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260522.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 22, 2026, Vol. 29, No. 102 Headlines A U S T R A L I A EQUITY TRUSTEES: ASIC Sues Over First Guardian Onboarding Failures ERIC INSURANCE: APRA Revokes Company's General Insurance Licence H & H LOYAL: First Creditors' Meeting Set for June 1 HUDSON GLOBAL: Second Creditors' Meeting Set for May 27 LIBERTY SERIES 2024-2: Moody's Ups Rating on Cl. E Notes from Ba1 MOSSY INVESTMENT: Second Creditors' Meeting Set for May 27 NEW LIFE: First Creditors' Meeting Set for May 29 SOUTHERN CROSS: First Creditors' Meeting Set for May 28 I N D I A A-1 COLD: CARE Keeps C Debt Rating in Not Cooperating Category AKSHARA HIGHRISE: Insolvency Resolution Process Case Summary ASWINIKRISHNAA TEXTILE: Insolvency Resolution Process Case Summary BHAVANAM TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating BLUEBERRY INDUSTRY: CARE Keeps B- Debt Rating in Not Cooperating CEDAR HOSPITALITY: Insolvency Resolution Process Case Summary DEVANSHI PLYBOARD: CRISIL Keeps B Debt Rating in Not Cooperating DHANA SREE: CRISIL Keeps B Debt Rating in Not Cooperating DISTRIBUTION LOGISTICS: Insolvency Resolution Process Case Summary FLOATELS INDIA: CRISIL Keeps B- Debt Ratings in Not Cooperating GOLF TECHNOLOGIES: Insolvency Resolution Process Case Summary HALDIA NIRMAN: CARE Keeps D Debt Ratings in Not Cooperating JAINCO AUTOMOTIVE: Insolvency Resolution Process Case Summary KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category KANDLA PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating MADHYA BHARAT: CARE Keeps D Debt Ratings in Not Cooperating MAHARAJA SATHYAM: CRISIL Keeps B Debt Rating in Not Cooperating MANNA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating Category MARSHAL SHIP: Voluntary Liquidation Process Case Summary MSR INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category NOIDA MARKETING: Insolvency Resolution Process Case Summary OM SHIV: CARE Keeps D Debt Ratings in Not Cooperating Category PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating PRACHAR COMMUNICATIONS: CARE Keeps B- Rating in Not Cooperating R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating RANKINI POWER: Insolvency Resolution Process Case Summary SADBHAV KIM: CARE Lowers Rating on INR669cr LT Loan to C SADBHAV NAINITAL: CARE Lowers Rating on INR315cr LT Loan to B- SARAYU CLEANGEN: CRISIL Keeps B Debt Ratings in Not Cooperating SARDAR JEWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating SHREEM CORPORATION: Liquidation Process Case Summary SRI VENKATA: Insolvency Resolution Process Case Summary SUNBEAM DEALERS: Insolvency Resolution Process Case Summary TECH INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category VIJAYANAG POLYMERS: CARE Keeps C Debt Rating in Not Cooperating WOOD BURNING: Voluntary Liquidation Process Case Summary M A L A Y S I A CAPITAL A: Completes Six-Year Turnaround, Exits PN17 Status EDENOR TECHNOLOGY: Mega First's JV Applies For Judicial Management GREENPRO CAPITAL: Reports Q1 Net Loss of $912K, Going Concern Stays N E W Z E A L A N D DYER MOTELIERS: Creditors' Proofs of Debt Due on June 30 ELLETTX LIMITED: Creditors' Proofs of Debt Due on June 19 J & I EXCAVATORS: Court to Hear Wind-Up Petition on May 29 JUKEN NZ: Auckland Mayor Mulls Buying At-Risk Kaitaia Mills MCCAIN ANZ: Hawke's Bay Mayors ask Company to Pause Plant Closure RUSTY MORRIS: Court to Hear Wind-Up Petition on June 11 YG TRANSPORT: Khov Jones Appointed as Receivers P A K I S T A N PAKISTAN: IMF Staff Concludes Visit to Islamabad P H I L I P P I N E S ABS-CBN CORP: Posts PHP813 Million Net Loss in Q1 Ended March 31 S I N G A P O R E BRIGHTSTONE JEWELLERY: Court Enters Wind-Up Order DROMOND SHIPPING: Creditors' Proofs of Debt Due on June 15 EVO AMUSEMENT: Court Enters Wind-Up Order LS INVESTMENT: Court to Hear Wind-Up Petition on May 29 MSQM PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= EQUITY TRUSTEES: ASIC Sues Over First Guardian Onboarding Failures ------------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited, alleging failures in care, skill and diligence concerning the decision to allow members to invest in the First Guardian Master Fund. Over AUD65 million was invested in First Guardian between June 2023 and March 2024 by around 2,700 members of NQ Super & Pension, a division of the AMG Superannuation Fund for which Equity Trustees was the trustee. ASIC alleges that Equity Trustees did not obtain critical information before onboarding First Guardian such as its constitution, audited financial accounts or an audit of its compliance plan. Further, ASIC alleges that Equity Trustees allowed its members to invest 100% of their funds in First Guardian despite evidence it was or may have been illiquid. ASIC is seeking compensation for members for losses resulting from the alleged failures by Equity Trustees in relation to First Guardian, as well as declarations and civil penalties. ASIC Deputy Chair Sarah Court said the latest action is part of ASIC's 2026 enforcement priority into the collapse of First Guardian and related funds. 'We allege that a prudent superannuation trustee in Equity Trustees' position would not have approved the First Guardian classes as investment options based on the information it had available.' 'Superannuation trustees play a critical role helping their members save for retirement, but we allege Equity Trustees failed to put the interests of their members first,' the Deputy Chair said. ASIC alleges Equity Trustees: * Failed to exercise the same degree of care, skill and diligence as a prudent superannuation trustee would in onboarding the different classes of First Guardian * Failed to act in the best financial interests of members when performing its duties and exercising its powers in relation to First Guardian * Failed to do all things necessary to ensure the financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly. 'This is the second action we've taken against Equity Trustees and the fifth against a super trustee as part of our First Guardian and Shield Master Fund investigations. 'ASIC has now commenced proceedings against every super trustee that made available Shield or First Guardian. More than AUD420 million has been repaid to thousands of investors through ASIC's work to date. We currently have more than 26 matters under investigation or before the Federal Court and we expect further action to follow,' the Deputy Chair said. ASIC alleges Equity Trustees contravened s52 and 54B of the Superannuation Industry (Supervision) Act 1993 (Cth) and s912A of the Corporations Act 2001 (Cth). Equity Trustees, as trustee for the AMG Superannuation Fund, approved three classes of the First Guardian Master Fund (Defensive, Diversified and Growth) as investment options on the NQ Super platform. ASIC also has ongoing civil penalty proceedings against Equity Trustees in relation to the onboarding and ongoing monitoring of the Shield Master Fund. Equity Trustees is a subsidiary of EQT Holdings Limited, an entity listed on the ASX (ASX: EQT). Equity Trustees is an Australian Financial Services licensee, superannuation trustee and registrable superannuation entity (RSE) licensee of fourteen APRA-registered superannuation funds. ERIC INSURANCE: APRA Revokes Company's General Insurance Licence ---------------------------------------------------------------- The Australian Prudential Regulation Authority (APRA) has revoked Eric Insurance Limited's authorisation to carry on insurance business in Australia under the Insurance Act 1973, following a request by Eric's deed administrators. Eric appointed voluntary administrators on July 28, 2025 and, following a meeting of creditors, executed a deed of company arrangement (DOCA) on Sept. 19, 2025. By virtue of the execution of the DOCA, Eric has no remaining liabilities in respect of its insurance business. APRA has actively monitored Eric's exit from the general insurance market for some time. About Eric Insurance Eric Insurance Limited provides general insurance for the automotive insurance industry. Katherine Sozou and Shaun Fraser of McGrathNicol were appointed as administrators of the company on July 28, 2025. Eric Insurance's creditors have voted for a deed of company arrangement as an alternative to it entering liquidation. The creditors approved the deed proposed by voluntary administrators, establishing arrangements that took effect from Sept. 19, 2025. "The [deed] is designed to provide a superior, more certain and timely return to policyholders, employees and other creditors than would be available in an immediate liquidation," the administrators said in an update published Sept. 22, 2025. H & H LOYAL: First Creditors' Meeting Set for June 1 ---------------------------------------------------- A first meeting of the creditors in the proceedings of H &H Loyal Pty Ltd will be held on June 1, 2026, at 1:00 p.m. at the offices of SV Partners, at 22 Market Street, in Brisbane, Qld. David Michael Stimpson and Terry van der Velde of SV Partners were appointed as administrators of the company on May 20, 2026. HUDSON GLOBAL: Second Creditors' Meeting Set for May 27 ------------------------------------------------------- A second meeting of creditors in the proceedings of Hudson Global Resources (Aust) Pty Limited has been set for May 27, 2026, at 2:00 p.m. at the offices of WLP Restructuring, Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW, and via virtual meeting technology. 