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260430.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 Thursday, April 30, 2026, Vol. 29, No. 86 Headlines A U S T R A L I A A.H. BEARD: Collapses Into Voluntary Administration A.H. BEARD: P A Lucas Appointed as Administrators BEECHWOOD HOMES: First Creditors' Meeting Set for May 5 BINGO: S&P Lowers ICR to 'CCC-' on Likelihood of Debt Restructure BRIGHTE GREEN 2026-1: Moody's Assigns B2 Rating to Class F-A Notes COMMUNITY ACCESS: First Creditors' Meeting Set for May 6 DARRANDA PTY: First Creditors' Meeting Set for May 6 ZORICH GROUP: First Creditors' Meeting Set for May 5 I N D I A AAROHI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category BHAGWATI VINTRADE: CARE Keeps B- Debt Rating in Not Cooperating EXCLUSIVE OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating GANGAPADA SUPER: CARE Keeps B- Debt Rating in Not Cooperating GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating JAI SAKTHI: CARE Keeps B Debt Rating in Not Cooperating Category LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating M.G HUSSAIN: CARE Keeps C Debt Rating in Not Cooperating Category MAHALAXMI BUILDWELL: CARE Keeps B- Debt Rating in Not Cooperating MANJUBHARGAVA COT: CARE Keeps D Debt Rating in Not Cooperating NEW MODERN: CARE Lowers Rating on INR50.37cr Long Term Loan to C NORTH EAST: CARE Keeps B- Debt Rating in Not Cooperating Category OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category OSR UP: CARE Keeps C Debt Rating in Not Cooperating Category RCS STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category RPG INDUSTRIAL: CARE Lowers Rating on INR15cr LT Loan to B- SAI CHHAYA: CARE Keeps C Debt Rating in Not Cooperating Category SAKA EMBROIDERY: CARE Keeps D Debt Rating in Not Cooperating SH MARINE: CARE Keeps D Debt Ratings in Not Cooperating Category SHREEJI FIBRE: CARE Keeps B- Debt Rating in Not Cooperating TELEPHONE CABLES: Jonjua Overseas to Consider EOI V. N. MARKETING: CARE Keeps D Debt Rating in Not Cooperating VERSANT ONLINE: CARE Keeps B- Debt Rating in Not Cooperating VK WAREHOUSING: CARE Keeps C Rating in Not Cooperating Category I N D O N E S I A EFISHERY: Founder Gets 9-Year Jail Term in US$300MM Fraud Case M A L A Y S I A CROPMATE BHD: Confirms Certain Bank Accounts Temporarily Frozen PADINI HOLDINGS: Discloses 21 Frozen Bank Accounts Amid MACC Probe N E W Z E A L A N D D PRASAD: Creditors' Proofs of Debt Due on June 22 EFFECTIVE COLLECTIONS: Court to Hear Wind-Up Petition on May 8 NZ RANGEHOOD: Creditors' Proofs of Debt Due on May 29 SHINETEC NEW ZEALAND: Court to Hear Wind-Up Petition on May 7 WORLD STARS: Creditors' Proofs of Debt Due on May 22 S I N G A P O R E EY ITA: Creditors' Proofs of Debt Due on May 24 GLOBOTIX PTE: Creditors' Proofs of Debt Due on May 24 ISETAN SINGAPORE: Closes Nex Outlet After 15 Years ONE FEAST: Court to Hear Wind-Up Petition on May 8 PENNY UNIVERSITY: Brunch Cafe to Shut Down Store After 4 Years SHENG HENG: Court to Hear Wind-Up Petition on May 15 SYCAMINE CAPITAL: Creditors' Proofs of Debt Due on May 24 S O U T H K O R E A HOMEPLUS CO: Meritz Finalizes Homeplus Express Sale to Harim - - - - - ================= A U S T R A L I A ================= A.H. BEARD: Collapses Into Voluntary Administration --------------------------------------------------- News.com.au reports that a family-owned Australian mattress manufacturer has collapsed into voluntary administration after 126 years in business in what has been described as a "sad day for the industry". Peter Lucas and Damien Lau from P.A Lucas & Co have been appointed joint administrators of the A.H. Beard, news.com.au discloses citing a published notice. News.com.au, citing The Daily Telegraph, says A.H. Beard chairman Garry Beard was in tears as he informed staff at the company's southwest Sydney factory on April 28 that the company was being forced to restructure, leaving its future uncertain. The move is being put down to a drop in discretionary household spending, rising manufacturing costs, and a shift towards cheaper imported mattresses. Chief executive of the Australian Bedding Stewardship Council Kylie Roberts-Frost told The Daily Telegraph it was a "sad day for the industry". "The scheme of getting manufacturers on board with voluntary green measures - using recyclable materials and getting beds out of landfills at the end of its life cycle - would not exist were it not for the voluntary efforts of A.H. Beard," news.com.au quotes Ms Roberts-Frost as saying. "Today's news about A.H. Beard is deeply saddening, both for me personally, for my team and for our industry. "What makes this so difficult to sit with is that A.H. Beard was doing the right thing. They were investing in sustainability, supporting a stewardship scheme, and taking responsibility for end-of-life at a time when many in the industry are not." The company has operated under Garry Beard, his brother Allyn and Garry's son Matthew who is CEO. By mid-2025, the company estimated they had likely sold over 10 million beds throughout its existence. They have been a major supplier to the hotel industry and even sold a particular type of mattress in the Chinese market for more than AUD100,000. A.H. BEARD: P A Lucas Appointed as Administrators ------------------------------------------------- Peter Anthony Lucas & Damien Lee Hou Lau of P A Lucas & Co were appointed as Administrators of A.H. Beard Pty Ltd and A H Beard Holdings Pty Limited on April 28, 2026. The Administrators may be reached at: Peter Anthony Lucas Damien Lee Hou Lau P A Lucas & Co Level 3, 247 Adelaide Street Brisbane, QLD 4000 BEECHWOOD HOMES: First Creditors' Meeting Set for May 5 ------------------------------------------------------- A first meeting of the creditors in the proceedings of these entities will be held on May 5, 2026, at 11:00 a.m. via virtual facilities only: - Beechwood Homes (NSW) Pty Ltd - Construction Administration (NSW) Pty Limited - Beechwood Homes Administration (NSW) Pty Ltd - Beechwood Homes Australia Pty Limited - Beechwood Homes Constructions Pty Limited - Home Completions Pty Limited - Masonix Pty Ltd - Cavasinni Holdings Pty Ltd ATF Cavasinni Holdings Trust Graeme Robert Beattie and Aaron Lucan of Worrells were appointed as administrators of the company on April 22, 2026. BINGO: S&P Lowers ICR to 'CCC-' on Likelihood of Debt Restructure ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Recycle and Resource Operations Pty Ltd. (Bingo) to 'CCC-' from 'CCC'. At the same time, S&P lowered the issue credit rating on the company's term-loan B (TLB) facilities to 'CCC-' from 'CCC' (recovery rating: '3'). The negative outlook reflects S&P's view that Bingo's unsustainable capital structure may trigger a default-inducing debt restructuring within six months. Bingo faces increased risk of a restructuring within six months precipitated by the looming maturity of a revolving credit facility, which could pressure liquidity if not renewed under favorable terms, and high debt costs. S&P said, "We don't expect earnings to improve in time to refinance debt maturing in July 2028. We project the Australia-based waste manager's debt-to-EBITDA ratio will remain over 10x through fiscal 2028. "The downgrade reflects our expectation of a potential distressed exchange or debt restructuring within six months as Bingo looks to ease capital structure and liquidity pressures. Operating performance has stabilized, mainly through cost cutting. However, we believe earnings won't grow enough to underpin Bingo's capital structure and refinancing of its term loan and delayed-draw facilities of A$956 million (as of December 2025) maturing in July 2028. "As a result, we expect Bingo will likely resolve its capital structure constraints sooner rather than later. "We estimate the company won't