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260512.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 Tuesday, May 12, 2026, Vol. 29, No. 94 Headlines A U S T R A L I A 27 DEGREES: First Creditors' Meeting Set for May 18 EXEL WORKFORCE: Second Creditors' Meeting Set for May 14 FISHBURNERS LTD: Collapse Reignites Debate Over NSW Startup Support RUSSLEE PTY: First Creditors' Meeting Set for May 15 TECHNICAL FOCUS: First Creditors' Meeting Set for May 18 VENTURECROWD HOLDINGS: Second Creditors' Meeting Set for May 15 [] AUSTRALIA: Tradies Face Breaking Point as Supply Costs Rise C H I N A CBAK ENERGY: Gets Nasdaq Minimum Bid Price Non-Compliance Notice [] CHINA: Creditors Turn to Hong Kong Courts to Enforce Rulings I N D I A AMBIKA MARKETING: CARE Lowers Rating on INR14.46cr LT Loan to B- ANADI RICE: CARE Keeps D Debt Rating in Not Cooperating Category BABA BUDHA: CARE Lowers Rating on INR19.85cr LT Loan to B- BHOPAL MOTORS: CRISIL Reaffirms B+ Rating on INR25cr e-DFS DEEKAY PINE: CARE Lowers Rating on INR9.84cr LT Loan to B+ FARISTA VANIJYA: CARE Lowers Rating on INR6.90cr LT Loan to B- GARG ELECTRONICS: CARE Lowers Rating on INR11.50cr LT Loan to B- GM SUGAR: CRISIL Lowers Rating on INR85cr Cash Credit to B HIRANYAKESHI SAHAKARI: CARE Cuts Rating on INR60cr LT Loan to B- JP GLOBAL: CRISIL Reaffirms B+ Rating on INR1cr New LT Loan JSG INNOTECH: CRISIL Cuts Ratings on INR20cr Overdraft to B MAGNUM ESTATES: CARE Lowers Rating on INR12.75cr LT Loan to B- MDJ TEXCO: CARE Lowers Rating on INR7.14cr LT Loan to B P.A.R.K INDUSTRIES: CRISIL Withdraws B Rating on INR28.8cr Loan PAWAS FOUNDATION: CRISIL Reaffirms B Rating on INR1cr LT Loan PRABODH STEEL: CARE Lowers Rating on INR19.53cr LT Loan to B+ RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category SAI RADHA: CRISIL Assigns B+ Rating to INR48cr Term Loan SANDHYA INFOCITY: CARE Lowers Rating on INR310cr LT Loan to B SRK INFRACON: CRISIL Lowers Rating on INR10cr LT Loan to D VAIJANATH INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D DANZKA HOLDINGS: Creditors' Proofs of Debt Due on June 1 GILMOUR CONSTRUCTION: Court to Hear Wind-Up Petition on June 4 IFC NORTH: Creditors' Proofs of Debt Due on June 4 INVIBE DISTRIBUTION: Court to Hear Wind-Up Petition on May 25 SHUNDI CUSTOMS: Estimated to Owe NZD588.8 Million to Creditors S I N G A P O R E ADS INDUSTRY: Members' Final Meeting Set for June 8 KYS ENERGY: Court Enters Wind-Up Order MARY CHIA: Fights for Survival Amid Insolvency Claims QURIOUS GROUP: Creditors' Meetings Set for May 22 STRAITS TEN: Creditors' Proofs of Debt Due on June 8 S O U T H K O R E A HOMEPLUS CO: NS Shopping Acquires Retailer's Supermarket Chain [] SOUTH KOREA: Restructuring Fears Grip Budget Carriers - - - - - ================= A U S T R A L I A ================= 27 DEGREES: First Creditors' Meeting Set for May 18 --------------------------------------------------- A first meeting of the creditors in the proceedings of 27 Degrees Media Pty Ltd will be held on May 18, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on May 6, 2026. EXEL WORKFORCE: Second Creditors' Meeting Set for May 14 -------------------------------------------------------- A second meeting of creditors in the proceedings of Exel Workforce Australia Pty Ltd has been set for May 14, 2026, at 10:00 a.m. via Microsoft Teams. 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 13, 2026 at 4:00 p.m. Stephen Dixon of HM Advisory was appointed as administrator of the company on March 31, 2026. FISHBURNERS LTD: Collapse Reignites Debate Over NSW Startup Support ------------------------------------------------------------------- SmartCompany reports that the collapse of Sydney co-working community Fishburners has reignited debate over the NSW government's startup support levels, as reports emerge of significant rental debt owed to Investment NSW. Fishburners, which evolved from a single co-working space to a community offering access to mentors, investors, and other perks, entered voluntary administration on May 6. In a statement, the Fishburners board said its financial woes related to "failed efforts to resolve long-standing rental legacy debt" accumulated through its tenancy at the Sydney Startup Hub, SmartCompany relays. Launched under the Berejiklian Coalition government in 2018, the Sydney Startup Hub in Wynyard offered taxpayer-subsidised rent to tenants like Fishburners. But the Minns Labor government took a different path after the 2023 state election, ending the Sydney Startup Hub lease three years early after ruling it "not commercially viable," SmartCompany relates. Startups and community partners occupying the hub, including Fishburners, relocated to the new Tech Central precinct in Haymarket. Fishburners sustained "subsequent operating losses", according to the board. A recent financial report, first covered by The Daily Telegraph, shows Fishburners had signed a repayment plan with Innovation NSW covering nearly AUD2.2 million in rental debt. However, back-to-back annual losses saw auditors raise concerns about Fishburners' ability to carry on. When asked about the NSW government's position on the rental debt, NSW Minister for Industry and Trade Anoulack Chanthivong said questions about Fishburners' rental debt should go towards the administrators, SmartCompany reports. "We're backing Tech Central and we'll work with any impacted startups to support them through this process." SmartCompany says the NSW government recently launched a AUD20 million early-stage technology commercialisation fund and opened a AUD4 million program designed to support women founders. But Sydney Startup Hub is not the only industry program to go, as the state government has ceased funding to accelerator program Techstars Sydney. According to SmartCompany, Shadow Minister for Science & Technology Jacqui Munro, who has long criticised the Sydney Startup Hub closure, said the government has "turned its back" on the local startup community. Fishburners tried in "good faith" to find a "workable financial solution" with the government, she said, in a statement provided to Startup Daily. "The potential of losing Fishburners, once the envy of Australia's startup scene, would strike fear into the hearts of most responsible politicians," she added. For now, the voluntary administrators are assessing Fishburners' finances as they undertake an "accelerated sale and recapitalisation process". Phil Quinlan and Gayle Dickerson of KPMG were appointed as administrators of the company on May 6, 2026. RUSSLEE PTY: First Creditors' Meeting Set for May 15 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Russlee Pty Ltd, trading as The Lure Shop, will be held on May 15, 2026, at 11:00 a.m. via telephone conference facilities. John Goggin of Worrells was appointed as administrator of the company on May 5, 2026. TECHNICAL FOCUS: First Creditors' Meeting Set for May 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Technical Focus Pty Ltd will be held on May 18, 2026, at 12:00 p.m. via Teleconference. John Maxwell Morgan and Geoffrey Davis of BCR Advisory were appointed as administrators of the company on May 7, 2026. VENTURECROWD HOLDINGS: Second Creditors' Meeting Set for May 15 --------------------------------------------------------------- A second meeting of creditors in the proceedings of VentureCrowd Holdings Pty Ltd has been set for May 15, 2026, at 11:00 a.m. via Microsoft Teams. 