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260521.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, May 21, 2026, Vol. 29, No. 101 Headlines A U S T R A L I A BREWTOWN NEWTOWN: First Creditors' Meeting Set for May 28 CARBON REVOLUTION: Emerges From Voluntary Administration COMPLETE KITCHENS: First Creditors' Meeting Set for May 28 HEALTHSCOPE NEWCO: Receivers Open Books to Rival Bid Consortium MY VOICE: First Creditors' Meeting Set for May 27 QUICK FORMWORK: Second Creditors' Meeting Set for May 27 REGIONAL EXPRESS: Former Exec Chair Admits to Misleading the Market THUNDER TAX: First Creditors' Meeting Set for May 29 C H I N A SUNING.COM: Puts Carrefour China on the Block for Just CNY1 I N D I A ABS WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating AISHWARYAGIRI CONSTRUCTIONS: CRISIL Cuts LT/ST Loan Ratings to D CHAMPION PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating DHROOV RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating GAURAV RICE: CRISIL Keeps B Debt Ratings in Not Cooperating GODAWRI MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating GOVINDARAJA MUDALIAR: CRISIL Lowers Rating on INR14cr Loan to B GREYSTONE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating HARVIN IMPEX: CRISIL Keeps C Debt Ratings in Not Cooperating M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating MOGA MEDICITY: CRISIL Keeps B Debt Ratings in Not Cooperating MUKUNDA DAIRY: CRISIL Keeps B Debt Ratings in Not Cooperating NISHI FOREX: CRISIL Keeps D Debt Ratings in Not Cooperating PRAKASH OFFSET: CRISIL Moves D Debt Ratings to Not Cooperating RAJHANS FERTILIZERS: CRISIL Keeps B- Rating in Not Cooperating ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating SCOPE SPECIALITIES: CRISIL Keeps B Debt Rating in Not Cooperating SUPREME HOUSING: NCLT Admits Canara Bank's Insolvency Plea TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating TRINETRA POULTRIES: CRISIL Keeps B Ratings in Not Cooperating TROB AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating Category TROPICAL COATINGS: CRISIL Keeps D Debt Ratings in Not Cooperating UNIQUE TREES: CRISIL Keeps B Debt Ratings in Not Cooperating UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating M A L A Y S I A PREMIER DE MUARA: PRG Holdings Terminates Debt Settlement Agreement N E W Z E A L A N D ATS DESIGN: Gerry Rea Partners Appointed as Receivers BESORAH DENTAL: Creditors' Proofs of Debt Due on June 11 FINCH TECH: Creditors' Proofs of Debt Due on June 11 HNK TRADING: Court to Hear Wind-Up Petition on June 3 MCWATT ROADHAUL: Court to Hear Wind-Up Petition on May 29 P H I L I P P I N E S COCA-COLA EUROPACIFIC: High Court Rules Layoffs Valid Under Plan S I N G A P O R E ALSEN CHANCE: Court Enters Wind-Up Order AVENUE ASIA: Creditors' Proofs of Debt Due on June 17 BLACKSTONE ASIA: Court Enters Wind-Up Order BRAZEN SKY: Court Enters Wind-Up Order GRACE OCEAN: Files Petition to Delay Dali Civil Trial PORCELAIN PROJECTS: Creditors' Proofs of Debt Due on June 19 S O U T H K O R E A [] S. KOREA: Funeral Firms Face Insolvency Amid Crypto ETF Losses - - - - - ================= A U S T R A L I A ================= BREWTOWN NEWTOWN: First Creditors' Meeting Set for May 28 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Brewtown Newtown Pty Ltd, Urban Cafe Store Pty Ltd, and PSR Projects Pty Ltd will be held on May 28, 2026, at 11:00 a.m. at the offices of HLB Mann Judd, at Level 5, 10 Shelley Street, in Sydney, NSW, and via virtual meeting technology. Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were appointed as administrators of the company on May 18, 2026. CARBON REVOLUTION: Emerges From Voluntary Administration -------------------------------------------------------- Carbon Revolution Pty Ltd and Carbon Revolution Operations Pty Ltd (together, "Carbon Revolution") - a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels - on May 19, 2026, announced the now-private company's successful emergence from Voluntary Administration. Following overwhelming creditor support for the Deed of Company Arrangement ("DOCA") proposed by affiliated funds of OIC L.P ("OIC") and the endorsement of such DOCA by the company's Administrators, McGrathNicol, Carbon Revolution now has no senior secured indebtedness and is now beneficially owned by OIC. The recapitalization significantly improves the company's financial position and establishes a more streamlined operating and capital structure. With the support of OIC and its employees, customers, suppliers, and creditors, Carbon Revolution is now better positioned to execute on its strategic priorities, improve operational performance, and pursue long-term growth opportunities across its commercial and strategic initiatives. "Achieving this milestone marks the beginning of an important new chapter for Carbon Revolution," Donald Hampton Jr., CEO, said. "I want to sincerely thank all of our stakeholders whose support and confidence in our products and our team helped make this outcome possible. Our employees, customers, suppliers, and creditors all played an important role and our commitment to strengthen these relationships is a core element in our go-forward plan." Mr. Hampton added, "Emerging from Voluntary Administration with a significantly deleveraged balance sheet gives Carbon Revolution greater flexibility to focus on execution and the next phase of our strategy. While important work remains ahead of us, we believe the company is now operating from a far stronger foundation. Our focus is on disciplined operational improvement, successful commercialization of new products, strategic partnerships, and expanding our manufacturing footprint in a way that better supports our customers globally. At the same time, we remain committed to our Australian operations, where we will continue to pursue growth opportunities." Chris Leary, Investment Partner and Head of Infra Equity, said, "OIC is proud of the resilience and commitment demonstrated by the Carbon Revolution team. As passenger and commercial vehicle manufacturers increasingly prioritize efficiency, durability, performance, aesthetics, sustainability, and lightweighting across a broader range of platforms, Carbon Revolution's technology and engineering capabilities position the company to play an important role in the future of advanced lightweight wheel solutions." As previously disclosed, at completion of the recapitalization, the previous ultimate holding company of Carbon Revolution, Carbon Revolution plc (a publicly