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260520.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 20, 2026, Vol. 29, No. 100 Headlines A U S T R A L I A ABADELL PTY: Boost Juice Parent Co. Steps in to Support Four Stores AL-KAUSAR (AUS): First Creditors' Meeting Set for May 25 AUSTRALIAN OCEAN: Second Creditors' Meeting Set for May 25 BARBEQUES GALORE: Rescue Plan Rests on Creditor Approval HAWTHORN GROUP: First Creditors' Meeting Set for May 27 MRM CARE: First Creditors' Meeting Set for May 28 OZ GOODS: Placed Into Liquidation, Leaves Shoppers in Refund Limbo PRODIGY HEALTH: Administrators Probe Loan to Director YARN STRONG: First Creditors' Meeting Set for May 27 H O N G K O N G NEW WORLD: Mulls Fee to Avoid US$9BB Rent for 11 Skies Mall Project I N D I A A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category ADITYA INFRA: CARE Keeps B- Debt Rating in Not Cooperating AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating ANZU TECHNOLOGIES: Voluntary Liquidation Process Case Summary CHEMIETRON CLEAN: CARE Keeps D Debt Ratings in Not Cooperating CHEMSOL LABS: CARE Keeps D Ratings in Not Cooperating Category FEPL ENG: CARE Keeps D Debt Ratings in Not Cooperating Category J.V. GOKAL: CARE Keeps D Debt Rating in Not Cooperating Category KEELZ FACILITY: CARE Moves D Ratings to Not Cooperating Category MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating NAVAMI PLAZA: CARE Keeps B- Debt Rating in Not Cooperating ORTEL COMMUNICATIONS: CARE Keeps D Debt Ratings in Not Cooperating OSR INFRA: CARE Keeps C Debt Rating in Not Cooperating Category PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating RAGHURATNA AGRO: CARE Lowers Rating on INR14.36cr LT Loan to B- RAJAMAHAL INTERNATIONAL: CARE Keeps C Rating in Not Cooperating RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category RELIANCE BIG: CARE Keeps D Debt Rating in Not Cooperating Category SANJIV OILS: CARE Lowers Rating on INR25.71cr LT Loan to B- SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating SHYAMA SHYAM: CARE Keeps B- Debt Rating in Not Cooperating SIDHANT MINES: CARE Keeps D Debt Rating in Not Cooperating THOPPIL CONTRACTORS: CARE Keeps C Debt Ratings in Not Cooperating UNITED STEEL: Liquidation Process Case Summary VIDEOCON INDUSTRIES: NCLAT Upholds Separate Insolvency Processes VISHAL CONDUIT: CARE Keeps C/A4 Debt Ratings in Not Cooperating N E W Z E A L A N D AIRWORK FLIGHT: Calibre Partners Appointed as Receivers DIXON FINANCIALS: Court Enters Wind-Up Order MEVO ASSETS: BDO Wellington Appointed as Liquidators NAKHON THAI: Court to Hear Wind-Up Petition on May 26 VAIBHAV LAXMI: Court to Hear Wind-Up Petition on May 26 P H I L I P P I N E S DFNN INC: To Restructure PHP82M in Liabilities Via Equity Swap Deal S I N G A P O R E GS HOMES: Court Enters Wind-Up Order JERWYN PTE: Creditors' Proofs of Debt Due on June 14 MAXEON SOLAR: Court Hearing on Judicial Management Set for May 29 MAXEON SOLAR: Three Independent Directors Resign During JM Process PURE HOSPITALITY: Creditors' Meeting Set for June 4 SOCIETY PASS: Case Summary & 20 Largest Unsecured Creditors SOCIETY PASS: Initiates Chapter 11 Bankruptcy Process in Texas SWIFT TECH: Court Enters Wind-Up Order UCARS PTE: Placed Into Liquidation on SGD4 million Debt VH VIETNAM: Creditors' Meeting Set for June 4 - - - - - ================= A U S T R A L I A ================= ABADELL PTY: Boost Juice Parent Co. Steps in to Support Four Stores ------------------------------------------------------------------- 7NEWS.com.au reports that Boost Juice's parent company has stepped in to rescue four long-running stores after the franchise operator behind the locations collapsed earlier this month. According to 7NEWS.com.au, Boots Juice confirmed on May 15 it would temporarily take over management of the stores at Robina, Australia Fair, Paradise Centre and Surfers Paradise on Queensland's Gold Coast, after Abadell Pty Ltd was forced into liquidation on May 1 over an alleged AUD1.5 million tax debt. "Boost Juice confirms that one of our valued franchise partners, operating four stores, has recently entered into liquidation," Boost Juice parent company Retail Zoo told 7NEWS.com.au. "We recognise this is a difficult time for all involved. We are committed to supporting our franchise partner throughout this process. "Boost Juice will assume management of these stores with involvement from the existing franchisee and their team. "This is a temporary arrangement while we work through the process and provide support." The four locations, operated for more than two decades under owners Karen and Steven Ackland, shut abruptly last week. Records show the Paradise Centre store opened in 2003, followed by Surfers Paradise in 2004, Australia Fair in 2006 and Robina in 2009. 7NEWS.com.au notes that the closures sparked surprise among customers, with the stores considered some of the chain's busiest locations on the coast. "There are always big lines at these locations," one local wrote online after the shutdowns emerged. At the same time as the liquidation proceedings, the Acklands are preparing to auction their Broadbeach Waters mansion, known among Gold Coast Suns circles as a share house for young players including Mac Andrew. Boost Juice described the collapse as an "isolated situation" and said the chain continued to perform strongly and expand across Australia, where it now operates about 380 stores, 7NEWS.com.au relays. Founded in Adelaide in 2000 by Janine Allis, Boost Juice has expanded into a global chain with more than 850 stores across 13 countries. AL-KAUSAR (AUS): First Creditors' Meeting Set for May 25 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Al-Kausar (AUS) Pty Ltd, formerly trading as "Riwayat Restaurant", "Plants N Plate" & "Tandoori Vila", will be held on May 25, 2026, at 1:00 p.m. via virtual meeting. Jeremy Robert Abeyratne of APL Insolvency was appointed as administrator of the company on May 15, 2026. AUSTRALIAN OCEAN: Second Creditors' Meeting Set for May 25 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Australian Ocean Biotechnology Pty Ltd and Abtas Marketing Pty Ltd has been set for May 25, 2026, at 2:00 p.m. via virtual meeting. 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 22, 2026 at 5:00 p.m. Andrew MacNeill and Justin Howlett of SMB Advisory were appointed as administrators of the company on April 20, 2026. BARBEQUES GALORE: Rescue Plan Rests on Creditor Approval -------------------------------------------------------- Sarah Stowe at Franchise Executives reports that a restructured Barbeques Galore is to come out of administration, three months after the retail chain appointed voluntary administrators. According to Franchise Executives, Gordon Brothers, who bought the business from Quadrant Private Equity in December 2025, will restructure the business through a deed of company arrangement (DOCA), which is conditional on a number of terms, including landlords' and suppliers' support. Franchise Executives relates that the arrangement involves a AUD5 million payment to creditors, discharging a portion of the retailer's debt, and absorbing AUD6.6 million in employee entitlements. Under the plan, CEO David White and CFO David Hughson will continue to lead the business. "With the support of suppliers, staff and landlords, the great Barbeques Galore team and I are confident that we can build on the fantastic Barbeques Galore brand and market leading position to continue to provide Australians with the best choice of outdoor cooking products for many years to come," the report quotes Mr. White as saying. Barbeques Galore continued to trade during receivership although five stores were closed, resulting in a small number of redundancies. Philip Campbell-Wilson, Lisa Gibb and Matthew Byrnes of Grant Thornton were appointed voluntary administrators in February; Quentin Olde, Luke Pittorino and Liam Healey of Ankura were appointed as receivers and managers. Franchise Executives adds that Quentin Olde said "The proposal is still subject to the approval of creditors, however, the receivers are confident that with the support of suppliers, landlords and employees, the iconic Australian business can continue as a going concern. "After the restructuring, the business will be stronger and more stable, retaining around 500 jobs and allowing franchisees, the majority of landlords, and suppliers to keep trading with