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 12:00 p.m. Glenn Livingstone, Nicholas Charlwood and Benjamin Ho of WLP Restructuring were appointed as administrators of the company on April 22, 2026. LIBERTY SERIES 2024-2: Moody's Ups Rating on Cl. E Notes from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Liberty Series 2024-2. Issuer: Liberty Series 2024-2 Class C Notes, Upgraded to Aa1 (sf); previously on Jul 16, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Oct 25, 2024 Definitive Rating Assigned Baa1 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Oct 25, 2024 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Oct 25, 2024 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancements (via note subordination and the Guarantee Fee Reserve) available to the affected notes and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancements remains commensurate with the current rating for the respective notes. The now fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original note balance to the deal. The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. Following the April 2026 payment date, note subordination available for the Class C Notes has increased to 5.5% from 3.6% at the time of the last rating action for these notes in July 2025. Note subordination available for the Class D, Class E, and Class F Notes has increased to 4.6%, 2.9%, and 2.3%, respectively, from 2.2%, 1.4%, and 1.1% at closing. Principal collections have been distributed on a sequential basis starting from Class A1b Notes. Current total outstanding balance of the notes as a percentage of the closing balance is 46.5%. As of April 2026, 3.1% of the outstanding pool was 30-plus days delinquent and 0.9% was 90-plus days delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and the loan attributes, Moody's have updated Moody's expected loss assumption to 1.2% of the outstanding pool balance (equivalent to 0.5% of the original pool balance) from 1.1% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) at the time of the last rating action in July 2025. Moody's have maintained Moody's MILAN CE assumption at 4.4%. The transaction is an Australian RMBS originated and serviced by Liberty Financial Pty Ltd, an Australian non-bank lender. A portion of the portfolio consists of loans extended on an alternative documentation basis, and a small portion to borrowers with impaired credit histories. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. MOSSY INVESTMENT: Second Creditors' Meeting Set for May 27 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Mossy Investment Company Pty Ltd has been set for May 27, 2026, at 2:00 p.m. at the offices of Robson Cotter Insolvency Group, at Unit 1, 78 Logan Rd, in Woolloongabba, QLD. 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. Murray Daniel and William Roland Robson of Robson Cotter Insolvency Group were appointed as administrators of the company on April 21, 2026. NEW LIFE: First Creditors' Meeting Set for May 29 ------------------------------------------------- A first meeting of the creditors in the proceedings of New Life Midwifery Pty Ltd will be held on May 29, 2026, at 10:00 a.m. at Level 4, 27 Garden Street, in Southport, QLD, and via virtual meeting technology. Nick Keramos and Bill Karageozis of DVT Mcleods were appointed as administrators of the company on Feb. 11, 2026. SOUTHERN CROSS: First Creditors' Meeting Set for May 28 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Southern Cross Logistic Solutions Pty Ltd will be held on May 28, 2026, at 10:30 a.m. at the offices of Worrells, at Suite 5B, 55 Kembla Street, in Wollongong, NSW and via virtual meeting technology. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on May 18, 2026. ========= I N D I A ========= A-1 COLD: CARE Keeps C Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of A-1 Cold Storage Private Limited (ACSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.55 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of ACSPL under the 'issuer non-cooperating' category as ACSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable A1 Cold Storage Private Limited (ACSPL) was incorporated in the year 2015 with its registered office at Somajiguda, Hyderabad. The promoters of the company are Mrs. Duvvuru Varija (Managing Director) and Mrs. Bollu Hymavathi (Director). Both the directors have experience for more than two decades in agricultural business. Presently, the company is establishing a cold storage plant at Jadcherla village, Mahabubnagar District, Telangana with the total project cost of INR8.92 crore which is to be funded through a bank term loan of INR5.55 crore and balance of INR3.37 crore from promoter's fund. Till date, the company has incurred INR0.77 crore for land registration and development purpose. ACSPL is planning to start its commercial operations from December 2018. The company is expected to preserve fruits, vegetables and other agricultural products like seeds post completion of cold storage plant. AKSHARA HIGHRISE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Akshara Highrise Private Limited 35, Kavi Sabitri Prasanna Chattopadhyaya Road, 2nd Floor, Kolkata, West Bengal, India, 700026 Insolvency Commencement Date: May 6, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 2, 2026 Insolvency professional: Kanchan Dutta Interim Resolution Professional: Kanchan Dutta Chatterjee International Centre, 14th Floor, Flat No. 13A, 33A J.L. Nehru Road, Kolkata - 700071 Email: kanchan@kgrs.in cirp.ahpl@gmail.com Last date for submission of claims: May 27, 2026 ASWINIKRISHNAA TEXTILE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Aswinikrishnaa Textile Private Limited Mill Premises, No 500, Chinnamathamapalyam, Bilichi Post, Coimbatore, Tamil Nadu, India - 641019 Insolvency Commencement Date: May 14, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 10, 2026 Insolvency professional: Dipti Narayan Mundra Interim Resolution Professional: Dipti Narayan Mundra DBS House, 31, Floor-G-2, Plot-31 Marzban Road, Bombay Gymkhana, Fort, Mumbai City, Maharashtra, 400001 Email: ip.dipti@gmail.com cirp.ashwinikrishnaa@gmail.com Last date for submission of claims: June 4, 2026 BHAVANAM TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhavanam Textiles India Private Limited (BTIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.23 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of BTIPL under the 'issuer non-cooperating' category as BTIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BTIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhavanam Textiles (India) Private Ltd. (BTIPL) was incorporated on February 27, 2013 by Mr Bhavanam Rama Koti Reddy and Mrs Bhavanam Adi Lakshmi after the promoters took over the operations of another company i.e., Pujita Spinning Mills Limited. The commercial operations of the company commenced from April 1, 2013 and FY14 was the first full year of operation. The company is engaged in the manufacturing of cotton yarn through its manufacturing unit at Thimmapuram village, Guntur district, Andhra Pradesh, with an installed capacity of 13,644 spindles. BLUEBERRY INDUSTRY: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Blueberry Industry (BI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.89 