traded company whose ordinary shares are traded in the OTC Expert Market) ceased to have a continuing equity interest in Carbon Revolution. It is expected that a process will shortly commence for the orderly wind down and liquidation of Carbon Revolution plc, in accordance with Irish law. About Carbon Revolution Carbon Revolution designs and manufactures lightweight carbon fiber wheels for cars and SUVs in the high performance, premium, and luxury segments for the world's most prestigious automotive brands. Building on its leadership position in automotive carbon fiber wheels, Carbon Revolution continues to strengthen its strategic customer relationships, develop its product portfolio, and explore opportunities to expand into adjacent markets. Robert Smith and Keith Crawford of McGrathnicol were appointed as administrators of the company on March 26, 2026. COMPLETE KITCHENS: First Creditors' Meeting Set for May 28 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Complete Kitchens & Renovations (Aust) Pty Ltd will be held on May 28, 2026, at 11:00 a.m. via virtual meeting. Peter John Moore and Bruce Sam Huynh of Jirsch Sutherland were appointed as administrators of the company on May 19, 2026. HEALTHSCOPE NEWCO: Receivers Open Books to Rival Bid Consortium --------------------------------------------------------------- The Australian Financial Review reports that Healthscope has agreed to open its books to a consortium of property landlords and private hospital operators, including Calvary Health Care and Pacific Equity Partners, looking to make a rival AUD400 million offer for Australia's second-largest hospital operator. According to the Financial Review, Healthscope is now the subject of a dual-track sale process after its receivers, McGrathNicol, agreed to a six-week due diligence process. The hospital operator's lenders are expected to make a final decision about Healthscope's future by the end of September. The Financial Review relates that the consortium, which includes David Di Pilla's HMC Capital and Canadian property group Northwest, which own many of the hospitals, lodged a non-binding proposal with McGrathNicol last week. This challenges an earlier deal with lenders to turn the operator into a not-for-profit company. Healthscope interim chief executive Nicole Waldron sent a memo to doctors on May 19 confirming McGrathNicol was working with the consortium on a rival proposal, which was first revealed by The Australian Financial Review in February. "The receivers are engaging with the consortium because it could provide an alternative way to keep all remaining Healthscope hospitals open, and protect jobs for hospital staff . . . and a substantial proportion of our corporate team," the Financial Review quotes Ms. Waldron as saying. "This means that there are now two potential paths to ensuring all hospitals remain open, protecting jobs and patient care." Ms. Waldron also said Healthscope was in talks to sell its Mount Private Hospital in Perth to an undisclosed bidder. That sale would further reduce the number of hospitals in the Healthscope network to 27, down from 37 before a sales process began a year ago. She said the not-for-profit proposal was still a live and attractive proposal. According to the Financial Review, Ms. Waldron also told staff that Healthscope would soon announce the appointment of an independent chairman to oversee the new entity. However, if Healthscope's lenders see greater returns from the competing bid, they could choose that option. The rival consortium has also pledged to keep the hospital network intact and said there would be no impact on jobs or services. The value of the rival proposal has not been disclosed, although sources who requested anonymity because they were not authorised to speak publicly said the combined total was thought to be about AUD400 million. The Financial Review says Catholic operator Calvary wants to buy 16 hospitals, including the 12 Northwest-owned hospitals for which it previously offered about AUD140 million. That bid was rejected by the receivers. Healthe Care, a major hospital operator owned by Pacific Equity Partners, has made offers for five HMC-owned facilities, including Knox Private Hospital in Victoria. It also made a fresh offer for Sydney's prized Prince of Wales Private Hospital, after the receivers in February rejected PEP's initial AUD120 million offer. Smaller operator Acurio Health has made an offer for three HMC-owned hospitals in Sydney and KnG Healthcare has bid for two HMC-owned facilities in Queensland. The initial proposal by the four hospital operators and the landlords was rejected by McGrathNicol, which told them they would not be taken seriously until they made an offer as part of a formal bidding consortium, which they later did, the Financial Review notes. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MY VOICE: First Creditors' Meeting Set for May 27 ------------------------------------------------- A first meeting of the creditors in the proceedings of My Voice Pty. Limited (trading as My Voice Disability) will be held on May 27, 2026, at 2:00 p.m. via Microsoft Teams teleconference facilities and at the office of Mackay Goodwin, at Suite 12.02, Level 12, 20 Bridge St, in Sydney, NSW. Nelson Huang and Domenic Calabretta of Mackay Goodwin were appointed as administrators of the company on May 15, 2026. QUICK FORMWORK: Second Creditors' Meeting Set for May 27 -------------------------------------------------------- A second meeting of creditors in the proceedings of Quick Formwork (Aust) Pty Ltd has been set for May 27, 2026, at 10:30 a.m. via Teleconference Facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 26, 2026 at 5:00 p.m. Graeme Beattie of Worrells was appointed as administrator of the company on April 21, 2026. REGIONAL EXPRESS: Former Exec Chair Admits to Misleading the Market ------------------------------------------------------------------- The Australian Financial Review reports that former Rex executive chairman Lim Kim Hai has confessed to a Sydney court that he misled the market and breached his legal duties by promising the embattled airline would make a 2023 profit, when it was in fact on track for a AUD35 million loss. In a dramatic reversal, announced in the NSW Supreme Court on May 20, Lim no longer disputed the corporate watchdog's allegations against him and accepted he should face a fine and disqualification orders for his conduct, the Financial Review relates. Lim, once Rex's largest