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260501.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, May 1, 2026, Vol. 29, No. 87 Headlines A U S T R A L I A ABL FUNDS: ASIC Cancels Company's AFS Licence BIG DIG: Construction Company Placed Under Liquidation BOON BUILDING: Second Creditors' Meeting Set for May 6 GFG ALLIANCE: ASIC Drops Winding Up Process vs. Liberty Bell Bay LAMBOS CONTAINER: First Creditors' Meeting Set for May 7 LUMIANT PTY: First Creditors' Meeting Set for May 5 METT PTY: First Creditors' Meeting Set for May 6 WINDCRAFT AUSTRALIA: First Creditors' Meeting Set for May 6 C H I N A SHENZHEN METRO: Xin Jie Steps Down as Chairman [] CHINA: Targets ‘Zombies' With Regulatory Headshots I N D I A AL-NASIR EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating ANAS MOTORS: CRISIL Lowers Rating on INR5.5cr Loan to B BALLY EXPORTS: Liquidation Process Case Summary BANARAS SWARN: CARE Keeps B- Debt Rating in Not Cooperating BANSAL BROTHERS: CRISIL Lowers Rating on INR12cr Loan to B BHAGIRATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating BKSONS INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating BOUDH DISTILLERY: CARE Lowers Rating on INR53.40cr LT Loan to B- BTM EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category CENTURION REMEDIES: Insolvency Resolution Process Case Summary EMERALD HEIGHTS: CARE Lowers Rating on INR23.39cr LT Loan to B- GANESH TIMBER: CARE Keeps C Debt Rating in Not Cooperating J. KHETSIDAS: Liquidation Process Case Summary JAGANNATH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating KESHAV PROTEINS: Insolvency Resolution Process Case Summary LAXMI NARASIMHA: CARE Keeps D Debt Rating in Not Cooperating M & T CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating MAGMA INDUSTRIES: Insolvency Resolution Process Case Summary MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating MINI DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating MOIRA MADHUJORE: Voluntary Liquidation Process Case Summary NAV NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating NIDAN LABORATORIES: CRISIL Keeps B Ratings in Not Cooperating OM KRISHNA: Insolvency Resolution Process Case Summary PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating PLANET AGENCIES: CRISIL Keeps B Debt Ratings in Not Cooperating RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category SAI LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category SRINIVASA STEEL: CARE Keeps D Debt Rating in Not Cooperating SURYA INTERNATIONAL: CRISIL Keeps B- Ratings in Not Cooperating VIKRAM TRADERS: CARE Keeps B- Rating in Not Cooperating Category WIZ LOGTEC: Insolvency Resolution Process Case Summary M A L A Y S I A GREENPRO CAPITAL: Closes $1.2MM Acquisition of GTL Equity Interest N E W Z E A L A N D BUILDUP GROUP: Creditors' Proofs of Debt Due on May 29 CORKIN PRESCHOOL: Court to Hear Wind-Up Petition on May 7 HEAVY TRANSPORT: Court to Hear Wind-Up Petition on May 7 LONGEVITY CONSTRUCTION: Placed Into Liquidation NEW ZEALAND DAIRY: Creditors' Proofs of Debt Due on May 29 TALLEY'S LIMITED: To Close Westport Factory, 92 Jobs Affected WORLD STARS: Creditors' Proofs of Debt Due on May 22 S I N G A P O R E BURJ ASIA: Court to Hear Wind-Up Petition on May 8 E'CAPS RENOVATION: Court Enters Wind-Up Order GUANG AN TCM: Creditors' Proofs of Debt Due on May 28 MAXEON SOLAR: Faces Nasdaq Delisting After Judicial Management SHANGHAI FRUITS: Court Enters Wind-Up Order WOODEN STORY: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ABL FUNDS: ASIC Cancels Company's AFS Licence --------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of ABL Funds Management Pty Ltd (ABL). The AFS licence was cancelled because ABL failed to meet statutory audit and financial reporting lodgement obligations for the financial years ending June 30, 2023, 2024 and 2025. ASIC said ABL can apply to the Administrative Review Tribunal to seek a review of ASIC's decision. BIG DIG: Construction Company Placed Under Liquidation ------------------------------------------------------ Herald Sun reports that liquidators were appointed to Gold Coast-based Big Dig Bulk & Civil after Supreme Court action involving a raft of creditors. Kelly Trenfield and Joanna Dunn of FTI Consulting were appointed liquidators to the firm following Supreme Court action on April 23. According to Adelaide Now, the company's director, Michael Thomson, was permanently banned by the Queensland Building and Construction Commission (QBCC) over a decade ago. Mr. Thomson was previously director of Gladstone Civil (2009–2011) and Acegain (1998–2007), both of which were wound up for unpaid debts. Big Dig Bulk & Civil Pty Ltd focused on bulk and detailed excavation, site remediation, and earthworks. The company specialized in working on difficult, confined, or narrow sites, offering services such as rock breaking, trenching, and land clearing. BOON BUILDING: Second Creditors' Meeting Set for May 6 ------------------------------------------------------ A second meeting of creditors in the proceedings of Boon Building Pty Ltd has been set for May 6, 2026, at 10:30 a.m. via Virtual Meeting Only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 5, 2026 at 5:00 p.m. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on March 20, 2026. GFG ALLIANCE: ASIC Drops Winding Up Process vs. Liberty Bell Bay ---------------------------------------------------------------- On April 30, 2026, the Australian Securities & Investments Commission (ASIC) discontinued its proceedings to wind up Liberty Bell Bay Pty Ltd. ASIC had sought to wind up Liberty Bell Bay following its failures to lodge annual financial reports. Administrators have since been appointed to the company. Consequently, its obligations to comply with its financial reporting requirements have been deferred as the administration takes its course. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. LAMBOS CONTAINER: First Creditors' Meeting Set for May 7 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Lambos Container Crew Pty. Ltd. will be held on May 7, 2026, at 10:30 a.m. via teleconference only. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on April 24, 2026. LUMIANT PTY: First Creditors' Meeting Set for May 5 --------------------------------------------------- A first meeting of the creditors in the proceedings of Lumiant Pty Ltd will be held on May 5, 2026, at 10:00 a.m. via virtual meeting. Liam Healey and Quentin Olde of Ankura were appointed as administrators of the company on April 22, 2026. METT PTY: First Creditors' Meeting Set for May 6 ------------------------------------------------ A first meeting of the creditors in the proceedings of Mett Pty Ltd will be held on May 6, 2026, at 10:30 a.m. via electronic means. Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were appointed as administrators of the company on April 27, 2026. WINDCRAFT AUSTRALIA: First Creditors' Meeting Set for May 6 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Windcraft Australia Pty Limited (Trading name: "Windcraft Yachts", "Team Windcraft", "The Windcraft Group", "Windcraft Group Service") will be held on May 6, 2026, at 11:00 a.m. via virtual meeting. Henry Kwok and Antony Resnick of DVT Mcleods were appointed as administrators of the company on April 23, 2026. ========= C H I N A ========= SHENZHEN METRO: Xin Jie Steps Down as Chairman ---------------------------------------------- Reuters reports that Shenzhen Metro, the biggest shareholder and a major financial backer of troubled property developer China Vanke said in a filing on April 29 that Xin Jie no longer served as its chairman. According to Reuters, the public transit operator did not provide any explanation for the ⁠personnel change, and said the chairman position had not been filled yet. Xin resigned as chairman of Vanke in October last year. State-owned Shenzhen Metro reported a net loss of CNY37.51 billion (US$5.49 billion) for 2025, widening from the CNY33.57 billion loss for ⁠the previous year, Reuters discloses citing a separate filing to the Shenzhen Stock Exchange on April 29. Reuters relates that Shenzhen Metro said in the filing that its 2025 ⁠loss was mainly due to Vanke's losses, which led the state-owned firm to book investment ⁠and impairment losses. Vanke posted a net loss of about CNY88.6 billion ⁠for 2025 and CNY6.0 billion for the first quarter. Shenzhen Metro Group Co., Ltd. provides transportation infrastructure construction services. The Company constructs national railway, intercity railway, urban rail transit, and others. Shenzhen Metro Group also conducts railway operation, hotel operation, property leasing, and other businesses. [] CHINA: Targets ‘Zombies' With Regulatory Headshots ------------------------------------------------------- The South China Morning Post reports that China's top market regulator is intensifying its crackdown on debt-laden "zombie companies" – rolling out a pilot programme in seven economic hubs to facilitate the forced exit of unprofitable firms often propped up by government subsidies or bank loans. According to the Post, the move signals a broadening of Beijing's campaign against local protectionism and the low-quality vicious competition that officials say results in neijuan, or "involution". With a change to China's Company Law, the State Administration for Market Regulation and relevant departments can now petition courts for the compulsory liquidation of these walking-dead entities if they fail to voluntarily wind up. The Post relates that the pilot programme will initially focus on Beijing city and the provinces of Hebei, Jiangsu, Zhejiang, Henan, Sichuan and Guangdong, the regulator announced on April 27. The initiative is a positive development, said Alicia Garcia-Herrero, chief economist for the Asia-Pacific region at French investment bank Natixis, the Post relays. "I expect it to be moderately effective for clearing smaller, dormant private firms in the pilot areas and improving market-exit mechanisms," the Post quotes Ms. Garcia-Herrero as saying. "However, its broader impact on China's zombie-company problem is likely to be limited in the short term, as many larger or state-linked zombies continue to be supported by local governments and banks." All of that excessive competition has driven down prices even without productivity gains, and the resulting "involution" has led to a ballooning share of zombie companies across the country, particularly in sectors supported by industrial policy and state financing. Zombie companies accounted for more than 12 per cent of China's listed firms in 2024 – nearly double the global proportion, and about twice its share six years prior, the Post discloses citing a January paper by European think tank Bruegel. In the renewables sector – which has been heavily promoted by the state – nearly one in three was a zombie firm, the paper added. Similarly, the Federal Reserve Bank of Dallas noted in December that the zombie share in Chinese manufacturing reached 11 per cent in 2024, the Post says. The bank warned that this proportion was set to continue rising if falling prices and corporate losses persisted. According to the Post, Beijing has been pushing to build a unified national market to better allocate resources, and authorities also launched a high-profile campaign against involution last year. Some results may be showing, with industrial profits rising in March by 15.8 per cent - a six-month high. But it is still too early to tell if the recovery can be sustained, particularly as a protracted Middle East conflict adds fresh volatility to global markets. Roadblocks to the market regulator's pilot programme remain, said Ms. Garcia-Herrero, citing the sheer complexity and scale of intertwined debts in sectors such as property and manufacturing, alongside local protectionism intended to safeguard jobs and social stability. The Post sas many zombie firms – especially in less-affluent provinces – are kept alive by local officials and company owners seeking to avoid triggering mass lay-offs in a labour market already strained by deflationary pressures and external uncertainties. But accepting some economic pain may be necessary to truly address the accumulation of zombie companies, according to Ms. Garcia-Herrero. "Without stronger credit discipline and willingness to let losses materialise, the problem may persist," she said. ========= I N D I A ========= AL-NASIR EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of AL-Nasir Exports Private Limited (AEPL) 