reach break-even S&P Global Ratings-adjusted EBITDA before fiscal 2028 (ending June 2028). Weak economic conditions exacerbated by geopolitical instability will likely limit revenue and earnings growth in the next year to 18 months." Price increases are yet to materially lift profit and appear to have dampened volumes in the near term. Delayed payment collections and restructuring costs could further strain Bingo's cash position during this time, alongside required one-off penalty and levy payments. Bingo is working to reduce costs and its break-even EBITDA. The company is cutting capital expenditure (capex), having reduced it to about A$15 million in the first half of fiscal 2026, the lowest in the last three to four years, with the possibility of further reductions to offset any EBITDA shortfall. It is also improving operating efficiency and increasing its focus on working capital management. These efforts lead us to estimate that Bingo will now need about A$120 million in EBITDA to service its debt and cover maintenance capex. S&P said, "We expect Bingo has sufficient liquidity until the second half of 2026 despite uncertainty around a potential extension of its revolving credit facility. The A$60 million remaining capacity under its shareholder loan, obtained in late 2024, and a A$32.2 million realized gain on currency hedging in the first half of fiscal 2026 will support its liquidity. "The negative outlook on Bingo reflects our view that its unsustainable capital structure and continued difficult trading conditions may lead the company to undertake a distressed exchange or other form of debt restructuring that we could consider a default over the next six months. "We could lower the rating if Bingo announces a distressed exchange or any other form of debt restructuring that we consider a default under our criteria. "We could revise the outlook to stable or raise the rating if we consider the risk of a distressed exchange or other form of default has materially diminished. This could occur with a significant infusion of equity that strengthens the group's balance sheet and improves liquidity." BRIGHTE GREEN 2026-1: Moody's Assigns B2 Rating to Class F-A Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as trustee of the Brighte Green Trust 2026-1. Issuer: Perpetual Corporate Trust Limited in its capacity as trustee of the Brighte Green Trust 2026-1 AUD180.00 million Class A-A Notes, Assigned Aaa (sf) AUD41.50 million Class A-UA Notes, Assigned Aaa (sf) AUD9.75 million Class B-A Notes, Assigned Aa2 (sf) AUD8.50 million Class C-A Notes, Assigned A2 (sf) AUD2.75 million Class D-A Notes, Assigned Baa2 (sf) AUD6.00 million Class E-A Notes, Assigned Ba2 (sf) AUD0.75 million Class F-A Notes, Assigned B2 (sf) The AUD0.50 million Class G1-UA and AUD0.25 million Class G2-UA Notes are not rated by us. The transaction is a securitisation of a portfolio of Australian consumer Buy Now Pay Later (BNPL) and unsecured loan receivables originated by Brighte Capital Pty Limited (Brighte). The majority of receivables are originated to homeowners to fund solar panel and home batteries installations. A smaller portion are originated to fund home improvement products and services, and to acquire energy efficient products. This is Brighte's seventh term securitisation. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- The evaluation of the underlying receivables and their expected performance. The portfolio is comprised of solar product-related and home improvement product-related loans extended to Australian consumer obligors. The vast majority of receivables have been extended to homeowners who have historically displayed lower default rates than non-home owners in comparable portfolios. In Moody's views, this is a significant credit strength of the transaction. -- The limited amount of historical data. Brighte was established in 2016, with significant origination growth beginning in 2018. The collateral performance data used in Moody's analysis reflects Brighte's short origination history — limited to the period between Q3 2017 and Q2 2025 — and does not cover a full economic cycle. -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. The notes will be repaid on a sequential basis until the pro rata paydown conditions are satisfied, principal will be distributed pro rata among all rated Notes. Following the call date or if the pro rata conditions are otherwise not satisfied, the principal collections will be distributed sequentially starting with Class A-A and Class A-UA Notes. -- The availability of excess spread over the life of the transaction. The portfolio yield of 10.34% providing significant excess spread to cure portfolio losses. -- The liquidity facility in the amount of 1.50% of the rated note balance with a floor of AUD500,000. -- The interest rate swap provided by National Australia Bank Limited (NAB, Aa2/P- 1/Aa1(cr)/P-1(cr)). -- The experience of Brighte as servicer, and the back-up servicing arrangements with Perpetual Corporate Trust Limited. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are a mean default rate of 1.70%, a recovery rate of 15.0% and a Aaa portfolio credit enhancement ("PCE") of 13.0%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used to calibrate its lognormal portfolio default distribution curve and to associate a probability with each potential future default scenario in its ABSROM cash flow model. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 1.48%. The stress Moody's have applied in determining its mean default rate reflects the limited historical data available for Brighte's portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 13.0% is broadly in line with other Australian consumer ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability; (ii) the unsecured nature of the loans, (iii) the comparison with other Australian consumer loan and BNPL originators, and (iv) macroeconomic expectations. Key pool features are as follows: -- The weighted average interest rate of the portfolio is 10.34% (which includes account keeping fee income). -- The weighted average Equifax credit score of the portfolio is around 747. -- The weighted average remaining term of the portfolio is 52.3 months. The weighted average seasoning of the initial portfolio is 6.4 months. -- The pool consists of loans extended to mostly homeowners, with around 86.9% relating to green receivables such as solar panels and battery products. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors. The Australian job market is a primary driver of performance. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Moody's current expectations of loss could be worse than its original expectations because of more defaults by underlying obligors. The Australian job market is a primary driver of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, lack of transactional governance and fraud. COMMUNITY ACCESS: First Creditors' Meeting Set for May 6 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Community Access Care Pty Ltd will be held on May 6, 2026, at 11:00 a.m. via virtual meeting technology ("Microsoft Teams") only. Richard Albarran, Kathleen Vouris, and Marcus Watters of Hall Chadwick were appointed as administrators of the company on April 23, 2026. DARRANDA PTY: First Creditors' Meeting Set for May 6 ---------------------------------------------------- A first meeting of the creditors in the proceedings of these entities will be held on May 6, 2026, at 11:30 a.m. via video conference: - Darranda Pty Ltd ATF Payne Family Trust (trading name: Rent4Keeps Victoria) - Kapex Holdings Pty Ltd (trading name: Rent4Keeps NSW) - Rent4Keeps (Aust) Pty. Ltd. - Rent4Keeps QLD Pty Ltd - Rent4Keeps WA Pty Ltd Sam Kaso and Matthew Sweeny of Cor Cordis were appointed as administrators of the company on April 24, 2026. ZORICH GROUP: First Creditors' Meeting Set for May 5 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Zorich Group Retail Pty Ltd, trading as Sports Colonnades; Sportspower Elizabeth; Sportspower Gawler; Sportspower Harbour Town; Sportspower Marion; Sportspower Mildura; Sportspower Norwood; Sportspower Renmark; JT Surf Elizabeth; JT Surf Gawler; JT Surf Harbour Town & Rivalry Elizabeth will be held on May 5, 2026, at 2:00 p.m. via electronic means. Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were appointed as administrators of the company on April 23, 2026. ========= I N D I A ========= AAROHI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aarohi Constructions Private Limited (ACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 18, 2025, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 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 Aarohi Constructions Pvt. Ltd. (ACPL), incorporated in 1986, was promoted by Late. Mr Subhash Jain. After him, his son Mr. Manish Jain (Managing Director) took over the management of the company in 1997. ACPL is engaged in development of residential and commercial real estate projects. ANAND RICE: CARE Keeps C 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 C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 9, 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 February 23, 2026, March 5, 2026, March 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nagpur (Maharashtra) based, ARM was established as a partnership firm on June 11, 2015 by Mr. Ravindranath Yadlapati and Ms. Sridevi Srinivasrao Yarlavarthi. The entity took over the operations of a proprietorship entity led by Mr. Srinivasrao Yarlavarthi which was established in the year 1992 and was engaged in rice milling. ARM is engaged in processing of rice at its processing facility located at Nagpur, Maharashtra, having an installed capacity to process 4 metric tonnes per day (MTPD) of paddy. BHAGWATI VINTRADE: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhagwati Vintrade Private Limited (BVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.27 CARE B-; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 11, 2025, placed the rating(s) of BVPL under the 'issuer non-cooperating' category as BVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2025, January 7, 2026, January 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhagwati Vintrade Pvt. Ltd. (BVPL) was incorporated in August, 2008 by Shri Vivek Kumar Agarwal and Shri Rohit Kumar Agarwal as an investment company dealing in securities. In March 2010, BVPL was acquired by Shri Sandip Kumar Goel, Shri Manoj Kumar Agarwal and Shri Vivek Kumar Banka for setting up a rice processing unit and a captive biomass power plant. The rice milling unit commenced operation in June, 2011. The company's milling unit is located at Sandi, Ramgarh district of Jharkhand, which is in the vicinity to a major paddy growing area, which enables easy procurement of paddy. EXCLUSIVE OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Exclusive Overseas Private Limited (EOPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.71 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 4, 2025, placed the rating(s) of EOPL under the 'issuer non-cooperating' category as EOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 18, 2026, February 28, 2026, March 10, 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 EOPL was incorporated in January 1996 by Mr Rajeev Aggarwal and his family member. The company is engaged in the manufacturing of quilted fabrics. The company has two manufacturing facilities, located at New Delhi and Bengaluru, Karnataka. GANGAPADA SUPER: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gangapada Super Speciality Hospital Private Limited (GSSHPL) 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 Ltd. (CareEdge Ratings) had, vide its press release dated February 12, 2025, placed the rating(s) of GSSHPL under the 'issuer non-cooperating' category as GSSHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSSHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2025, January 8, 2026, January 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 Gangapada Super Speciality Hospital Private Limited (GSSHPL), incorporated on August, 05, 2015, was promoted by Mr. Goutam Sarkar and Mrs. Soma Sarkar for providing healthcare services by setting up a super specialty hospital in Murshidabad, West Bengal. The hospital will be equipped with state of the art technology and well qualified & experienced doctors, surgeons and support staffs, also there will be 65 beds including 10 ICU beds, 10 NICU beds, 5 HTU beds, 4 dialysis beds, 2 emergency beds and rest general and cabin beds. The aggregate estimated project cost for setting up the aforesaid project is INR21.39 crore which is to be financed by term loans of INR13.91 crore and promoter's capital of INR7.48 crore. The financial closure for the debt portion of the project is yet to be tied –up. However, the company has already spent around INR7.00 crore (32.73% of total project cost) on the aforesaid project funded by promoter's contribution till May 15, 2019. The commercial operation is estimated to commence from November 2019. GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Goverdhan Transformer Udyog Private Limited (GTUPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 13, 2025, placed the rating(s) of GTUPL under the 'issuer non-cooperating' category as GTUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2025, January 9, 2026, January 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttar Pradesh based Goverdhan Transformer Udyog Private limited (GTUPL) is a private limited company incorporated in January, 1985 and is being managed by Mr. Rajesh Kapoor; Ms. Seema Kapoor and Mr. Naman Kapoor. The company is engaged in manufacturing of transformers for state owned electricity boards and other government departments at its manufacturing facility located at Shikohabad (Uttar Pradesh). JAI SAKTHI: CARE Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jai Sakthi Mills (JSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.62 CARE B; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 13, 2025, placed the rating(s) of JSM under the 'issuer non-cooperating' category as JSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2025, January 9, 2026, January 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable JSM is a partnership concern established in April 2010, for production of yarn and cloth in Sulur, Coimbatore, Tamil Nadu. JSM has 10 partners, all belonging to same family. In FY14, the firm has added 7 more partners from the own family in order to infuse more capital to support the operations. Although established in April 2010, JSM commenced its commercial production of yarn and cloth from June 2012. The installed capacity of the firm as on March 31, 2015, is 18,000 spindles. The firm has 15 ring-frames with 1200 spindles. The entire cloth manufacturing is completely outsourced to other units wherein the yarn is supplied by JSM. JSM produces yarn varieties in the count of 25s, 30s and 34s semi-combed hosiery yarn, which are used in making cloth which is finally used in the making of men's vests and T-Shirts. LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lemon Electronics Limited (LEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 65.