shareholder, has also agreed on the terms of his punishment, the Australian Securities and Investments Commission said, but the exact details remain confidential because they are subject to court approval, the Financial Review relays. The available penalties under corporations law include disqualification from running Australian companies and fines of more than AUD1.3 million per contravention. According to the Financial Review, the regulator spent this week outlining its case against Lim and three of Regional Express' former non-executive directors over an alleged breach of legal duties for their role in a February 2023 market update, which ASIC has said was misleading. The Financial Review relates that the update said management was "optimistic" Rex would record "positive operating profits" for that financial year, and was not corrected until the end of June 2023, when the airline admitted that a AUD35 million loss was all but inevitable. Rex collapsed in mid-2024, entering administration under EY until its sale to US aviation company Air T late last year. Lim, along with the three other defendants, originally rejected ASIC's allegations, denying liability for misleading conduct and breach of legal duties. But on May 20, ASIC barrister Michael Borsky, KC, told the Supreme Court the regulator had reached an agreement with Lim. "There has been a development overnight," the Financial Review quotes Mr. Borsky as saying. "Mr Lim is no longer contesting liability in this matter. "I expect [Lim's barrister] will today seek leave to file an amended defence, which will admit each of the contraventions alleged by ASIC." Now that Lim has admitted liability, he can no longer claim "penalty privilege", which allows directors to avoid giving evidence when faced with civil penalties under corporations law. That means ASIC may attempt to force Lim to give evidence against his fellow defendants, as Mr. Borsky foreshadowed on May 20. "I might be instructed [to apply] to adduce further evidence, for example, potentially from Mr Lim himself in ASIC's case against the remaining defendants . . . It's a live possibility." Lim's barrister, Jonathan Kay Hoyle, SC, told the court he was "endeavouring" to produce Lim's updated defence as soon as possible. "The amended defence will . . . make relevant admissions," he said. "[It] will not make any admissions or take any position other than that in respect of the remaining defendants." The three other defendants are Siddharth Khotkar, Lincoln Pan and Howard government minister and ex-Nationals MP John Sharp, who served as the airline's deputy chairman at the time of the 2023 market update, the Financial Review discloses. ASIC's case is that although this trio did not know the update was misleading when it was made, they breached their legal duties by taking too long to correct it. All three continue to deny liability, and in their filed defences claim the privilege against giving evidence, the Financial Review adds. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. In December 2025, Air T, an American aviation group, acquired 100% of the issued share capital in Rex via a deed of company arrangement, bringing to an end Rex's 16-month external administration and ensuring the continued operation of its regional business. THUNDER TAX: First Creditors' Meeting Set for May 29 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Thunder Tax Pty Ltd will be held on May 29, 2026, at 11:00 a.m. via online meeting. Aaron Torline of Slaven Torline was appointed as administrator of the company on May 19, 2026. ========= C H I N A ========= SUNING.COM: Puts Carrefour China on the Block for Just CNY1 ----------------------------------------------------------- Yicai Global reports that Suning.Com plans to sell its insolvent Carrefour China business for no less than CNY1 (15 US cents) as the company accelerates efforts to dispose of non-core assets and reduce debt burdens. According to Yicai, the Nanjing-based firm said May 18 that its wholly owned subsidiary, Suning International Group, will sell a 100 percent stake in Cacious China Holdings through a property exchange. Registered in Amsterdam, the Netherlands, Cacious China is the operating entity for Carrefour China. Suning.Com acquired an 80 percent stake in Carrefour's China business from French retail giant Carrefour for CNY4.8 billion (USD705.6 million) in 2019. The two companies later disagreed over the sale of the remaining 20 percent stake. Suning.Com ultimately spent another CNY220 million (USD32.4 million) last year to gain full ownership of Carrefour China. Yicai says Carrefour China's operations steadily deteriorated after the acquisition amid mounting competition from e-commerce platforms and the impact of the Covid-19 pandemic. The retailer has been shutting stores since 2022 and is now fully closed. Yicai relates that Suning.Com said it will continue streamlining non-core operations while focusing on its core computer, communications, and consumer electronics businesses to lower debt levels and reduce operational and management risks. As of Dec. 31 last year, Cacious China had consolidated total assets of CNY1.3 billion and total liabilities of CNY7.7 billion, leaving the company insolvent, Yicai discloses. The assessed value of shareholders' equity stood at negative CNY782 million, the announcement showed. Suning.Com has also faced prolonged financial difficulties in recent years, Yicai states. The company accumulated losses of about CNY68 billion (USD10 billion) between 2020 and 2023 before returning to profitability in 2024 with net income of CNY611 million. However, net profit plunged 90 percent to CNY58 million (USD8.5 million) last year. The retailer's revenue has declined for six consecutive years, Yicai notes. Total revenue fell 14 percent from a year earlier to CNY49 billion last year, down 82 percent from its 2019 peak. Suning.Com Co., Ltd., operates consumer electronic products and appliances sales stores. The Company sells telecommunication equipment, telecommunication components, household appliances, digital equipment, refrigerators, washing machines, and other products. Suning.Com also provides equipment installation and repairing services. ========= I N D I A ========= ABS WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ABS Wheels Private Limited (ABS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.25 CRISIL D (Issuer Not Cooperating) Cash Credit 0.