the company." About Barbeques Galore Barbeques Galore is considered to be Australia's largest barbecue and outdoor furniture retailer. It specialises in barbecues, heaters and other related products, and stocks brands including Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon. On Feb. 12, 2026, Philip Campbell Wilson, Lisa Gibb and Matthew James Byrnes of Grant Thornton Australia Limited were appointed as administrators of: - Barbeques Galore Pty Limited; - Barbeques Galore (Aust) Pty Limited; - Barbeques Galore Services Pty Limited; - Bosmana Pty. Limited; - Cook-On Gas Products (Australia) Pty Ltd; - Cougar Leisure Products Pty Limited; - Douglas Manufacturing Pty Ltd; - G.L.G. Australia Pty Limited; - Galore Group Nominees Pty. Limited; - Galore Pty Limited; - Park-Tec Engineering Pty Ltd; - Pricotech Leisure Brands Pty Limited; - Redgun Pty Ltd; - The Galore Group (International) Pty Limited; and - Vilbrent Pty Ltd. HAWTHORN GROUP: First Creditors' Meeting Set for May 27 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Hawthorn Group Holdings Pty Ltd will be held on May 27, 2026, at 10:30 a.m. via Teleconference and Video Conference Only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on May 15, 2026. MRM CARE: First Creditors' Meeting Set for May 28 ------------------------------------------------- A first meeting of the creditors in the proceedings of MRM Care Consultant Pty. Ltd. will be held on May 28, 2026, at 12:00 p.m. via virtual facilities only. Andrew John Spring and Peter John Moore of Jirsch Sutherland were appointed as administrators of the company on May 18, 2026. OZ GOODS: Placed Into Liquidation, Leaves Shoppers in Refund Limbo ------------------------------------------------------------------ News.com.au reports that customers have unleashed on an Aussie budget retailer after it announced it had collapsed into liquidation - with one shopper claiming they simply told her "too bad, we're out of business" after ordering with them. Scathing recent reviews of retailer Oz Goods Depot have emerged after the company announced it was ceasing trading and winding down operations, news.com.au says. According to news.com.au, the move was confirmed in a published notice by the Australian Securities and Investments Commission (ASIC) on May 15. "Notice is given that at a general meeting of the members of the Company held on May 15, it was resolved that the Company be wound up," the notice stated. Anthony John Warner from CRS Insolvency Services has been appointed liquidator, news.com.au discloses. The retailer sold goods online ranging from garden furniture to pet supplies, describing itself as a "go-to Australian store for premium home appliances, furniture, lifestyle essentials and more". But in a message on its website, the owners announced the business was winding down and unfulfilled orders would not be honoured, according to news.com.au. It reads: "After an incredible journey, Oz Goods Depot has made the difficult decision to cease trading and wind down operations. "We are proud to have shipped more than 25,000 orders to customers across Australia, and we sincerely thank every customer who supported us along the way. "As part of the closure process, all unshipped and unfulfilled orders will be cancelled." News.com.au says the collapse has sparked a flurry of negative online reviews from customers who claim to have been left in limbo. One claimed: "I ordered and paid for a shed and got a curt reply weeks and weeks later saying – ‘too bad, we're out of business'. One star is far too much." Another claimed to have made an order several weeks ago, only to be told the product was out of stock – complaining of having been waiting more than five weeks for a refund. Several others share similar alleged experiences of unfulfilled orders and struggles with communication. As of May 19, all of the company's social media pages had been taken down. The company's statement adds: "Please be aware that the liquidator is not able to issue refunds directly, as the company is now in liquidation. "Submitting a claim allows your debt to be formally recorded with the liquidator." The message goes on to advise any customers with unresolved orders, refunds, returns or other outstanding matters to contact their bank or payment provider directly, news.com.au relays. It adds: "Business operations and customer support have now ceased. Customer support inboxes are no longer being actively monitored or responded to." "If you are unable to obtain an outcome through your payment provider, a claim may be submitted to us through the appointed liquidator – info@crsinsolvencyservices.com.au." PRODIGY HEALTH: Administrators Probe Loan to Director ----------------------------------------------------- The Weekly Times reports that Melbourne healthcare staffing firm Prodigy Health Solutions (previously trading as Australian Nursing Agency) collapsed with over AUD6 million in debt. According to The Weekly Times, administrators are probing a mysterious AUD4.42 million loan advanced to its director and successfully secured a recent AUD80,000 fire sale of company assets, including an Oakleigh restaurant, to recover lost funds. Melbourne-based Prodigy Health Solutions, a labour hire firm, supplied nurses and healthcare staff to aged care facilities and hospitals. Desmond Byron of Business Reset was appointed as administrator of the company on April 15, 2026. YARN STRONG: First Creditors' Meeting Set for May 27 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Yarn Strong Sista Pty Ltd Atf The Sax Williams Family Trust will be held on May 27, 2026, at 10:00 a.m. via Teams videoconferencing. Bradd William Morelli and Malcolm Kimbal Howell of Jirsch Sutherland were appointed as administrators of the company on May 15, 2026. ================= H O N G K O N G ================= NEW WORLD: Mulls Fee to Avoid US$9BB Rent for 11 Skies Mall Project ------------------------------------------------------------------- Bloomberg News, citing people familiar with the matter, reports that New World Development Co. is in talks to pay up to end its obligations to the struggling 11 Skies mall project, the latest option for a firm that is locked in negotiations with officials in the city. Bloomberg relates that the payment - effectively an exit fee - would cover some of New World's long-term rental obligations with Hong Kong's Airport Authority, the people said, asking not to be identified while discussing private information. It is unlikely to be paid in cash but could instead be in the form of land parcels or other assets, the people said. The two sides have not yet settled on the size of the potential payment, according to the people. But New World's current commitment is huge: It is expected to pay rent of at least HK$1.8 billion per year from 2028 through 2066, according to UBS Group - an amount that would ultimately tally around US$9 billion. According to Bloomberg, the negotiations are the latest chapter in the long-running saga of the 11 Skies project, which has become a stumbling block for New World as it moves to ease a cash crunch that pushed it to the brink last year. An exit is seen as key to its plans to draw investment either through partnerships with strategic investors or a public share sale. Those efforts were dealt a blow when Blackstone recently walked away from a proposed US$4 billion tie-up with New World. The Cheng family, which is led by billionaire Henry Cheng and is the controlling shareholder of the developer, remains in talks with other parties including a consortium led by RRJ Capital and Ares Management, Bloomberg News reported earlier. Several proposals for the payment have been discussed, including the Airport Authority receiving land that's owned by New World or taking a stake in the developer, the people said. Other options include New World providing free services for the authority or paying in cash, one of the people said, Bloomberg relays. The airport authority is now trying to find new partners among major Hong Kong developers and global leisure and entertainment operators, who could run the mall after New World's exit, the people said. A spokesperson for New World did not respond to requests by Bloomberg for comment. A representative for the Airport Authority said it has been maintaining close communication with New World regarding 11 Skies, and plans to lean more heavily on entertainment and dining for the project. Bloomberg relates that the authority said earlier this year that it considers 2028 to be a good time for 11 Skies to open in phases – a delay from its previous target of launching the project in mid-2026. Negotiations are ongoing and it's possible New World will remain the manager of the project with a revised agreement, one of the people said. Bloomberg News previously reported the parties were discussing a rent reduction. While an exit from 11 Skies may help restore investor interest, the cost would potentially add to New World's financial strain. Although last year's US$11 billion refinancing has offered some breathing room, New World is still seeking to sell assets including the Grand Hyatt and the Rosewood hotels, Bloomberg has previously reported. The 11 Skies complex now sits largely vacant as a broader retail slump in the city sees the developer struggle to attract and keep tenants. When New World won the tender in 2018 – at a projected cost of HK$20 billion – it was set to be Hong Kong's largest shopping and entertainment hub, Bloomberg notes. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier last year. NWD secured a HKD5.9 billion term loan facility led by Deutsche Bank AG, announced on Sept. 25, 2025. The facility is secured by a first-ranking mortgage on the Victoria Dockside property. This loan, part of a larger refinancing effort, was smaller than the initially targeted HKD15.6 billion, highlighting continued lender caution, Bloomberg News said. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A E Infra Projects Private Limited (AEIPPL) 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 5.00 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 March 18, 2025, placed the rating(s) of AEIPPL under the 'issuer non-cooperating' category as AEIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEIPPL 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: Not Applicable M/s AE Infra Projects Private Limited (AEIPPL) was established in the year 2009 as a private limited company by Mr. Rajesh Barot and Mr. Mukesh Barot and is engaged into construction of civil engineering projects such as in the field of Water supply, Sewerage, Housing, BRTS and allied infrastructure works. AEIPPL is a Class I registered organization with Govt. of Maharashtra and Govt. of Gujarat executing large turnkey projects in Water Supply, Waste Water, Mass Housing with Cement Concrete Roads (CC road) etc. for Govt. of Maharashtra & Govt. of Gujarat and Municipal corporations and Govt. departments on EPC basis. ADITYA INFRA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aditya Infra and Agri Business Private Limited (AIABPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 March 25, 2025, placed the rating(s) of AIABPL under the 'issuer non-cooperating' category as AIABPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIABPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 8, 2026, February 18, 2026, February 28, 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 AIABPL was incorporated in 2011 by Mr U. Sadananda Nayak and Mr U. Aditya Nayak and has been engaged in civil construction of roads, water drainages etc. The company operates as sub-contractor for a fixed set of contractors' viz. M/s Yojaka India Private Limited, M/s Liya Infratech Private Limited and M/s Iqbal Ahmed Infra Projects Private Limited. AIABPL mainly operates in the state of Karnataka; however, it has undertaken few contracts in Kerala and Assam as well. Moreover, the promoters are also engaged in agricultural commodity export activities through a group concern viz. Entrack Overseas Private Limited for over 4 years now. AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Agrimony Tradex Vyaappar Private Limited (ATVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of ATVPL under the 'issuer non-cooperating' category as ATVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 25, 2026, April 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Agrimony Tradex Vyaappar Private Limited (ATVPL) was incorporated in 2017 and is promoted by Mr. Sunil Kumar Choudhary, who is the managing director and the Chief Executive Officer of the company; he looks after the overall business operations of the company and has two decades of experience. He is ably supported by Mr. Bivor Bagaria, who is the director and Chief Financial Officer of the company and has an overall experience of over a decade and takes care of finance. ATVPL is part of Narayani group; the group comprises of five companies namely Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar Private Limited (ATVPL). Narayani group is engaged in trading of blooms, billets, TMT bars, pellets, wire coils and manufacturing of TMT bars and other long products such as rounds, flats, angles, channels, etc. Further, the group has a wide network for the sales and distribution of the products across Andhra Pradesh, Telangana and other states in India. ANZU TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Anzu Technologies Private Limited 45 Baner Street, Veerbhadra Nagar, Baner, Pune - 411045 Liquidation Commencement Date: April 27, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Dipti Amit Thite B9, Ramyanagari Housing Society, Bibwewadi, Pune, 411037 Office 204, Silver Mist, Apartment Condominium, Sadashiv Peth, Pune - 411030 Tel: +91 98909 27491 Email: anzu.liquidation@gmail.com Last date for submission of claims: May 27, 2026 CHEMIETRON CLEAN: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Chemietron Clean Tech Private Limited (CCTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.46 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.00 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 Limited (CareEdge Ratings) had, vide its press release dated March 4, 2025, placed the rating(s) of CCTPL under the 'issuer non-cooperating' category as CCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 18, 2026, January 28, 2026, February 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable CCTPL was incorporated in May, 2008 as a private limited company by three promoters led by Mr Ashok Gupta (Age: 73 years). Mr. Ashok Gupta has a long industry experience of around 43 years. CCTPL is engaged in the business of manufacturing and trading of air filters and air handling units. CCTPL operates from its ISO 9001:2008 certified manufacturing facilities located at Ahmedabad (Gujarat). CCTPL is selling its clean room technology product under the brand name of "Chemietron" and air filters under the brand name of Hygi. CHEMSOL LABS: CARE Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Chemsol Labs Private Limited (CLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.18 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 17, 2025, placed the rating(s) of CLPL under the 'issuer non-cooperating' category as CLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2026, March 13, 2026, March 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 Incorporated in August, 2006 as "Chemsol Labs Private Limited" (CLPL), by Mr Vamsi Krishna (Managing Director) and his wife Mrs. Swarna Kumari (Director), to carry on trading of pharmaceuticals (Pharma) products. The company also undertakes manufacturing of certain pharmaceutical products (APIs and formulations) and chemicals which is in the nature of conversion under loan licenses. The company does not have its own manufacturing facilities and gets the manufacturing done by way of job work. CLPL deals with around 70 pharma products (trading and manufacturing). FEPL ENG: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Fepl Eng Private Limited (FEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.50 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 March 18, 2025, placed the rating(s) of FEPL under the 'issuer non-cooperating' category as FEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FEPL 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: Not Applicable Incorporated in 2004, FEPL is engaged in SI (System Integration) of SPV (Solar Photovoltaic)-based power systems, manufacturing of oil mist systems viz. oil mist lubrication systems, blaze flow oil purification systems, etc. coupled with trading of solar products, chemicals and providing consultancy services of SPV-based products. J.V. GOKAL: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J.V. Gokal & Company