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 Short Term Bank 45.00 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 19, 2025, placed the rating(s) of AEPL under the 'issuer non-cooperating' category as AEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 5, 2026, January 15, 2026 and 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: Not Applicable AL-Nasir Exports Private Limited (AEPL), located at Delhi, was promoted by Qureshi family in 2001. The company is engaged in the processing and export of frozen Halal boneless Buffalo Meat to Middle East, Far East and Western African countries. The directors of the company have fifteen years of experience in processing and export of halal buffalo meat. The company owns two modern integrated meat complexes, which are approved by the Agricultural and Processed Food Export Development Authority (APEDA), and are also certified by the Jamiat Ulama-i-Hind Halal Trust. Along with buffalo meat, company also sells by products such as Offal, Poultry Feed Supplement, Tallow and Hide. AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Amrita Sai Educational Improvement Trust (ASEIT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 5 CRISIL D (Issuer Not Overdraft facility Cooperating) Crisil Ratings has been consistently following up with ASEIT for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASEIT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASEIT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASEIT continues to be 'Crisil D Issuer not cooperating'. ASEIT was formed on 2007. Amrita started with Amrita Sai Institute of Science and technology (ASIT), in Vijaywada, Andhra Pradesh. Over the years has started offering several disciplines including B.Tech, M.B.A, M.C.A, M. Tech and Diploma. Trust is managed by 5 trustees: Sri K. Ramesh Babu, Sri K. Rama Mohana Rao, Sri Y. Venkata Ramaiah, Sri. K. Srinivasa Rao and Sri K. Eswara Chanda. ANAS MOTORS: CRISIL Lowers Rating on INR5.5cr Loan to B ------------------------------------------------------- CRISIL Ratings has revised the rating on bank facilities of Anas Motors Private Limited (AMPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Overdraft Facility 0.87 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.13 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with AMPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. AMPL, incorporated in 1998, is promoted by Ankleshwar, Gujarat-based Mr. Salahuddin Baig. The company is an authorized dealer for HML, and has a showroom in Ankleshwar. BALLY EXPORTS: Liquidation Process Case Summary ----------------------------------------------- Debtor: Bally Exports Limited P 26B, Kasba Industrial Estate, Phase III, Tiljala, Kolkata, West Bengal, 700107 Liquidation Commencement Date: April 21, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Neeraj Kumar Sureka Central Plaza, 6th Floor, Room No. H, 41 B.B. Ganguly Street, Kolkata - 700012, West Bengal Email: ipneerajsureka@gmail.com cirp.bally@gmail.com Last date for submission of claims: May 20, 2026 BANARAS SWARN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Banaras Swarn Kala Kendra Private Limited (BSKKPL) 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 14, 2025, placed the rating(s) of BSKKPL under the 'issuer non-cooperating' category as BSKKPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSKKPL 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 BSKKPL was incorporated in 1994 as a private limited company. BSKKPL is promoted by Mr Ashok Jaiswal, Mr Sunil Jaiswal, Mr. Anil Jaiswal and Mr Manoj Jaiswal. The company is engaged in retail trading of diamond-studded gold jewellery, gold jewellery, pearls and precious stones studded gold jewellery (necklaces, earrings, rings, pendants and bangles) and silver jewellery. BSKKPL has its retail outlet/showroom located at Varanasi, Uttar Pradesh. BANSAL BROTHERS: CRISIL Lowers Rating on INR12cr Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the rating on bank facilities of Bansal Brothers (Delhi) (BBRS) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 12 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BBRS for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BBRS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BBRS revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 1953, BBRS is promoted by Mr Yash Pal Bansal, Mr Ravi Lochan Gupta, and Mr. Bharat Bansal. It trades in cold-rolled (CR) and hot-rolled (HR) steel coils. BHAGIRATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagirath Dairy Private Limited (BDPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Term Loan 13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BDPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BDPL continues to be 'Crisil D Issuer not cooperating'. BDPL, incorporated in 2012, is promoted by Mr. Bhagirath Choudhary, Mr Mohan Choudhary and Mrs Tulchi Devi. The company set up a milk processing unit with installed capacity of 5 lakhs litres per day in Jodhpur, Rajasthan which commenced commercial operations in October 2016. The company manufactures dairy products for Amul on job work basis. BKSONS INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bksons Infrastructure Private Limited (BIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 50.00 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 5, 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 January 19, 2026, January 29, 2026, February 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable BIPL was incorporated in the 2011 with its office located at Guwahati, Assam. Since its inception, the entity has been engaged in the civil construction business in the segments like roads and bridges. Further, the entity is also classified as class 'I' contractor in civil. The company undertakes civil engineering projects such as construction of roads and bridges for NHIDCL mainly in Assam. Mr. Bhagya Kalita and Ms. Samaira Kalita, the directors of the company, have more than a decade long experience in the civil construction industry. They look after the day-to-day operations of the entity and are well assisted by the other director, Mr. Himanshu Kalita, along with other technical and non-technical professionals having relevant