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260515.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 15, 2026, Vol. 29, No. 97 Headlines A U S T R A L I A ARK CAPITAL: First Creditors' Meeting Set for May 20 BARBEQUES GALORE: To Emerge From Receivership Under Same Owner BAYWATER PLUMBING: First Creditors' Meeting Set for May 25 GIVENERGY AUSTRALIA: First Creditors' Meeting Set for May 21 HUSKY DEMOLITION: First Creditors' Meeting Set for May 20 MADE 2 TRADE: First Creditors' Meeting Set for May 22 C H I N A ZW DATA: George Kai Chu Holds 7.1% Equity Stake I N D I A AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating ARSHIYA 3PL: Insolvency Resolution Process Case Summary BABA BHUBANESWAR: CARE Keeps B- Debt Rating in Not Cooperating BABA JHARESHWAR: CARE Keeps B- Debt Rating in Not Cooperating BDS CONSULTANCY: Voluntary Liquidation Process Case Summary EVORISE LIMITED: Voluntary Liquidation Process Case Summary GOLDSTAR POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating GVK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating KASTURI K12: CARE Keeps B- Debt Rating in Not Cooperating Category LAKSHMI GAYATRI: CARE Keeps D Debt Rating in Not Cooperating MAIHAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating MODY ENTERPRISE: CARE Lowers Rating on INR35cr LT Loan to B- NANDAGUDI OILS: CARE Keeps C Debt Rating in Not Cooperating NATRAJ RICE: CARE Keeps B- Debt Rating in Not Cooperating Category NEO CAPRICORN: CARE Keeps D Debt Rating in Not Cooperating NIKKI STEELS: CARE Keeps B- Debt Rating in Not Cooperating NOBILITY ESTATES: NCLT Allows Withdrawal of Insolvency Proceedings PARAMOUNT IMPEX: CARE Keeps C Debt Rating in Not Cooperating PARSVNATH DEVELOPERS: Insolvency Resolution Process Case Summary R. M. AUTO: CARE Keeps C Debt Rating in Not Cooperating Category R.S. TRUST: Ind-Ra Affirms IND BB+ Rating on INR148MM Bank Loans RAJESH BUSINESS: NCLT Approves INR730cr Resolution Plan RPV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category S.R. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating SHRIKALYANI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating SIMARA FOODS: Insolvency Resolution Process Case Summary TAG OFFSHORE: CARE Keeps D Debt Ratings in Not Cooperating TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating VEL TRUST 1997: Ind-Ra Affirms IND BB+ Rating on INR169MM Loans VR MALWA PRIVATE: Ind-Ra Lowers Bank Loans Rating to BB+ WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category J A P A N [] JAPAN: Corporate Bankruptcies Rise 6.6% in April M A L A Y S I A TECHNA-X: Auditors Flag Going Concern Risk, Issue Qualified Opinion N E W Z E A L A N D ALIGNED BALUSTRADES: Court to Hear Wind-Up Petition on May 26 FIJI FOOD: Creditors' Proofs of Debt Due on June 18 HAYLEY LOUISE: Creditors' Proofs of Debt Due on June 15 HEAVY TYRES: Creditors' Proofs of Debt Due on June 8 OKANA NEW ZEALAND: Court to Hear Wind-Up Petition on May 22 P H I L I P P I N E S ABS-CBN CORP: Blasts Piki Lopez's Public Tactics S I N G A P O R E AC RENEWABLE: Alton Murray Chun-Wen Poon Appointed as Liquidator ASIA LANDMARK: Creditors' Proofs of Debt Due on June 15 KF CONTRACTOR: Commences Wind-Up Proceedings MAXEON SOLAR: Court to Hear Judicial Management Petition on May 29 NEW SILK: Creditors' Proofs of Debt Due on June 15 T A I W A N TAIWAN SHISEIDO: Hsinchu Receives Mass Layoff Plan Over Closures X X X X X X X X [] Asia Pacific Banks Face Growing Credit Risks - - - - - ================= A U S T R A L I A ================= ARK CAPITAL: First Creditors' Meeting Set for May 20 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Ark Capital Partners Pty Ltd will be held on May 20, 2026, at 11:00 a.m. via teleconference using Microsoft Teams. Neil Robert Cussen and Anthony Phillip Wright of Olvera Advisors were appointed as administrators of the company on May 8, 2026. BARBEQUES GALORE: To Emerge From Receivership Under Same Owner -------------------------------------------------------------- SmartCompany reports that Barbeques Galore is set to emerge from administration and receivership with the same owners and management team, after a three-month long sales process. The long-running barbeque and outdoor furniture retailer was placed under external management in February, putting 500 jobs across 95 stores and the wider business at risk, SmartCompany says. Administrators Philip Campbell-Wilson, Lisa Gibb and Matthew Byrnes from Grant Thornton were appointed to oversee the business, with Ankura's Quentin Olde, Luke Pittorino and Liam Healey appointed as receivers and managers by the secured creditor. According to SmartCompany, the business continued to trade during this time, and on May 14, Ankura confirmed a Deed of Company Arrangement will see the business remain under the control of its current owners and secured creditor, lender Gordon Brothers. Gordon Brothers purchased the business from previous owner Quadrant Private Equity in December 2025, at which point David White was appointed as CEO. Mr. White and chief financial officer David Hughson will continue to lead the business following the restructure, SmartCompany notes. While the receivers said there was "strong interest" from potential buyers, the proposal from Gordon Brothers will result in "the best outcome for stakeholders including