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of BI under the 'issuer non-cooperating' category as BI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Blueberry was established as a proprietorship entity by Mr. Kamal Deka of Guwahati, Assam for setting up a liquid milk processing plant in 2017. The entity has entered into a tripartite agreement with Kaira District Milk Producers Co-operative Union Limited (KDMPCUL) and Gujarat Co-operative Milk Marketing Federation Limited (GCMMFL). As per agreement raw milk is procured by KDMPCUL and the same is processed into packaged milk and curd by Blueberry. The finished products i.e., processed milk in pouches and curd in cups is marketed by GCMMFL. Blueberry activities will be limited to processing of the raw milk and its packaging for which is be paid processing charges. Blueberry has setup a liquid milk processing plant with an aggregate project cost of INR15.40 crore. CEDAR HOSPITALITY: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Cedar Hospitality Private Limited HR-139/7 T/F, Flat No. 2, Pul Pahladpur, South Delhi, New Delhi, 110044 Insolvency Commencement Date: May 11, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 7, 2026 Insolvency professional: Shailesh Chandra Ojha Interim Resolution Professional: Shailesh Chandra Ojha 101 UGF, Plot No. 26A-26B, Extension 1 Sewak Park, Dwarka Mor, 110059 Email: ipscojha@gmail.com 903A, Indra Prakash, 21, Barakhamba Road, Connaught Place, New Delhi - 110001 Email: CIRP.Cedar@gmail.com Last date for submission of claims: May 25, 2026 DEVANSHI PLYBOARD: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Devanshi Plyboard Industries Private Limited (DPIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.08 CRISIL B/Stable (ISSUER NOT COOPERATING) Fund-Based 1.46 CRISIL B/Stable (ISSUER NOT Facilities COOPERATING) Funded Interest 0.29 CRISIL B/Stable (ISSUER NOT Term Loan COOPERATING) Working Capital 4.17 CRISIL B/Stable (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with DPIPL 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 DPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DPIPL continues to be 'Crisil B/Stable Issuer not cooperating'. DPIPL, incorporated in 2011 is located in Kolkata. DPIPL is owned & managed by Mr. Niraj Agarwal and Bipin Kumar Singh. DPIPL is engaged in manufacturing/processing of plywood, flush doors and block boards. It is also engaged in trading of timber. DPIPL has its processing facilities in Kolkata. DHANA SREE: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dhana Sree Collections Private Limited (DSCPL) 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 DSCPL 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 DSCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DSCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DSCPL continues to be 'Crisil B/Stable Issuer not cooperating'. DSCPL, incorporated in 2018, is expected to engage in retailing of ladies and kids wear. Operations have not commenced yet. Incorporated in 2017, YSMPL is planning to acquire a shopping complex based out of Hyderabad, Telangana. Currently it is into trading of ladies garments. Post the acquisition it is expected to venture in retailing of gold ornaments along with ladies premium sarees. DISTRIBUTION LOGISTICS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Distribution Logistics Infrastructure Private Limited 113, 1st Floor, Shyam Kamal B Society, 27 Tejpal Road, Vile Parle East, Mumbai City, Mumbai, Maharashtra, India, 400057 Insolvency Commencement Date: May 14, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 10, 2026 Insolvency professional: Prashant Jain Interim Resolution Professional: Prashant Jain Office No. 1, 1st Floor, Gami Tera, Plot No. 45,51, Sector 6, Sandapa, Navi Mumbai - 400705 Email: ipprashantjain@gmail.com cirp.distributionlogistics@gmail.com Last date for submission of claims: May 28, 2026 FLOATELS INDIA: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Floatels India Private Limited (FIPL) continue to be ‘Crisil B-/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Foreign Currency 14 Crisil B-/Stable (Issuer Not Term Loan Cooperating) Term Loan 3 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FIPL 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 FIPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FIPL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of FIPL continues to be ‘Crisil B-/Stable Issuer not cooperating’. Incorporated in 1996 as a private limited company, FIPL owns and operates a 4 star resort in Trivandrum. The resort is named as 'Poovar Island Resort'. GOLF TECHNOLOGIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Golf Technologies Private Limited D-159 Okhla Industrial Area Phase-I, New Delhi, Delhi, India - 110020 Insolvency Commencement Date: May 11, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 7, 2026 Insolvency professional: Amit Jain Interim Resolution Professional: Amit Jain D-32, East of Kailash, New Delhi - 110065 Email: amitjain32@gmail.com golf.cirp@gmail.com Last date for submission of claims: May 25, 2026 HALDIA NIRMAN: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Haldia Nirman Projects Private Limited (HNPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of HNPPL under the 'issuer non-cooperating' category as HNPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HNPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Haldia Nirman Projects Pvt. Ltd. (HNPPL) incorporated in November 5, 2004, was promoted by the Bera family of Haldia, West Bengal with Shri Saroj Kumar Bera being the main promoter. HNPPL is a small sized West Bengal based company engaged in providing different types of construction services which include construction of buildings, pipelines, electrical works etc. for both private and government entities in West Bengal. Mr. Saroj Kumar Bera, having more than decade long experience in the construction industry, looks after the overall management of the company with adequate support from other director and a team of experienced personnel. JAINCO AUTOMOTIVE: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Jainco Automotive Pvt Ltd. DE-15, Deshbandhu Nagar, Baguihati, North 24 Parganas, West Bengal - 700059 Insolvency Commencement Date: May 14, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 10, 2026 Insolvency professional: Subodh Kumar Agrawal Interim Resolution Professional: Subodh Kumar Agrawal Unit No. 301, 3rd Floor, 1 Ganesh Chandra Avenue, Kolkata, West Bengal, 700013 Email: subodhka@gmail.com ibc.jainco@gmail.com Last date for submission of claims: May 28, 2026 KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kamal Ideal Infratech Private Limited (KIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of KIIPL under the ‘issuer non-cooperating’ category as KIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is engaged in real estate development. The company is currently developing a group housing project in Nangal Kalan village, sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have been involved in the real estate development of residential and commercial properties in the NCR region. KANDLA PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kandla Packaging Private Limited (KPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.7 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 5.3 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KPPL 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 KPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in January 2004, KPPL was taken over by the present management, comprising Mr Kaushik Pinara, Mr Dayalrajan Pillai, Mr Raj Kangad and Mr Somesh Rathod, in fiscal 2013. The company manufactures corrugated boxes and trades in salt. It started undertaking private civil construction work through its division, Siddharth Associates, in fiscal 2015. The manufacturing facility for corrugated boxes in Gandhidham, Gujarat, has installed capacity of 18,000 tonne per annum. MADHYA BHARAT: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Madhya Bharat Telecom Infrastructures (MBTI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.67 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.40 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Under ISSUER NOT Bank Facilities COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 13, 2025, placed the rating(s) of MBTI under the 'issuer