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 14, 2026 at 4:00 p.m. Stephen Earel and Barry Wight of Cor Cordis were appointed as administrators of the company on April 9, 2026. [] AUSTRALIA: Tradies Face Breaking Point as Supply Costs Rise -------------------------------------------------------------- The Australian Financial Review reports that the construction industry is being pushed to the brink as a second wave of price rises stemming from the Middle East war increases the pressure on smaller builders and tradespeople, who were already overrepresented in insolvency statistics before the conflict began. According to the Financial Review, plumbing supplies giants Reece and Tradelink have notified builders and trade customers of further price rises for June and July, while prices for many products used by electricians are climbing, with surcharges of 10 per cent from May 1. Company collapses in the construction industry are running at about 24 per cent of total insolvencies, according to the Australian Securities and Investments Commission. "We have seen a material increase in distress across the construction sector over the past couple of months," the Financial Review quotes Matthew Hutton, a partner at insolvency and restructuring firm McGrath Nicol, as saying. "Many construction businesses and subcontractors are looking at how they can deal with rising raw material costs due to increased fuel prices and continued wage pressures, particularly in circumstances where they are locked into existing fixed price contracts." "There is no wriggle room in their already tight margins," he said. The Financial Review relates that Liam Bailey, the managing partner of insolvency and restructuring group O'Brien Palmer, said the construction industry was struggling before the war because of the rising costs of building materials, labour and insurance premiums since the COVID-19 pandemic. "I feel for builders. They truly are the sponge in the middle under so many pressures. They're being squeezed by developers and by suppliers, they're being squeezed in the middle," Mr. Bailey said. Interest rate increases by the Reserve Bank of Australia will add to the pressures, he said. However, a renewed spike in collapses has not yet appeared in ASIC data, with construction insolvencies in April at 192, compared with 298 in the same month in the year before. Tradelink, which operates 200 outlets across Australia selling bathroom and plumbing supplies, listed a range of price increases from June 1 in a pricing update seen by The Australian Financial Review. The cost of Reln plastic pipes will rise by between 23 and 35 per cent, Kembla copper fittings will lift 8 per cent, and Lightning Building Products brass products will go up 6 per cent. Linkware taps, shower heads and towel rails will be 8 per cent to 13 per cent more expensive from July 1. According to the Financial Review, Reece Group price rises in June range from 10 per cent for Ardent and Dura brassware, and up to 30 per cent for plastic pipes from Holman Distributors. Reece has more than 600 outlets in Australia that sell bathroom and plumbing supplies, the Financial Review notes. A notice from Pipemakers Australia, a Sydney-based plastic pipes supplier, said high-density polyethylene pipe would increase in price by up to 20 per cent from June 1. "These changes are driven by ongoing cost pressures across our supply chain, including resin, additives, rubber rings, packaging materials, fuel and freight," said a letter to Pipemakers customers from one of its divisional managers. Pipemakers had previously put through a price rise on April 13 of up to 40 per cent. Crude oil is an important ingredient in the manufacturing of plastics, with fuel costs having soared since the start of the Middle East war in February. Iplex, a plastic pipe supplier, will also put through a second round of increases, notifying customers of another increase on June 1 of up to 7.5 per cent on polyethylene pipes because it had "continued to experience supplier-driven increases across a broader range of materials". The Financial Review adds that prices of brassware and copper products used in plumbing and construction have also been rising because of high global demand for copper, an important component in the wiring infrastructure in data centres, which are being built at a furious pace around the world as the use of AI climbs. ========= C H I N A ========= CBAK ENERGY: Gets Nasdaq Minimum Bid Price Non-Compliance Notice ---------------------------------------------------------------- CBAK Energy Technology, Inc. announced in a regulatory filing that it received notice from the Listing Qualifications staff of The Nasdaq Stock Market LLC notifying that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of US$1.00 per share. Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common stock for the 30 consecutive business days from March 18, 2026 through April 29, 2026, the Company no longer meets the minimum bid price requirement. The Notice has no immediate effect on the listing of the Company's common stock, which will continue to trade uninterrupted on Nasdaq under the ticker "CBAT." Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until October 27, 2026, to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with the minimum bid price requirement by October 27, 2026, the Company may be eligible for an additional 180 calendar day grace period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel. About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China -based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of December 31, 2025. As of December 31, 2025, the Company had $426.2 million in total assets, $316.7 million in total liabilities, and $109.5 in total equity. [] CHINA: Creditors Turn to Hong Kong Courts to Enforce Rulings --------------------------------------------------------------- Bloomberg News reports that Chinese creditors who have struggled to recover funds from distressed property developers on the mainland are increasingly turning to Hong Kong courts in their quest for repayment. The latest in a string of recent cases involves the chairman of Sunac China Holdings Ltd, who is being sued in Hong Kong by one of the company's suppliers. Beijing Oriental Yuhong Waterproof Technology Co is asking the court to enforce an onshore ruling against Sun Hongbin from last year, in which he was ordered to pay out more than CNY418.5 million, according to judicial documents seen by Bloomberg. If the court rules in favor of the waterproofing company, it can allow it to access Sun's offshore assets, making it a potentially useful route to recoup funds, Bloomberg states. Hong Kong courts are able to take action on mainland cases under reciprocal recognition arrangements rolled out in recent years to bolster cross-border enforcement of commercial and insolvency disputes. Lawsuits such as the one against Sun may offer a road map for other onshore creditors ensnared in debt disputes involving Chinese developers. "Onshore creditors are now pursuing recoveries wherever assets can be found - both onshore and offshore - and are actively deploying legal tools to build leverage and force debtors back to the negotiating table," Bloomberg quotes Glen Ho, Asia Pacific contingency planning and insolvency leader at Deloitte, as saying. Another case involves Agile Group Holdings Ltd, Bloomberg says. Late last year, a unit of casino operator Melco International Development filed a liquidation petition against the defaulted Chinese builder in an effort to recoup the more US$18 million it won in a Chinese arbitration tribunal ruling earlier that year. Similarly, a unit of Agricultural Bank of China Ltd took its case against defaulted Chinese builder Shimao Group Holdings Ltd to Hong Kong last August, seeking to recover about one billion yuan related to a 2022 mainland court ruling, recalls Bloomberg. According to Bloomberg, the series of cross-border cases also comes as many Chinese developers have finished restructurings after being battered by the country's yearslong real estate crisis. Sunac, for example, completed its second offshore restructuring in December 2025, while Shimao finished one of its own that year. While completing a restructuring doesn't necessarily mean that a company's financial challenges are resolved, it generally allows it to focus on improving its operations rather than worrying about creditors seeking repayments, Bloomberg says. Having an onshore creditor suddenly target offshore assets at such a time would be an unwelcome development, likely opening a window for talks to defuse the situation. After initially focusing on resolving offshore liabilities, creditors' attention is now shifting toward the restructuring and recovery of onshore debt, said Ho. ========= I N D I A ========= AMBIKA MARKETING: CARE Lowers Rating on