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 13, 2025, placed the rating(s) of LEL under the 'issuer non-cooperating' category as LEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2025, January 9, 2026, January 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Lemon Electronics Limited was incorporated on June 9, 2008 was promoted by Mr. Sandeep Mushran, Mr. M.S. Malik and Mr. Gopal Kalra. Mr. Kapil Chugh, the managing director of the company, took over the management of the company in February, 2016. The company is primarily engaged in trading and assembling of mobile handsets under the brand name of 'Lemon'. The company has its assembling unit located in Noida, U.P. M.G HUSSAIN: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of M.G Hussain (MH) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.80 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank Facilities 2.50 CARE A4; ISSUER NOT 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 February 19, 2025, placed the rating(s) of MH under the 'issuer non-cooperating' category as MH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 5, 2026, January 15, 2026, January 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M.G Hussain (MH) was established in the year 1992 by Mr. M.G Hussain as a proprietorship firm. The firm has its registered office located at Surathkal, Karnataka. MH is engaged in construction of roads. The firm is a Class-I contractor and procuress its works from Mangalore City Corporation, D C Office Mangalore and Public Work Department through online tenders. The entity purchases raw materials like cement, steel and stone etc. from local suppliers like Bangalore steel Traders, Munna Constructions, Malcon and Mining etc. MAHALAXMI BUILDWELL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahalaxmi Buildwell Enterprises Private Limited (MBEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 12, 2025, placed the rating(s) of MBEPL under the 'issuer non-cooperating' category as MBEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 26, 2026, February 5, 2026, February 15, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Dehradun-based (Uttarakhand) Mahalaxmi Buildwell Enterprises Private Limited (MBEPL) was incorporated in October 2010 by Sharma and Maheshwari family for undertaking construction of residential projects in and around Dehradun. Company operations are managed by Mrs Jagrati Sharma (wife of Mr Ajay Sharma) and Mrs Priya Maheshwari (wife of Mr Ravi Maheshwari). MANJUBHARGAVA COT: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manjubhargava Cot Fibres Private Limited (MCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 4, 2025, placed the rating(s) of MCFPL under the 'issuer non-cooperating' category as MCFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 21, 2025, December 31, 2025, January 10, 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 Guntur based, ManjuBhargava Cot Fibers Private Limited (MCFPL) was incorporated in 2016 as a Private Limited Company by Mr. C.V. Bhargava Reddy and his relatives but the commercial operations were started from July 2017. The company is engaged in cotton ginning and pressing activity with a total installed capacity of 200 bales per day. The manufacturing unit of the company is located at Guntur, Andhra Pradesh state. The company purchases raw cotton from local farmers located in and around Andhra Pradesh and Telangana. The company sells its final products such as cotton lint, cotton seed and cotton yarn to the customers located in Andhra Pradesh, Maharashtra and Tamil Nadu. NEW MODERN: CARE Lowers Rating on INR50.37cr Long Term Loan to C ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of New Modern Technomech Private Limited (NMTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 50.37 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Long Term/ 45.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B+; Stable and ST rating reaffirmed Short Term 16.30 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 19, 2025, placed the rating(s) of NMTPL under the 'issuer non-cooperating' category as NMTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NMTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 12, 2026, February 22, 2026, April 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). The revision in the rating factored in public notice issued by the lender (Yes Bank's facilities which is not rated by CARE) for invocation of guarantee extended by NMTPL to Sarangi Metal Works International Private Limited (SMWIPL, which was declared NPA) as per publicly available information. The public notice was issued by Yes Bank to SMWIPL and its guarantors including NMTPL under SARFAESI Act. Furthermore, ratings are reviewed under non-cooperation category on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable NMTPL was incorporated in December 1998, promoted by the Sarangi family of Odisha. The company had taken over the business of New Modern Furniture, a partnership firm, formed in 1988 and owned by the family. NMTPL has licensed manufacturing capacity of 48,000 MTPA of Galvanised Steel structures in Baripada, Odisha. The structural products are primarily used in electrical transmission line towers, sub-station structures and telecom towers. NMTPL is also engaged in execution of EPC contracts for Railways and T&D players. NORTH EAST: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of North East Ferro Alloys Company Private Limited (NEFACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.95 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 11, 2025, placed the rating(s) of NEFACPL under the 'issuer non-cooperating' category as NEFACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NEFACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2025, January 7, 2026, January 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable North East Ferro Alloys Co. Pvt. Ltd. (NEFACPL) incorporated in July, 2008 and having commenced commercial operation from April, 2009 was promoted by Goyal Family of Darjeeling, West Bengal. The company is engaged in manufacturing of mild steel (MS) Ingots (capacity - 24,000 MTPA) with plant being located at Darjeeling, West Bengal. Apart from manufacturing, it is also involved in trading activities of sponge iron. Apart from India, the company also sells MS Ingots internationally by exporting the same to Bhutan. OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of OSR MP Warehousing Enterprises (OMWE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.18 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 February 19, 2025, placed the rating(s) of OMWE under the 'issuer non-cooperating' category as OMWE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OMWE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 5, 2026, January 15, 2026, January 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad based, OSR MP Warehousing Enterprises (OMWE) was established as a partnership firm in the December 2012 by Mr. Vamsidhar Maddipatla and Mrs. Kalpana Prasad. The firm is engaged in providing ware house on lease rental to Food Corporation of India (FCI) and other local traders. Mr. Vamsidhar Maddipatla and family runs seven other entities namely OSR Infra Private Limited, OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises, KPM Warehousing Enterprises and VK Warehousing Enterprises which is in the same line of business and have operational linkages. The property of OSRMP, located at Sonebhadra, Uttar Pradesh, which is built on a total land area of 152,024 square feet comprises of two godowns, with an aggregate storage capacity of 9,600 MT (Metric Tons) for agricultural products and consumer goods. The total project cost for the construction of two godown was INR 3.76 crore which was funded through bank term loan of INR3.18 crore and promoters fund of INR 0.58 crore. The firm started the project work in February 2015 and is expecting to start the commercial operations from December 2018. As on September 19, 2018, the firm has incurred the entire cost i.e the project has been completed 100%. OSR UP: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of