non-cooperating' category as MBTI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBTI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhopal (Madhya Pradesh) based Madhya Bharat Telecom Infrastructures (MBTI) was formed in 2006 as a partnership concern by Mr. Nishant Kumar Malaiya and Mr. Jaideep Wadia. Till FY14, the firm was engaged in the business of tower installation and laying of Optical Fibre Cables (OFC) for telecom infrastructure companies. From FY15, it is engaged in the construction & maintenance of roads, construction of sewage lines and sewage treatment plants, installation and commissioning of water supply lines and construction of Economically weaker section (EWS) houses and currently it is executing contracts of construction of EWS houses for Municipal Corporation in Madhya Pradesh. The firm is registered 'A' class approved contractor with Public Works Department (PWD), Madhya Pradesh. MAHARAJA SATHYAM: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharaja Sathyam Industries Private Limited (MSIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.95 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MSIPL 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 MSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MSIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1981 and based in Erode, Tamil Nadu, MSIPL manufactures blended polyester cotton yarn in counts of 24s-80s. Mr Dharanidharan and Ms Parameswari are the promoters of the company. MANNA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manna Rice Industries Private Limited (MRIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 5.75 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MRIPL 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 MRIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRIPL continues to be 'Crisil B/Stable Issuer not cooperating'. MRIPL, incorporated in 2010, is setting up a rice mill at Kuttannad in Kerala. The company is promoted by Mr James K C, Mr Mathew Varghese Chirayathu, and Mr Rofin M, and its operations are managed by Mr. Vijayan Nampoothiry N. MARSHAL SHIP: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Marshal Ship Management Private Limited D Wing, 6th Floor, Unit 605, 606, 607, Times Square, Andheri East, Mumbai - 400059 Liquidation Commencement Date: April 23, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Avinash Ambikaprasad Shukla Waterfall Insolvency Professional Private Limited Level 3, Padma Palace, Plot No.79, Sector 28, Vashi, Navi Mumbai Maharashtra, 400703 Email: avinashshukla1708@gmail.com 1204, Maker Chambers V, Nariman Point, Mumbai - 400021 Email: waterfall0421@gmail.com Last date for submission of claims: May 23, 2026 MSR INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of MSR India Limited (MIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 27, 2025, placed the rating(s) of MIL under the ‘issuer non-cooperating’ category as MIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2026, January 23, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable In 2007, MSR India Limited (MIL) (ISIN Number: INE331L01026) had acquired Star Leasing Limited and changed its name to Remidicherla Power Ltd and ventured into power sector. Further, the company entered into Infrastructure segment and changed the name to Remidicherla Power & Infra Limited. Later during FY14, the company has moved into trading of Milk products & consumer goods and the company was renamed to MSR India Limited (MSR). Further, after establishing a proper distribution network MSR ventured into manufacturing of copper water bottles and consumer goods such as Pasta, Vermicelli and Chakki Atta since July 2016. The company is engaged in manufacturing of consumer goods such as Pasta, Vermicelli, Chakki Atta marketed under the brand name "Today", copper water bottles which are marketed under the brand "Dr. Copper". Also, the company manufactures battery cell cases for aerospace & defence industry. NOIDA MARKETING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Noida Marketing Private Limited Parsvnath Tower Near Shahdara Metro Station, Shahdara, East Delhi, Delhi, India, 110032 Insolvency Commencement Date: April 24, 2026 Court: National Company Law Tribunal, New Delhi Bench-II Estimated date of closure of insolvency resolution process: October 21, 2026 Insolvency professional: Manoj Kumar Anand Interim Resolution Professional: Manoj Kumar Anand 2, Community Centre, 3rd Floor, (Near PVR/McDonald), Naraina, New Delhi - 110028 Email: anandmanoja@gmail.com noidamarketingcirp@gmail.com Last date for submission of claims: May 30, 2026 OM SHIV: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Om Shiv Lumbers Private Limited (OSLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 13, 2025, placed the rating(s) of OSLPL under the 'issuer non-cooperating' category as OSLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gandhidham-based (Gujarat), OSLPL was incorporated in March 2012 by Mr. Deepak Khatwani and Mrs. Bhagwati Khatwani. It is engaged in trading and processing of timber products namely wooden plates, face veneers, ready pallates, etc. OSLPL also perform job work for log dimension setting. At present, 27 employees are working under the company. There are 3 sets of vertical and horizontal sowing machines with installed capacity of 1500 cubic feet per day. Both the machineries and factory premises are rented. PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Patspin India Limited (PIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 68.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 143.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 13, 2025, placed the rating(s) of PIL under the 'issuer non-cooperating' category as PIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Patspin India Limited (PIL) (ISIN Number: INE790C01014) is part of Kerala based GTN group. GTN group was established by Late Mr. M.L. Patodia in 1960. GTN group has presence in spinning yarn, knitting, processing and garmenting. Primary business activity of PIL is production and sale of cotton yarn (counts ranging from 20s to 100s). In addition to this, PIL is also engaged in value-adding activities like TFO (Two-For-One) twisting and gassing of textile yarn. Incorporated in the year 1991, as on March 31, 2021, the total capacity of PIL stood at 114,000 spindles. PRACHAR COMMUNICATIONS: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prachar Communications Private Limited (PCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 24, 2025, placed the rating(s) of PCPL under the 'issuer non-cooperating' category as PCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 7, 2026, February 17, 2026, February 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in the year 1993, Prachar Communications Private Limited is involved in the business of advertising (television, radio, press media and outdoor media on a national level). The company has around 35 clientele that includes 42 product categories and 75 brands. The company also has an in-house post-production studio. Apart from editing, the company carries out sound recording and dubbing for programs aired on various television and radio media channels. The company is also involved in generation of electricity through wind-mills at Panchpatta (Nashik, Maharashtra), Jaisalmer (Rajasthan) and Nipaniya Shamgarh (Mandsaur, Madhya Pradesh). R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of R.K. Electrical Industries India Private Limited (RIIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 5.50 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 25, 2025, placed the rating(s) of RIIPL under the 'issuer non-cooperating' category as RIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 8, 2026, February 18, 2026, February 28, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable R. K. Electrical Industries India Private Limited (RIIPL) was incorporated in April 1980 as a private limited company by Mr. Sanjeev Sethi and Mrs. Manju Sethi. The company is engaged in the manufacturing of wide varieties of electrical cables and wires such as power cables (high tension & low tension), control cables, instrumentation cables, networking cables, aerial bunched cables, SLP cables, etc. The manufacturing facility of the company is located at Sonipat, Haryana. RANKINI POWER: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Rankini Power Generation Private Limited Room No. 701, 7th Floor, Sidco Global Tower, CN 8/2, Sector-V, Salt Lake City, Kolkata, 700091, West Bengal, India Insolvency Commencement Date: May 14, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 11, 2026 Insolvency professional: Bijay Murmuria Interim Resolution Professional: Bijay Murmuria Sumedha Management Solutions Pvt. Limited, 6A Geetanjali Apartment, 8B Middleton Street, Kolkata - 700071 West Bengal Email: bijay_murmuria@sumedhamanagement.com ip.rankinipower@gmail.com Last date for submission of claims: May 29, 2026 SADBHAV KIM: CARE Lowers Rating on INR669cr LT Loan to C -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sadbhav Kim Expressway Private Limited (SKEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 669.