industry experience. BOUDH DISTILLERY: CARE Lowers Rating on INR53.40cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Boudh Distillery Private Limited (BDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 53.40 CARE B-; ISSUER NOT COOPERATING Facilities 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 January 31, 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 December 17, 2025, December 27, 2025, January 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). The ratings assigned to bank facilities of BDPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable In 2016, Sahu family had decided to set-up Extra-Neutral Alcohol (ENA) manufacturing plant with capacity of 1, 20,000 LPD (Litres Per Day) in two phases under the corporate entity Boudh Distillery Private Limited (BDPL) which was incorporated in 2008. BDPL has successfully completed the first phase having installed capacity of 60 KLPD (Thousand Litres Per Day) and started commercial operation in June, 2018. Currently, BDPL has an ENA manufacturing unit in Boudh District of Odisha. The day to day affairs of the company are looked after by Mr. Ritesh Sahu and Mr. Amit Sahu having experience of more than 15 years in the liquor business. BTM EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BTM Exports Limited (BEL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 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 28, 2025, placed the rating(s) of BEL under the 'issuer non-cooperating' category as BEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 14, 2026, January 24, 2026, February 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable BTM was initially incorporated as BTM Exports Private Limited on November 24, 2004 and was later converted to public limited company on August 18, 2008. The company is promoted by Tekriwal brothers with Mr Sanjay Tekriwal being its chairman and managing director. Initially, the company was into trading of Vanaspati, edible oils and fabrics etc, but the same was discontinued by the company in 2011 and it started a new line of business which involves trading of Basmati Rice and Iron ore fines. CENTURION REMEDIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Centurion Remedies Private Limited Registered Office: G/5, Industrial Estate Gorwa, Vadodara, Gujarat, India - 390016 Additional Facility: P-3, Savli Biotech Park, Manjusar Road, Asoj, Vadodara - 391775 Insolvency Commencement Date: April 20, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 17, 2026 Insolvency professional: Mohit Chawla Interim Resolution Professional: Mohit Chawla SCO 26, Level III, Shri Balaji Complex, Old-Ambala Road, Dhakauli, Zirakpur - 140603 Email: camohitchawla@gmail.com centurionremedies.cirp@gmail.com Last date for submission of claims: May 4, 2026 EMERALD HEIGHTS: CARE Lowers Rating on INR23.39cr LT Loan to B- --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Emerald Heights Academy & Realty Private Limited (EHARPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.39 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 Limited (CareEdge Ratings) had, vide its press release dated February 17, 2025, placed the rating(s) of EHARPL under the 'issuer non-cooperating' category as EHARPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EHARPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 3, 2026, January 13, 2026, January 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). The ratings assigned to the bank facilities of EHARPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Indore (Madhya Pradesh) based Emerald Heights Academy and Realty Private Limited (EHARPL) was incorporated in January 1991 by Mr Muktesh Singh Girnar along with his family members with an objective to provide educational support activities to Emerald Heights School Samitee (EHSS) which runs a senior secondary day-cum boarding co-educational school since 1982 under the name of Emerald Heights International School (EHIS). EHAR has given two academic buildings on lease to EHSS and also provide 700 bed hostel facilities, catering, house- keeping and other service as well as school training and coaching facility to EHSS. Further, the company is also operating a pre-primary school. GANESH TIMBER: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Ganesh Timber traders (SGTT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 10, 2025, placed the rating(s) of SGTT under the 'issuer non-cooperating' category as SGTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGTT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 24, 2026, February 3, 2026, February 13, 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 Ganesh Timber Traders (SGTT) was established in 1982 as a partnership firm by Mr. Manilal Harilal Patel, Mr. Dinesh Harilal Patel along with family members. The firm is engaged in trading (wholesale and retail) of wood and teak products from past 30 years. The firm imports majority of the timber wood from the suppliers located in the international markets like Indonesia, Malaysia, Europe, America and Africa. The firm sells the products to customers located in Kerala, Tamil Nadu, Delhi, Mumbai, Andhra Pradesh and Telangana. J. KHETSIDAS: Liquidation Process Case Summary ---------------------------------------------- Debtor: J. Khetsidas Machine Tool Works Private Limited Manjhiladih Gadi Srirampur, Giridih, Jharkhand - 815301 Liquidation Commencement Date: April 9, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Rajesh Kumar Agrawal 1, Ganesh Chandra Avenue, 3rd Floor, Room No-301, Kolkata - 700013 Email: rajesh521@yahoo.com cirp.jkhetsidasmachine@gmail.com Last date for submission of claims: May 20, 2026 JAGANNATH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Jagannath Educational Health and Charitable Trust (SJEHCT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.29 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of SJEHCT under the 'issuer non-cooperating' category as SJEHCT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJEHCT continues to be noncooperative 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 SJEHCT is a non-minority, charitable trust registered under Section 12A of the Income Tax Act. SJEHCT was established in 2008 by Mr S. A. Subramanian, along