employees, landlords, suppliers and the secured creditor". Under the proposal, Gordon Brothers would discharge AUD3.9 million of its AUD13.55 million secured debt, with the remaining AUD9.6 million to be treated as an asset-backed lending facility for the business. According to SmartCompany, Gordon Brothers is proposing to put up AUD5 million for creditors, including suppliers to Barbeques Galore that are reportedly owed around AUD30 million, and will assume responsibility for AUD6.6 million in employee entitlements. "The proposal is still subject to the approval of creditors, however the receivers are confident that with the support of suppliers, landlords and employees the iconic Australian business can continue as a going concern," said Quentin Olde in a statement provided to SmartCompany. "After the restructuring, the business will be stronger and more stable, retaining around 500 jobs and allowing franchisees, the majority of landlords, and suppliers to keep trading with the company." Creditors will vote on the Deed of Company Arrangement on May 22, SmartCompany notes. If the deed is not approved by creditors, the receivers say the business will likely stop operating and all retail stores would close. Barbeques Galore operated 68 company-owned stores when the administrators and receivers were appointed. Barbeques Galore is considered to be Australia's largest barbecue and outdoor furniture retailer. It specialises in barbecues, heaters and other related products, and stocks brands including Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon. On Feb. 12, 2026, Philip Campbell Wilson, Lisa Gibb and Matthew James Byrnes of Grant Thornton Australia Limited were appointed as administrators of: - Barbeques Galore Pty Limited; - Barbeques Galore (Aust) Pty Limited; - Barbeques Galore Services Pty Limited; - Bosmana Pty. Limited; - Cook-On Gas Products (Australia) Pty Ltd; - Cougar Leisure Products Pty Limited; - Douglas Manufacturing Pty Ltd; - G.L.G. Australia Pty Limited; - Galore Group Nominees Pty. Limited; - Galore Pty Limited; - Park-Tec Engineering Pty Ltd; - Pricotech Leisure Brands Pty Limited; - Redgun Pty Ltd; - The Galore Group (International) Pty Limited; and - Vilbrent Pty Ltd. BAYWATER PLUMBING: First Creditors' Meeting Set for May 25 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Baywater Plumbing Pty Ltd will be held on May 25, 2026, at 10:00 a.m. at the offices of Worrells, at Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore, QLD. Dane Arthur Hammond of Worrells was appointed as administrator of the company on May 13, 2026. GIVENERGY AUSTRALIA: First Creditors' Meeting Set for May 21 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of GivEnergy Australia Pty Ltd will be held on May 21, 2026, at 10:30 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD and via virtual meeting technology. Nick Combis at Vincents was appointed as administrator of the company on April 15, 2026. HUSKY DEMOLITION: First Creditors' Meeting Set for May 20 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Husky Demolition Pty Ltd will be held on May 20, 2026, at 11:00 a.m. at the offices of Rapsey Griffiths Turnaround + Advisory, at Level 5, 55-57 Hunter Street, in Newcastle, NSW. Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisory was appointed as administrator of the company on May 8, 2026. MADE 2 TRADE: First Creditors' Meeting Set for May 22 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Made 2 Trade Pty Ltd (trading as Two Australia) and All Shutters & Blinds Pty Ltd will be held on May 22, 2026, at 10:30 a.m. via Microsoft Teams. Michael Beck and Morgan Lane of Solace Advisory were appointed as administrators of the company on May 12, 2026. ========= C H I N A ========= ZW DATA: George Kai Chu Holds 7.1% Equity Stake ----------------------------------------------- George Kai Chu disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of April 22, 2026, he beneficially owns 260,833 shares of common stock -- of which 171,227 shares are directly owned by the Reporting Person and the remaining 89,606 shares are owned by Marvel Investment Limited, of which the Reporting Person, as a shareholder, may be deemed to have shared beneficial ownership -- of ZW Data Action Technologies Inc.'s Common Stock, $0.001 par value per share, representing 7.1% of the 3,668,429 shares of Common Stock issued and outstanding. Chu Kai may be reached through: Vivien Bai, Esq. 345 Park Avenue New York, NY 10154 Tel: (212) 407-4933 A full-text copy of Chu Kai's SEC report is available at: https://tinyurl.com/bdn6wanu About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. Hong Kong, China-based ARK Pro CPA & Co, 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 accumulated deficit from recurring net losses and significant net operating cash outflow for the year ended December 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had US$38.9 million in total assets, US$687 thousand in total liabilities, and US$38.2 million in total stockholders' equity. ========= I N D I A ========= AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AMB Food Products (AFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited. (CareEdge Ratings) had, vide its press release dated March 6, 2025, placed the rating(s) of AFP under the 'issuer non-cooperating' category as AFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2026, January 30, 2026, February 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). Analytical approach: Standalone Outlook: Stable Indore-based (Madhya Pradesh) AFP was established in 2015 as a partnership firm by four partners to undertake a green field project for manufacturing of sweets, namkeen and fast food primarily pizza, sandwich, franky and burger. AFP was setting-up a new plant in Indore (Madhya Pradesh) with a proposed installed capacity of manufacturing 1200 (MTPA) Metric Tonnes Per Annum of sweets and namkeen. AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amrapali Smart City Developers Private Limited (ASCDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 270.