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260814.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, August 14, 2026, Vol. 29, No. 162 Headlines A U S T R A L I A ADSLOT LTD: Executes Deed of Company Arrangement for Subsidiary ARDEN CP: First Creditors' Meeting Set for Aug. 21 CAPITALROAD GROUP: First Creditors' Meeting Set for Aug. 19 EMPEROR'S GARDEN: Owes Tax Office More Than AUD845,000 GEORGE & IRENE: First Creditors' Meeting Set for Aug. 18 MCPHERSON'S LIMITED: Liable for Continuous Disclosure Failure PERMAL PTY: First Creditors' Meeting Set for Aug. 21 SIGRIST DESIGN: First Creditors' Meeting Set for Aug. 19 THINK TANK 2026-3P: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes C H I N A LEAPMOTOR TECHNOLOGY: Out of 'Survival Warning' Phase, Founder Says RETO ECO-SOLUTIONS: Enters Into $36M Securities Purchase Agreement I N D I A AKSHRA INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating ANAND RICE: CARE Keeps D Debt Rating in Not Cooperating Category BEST SEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category BIMBAN INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating BR DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating Category C.M. BUILDS: CARE Keeps B- Debt Rating in Not Cooperating Category DHATRE UDYOG: CARE Keeps D Debt Ratings to Not Cooperating JAGDAMBA RICE: CARE Keeps B- Debt Rating in Not Cooperating JAHANGIR BIRI: CARE Keeps D Debt Rating in Not Cooperating KARPAGAMOORTHY AUTO: CARE Keeps C Debt Rating in Not Cooperating LAKSHMI BALAJI: CARE Keeps B- Debt Rating in Not Cooperating LUHIT TEA: CARE Keeps B- Debt Rating to Not Cooperating Category MANISHA CREATIONS: CARE Keeps B- Debt Rating in Not Cooperating MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating MKR POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category P P COMMODITIES: CARE Keeps B- Debt Rating in Not Cooperating PARMESHWARI TEA: CARE Keeps B- Debt Rating in Not Cooperating POPULAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating RADHAMADHAV AUTOMOBILES: CARE Keeps D Rating in Not Cooperating SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating SAI SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating SAMARTH DAIRY: CARE Keeps B- Debt Rating in Not Cooperating SARITA DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category SHRISURYAVANSHI NUTRA: CARE Cuts Rating on INR117cr Loan to B+ UNIVERSAL EXTRUSIONS: CARE Keeps D Debt Rating in Not Cooperating V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating I N D O N E S I A PILAR SINERGI: Posts IDR5.1 Trillion Loss in 1st Half of 2026 N E W Z E A L A N D BRYLEY PARK: Nakhle Family Dispute Leads to Liquidation of Two Cos. BUILDTY HOMES: Court to Hear Wind-Up Petition on Aug. 21 D AND B HOSE: Creditors' Proofs of Debt Due on Oct. 2 IPG CAPITAL: Soho Hotel Owner Owes More Than NZD66 Million MANSION REAR: Creditors' Proofs of Debt Due on Sept. 6 MY ACTION: Court to Hear Wind-Up Petition on Aug. 18 SUTER CAFE: Set to Close Amid Tough Economic Conditions YEAH BOWL: Creditors' Proofs of Debt Due on Sept. 17 S I N G A P O R E FINGERMOTION INC: Jolie Kahn Assumes Role of CEO and Director GOKO ASIA: Creditors' Proofs of Debt Due on Sept. 10 METALOGY PTE: Court Enters Wind-Up Order MIRAE ASSET: Commences Wind-Up Proceedings MITSUI CHEMICALS: Creditors' Proofs of Debt Due on Sept. 11 SNAPHUNT PTE: Commences Wind-Up Proceedings X X X X X X X X PAPAYA GAMING: Tel Aviv Court to Hear Temporary Stay Bid on Aug. 16 - - - - - ================= A U S T R A L I A ================= ADSLOT LTD: Executes Deed of Company Arrangement for Subsidiary --------------------------------------------------------------- TipRanks reports that Adslot Ltd has executed a Deed of Company Arrangement for its wholly owned subsidiary Adslot Technologies Pty Limited, marking a key step in the unit's restructuring after entering voluntary administration in June 2026. Control of Adslot Technologies has returned to its sole director, and the business will continue trading during the deed period while ownership of the Adslot Technology Platform remains within the group. Under the deed, cash at bank, receivables and licence fees collected over six months will form a Deed Fund to pay non-related creditors on a pro rata basis, with Adslot and related entities foregoing participation to maximise returns for external creditors, TipRanks relates. According to TipRanks, the deed is expected to be fully effectuated in about seven months, after which deed administration will cease and full control will revert to Adslot Technologies' director and Adslot Ltd as 100% shareholder, providing greater clarity for creditors and shareholders on the subsidiary's future governance. About Adslot Ltd Adslot Ltd provides digital advertising and marketing technology, operating a suite of platforms and services for publishers, media brands and business customers. Its self-service global media marketplace and trading platform serves media agencies and advertisers, complemented by digital marketing offerings such as SEO, design, hosting and software services. Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as administrator of Adslot Technologies Pty Ltd on June 18, 2026. ARDEN CP: First Creditors' Meeting Set for Aug. 21 -------------------------------------------------- A first meeting of the creditors in the proceedings of Arden CP will be held on Aug. 21, 2026, at 11:00 a.m. via Microsoft Teams. Travis Pullen of B&T Advisory was appointed as administrator of the company on Aug. 10, 2026. CAPITALROAD GROUP: First Creditors' Meeting Set for Aug. 19 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of CapitalRoad Group Pty Ltd will be held on Aug. 19, 2026, at 10:00 a.m. at the offices of Dye & Co Pty Ltd, at 165 Camberwell Road, Hawthorn East, in Vic and via virtual meeting technology. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were appointed as administrators of the company on Aug. 10, 2026. EMPEROR'S GARDEN: Owes Tax Office More Than AUD845,000 ------------------------------------------------------ ABC News reports that the company behind Sydney Chinatown restaurant Emperor's Garden owes the tax office more than AUD845,000, court documents reveal. The 47-year-old restaurant attracted long queues of customers lining up for cream puffs made fresh and sold cheap from a small takeaway window. The ABC relates that the Australian Taxation Office (ATO) has applied to wind up Emperor's Garden Pty Ltd, arguing the company may be insolvent after chasing a tax debt of AUD845,133.11. According to documents filed in the Federal Court, the ATO wants a liquidator appointed to the company and to have its costs paid from the company's assets. A letter of demand was sent to the Haymarket restaurant in March, the ABC recalls. Emperor's Garden Pty Ltd, run by Stanley and May Ho Yee, has not filed any documents with the Federal Court, and their son Valentine Yee, who is involved in running the Emperor's Garden restaurant, could not be contacted for comment. The much-loved yum cha institution was mysteriously closed down earlier this month, the ABC notes. A sign on the Hay Street building said the property had been "lawfully re-entered and possession taken" with some inquiries directed to law firm Mills Oakley. Mills Oakley had previously said it acted for one of the building's owners and declined to comment, the ABC says. It is not clear who has taken possession of the site. The building is co-owned by Mr and Mrs Yee and the company Hynsco, which lists Lance and Elaine Lai as directors. Mr Lai is Mr and Mrs Yee's nephew. The Emperor's Garden site has conditional approval for a AUD44.5 million redevelopment that will transform the existing three-storey premises into a 16-storey complex containing 22 residential apartments. A document prepared in support of the development application described Hynsco and Mr Lai's cousins Valentine Yee and Jonathan Yee as behind the plans. A post on the Emperor's Garden Instagram page said the company's restaurant and bakery was "taking a small break" and "we'll be back soon". The Emperor's Garden BBQ and Noodles restaurant on Thomas Street is still open, the ABC adds. GEORGE & IRENE: First Creditors' Meeting Set for Aug. 