Private Limited (JGCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 119.50 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 March 31, 2025, placed the rating(s) of JGCPL under the 'issuer non-cooperating' category as JGCPL had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. JGCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 14, 2026, February 24, 2026, March 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 Established on April 10, 1950 by the Gokal Group, J.V Gokal & Company Private Limited (JVGCPL) is a key player in tea blending, bagging, packaging, and trading. The company sources all its tea from major auction centres in India. It operates four blending and packaging units in West Bengal and Kerala. JVGCPL exports bulk and packaged tea to CIS countries (mainly Kazakhstan and Russia), North America (especially Canada), Europe, and Asia with a focus on China. The company also participates in tenders floated by Coal India Limited (CIL) to supply, install and commissioning of Rear Dumpers. KEELZ FACILITY: CARE Moves D Ratings to Not Cooperating Category ---------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Keelz Facility Management Services Private Limited (Keelz) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 15.00 CARE D; ISSUER NOT Debentures COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from Keelz to monitor the rating vide e-mail communications dated April 9, 2026, April 20, 2026, April 28, 2026, and May 4, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information, which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The rating on Keelz's instruments will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using the above rating. CareEdge Ratings has arrived at the rating of Keelz after factoring business and financial profiles of Bhandari Foils & Tubes Limited (BFTL; rated 'CARE D; ISSUER NOT COOPERATING'), given that there are no standalone operations in Keelz and BFTL shall remain liable for servicing the debt obligations of Keelz. The rating assigned to instruments continues to remain constrained by poor liquidity marked by inadequacy of cash flows for servicing debt obligations. The rating further reflects weak financial risk profile of BFTL marked by negative net worth, working capital intensive operations, exposure of BFTL's profitability to volatile raw material prices, and its presence in highly fragmented and cyclical steel industry. Analytical approach: Standalone The rating of Keelz has been also arrived at factoring business and financial profiles of BFTL given that there are no standalone operations in Keelz and BFTL shall remain liable for servicing the debt obligations of Keelz. Keelz is a special purpose vehicle (SPV) to mobilise funds for infusion in BFTL. Detailed description of key rating drivers: At the time of the last rating on May 16, 2025, the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies, Stock Exchange and NSDL – India BondInfo). Key weaknesses * Cash flows to remain inadequate to service debt obligations and weak financial profile of BFTL: Keelz, an SPV, has raised INR15 crore in non-convertible debentures (NCDs), which shall be utilised towards infusion in BFTL for meeting its working capital requirement. Keelz is a non-operational company, and the debt raised in Keelz shall be serviced by BFTL. Part of the Bhandari Group of Chennai, BFTL is engaged in manufacturing stainless steel (SS) and tubes. With completion of OTS in March 2025, and infusion of funds by Keelz for working capital, BFTL is expected to scale up its operations. Notwithstanding the expected scale up of operations, cashflows are unlikely to remain adequate to service the debt obligations. BFTL also has a weak financial profile marked by negative net worth, which restricts the flexibility to raise funds. * Working capital intensive nature of operations: This industry is inherently working capital intensive, primarily due to the long inventory holding period. The competitive nature of the industry requires extending longer credit periods to customers. Elongated working capital cycle could constrain the liquidity and ability to scale up operations. * Presence in highly fragmented and cyclical SS tubes and pipes industry: The SS tubes and pipes industry is intensely competitive and fragmented marked by the presence of both larger players and numerous smaller players in the unorganised segment. The demand of welded and seamless tubes and pipes is cyclical, as it depends upon the capital expenditure plan of major players in the end-user industry. Hence, it is susceptible to the slowdown in the end-user industries and global economic slowdown. The industry also faces threat of cheaper imports from China, Europe, and Taiwan. The company's operating margin remains susceptible to volatility in raw material prices. Key strength * Experience of promoters in the steel industry: The promoters have wide experience and long track record of over three decades in the SS industry. BFTL has a wide range of SS products, including tubes, pipes, pipe fittings, coils, foils, and strips. The company's operations are also supported by the backward integration with manufacturing facility for cold-rolled stainless steel (CRSS) coils, which is the raw material for manufacturing SS tubes and pipes. Incorporated in 1993, BFTL, promoted by Bhandari group, is engaged in manufacturing SS tubes, bright annealing tubes, CRSS coils, strips, foils, sections, and components, among others. The company has its manufacturing unit situated in Dewas, Madhya Pradesh, and has an installed capacity of 9,000 metric ton per annum (MTPA) for SS tubes/bright annealing tubes, 6,000 MTPA for SS Sections/Components/Strips, and 8,000 MTPA for CRSS Coils/Strips/Foils. MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahadeo Dall Mill (MDM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 5, 2025, placed the rating(s) of MDM under the 'issuer non-cooperating' category as MDM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDM 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: Stable Bhopal-based (Madhya Pradesh) MDM was established in 2002 as a proprietorship firm, which was then reconstituted as a partnership firm in 2010. MDM is managed by Mr. Narayan Sahu, Mr. Vinod Sahu, Mr Bhanu Sanhu and Mr. Tanish Sahu. The firm is into the business of processing of pulses like moong dal, chana dal, tuar dal etc. MDM procures the materials from the local anaj mandi and merchants, post which it processes them and sells them to wholesalers in states like Madhya Pradesh, Karnataka, Tamil Nadu etc. MDM has an installed capacity of processing of 45,20,000 quintals per year (including tuar dal, chana dal, moong dar and urad dal) as on March 31, 2018. Also, in February, 2018, MDM concluded a project for processing moong dal. NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Narmada Concast Private Limited (NCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 4.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 10, 2025, placed the rating(s) of NCPL under the 'issuer non-cooperating' category as NCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCPL 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: Not Applicable NCPL was initially incorporated as Narmada Concast and Rolling Mills Private Limited in August 2012, later on its name was changed to present one in November 2012. The company has set up a plant in Bhavnagar, Gujarat for manufacturing steel billets and thermo-mechanical treatment (TMT) bars, with an installed capacity of 76,160 MT of billets and TMT Bars. Commercial operations for the plant commenced from April 2014. In September 2018, the promoters of KSL acquired the entire shareholding of NCPL from its earlier promoters. Presently, NCPL's plant is utilized by KSL as a leased manufacturing facility for the production of TMT bars. NAVAMI PLAZA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Navami Plaza Private Limited (NPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE B-; Stable; ISSUER NOT Bank 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 21, 2025, placed the rating(s) of NPPL under the 'issuer non-cooperating' category as NPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 4, 2026, February 14, 2026, February 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 Navami Plaza Private Limited (NPPL) was established in the year 