INR14.46cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ambika Marketing (AM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.46 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 3, 2025, placed the rating(s) of AM under the 'issuer non-cooperating' category as AM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 17, 2026, February 27, 2026, March 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of AM have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Formed in 2012, Ambika Marketing (AM) is a proprietorship firm managed by Mr. Pannalal Kalantri. It is a part of Ambika group and is engaged in processing of Chana dal, Toor dal and packaging for Tata Sampanna. ANADI RICE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anadi Rice Mill Private Limited (ARMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- 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 March 13, 2025, placed the rating(s) of ARMPL under the 'issuer non-cooperating' category as ARMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARMPL 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 Anadi Rice Mill Private Ltd (ARMPL) set up as a proprietorship entity in 2005 by Dudhwewala family of Kolkata, West Bengal, belongs to the Anadi group of companies, a diversified industrial group having interest in textile, cement, steel, etc. with Mr Shankar Prasad Dudhwewala, founder of the group, having an extensive experience in providing services to various government agencies on food storage system. ARMPL is primarily engaged in the processing and milling of non-basmati parboiled rice and was initially set up with an installed capacity of 18,000 Metric Tonne Per Annum (MTPA). Subsequently, in 2009 the entity was converted into a private limited company and the capacity was increased to 60,000 MTPA. The milling unit of the company is located in Paschim Midnapore district, West Bengal. Apart from rice milling the company has opened an atta chakki unit in 2014 with a capacity of 45,000 MTPA. BABA BUDHA: CARE Lowers Rating on INR19.85cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Baba Budha Sahib Cardiac Centre Limited (BBSCCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of BBSCCL under the 'issuer non-cooperating' category as BBSCCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBSCCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings of BBSCCL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Baba Budha Sahib Cardiac Center Limited (BBSCCL) was incorporated in 1992 by Dr. C.S. Pruthi. It operates a hospital by the name BBSCCL Heart Care, located in Jalandhar (Punjab) with capacity of 75 beds. The operations of the hospital commenced from January 1996. The hospital is equipped for performing heart surgery, procedures associated with cardiac catheterization, neuro surgery, nephrology and orthopaedics. BHOPAL MOTORS: CRISIL Reaffirms B+ Rating on INR25cr e-DFS ---------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on the bank facilities of Bhopal Motors Private Limited (BMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.95 CRISIL B+/Stable (Reaffirmed) Cash Credit 2 CRISIL B+/Stable (Reaffirmed) Drop Line Overdraft Facility 9 CRISIL B+/Stable (Reaffirmed) Electronic Dealer 8 CRISIL B+/Stable (Reaffirmed) Financing Scheme (e-DFS) Electronic Dealer 25 CRISIL B+/Stable (Reaffirmed) Financing Scheme (e-DFS) Proposed Long Term 1.16 CRISIL B+/Stable (Reaffirmed) Bank Loan Facility Term Loan 16.5 CRISIL B+/Stable (Reaffirmed) Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of BMPL. The rating continues to reflect the average financial risk profile of the company and exposure to intense competition and cyclicality in the construction equipment industry. These weaknesses are partially offset by the extensive experience of the promoters in the automotive (auto) dealership business and their strong relationship with JCB India Ltd (JCB; rated 'Crisil AAA/Stable'). Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of BMPL. Key Rating Drivers - Weaknesses * Average financial risk profile: Financial risk profile has been weak owing to high dependence on external debt and low operating margin. Total outside liabilities to adjusted networth ratio was estimated at 2.60 times as on March 31, 2026. Debt protection metrics were subdued, as indicated by estimated interest coverage ratio of 1.27 times and net cash accrual to adjusted debt ratio of 0.06 time for fiscal 2026. The financial risk profile is likely to improve over the medium term, with gradual repayment of debt and steady accretion to reserve. The company has other income in the form of rental income. * Exposure to intense competition and cyclicality in the end-user industry: The construction equipment industry is vulnerable to changes in economic cycles. Excessive downturn in the economy or monetary tightening measures can substantially impact demand. Intense competition from other dealers in the region constrains operating performance, as reflected in earnings before interest, taxes, depreciation and amortisation margin of around 3.5% in fiscal 2026. Key Rating Drivers - Strengths * Extensive experience of the promoters and healthy relationship with JCB: The promoters have been in the auto dealership business for four decades and are associated with JCB for more than 25 years. The company derives around 80% of its revenue from the sale of vehicles and the remaining from service and sale of spare parts. It has 13 showrooms, one two-wheeler TVS showroom in the Madhya Pradesh. Liquidity Stretched Bank limit utilisation was 80% on average for the 12 months through March 2026. Annual cash accrual is projected to be INR3–4 crore against yearly debt obligation of INR3.2 crore over the medium term. Current ratio stood healthy at 1.18 times and cash and bank balance at around INR1.48 crore as on March 31, 2026. Outlook Stable Crisil Ratings believes BMPL will continue to benefit from the extensive experience of the promoters. Rating sensitivity factors Upward factors * Steady revenue growth while maintaining moderate operating margin, leading to net cash accrual above INR3.5 crore. * Improvement in the working capital cycle and no large, debt-funded capital expenditure (capex). Downward factors * Steep decline in revenue and/or operating margin, resulting in net cash accrual of less than INR3.2 crore. * Sizeable stretch in the working capital cycle or any large, debt-funded capex Incorporated in 1951 in Indore, BMPL is an authorised dealer for heavy earth-moving equipment and commercial vehicles, including backhoe loaders, excavators and car-mounted machines, for JCB. Rohit Sanghi and Swati Tokkar are the promoters. DEEKAY PINE: CARE Lowers Rating on INR9.84cr LT Loan to B+ ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Deekay Pine Board Private Limited (DPBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.84 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB- Short Term Bank 0.40 CARE A4; 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 DPBPL under the 'issuer non-cooperating' category as DPBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DPBPL 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). The ratings assigned to the bank facilities of DPBPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable DPBPL was incorporated in the year 2002 by Mr. Dilip Kedia and Mr. Ashwini Kedia. DPBPL is a part of "Deekay Group" having a business of more than five decades in wood business. DPBPL is primarily engaged in manufacturing of veneer, plywood, blackboard, sawn timbers and trading of timbers logs and mainly caters to furniture industry. The company imports timber logs/hardwoods from countries like Singapore Europe, South Africa, etc. and manufactures veneer, plywood, block board, Flush doors, etc. Manufacturing facility of DPBPL is located in Gandhidham in Kutch district of Gujarat with installed capacity of 1.5 lakh cubit ft. per month for saw mill and 1.25 lakh Square ft. per month for Plywood processing. DPBPL sells its wood products under the brand name of "Costaa Woods" FARISTA VANIJYA: CARE Lowers Rating on INR6.90cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Farista Vanijya Private