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of George & Irene Pty Ltd will be held on Aug. 18, 2026, at 12:00 p.m. at the offices of Helm Advisory, at Suite 3, Level 6, 75 Castlereagh Street, in Sydney, NSW, and via Via Zoom and Telephone Conference Facilities. Stephen Wesley Hathway of Helm Advisory was appointed as administrator of the company on Aug. 9, 2026. MCPHERSON'S LIMITED: Liable for Continuous Disclosure Failure ------------------------------------------------------------- The Federal Court has found health, beauty and wellness company McPherson's Limited breached continuous disclosure laws and engaged in misleading or deceptive conduct in connection with its October 2020 profit forecast. The Court also found McPherson's former chief executive officer (CEO) and managing director (MD), Laurence McAllister, breached his duty of care and diligence as a director and authorised the company's provision of false or misleading information to the ASX. On Oct. 20, 2020, McPherson's provided earnings guidance to the market that forecast growth in profit before tax, underpinned by the purchasing forecasts of its high-margin Dr LeWinn skincare product line. The Court found that by Nov. 12, 2020, following an '11/11 online sales event' in China, McPherson's had become aware that actual sales and purchasing forecasts of Dr LeWinn products were significantly below expectations and its profit forecast no longer had a reasonable basis. Corrective disclosure was therefore required. McPherson's failed to correct the market for nearly three weeks. When it downgraded and withdrew its earnings guidance on 1 December 2020, the company's share price fell 34.5%. The Court found that McPherson's breached its continuous disclosure obligations and misled investors by failing to disclose its revised purchasing forecasts and sales results for Dr LeWinn products, and withdrawing the October 2020 profit forecast, between Nov. 12 and Nov. 30, 2020. ASIC Chair Sarah Court said 'Today's decision reinforces that listed entities must act promptly when information emerges that materially alters previously disclosed earnings guidance. 'Delays in disclosing material information or correcting market expectations can undermine market integrity and investor confidence. 'Directors and officers have a clear obligation to ensure material information is escalated, properly considered and disclosed to the market when required. They must act when earnings guidance may no longer be reliable.' In handing down the liability judgment, Justice Markovic said 'The materiality of the information was foreseeable. 'In my view [McPherson's] was negligent as to whether the information would, if it were generally available, have a material effect on the price or value of MCP's shares.' Her Honour also said, 'Mr McAllister put [McPherson's] in a position where it was at risk of contravening the Corporations Act and the ASIC Act and exposed it to the risk of civil penalties. 'It was in my view, reasonably foreseeable that this would be a consequence of his action, or more relevantly, inaction.' 'Mr McAllister failed to exercise the degree of care and diligence that a reasonable person acting in the role of CEO and MD would have exercised given the matters of which he was aware at the time.' The matter will return to Court for a hearing on penalty and relief. McPherson's Limited provides health, wellness and beauty products in Australia and overseas. McPherson's business includes six core brands: Manicare, Lady Jayne, A'kin, Swisspers, Fusion Health and Dr LeWinn. ASIC commenced civil penalty proceedings in the Federal Court against McPherson's and Mr. McAllister on Dec. 9, 2022. PERMAL PTY: First Creditors' Meeting Set for Aug. 21 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Permal Pty Ltd (trading as Red Rooster Tamworth East) will be held on Aug. 21, 2026, at 11:00 a.m. via virtual meeting. Steve Naidenov of Aston Chace Group was appointed as administrator of the company on Aug. 11, 2026. SIGRIST DESIGN: First Creditors' Meeting Set for Aug. 19 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Sigrist Design Pty. Ltd. will be held on Aug. 19, 2026, at 10:00 a.m. at the offices of Vincents Chartered Accountants, at Level 34, 32 Turbot Street, in Brisbane, QLD and via virtual meeting technology. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Aug. 10, 2026. THINK TANK 2026-3P: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven of the eight classes of residential mortgage-backed, floating-rate pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2026-3P Trust. Think Tank Residential Series 2026-3P Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination for each class of rated notes provide credit support. S&P's assessment of credit risk considers Think Tank's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P's ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. Preliminary Ratings Assigned Think Tank Residential Series 2026-3P Trust Class A-S, A$276.00 million: AAA (sf) Class A-L, A$406.50 million: AAA (sf) Class B, A$24.75 million: AA (sf) Class C, A$21.375 million: A (sf) Class D, A$9.00 million: BBB (sf) Class E, A$6.375 million: BB (sf) Class F, A$3.375 million: B (sf) Class G, A$2.625 million: Not rated ========= C H I N A ========= LEAPMOTOR TECHNOLOGY: Out of 'Survival Warning' Phase, Founder Says ------------------------------------------------------------------- Yicai Global reports that Leapmotor Technology has survived "the most terrifying phase" after its global monthly sales topped 100,000 autos for the first time in July, ranking the Chinese startup among the top three new energy vehicle makers in China for the third month in a row, according to its founder. Leapmotor is in a "stage where I feel a bit happy," Zhu Jiangming said at a press conference for the launch of the carmaker's new model, the A05, on Aug. 11, Yicai relays. The Hangzhou-based company has passed through the toughest phase and is expected to achieve even higher goals, he noted. During the launch event for Leapmotor's D19 model four months ago, Zhu issued a survival warning, noting that "the market has limited capacity, which is not large enough for all 17 Chinese carmakers to survive. The prerequisites for survival are to avoid losses and achieve scale," Yicai recalls. In the following months, Leapmotor's sales rose thanks to the launch of several new models. In addition, it managed to enter into a direct competition with major Chinese carmakers after selling over 100,000 units last month. Behind Leapmotor exceeding the milestone sales figure lie three key factors: vertical integration, self-research and production, and cost-based pricing, according to analysts. However, Zhu said that these assumptions fall far short of the core. Once sales reach a certain level, it is necessary to use systematic and platform-based approaches to share costs, he stressed. Leapmotor will not "boost its production capacity only to leave it idle," but will keep its plants operating at full capacity based on its established plans, said Senior Vice President Cao Li, Yicai relates. Thanks to platform-based and flexible production, the company's plants can seamlessly connect and share production lines, he pointed out. Despite challenges posed by declining industry sales and rising raw material costs, Leapmotor remains committed to achieving its annual sales target, Zhu stressed. According to Yicai, Leapmotor has set its sales target at 1 million units for this year, including selling 100,000 units to 150,000 units overseas and achieving a net profit of CNY5 billion (USD741.2 million). It sold 457,800 units in the seven months ended July 31, with 113,000 units overseas. Stellantis owns 19 percent of Leapmotor. The two parties jointly established Leapmotor International, in which the European auto giant has a 51 percent stake, with the joint venture managing Leapmotor's sales outside of the Chinese mainland. RETO ECO-SOLUTIONS: Enters Into $36M Securities Purchase Agreement ------------------------------------------------------------------ ReTo Eco-Solutions, Inc. said in a regulatory filing with the Securities and Exchange Commission that, on Aug. 7, 2026, it entered into a Securities Purchase Agreement with Mapie Wind Limited, a British Virgin Island exempted company ("Investor"), pursuant to which the Company may request prepaid purchases with an aggregate cash amount of up to $36 million from the Investor over a two-year commitment period, subject to certain limitations and conditions set forth in the SPA. Each Pre-Paid Purchase will increase the outstanding balance by 106% of the cash amount funded by the Investor, reflecting a 6% original issue discount, resulting in a maximum aggregate outstanding balance of $38.16 million. An initial Pre-Paid Purchase in the amount of $3,498,000 (consisting of $3.3 million in cash and a $198,000 original issue discount) was funded on the Effective Date. Interest shall accrue on the outstanding balance of any Pre-Paid Purchase at an annual rate of 7%, subject to an increase to 18% upon events of default described in the SPA. On or before the maturity date, which is two years after the Effective Date, the Company is required to settle the entire outstanding balance through the issuance of Class A Shares and/or make a cash prepayment at 120% of the outstanding balance being repaid. At any time that there is an outstanding balance under any Outstanding Pre-Paid Purchase, the Company may provide written notice electing to issue and sell shares of the Company's Class A Shares with no par value to the Investor, which shall be offset against and reduce the amounts outstanding under the Outstanding Pre-Paid Purchase, at a price per share equal to the lower of: (a) 50% of the closing price of the Class A Shares on the Nasdaq Capital Market on the Effective Date and (b) 50% of the lowest closing price of the Class A Shares on the Nasdaq Capital Market during the 180-trading days immediately