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 18, 2025, placed the rating(s) of ASCDPL under the 'issuer non-cooperating' category as ASCDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASCDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2010, Amrapali Smart City Developers Pvt Limited (ASCDPL) is an SPV promoted by Amrapali group. ASCD is developing a single group housing project in Greater Noida with total saleable area of 116 lsf on total land area of 61 acres. ASCDPL has acquired the land for the said project on lease from Greater Noida Industrial Development Authority on deferred payment basis for INR260cr. The company has launched the project in August 2010. In 2019, the Promoters of the company were sent behind the bars in an alleged case of defrauding homebuyers. ARSHIYA 3PL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Arshiya 3pl Services Private Limited Arshiya FTWZ, CO-1, Survey Nos. 178/3 & 178/4, At Post-Sai Village, Sai Panvel Raigarh (MH), 410221, Maharashtra Insolvency Commencement Date: May 8, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 4, 2026 Insolvency professional: Manish Lalji Dawda Interim Resolution Professional: Manish Lalji Dawda 205 A, 2nd Floor, Hiren Light Industrial Estate, Behind Johnson & Johnson, Mogul Lane, Bhagoji Kheer Marg, Mahim West, Mumbai, 400016 Email: cirp.arshiya3pl@gmail.com Last date for submission of claims: May 25, 2026 BABA BHUBANESWAR: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Bhubaneswar Cold Storage Private Limited (BBCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.66 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 24, 2025, placed the rating(s) of BBCSPL under the 'issuer non-cooperating' category as BBCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBCSPL 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 Baba Bhubaneswar Cold Storage Private Limited (BBCSPL), incorporated in the year 2014, is a Kolkata (West Bengal) based company, promoted by Mr. Radha Raman Mondal, Mr. Swapan Kumar Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara. BBCSPL is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 19,500 MT in Burdwan district of West Bengal, which is divided into two chambers. Mr. Radha Raman Mondal having more than two decades of experience in the cold storage industry looks after the overall management of the company along with the other directors Mr. Swapan Kumar Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara and supported by the team of experienced professionals. BABA JHARESHWAR: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Jhareshwar Multipurpose Himghar Private Limited (BJMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.86 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 25, 2025, placed the rating(s) of BJMHPL under the 'issuer non-cooperating' category as BJMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJMHPL 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 Baba Jhareswar Multipurpose Himghar Pvt. Ltd. (BJMHPL) was incorporated in December 25, 2010 by Mr. Prabir Kumar Karan, Mrs. Rupali Karan, Mr. Sukumar Karan, Mr. Bidyut Kumar Mal & Mr. Monojit Kumar Mal of Medinipur, West Bengal to set up a cold storage facility. The company commenced commercial operation from December, 2011. BJMHPL is engaged in the business of providing cold storage facility for potatoes to local potato farmers and traders on a rental basis, having a storage capacity of 3,50,000 Kgs of potatoes in Medinipore district of West Bengal. Besides providing cold storage facility, the company also works as a mediator between the farmers and marketers of potato by taking advances from marketers on behalf of the farmers in order to facilitate the sale of potato stored, and it also provides interest bearing advances to farmers for farming of potato against the potato stored. This apart it provides additional services to farmers such as insurance of potatoes stored & drying of potatoes. BDS CONSULTANCY: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: BDS Consultancy Private Limited 4, Tilak Road, 1st Floor, Kolkata, West Bengal, India, 700029 Liquidation Commencement Date: May 11, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Anil Kumar Dubey Meridian Splendora, Tower II, Flat No. 4F, 9A/1 Umakant Sen Lane, Kolkata - 700030 Tel: 98830 39240 Email: anil@mandaassociates.in Last date for submission of claims: June 10, 2026 EVORISE LIMITED: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Evorise Limited C-3, C-944, Block-C, Sushant Lok Phase-I, Sector-43, Basai Road, Haryana, India - 122001 Liquidation Commencement Date: May 11, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Rahul Jindal IRR Insolvency Professionals Private Limited 6772/2, Dev Nagar, DB Gupta Road, Karol Bagh, Delhi, 110005 Email: evorisevliq@gmail.com irrinsolvencyprofessional@gmail.com Last date for submission of claims: June 10, 2026 GOLDSTAR POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Goldstar Polymers Limited (GPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- 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 0.