Court ordered the proceedings terminated on July 3, saying the firm was unlikely to raise the necessary funds on its own after struggling to secure the KRW200 billion in minimum operating funds required to implement its rehabilitation plan. The Korea Times says the situation improved after Meritz Financial Group, the retailer's largest creditor, approved a debtor-in-possession (DIP) loan on July 16, after Michael ByungJu Kim, chairman of Homeplus' largest shareholder, MBK Partners, agreed to guarantee the entire KRW200 billion. Homeplus filed an immediate appeal against the court's decision on July 20, and the court subsequently overturned the termination order and extended the deadline for the company to submit its rehabilitation plan to Sept. 4. According to The Korea Times, the industry views the resumption of Homeplus' operations as a critical watershed moment for its rehabilitation. Restoring normal operations to boost revenue and maintaining stable transactions with suppliers are widely considered essential to improving the feasibility of its rehabilitation plan. The resumption of online orders marks another step in restoring the company's operations, expanding beyond physical stores to delivery services. Online delivery initially resumed across 20 stores in the Seoul metropolitan area, about half of the 41 locations that were operating before the suspension. "We will continue to expand our product offerings and delivery coverage," The Korea Times quotes a Homeplus official as saying. "Services in some regions may face temporary constraints depending on delivery capacity." Ahead of Aug. 13's official reopening, Homeplus also plans to address operational issues identified during the soft launch, focusing on payment, logistics and inventory management systems. Ensuring enough products to fill empty shelves and keeping operations stable remain as challenges for the company, The Korea Times adds. About Homeplus Co Homeplus Co., Ltd., operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. On July 3, 2026, the Seoul Bankruptcy Court decided to terminate rehabilitation proceedings for troubled discount store chain, noting the company failed to come up with the necessary funds of at least KRW200 billion to carry out the plan. The court on July 21, 2026, reversed that decision after Homeplus filed an appeal, extending the rehabilitation proceedings until Sept. 4, 2026. The appeal came after Meritz Financial Group, Homeplus' largest creditor, agreed to provide financing in return for a full repayment guarantee from MBK Partners. ********* 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. 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