with Mr O. M. Manivelu and Mr S. SatheeshKrishnaraj. However, Mr. SatheeshKrishnaraj resigned from the Trusteeship and was replaced by Mr. Durgashankar (a BE graduate, son-in-law of Mr. Subramanian), in AY 2011-12. Mr Arul Selvan, (Mr Durga Shankar's brother) is the Vice Chairman and Joint Managing Trustee (BE, MBA). The day to day activities of SJEHCT are managed by the executive committee, headed by Mr S. A. Subramanian (Managing trustee). The trust operates an engineering college under the name of JCT College of Engineering & Technology (JCTET) at Coimbatore, Tamil Nadu, established in AY11-12. JCTET, in its fifth year of operation, had student strength of 3,800 in AY15-16 (including ME). In AY14 15, SJEHCT commenced JCT College of Polytechnic (JCTP) with a sanctioned intake of 300 students offering Mechanical (120), Petrochemical (60), Civil (60) and Electrical and Electronic Engineering (60) courses. KESHAV PROTEINS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Keshav Proteins & Organic LLP Office No. 401, Pukhraj Corporate, Navlakha Main Road, Indore, MP, India, 452001 Insolvency Commencement Date: April 13, 2026 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: October 18, 2026 Insolvency professional: Navin Khandelwal Interim Resolution Professional: Navin Khandelwal 206, Navneet Plaza, 5/2 Old Palasia, Indore - 452018 Email: navink25@yahoo.com cirp.keshav@gmail.com Last date for submission of claims: May 5, 2026 LAXMI NARASIMHA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Laxmi Narasimha Rice Industry (SLNRI) 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 February 17, 2025, placed the rating(s) of SLNRI under the 'issuer non-cooperating' category as SLNRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLNRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 3, 2026, January 13, 2026, January 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sri Laxmi Narasimha Rice Industry (SLNRI) is a partnership firm established in April 2015. The firm started with its commercial operations from April 2016 onwards. The partners of the firm are Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha Redd.y and Mr. S. Ramesh. The mill is located in Sriguppa in Bellary district of Karnataka. M & T CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M & T Constructions (MTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 MTC under the 'issuer non-cooperating' category as MTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MTC 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 MTC is a partnership firm established in the year 1993 by the partners Mr Manoj Krishna and Mr Thomas V.T. The profits of the firm are shared equally between the partners. The firm is registered as an 'A' class contractor with Public Works Department (PWD) of State Government of Kerala from the year 2003. MTC constructs roads and bridges for PWD and Kerala State Construction Corporation Limited in Kerala which contributes the entire revenue of the firm. MAGMA INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Magma Industries Limited Shop No. 10 Ground Floor, TC Square Market, Arya Samaj Road, Mahaveer Chowk, Muzaffarnagar, Uttar Pradesh - 251001 Insolvency Commencement Date: April 9, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of Insolvency resolution process: October 12, 2026 Insolvency professional: Rajesh Srivastava Interim Resolution Professional: Rajesh Srivastava A3/302, Tower 3, Silver City Purvanchal, Sector 93, Noida, Uttar Pradesh - 201304 Email: rajesh1701@gmail.com cirp.magma@gmail.com Last date for submission of claims: April 29, 2026 MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharaja Agro Foods Private Limited (MAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Term Loan 11.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MAPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAPL continues to be 'Crisil D Issuer not cooperating'. MAPL, incorporated in 2011, processes milk (pasteurises and chills) and allied products. It is promoted by Mr. Bijender Nagar and Mr. Sunder Singh. Its manufacturing facility is in Alwar, Rajasthan, and has installed capacity of 0.5 million litres per day. The company commenced operations in December 2013. MINI DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mini Diamonds India Limited (MDIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Export Packing 6 CRISIL D (Issuer Not Credit & Export Cooperating) Bills Negotiation/ Foreign Bill discounting Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MDIL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MDIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MDIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MDIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MDIL, incorporated in 1987 by Mr Upendra Shah and Mr Himanshu Shah, manufactures and trades in cut and polished diamonds, and trades in rough diamonds MOIRA MADHUJORE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Moira Madhujore Coal Limited South City Business Park, 10th Floor, 770, Anandapur, EM Bypass, E.K.T., Kolkata - 700107 Liquidation Commencement Date: April 18, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Pranab Kumar Chakrabarty 72/9, Saikh Para Lane, Howrah - 711103 Tel: 98312 07932 Email: mad6750@rediffmail.com Last date for submission of claims: May 15, 2026 NAV NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nav Nirman Sewa Samiti (NNSS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5.35 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 22.00 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NNSS for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NNSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NNSS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NNSS continues to be 'Crisil D Issuer not cooperating'. NNSS was established in 2008 by Mr Ajay Goyal (chairman) and his relatives. The society runs the Samalkha Group of Institutions (SGI), which offers graduate and post-graduate courses in engineering and management. The campus is at Samalkha (Haryana). NIDAN LABORATORIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nidan Laboratories and Healthcare Limited (Nidan) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.8 