OSR UP Warehousing Enterprises (OUWE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.28 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 7, 2025, placed the rating(s) of OUWE under the 'issuer non-cooperating' category as OUWE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OUWE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 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 Hyderabad based, OSR UP Warehousing Enterprises (OUWE) was established as a partnership firm in January 2013 by Mrs. Saraswathi Gali and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the managing director of OSR Infra Private Limited (associate concern) is the chief executive of OUWE and handles the overall operations of the firm. The firm is engaged in providing ware house on lease rental to Food Corporation of India (FCI) and other local traders. Mr. Vamsidhar Maddipatla and family runs seven other entities namely OSR Infra Private Limited, OSR MP Warehousing Enterprises, Annapurna Saraswathi Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises, KPM Warehousing Enterprises and VK Warehousing Enterprises which is in the same line of business and have operational linkages. The property of OUWE, located at Auraiya district, Uttar Pradesh, which is built on a total land area of 689,119 square feet comprises of nine godowns (total area of 271,634 sq. ft.), with an aggregate storage capacity of 54,000 MT (Metric Tons) for agricultural products and consumer goods. The total project cost for the construction of nine godown was INR26.75 crore which was funded through bank term loan of INR18.28 crore and promoters fund of INR8.47 crore. The firm started the project work in May 2015 and is expecting to start the commercial operations from December 2018. As on September 19, 2018, the firm has incurred the entire cost i.e the project has been completed 100%. RCS STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rcs Steel & Auto Private Limited (RSAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.98 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 26, 2025, placed the rating(s) of RSAPL under the 'issuer non-cooperating' category as RSAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RSAPL was incorporated in 2010 by Mr Ramesh Chandra Sharma along with his family member, Mr Kunal Sharma with an objective to set up a project at Gurgaon (Haryana) for setting up steel coil processing plant which finds its application primarily in the automotive sector. The company commenced its operations from January 2013 and mainly undertakes job work pertaining to process of Hot-Rolled (HR) steel coils which includes pickling, slitting as well as cutting of HR coils. RSPL mainly caters to automotive components manufacturing units located in the region through its sole manufacturing unit located at Gurgaon (Haryana). RPG INDUSTRIAL: CARE Lowers Rating on INR15cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of RPG Industrial Products Private Limited (RIPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 13, 2025, placed the rating(s) of RIPPL under the 'issuer non-cooperating' category as RIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 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). The ratings assigned to bank facilities of RIPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable RPG Industrial Products Private Limited (RIPPL) was incorporated in June, 2000. The company forayed into manufacturing of recycled polyester staple fibre by setting up its facilities in 2011. The plant commenced commercial operations in January, 2013. The company manufactures variety of products including textile grade fibre & coarse denier, silicon fibre, hollow fibre, hollow silicon fibre and conjugated fibre using postconsumer Polyethylene terephthalate [PET] bottle waste and other kind of industrial waste of polymer. SAI CHHAYA: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Chhaya Autolink Private Limited (SCAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.48 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 14, 2025, placed the rating(s) of SCAPL under the 'issuer non-cooperating' category as SCAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 31, 2025, January 10, 2026, January 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: Stable Bhopal-based Sai Chhaya Autolink Private Limited (SCAPL, CIN: U50103MP2003PTC015830) was incorporated in 2003 by Mr. Jai Moolchandani along with Mr. Krishna Moolchandani, Mr. Deepak Rajpal and Mrs Neelam Rajpal. SCAPL is an authorized dealer of FIPL and operates two showrooms cum service outlet and a small sales outlet in Bhopal, Madhya Pradesh. It is the only Ford dealer in Bhopal and is one of the five dealers in Madhya Pradesh. The Moolchandani family has also promoted R.M. Autolink Private Limited which has Honda bikes & scooter dealership in Madhya Pradesh. SAKA EMBROIDERY: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Saka Embroidery Private Limited (SEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.58 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 4, 2025, placed the rating(s) of SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 18, 2026, February 28, 2026, March 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Established in 1999 by Mr. Satish Rathod and his family members, SEPL is a distributor and retailer of sarees and dress materials. SEPL operates through an owned warehouse at Narayan Peth in Pune having area 2000 square feet. SH MARINE: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SH Marine Exim (SME) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 20.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 6, 2025, placed the rating(s) of SME under the 'issuer non-cooperating' category as SME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 10, 2026, April 13, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kochi based SME was incorporated in 2010 as a proprietorship firm and later converted into partnership firm in October 2013 as a family business by Mr. Siraj and his wife Mrs. Gansa Siraj. The firm is engaged in the processing and export of various varieties of sea food, primarily shrimp followed by octopus, cuttle fish, squid, various types of fish etc. The company has an installed monthly capacity of 30-35 tonnes/day. SHREEJI FIBRE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shreeji Fibre Private Limited (SFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.85 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 February 14, 2025, placed the rating(s) of SFPL under the 'issuer non-cooperating' category as SFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 31, 2025, January 10, 2026, January 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 Dabhoi-based (Gujarat), SFPL was incorporated in March 2005 by Mr. Balkrishna Patel and Mrs. Bhagwati Khatwani. It is engaged in the business of cotton ginning and trading of cotton. SFPL also have an oil mill where oil is extracted from cotton seeds which is known as kapasiya wash while the remaining part is known as kapasiya khod and is used as cattle food. TELEPHONE CABLES: Jonjua Overseas to Consider EOI ------------------------------------------------- WhalesBook.com reports that Jonjua Overseas Limited is set to convene a Board Meeting on May 1, 2026, to evaluate the potential submission of an Expression of Interest (EOI) concerning the insolvency proceedings of Telephone Cables Limited. According to WhalesBook.com, the company is exploring a strategic expansion into distressed asset resolution, with the possibility of forming a consortium for this endeavor. An official announcement on April 28, 2026, confirmed that Jonjua Overseas Limited's Board of Directors will meet on May 1, 2026. This potential