preceding the date on which the Company provides the Settlement Notice to Maple, in each case rounded down to the nearest two decimal places; provided that in no event shall the Purchase Share Purchase Price be less than $0.10 per share. The Company shall, in each Settlement Notice, select the number of Purchase Shares to be issued, in its sole discretion, provided that the aggregate price for such shares may not exceed the balance outstanding under the Pre-Paid Purchase or exceed other specified limits in the SPA. Amounts offset by the issuance of the Purchase Shares shall be applied first toward accrued and unpaid interest, if any, and then toward outstanding principal under the Pre-Paid Purchase. The Class A Shares will be issued pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-297016). Concurrently with the filing of this Current Report on Form 6-K, the Company is filing a prospectus supplement with the U.S. Securities and Exchange Commission in connection with the offer and sale of the Class A Shares. Placement Agency Agreement The Company entered into a placement agency agreement dated as of Aug. 7, 2026, with Univest Securities, LLC. Pursuant to the Placement Agency Agreement, the Company engaged the Placement Agent to act as the Company's placement agent in connection with the offering on a reasonable best efforts basis. Pursuant to the Placement Agency Agreement, the Company agreed to pay the Placement Agent a cash fee equal to 5% of the aggregate gross proceeds raised in the offering and a non-accountable expense reimbursement and out-of-pocket expenses, including legal counsel fees and disbursements, in an amount not to exceed an aggregate of $50,000. A copy of the legal opinion of Appleby as to the legality of the Class A Shares is available at https://tinyurl.com/393axcux. A full-text copy of the SPA and Placement Agency Agreement is available at https://tinyurl.com/35wvyeep. About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers, and tiles) made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, People's Republic of China, the Company also provides consultation, design, project implementation, and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA INC., the Company's auditor since 2021, issued a going concern qualification in its report dated May 1, 2026, attached to the Company's Annual Report on Form 20-F for the year ended Dec. 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the Company had $31.8 million in total assets, $7.1 million in total liabilities, and $24.7 million in total shareholders' equity. ========= I N D I A ========= AKSHRA INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Akshra Industrial Corporation (AIC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.53 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 August 1, 2025, placed the rating(s) of AIC under the 'issuer non-cooperating' category as AIC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 17, 2026, June 29, 2026, July 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Akshra Industrial Corporation (AIC) was established as a proprietorship concern in October 1986 and is currently being managed by Mr. Suraj Sharma as its proprietor. AIC is engaged in the manufacturing of iron and steel products like hand tools, auto components parts and agricultural implements parts such as scissor jack, screw jack, fuel injection part, recoil starter assay, starter pully, top and bottom hurl pulley etc. at its manufacturing facility located in Ludhiana. The products of the firm find their application in the automobile and agricultural industry. ANAND RICE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anand Rice Mill (ARM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 CARE D; 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 August 1, 2025, placed the rating(s) of ARM under the 'issuer non-cooperating' category as ARM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 17, 2026, June 29, 2026, July 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ARM is engaged in the business of milling and processing of basmati rice) at Nissing (Karnal, Haryana). The firm is also engaged in procurement of semi-processed rice from the market which is further processed through color sorter and grading machines to remove the impurities. BEST SEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Best Seeds Karnal (BSK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.74 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 11, 2025, placed the rating(s) of BSK under the 'issuer non-cooperating' category as BSK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2026, June 6, 2026 and 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: Stable Best Seeds Karnal (BSK) was established in September, 2013 as a partnership firm by Mr. Chandevjit Singh and Mr. Lakhwinder Singh and is currently being managed by Mrs. Amandeep Kaur and Mr. Chandevjit Singh sharing profit and losses equally. The firm is engaged in the procurement, production, processing, marketing and distribution of paddy, wheat, maize, sorghum, pulses, millets seeds at its two processing facilities in Amritsar, Punjab. BIMBAN INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bimban Industries Private Limited (BIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 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 11, 2025, placed the rating(s) of BIPL under the 'issuer non-cooperating' category as BIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIPL 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 Bimban Industries Private Limited (BIPL) formerly known as Hyderabad Polyplast Marketing Private Limited was established in November 2010 by Mr. Ramesh Agarwal and Mr. Shiv Prasad Sharma. The company did not commence any operation and was idle in the initial years. The company was taken over in the name of BIPL from the year 2014 by Mrs. Sujata Ganeriwala who is the managing director. The commercial operations commenced in 2015. The other directors include Mr. Shwetaank Ganeriwala, Mr. N. Srinivas. The registered office and the factory is located in Kolkata and Bangalore respectively. BIPL is engaged in manufacture of tyre cord fabric which is a raw material for tyre manufacturing. The company is into manufacturing customer specific cord fabrics. The company imports synthetic yarns from suppliers in Indonesia and China and sells the finished product in domestic as well as export market i.e, in Srilanka Tunisia etc. BR DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BR Designs Private Limited (BDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 16.67 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Long Term Bank 9.04 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 BDPL under the 'issuer non-cooperating' category as BDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDPL 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 BDPL was originally established as a firm in 1991 and subsequently changed its constitution to a private limited company under its current name from May 2013. BDPL is promoted by Mr. Dilip Kumar T Shah and his wife Mrs. Bharti D Shah. It is engaged in the designing and manufacturing of variety of diamond, gold, silver, gemstone, and jadau jewellery using dazzling diamonds to exquisite emeralds, rubies, and sapphires. BDPL manufactures its jewellery using state-of-the-art technology, which it then sells pan-India as well as to few overseas nations. Further BDPL has also won many national jewellery awards for their handcrafted luxury jewellery pieces and has verticals in retail, B2B and e-commerce segments. BDPL designs and manufactures exclusive collections using Forevermark Diamonds- a DeBeers Brand and supplies to Asia Pacific Region (APAC). It operates one retail showroom in Surat and two owned outlets at Taj Gateway and Airport at Surat. C.M. BUILDS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of C.M. Builds Private Limited (CBPL) 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 17, 2025, placed the rating(s) of CBPL under the 'issuer non-cooperating' category as CBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 3, 2026, May 13, 2026, May 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable C M Builds private limited (CBPL) is a Private Limited company incorporated in February 1994 by its directors Mr. M. H. K. Kaleelur Rahuman, Mr. M. Fackeer Mohideen, Mr. M. Jahir Hussain and Mrs. M. H. K. Hyrunnisa having its registered office at Chennai. The company involves in constructing residential properties in and around Tamilnadu. CBPL having property development as its core portfolio, have executed over 10 projects in and around Chennai, primarily residential space since incorporation. DHATRE UDYOG: CARE Keeps D Debt Ratings to Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dhatre Udyog Limited (DUL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 97.