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABS for obtaining information through letter and email dated April 16, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ABS continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in July 2013 and promoted by Mr. Arshad Shaikh and his family members, ABS has a Volkswagen passenger car dealership and operates a 3S (sales-service-spares) showroom in Solapur, Maharashtra. The company is the sole authorised Volkswagen dealer for Solapur, Osmanabad, and Latur; Maharashtra. Commercial operations began from March 2014. AISHWARYAGIRI CONSTRUCTIONS: CRISIL Cuts LT/ST Loan Ratings to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Aishwaryagiri Constructions Private Limited (ACPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with ACPL for obtaining information through emails dated November 10, 2025 and May 14, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ACPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the latest available public information, Crisil Ratings has downgraded the ratings to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. As per information available in the public domain, there remains delinquency in company accounts and clarity about the same from the management and bankers is continuing to remain awaited. Incorporated in May 2011 by Mr. Jayaramaiah and Mr. Shivakumar, ACPL is based out of Bengaluru and undertakes civil construction works such as road construction, building construction, slum development and other infrastructure development works. CHAMPION PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Champion Plastics India Private Limited (CPIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Term Loan 7.55 Crisil B/Stable (Issuer Not Cooperating) Working Capital 1.45 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with CPIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1992, Hosur-based CPIPL is owned and managed by Mr. P Chandran and his family. The company manufactures low molding plastics for the automobile sector. DHROOV RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dhroov Resorts (DR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DR for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DR continues to be 'Crisil D Issuer not cooperating'. DR operates a single hotel located at Lakkar Bazaar, Shimla Himachal Pradesh. The hotel began its commercial operations from June 10, 2017. DR is owned & managed by Mr. Balbir Singh Verma. DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Digi Export Venture Private Limited (DEVPL; a part of the Five Core group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 8 CRISIL D (Issuer Not Cooperating) Bill Discounting 2 CRISIL D (Issuer Not Cooperating) Packing Credit in 6 CRISIL D (Issuer Not Foreign Currency Cooperating) Proposed Fund- 5 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with DEVPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DEVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DEVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DEVPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DEVPL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the National Stock Exchange Emerge platform since May 2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan). Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private-limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core was set up in 2012 and has a unit in Bhiwadi GAURAV RICE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gaurav Rice & Food Processing Private Limited (GRFPPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 14.71 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GRFPPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRFPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRFPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GRFPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2012, GRFPPL mills non-basmati rice at its Patna-based rice mill having a capacity of 150 TPD. The operations began in September 2015 and the daily operations are looked after by its promoters cum directors Mr Sunil Kumar, Ms Renu Devi and Mr Gaurav Gupta. GODAWRI MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Godawri Motors Private Limited (GMPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 2.5 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GMPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. GMPL, incorporated in 1998, is a dealer of HMIL's vehicles. The company has showrooms in Ludhiana and Moga in Punjab. Mr Asheem Suri and Ms Divya Singh are the promoters. GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gourav Poultries India Private Limited (GPPL; part of the Rathi group) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL C (Issuer Not Cooperating) Proposed Long Term 1.33 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Term Loan 12.12 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GPPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GPPL continues to be 'Crisil C Issuer not cooperating'. RHPL and GPPL are engaged in poultry breeding, hatching and broiling, and RFPL in feed processing. RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and his family members as a hatchery-cum-broiler unit. It has day-old chick breeder farms with capacity of 220,000 parent birds in Jind Haryana). GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has day-old chick breeder farms with capacity of 150,000 parent birds in Jind. RFPL was set up in 2008 and is a feed processing unit and meets the group's feed requirements. The group internally consumes around 60 per cent of feed processed by RFPL and sells the balance in the open market. Its feed processing capacity is 200 tonne per day. GOVINDARAJA MUDALIAR: CRISIL Lowers Rating on INR14cr Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Govindaraja Mudaliar Sons Private Limited (GMS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Channel Financing 6 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Channel Financing 14 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Channel Financing 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Channel Financing 10 CRISIL B /Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GMS for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GMS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GMS revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. GMS is an authorised distributor for TSL's steel products in Tamil Nadu and Pondicherry. The company is based in Chennai. The service unit is in