Crisil B/Stable (Issuer Not Cooperating) Term Loan 4.82 Crisil B/Stable (Issuer Not Cooperating) Working Capital 1.38 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Nidan for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Nidan, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Nidan is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Nidan continues to be 'Crisil B/Stable Issuer not cooperating'. Nidan was established in 2000 by Dr. Nitin Thorve and Mrs. Roshan Thorve The company runs 35 diagnostic centres across greater Mumbai. Nidan operates its centres through the brand named 'Nidan Diagnostics' and offers services including CT scan, MRI, Ultra Sound, 2D Echo, ECG, etc. The company is listed on NSE OM KRISHNA: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: OM Krishna Developers Private Limited H-10/103, 1st Floor, Express Arcade Netaji, Subhash Place, Pitampura, New Delhi, Delhi, India, 110034 Insolvency Commencement Date: April 22, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 19, 2026 Insolvency professional: Vijender Sharma Interim Resolution Professional: Vijender Sharma VRSA Insolvency Professionals LLP Building No. 11, 3rd Floor, Hargovind Enclave, Vikas Marg, Delhi - 110092 Email: vijender@vsa.net.in okd.cirp@gmail.com Last date for submission of claims: May 6, 2026 PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Patanjali Chikitsalaya - Chennai (PCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 February 18, 2025, placed the rating(s) of PCC under the 'issuer non-cooperating' category as PCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCC 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: Stable Patanjali Chikitsalaya (PCC) was established in January 2009 as a proprietorship concern by Smt. Suman Devi Lath in Chennai, Tamil Nadu. The firm is involved in trading of FMCG products and is an authorized dealer of Patanjali Ayurved Limited, Haridwar and Divya Pharmacy, a manufacturing unit of Patanjali Yogpeeth. The products sold by PC are Ghee, Face creams, Medicines, Soaps, Detergents, Wheat flour, Sunflower oil, Honey, etc. The registered office of the firm is located at Egmore in Chennai (Tamil Nadu). PLANET AGENCIES: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Planet Agencies Private Limited (PAPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 13 CRISIL B/Stable (ISSUER NOT Facility COOPERATING) Inventory Funding 1 CRISIL B/Stable (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with PAPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PAPL continues to be 'Crisil B/Stable Issuer not cooperating'. PAPL was incorporated in 2003, promoted by Bengaluru-based Mrs Arunaa Raavi, who is also the company's director. It is an authorized dealer of Honda two-wheelers in Bengaluru. Mrs Raavi manages the company's operations. RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rajrani Cold Storage and Ice Plantprivate Limited (RCSIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.71 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 18, 2025, placed the rating(s) of RCSIPL under the 'issuer non-cooperating' category as RCSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCSIPL 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 Incorporated in 1989, Raj Rani Cold Storage and Ice Plant Private Limited (RCSIPL) was promoted by Mr. Sushil Tripathi. The company is engaged in manufacturing and processing of milk and milk products. The main products of RCSIPL includes skimmed milk powder (SMP), Desi Ghee, condensed milk, Whole Milk Powder, Poly pack milk, table butter, sweet curd etc. The company sells its products under the brand name 'Raj'. In addition to the milk processing, the company has a cold storage facility for storing potatoes for the local farmers. SAI LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Sai Life Styles (SSLS) 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 February 17, 2025, placed the rating(s) of SSLS under the 'issuer non-cooperating' category as SSLS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSLS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 3, 2026, January 13, 2026, January 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 Indore-based (Madhya Pradesh), SSLS was formed as a partnership firm in March, 2015 by family members of Chugh and Motiramani. SSLS is currently under process of executing construction of commercial complex cum shopping mall project named 'The Zodiaq' (RERA Registration No. P-IND-17-788) at Bicholi Mardana Road, Opposite Agrawal Public School, Indore covering total saleable area of approximately 1,27,486 square feet and involving construction of a shopping mall consisting of ground floor, one mezzanine floor and four other floors. First three floors are dedicated to Departmental stores, Showrooms, Shopping area, Entertainment Zone & Food Court, while fourth floor is allotted to Multiplex Theatre - PVR. The implementation of project 'The Zodiaq' commenced from March, 2017. SSL has incurred a total cost of INR40.74 crore (i.e.91.55% of total project cost) out of total cost of INR44.50 crore till May 31, 2019. SRINIVASA STEEL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Srinivasa Steel Products (SSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.25 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 February 17, 2025, placed the rating(s) of SSP under the 'issuer non-cooperating' category as SSP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 3, 2026, January 13, 2026, January 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SSP was established in the year 2007 by Mr S Ashokumar (Managing Partner), Mr Bharat Kumar among other partners. SSP is engaged in the manufacturing of hot rolled steel stripes, Electric Resistance Welded (ERW) pipes and other steel Structural products. SSP is specialized in manufacturing of iron and steel structural products which are used in furniture, Racks and hoardings, etc. SSP sells ERW pipes and structural products to distributors across India. Raw material comprises steel and iron which are procured from local suppliers and hot rolled steel stripes manufactured are used in Manufacturing of ERW pipes and structural product. SURYA INTERNATIONAL: CRISIL Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Surya International - Ahmedabad (SIA) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.50 CRISIL B-/Stable (Issuer Not Cooperating) Loan Against 0.91 CRISIL B-/Stable (Issuer Not Property Cooperating) Proposed Long Term 0.11 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.48 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIA for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' etailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIA continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up in 1998, SIA manufactures and exports food products such as liquid food colour, food powder, flavouring essence, rose syrup, rose water and kewra water. Its manufacturing facility is in Ahmedabad. SIA is part of the Bajaj group of companies, owned and managed by Dwarkaprasad Bajaj, Sanjay Bajaj and Gautam Bajaj. VIKRAM TRADERS: CARE Keeps B- Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vikram Traders (VT) 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 February 17, 2025, placed the rating(s) of VT under the 'issuer non-cooperating' category as VT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 3, 2026, January 13, 2026, January 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 Bangalore based; Vikram Traders (VT) was established in the year 1984 by Mr. Mangilal Gupta along with six other partners. However, in the year 2013, the firm was reconstituted with three new partners' viz. Mr. Meetesh Bhandari, Mr. Vikram Bhandari and Mr. Sumeet Bhandari sharing profits and losses equally. The firm is engaged in trading of fabrics with major product being rolled denim fabric. The firm sells its products to various wholesalers located in Bangalore and Maharashtra region. Its major customers included Unitex Apparels Private Limited, Prateek Apparels Private Limited and Famous Fashion. The fabric is mainly procured from the suppliers based out in Maharashtra and Rajasthan like Raymond Uco Denim Pvt Ltd, RSWM Limited, and Century Denim. WIZ LOGTEC: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Wiz Logtec India Private Limited No. 56/57, 3rd Floor, Rajaji Salai, Chennai, Tamil Nadu, India, 600001 Additional Places of Business: Chennai, Bengaluru, Mumbai, Ernakulam, Kanpur, Delhi, Gurugram, Kolkata Insolvency Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: October 14, 2026 Insolvency professional: R. Venkatakrishnan Interim Resolution Professional: R. Venkatakrishnan Rajparis Trimeni Towers, 1st Floor, 147, G N Chetty Road, T.Nagar, Chennai - 600017 Email: rvk@rvkassociayes.com wizlogtechptltd.ibc@gmail.com Last date for submission of claims: May 2, 2026 =============== M A L A Y S I A =============== GREENPRO CAPITAL: Closes $1.2MM Acquisition of GTL Equity Interest ------------------------------------------------------------------ Greenpro Capital Corp. disclosed in a regulatory filing that it entered into an Acquisition Agreement with Lim Chee Yin, on November 18, 2025. Pursuant to the Acquisition Agreement, subject to the satisfaction or waiver of the conditions set forth therein, upon consummation of the transaction contemplated in the Acquisition Agreement, the Company acquired 0.99% of Seller's shareholdings in Greenophene Technologies Limited, a company incorporated in the British Virgin Islands, equivalent to 10 shares of GTL. Pursuant to the terms and conditions of the Acquisition Agreement, at the effective time of the acquisition, the Company issued to the Seller aggregate closing consideration consisting of 800,000 restricted shares of the Company's common stock, par value $0.0001, valued at $1.50 per share, for an aggregate value of $1,200,000. On April 16, 2026, all conditions to closing were satisfied, and the Company consummated the transactions contemplated by the Acquisition Agreement. At closing, the Company acquired 10 ordinary shares of GTL from the Seller, representing a minority interest of 0.99% of GTL's outstanding equity interests as of the closing date. The Company now has a total of 17,925,813 shares of Greenpro Common Stock issued and outstanding and the Seller holds approximately 4.5% of Greenpro Common Stock upon the receipt of 800,000 shares of Greenpro Common Stock from the Company. The Acquisition Agreement contains customary representations, warranties, and covenants made by both parties, subject to the terms set forth therein. About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1,790,250 and as of December 31, 2025, the Company incurred an accumulated deficit of $40,246,712. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $5,091,388 in total assets, $1,500,544 in total liabilities, and $3,590,844 in total equity. ===================== N E W Z E A L A N D ===================== BUILDUP GROUP: Creditors' Proofs of Debt Due on May 29 ------------------------------------------------------ Creditors of Buildup Group 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 23, 2026. The company's liquidator is: Kevyn Botes i-Business Recovery Limited PO Box 55 Greenhithe, Auckland 0756 CORKIN PRESCHOOL: Court to Hear Wind-Up Petition on May 7 --------------------------------------------------------- A petition to wind up the operations of Corkin Preschool Limited will be heard before the High Court at Christchurch on May 7, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 27, 2026. The Petitioner's solicitor is: Laura Hamilton Inland Revenue, Legal Services 663 Colombo Street Christchurch Central, Christchurch HEAVY TRANSPORT: Court to Hear Wind-Up Petition on May 7 -------------------------------------------------------- A petition to wind up the operations of Heavy Transport Civil Limited will be heard before the High Court at Auckland on May 7, 2026, at 10:00 a.m. New Zealand Transport Agency filed the petition against the company on March 24, 2026. The Petitioner's solicitor is: Janko Marcetic Chapman Tripp Level 34 PwC Tower 15 Customs Street West Auckland LONGEVITY CONSTRUCTION: Placed Into Liquidation ----------------------------------------------- BusinessDesk reports that Longevity Construction, another firm associated with failed property developer Anthony Corin, has been liquidated, more than a year after the application was made. According to BusinessDesk, fire and acoustic wall panels supplier Korok Building Systems’ bid to put Longevity Construction into liquidation over a $50,000 debt was first heard by the High Court in March 2025. Building supplies merchant Mitre 10, owed $153,000, and the Inland Revenue Department appeared as creditors in support. On April 20, the court was told that the debts had still not been paid, and with no opposition from Longevity Construction. NEW ZEALAND DAIRY: Creditors' Proofs of Debt Due on May 29 ---------------------------------------------------------- Creditors of New Zealand Dairy Brands 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 16, 2026. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland TALLEY'S LIMITED: To Close Westport Factory, 92 Jobs Affected ------------------------------------------------------------- Stuff.co.nz reports that Talley's Seafood has confirmed it will close its Westport fish processing factory following the completion of a staff consultation process. The decision will affect 92 staff and follows a strategic review of the company's processing network. In a statement, Talley's said the move to close the factory reflected productivity and efficiency improvements across its operations. These included ongoing investment in technology and innovation, Stuff relates. As a result, the company can now process its full volume of fish through its two larger facilities located in Motueka and Timaru. According to Stuff, Talley's Seafood CEO Tony Hazlett said the decision was a "difficult one" and that the Westport team had made a "significant contribution" over many years. "This is a difficult decision, but it reflects how our business has evolved and how we need to operate into the future," he said. The company confirmed to Stuff that all affected staff will be offered employment opportunities elsewhere, including those in roles that will remain in Westport. They said they are working closely with employees to support their transition, including opportunities across sites in Motueka, Blenheim, Canterbury, Timaru and Greymouth, as well as at sea on factory vessels, Stuff relays. Additional support will include CV assistance, job search and training opportunities, wellbeing services, and, where possible, assistance with relocation and accommodation. Operations at Talley's Seafood's other fish processing sites are unaffected by the Westport decision, Stuff notes. Stuff adds that the last day for processing at the Westport site will be Friday, May 15. The site will continue to operate for vessel unloads, weigh-in, chiller, and logistics functions after this date. Talley's Limited is a privately owned, New Zealand–based agribusiness company that provides seafood, vegetable and dairy products. 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 ================= BURJ ASIA: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------- A petition to wind up the operations of Burj Asia Capital Group Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Longitude 101 Pte. Ltd. filed the petition against the company on April 13, 2026. The Petitioner's solicitors are: 1forAll Law LLC 150 Thomson Road, #07-03 Singapore 307605 E'CAPS RENOVATION: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on April 17, 2026, to wind up the operations of E'caps Renovation & Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GUANG AN TCM: Creditors' Proofs of Debt Due on May 28 ----------------------------------------------------- Creditors of Guang AN TCM & Health Pte. Ltd. are required to file their proofs of debt by May 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2026. The company's liquidator is: Lee Chong Xiang Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 MAXEON SOLAR: Faces Nasdaq Delisting After Judicial Management -------------------------------------------------------------- TipRanks reports that Maxeon Solar Technologies said on April 24 that it received a written notice from Nasdaq stating that its securities will be delisted, following the company's earlier application to the Singapore High Court for judicial management and the court’s April 9 order placing it under interim judicial management. Nasdaq's Listing Qualifications staff determined that these insolvency and restructuring proceedings trigger delisting under its rules, and trading in Maxeon's shares is set to be suspended at the opening of business on May 1, 2026, unless the company appeals. TipRanks relates that Maxeon said it is still evaluating whether to request a hearing before the Nasdaq Hearings Panel to contest the delisting determination and will update the market once a decision is made. The potential loss of its Nasdaq listing underscores the severity of Maxeon's financial and operational challenges, and could affect liquidity and visibility for shareholders as the company navigates judicial management and attempts to restructure its business. As reported in the Troubled Company Reporter-Asia Pacific on April 22, 2026, Maxeon Solar Technologies announced that together with its subsidiary, Maxeon Solar Pte. Ltd., the Company has been placed under the interim judicial management of interim judicial managers, pursuant to an order made by the General Division of the High Court of the Republic of Singapore, a sealed copy of which was issued on April 9, 2026. Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services Pte. Ltd. have been appointed as the Companies' joint and several interim judicial mangers, pending the court's determination of the Companies' applications to be placed under judicial management. The Court also ordered that the affairs, business and property of the Companies shall be managed by the Interim Judicial Managers during the period in which the order for the appointment of the Interim Judicial Managers is in effect. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. SHANGHAI FRUITS: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on April 17, 2026, to wind up the operations of Shanghai Fruits Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 WOODEN STORY: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on April 17, 2026, to wind up the operations of Wooden Story Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* 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 ***