1991. NPPL was promoted by Mr. Nanda Kumar N Kudva along with his wife Mrs. Rashmi N Kudva at Modibidri (Karnataka). Mr. Nanda Kumar has started a lodging business in 1991 with the name Navami Shopping Plaza Private Limited, later in November 1992 the company name changed to current nomenclature Navami Plaza Private Limited. In 2012 the company expands its business operations and started Navmi Walk In Mart and Navmi Lifestyle which are into retail trading of food and grocery and garments business respectively. Currently, the Company is engaged in Retail Trading of food and grocery (fresh fruits & vegetables, groceries, personal care, home care, general merchandise and a basic range of apparels, besides a large range of products across fruit & vegetables, groceries, FMCG products, retailing of textiles and readymade garments (Sarees, suiting & shirting, dress material, handlooms, men's, ladies and kids wear) and providing rooms on rental basis under the name Navami Lodging & Comfort. ORTEL COMMUNICATIONS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ortel Communications Limited (OCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 39.98 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 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 26, 2025, placed the rating(s) of OCL under the 'issuer non-cooperating' category as OCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OCL 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 OCL (ISIN Number: INE849L01019) was incorporated on June 2, 1995, promoted by the Bhubaneswar-based Mr. Baijayant Panda and family. OCL is a regional cable and broadband service provider. The company provides services in the state of Odisha, Chhattisgarh, Andhra Pradesh, Telangana, Madhya Pradesh and West Bengal. OSR INFRA: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of OSR Infra Private Limited (OIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.20 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 15, 2025, placed the rating(s) of OIPL under the 'issuer non-cooperating' category as OIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 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: Not Applicable Hyderabad based, OSR Infra Private Limited (OIPL) was incorporated as a Private Limited Company in September 2010 and promoted by Mr. Vamsidhar Maddipatla, Mr. M V R Prasad and family. The company is engaged in providing ware house on lease rental to Food Corporation of India (FCI) and other local traders. Mr. M V R Prasad and family runs seven other partnership firms namely OSR UP Warehousing Enterprises, 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. PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Priti Gems Exports Private Limited (PGEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 28, 2025, placed the rating(s) of PGEPL under the 'issuer non-cooperating' category as PGEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PGEPL 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 Established in 1995, Priti Gems Exports Private Limited (PGEPL- converted from partnership firm into private limited company in 2010), a group concern of K. Chandrakant & Co. International Pvt. Ltd., is engaged in the manufacturing of cut & polished dark brown diamonds ranging from 0.01 carat to 20 carats in round as well as other shapes like Princess, Oval, Emerald, Marquise, Pears, Heart, etc. The company has its own manufacturing set-up in Dahisar and Surat. PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pune Buildtech Private Limited (PBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 286.00 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 13, 2025, placed the rating(s) of PBPL under the 'issuer non-cooperating' category as PBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PBPL 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). Analytical approach: Standalone Outlook: Not Applicable PBPL (formerly known as Dynamix Balwa's Resorts Pvt. Ltd.) is a wholly-owned subsidiary of Marine Drive Hospitality & Realty Pvt. Ltd. (MDHRPL), formerly known as DB Hospitality Pvt. Ltd. MDHRPL is a private limited company incorporated with an object of setting up chain of hotels across the country under five star deluxe, five star, four star categories and construction of real estate buildings. MDHRPL has been promoted by DB Group, a diversified business group in India with interests in real estate and hospitality and currently operates two hotel properties. PBPL is developing a project 'DB Solitaire' with both residential and commercial use near Pune Airport. PBPL had initial plans to develop a residential project but to tap in the demand for the commercial space; PBPL is developing the project as a mix use - residential and commercial. Due to this change, the total saleable area potential of the project has reduced to 5.76 lsf from 6.1 lsf envisaged earlier. The project building consists of one tower having two wings – one residential and other commercial of 18 floors each. Total number of units for sale is 380. RAGHURATNA AGRO: CARE Lowers Rating on INR14.36cr LT Loan to B- --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Raghuratna Agro Industries (RAI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 14.36 CARE B-; Stable; ISSUER NOT Bank 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 April 3, 2025, placed the rating(s) of RAI under the 'issuer non-cooperating' category as RAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 17, 2026, February 27, 2026, March 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RAI have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Formed in 2001, Raghuratna Agro Industries (RAI) is a proprietorship firm managed by Mrs. Sapna Kalantri. It is a part of Ambika group and is engaged in trading, sorting and grading of pulses. The processing unit is situated in Latur, Maharashtra. RAJAMAHAL INTERNATIONAL: CARE Keeps C Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajamahal International Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 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 20, 2025, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 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 Incorporated in 1991, Rajamahal International Private Limited (RIPL) is promoted by Mr. Syed Aslam Pasha and Mr. Syed Sardar Pasha. The company is engaged in trading of silk waste, iron ore fines, granite, fabric and TMT bars. The company has a major focus on the domestic market of Karnataka and the remaining through exports mainly to Singapore, China and Taiwan. RIPL procures mainly from domestic suppliers based out in Karnataka from the regions of Sidlaghatta, Ramanagar, Kolar etc. RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rake Power Limited (RPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.00 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 March 21, 2025, placed the rating(s) of RPL under the 'issuer non-cooperating' category as RPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 4, 2026, February 14, 2026, February 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 Rake Power Limited (RPL) incorporated on June 20, 2000, is a subsidiary of Shalivahana Green Energy Limited (SGEL) and has Setup a biomass-based 10.00 MW power plant at Ramtek Tehsil, Nagpur, Maharashtra. The project achieved Commercial Operations Date (COD) on July 25, 2008 and the project was completed at total cost of INR41 crore. The company has entered in to Energy Purchase Agreement (EPA) with Maharashtra State Electricity Distribution Company (MSEDCL) for a period of 13 years from COD. At present, the company is billing as per the tariff of Rs.6.73 per kWh. Hyderabad based Shalivahana group has multiple business operations in construction, real estate, power generation and education. RPL is currently in talks for liquidation, however, the same has not been finalized yet. RELIANCE BIG: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Reliance Big Entertainment (US) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 487.50 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 15, 2025, placed the rating(s) of RBEUS under the 'issuer non-cooperating' category as RBEUS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBEUS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 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: Not applicable Reliance