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Negative Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 26, 2025, placed the rating(s) of SKEPL under the 'issuer non-cooperating' category as SKEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SKEPL have been revised due to non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SKEPL, a special purpose vehicle (SPV) incorporated and owned by SIPL, has entered into 17 years CA (including construction period of 730 days from appointed date) with NHAI for the design, build, operate and transfer (DBOT) of 24.570 km road on a hybrid annuity basis. The project under consideration is a greenfield project for the construction of the eight-lane section of Vadodara Mumbai Expressway from Kim (Km 254.430) to Ankleshwar (Km. 279) in the state of Gujarat. The bid project cost for the project is INR1,404.00 crore while the total cost of the project is envisaged at INR1,575.70 crore to be funded through construction grant from NHAI of INR618.70 crore, debt of INR669 crore and balance through promoter's contribution. SKEPL received the appointed date on November 1, 2019, from NHAI. SADBHAV NAINITAL: CARE Lowers Rating on INR315cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sadbhav Nainital Highway Limited (SNHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 315.00 CARE B-; Negative; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Negative Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 26, 2025, placed the rating(s) of SNHL under the 'issuer non-cooperating' category as SNHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SNHL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SNHL, a special purpose vehicle (SPV) incorporated and owned by SIPL has entered into 17 year CA (including construction period of 730 days from appointed date) with NHAI for the design, build, finance, operate and transfer (DBFOT) of 49.780 km of road on hybrid annuity basis. The project under consideration aims at four laning of the existing Rampur-Kathgodam section of NH-87 road from km 42.791 to km 88.00 (design chainage of 49.78 kms) in the state of Uttarakhand and Uttar Pradesh. The project includes augmentation of the existing two lanes into four lanes. SNHL's initial BPC is INR657 crore, the same is envisaged to be funded through debt, sponsor's contribution and construction support from NHAI in the ratio of 48%, 12% and 40% respectively. SARAYU CLEANGEN: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sarayu Cleangen Private Limited (SCPL) continues to be ‘Crisil B/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 12.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SCPL continues to be ‘Crisil B/Stable Issuer not cooperating’. Incorporated in 2012 and based in Hyderabad, SCPL is engaged in windmill power generation. SCPL is promoted by Mr. V.B. Krishnam Raju Gokaraju and associates. SARDAR JEWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sardar Jewellers (SJ) continues to be ‘Crisil B-/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SJ 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 SJ, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJ is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SJ continues to be ‘Crisil B-/Stable Issuer not cooperating’. SJ was set up in fiscal 2011, as a partnership firm, by Mr Surinder Singh and his family. The firm sells gold and diamond-studded jewellery at its showroom in Ludhiana (Punjab). SHREEM CORPORATION: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Shreem Corporation Limited Flat No. 101, OG-III, Oberoi Garden, Thakur Village Off Western Express Highway, Kandivali East, Mumbai, 400101, Maharashtra Liquidation Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Court-V, Mumbai Bench Liquidator: Ritu Rastogi D-1 B, 9 A, D Block, Janak Puri New Delhi, NCT of Delhi, 110058 Email: ritu_rastogi1@yahoo.com liq.shreemcorpltd@gmail.com Last date for submission of claims: June 14, 2026 SRI VENKATA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Sri Venkata Sivaparvathi Spinning Mills Private Limited D.No.19-8-97, Near Suryadevara Estates, Etukuru Road, Guntur, Andhra Pradesh, India - 522003 Insolvency Commencement Date: May 8, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: November 4, 2026 Insolvency professional: Mahalingam Suresh Kumar Interim Resolution Professional: Mahalingam Suresh Kumar SPP Insolvency Professionals LLP, 2nd Floor, CODISSIA, G.D. Naidu Towers, Huzur Road, Coimbatore - 641 018 Tel: +91-94888-10404/+91-73730-52341 Email: svssmpl.ibc@gmail.com msureshkumar@icai.org Last date for submission of claims: May 27, 2026 SUNBEAM DEALERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Sunbeam Dealers Private Limited Shop No - 206, 2nd Floor, Samriddhi Square, Kishorganj, Ranchi, Jharkhand, India, 834001 Insolvency Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 11, 2026 Insolvency professional: Rajesh Kumar Agrawal Interim Resolution Professional: Rajesh Kumar Agrawal 1, Ganesh Chandra Avenue, 3rd Floor, Room No. 301, Kolkata, West Bengal, 700013 Email: rajesh521@yahoo.com ibc.sunbeam@rediffmail.com Last date for submission of claims: May 29, 2026 TECH INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tech India Enterprises (TIE) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.00 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 12, 2025, placed the rating(s) of TIE under the 'issuer non-cooperating' category as TIE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TIE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 26, 2026, February 5, 2026, February 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tech India Enterprises (TIE) was established in June 2017 as a proprietorship entity. The entity has been engaged in civil construction activities in the segment like roads, buildings etc. TIE secures work contracts through tender and executes orders mainly for Central Coalfields Limited, South Eastern Railway etc. VIJAYANAG POLYMERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vijayanag Polymers Private Limited (VPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 4, 2025, placed the rating(s) of VPPL under the 'issuer non-cooperating' category as VPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 18, 2026, January 28, 2026, February 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Vijayanag Polymers Private Limited (VPPL), an ISO 9001:2008 and AGMARK certified company, was incorporated in the July 2011 and commenced commercial operation in the second half of FY13. VPPL is currently promoted by Dr. V V Nagi Reddy and his wife Mrs. M Vijaya Lakshmi. Dr. Nagi Reddy is a retired Physics professor, according to the management; Mr Nagi Reddy is having 10% shareholding in Midwest Granite Pvt Ltd, which has been in the mining business since 1981. VPPL is engaged in production of plain and printed packaging laminated materials like laminated films, Pouches, Poly bags and others, which are used across a wide range of industries like consumer food, fertilizers and others. Number of orders are in pipeline. WOOD BURNING: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Wood Burning Stoves India Private Limited 10, Alipur Road, Civil Lines, New Delhi, Delhi, India, 110054 Liquidation Commencement Date: May 14, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Vanita Agarwal C-211, Ram Vihar, Sector 30, Nithari Road, Noida - 201301 Tel: +91 96646 90542 Email: csvanita2020@gmail.com Last date for submission of claims: June 13, 2026 =============== M A L A Y S I A =============== CAPITAL A: Completes Six-Year Turnaround, Exits