EOI represents a notable strategic exploration for Jonjua Overseas, a company currently active in services such as IT, consulting, agriculture, and securities trading, WhalesBook.com notes. Moving into distressed asset resolution could significantly diversify its business operations. The contemplation of a consortium suggests a measured approach to navigating the inherent risks and complexities characteristic of insolvency resolution processes. Telephone Cables Limited is a manufacturer of insulated wire and cable. This company has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Chandigarh, with proceedings commencing on Feb.19, 2026. Previously, Telephone Cables Limited faced considerable financial difficulties, leading to a winding-up petition in 2003 and a winding-up order in 2015 issued by the Punjab & Haryana High Court. V. N. MARKETING: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of V. N. Marketing (VNM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 3, 2025, placed the rating(s) of VNM under the 'issuer non-cooperating' category as VNM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VNM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 17, 2026, January 27, 2026, February 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: Not applicable V. N. Marketing was established in 2003, with an objective to enter into the trading of electrical goods. It is located at 54 Huttan Road, Achalabala Bye Lane, Asansol- 713304. The entity is procuring electrical goods from the local manufacturers. Shri. Sanjay Kr. Mookim (aged 48 years) having 10 years of experience and Smt. Anupama Mookim (aged 47 years) having seven years of experience in similar line of business, looks after the day to day operations of the firm along with other partners and a team of experienced professionals. VERSANT ONLINE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Versant Online Solutions Private Limited (VOSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.95 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 February 18, 2025, placed the rating(s) of VOSPL under the 'issuer non-cooperating' category as VOSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VOSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Versant Online Solutions Private Limited was incorporated on March 30, 2012 by Mr Darapaneni Naidu Chennapa and Ms Sailaja Patharlapalli. The company provides e- booking services for events (Professional, Sports, Trainings, Entertainment, and Spiritual) all over India by web portal www.versantonlinesolutions.com. VK WAREHOUSING: CARE Keeps C Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of VK Warehousing Enterprises (VWE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 34.90 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 7, 2025, placed the rating(s) of VWE under the 'issuer non-cooperating' category as VWE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VWE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 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 Hyderabad based, VK Warehousing Enterprises (VWE) was established as a partnership firm in January 2013 by Mrs. Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the managing director of OSR Infra Private Limited (associate concern) is the chief executive of VWE and handles the overall operations of the firm. The firm is engaged in providing ware house on lease rental to Uttar Pradesh State Warehousing Corporation (UPSWC) and other local traders. Mr. Vamsidhar Maddipatla and family runs seven other entities namely OSR Infra Private Limited, OSR MP Warehousing Enterprises, OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises and KPM Warehousing Enterprises which is in the same line of business and have operational linkages. The property of VWE, located at various districts of Uttar Pradesh, which is built on a total land area of 1344,087 square feet comprises of 18 godowns, with an aggregate storage capacity of 102,000 MT (Metric Tons) for agricultural products and consumer goods. The total project cost for the construction of 18 godowns was INR 51.21 crore which was funded through bank term loan of INR 34.87 crore and promoters fund of INR 16.34 crore. The firm started the project work in May 2015 and is expecting to start the commercial operations from December 2018. As on September 19, 2018, the firm has incurred the entire cost i.e the project has been completed 100%. ================= I N D O N E S I A ================= EFISHERY: Founder Gets 9-Year Jail Term in US$300MM Fraud Case -------------------------------------------------------------- Bloomberg News reports that Indonesia handed eFishery founder Gibran Huzaifah a nine-year prison sentence on April 29, concluding a high-profile $300 million financial scandal that destroyed one of Southeast Asia's most celebrated startups. The verdict, delivered at the Bandung District Court, comes about a year after Gibran gave Bloomberg News a detailed account of how he falsified accounts at a company once valued north of $1 billion. A panel of judges found Gibran, the former chief executive officer of the embattled startup, guilty of embezzlement and money laundering. Bloomberg relates that the ruling caps a spectacular fall from grace for eFishery, once heralded as the crown jewel of Indonesia's agritech sector. The trial - closely watched by venture capital circles - marks a rare instance of a well-known tech founder in Southeast Asia facing criminal charges. Gibran's company racked up some US$300 million of investor losses to become one of the region's biggest startup failures. Visibly shaken and in tears, Gibran and his family present at the court hugged each other after the verdict was announced. The former CEO was also ordered to pay a fine of one billion rupiah, according to Bloomberg. He has seven days to appeal the ruling. Bloomberg says EFishery's ultimate collapse dealt a blow to several of the world's highest-profile investors, from SoftBank Group Corp and Temasek Holdings Pte to Peak XV (formerly Sequoia India) and Abu Dhabi's 42XFund. The upstart, which deployed feeders to fish and shrimp farmers in Indonesia, incurred several hundred million dollars in losses between 2018 and 2024. The business began unravelling after a board investigation revealed the company may have inflated its revenue and profit over several years. The scandal triggered widespread scrutiny over regulatory oversight and due diligence standards in Southeast Asia's venture capital markets. His nine-year sentence is slightly shorter than the 10 years originally proposed by state prosecutors in April. Prosecutors had accused Gibran and two other executives of causing losses to the startup of more than 69 billion rupiah and damaging investor confidence, noting the defendants showed no remorse during the proceedings. During an earlier plea hearing, Gibran delivered an emotional defence, denying personal enrichment and pleading with judges to not consider this as a criminal case. "If, in leading a company scaling and evolving so rapidly, I am accused of making administrative errors, I am ready to be held accountable civilly," Gibran said, according to a text of his speech sent by his representatives. "Sentencing me to 10 years in prison for a crime where the intent, the act, and the personal flow of funds were never proven, is an injustice that will destroy the precedent for any child of the nation who wants to innovate." "Do not rob me of 10 productive years that I could use to once again contribute to the Indonesian nation," he said. About eFishery Indonesia-based eFishery is an aquaculture company that offers feeding solutions for fish and shrimp farming. As reported in the Troubled Company Reporter-Asia Pacific in early February 2025, eFishery on Feb. 4 announced