Limited (FVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; 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 21, 2025, placed the rating(s) of FVPL under the 'issuer non-cooperating' category as FVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 4, 2026, February 14, 2026, February 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable FVPL, incorporated in March, 2008, was promoted by Mr. Naresh Kumar Agarwalla along with his brother Mr. Kailash Kumar Agarwalla and his friend Mr.Mukul Ghosh. The company commenced commercial production in April, 2014 and is engaged in the business of manufacturing Intravenous Fluid (Saline water) with an installed capacity of 210 lakh Litres per annum at its manufacturing facility located at Uttar Dinajpur, West Bengal. GARG ELECTRONICS: CARE Lowers Rating on INR11.50cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Garg Electronics (Unit-II) (GE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 3.00 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating Reaffirmed Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 27, 2025, placed the rating(s) of GE under the 'issuer non-cooperating' category as GE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 10, 2026, February 20, 2026, March 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 GE have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Garg Electronics (Unit-II) (GE), located in Baddi, Himachal Pradesh was established in 2007 as a proprietorship firm. The firm is currently being managed by Mr. Rajneesh Kumar Garg. The firm is engaged in the manufacturing of various types of printed circuit boards (PCBs) such as single sided PCBs. The manufacturing facility of the firm is located at Baddi, Himachal Pradesh having an installed capacity to manufacture 65,000 square meters per annum of printed circuit boards as on March 31, 2023. The products manufactured by the firm finds its application in diverse industries such as automobile, consumer electronics, electrical, consumer durables, etc. and supply the same to the vendors of different OEMs. GM SUGAR: CRISIL Lowers Rating on INR85cr Cash Credit to B ---------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of GMSEL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 31 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Cash Credit 85 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Proposed Fund- 33.04 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BBB-/Stable') Proposed Fund- 3.04 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BBB-/Stable') Term Loan 85 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Term Loan 30.94 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Term Loan 317.96 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Term Loan 6.62 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Term Loan 8.4 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with GMSEL for obtaining information through letter and email dated April 22, 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 GMSEL, which restricts Crisil Ratings' ability to take a forward-looking view of the entity's credit quality. Crisil Ratings believes that rating action on GMSEL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of GMSEL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. About the Group GLPL, part of the GM group of companies, was incorporated in October 1993. The company trades in sugar and also operates an 18 MW solar power plant in Bengaluru, Karnataka. GLPL mainly procures sugar from its group company, GMSEL. GMSEL, part of the GM group of companies, was incorporated in November 2007. The company manufactures sugar and has a plant in Sangur in the Haveri district of Karnataka with a total installed capacity of 4,800 TCD. Also, the sugar mill has an 18 MW captive power generation capacity, which it fuels using bagasse generated during sugar production. GMSEL has recently set up a 510 KLPD ethanol plant in Haveri district of Karnataka which commenced its operations in October 2023. HIRANYAKESHI SAHAKARI: CARE Cuts Rating on INR60cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shri Hiranyakeshi Sahakari Sakkare Karkhane Niyamit (SHSSKN), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 07, 2025, placed the rating(s) of SHSSKN under the 'issuer non-cooperating' category as SHSSKN had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHSSKN continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SHSSKN have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SHSSKN is a cooperative society, established in 1956 under Multi State Cooperative Societies Act, as it has members both in Karnataka and Maharashtra and started its first trial of crushing in 1961. SHSSKN operates in 233 villages in Karnataka and 77 villages in Maharashtra within a radius of 22 miles. SHSSKN operates sugar mill with crushing capacity of 8,000 TCD, distillery Unit of 54KLPD and cogeneration power plant of 41 MW. Sugar is sold based on tenders received from various brokers. Current capacity to produce ethanol is 54 KLPD which going forward will be expanded to 100 KLPD. JP GLOBAL: CRISIL Reaffirms B+ Rating on INR1cr New LT Loan ----------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facility of J P Global Governance and Development Foundation (JPGGDF; erstwhile Janaki Prasad Memorial Research and Educational Trust). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B+/Stable (Reaffirmed) Bank Loan Facility The rating continues to reflect vulnerability to stringent regulations and weak capital structure of the trust. These weaknesses are partially offset by longstanding track record of operations. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JPGGDF. Key rating drivers – Weaknesses * Vulnerability to stringent regulations: Establishment and operations of educational institutions are regulated by various governmental and quasi-governmental agencies, such as the University Grants Commission, Medical Council of India, All India Council for Technical Education, Central Board of Secondary Education, universities, state governments etc. Each body has detailed procedures for granting permission to set up institutions and approvals need to be renewed every 3-5 years. Any non-compliance will result in cancellation of affiliation, license etc., leading to loss of reputation for the college and revenue for the trust. * Weak capital structure: Networth is expected to be around INR6.5 crore and total outside liabilities to adjusted net worth ratio high at nearly 3 times as on March 31, 2026. Key rating drivers – Strength * Longstanding track record of operations: The chairman and a key member have played active roles in shaping the educational institutes of the trust. They manage the operations and have implemented best practices gained from their decade-long experience in education and industries. Revenue is expected to be around 11.8 crore in fiscal 2026. Liquidity Poor In the absence of any yearly maturing debt over the medium term, the cash accrual - projected at INR0.4-0.6 crore per annum - will support liquidity. Current ratio is expected to remain moderate at around 1.2 times on March 31, 2026. Outlook Stable Crisil Ratings believes JPGGDF will continue to benefit from its established position and expertise of the management. Rating sensitivity factors Upward factors * Steady growth in revenue and stable operating margin, resulting in net cash accrual increasing to more than INR2 crore * Significant improvement in the capital structure Downward factors * Dip in revenue and/or profitability, leading to net cash accrual dropping below INR0.3 crore * Stretch in the working capital cycle Set up as Janaki Prasad Memorial Research and Educational Trust in 2010, the trust got its current name in February 2026. JPGGDF operates as a not-for-profit entity and provides educational services. It runs a school in Maharajganj (Uttar Pradesh) and is also involved in various services such as health, disaster management, employment, tourism, water, minority, governance, gender, sports, child and youth development, technology, legal, human rights, food and nutrition, tribes, right