PN17 Status ----------------------------------------------------------- The Star reports that Capital A Bhd exited Practice Note 17 (PN17) status on May 20, marking the completion of a six-year restructuring exercise that included the disposal of its aviation business and a major capital reduction aimed at restoring its financial position. In a filing and statement, the group said Bursa Malaysia Securities Bhd had approved the upliftment of its PN17 classification effective 9:00 AM May 20, following the completion of its regularisation plan. Capital A had been classified as a PN17 company in January 2022 after its shareholders' equity fell below the threshold required under Bursa Malaysia's listing rules amid the severe impact of the Covid-19 lockdowns on the aviation sector. According to The Star, the company said the regularisation plan was completed in January 2026 through several key corporate exercises, including the disposal of its aviation businesses to AirAsia X Bhd (AAX), the distribution and listing of AAX shares to entitled shareholders, and a High Court-approved capital reduction of about RM5.5 bililion. The Star relates that Capital A said the restructuring restored the group's shareholders' funds to positive territory. The company also said its remaining non-aviation businesses had recorded five consecutive profitable quarters from the first quarter of 2025 to the first quarter of 2026, excluding contributions from the aviation segment. Chief executive (CEO) Tan Sri Tony Fernandes described the upliftment as a significant milestone for the company after several years of restructuring and operational challenges, The Star relays. "The past six years have been incredibly tough," he said, adding that the group had sought to protect jobs while transforming itself into a more diversified business ecosystem. The Star relates that Mr. Fernandes said Capital A's non-aviation operations were less exposed to fuel price volatility compared with its previous airline-focused structure, adding that the company's diversification strategy had strengthened its resilience against external pressures such as geopolitical uncertainty and supply chain disruptions. He also thanked Bursa Malaysia, advisers and legal counsel involved in the restructuring process. The Star adds that Deputy CEO Effendy Shahul Hamid said the group was entering a new phase focused on growing five core businesses, namely Asia Digital Engineering (ADE), Teleport, AirAsia MOVE, AirAsia Next and Santan. He said ADE, the group's maintenance, repair and overhaul (MRO) business, was experiencing a record year, while logistics arm Teleport continued to expand its regional network. Both businesses had secured new funding to support expansion plans, he added. Effendy also said AirAsia MOVE would continue integrating with airline partners to strengthen its travel and ancillary offerings, while AirAsia Next would focus on monetising the AirAsia brand through loyalty, artificial intelligence and data-driven initiatives. Capital A said it would continue updating the market on the operational progress of its businesses, The Star adds. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provided low-cost air carrier service. The company provided services on short-haul, point-to-point domestic and international routes. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. In January 2026, Capital A completed its aviation business disposal (AirAsia Berhad and AirAsia Aviation Group Limited) to AirAsia X Berhad. The completion of this transaction consolidates all AirAsia-branded airlines under a single airline platform ("AirAsia Group") while Capital A pivots to grow its non-aviation portfolio. EDENOR TECHNOLOGY: Mega First's JV Applies For Judicial Management ------------------------------------------------------------------ The Edge Malaysia reports that Mega First Corp Bhd said its 50%-owned oleochemical joint venture, Edenor Technology Sdn Bhd, has voluntarily applied for judicial management. According to The Edge, Edenor applied for the judicial management order at the High Court on May 20 for the company and a slew of its units, the group said in a bourse filing on May 20. Mega First's JV partner in Edenor is 9M Technologies Sdn Bhd. The units are Edenor Oleochemicals (M) Sdn Bhd, Edenor Surfactant (M) Sdn Bhd, Edenor Speciality Chemicals Sdn Bhd, Edenor Speciality Esters (M) Sdn Bhd, Edenor Oleochemicals Specialities (M) Sdn Bhd and 75%-owned Edenor Oleochemicals Rika (M) Sdn Bhd, The Edge discloses. Judicial management is court-supervised debt restructuring. Mega First noted that Edenor has incurred losses over the past year, "which have materially and adversely affected its ability to meet its obligations". It said performance was expected to improve, but instead "deteriorated more severely than previously anticipated" in the first four months of 2026, as Edenor's financial position continued to worsen, The Edge relays. "In view of the foregoing, the board is of the opinion that the appointment of a judicial manager is necessary to facilitate the restructuring of Edenor's obligations and to preserve the value of its business and assets for the benefit of its creditors and stakeholders," the group said. The Edge notes that filing the judicial management order application automatically grants Edenor an automatic moratorium on legal action from its creditors until the application is concluded. According to The Edge, Mega First said Edenor has applied for the appointment of Lim Tian Huat and Chiang Teng Guan of Messrs Rodgers Reidy & Co as interim judicial managers. "Based on the latest available information, Mega First does not expect any immediate material financial impact on the group arising from the application," it added. Mega First invested in the oleochemical JV in 2021. In August 2021, Edenor acquired Sime Darby Plantation Bhd-PTTGC International Pt Ltd JV's Asia-Pacific business of Emery Oleochemicals (M) Sdn Bhd and Emery Speciality Chemicals Sdn Bhd for MYR38 million. GREENPRO CAPITAL: Reports Q1 Net Loss of $912K, Going Concern Stays ------------------------------------------------------------------- Greenpro Capital Corp. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $911,576 for the three months ended March 31, 2026, compared to a net loss of $635,576 for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $405,386, compared to $352,755 in the prior-year period. Liquidity and Capital Resources The Company's cash balance on March 31, 2026, was $540,914, as compared to $636,659 on December 31, 2025, a decrease of $95,745. The Company estimates it may have sufficient cash available to meet its anticipated working capital for the next 12 months upon improving its profitability and the continuing financial support from its major shareholders. During the three months ended March 31, 2026, the Company incurred a net loss of $911,576 and net cash used in operations of $928,413, and as of March 31, 2026, the Company incurred an accumulated deficit of $41,158,288. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In addition, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2025 financial statements, has expressed substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide additional cash to meet the Company's obligations as they become due. Despite the amount of funds that the Company has raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its shareholders, in the case of equity financing. Operating Activities Net cash used in operating activities was $928,413 and $240,942 for the three months ended March 31, 2026, and 2025, respectively. The net cash used in operating activities in 2026 primarily consisted of a net loss of $911,576, an increase in prepaids and other current assets of $33,158 and a decrease in deferred revenue of $88,535, offset by a decrease in digital assets of $33,696 and a decrease in deferred costs of revenue of $41,772. For the three months ended March 31, 2026, non-cash adjustments totaled $50,825, which was comprised of non-cash expenses from the provision for credit losses of $74, fair value loss on digital assets of $1,290 and depreciation and amortization of $49,461. The net cash used in operating activities in 2025 primarily consisted of an increase in prepaids and other current assets of $29,671 and a decrease in accounts payable and accrued liabilities of $158,488. For the three months ended March 31, 2025, non-cash adjustments totaled $67,846, which was comprised of non-cash expenses from the provision for credit losses of $41,013, fair value loss on digital assets of $6,765 and depreciation and amortization of $60,018, offset by non-cash income from gain on disposal of investment of $39,800 and reversal of impairment of investment of $150. Investing Activities Net cash provided by investing activities was $0 and $39,950 for the three months ended March 31, 2026, and 2025, respectively. Financing Activities Net cash provided by financing activities was $830,331 and $6,959 for the three months ended March 31, 2026, and 2025, respectively. Cash provided by financing activities in 2026 was the advance payments from related parties of $831,440, offset by the principal repayment of finance lease liabilities of $1,109. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5bh667nn About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1,790,250 and as of December 31, 2025, the Company incurred an accumulated deficit of $40,246,712. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $21,888,786 in total assets, $2,186,064 in total liabilities, and $19,702,722 in total stockholders' equity. ===================== N E W Z E A L A N D ===================== DYER MOTELIERS: Creditors' Proofs of Debt Due on June 30 -------------------------------------------------------- Creditors of Dyer Moteliers Limited are required to file their proofs of debt by June 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2026. The company's liquidators are: Wendy Somerville Malcolm Hollis c/o PwC, PwC Waikato PO Box 191 Hamilton 3240 ELLETTX LIMITED: Creditors' Proofs of Debt Due on June 19 --------------------------------------------------------- Creditors of Ellettx Limited, Krivaan Limited and Mcwatt Roadhaul Limited are required to file their proofs of debt by June 19, 2026, to be included in the company's dividend distribution. Ellettx Limited commenced wind-up proceedings on May 12, 2026. Krivaan Limited and Mcwatt Roadhaul Limited commenced wind-up proceedings on May 14, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 J & I EXCAVATORS: Court to Hear Wind-Up Petition on May 29 ---------------------------------------------------------- A petition to wind up the operations of J & I Excavators Limited will be heard before the High Court at Auckland on May 29, 2026, at 10:00 a.m. Ideal Transport Limited filed the petition against the company on April 2, 2026. The Petitioner's solicitor is: Ivan Milan Vodanovich c/o Vodanovich Law 4A Shamrock Drive Kumeu, Auckland JUKEN NZ: Auckland Mayor Mulls Buying At-Risk Kaitaia Mills ----------------------------------------------------------- Radio New Zealand reports that Auckland Mayor Wayne Brown is considering coming to the rescue of Kaitaia's beleaguered timber mills - but in his capacity as a private businessman. According to RNZ, the Japanese company that owns the two mills, Juken NZ, has said it will close them down, with the loss of about 200 jobs, if a buyer cannot be found. The two-month sale period is due to end this week. Mr. Brown, a two-term former Far North mayor who already has extensive business interests in Kaitaia, told RNZ he was considering buying the Triboard and Northland mills as going concerns. "I'm chewing it over, would be the best I can say at the moment. Chewing it over." However, he said it was too early to divulge more, including who he was working with, RNZ relays. According to RNZ, Mr. Brown has previously developed a number of large commercial properties in the North Park area, next to the mills, and is a landlord to private businesses and government agencies. He has also developed properties in Mangonui and Kerikeri, also in the Far North. During his time as Far North mayor he revived and pushed through a stalled project to build the Te Ahu Centre, which included a library, community hall, cinema, museum and council service centre at the southern end of Kaitaia. Northland MP Grant McCallum earlier told RNZ he had met a consortium of local and national investors keen to keep the mills operating, but could not say who was involved. When announcing its plan to exit Kaitāia earlier this year, Juken NZ said the mills had been affected by declining export markets and high costs, especially electricity, RNZ says. The mills are also major water users, consuming about a third of Kaitāia's town supply. Juken is planning to keep its Masterton mill, which is newer and makes similar products. On May 20, Workers First Union organiser Marcus Coverdale warned closure of the mills would have a "devastating effect" on the town - not just on the 200 workers and their families, but also on a construction firm that used Triboard to build prefabricated homes, trucking firms, supermarkets, and every other business that relied on workers spending their wages in town. The union has called a public meeting at Te Ahu from 4:30 p.m. on May 23, RNZ adds. MCCAIN ANZ: Hawke's Bay Mayors ask Company to Pause Plant Closure ----------------------------------------------------------------- Radio New Zealand reports that Hawke's Bay mayors have written to McCain asking the international company to pause its closure of the Hastings processing plant. More than 100 growers are impacted by McCain closing its frozen vegetable factory in Hastings, a decision the company said it made after reviewing operations and being "unable to identify a sustainable pathway under the current model," RNZ states. However, a group of growers are now looking at whether they could take over the processing operation. According to RNZ, Hastings District Mayor Wendy Schollum and Central Hawke's Bay Mayor Will Foley wrote to McCain Foods requesting an eight-week pause on any major changes to the company's Hawke's Bay processing plant while growers explore the potential for an independent feasibility study into the future of the sector. The proposed study would assess whether a viable pathway existed for a grower-owned processing operation that could retain large-scale food manufacturing capability in Hawke's Bay, and protect the wider economic ecosystem built around McCain's long-standing presence in the region. RNZ relates that Ms. Schollum said the request was intended to allow time for the study to be completed before decisions are made that could limit future opportunities. "We are asking for a short period to complete the work while the facility remains substantially intact. This will help to determine whether there is a credible commercial pathway forward for the sector," she said. It follows a series of meetings between mayors, growers, government ministers and members of parliament. Mr. Foley said the mayors respected McCain's commercial position and were seeking a constructive and pragmatic process. "We acknowledge the realities McCain is working through and this request is not intended to challenge the company's right to make business decisions," RNZ quotes Mr. Foley as saying. "However, given the significance of this industry to Hawke's Bay, we believe there is value in allowing this assessment to be completed before key infrastructure or processing capability is lost." The proposed feasibility study would examine infrastructure requirements, market opportunities, logistics, energy and water considerations, workforce needs and overall commercial sustainability. RNZ adds Mr. Foley and Ms. Schollum said government support would be critical to ensuring the work could be undertaken quickly, independently and with the level of commercial and technical rigour required. "This is a significant piece of work with potentially important implications for Hawke's Bay and New Zealand's wider food production sector. "Government support would help ensure growers have access to the expertise and analysis needed to properly assess whether a sustainable long-term future remains possible for the sector," Foley said. And they are hopeful, after meeting with central government and MPs from across Parliament in recent weeks. "These discussions extend well beyond a single processing site. They go to the future of regional manufacturing, grower confidence and New Zealand's broader food resilience and security," Schollum said. The mayors confirmed they remain committed to working collaboratively with growers, government and McCain Foods as discussions continue, RNZ adds. RUSTY MORRIS: Court to