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 125.00 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 23, 2025, placed the rating(s) of DUL under the 'issuer non-cooperating' category as DUL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DUL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 9, 2026, May 19, 2026, May 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Dhatre Udyog Limited (DUL) (ISIN Number: INE715T01031) which belongs to Narayani Group, is incorporated in the year 1996 by Mr. Kishanlal Choudhary, who is the chairman of the company and is ably supported by his son Mr. Sunil Choudhary, who is the managing director and chief executive officer with an overall experience of 20 years. DUL is part of the Narayani group; the group comprises five companies namely Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar Private Limited (ATVPL). The Narayani group is engaged in the trading of blooms, billets, TMT bars, pellets, and wire coils and the manufacturing of TMT bars and other long products such as rounds, flats, angles, channels, etc. Further, the group has a wide network for the sales and distribution of the products across Andhra Pradesh, Telangana and other states in India. JAGDAMBA RICE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Jagdamba Rice Mills (SJRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.59 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 11, 2025, placed the rating(s) of SJRM under the 'issuer non-cooperating' category as SJRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJRM 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: Stable Shree Jagdamba Rice Mills (SJRM) was established in June 2008 as a partnership firm. SJRM is engaged in processing of paddy at its unit located at Kaithal, Haryana. The firm is also engaged in milling and trading of rice. JAHANGIR BIRI: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jahangir Biri Factory Private Limited (JBFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.75 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 JBFPL under the 'issuer non-cooperating' category as JBFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JBFPL 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 Jahangir Biri Factory Private Limited (JBFPL) was initially established as a proprietorship firm 'Jahangir Biri Factory' in 1995 by Mr. Altab Hossain. Subsequently it was converted into partnership firm in 1997 and finally it was converted into private limited company in April 1999 and its name changed to the current one i.e. JBFPL. Since its inception, the company has been engaged in bidi manufacturing at its plant located in the district of Murshidabad, West Bengal. The company mainly sells its products under three brands - 102 Howrah Deluxe Biri, 103 Rubi Biri and 102 Howarh Biri. JBFPL sells its products through both distributors and direct selling primarily in the state of Delhi, Uttar Pradesh, Punjab, Haryana, Rajasthan, Assam and Himachal Pradesh and the company is having five distributors and 60 sales men across country. KARPAGAMOORTHY AUTO: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Karpagamoorthy Automobiles (SKA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 16, 2025, placed the rating(s) of SKA under the 'issuer non-cooperating' category as SKA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sree Karapagamoorthy Automobiles was established by Mr. K.R.C.T. Ganesan in the year 2003 and he is the Managing Partner of the firm. The other partners include Mrs. Pandari Boi, Mr. G. Karpaga Manikandan, Ms. G. Karpaga Priyanka. All partners are members of a family and Mr. Ganesan takes care of the affairs of the business. The registered office of the firm is located in Karaikudi, Sivagangai district Tamil Nadu. It has four other branches and one stock yard in Sivagangai and Ramanathapuram districts of Tamil Nadu. The firm is the authorised dealer of TATA motors Limited for Heavy and Light commercial vehicles. The firm's revenue is predominantly attracted from sale of TATA ACE range of models, popularly known as "Chota Hathi". It is also involved in purchase and sale of spare parts, accessories and auxiliary items and services of TATA motor automobiles. The firm purchases vehicles and spare parts directly from TML manufacturing units in Gurgoan, Bangalore, Pantnagar, and Kolkata. LAKSHMI BALAJI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sree Lakshmi Balaji Industries (SLBI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.53 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 16, 2025, placed the rating(s) of SLBI under the 'issuer non-cooperating' category as SLBI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLBI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnataka based, Sree Lakshmi Balaji Industries (SLBI) was established in 2005 as partnership firm by Mr. N. Gopala Krishna and N. Bharathi. SLBI is engaged in milling, processing of rice and is located at Kartagi in Koppal District. Apart from rice processing, the firm is also engaged in selling off its by-products such as broken rice, bran and husk. The firm market its product under the brand name of NGK. Out of the total 85% of the sales are generated from super markets. Total installed capacity of the firm for processing of rice is 4 tons per hour. LUHIT TEA: CARE Keeps B- Debt Rating to Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Luhit Tea Company Private Limited (LTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 17.90 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 12, 2025, placed the rating(s) of LTCPL under the 'issuer non-cooperating' category as LTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LTCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Luhit Tea Company Private Limited (LTCPL) was incorporated in August, 1997 by Assam based Somani family. Since its incorporation the company is engaged in the business of processing of black tea at Dhulia Gaon, Golaghat, Assam. The company sells tea in auction and through brokers. The company is currently engaged in blending of tea in its existing location. Mr. Hiralal Somani having around five decades of experience in the tea industry looks after the day to day operations of the company. He is supported by other director Mr. Manoj Somani and Mr. Binod Somani and a team of experienced professionals. MANISHA CREATIONS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manisha Creations (MC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.50 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 1, 2025, placed the rating(s) of MC under the 'issuer non-cooperating' category as MC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2026, May 27, 2026, June 6, 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 Established in year 2002, Manisha Creations (MC) was promoted by Mr. Anirudh Khemka and Mr. Siddhartha Singhania. The has been engaged in manufacturing of duplex cartons as well as corrugated cartons used for packaging various products like FMCG products, Garments, cosmetics, pharmaceuticals and white goods. The manufacturing facility is located at Domjur, Howrah. Mr. Anirudh Khemka (aged, 46 years) has around two decades of experience in the same line of business looks after the day to day operations of the firm. He is supported by other partner (Mr. Siddhartha Singhania) and a team of experienced professionals. MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MKR Enterprises (ME) 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 11, 2025, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME 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: Stable MKR Enterprises is a proprietorship firm engaged in the trading and manufacturing of gold and silver bullion and ornaments. The firm is located in Agra, Uttar Pradesh which is a hub of gold and silver trading. Approximately 60% of the firm's operations are based on trading while the remaining 40% relies on manufacturing. The firm outsources the manufacturing of silver ornaments and markets the products in southern regions of India such as Chennai, Vijayawada, etc. through its own jewellery shop. MKR POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of MKR Poultry Farm (MPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 16, 2025, placed the rating(s) of MPF under the 'issuer non-cooperating' category as MPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M.K.R Poultry farm (MPF) was established in the year 1994 by Mr. Krishna Reddy. The proprietor has more than two decades of experience in poultry business. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their Manure. P P COMMODITIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P P Commodities (PPC) 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 June 30, 2025, placed the rating(s) of PPC under the 'issuer non-cooperating' category as PPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 16, 2026, May 26, 2026, June 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kolkata, West Bengal based P P Commodities was established in September 2013 as a partnership firm by Mr. Ravi Singhal and his son Mr. Saket Singhal. Since its inception, the firm has been engaged in trading of all types of pulses. The company imports around 70% of its total purchases from countries like Australia, Canada and Myanmar and balance procurement happens domestically. Moreover, the company sells its entire products in the domestic market only. PARMESHWARI TEA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Parmeshwari Tea Company (PTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.55 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 30, 2025, placed the rating(s) of PTC under the 'issuer non-cooperating' category as PTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 16, 2026, May 26, 2026, June 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Parmeshwari Tea Company (PTC) was established in 2002 as a partnership entity by Dhandharia family of Golaghat, Assam for cultivating and manufacturing black tea. Over the years, the firm has increased its tea processing capacity, in phases from 5.0 lakhs kg p.a. to 25.0 lakhs kg p.a. of Black Tea. PTC presently owns one manufacturing facility located at Karbi Anglong district of Assam, which processes the green leaves purchased by them from gardens in nearby area. Tea is sold through brokers and auctions. POPULAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Popular Agro Products (PAP) 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 June 30, 2025, placed the rating(s) of PAP under the 'issuer non-cooperating' category as PAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 16, 2026, May 26, 2026, June 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Popular Agro Products was established in March 12, 2007 with an objective to enter into the rice milling and processing business. The manufacturing unit of the entity is located at Bardhaman, West Bengal. The entity deals in Gobindo Vog Rice in brand name of Aisha, Lion King & Mughal Gold. The entity is procuring raw paddy from the local farmers and traders and sales its products through the agent and whole sellers. Apart from domestic sales, the entity also exports its products to Dubai which around 10- 20% of its total sales. RADHAMADHAV AUTOMOBILES: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radhamadhav Automobiles Private Limited (RAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 70.87 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 15, 2025, placed the rating(s) of RAPL under the 'issuer non-cooperating' category as RAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2026, June 10, 2026, June 20, 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 Radhamadhav Automobiles Private Limited (RAPL) belongs to Radha Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a trading organization. Radha Group Toyota is engaged in the business of sales and service of passenger vehicles of Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized dealer of TKML. The group was promoted by Mr. M Subrahmanyam (Chairman), who has more than five decades of experience in trading and more than two decades of experience in automobile industry. Mr. M Srinivas (Managing Director) has more than two decades of experience in automobile industry. The group comprises of four automobile companies namely Radha Krishna Automobiles Private Limited, Radha Madhav Automobiles Private Limited, Leela Krishna Automobiles Private Limited and Yashoda Krishna Automobiles Private Limited located in Andhra Pradesh and Telangana. These four companies are in to similar line of business catering to different regions in both states. RAPL and LKAPL are operating in the state of Andhra Pradesh, whereas RKAPL and YKAPL are operating in the state of Telangana with a total of 15 showrooms in both the states. SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sahdev Jewellers (SJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 51.40 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 SJ under the 'issuer non-cooperating' category as SJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJ 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 Mr. Ravi Sahdev (son of Mr. Vasdev Sahdev) as partners. During FY17, the constitution of the firm has been changed to a proprietorship firm following demise of Mr. Vasdev Sahdev. The firm is an export oriented unit and is engaged in manufacturing, trading and export of plain gold Jewellery. The firm has a manufacturing unit at SEZ (Special Economic Zone) in Noida, Uttar Pradesh and has a wholesale outlet in Karol Bagh, Delhi. SAI SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Sai Srinivasa Rice Industries (SSSRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 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 16, 2025, placed the rating(s) of SSSRI under the 'issuer non-cooperating' category as SSSRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSSRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Sai Srinivasa Rice Industries is established in December 2009. The firm is promoted by T. Nageshwarao and T. Kiran Kumar and their family members. The firm is into rice milling and processing of rice and the promoter has the business vintage of over a decade in the rice milling business. It has total production capacity of 4 M.T per hour. The firm majorly deals in rice, steamed rice, boiled rice, broken rice, rice bran, etc. The firm purchases its raw material i.e. paddy from local farmers and process the paddy in their plant and sells the final product to customers located across Karnataka, Andhra Pradesh and Telangana. SAMARTH DAIRY: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Samarth Dairy and Agro Products Private Limited (SDAPPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.07 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 14, 2025, placed the rating(s) of SDAPPL under the 'issuer non-cooperating' category as SDAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 30, 2026, June 9, 2026, June 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 SDAPPL is a Belgaum (Karnataka) based, Private Limited Company and was incorporated in the year 2012. SDPL is engaged in the business of processing of milk and milk-based products viz. flavoured milk, paneer, butter, ghee, curd and lassi and others facilities located at Belgaum, Karnataka. SARITA DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sarita Devi Warehouse (SDW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.26 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 11, 2025, placed the rating(s) of SDW under the 'issuer non-cooperating' category as SDW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDW 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: Stable Sarita Devi Warehouse (SDW) was established in April, 2013 as a proprietorship concern. However, the commercial operation started in April, 2014 and is currently being managed by Mrs. Sarita Devi, as its proprietor. The firm is engaged in the providing leasing services of warehouse at its facility located in Sirsa, Haryana. SKW provides the warehouses on lease to its group concern namely, Siddheshwar Warehouse). Besides this, the proprietor is also engaged in other group concern namely, Siddheshwar Warehouse, based in Sirsa, Haryana and is engaged in similar business operations. SHRISURYAVANSHI NUTRA: CARE Cuts Rating on INR117cr Loan to B+ -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shrisuryavanshi Nutraceutical Private Limited (SSNPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 117.00 CARE B+; Stable; ISSUER NOT COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) has been seeking information, namely No-default Statements (NDS), from SSNPL to monitor the rating(s) vide e-mail communications dated June 24, 2026, July 9, 2026, August 3, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. 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. The rating on SSNPL's bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. 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 revision in the rating factors in non-submission of NDS by the company for three consecutive months. Furthermore, interaction with lender and auditor could not be carried out to ascertain timely debt servicing. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers At the time of the last rating on July 16, 2025, the following were the rating strengths and weaknesses. Key weaknesses * Delay in project execution: The delay in SSNPL's ethanol project was primarily attributable to the postponement in transferring the project land - initially held in the name of a director—to the company, as mandated by the lender's sanction conditions; this process was hindered by administrative disruptions during state elections and technical issues with the government's registration portal, thereby deferring fund disbursement and project commencement. However, it is to be noted that the project has achieved approximately 60–70% physical progress, with civil construction fully completed and the remaining pipeline installation expected to conclude within the next 3–4 months, with trial run expected by November 2025. The company has incurred INR113.61 crores as on May 31, 2025, out of which the INR79.89 crores is funded from term debts and INR33.71 crores is from promoters contribution. While the overall project cost remains broadly unchanged at INR168.46 crores (revised from INR168.17 crore) and minor escalations are expected to be absorbed through contingency provisions, the delay has resulted in delay in disbursement of loan, delay in execution of project, extended interest capitalization, leading to an increase in total financing costs. * Leveraged financial profile: The overall project cost for setting up the plant is estimated at INR168.46 crores (revised from INR168.17 crore) and which would be funded by debt component of INR 117.00 Cr and the promoter contribution of INR51.17 Cr, making the debt-to-equity ratio at 2.29:1. The leverage for the project is on the higher side on account of relatively higher project implementation cost for 100 KPLD ethanol plant. Financial closure has been obtained from the bank for the debt component however, the bank limits remain to be drawn fully. Out of the promoter component; INR39.58 crore has been brought in as on July 03, 2025. Considering that the project may take time to stabilize in the initial years of operations, the leverage levels are expected to be even higher. * Exposure to project stabilisation, operational and demand off-take risk: DCCO is on March 1, 2026 (Revised from June 01, 2025), hence the company is exposed implementation risk as well as inherent stabilization risk associated with a green field project to achieve the desired process parameters and cost efficiencies. Since the company can participate in tenders floated by Oil Marketing Companies (OMCs) for long term offtake agreements only before the quarter of start of operations, it is yet to tie up with OMCs. * Exposure to project stabilisation, operational and demand off-take risk: The company had initially secured fixed-price contracts for the procurement of broken rice and maize; however, these agreements were subsequently cancelled. SSNPL has retained its supplier relationships and renegotiated procurement at prevailing market rates. The incremental cost impact from revised pricing is expected to be offset through negotiated cash discounts, as the company plans to source its entire inventory from these suppliers, thereby leveraging economies of scale through bulk purchasing. Key strengths * Favourable project location: Requirement of corn/maize is proposed to be sourced from the surrounding villages, wherein more than 1.65 million tons of maize is grown per year. In addition to maize, large quantity of broken rice is available from the rice mills located in the district and surrounding districts. The plant is also close to many OMC depots and nearest IOCL and HPCL depot are located at an average distance of 93 km from the proposed plant, while the nearest BPCL plant is at Desur at about 122 km. The proposed project is expected to benefit from its location advantage both in terms of RM and nearness to its customers. * Escrow & long-term offtake agreement showing revenue visibility post commencement of operations: SSNPL has formalized a tripartite escrow arrangement with its lender, State Bank of India (SBI), and Oil Marketing Companies (OMCs) including BPCL, HPCL, and IOCL, dated December 28, 2023. Additionally, the company has executed a Long-Term Offtake Agreement (LTOA) with Fuelcraft Solutions Private Limited (FSPL) on March 5, 2024, for the supply of ethanol post commissioning. Accordingly, the company has successfully obtained a vendor code and intends to participate in the upcoming tender bidding process scheduled for October 2025–November 2026 to secure supply orders. Meanwhile, it has entered into agreements with Nayara and Truealt for the potential sale of its entire production capacity of 100KLPD. Despite these arrangements, the company is inclined towards selling to Oil Marketing Companies (OMCs), given their more favourable pricing. The prevailing supply deficit in the ethanol market suggests strong revenue visibility upon commencement of operations. Company is also in the process of entering into formal agreement with the 3 poultry and cattle feed manufactures in the district for the sale of DDGS (Distiller's Dried grain with soluble) sold as a dry form of cattle feed) and they are exploring the local players for selling other biproducts. * Exposure to project stabilisation, operational and demand off-take risk: The company had initially secured fixed-price contracts for the procurement of broken rice and maize; however, these agreements were subsequently cancelled. SSNPL has retained its supplier relationships and renegotiated procurement at prevailing market rates. The incremental cost impact from revised pricing is expected to be offset through negotiated cash discounts, as the company plans to source its entire inventory from these suppliers, thereby leveraging economies of scale through bulk purchasing. Key strengths * Favourable project location: Requirement of corn/maize is proposed to be sourced from the surrounding villages, wherein more than 1.65 million tons of maize is grown per year. In addition to maize, large quantity of broken rice is available from the rice mills located in the district and surrounding districts. The plant is also close to many OMC depots and nearest IOCL and HPCL depot are located at an average distance of 93 km from the proposed plant, while the nearest BPCL plant is at Desur at about 122 km. The proposed project is expected to benefit from its location advantage both in terms of RM and nearness to its customers. * Escrow & long-term offtake agreement showing revenue visibility post commencement of operations: SSNPL has formalized a tripartite escrow arrangement with its lender, State Bank of India (SBI), and Oil Marketing Companies (OMCs) including BPCL, HPCL, and IOCL, dated December 28, 2023. Additionally, the company has executed a Long-Term Offtake Agreement (LTOA) with Fuelcraft Solutions Private Limited (FSPL) on March 5, 2024, for the supply of ethanol post commissioning. Accordingly, the company has successfully obtained a vendor code and intends to participate in the upcoming tender bidding process scheduled for October 2025–November 2026 to secure supply orders. Meanwhile, it has entered into agreements with Nayara and Truealt for the potential sale of its entire production capacity of 100KLPD. Despite these arrangements, the company is inclined towards selling to Oil Marketing Companies (OMCs), given their more favourable pricing. The prevailing supply deficit in the ethanol market suggests strong revenue visibility upon commencement of operations. Company is also in the process of entering into formal agreement with the 3 poultry and cattle feed manufactures in the district for the sale of DDGS (Distiller's Dried grain with soluble) sold as a dry form of cattle feed) and they are exploring the local players for selling other biproducts. * DSRA Provision: As per the terms in the sanction letter of SBI, SSNPL to build, DSRA equivalent to 3 months Interest and Principal to be built up within 6 months of DCCO, this is expected to benefit in terms of cash flow mismatches if any. Hence timely creation of DRSA as envisaged remain critical and a key monitorable. * Experienced promoters and Management Team with adequate industry Knowledge: One of the key promoters Mr Siddhu Suryavanshi has prior experience of 10 years in running the Sugar Mill and Distillery. Also he was executive director in sugar company, the promoters are resourceful as they have other businesses like theatres and malls and can bring additional funds when required. The company's CFO Mr. Sachin Parkale is having 15 years of experience in the field of Ethanol. He is handling all the financial management of the company and is well versed with all the OMC and other Ministry updates. The company's Technical Director Mr. Vasant Patil has experience of almost 30 years in the field of Ethanol and is having an experience of running the Grain -based Ethanol Plant. General Manager of operations Mr. C P Tripathi also has 30 years of experience in the Ethanol Industry. SSNPL is expected to benefit from experienced promoters and management team in order to timely implementation of project without cost overrun. * Favourable government policy initiatives and rising demand for fuel grade ethanol: The Government of India has been implementing Ethanol Blended with Petrol (EBP) Programme throughout the country wherein Oil Marketing Companies (OMCs) sell petrol blended with ethanol. Under EBP Programme, Government has fixed the target of 20% blending of ethanol with petrol by 2025-2026. The Government has estimated the demand of ethanol required for 20% blending by 2025-26 keeping in view the growth of petrol-based vehicles in two-wheeler and passenger vehicle segments& the projected sale of Motor Spirit (MS). Government has advanced the target of 20% ethanol blending in petrol from earlier 2030 to ESY 2025-26 and a "Roadmap for ethanol blending in India 2020-25" has been put in public domain. As a step in this direction, OMCs plan to achieve 18% blending during the ongoing ESY 2024-25. Other recent enablers