that it has involved business consulting and management advisory FTI Consulting in the acting management of the company, with immediate effect. This comes amid allegations of systemic fraud within eFishery, following media reports that it purportedly inflated its September 2024 revenue by nearly US$600 million, Business Times said. Several employees under the workers' union staged a protest in late January to demand transparency and a thorough investigation. Efishery Pte. Ltd. commenced wind-up proceedings on Feb. 23, 2026. The company's liquidators are Matthew Stuart Becker, Lim Loo Khoon, and Tan Wei Cheong of Deloitte. =============== M A L A Y S I A =============== CROPMATE BHD: Confirms Certain Bank Accounts Temporarily Frozen --------------------------------------------------------------- The Malaysian Reserve reports that Cropmate Bhd said it has been notified on April 24, 2026 that certain bank accounts of the company and its subsidiaries have been temporarily frozen pursuant to an order issued under Section 44(1) of the Anti‑Money Laundering, Anti‑Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA). According to the report, the fertiliser manufacturer said the order was issued by the Malaysian Anti-Corruption Commission (MACC) in connection with an ongoing investigation, which the company understood to be a standard procedure undertaken in the course of such investigations. "Based on the information currently available, the company said its board (of directors) has no indication that the matter is attributable to any misconduct on the part of the group's management or employees," it said in a statement on April 27. The Malaysian Reserve relates that Cropmate said it is committed to working constructively with the authorities and to be fully supporting the ongoing process. "Our business remains stable and our customers and partners are unaffected. Operations continue as usual, supported by our existing banking arrangements, and we remain focused on delivering value to our stakeholders as this matter runs its course," the company said. The company said it would make further announcements in a timely manner should there be any material developments. According to The Malaysian Reserve, Cropmate said it is also engaging constructively with the relevant authorities and will extend its full cooperation to assist with the investigation. In addition, the company has taken the necessary steps in the ordinary course of engagement to facilitate the release of the affected bank accounts under section 44A of AMLATFA. Cropmate said it has, at all material times, conducted its business in compliance with all applicable laws, rules and regulations, and is not aware of any wrongdoing. "Cropmate continues to have access to alternative banking facilities to support its ongoing business activities. The board does not expect this matter to have any financial material or operational impact, and the company's day‑to‑day operations remain fully functional, with business continuing as usual," it added. Cropmate Berhad, through its subsidiary, Cropmate Fertilizer Sdn. Bhd., engages in the formulation and blending of conventional and specialty fertilizers in Malaysia. The company offers compact compound; granular blend fertilizers; and specialty fertilizers, such as semi-organic, organic, and liquid fertilisers. It also trades in straight fertilizers, including nitrogen, phosphorus, and potassium fertilisers, and related products. PADINI HOLDINGS: Discloses 21 Frozen Bank Accounts Amid MACC Probe ------------------------------------------------------------------ The Malaysian Reserve reports that Padini Holdings Bhd said 21 bank accounts belonging to the company and several subsidiaries have been frozen under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. In a filing with Bursa Malaysia, Padini said the affected accounts comprise three under Padini Holdings, four under Yee Fong Hung (Malaysia) Sdn Bhd, seven under Padini Corporation Sdn Bhd, four under Padini Dot Com Sdn Bhd, one under Seed Corporation Sdn Bhd and two under Vincci Ladies' Specialties Centre Sdn Bhd. The Malaysian Reserve relates that the group said none of the affected units is classified as a major subsidiary under Bursa Malaysia's Main Market Listing Requirements. The disclosure follows Padini's earlier announcement that certain group bank accounts were frozen on April 24 pursuant to an order issued by Malaysian Anti-Corruption Commission in connection with an ongoing investigation involving external counterparties to the group. According to The Malaysian Reserve, Padini said the counterparties are not employees, officers or members of the group's management, adding that it is not aware of any allegation or wrongdoing on its part and understands the freezing order is part of the investigation process. The company said day-to-day operations remain fully functional and uninterrupted, with business continuing as usual. It has engaged external legal counsel and is taking steps, including seeking appropriate relief to unfreeze the affected accounts, adds The Malaysian Reserve. Padini Holdings Berhad, an investment holding company, engages in the retail of garments and ancillary products. The company operates through three segments: Investment Holding, Apparels and Footwear, and Management Service. It deals in ladies' shoes, garments, and accessories; and children's garments and accessories. The company also provides bags. In addition, it offers management and electronic commerce services. ===================== N E W Z E A L A N D ===================== D PRASAD: Creditors' Proofs of Debt Due on June 22 -------------------------------------------------- Creditors of D Prasad Limited are required to file their proofs of debt by June 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2026. The company's liquidators are: Lynda Smart Derek Ah Sam c/o Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 EFFECTIVE COLLECTIONS: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------------------- A petition to wind up the operations of Effective Collections Limited will be heard before the High Court at Auckland on May 8, 2026, at 10:00 a.m. Digmax Equipment Limited filed the petition against the company on March 19, 2026. The Petitioner's solicitor is: Claymore Partners Limited Level 2, Claymore House 63 Fort Street Auckland 1010 NZ RANGEHOOD: Creditors' Proofs of Debt Due on May 29 ----------------------------------------------------- Creditors of NZ Rangehood Installers Limited (formerly Auckland Wide Rangehood Installers Limited) are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 19, 2026. The company's liquidators: Kevyn Botes i-Business Recovery Limited PO Box 55 Greenhithe, Auckland 0756 Email: Kevyn@i-insolvency.com SHINETEC NEW ZEALAND: Court to Hear Wind-Up Petition on May 7 ------------------------------------------------------------- A petition to wind up the operations of Shinetec (New Zealand) Pty Limited will be heard before the High Court at Auckland on May 7, 2026, at 10:00 a.m. Northern Scaffolding Limited filed the petition against the company on March 23, 2026. The Petitioner's solicitor is: Henry Woodhouse Level 8, South British Insurance Building 3–13 Shortland Street Auckland CBD, Auckland WORLD STARS: Creditors' Proofs of Debt Due on May 22 ---------------------------------------------------- Creditors of World Stars of Golf NZ Limited are required to file their proofs of debt by May 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 ================= S I N G A P O R E ================= EY ITA: Creditors' Proofs of Debt Due on May 24 ----------------------------------------------- Creditors of EY ITA Pte. Ltd. are required to file their proofs of debt by May 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2026. The