Hear Wind-Up Petition on June 11 ------------------------------------------------------- A petition to wind up the operations of The Rusty Morris Limited will be heard before the High Court at Auckland on June 11, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 15, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 YG TRANSPORT: Khov Jones Appointed as Receivers ----------------------------------------------- Steven Khov and Kieran Jones of Khov Jones Limited on May 15, 2026, were appointed as receivers and managers of YG Transport Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 =============== P A K I S T A N =============== PAKISTAN: IMF Staff Concludes Visit to Islamabad ------------------------------------------------ An International Monetary Fund (IMF) mission led by Ms. Iva Petrova has concluded its staff visit to Islamabad between May 13 to 20, 2026. The staff visit focused on recent economic developments, reform implementation, and the budget strategy for fiscal year (FY) 2027. At the end of the visit, Ms. Petrova issued the following statement: "We had constructive discussions with the authorities on recent economic developments, including the impact of ongoing disruptions from the conflict in the Middle East, the FY2027 budget formulation, and progress on the reform agenda under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF). The authorities reaffirmed their commitment to a primary surplus target of 2 percent of GDP in FY2027, which will support fiscal sustainability and continue to build resilience. The envisaged gradual fiscal consolidation will be supported by efforts to broaden the tax base, improve tax administration, enhance spending efficiency and public financial management at both federal and provincial levels. Discussions on the FY2027 budget will continue in the coming days." The State Bank of Pakistan reiterated its commitment to maintaining an appropriately tight monetary policy stance to anchor inflation expectations and will continue to closely monitor potential second-round effects from energy price increases. Furthermore, exchange rate flexibility should continue to serve as a key shock absorber, and efforts should continue to build a deeper foreign exchange interbank market. Discussions also covered ongoing structural reforms, including in the energy sector and state-owned enterprises, product market liberalization, and financial sector reforms aimed at supporting durable growth and attracting high-quality private investment. Progress under the RSF was also discussed, including efforts to adopt a disaster risk financing framework, integrate climate considerations into budget and investment planning, and advance power subsidy reforms. The mission thanks the federal and provincial authorities for their constructive engagement, strong collaboration, and continued commitment to sound policies. The next mission, which is envisioned to include the Article IV consultation and EFF and RSF reviews, is expected to take place in the second half of 2026. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific in mid-April 2026, Fitch Ratings has affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. Pakistan's rating affirmation reflects progress on fiscal consolidation and macro stability measures, broadly in line with its IMF programme and supporting its funding capacity. Foreign exchange (FX) buffers rebuilt over the past year provide a cushion against the economic impact of the war in the Middle East, while Pakistan's role as ceasefire broker may provide tangible benefits and partly offset external pressures. The country's high exposure to the global energy price shock nonetheless remains a key risk, particularly if it leads to a sharp drop in FX reserves. The TCR-AP reported in late August 2025 that Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: Posts PHP813 Million Net Loss in Q1 Ended March 31 ---------------------------------------------------------------- The Manila Times reports that ABS-CBN Corp. booked a net loss of PHP813 million in the first quarter, wider than the previous year's PHP499 million, on weaker advertising demand and the absence of major content and event-driven revenues. In a first-quarter report, the media network said consolidated revenues slumped 21 percent to PHP3.33 billion, reflecting softness across its core businesses, particularly content production and distribution as well as in cable TV and broadband operations, The Manila Times discloses. Revenue from content production and distribution shrank 13 percent to PHP2.76 billion amid lower ad spend, reduced industry activity and the absence of the election-related ad placements that bolstered last year's first-quarter results. "Operating expenses decreased 5 percent to PHP160 million and are expected to remain under control," the company said. "Cuts to general and administrative expenses and employee costs accounted for PHP136 million of the reduction." "In addition, global developments this year have had a negative impact on consumer demand and the domestic economy." According to The Manila Times, operating expenses fell by 12.5 percent to PHP4.06 billion from PHP4.6 billion on lower general and administrative costs and reduced employee-related expenses as cost rationalization efforts continued. Within the content production and distribution segment, operating expenses were trimmed 5 percent to PHP160 million. Despite the cost reductions, the company said the drop in revenues outpaced savings, resulting in a wider net loss for the period. Looking ahead, ABS-CBN said it expected revenue performance to improve, citing a stronger content pipeline, The Manila Times relays. About ABS-CBN ABS-CBN Broadcasting operated a network of TV & radio stations in the Philippines. The Company produced entertainment and news programs for basic and cable channels. On May 5, 2020, the National Telecommunications Commission (NTC) issued a cease-and-desist order (CDO) against ABS-CBN, immediately directing it to stop broadcast operations in radio and television. The order followed the expiration of ABS-CBN's broadcast franchise on May 4, 2020. On July 10, 2020, members of the House of Representatives denied ABS-CBN's renewal franchise application, citing several issues on the network's prior 25-year franchise. The network has now rebranded itself as a mass content company and produced television programs, films and other entertainment content through partnerships with independent production companies and broadcasters. ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net losses in 2024 and PHP4.72 billion in 2025. ================= S I N G A P O R E ================= BRIGHTSTONE JEWELLERY: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Brightstone Jewellery 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 DROMOND SHIPPING: Creditors' Proofs of Debt Due on June 15 ---------------------------------------------------------- Creditors of Dromond Shipping Pte. Ltd., Tidewater Emergency Response Services Pte. Ltd., Tidewater Production Solutions Pte. Ltd., and Tidewater Salvage Pte. Ltd. are required to file their proofs of debt by June 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2026. The company's liquidators are: Tan Kim Han Luke Anthony Furler c/o Quantuma (Singapore) Pte Ltd 137 Amoy Street #02-03, Far East Square Singapore 049965 EVO AMUSEMENT: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Evo Amusement Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road, #23-01 Parkview Square Singapore 188778 LS INVESTMENT: Court to Hear Wind-Up Petition on May 29 ------------------------------------------------------- A petition to wind up the operations of LS Investment Holdings Pte. Ltd. will be heard before the High Court of Singapore on May 29, 2026, at 10:00 a.m. Rohan Marinus Lallantha St George filed the petition against the company on April 29, 2026. The Petitioner's solicitors are: Drew & Napier 10 Collyer Quay #10-01 Ocean Financial Centre Singapore 049315 MSQM PTE: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on May 13, 2026, to wind up the operations of MSQM Pte. Ltd. The company's liquidators are: Mr. Paresh Tribhovan Jotangia Ms. Ho May Kee c/o Grant Thornton Singapore 8 Marina View Asia Square Tower 1 #40-04/05 Singapore 018960 ********* 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. 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