include enhancement of ethanol distillation capacity to 1713 crore litre per annum; Long Term Off-take Agreements (LTOAs) to set up Dedicated Ethanol Plants (DEPs) in ethanol deficit States; encourage conversion of single feed distilleries to multi feed; availability of E-100 and E-20 fuel; launch of flexi fuel vehicles etc. All these steps also add to ease of doing business and achieving the objectives of Atmanirbhar Bharat. Due to effective Government policies, the supply of ethanol to Oil Marketing Companies (OMCs) has increased by more than 13 times to about 502 crore litres in Ethanol Supply Year (ESY) 2022-23 from 38 crore litres in ESY 2013-14. The blending percentage has also increased from 1.53% in ESY 2013-14 to targeted 12% in ESY 2022-23. The continuous impetus by government for implementation of fuel grade ethanol to benefit companies implementing ethanol plants. Shrisuryavanshi Nutraceutical Private Limited (SSNPL) incorporated in June 2021 for manufacturing and sale of grain base distillery (ethanol and its bi products). The company is promoted by Mr. Suraj S Suryavanshi, Mr. Sidduba Suryavanshi and Mrs. Pushpa S Suryavanshi. The registered office of the company is located at Mudhol, Dist: Bagalkot, Karnataka, India. SSNPL is implementing a distillery unit to produce 100 Kilo Litres per day (KLPD) of Ethanol (Absolute Alcohol) along with 3 MW captive power generation plant at Mudhol, Bagalkot, Karnataka. UNIVERSAL EXTRUSIONS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Extrusions (UE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.23 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 UE under the 'issuer non-cooperating' category as UE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UE 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 UE was established in 2012 and is engaged in manufacturing of aluminium extrusions, which are used in different industries as construction, solar, greenhouse and engineering. V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of V.R.K. Associates Private Limited (VAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2025, placed the rating(s) of VAPL under the 'issuer non-cooperating' category as VAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAPL 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 Uttar Pradesh based V.R.K. Associates Private limited is a private limited company and was incorporated in February 2001 and managed by Mr. Vijay Prakash, Mr. Vaibhav Gupta, Ms. Rashmi Kesarwani and Ms. Shanti Devi. The company is involved in various activities which include running a hotel in Sarnath, Uttar Pradesh by the name of "Buddha Resort", Indane Gas Agency business by the name "VRK Indane service" and a retail jewelry shop for the Gitanjali Group by the name "VRK Jewells". In November 2019, company has started a new hotel named Hotel Pinnacle Gate. ================= I N D O N E S I A ================= PILAR SINERGI: Posts IDR5.1 Trillion Loss in 1st Half of 2026 ------------------------------------------------------------- The Jakarta Post reports that PT Pilar Sinergi BUMN Indonesia (PSBI), the consortium of state-owned enterprises (SOEs) that holds Indonesia's stake in the Jakarta-Bandung high-speed railway, known as Whoosh, posted mounting losses of IDR5.1 trillion (US$282.5 million) in the first half of this year. The loss widened from IDR4.9 trillion recored for the whole of last year, according to the latest financial report released by state-owned railway company PT Kereta Api Indonesia (KAI). PSBI owns a 60 percent stake in Whoosh operator PT Kereta Cepat Indonesia China (KCIC) and therefore bears a corresponding 60 percent share of its losses, while the remaining 40 percent is held by a consortium of Chinese state-owned companies. ===================== N E W Z E A L A N D ===================== BRYLEY PARK: Nakhle Family Dispute Leads to Liquidation of Two Cos. ------------------------------------------------------------------- Andrew Bevin at Newsroom reports that a dispute between members of the wealthy Nakhle family has seen two companies liquidated over claims of insolvency, broken relationships and allegations of more than NZD40 million being misappropriated. According to Newsroom, the prominent South Auckland family comprises father Elias, mother Henriette and sons Daniel, David and Roger, who made their fortune in property development before branching into hospitality, education, quarrying and thoroughbreds, among other things. There's also a political link, with Roger's wife, Rima Nakhle, serving as the MP for Takanini where the Nakhle Group is based. Rima will contest the seat again in November, and sits at number 45 on National's list. Newsroom says the High Court's appointment of liquidators to Bryley Park and Karaka Estate is just the latest in a family feud lasting more than a decade. Both companies were set up in 2000 to hold land earmarked for development in Kingseat, South Auckland. Much of this land has instead been run as a horse breeding and training facility. Bryley Park and Karaka Estate are directed by Henriette and Daniel and are owned 50-50 by Elias and Daniel. Henriette was appointed as a director in 2022, while Daniel has been a director for more than two decades. According to Newsroom, Henriette applied to the High Court to liquidate the companies. According to a judgment released late last week, she told the court both outfits were "deadlocked due to an irretrievable breakdown in trust and confidence between the directors and shareholders". She also alleged the businesses were balance sheet insolvent and unable to meet operating costs without external funding, Newsroom relates. Accounting evidence supplied to the court showed Bryley Park had NZD2.8 million in liabilities as at March 31, 2024 and, excluding beneficiary income, had accumulated NZD4.2 million in losses over four years despite receiving NZD3.4 mllion in beneficiary income, Newsroom discloses. Karaka Estate had about NZD770,000 in liabilities and NZD770,000 in accumulated losses over four years, despite receiving NZD1.86m from related parties, Newsroom relays. Newsroom notes that the "deadlock" between Henriette and her eldest son stems from disputes over the control and management of family assets, which High Court judge Grant Powell said were now the subject of multiple proceedings that will take years to resolve. The applications weren't opposed by Elias Nakhle and were supported by the other sons, Roger and David. Daniel, however, opposed the applications, claiming his mother had caused the problems that lead to the deadlock and was therefore trying to liquidate the businesses with unclean hands, Newsroom relates. He also denied the companies were insolvent, believing operating expenses could be covered through another entity of his partially paying back money it owes to Bryley Park. He had sought the appointment of receivers ahead of the hearing, and believes this, coupled with ongoing funding, would allow the businesses to trade until wider family matters could be resolved, according to Newsroom. Newsroom says the businesses were propped up by a family trust, alleged to have been operating largely at the direction of Daniel, until 2022. Funding ceased in 2023 because of Henriette's opposition. It then continued operations through funding from other entities controlled by Daniel. The judge said this change in funding reflected a wider breakdown in relationships within the Nakhle family, Newsroom adds. BUILDTY HOMES: Court to Hear Wind-Up Petition on Aug. 21 -------------------------------------------------------- A petition to wind up the operations of Buildty Homes Limited will be heard before the High Court at Auckland on Aug. 21, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 D AND B HOSE: Creditors' Proofs of Debt Due on Oct. 2 ----------------------------------------------------- Creditors of D and B Hose Limited (trading as Hello Stranger Cafe and Piccalo Cafe) (formerly Arts Village Cafe) and Hospitality Enterprise Limited (trading as Redwood Cafe) are required to file their proofs of debt by Oct. 2, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on Aug. 2, 2026. The company's liquidator is: David Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre IPG CAPITAL: Soho Hotel Owner Owes More Than NZD66 Million ---------------------------------------------------------- BusinessDesk reports that debts of Dennis Parbhu's companies continue to mount, with the firm behind the Soho Hotel owing more than NZD66 million. IPG Capital was put into receivership on June 10 and is the ultimate holding company of IPG Hotels (Auckland), which trades as the Soho Hotel in Mt Roskill, Auckland. According to BusinessDesk, the seven-level suburban hotel opened in mid-2024 and is still operating as normal amid receivership - despite not having a Code Compliance Certificate (CCC). Daniel Stoneman and Neale Jackson of Calibre Partners were appointed as receivers and managers of IPG Capital Limited on June 10, 2026. MANSION REAR: Creditors' Proofs of Debt Due on Sept. 6 ------------------------------------------------------ Creditors of Mansion Rear Limited are required to file their proofs of debt by Sept. 