to information and advocacy and energy and environment. Vibhav Gopal Srivastava (President) and other trustees manage the business. JSG INNOTECH: CRISIL Cuts Ratings on INR20cr Overdraft to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Jsg Innotech Private Limited (JSGIPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil A/Stable/Crisil A1'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil A/Stable) Cash Credit 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil A/Stable) Letter of Credit 7 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A1) Overdraft Facility 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil A/Stable) Pre Shipment Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil A/Stable) Working Capital 15 Crisil A4 (ISSUER NOT Demand Loan COOPERATING; Migrated from 'Crisil A1) Working Capital 18 Crisil B/Stable (ISSUER NOT Loan COOPERATING; Migrated from 'Crisil A/Stable) Crisil Ratings has been consistently following up with JSGIPL for obtaining information through letter and emails dated April 21, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JSGIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSGIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of JSGIPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil A/Stable/Crisil A1'. JSGIPL, incorporated in 1991. JSGIPL is a manufacturer of automotive components and accessories, its product range includes PVC floor mats, door visors, chrome show attachments, 3D graphics labels, EPDM rubber sealing system and allied. The company supplies auto components/accessories to OEMs and also in the after-market segment under its own brands. Its manufacturing facilities is located in Sonipat, Haryana. The company is currently owned & managed by Mr. Saurabh Kapoor (Founder & Managing Director) and Mr. Gaurav Kapoor (Co-founder & Principle Executive). MAGNUM ESTATES: CARE Lowers Rating on INR12.75cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Magnum Estates Private Limited (MEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B Short Term Bank 0.40 CARE A4; 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 20, 2025, placed the rating(s) of MEPL under the 'issuer non-cooperating' category as MEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not applicable MEPL, (formerly Magnum Estates Ltd), incorporated in 1993, was promoted by Mr. Ramesh Mahapatra. It commenced operations in 1995. MEPL is engaged in aquaculture, i.e. culturing of black tiger prawns and sea food exports. The company has two aqua farms with 45 ponds, spread over an area of around 150 acres, for culturing of prawns. The company also has its own preprocessing plant, including an ice-making plant at Naupalgadi, Balasore. The group has another entity, MSFL, which is also engaged in processing and export of sea food, primarily Vannami and black tiger prawns. MSFL has its own sea food processing plant at Botanda, Jankia, Orissa. MEPL has an arrangement with MSFL for processing of its products on commission basis. MDJ TEXCO: CARE Lowers Rating on INR7.14cr LT Loan to B ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of MDJ Texco Fab Private Limited (MTFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.14 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 11, 2025, placed the rating(s) of MTFPL under the 'issuer non-cooperating' category as MTFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MTFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 25, 2026, March 7, 2026, March 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings of MTFPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable M.D.J. Texco Fab Private Limited (MTFPL), based in Karnal, Haryana was incorporated in February 2013 as a private limited company with Mr. Ajay Kumar Jain and Mr. Vijay Kumar Jain as its directors. MDJ is engaged in manufacturing of polar fleece blankets and bedsheets at its manufacturing facility located in Karnal, Haryana. P.A.R.K INDUSTRIES: CRISIL Withdraws B Rating on INR28.8cr Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn its ratings on the bank facilities of P.A.R.K Industries Private Limited (PIPL; part of PARK Group) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Short Term Loan 0.7 Crisil A4/Issuer Not Cooperating (Withdrawn) Term Loan 3 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 28.8 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 2.5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with P.A.R.K Industries Private Limited (PIPL; part of PARK Group) 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 PIPL. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on PIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on the bank facilities of PIPL to 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' from 'Crisil BBB-/Stable/Crisil A3'. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of P.A.R.K Non Woven Pvt. Ltd. (PNWPL) and PIPL, together referred to as the PARK group. This is because both the companies have common promoters, are in the same line of business and have operational and financial linkages. PNWPL was incorporated in 1996. The company manufactures felt, non-woven fabric, thinsulate and spun bond. It has manufacturing facilities across Panipat (Haryana), Dhanore (Maharashtra), Sanand & Bechraji (Gujarat) and Chennai (Tamil Nadu). PIPL was incorporated in 2009. The company manufactures non-woven fabrics such as felt, fabrics, carpet, melt blown, and needle punch fabrics used in interiors of passenger car vehicles and in home décor. The manufacturing facilities are located in Chennai and Delhi. Operations are managed by the promoters, Mr Pankaj Kapoor, Mr Robin Kapoor and Mr Amit Kapoor. PAWAS FOUNDATION: CRISIL Reaffirms B Rating on INR1cr LT Loan ------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facility of Pawas Foundation (PF). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B/Stable (Reaffirmed) Bank Loan Facility The rating continues to reflect PF's high dependence on government authorities and public for funding, and constrained financial flexibility. These weaknesses are partially offset by the long-standing regional presence and sound operating efficiencies of the trust. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PF. Key Rating Drivers - Weaknesses * High dependence on government authorities and public for funding: PF is a not-for-profit, non-government organisation working since 2010 for the upliftment and rehabilitation in rural parts of Uttar Pradesh. It provides services including free education for children, orphan sustenance, medical facilities and cloth donation. It also hosts informational seminars. The trust depends on public, corporate and government support for funding and hence it remains monitorable for consistent and sufficient accrual. * Constrained financial flexibility: The networth is expected to remain modest at INR0.23 crore with total outside liabilities to tangible networth ratio at 0.4 time, respectively, as on March 31, 2026. The modest networth constrains the overall financial flexibility to raise additional debt in adverse times. Key Rating Drivers - Strengths * Long-standing regional presence: The trust was established more than 15 years ago. Its established presence in Uttar Pradesh by providing diverse services which will continue to support sustainability. Regular donations, from large corporates and trustees, are one of the benefits the trust enjoys owing to its market presence and goodwill. The trust is expected to report revenue of around INR1.1 crore in fiscal 2026 as compared to INR1.6 crore in fiscal 2025. * Sound operating efficiencies: PF has healthy operating efficiencies as indicated by comfortable return on capital employed (expected at 10-11% in fiscal 2026), driven by high economies of scale and experienced management. Liquidity Poor Net cash accruals are expected to be around INR0.02 crore annually against no term debt obligation over the medium term. Current ratio is expected to remain moderate at around 1.5 times on March 31, 2026. Outlook Stable Crisil Ratings believes PF will continue to benefit from the extensive experience of its trustees