Gummidipoondi, Tamil Nadu. GREYSTONE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Greystone Infrastructure (GI) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 27 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GI for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GI continues to be 'Crisil D Issuer not cooperating'. Engaged in civil construction works such as construction of roads, bridges, tunnels and other infrastructure work for government entities located in Gujarat. The firm is owned and managed by Mr. Milanbhai Patel and Mr. Parthbhai Patel. HARVIN IMPEX: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Harvin Impex Private Limited (HIPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL C (Issuer Not Cooperating) Cash Credit 3.5 CRISIL C (Issuer Not Cooperating) Letter of Credit 0.5 CRISIL A4 (Issuer Not Cooperating) Letter of Credit 3 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 7.5 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HIPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Set up in 1989 by Mr Devinder Ajmani and his family members, HIPL trades in MDF and HDF. Its office is in New Delhi. M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of M.P.S. Steel Castings Private Limited (MPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) Letter of Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 47.01 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 25 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with MPS for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPS continues to be 'Crisil D/Crisil D Issuer not cooperating'. MPS was set up in in 1996 to manufacture sponge iron and mild-steel ingots. Currently there are no commercial operations in MPS. MOGA MEDICITY: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Moga Medicity Private Limited (MMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 14 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2011, MMPL operates a hospital in Moga, Punjab, named Medicity Multispecialty Hospital. Furthermore, the company is setting up another 100-bed hospital in the vicinity of the current hospital. The new hospital is expected to be operational from August 2020. MMPL is owned and managed by Mr Ajmer Singh Kalra. MUKUNDA DAIRY: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mukunda Dairy Products Private Limited (MDPPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MDPPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MDPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MDPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MDPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2002 and promoted by Mr L V Subba Reddy MDPPL processes milk. It is headquartered in Hyderabad. NISHI FOREX: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nishi Forex and Leisure Private Limited (NFLPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28 CRISIL D (Issuer Not Cooperating) Long Term Loan 5 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NFLPL for obtaining information through letter and email dated April 16, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NFLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NFLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NFLPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2014, NFLPL is travel Solution Company offering services like corporate travel management, forex, air ticketing, travel and tour packages. NFLPL is promoted and actively managed by Mr K. Rama Chandra and Mr Arjun Ananta. The company started its operations in Bangalore and now has branch offices in Telangana, Tamil Nadu, Delhi, Kerala and Andhra Pradesh. NFL had received FMC license from Reserve Bank of India (RBI) in December 2014 and also received an Authorised Dealer (AD II) license in May 2018. PRAKASH OFFSET: CRISIL Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Prakash Offset Printers (POP) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Term Loan 14.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 2 CRISIL D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with POP for obtaining information through letter and email dated April 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of POP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on POP is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of POP to 'Crisil D Issuer not cooperating'. POP was established in 1982 as partnership firm. It is engaged in providing printing services including offset printing (commercial printing). It's printing facility located in Mangalore, Karnataka and owned by Mr. P. Raghuveer Nayak, Mrs Pallavi R Nayak, Mr. Anand S Prabhu, Mrs Vasanthi Prabhu and Mrs. Savithri R Prabhu. RAJHANS FERTILIZERS: CRISIL Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajhans Fertilizers Limited (RFL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RFL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RFL continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up in 2007 and promoted by Mr Brijesh Shukla, RFL manufactures agrochemicals. Its main product, Nogerma, is an anti-sprouting agent. Its manufacturing facility is based in Pithampur. ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Roselabs Limited (RL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Inland/Import 1.5 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2008, RL is promoted by Ahmedabad (Gujarat) based Mr Pawan Agarwal and his family members. The company is engaged in trading of pharmaceuticals, dyes, chemicals, textile products and plastic sheets. The company has its marketing offices in various states across India. SCOPE SPECIALITIES: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Scope Specialities LLP (SSL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 15 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSL for obtaining information through letter and email dated April 16, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSL continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group SIPL was originally established as Kawarlal Excipients Pvt Ltd in 2007 by Mr K Vijaylal Jain and his three sons; this company was renamed in April 2011. It imports excipients, which have applications in manufacturing tablets, syrups, sunscreen lotions, creams, gels and others. The company, based in Chennai, is an authorised dealer in India for various pharmaceutical companies based in Italy, China, Taiwan, Malaysia, Spain, Japan, the US, Thailand, and Germany. SSL is a partnership