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 26, 2025, placed the rating(s) of GPL under the 'issuer non-cooperating' category as GPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in 1990 as a proprietorship concern by Mr. Prem Prakash Saraogi, Goldstar Containers (GC) was later converted into a public limited company as Goldstar Polymers Limited (GPL) in 2006. The company is engaged in manufacturing of plastic drums which find application in carriage of various materials across different industries viz. oil & petroleum, lubricants, inks, chemicals, etc. The manufacturing facility of the company is located in Daman. GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Greeneries Agro Private Limited (GAPL) 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 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 26, 2025, placed the rating(s) of GAPL under the 'issuer non-cooperating' category as GAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in April 2015, Greeneries Agro Private Limited (GAPL); started its operations in agriculture retailing business under the leadership of Mr. Sachin Chavan and its engaged into bulk purchasing of farm produce of fruits and vegetables (namely Onion, Potato, Garlic) directly from farmers and does the value addition to its like quality control checks, packing, grading, labelling etc. and selling it to retail business and thereby acting as channel between farmers and retailers. GAPL has its registered office located at Vashi, Navi Mumbai and seven more branches at New Delhi, Pune, Hubali, Bengaluru, Kochi, Hyderabad and Chennai out of which at four places has its own cold storage and rest three are on rental basis. GVK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of GVK Industries Limited (GIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 520.07 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 19.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 17, 2025, placed the rating(s) of GIL under the 'issuer non-cooperating' category as GIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 3, 2026, January 13, 2026, January 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable GVK Industries Limited (GIL) is a wholly owned subsidiary of GVK Energy Limited (GEL) incorporated in June, 1992. Further, GEL is also the subsidiary of GVK Power & Infrastructure Limited, the flagship company of the GVK group. GIL is engaged in generation of electricity at its mixed fuel combined cycle power plants situated in Jegurupadu in Andhra Pradesh (AP). Total installed capacity of the company is 437 MW, which was set up in two stages of 217 MW (Phase I) and 220 MW (Phase II). KASTURI K12: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kasturi K12 Services Private Limited (KKSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 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 5, 2025, placed the rating(s) of KKSPL under the 'issuer non-cooperating' category as KKSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 19, 2026, January 29, 2026, February 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kasturi K12 Services Private Limited (KKSPL) was incorporated in January'2015, promoted by Mr. P. Sreemannarayana (Director), Mr. R. Praneeth (Managing Director) and family members for the purpose of providing hostel services to students, with facilities i.e., mess, internet facility, dry cleaning amount others. The company renders its services to students of Viswa Bharathi Educational Society, in which the promoter of the company is Secretory. The promoters of the company are qualified post graduate and Mr. P. Sreemannarayana has more than five decades of experience in education industry, where as other directors has more than a decade of experience in the same industry. The company has started its commercial operation in April'2016. The company purchases the raw material from local traders in and around Krishna Dist., Andhra Pradesh. LAKSHMI GAYATRI: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sree Lakshmi Gayatri Hospitals Private Limited (SLGH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 196.88 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 25, 2025, placed the rating(s) of SLGHPL under the 'issuer non-cooperating' category as SLGHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLGHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 11, 2026, January 21, 2026, January 31, 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 Sree Lakshmi Gayatri Hospitals Private Limited (SLGH) was incorporated on June 10, 2011 by Mr Dandu Sivarama Raju. SLGH has undertaken project to set up 775 beds multi-specialty hospital at Bachupally, Hyderabad, to promote medical tourism and to facilitate longer