and established relationships with clients. Rating sensitivity factors Upward factors * Sustained increase in revenue and operating profitability leading to higher cash accruals of over INR1 crore on a sustained basis. * Improvement in working capital cycle Downward factors * Large, debt-funded capital expenditure, weakening the capital structure. * Substantial increase in working capital requirement i.e. gross current asset days more than 150 days, weakening the liquidity and financial risk profile. Registered in 2010 in Uttar Pradesh as a not-for-profit, non-government organisation, PF provides services including free education for children, orphan sustenance, medical facilities and cloth donation. It also hosts informational seminars. PF is managed by Prabhakar Singh. PRABODH STEEL: CARE Lowers Rating on INR19.53cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Prabodh Steel Private Limited (PSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.53 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB; Stable Long Term/ 18.75 CARE B+; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE BB; Stable and ST rating Reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 19, 2025, placed the rating(s) of PSPL under the 'issuer non-cooperating' category as PSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 12, 2026, February 22, 2026 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 PSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in July 2020, Prabodh Steel Private Limited (PSPL) is engaged in manufacturing of MS Billets. The company commenced commercial operations from December 26, 2021. The manufacturing plant is located in Bhavnagar, Gujarat and has an installed capacity of 54,000 metric tonnes per annum (MTPA). RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Richa Petro Products Limited (RPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.58 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 12, 2025, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL 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: Not Applicable Richa Petro Products Private Limited (RPPL) was incorporated in the year 2010 by Mr. Ramesh Chandra Parida of Bhubaneswar, Odisha. The company has been engaged in manufacturing of pipes, pipe fittings, furniture, and water tanks of PVC (Polyvinyl Chloride). The main raw materials used in the production activity are Linear low-density polyethylene (LDPE), High-density polyethylene (HDPE), Polypropylene (PP) and PVC resin. The raw materials are procured mainly from Haldia Petrochemicals Limited and Reliance Industries Limited. The manufacturing plant of the company is located at Bhubaneshwar, Odisha and it is well equipped with modern amenities along with ISO 9001:2008 certification. RPPL sells its products under the brand name of "Richa" (unregistered) through its established dealer network covering the state of Odisha only. SAI RADHA: CRISIL Assigns B+ Rating to INR48cr Term Loan -------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil B+/Stable' rating on the long-term bank facilities of Sai Radha Developers (SRD). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 1.65 Crisil B+/Stable (Assigned) Term Loan 48 Crisil B+/Stable (Assigned) Term Loan 5 Crisil B+/Stable (Assigned) Term Loan 0.35 Crisil B+/Stable (Assigned) The rating reflects the extensive experience of the partners in the real estate industry and the advantageous location of the group's projects. These strengths are partially offset by modest stage of project execution, moderate financial risk profile and financial flexibility and susceptibility to cyclicality in the real estate sector. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SRD. Unsecured loans from promoters of INR13.2 crores as of March 2025 has been treated as 75% equity and 25% debt, as it is expected to remain in the business over the medium term. Key Rating Drivers - Weaknesses * Modest stage of project execution: The firm is executing a residential project, Sai Radha Township, in Udupi, Karnataka. Construction is almost 40% complete and rest of the project will be completed by March 2030, with bookings at around 30% as of Jan-2026. Any delay in project execution, leading to any cost escalations, along with timely receipt of customer advances will remain critical and monitorable. * Moderate financial risk profile and financial flexibility: The financial risk profile will likely be moderate driven by debt to cash flow from operations (adjusted) ratio expected at over 10 times over the medium term and is expected to improve with increase in customer advances. Financial flexibility is supported by need based support from promoters. * Exposure to cyclicality inherent in the Indian real estate industry: The real estate sector in India is cyclical and affected by volatile prices, opaque transactions, and a highly fragmented market structure. Hence, the business risk profile will remain susceptible to risks arising from any industry slowdown. Key Rating Drivers - Strengths * Experienced and resourceful promoters: SRD, part of Karnataka based The Sai Radha Group which is promoted by Mr. Manohar Shetty, Ms. Vanitha Shetty, Ms. Usha U Shetty and Ms. Anuradha Shetty. Besides real estate development, the group has interests in construction, pharmaceutical & medical equipment and automobiles sector. Mr. Manohar Shetty have more than two decades of experience in executing various residential & commercial projects mainly in Udupi, Manipal, Padubidir and Mangalore regions of Karnataka. The partners of the firm are ably supported by a team of qualified and experienced professionals. * Advantageous location of projects: The company has completed construction of 22 projects till date in Manipal & Udupi regions of Karnataka. Ongoing residential project is in a prime location of Udupi, resulting in booking progress of around 30% as on Jan 31, 2026 and collection efficiency of over 100%. The company also has 3 upcoming projects in the same regions, which is expected to commence from FY27 onwards. Liquidity Stretched Construction of the ongoing project is being funded through a mix of customer advances and bank loan till date. The customer advances for its ongoing projects have been adequate towards meeting the constructions. Cash buffer ratio is estimated to be around 1 times. Cash flows from the past and ongoing projects are expected to be tightly matched to meet term debt obligation over the medium term. Any unforeseen delay in project construction or finalisation of leasing will be a key monitorable. Financial flexibility is supported by need-based support from the promoters. Outlook Stable Crisil Ratings believes SRD will continue to benefit over the medium term from its partner's extensive industry experience & funding support from them Rating sensitivity factors Upward factors * Early completion of projects and higher customer advances result in substantial cash flow from operations. * Improvement in debt to CFO to around 3.5 times and CFO to interest to around 2.75 times Downward factors * Low cash flow from operations, weakening financial risk profile, particularly liquidity. * Decline in debt to CFO or CFO to interest to less than 0 times SRD was established as partnership firm in 1996. It is engaged in diversified real estate development in and around Udupi and Manipal regions of Karnataka. Mr. Manohar Shetty, Ms. Vanitha Shetty, Ms. Usha U Shetty and Ms. Anuradha Shetty are key partners of SRD. SANDHYA INFOCITY: CARE Lowers Rating on INR310cr LT Loan to B ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sandhya Infocity Limited (SIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 310.