firm between Mr.Ashish Jain and Mr.Ramesh Jain (sons of Mr.Vijaylal Jain) formed in 2016.The firm is engaged in import and trading in excipients SUPREME HOUSING: NCLT Admits Canara Bank's Insolvency Plea ---------------------------------------------------------- Free Press Journal reports that the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Canara Bank against Supreme Housing and Hospitality Private Limited over an alleged default of more than INR567 crore. The tribunal also rejected an interlocutory application filed by the corporate debtor seeking dismissal of the insolvency proceedings. "There exists a debt which is in default and the said debt is within limitation and exceeds the threshold prescribed under Section 4 of IBC, 2016. The present Application is complete, and as per the consent of the proposed IRP as placed on record, no disciplinary proceedings are pending against the said proposed IRP. In view of the above, we are left with no choice but to order the commencement of the Corporate Insolvency Resolution Process on the Corporate Debtor (CD). We make it clear that at this stage we have not crystallised the amount as claimed in this Application; the same is left to be collated by the IRP," the order copy reads. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT. According to the order, the financial creditor claimed a default amount of INR567,43,40,067.80 as on October 31, 2025, out of which the principal outstanding was INR175.83 crore while interest amounted to INR391.60 crore, Free Press Journal relays. The tribunal noted that the company had availed a term loan facility of INR390 crore from the bank in 2014. The loan was repayable in 108 structured monthly instalments. However, the account was classified as a Non-Performing Asset (NPA) on September 29, 2017, after the borrower allegedly failed to service the debt. Free Press Journal says the company opposed the insolvency plea, arguing that proceedings initiated against personal guarantors under Section 95 of the IBC triggered a moratorium under Section 96, thereby barring parallel insolvency proceedings against the corporate debtor. It further contended that the bank had waived the earlier default by accepting the OTS proposals and that the subsequent financial distress was aggravated after the company and its promoters were declared wilful defaulters, which allegedly impacted their ability to raise funds. However, the financial creditor argued that the liabilities of personal guarantors and the corporate debtor arise from separate and independent contracts, and therefore the moratorium applicable to guarantors could not extend to proceedings against the borrower company, Free Press Journal relays. The bank relied on various judicial precedents, including the Supreme Court judgment in Lalit Kumar Jain v. Union of India. Free Press Journal notes that the NCLT ultimately proceeded with the insolvency petition and also considered the bank’s request for appointment of an Interim Resolution Professional (IRP). Supreme Housing and Hospitality Private Limited is engaged in real estate development. The company is in the process of developing a commercial and residential complex in Mumbai (Supreme City) and has acquired the development rights for the project. The commercial complex comprises an IT park and a residential complex of villas and service apartments. SHHL has no ongoing projects other than Supreme City. TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Techno Sat Comm (India) Private Limited (TSCIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Cash 5 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Non 6.1 CRISIL D (Issuer Not Fund based limits Cooperating) Proposed Term Loan 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TSCIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TSCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TSCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TSCIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Mumbai based TSCIPL, established in 2008, provides system integration services such as networking and IT services, setting up of surveillance, Wi-Fi solutions, Internet Protocol-based paging systems, and interactive TV. The company has won a 10-year contract from DMRC to provide free Wi-Fi on all its routes. TRINETRA POULTRIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Trinetra Poultries Private Limited (TPPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 0.04 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Rupee Term Loan 6.61 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TPPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2018, TPPL set up a poultry layer farm with installed capacity of 1 lakh chicks. It also sells eggs in West Medinipur, West Bengal. The plant started operations in November 2019. TPPL is owned and managed by Mr Milan Nandi and Ms Pinky Nandi. TROB AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Trob Auto India Private Limited (TAPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (Issuer Not Cooperating) Inventory Funding 3 Crisil B/Stable (Issuer Not Facility Cooperating) Inventory Funding 45 Crisil B/Stable (Issuer Not Facility Cooperating) Proposed Long Term 8.25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.75 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TAPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TAPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2019, TAPL is engaged in the business of operating Mahindra and Mahindra four-wheeler passenger vehicle dealership. TROPICAL COATINGS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tropical Coatings International Private Limited (TCIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 1.57 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.36 CRISIL D (Issuer Not Cooperating) Term Loan 6.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TCIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TCIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2012, TCIPL manufactures waterproofing membranes and allied products at Vishakapatnam. Operations are managed by Mr Ravindranath. UNIQUE TREES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Unique Trees Private Limited (UTPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.8 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Fund- 0.2 CRISIL B/Stable (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 15 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with UTPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010, promoted by Mr. R Ramdev Rao and Ms. R Srilakshmi, UTPL is engaged in the production of hardy nursery stock. The company owns 6 nurseries in Shankarpally district of Telangana. UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of United India Shoe Corporation Private Limited (UNISCO) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Export Packing 28.7 CRISIL D (Issuer Not Credit Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 7.