Big Entertainment (US) (RBEUS) is a Delaware Corporation incorporated in 2008. It is owned by Reliance Interactive Advisors P Ltd (33%) and Reliance Big Entertainment Pvt. Ltd (67%). This company is a SPV engaged in the development, production, sales and distribution of motion pictures in North America through its subsidiaries and affiliates. It operates mainly through its subsidiaries and associates like DreamWorks and Tang Media Partners. SANJIV OILS: CARE Lowers Rating on INR25.71cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sanjiv Oils & Fats (SOF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.71 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 April 3, 2025, placed the rating(s) of SOF under the 'issuer non-cooperating' category as SOF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 17, 2026, February 27, 2026, March 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SOF have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Sanjiv Oils & Fats (SOF; erstwhile Unnat Agro Industries) was established in January 2016 as a partnership firm and is currently being managed by Mr. Jaininder Kumar, Mr. Chandan Kumar and Mr. Nawal Kishore. Presently, the firm is engaged in extraction of edible oil as well as extraction of non-edible oil at its two manufacturing facilities located at Ludhiana, Punjab and Distt. Fatehgarh Sahib, Punjab. Besides SOF, the partners are also engaged in managing another group concerns namely Sanjiv Industries. Sanjiv Industries was established in 1988 as a partnership firm and is engaged in manufacturing of cattle feed & poultry feed. SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shikhar Microfinance Private Limited (SMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long 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) vide its press release dated June 30, 2020, placed the rating of SMPL under the 'issuer non-cooperating' category as SMPL failed to provide the requisite information required for monitoring of ratings as agreed to in its rating agreement. SMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, March 18, 2026, and March 8, 2026. According to the confirmation from banker and the audited financial results for FY2024, the company has been facing ongoing delays in servicing its scheduled debt obligations. Considering the extant SEBI guidelines, CareEdge Ratings has reviewed the rating based on the best available information which in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Ratings on bank facilities of SMPL are denoted as CARE D; INC. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Ratings have been reaffirmed at CARE D; INC considering ongoing delays in servicing debt obligations. CareEdge Ratings has not received information from the company. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on April 22, 2025, the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies): Key weaknesses * Ongoing delays: According to the confirmation from the audited results as on March 31, 2025, the company is facing ongoing delays in servicing its scheduled debt obligations. * Weak capitalisation profile: Due to continuous losses from FY19, SMPL's tangible net worth (TNW) reduced to negative to INR17.98 crore as on March 31, 2025, from a negative INR19.79 crore as on March 31, 2023. The company's capital adequacy ratio (CAR) fell to -272.27% as on March 31, 2025. * Diminished scale of operations: SMPL's operations declined, as the company reported a nil loan portfolio as on March 31, 2025, and March 31, 2024, compared to INR0.22 crore as on March 31, 2023. Key strengths * Experienced promoters with long operational track record in the microfinance institution (MFI) industry: SMPL was promoted by Satyavir Chakrapani and Vinoy Thomas. Satyavir Chakrapani is the managing director and CEO with over 16 years' experience in the development sector and microfinance initiatives providing consultations to e-governance projects and ICT initiatives in capacities including e-governance, developmental and community issues. Vinoy Thomas, SMPL's CFO, has over 14 years' experience in serving roles including working with development financial institutions in infrastructure consulting, advisory, financial modelling, and analysis. SMPL is a micro finance institution (MFI) based out of Delhi and founded by Satyavir Chakrapani and Vinoy Thomas. In 2007, Shikhar Development Foundation (SDF) was registered as a trust under the Indian Trust Act, 1882 for its microfinance operations. In 2008, SDF's trustees formed a special purpose vehicle, Partners of Shikhar Trust (POST). In March 2009, SDF and Dia Vikas Capital Private Limited acquired the non-banking financial company (NBFC), Anup Leasing Private Limited (ALPL-NBFC, incorporated on February 16, 1993). In October 2010, ALPL was renamed Shikhar Microfinance Private Limited (SMPL) after obtaining due approvals from RBI. However, on November 12, 2013, SMPL converted to NBFC-MFI. SMPL follows joint liability group (JLG) model where it provides financial assistance to poor women of urban and rural areas. The company provides small value collateral free loans ranging from INR15,000 up to INR50,000 for a tenure between 12-36 months. SHYAMA SHYAM: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shyama Shyam Vsk Water Managementprivate Limited (SSVWML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.46 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 24, 2025, placed the rating(s) of SSVWML under the 'issuer non-cooperating' category as SSVWML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSVWML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 7, 2026, February 17, 2026, February 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi-based SSVWML was incorporated in 2012 as a joint venture between RK Automobiles Pvt Ltd, VSK Technologies Pvt Ltd and Professional Automotives Pvt Ltd. SSVWML is established with the aim of providing logistics services to Delhi Jal Borad (DJB). The company is being managed by Mr. Radhey Shyam Khathuria, Mr. Om Prakash Gupta and Mr. Sunil Suri are the directors of SSVWML who have around 5 years of experience in the field of water management. SSVWML is established with the aim of providing logistics services to Delhi Jal Borad (DJB). The company commenced operations in January 2013 with contract from DJB for providing logistics services for supplying water in unauthorized colonies through tankers for 10 years at a fixed price with an escalation clause towards diesel and labour charges. SIDHANT MINES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sidhant Mines and Minerals Private Limited (SMMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of SMMPL under the 'issuer non-cooperating' category as SMMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 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 Sidhant Mines And Minerals Pvt. Ltd. (SMMPL) was incorporated in the year 2000 and is based in Bhuvneshwar, Odisha. SMMPL is mainly into trading of iron ores and transportation of stone quarry. SMMPL also have a trading licence issued by Govt. of Odisha and Jharkhand for domestic trading of iron ore extracted from the mines located in Odisha and Jharkhand. The company has inhouse transportation division facilitating end to end logistical services to its customers. THOPPIL CONTRACTORS: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Thoppil Contractors (India) Private Limited (TCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.57 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 15.00 CARE C; Stable/CARE A4; Term Bank 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 March 24, 2025, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 7, 2026, February 17, 2026, February 27, 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 Thoppil Contractors (India) Private Limited (TCPL) is a Thiruvananthapuram (Kerala) based construction company formed in September 2010 and promoted by Mr. Nizamudeen Alikannu. TCPL remains as a closely held company with all of its shares held by Mr. Nizamudeen Alikannu, his wife, son and daughter. TCPL bids for projects in road development and civil works being floated by state departments of Government of Kerala. The company is an ISO 9001-2008 certified and is also certified "A Class Contractor" by the Public Works Department (PWD) of Kerala. The company has successfully executed various projects for Kerala State Urban Development Program (KSUDP), Pradhan Manthri Grameena Sadak Yojana (PMGSY), National Highway in Kerala Division (NH), and various rural & municipal bodies. UNITED STEEL: Liquidation Process Case Summary ---------------------------------------------- Debtor: United Steel Building Systems Private Limited New No. 4, (Old No. 9) Flat No. A, Big Street Kilpauk Garden Colony, Kilpauk, Chennai, 600010 Liquidation Commencement Date: May 5, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Ramela Rangasamy 2/99/3, Pollachi North, Kullichettipalayam, Coimbatore - 642110 Email: rum_jai@yahoo.com A6, Aryaa Harmony Apartment, Police Kandasamy Street, Olympus, Ramanathapuram, Coimbatore - 641045 Tel: 94426 17180 Email: unitedsteelbuilding.ibc@gmail.com Last date for submission of claims: June 11, 2026 VIDEOCON INDUSTRIES: NCLAT Upholds Separate Insolvency Processes ---------------------------------------------------------------- The Economic Times reports that appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities -- Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) -- while setting aside an earlier NCLT order that had directed clubbing of the two cases. Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering the distinct nature of their businesses and the need for a specialised resolution, ET relates. In this, state-owned Bharat Petroleum subsidiary, BPRL has acquired VOVL, exercising its Right of First Refusal (ROFR), which was subsequently approved by NCLT through a June 2024 order, while the CIRP of VIL is still pending. According to ET, the appellate tribunal in its order said VIL and VOVL operate in starkly different sectors -- with VIL engaged in consumer electronics and VOVL in oil-related businesses -- making it impractical for a single entity to possess the expertise required to revive both operations effectively. "Therefore, the creditors of VIL and VOVL intended to conduct separate CIRPs for the two companies to ensure different buyers with the requisite expertise for their businesses, who would be able to effectively handle the assets and revive the businesses," the tribunal said in a 40-page order passed on May 14, 2026. It further held that the "decision was taken in the commercial wisdom of the Committee of Creditors (CoC), which should not be interfered with by the tribunal (NCLT), ET relays. Earlier, the National Company Law Tribunal (NCLT) had, on February 12, 2020, while allowing a plea filed by Venugopal Dhoot, directed the resolution professional to consider and treat all assets, properties rights, claims, benefits of Videocon Oil Venture, Videocon Hydrocarbon Holdings, Videocon Energy Brasil and Videocon Indonesia Nunkan Inc as assets and properties of VIL for insolvency. About Videocon Industries Videocon Industries sells consumer products like color televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances in India. Videocon, owned by the Dhoot family, was taken to bankruptcy court after it failed to repay INR230 crore to SBI in 2017. It was among the first 12 companies pushed into bankruptcy after directions from the Reserve Bank of India in 2017. On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency and Bankruptcy Code, 2016. The company's total debt stood at over INR635 billion in 2019, according to Business Standard, citing bankruptcy case-related disclosures on the company's website. VISHAL CONDUIT: CARE Keeps C/A4 Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vishal Conduit Products Private Limited (VCPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 5.00 CARE C/CARE A4; ISSUER NOT Term Bank COOPERATING; Rating continues 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 21, 2025, placed the rating(s) of VCPPL under the 'issuer non-cooperating' category as VCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 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 Vishal Conduit Products Pvt. Ltd. (VCPPL), incorporated in 2005 by the Singh family of Jalandhar Punjab with the objective of manufacturing of iron & steel products. Since inception, the company is engaged in manufacturing of mild steel (MS) ingots and mild steel (MS) pipes. The facility of the company is located at Jalandhar, Punjab with an annual installed capacity of 12,000 MT per annum for (MS) ingots and 1200 MT per annum for (MS) pipes. Mr S Mohinder Singh (Graduate), Managing Director, looks after the day to day operations of the entity. VCPPL also undertook trading of iron and steel products. ===================== N E W Z E A L A N D ===================== AIRWORK FLIGHT: Calibre Partners Appointed as Receivers ------------------------------------------------------- Daniel Stoneman, Brendon Gibson and Neale Jackson of Calibre Partners on May 9, 2026, were appointed as Receivers and Managers of Airwork Flight Operations Limited. The Receivers and Managers can be reached at: Daniel Stoneman Neale Jackson Brendon Gibson Calibre Partners Level 21 88 Shortland Street Auckland DIXON FINANCIALS: Court Enters Wind-Up Order -------------------------------------------- The High Court at Wellington entered an order on May 5, 2026, to wind up the operations of Dixon Financials Limited. Ford Sumner Lawyers filed the petition against the company on Feb. 27, 2026. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 MEVO ASSETS: BDO Wellington Appointed as Liquidators ---------------------------------------------------- Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington on May 7, 2026, were appointed as liquidators of Mevo Assets Limited and Mevo Limited. The liquidators may be reached at: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 NAKHON THAI: Court to Hear Wind-Up Petition on May 26 ----------------------------------------------------- A petition to wind up the operations of Nakhon Thai Limited will be heard before the High Court at Wellington on May 26, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 31, 2026. The Petitioner's solicitor is: Tara Nicola Carr Inland Revenue, Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 VAIBHAV LAXMI: Court to Hear Wind-Up Petition on May 26 ------------------------------------------------------- A petition to wind up the operations of Vaibhav Laxmi Enterprise Limited will be heard before the High Court at Wellington on May 26, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 2, 2026. The Petitioner's solicitor is: Deepika Belinda Padmanabhan Inland Revenue, Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 ===================== P H I L I P P I N E S ===================== DFNN INC: To Restructure PHP82M in Liabilities Via Equity Swap Deal ------------------------------------------------------------------- Bilyonaryo.com reports that DFNN Inc. has approved a debt-for-equity swap involving three subsidiaries to wipe out more than PHP82 million in liabilities and restore its negative shareholders' equity position. Under the restructuring plan approved by the board on May 15, DFNN will assume the outstanding obligations of domestic gaming operator LuckyU Inc, IT solutions provider Inter-Active Entertainment Solutions Technologies Inc (IEST), and Singapore-based PGI Systems Pte Ltd, Bilyonaryo.com relates. In exchange, the parent company will receive newly issued common shares from the subsidiaries' unissued authorized capital stock, effectively converting the liabilities into equity without any cash consideration. According to Bilyonaryo.com, the transaction consolidates group-level obligations at the parent company and is aimed at addressing a long-standing structural issue while ensuring compliance with Philippine Stock Exchange financial requirements. "The transaction is a vital component of DFNN's comprehensive corporate restructuring plan designed to permanently resolve and reverse the company's negative shareholders' equity," the company said. It added that the move will extinguish the PHP82 million consolidated cash liability without affecting liquidity, allowing funds to be redirected toward DFNN's core IT and gaming operations. Creditors Falcor, Confetti, RCG, and Wintech have consented to the assignment of debt, releasing the subsidiaries from their obligations and making DFNN the sole obligor, Bilyonaryo.com says. Bilyonaryo.com relates that the company said the liabilities are expected to be converted into DFNN equity, although alternative settlement arrangements remain