company's liquidators are: Mr. Purandar Janampalli Rao Ms. Ee Meng Yen Angela EY Corporate Advisors c/o One Raffles Quay North Tower 18th Floor Singapore 048583 GLOBOTIX PTE: Creditors' Proofs of Debt Due on May 24 ----------------------------------------------------- Creditors of Globotix Pte. Ltd. are required to file their proofs of debt by May 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 20, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia Pte Ltd 50 Havelock Road #02-767 Singapore 160050 ISETAN SINGAPORE: Closes Nex Outlet After 15 Years -------------------------------------------------- VnExpress reports that Japanese department store Isetan, which sells home, fashion and beauty products, has closed its outlet at Singapore's NEX shopping mall after 15 years in operation. According to VnExpress, the company announced in a Facebook post that the Serangoon Central outlet closed on April 26 after its lease expired. "We are deeply grateful to all stakeholders & customers for your unwavering support over the past 15 wonderful years," it said. In a video shared online, staff at the store were seen saying their final goodbyes to customers on the last day of operations. A crowd gathered at the entrance as the store manager delivered a farewell speech, thanking shoppers for their support and kindness over the years. "Today is our last day of business," the manager announced, as quoted by AsiaOne, "We wish you good health and happiness always." Isetan has been present in Singapore since 1972, when its Havelock outlet became the first Japanese department store in the city-state, according to Mothership. The firm operated six outlets at its peak in 2013 but has since closed several stores. It shuttered its Tampines Mall location last November after 30 years, citing "careful consideration of local conditions and future profitability," The Straits Times reported. Earlier closures include Isetan Katong at Parkway Parade shopping center in March 2022 and Isetan Jurong at Westgate Mall in March 2020. ONE FEAST: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------- A petition to wind up the operations of One Feast Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Oriental Vege Pte. Ltd. filed the petition against the company on April 17, 2026. The Petitioner's solicitors are: Louis Lim & Partners 3 Raffles Place #08-02 Bharat Building Singapore 048617 PENNY UNIVERSITY: Brunch Cafe to Shut Down Store After 4 Years -------------------------------------------------------------- VnExpress reports that Singapore's Halal brunch cafe Penny University will close its Jalan Klapa outlet on May 3 after four years, citing difficult conditions in the food and beverage sector. Founded in 2012 in East Coast, the cafe built a reputation for its signature coffee and brunch offerings. After a decade at its original site, it relocated to Jalan Klapa in Kampong Glam in 2022. In an Instagram post announcing the closure, the cafe described its stint at Jalan Klapa as "an adventure," adding that it had remained committed to its roots of serving coffee and brunch while fostering ties with the surrounding community, VnExpress relays. It noted a rise in international customers and described patrons as "a lovely crowd." VnExpress relates that the cafe also pointed to business headwinds as a reason for the move. "Economic realities can be harsh, and we have not been spared. Challenging times in F&B mean that we have to take a curtain call on our time here in Jalan Klapa," the caption read. "Very sad, but at the same time honoured and blessed to have served everyone here. We will leave with fond memories." It added that the team will take time to "recharge and regroup" following the closure. Its other outlet at Wisma Geylang Serai, which was opened in 2024, remains in operation, according to Channel News Asia. During its tenure in Kampong Glam, Penny University organised community-focused events such as crochet sessions, art jamming and book club discussions. SHENG HENG: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------- A petition to wind up the operations of Sheng Heng Motors Pte. Ltd. will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 21, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SYCAMINE CAPITAL: Creditors' Proofs of Debt Due on May 24 --------------------------------------------------------- Creditors of Sycamine Capital Management Pte. Ltd. are required to file their proofs of debt by May 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2026. The company's liquidators are: Ong Shyue Wen Saw Meng Tee c/o EA Consulting Pte Ltd 1 North Bridge Road #23-05 High Street Centre Singapore 179094 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Meritz Finalizes Homeplus Express Sale to Harim ------------------------------------------------------------ ChosunBiz.com reports that Homeplus Co. has concluded negotiations with Harim Group over the detailed terms for the sale of Homeplus Express, its corporate-type supermarket (SSM). Once the Seoul Bankruptcy Court approves an extension of the Homeplus rehabilitation plan on April 30, they plan to finalize the signing of the stock purchase agreement (SPA). With Meritz Financial Group conducting a final review of whether to provide DIP financing totaling KRW200 billion, including a short-term loan for the Homeplus Express sale price, the market views the success of the Express sale as effectively hinging on Meritz's decision, ChosunBiz.com relates. According to the report, investment banking (IB) industry said Homeplus Co., the seller of Homeplus Express, is said to have narrowed differences with Harim Group on the terms of the business transfer, including price, and wrapped up negotiations that day. Having completed review of the contract, they are awaiting the court's decision. On April 21, Samil Accounting Corporation, the lead advisor for the Homeplus Express sale, closed the main bidding and selected Harim Group's NS Shopping as the preferred bidder. The sale price is said to be in the KRW200 billion range. If the deal goes through, Harim Group is expected to accelerate its long-held goal of strengthening its distribution and logistics network, ChosunBiz.com relays. It appears likely to pursue integration with its existing logistics business by leveraging Homeplus Express's SSM network, which is based in key locations across the Seoul metropolitan area. Although the two sides reached agreement on detailed terms that day, it remains uncertain whether the court will decide to allow Homeplus Co. to continue its corporate rehabilitation, ChosunBiz.com says. The deadline for approval of Homeplus's rehabilitation plan is the 4th of next month. However, with the 1st to the 3rd being holidays, the court is expected to reach a conclusion by the 30th of this month. According to ChosunBiz.com, the court is expected to extend the rehabilitation plan only after confirming whether Homeplus Co. has secured liquidity. The KRW100 billion in DIP funds provided earlier by the largest shareholder, MBK Partners, has been nearly exhausted, and Harim's acquisition payment for Homeplus will take time to be deposited, so Homeplus has requested DIP financing support from Meritz in the KRW200 billion range. In the meantime, some in the industry suggested that Meritz wanted to decide on DIP financing support only after confirming whether the Homeplus Express sale would actually be completed, ChosunBiz.com states. An industry official said, "With Homeplus and Harim finalizing the detailed terms of the sale and the transaction becoming more realistic, Meritz's decision on financing support is now the final hurdle for the Express sale to go through." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* 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 ***