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 17 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with UNISCO for obtaining information through letter and email dated April 16, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UNISCO, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UNISCO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UNISCO continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2001, UNISCO manufactures leather shoes. UCCO, established in 2015 manufactures shoe uppers and supplies them to UNISCO. =============== M A L A Y S I A =============== PREMIER DE MUARA: PRG Holdings Terminates Debt Settlement Agreement ------------------------------------------------------------------- The Malaysian Reserve reports that PRG Holdings Bhd has terminated a settlement agreement with immediate effect after its subsidiary Premier Construction (International) Sdn Bhd (PCI) cited non-disclosure issues, payment default and breach of contractual obligations by counterparty Premier De Muara Sdn Bhd (PDM). In a Bursa Malaysia filing, the group said PCI issued a termination notice through its solicitors on May 19, citing multiple grounds, including that the arrangement may involve an undisclosed related-party element involving an individual with indirect interests in PDM and connected persons who are also major shareholders of PRG, the Malaysian Reserve relates. According to the Malaysian Reserve, PRG said the relationship was not disclosed during negotiations and execution of the agreement. The group also noted that after the agreement was signed, PDM informed PCI that it was unable to perform its obligations and had failed to make required payments. It added that PDM had "unequivocally renounced its contractual obligations", amounting to a material breach of the settlement terms. PRG further said PDM did not disclose an existing court judgment against it, which affected its ability to meet obligations under the agreement. Following the termination, PCI has demanded payment of the outstanding indebted sum within 14 days and said it will pursue legal action to recover the amount, the Malaysian Reserve relays. The Malaysian Reserve adds that PRG warned that if recovery fails, the group may be required to recognise an impairment loss of approximately MYR13.7 million, which would impact earnings per share and net assets per share for the financial year ending Dec. 31, 2026. The group added that the termination will not affect its share capital or substantial shareholder structure, and the board believes the move is in the best interest of the company. Premier De Muara Sdn Bhd (PDMSB) is a Malaysian property development company best known for its flagship project, Picasso Residence, a luxury condominium development in the Kuala Lumpur City Centre (KLCC). ===================== N E W Z E A L A N D ===================== ATS DESIGN: Gerry Rea Partners Appointed as Receivers ----------------------------------------------------- Simon Dalton of Gerry Rea Partners on May 7, 2026, were appointed as receiver and manager of ATS Design Limited and Allied Flooring Limited. The receiver and manager may be reached at: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland BESORAH DENTAL: Creditors' Proofs of Debt Due on June 11 -------------------------------------------------------- Creditors of Besorah Dental Solutions NZ Limited are required to file their proofs of debt by June 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 11, 2026. The company's liquidator is Kevyn Botes of i-Business Recovery Limited. FINCH TECH: Creditors' Proofs of Debt Due on June 11 ---------------------------------------------------- Creditors of Finch Tech Limited are required to file their proofs of debt by June 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 11, 2026. The company's liquidator is Kevyn Botes of i-Business Recovery Limited. HNK TRADING: Court to Hear Wind-Up Petition on June 3 ----------------------------------------------------- A petition to wind up the operations of HNK Trading Limited will be heard before the High Court at Auckland on June 3, 2026, at 10:00 a.m. The Mall Upper Hutt Limited filed the petition against the company on Sept. 29, 2025. The Petitioner's solicitor is: Tracey Preston Level 7 18 Shortland Street Auckland MCWATT ROADHAUL: Court to Hear Wind-Up Petition on May 29 --------------------------------------------------------- A petition to wind up the operations of Mcwatt Roadhaul Limited will be heard before the High Court at Auckland on May 29, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 9, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== COCA-COLA EUROPACIFIC: High Court Rules Layoffs Valid Under Plan ---------------------------------------------------------------- BusinessWorld reports that the Supreme Court (SC) upheld the legality of a restructuring program implemented by Coca-Cola Europacific Aboitiz Philippines, Inc., reversing a Court of Appeals ruling that found hundreds of employee dismissals illegal. In a 42-page decision penned by Associate Justice Maria Filomena D. Singh, the SC Third Division ruled that the company validly abolished sales routes as part of efforts to address declining operating income, according to BusinessWorld. The restructuring program, implemented in 2008, initially affected about 1,246 workers. By 2009, the company had redeployed 636 employees to new positions, while the remaining 610 workers were declared redundant after failing to meet the requirements for the available roles. BusinessWorld relates that the Court of Appeals had previously ruled in favor of the employees, citing insufficient documentary evidence to support the studies used by the company to justify the redundancy program. The SC, however, disagreed and said redundancy is among the authorized causes for termination under the Labor Code. "Redundancy is one of the authorized causes for termination of employment. While the Constitution upholds social justice and the protection of labor, it also