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2026. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 MY ACTION: Court to Hear Wind-Up Petition on Aug. 18 ---------------------------------------------------- A petition to wind up the operations of My Action Sport Limited will be heard before the High Court at Wellington on Aug. 18, 2026, at 10:00 a.m. Attorney-General, on behalf of the Ministry of Business, Innovation, and Employment filed the petition against the company on May 28, 2026. The Petitioner's solicitor is: Alexander MacDuff Russell McVeagh Level 30, Vero Centre 48 Shortland Street Auckland 1010 SUTER CAFE: Set to Close Amid Tough Economic Conditions ------------------------------------------------------- The Press reports that the Suter Café, a long-standing fixture of Nelson's hospitality and arts scene, is set to close this Sunday [Aug. 16] after entering liquidation, adding to the growing list of local businesses shutting their doors amid difficult economic conditions. The Suter Café on Bridge St, which occupies part of the The Suter Art Gallery Te Aratoi o Whakatū premises, announced on Aug. 7 it was entering liquidation, The Press relates. YEAH BOWL: Creditors' Proofs of Debt Due on Sept. 17 ---------------------------------------------------- Creditors of Yeah Bowl Britomart Limited and Yeah Bowl K-Road Limited are required to file their proofs of debt by Sept. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2026. The company's liquidators are: Tony Maginness Jared Waiata Booth, Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 ================= S I N G A P O R E ================= FINGERMOTION INC: Jolie Kahn Assumes Role of CEO and Director ------------------------------------------------------------- FingerMotion, Inc. said in a regulatory filing with the Securities and Exchange Commission that Martin Shen resigned as Chief Executive Officer and Director, effective Aug. 4, 2026. Martin Shen, outgoing Chief Executive Officer, comments, "As I step down as Chief Executive Officer of FingerMotion, I want to express my sincere gratitude to the FingerMotion community – my colleagues, our shareholders, employees, customers and partners - for their trust, dedication, and unwavering support throughout this remarkable journey. Together, we guided the Company from its early days on the OTC Markets to achieving a Nasdaq listing--a milestone that reflected the hard work, resilience, and commitment of our entire team. Along the way, we strengthened our business, expanded our opportunities, and built a solid foundation for long-term growth. As I pass the leadership of the Company to the next generation, I do so with great confidence in FingerMotion's future, and I am excited to see what's next for this Company. Thank you for the opportunity to serve as your CEO. It has been one of the greatest honors of my professional career, and a privilege to have been part of FingerMotion's journey." Newly Appointed Chief Executive Officer Effective as of the same date, Ms. Kahn was appointed Chief Executive Officer and Director, filling Mr. Shen's vacated seat on the Board. Ms. Kahn has been a public-company CEO, CFO, and corporate finance attorney with more than $5 billion in capital raises and over three decades advising public companies and institutional investors across cryptocurrency, data centers, capital markets, fintech, power, and high-growth technology. She has also served as General Counsel, outside counsel, and board advisor to multiple Nasdaq- and NYSE-listed companies, leading large-scale financings, M&A, PIPEs, reverse mergers, and strategic growth transactions in the U.S. and internationally. She served as Principal Outside Counsel and General Counsel to one of the world's largest Bitcoin miners, where she oversaw SEC compliance, governance, audits, major financings, and global regulatory matters during a period when the company reached a multi-billion-dollar valuation. Ms. Kahn has an extensive background in corporate finance and corporate and securities law. She has been the proprietor of Jolie Kahn, Esq., since 2002 and still practices law on a limited basis. Ms. Kahn has also acted in various corporate finance roles, including extensive involvement in the preparation of period filings and financial statements and playing an integral part in public company audits. She has worked with companies and hedge funds in complex transactions involving the structuring and negotiation of multi-million-dollar debt and equity financings, mergers, and acquisitions. Ms. Kahn has practiced law in the areas of corporate finance, mergers & acquisitions, reverse mergers, and general corporate, banking, and real estate matters. She has represented both public and private companies and institutional investors in their role as investors in public companies. Ms. Kahn served as Chief Executive Officer of AVAX One Technology, Ltd., from June 2024 through July 2026. She also served, on a part-time basis, as Interim CFO of GlucoTrack, Inc., from 2019 to 2023 and served, on a part-time basis, as CFO of Ocean Biomedical, Inc., from March 2024 to June 2025. Ms. Kahn holds a BA from Cornell University and a J.D. magna cum laude from the Benjamin N. Cardozo School of Law. "FingerMotion is at a pivotal juncture in its evolution, and I am honored to step into this role," said Ms. Kahn. "I look forward to working closely with the Board and the entire FingerMotion team to build on the foundation Martin Shen has established, sharpen our strategic focus, and drive long-term value for shareholders." About FingerMotion Inc. Singapore-based FingerMotion Inc. is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Feb. 28, 2026, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of May 31, 2026, the Company had $61.9 million in total assets, $48.6 million in total liabilities, and $13.3 million in total stockholders' equity. GOKO ASIA: Creditors' Proofs of Debt Due on Sept. 10 ---------------------------------------------------- Creditors of Goko Asia Pte. Ltd. are required to file their proofs of debt by Sept. 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 4, 2026. The company's liquidator is: Junichi Naganawa 18 Robinson Road #20-02 18 Robinson Singapore 048547 METALOGY PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 31, 2026, to wind up the operations of Metalogy Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MIRAE ASSET: Commences Wind-Up Proceedings ------------------------------------------ Members of Mirae Asset Realty (Singapore) Pte. Ltd. on Aug. 5, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tan Heng Thye 343 Pavillion Circle Singapore 658592 MITSUI CHEMICALS: Creditors' Proofs of Debt Due on Sept. 11 ----------------------------------------------------------- Creditors of Mitsui Chemicals Singapore R&D Centre Pte. Ltd. are required to file their proofs of debt by Sept. 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 3, 2026. The company's liquidators are: Chan Kwong Shing, Adrian Toh Ai Ling Tan Yen Chiaw c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 SNAPHUNT PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Snaphunt Pte. Ltd. on July 30, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 =============== X X X X X X X X =============== PAPAYA GAMING: Tel Aviv Court to Hear Temporary Stay Bid on Aug. 16 ------------------------------------------------------------------- The District Court in Tel Aviv-Jaffa is set to hear on Aug. 16, 2026, an application seeking a temporary stay of proceedings for Papaya Gaming Ltd. and Papaya Gaming Inc. (Applicants), as they pursue a proposed debt arrangement with their stakeholders. The applicants filed an application on July 30, 2026, with the District Court in Tel Aviv-Jaffa, under Israeli Insolvency and Economic Rehabilitation Law 5778-2018. The request seeks a temporary stay of proceedings and approval of a debt arrangement with the relevant stakeholders. The court granted a temporary stay effective Aug. 1, 2026, until Aug. 16, 2026, unless another decision is rendered by the court. During the temporary stay, the applicants may continue their normal business activities, including paying employees and maintaining commercial relationships, as they did before the application. A hearing regarding the application was scheduled for Aug. 16, 2026, at 10:00 a.m., at the District Court in Tel Aviv-Jaffa. Copies of the application and court decision can be obtained by written request from the offices of the applicants' counsel at: Meitar Law Office 16 Abba Hillel Silver Rd. Ramat Gan, Israel Tel: 03-6103100 Email: yarrin@meitar.com About Papaya Gaming Ltd. Papaya Gaming Ltd., an Israeli mobile gaming company founded by Oriel Bachar and known for its cash-prize Solitaire and Bingo competitions. Papaya Gaming Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-11217) on August 2, 2026. The Debtor is represented by Stanley B. Tarr, Esq. of Blank Rome LLP. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***