possible. Key transaction terms—including the number of shares to be issued, pricing, and conversion ratios—have yet to be finalized. Bilyonaryo.com adds that DFNN said these will be based on the outstanding principal amounts recorded in the subsidiaries' books and finalized through separate subscription agreements. LuckyU operates a PAGCOR-licensed gaming venue, while IEST provides gaming systems and technology solutions. DFNN Inc. provides information technology solutions. The Company specializes in high volume and secure financial transactions, software development, information technology support services, and turnkey implementations. DFNN serves customers in the Philippines. ================= S I N G A P O R E ================= GS HOMES: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of GS Homes Pte. Ltd. Ang Jia Li filed the petition against the company. The company's liquidator is: Tan Eng Soon Reliance 3P Advisory 7500A Beach Road #05-303 The Plaza Singapore 199591 JERWYN PTE: Creditors' Proofs of Debt Due on June 14 ---------------------------------------------------- Creditors of Jerwyn Pte. Ltd. are required to file their proofs of debt by June 14, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2026. The company's liquidator is: Lim Yau Wen 7500A Beach Road #11-320 The Plaza Singapore 199591 MAXEON SOLAR: Court Hearing on Judicial Management Set for May 29 ----------------------------------------------------------------- Maxeon Solar Technologies, Ltd. together with its subsidiary, Maxeon Solar Pte. Ltd., announced that they each filed a voluntary application on April 1, 2026, with the High Court of the Republic of Singapore to place the Companies under judicial management pursuant to section 91 of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore. The Companies were placed under interim judicial management on April 9, 2026. The date for the hearing of the JM Applications has been fixed by the Court and will occur on May 29, 2026. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in 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. MAXEON SOLAR: Three Independent Directors Resign During JM Process ------------------------------------------------------------------ Maxeon Solar Technologies, Ltd. announced that on May 5, 2026, Don Colvin resigned as an independent director from the Board of Directors of Maxeon with immediate effect. Additionally, on May 6 and May 7, 2026, Steve Leonard and Dr. Teo Tong Kooi, each respectively resigned as independent directors from the Board of Directors of Maxeon with immediate effect. The appointment of replacement independent directors is under consideration by the interim judicial managers of the Companies. 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. PURE HOSPITALITY: Creditors' Meeting Set for June 4 --------------------------------------------------- Pure Hospitality Pte. Ltd. will hold a meeting for its creditors on June 4, 2026, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as provisional liquidators of the Company on May 12, 2026. SOCIETY PASS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Society Pass Incorporated 26-90525 80 Robinson Road #17-01B Singapore 068898 SoPa, Inc. 26-90524 80 Robinson Road #17-01B Singapore 068898 Business Description: Society Pass is an acquisition-focused e-commerce holding company operating in Southeast Asia. Founded in 2018, the company has offices in Singapore, Ho Chi Minh, Jakarta, Manila, and Bangkok, and operates across loyalty, lifestyle, food and beverage, telecom, digital media, and travel verticals. Society Pass builds loyalty and data-focused marketing platforms that support functions including payments, delivery, telecommunications, advertising technology, social commerce, and travel search for merchants and consumers. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' Counsel: Gabrielle A. Hamm, Esq. SCHWARTZ, PLLC 440 Louisiana St. Suite 1055 Houston, TX 77002 Tel: (713) 900-3737 Email: ghamm@nvfirm.com Each Debtor's Estimated Assets: $1 million to $10 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Raynauld Liang as chief executive officer. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/T4Q3RWA/Society_Pass_Incorporated__txsbke-26-90525__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/TU7E7KQ/SoPa_Inc__txsbke-26-90524__0001.0.pdf?mcid=tGE4TAMA SOCIETY PASS: Initiates Chapter 11 Bankruptcy Process in Texas -------------------------------------------------------------- On May 12, 2026, Society Pass Incorporated and its debtor affiliate filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors. About Society Pass Incorporated Society Pass Incorporated is a Singapore-based company focused on acquiring and operating fintech, digital commerce, and consumer technology platforms across Southeast Asia and other markets. Society Pass Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90525) on May 12, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The filing indicates that funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Gabrielle Alicia Hamm, Esq. of Schwartz Law. SWIFT TECH: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Swift Tech Solutions Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 UCARS PTE: Placed Into Liquidation on SGD4 million Debt ------------------------------------------------------- The Business Times reports that troubled car portal UCars has been wound up, more than a year after it was revealed to be SGD4 million in debt and owe salaries to former employees. A letter sent to creditors on May 18 and seen by The Business Times indicates the company was wound up pursuant to a court order dated March 20, with the reason being cash flow problems. The letter, from appointed liquidator Seah Chee Wei of Rock Stevenson, further stated that a creditor meeting via Zoom was fixed for May 8, 2026. According to BT, the letter indicated that the company's total liabilities stood at SGD4 million, with a deficit of SGD3.9 million. The book value of its assets - mostly "Other Assets" - are SGD1.7 million, while the estimated realisable value of assets is SGD90,070, which are mostly legal costs that have yet to be claimed. An edition of the Government Gazette, dated March 13, stated that UCars director Hong Chun Mun filed a High Court application for the company to be wound up on Feb. 23, 2026, BT relays. A number of former employees who are still owed salaries attended the creditor meeting held on May 8. In February 2024, UCars laid off the majority of its editorial team of about 10 people, with some of these former employees still owed salaries, BT recalls. The company closed its offices at Ayer Rajah Crescent and let go of its remaining employees in the fourth quarter of 2024. Freelance journalist Ben Chia, 39, a former UCars employee, told BT: "The meeting laid out the process of liquidation. The liquidator informed us that a committee will be formed to see whether it is worth proceeding with the legal action to reclaim money. If the money is reclaimed, we may be able to be repaid." At the meeting, it was revealed that 21 United Holdings owed UCars SGD90,070 in legal fees as a result of two court cases. Court documents show that in 2024, 21 United Holdings sued UCars for around SGD440,000 allegedly owed to it, but lost the case, BT discloses. In 2025, UCars sued 21 United Holdings regarding an extraordinary general meeting (EGM) that sought to remove Hong as director of the company. BT reported on the company's SGD4 million debt in January 2025, where an EGM was to be held on Feb 7 to pass a resolution on the company's voluntary winding-up. Around 60 creditors were named at the time, including former employees. Automotive financial services company Teck Wei Credit was the largest creditor, with around SGD1.3 million owed. Other creditors included PY Opulence Investments, Black Kite Investments, One10 Food Sciences and HFC Ventures. Launched in mid-2019, UCARS operates an online car marketplace in Singapore. VH VIETNAM: Creditors' Meeting Set for June 4 --------------------------------------------- VH Vietnam Hospitality Pte. Ltd. will hold a meeting for its creditors on June 4, 2026, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as provisional liquidators of the Company on May 12, 2026. ********* 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. 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