guarantees the employer's right to a reasonable return on investment," the SC said in its ruling. "In line with this balance, the Court has consistently recognized the employer's prerogative to adopt measures that promote efficiency, reduce overhead costs, and improve economic viability, so long as these are carried out within the bounds of the law," it added. BusinessWorld adds that the tribunal said the company acted in good faith in carrying out the restructuring program. It also noted that the separation packages provided to affected employees reached up to 200% of the separation pay required under the Labor Code and included extended healthcare coverage. The SC upheld the validity of the dismissals but ordered the company to pay reinstatement wages and recomputed benefits covering the period under the Labor Arbiter's executory order. ================= S I N G A P O R E ================= ALSEN CHANCE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Alsen Chance Holdings Limited. The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 AVENUE ASIA: Creditors' Proofs of Debt Due on June 17 ----------------------------------------------------- Creditors of Avenue Asia Renewable Opportunities Pte. Ltd. are required to file their proofs of debt by June 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 11, 2026. The company's liquidators are: Abuthahir Abdul Gafoor Yessica Budiman c/o 11 Collyer Quay #07-02 The Arcade Singapore 049317 BLACKSTONE ASIA: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Blackstone Asia Real Estate Partners Limited The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 BRAZEN SKY: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Brazen Sky Limited. The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 GRACE OCEAN: Files Petition to Delay Dali Civil Trial ----------------------------------------------------- The Maritime Executive reports that with just over two weeks until the scheduled start of the civil trial over the civil liabilities from the containership Dali destroying Baltimore's Francis Scott Key Bridge, the owner and operator of the Dali petitioned the U.S. District Court in Baltimore to stay the trial based on the Department of Justice just unsealing criminal charges. "The DOJ's investigation alone has had a significant, detrimental impact on both petitioners, and unsealing the indictment so close in time to trial continues to negatively impact both petitioners and the trial in this action," the companies asserted in their filing. They stated that the manager for the Dali, Synergy Marine, is "now in the untenable position where it must defend itself here while facing criminal charges." It also stated that the owner, Grace Ocean, while not in the criminal indictment, has still also had its ability to present a defense substantially impacted. According to The Maritime Executive, the companies highlighted that the criminal and civil cases arise out of the same facts and circumstances. It asserts the allegations in the criminal indictment are "unfounded and strenuously denied," while pointing out to the court that the DOJ waited until less than three weeks before the civil trial to unseal the indictment. DOJ had obtained the indictment against Synergy Marine and its port technical supervisor on April 8. It only unsealed the indictment on May 12 at a press conference in Baltimore. The Maritime Executive notes that the civil case has been pending for two years, with Grace Ocean and Synergy Marine seeking to limit their liability to the value of the vessel and its cargo. The families of the six roadworkers killed when the bridge collapsed, as well as the City of Baltimore, businesses hurt by the port closure and loss of the vital roadway, and others, are seeking civil damages. The State of Maryland announced last week that it had settled its portion of the civil claim for a record $2.25 billion. U.S. District Court Judge James K. Bredar, who is presiding over the sprawling civil litigation, has admonished all the parties after more than a year of discovery that the trial should move forward on June 1, The Maritime Executive says. It is scheduled to run at least two weeks, with the judge first considering the claim for limiting the liabilities and then apportioning the claims. It is scheduled for a bench trial without a jury. The Maritime Executive relates that the companies presented in the filing a list of 14 officers and crew, ranging from the master to engineers, and the former engineer of the Dali, who could appear as fact witnesses in the civil trial. It also lists a dozen shoreside employees, including marine and technical superintendents who could be fact witnesses. It said the individuals have now said they will not come to the United States to testify after the criminal charges were unsealed. They have also expressed reservations about even testifying by video, the filing asserted. The Maritime Executive adds that the companies are asking the judge to stay the civil trial until the resolution of the criminal case. Alternatively, they are asking for at least a 90-day delay to allow them to address the issues with the fact witnesses and their testimony. A hearing was scheduled for May 20 on this petition, The Maritime Executive notes. Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager, respectively, of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. PORCELAIN PROJECTS: Creditors' Proofs of Debt Due on June 19 ------------------------------------------------------------ Creditors of Porcelain Projects Pte. Ltd. are required to file their proofs of debt by June 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2026. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 ===================== S O U T H K O R E A ===================== [] S. KOREA: Funeral Firms Face Insolvency Amid Crypto ETF Losses ----------------------------------------------------------------- Global Insolvency, citing Phemex.com, reports that several South Korean prepaid funeral service companies are facing insolvency after misappropriating customer funds to invest in cryptocurrency-linked assets. Investigations reveal that 32 out of 75 sangjo companies have assets below their prepaid customer funds, with Parental Love, a leading firm, suffering significant losses. The company invested KRW59.5 billion in a leveraged Ethereum-themed ETF, Bitmine, which plummeted in value to KRW10.2 billion, resulting in a $330 million unrealized loss. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***