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 13, 2025, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2026, April 8, 2026, April 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SIL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Sandhya Infocity Limited (SIL) operates a commercial office space (IT SEZ Park) at Navalur,Chennai. The IT Park is spread across 22 acres and has a total leasable area of 15.56 lakh square feet. The park has been operational since 2007 under the name ETA Technopark Ltd and subsequently in FY18 it was acquired by KKN group and was renamed as Bayline Infocity Ltd. During FY20, the park was acquired by the current promoters and was renamed to Sandhya Infocity Ltd. Day-to-day operations of the park is managed by a team of professionals. Promoters are based out of Hyderabad. The promoters have experience in construction and project management, and they have previously developed commercial spaces in Hyderabad. SRK INFRACON: CRISIL Lowers Rating on INR10cr LT Loan to D ---------------------------------------------------------- CRISIL Ratings has downgraded its rating on bank facilities of SRK Infracon India Private Limited (SRK Infracon) to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating': Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SRK Infracon for obtaining information through letter and email dated August 6, 2025 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 SRK Infracon, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRK Infracon is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information, Crisil Ratings has downgraded its rating to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating' as per the publicly available information, the company is in insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 by order of National Company Law Tribunal (NCLT) dated April 29, 2026. SRK Infracon was set up as a Special Purpose Vehicle to undertake a Build, Operate and Transfer (BOT) project on annuity basis from Andhra Pradesh Road Development Corporation (APRDC). VAIJANATH INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shri Vaijanath Industries Private Limited (SVIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.31 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 10, 2025, placed the rating(s) of SVIPL under the 'issuer non-cooperating' category as SVIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 24, 2026, February 3, 2026, February 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Vaijanath Industries Private Limited (SVIPL) was incorporated on 13th July 2008; it is involved in the business of forging and started its commercial production in 2010. The company has its own manufacturing unit in Kolhapur. The products of the company find their application in automobiles and CNC machines. ===================== N E W Z E A L A N D ===================== DANZKA HOLDINGS: Creditors' Proofs of Debt Due on June 1 -------------------------------------------------------- Creditors of Danzka Holdings Limited are required to file their proofs of debt by June 1, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 GILMOUR CONSTRUCTION: Court to Hear Wind-Up Petition on June 4 -------------------------------------------------------------- A petition to wind up the operations of Gilmour Construction Limited will be heard before the High Court at Auckland on June 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 13, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 IFC NORTH: Creditors' Proofs of Debt Due on June 4 -------------------------------------------------- Creditors of IFC North Limited, L A Fire Systems Limited, Intoku Services Limited and Custom Scaffolding Limited are required to file their proofs of debt by June 4, 2026, to be included in the company's dividend distribution. IFC North Limited commenced wind-up proceedings on April 29, 2026. L A Fire Systems commenced wind-up proceedings on May 1, 2026. Intoku Services commenced wind-up proceedings on May 2, 2026. Custom Scaffolding commenced wind-up proceedings on May 4, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 INVIBE DISTRIBUTION: Court to Hear Wind-Up Petition on May 25 ------------------------------------------------------------- A petition to wind up the operations of Invibe Distribution Limited will be heard before the High Court at Tauranga on May 25, 2026, at 10:00 a.m. Bluehaven Investments Limited filed the petition against the company on Feb. 24, 2026. The Petitioner's solicitor is: Raniera Matatara James Hakaria Sharp Tudhope Lawyers Level 4 152 Devonport Road Tauranga SHUNDI CUSTOMS: Estimated to Owe NZD588.8 Million to Creditors -------------------------------------------------------------- NZ Herald reports that the developer of the Auckland ghost tower Seascape is estimated to owe $588.8 million to its creditors, including the bank which loaned $133 million, according to the receivers' first report. Shundi Customs Limited owns and develops Seascape in the Auckland CBD, a 187 metre 52-storey development. Brendon Gibson and Neale Jackson of Calibre Partners were appointed as receivers to Shundi Customs Limited on March 2, 2026. The receivers' immediate priority is ensuring the development continues to remain safe and secure. The receivers have also been appointed to a related company, Shundi Tamaki Village Limited. Shundi Tamaki Village is the owner and developer of the former Auckland University campus in Glen Innes, Auckland. ================= S I N G A P O R E ================= ADS INDUSTRY: Members' Final Meeting Set for June 8 --------------------------------------------------- Members of ADS Industry Holding Pte Ltd will hold their final meeting on June 8, 2026, at 4:00 p.m., via electronic means. At the meeting, Knut Unger, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. KYS ENERGY: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on April 30, 2026, to wind up the operations of Kys Energy Pte. Ltd. ASV Instrumentation Oil & Gas Sdn Bhd filed the petition against the company. The company's liquidator is: Ethan Lam Zi Yang Ironwood Advisory VI Pte Ltd 133 Cecil Street #14-01 Keck Seng Tower Singapore 069535 MARY CHIA: Fights for Survival Amid Insolvency Claims ----------------------------------------------------- The Straits Times reports that already grappling with unresolved audit issues after many of its finance team members left the company, taking with them years of historical financial knowledge, Mary Chia Holdings is now facing claims filed by a creditor amid mounting financial pressure. ST relates that the Catalist-listed beauty and wellness group said on May 5 that its creditor, Fullink Capital, had officially commenced court proceedings against Mary Chia and wholly owned subsidiary Organica International Holdings, as well as chief executive Ho Yow Ping and chief financial officer Su Jun Ming. Fullink Capital notified Mary Chia of the insolvency proceedings on April 30 and formally delivered court documents to the company's legal representatives on May 4. According to ST, the dispute is over a sum amounting to SGD902,640 that Fullink Capital says Organica International owes under past loan and repayment arrangements. In Singapore Exchange filings on April 12, Mary Chia disclosed that Fullink Capital had originally lent Organica International a sum of SGD350,000, guaranteed by Mary Chia. Following disputes relating to the loan repayments, Fullink Capital claimed the full outstanding amount had become immediately due, together with late payment interest and other fees under the loan and settlement agreements. This sum amounts to SGD902,640, ST discloses. According to ST, Mary Chia said it proposed paying a revised sum of about SGD354,379, based on its own calculation of the applicable interest, but Fullink Capital rejected the proposal on March 25. Mary Chia added that it has taken legal steps to seek a court declaration on whether certain parts of the claimed amount are enforceable. Despite this, Fullink Capital subsequently started insolvency proceedings on April 29, ST relays. In response, Mary Chia said it plans to seek a temporary suspension of the insolvency proceedings until the court determines whether the disputed claims are valid. A case management conference for both matters was scheduled for May 6, ST notes. Mary Chia Holdings Limited, an investment holding company, provides lifestyle and wellness products and services in Singapore, the Republic of China, and Malaysia. The company operates through Beauty, Slimming and Spa Treatment for Women; Beauty, Slimming and Spa Treatment for Men; Direct Selling; and Hairdressing segments. It also retails lifestyle and wellness products; sells skincare and health supplements; trades in cosmetics and toiletries; offers business management and consultancy, and clinic and other general medical services; and operates hairdressing salons and shops. In addition, the company engages in the general wholesale trading activities; sales and marketing of energy capsules and medical beauty products; and provision of management and office administration services. QURIOUS GROUP: Creditors' Meetings Set for May 22 ------------------------------------------------- Qurious Group Pte. Ltd. will hold a meeting for its creditors on May 22, 2026, at 3:00 p.m. via audio-visual conference tool. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. STRAITS TEN: Creditors' Proofs of Debt Due on June 8 ---------------------------------------------------- Creditors of Straits Ten Pte. Ltd. are required to file their proofs of debt by June 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 4, 2026. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani Ms. Seah Roh Lin c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: NS Shopping Acquires Retailer's Supermarket Chain -------------------------------------------------------------- The Korea Times reports that Homeplus Co, an ailing Korean retailer undergoing rehabilitation proceedings, sold its supermarket chain Homeplus Express to NS Home Shopping. Despite the sale, the discount chain remains desperate to secure more cash, announcing a series of restructuring measures on May 8 to pay wages and maintain operations. According to The Korea Times, the company said it will temporarily close 37 underperforming Homeplus stores on May 10 to concentrate on the remaining 67 stores. The Korea Times relates that Homeplus said the measure is to prioritize supplying limited product quantities to key stores first, so that it can restore customer trust and prevent sales declines at key outlets. Since January, the company's financial difficulties have escalated into a liquidity crunch, prompting partner firms to halt supplies over concerns about delayed payments, leaving some shelves partially empty and reducing customer traffic in some stores. "Closure of the stores was an unavoidable decision due to the difficulty in supplying sufficient products to all stores, as major trading partners have tightened supply terms following the commencement of the rehabilitation procedures," The Korea Times quotes a Homeplus official as saying. "As of now, a significant number of stores are experiencing customer loss due to product shortages, with sales dropping by more than 50 percent compared to the previous year." Four out of 15 stores in Seoul and four out of seven stores in Busan will be closed, The Korea Times notes. The company said employees at the closing stores will be given 70 percent of their regular stipends. The Korea Times says the downsizing announcement came a day after the company announced the sale of Homeplus Express to NS Home Shopping. While the exact value of the deal was not disclosed, NS Home Shopping will assume part of Homeplus Express' debt, while Homeplus is expected to secure KRW120.6 billion($82.2 million) in proceeds from the transaction. Homeplus said it expects the proceeds from the sale to take around two months to be fully received and that the amount is insufficient to meet the minimum capital required for its court receivership plan. A court receivership plan is a document submitted by a debtor to the court detailing how it intends to repay its debts. Based on the plan, the court determines whether the company is worth more through liquidation or by continuing operations after repaying its debts, The Korea Times relays. Following the sale, the Seoul Bankruptcy Court decided to extend the deadline for approval of Homeplus' receivership plan to July from the initial May 4 deadline. To secure cash, Homeplus has also requested to its largest creditor, Meritz Financial Group, for a short-term loan and debtor-in-possession financing, The Korea Times adds. However, the company said the group has not responded as of May 8. Meritz, according to Homeplus, currently holds 68 Homeplus stores altogether worth KRW4 trillion as collateral for having committed a KRW1.2 trillion loan to Homeplus. "As we entered the rehabilitation procedures, all funds we managed to secure through the sale of assets, such as real estate, are now being used for repaying Meritz loans, making it challenging for us to even secure a minimum operating fund," the Homeplus official said. "Without financial support from Meritz, which effectively holds as collateral virtually all Homeplus assets that can be liquidated, rehabilitation is practically impossible." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. [] SOUTH KOREA: Restructuring Fears Grip Budget Carriers -------------------------------------------------------- The Korea Times reports that mounting fuel costs and weakening travel demand are sparking concerns of sweeping restructuring across Korea's low-cost carrier (LCC) industry, as budget airlines slash international flights, expand unpaid leave programs and implement emergency cost-cutting measures to weather intensifying financial pressure. The aviation sector has come under strain from a combination of soaring global oil prices and a weakening Korean won, with budget carriers bearing the brunt of the impact. According to The Korea Times, industry officials said the sharp rise in aviation fuel prices - triggered by escalating instability in the Middle East - has rapidly increased operating costs for LCCs, and the rising ticket prices are dampening consumer demand. Roughly 900 round-trip international flights have already been cut, largely among LCCs, amid the armed conflict in the Middle East. The figure is expected to rise further as travel demand weakens. Airlines are increasingly trimming less profitable routes, as fuel expenses - one of the largest components of airline operating costs - continue to climb sharply. Despite higher fuel surcharges, carriers continue to struggle with elevated costs, The Korea Times notes. Jin Air suspended 131 flights on 14 routes this month, after canceling 45 round-trip flights on eight routes last month. Air Premia plans to suspend a total of 73 flights until August. The Korea Times relates that airlines are also rapidly reshaping route strategies. Budget carriers are increasingly expanding short-haul China routes, where lower fuel consumption and quicker aircraft turnaround times offer operational advantages. Parata Air recently secured routes linking Incheon with Shenzhen, Chengdu and Chongqing, while Eastar Jet obtained rights for routes connecting Incheon and Xiamen and Hohhot. Concerns over broader restructuring have intensified, as airlines increasingly adjust workforce operations. Aero K recently began accepting applications for unpaid leave from all employees, becoming the second LCC after T'way Air to introduce such measures. T'way Air is offering temporary unpaid leave to cabin crew members for May and June. Last week, Jeju Air also shared its plan to accept applications for unpaid leave from cabin crew next month. The Korea Times says industry officials warn that if elevated oil prices persist, structurally weaker airlines could face intensifying liquidity and survival risks despite short-term measures, such as cost-cutting, capital expansion and route optimization. "Most LCCs are forecast to report deficits in the second quarter when they are exposed to the full impact of the oil price hike," The Korea Times quotes an official from the industry as saying. "Budget carriers have no choice but to tighten their belts, and engage in emergency management by closely monitoring the external uncertainty, but the outlook remains murky due to the prolonged conflict in the Middle East." The Korea Times, citing data from market tracker FnGuide, discloses that a combined operating loss among Jeju Air, Jin Air, T'way Air and Air Busan is forecast to reach CNY244.7 billion ($167 million) in the second quarter of the year. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***