stay requirements it has also undertaken to setup 120 beds in the same premises. The hospital commenced commercial operation from April 01,2019 onwards. The hospital offers wide range of health care services in specialties such as Cardiology, Nephrology, Pulmonology, Orthopedics, Plastic Surgery, Neurology, Gastro Entomology, Gynecology, Urology, Oncology, ENT and Dental etc. MAIHAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maihar Alloys Private Limited (MAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 24, 2025, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL 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 May 2004, Maihar Alloys Pvt. Ltd. (MAPL) was promoted by the two brothers, Mr. Dhananjay Kumar and Mr. Pawanjay Kumar based out of Jharkhand. Since April 2005, the company was engaged in manufacturing of mild steel (MS) ingots. However, from November 2018, the company has discontinued the ingots manufacturing and has started manufacturing of mild steel billets. The manufacturing facility of the company is located at Rauta in Ramgarh, Jharkhand with an aggregate installed capacity of 80,000 metric tons per annum. The manufacturing facility of the company has ISO: 9001:2008 certified which helps in the wide acceptance of its products in the market. The company has not availed any moratorium from its lender that could be availed as per RBI circular. Moreover, it has availed Covid relief loan of INR1.78 crore from its lender. MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mercator Oil & Gas Limited (MOGL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 99.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 124.00 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 MOGL under the 'issuer non-cooperating' category as MOGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MOGL 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 Mercator Oil and Gas Ltd (MOGL), a wholly-owned subsidiary of Mercator Limited was incorporated in 2005 in India with the main business of providing oil & gas services. Arbitration proceeding against ONGC to the tune of $252 million has adversely affected the company. Post the termination of the only available contract with the company, there has been no business activity carried on by MOGL. MODY ENTERPRISE: CARE Lowers Rating on INR35cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Mody Enterprise (ME), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 10.00 CARE B-; Stable/CARE A4; ISSUER Short Term 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 Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 12, 2025, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME 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). The ratings assigned to bank facilities of ME have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Mody Enterprise (ME), a sole proprietorship concern was formed in 1989 by Mr. Amresh Anantrai Mody. It is engaged in trading of industrial chemicals and solvents. The concern has a wide product portfolio which comprises of butanol, iso-butanol,2- ethyl hexanol, toluene, acetic acid, acetone, etc. ME's clientele is spread across various industries like paint, pharmaceuticals, adhesives, plasticizers, rubber and plastic, though majority of its sales is towards paint industry. ME is headquartered in Mumbai with branch offices in Ahmedabad and warehouses in Bhiwandi, Mumbai and Ahmedabad. NANDAGUDI OILS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nandagudi Oils & Agro Industries Llp (NOAIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 20, 2025, placed the rating(s) of NOAIL under the 'issuer non-cooperating' category as NOAIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NOAIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nandagudi Oils and Agro Industries LLP (NOAIL) was established on July 21, 2014; however commercial productions of the firm started in December 01, 2014. NOAIL is a Limited Liability Partnership firm formed by reorganizing and restructuring the business operations of Siddaganga Oil Extractions Private Limited to form two separate LLPs. SOE has transferred all the related assets and liabilities to NOAIL and Siddaganga Oil and Bio Industries LLP respectively. The partners of the firm are Mr. N J Shivakumar, Mrs. N S Dhanshree, Mr. N S Kunal and Mr. N S Sagar. NOAIL has a solvent extraction plant for extraction of rice bran, soya and sunflower oil with a processing capacity of 300 tons of oil per day. Moreover, the firm has an edible oil refining plant with an installed capacity of 50 tons per day. The major raw material for the firm is rice bran; yellow soya seeds, nonrefined sun flower oil and cotton seed washed oil which are procured from local players from Karnataka. NATRAJ RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Natraj Rice Mills Private Limited (NRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.95 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 27, 2025, placed the rating(s) of NRMPL under the 'issuer non-cooperating' category as NRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NRMPL 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 Natraj Rice Mills Private Limited (NRMPL) was incorporated in July, 2008 by Mr. Sandip Kumar Goel, Mr. Manoj Kumar Agarwal and Mr. Vivek Kumar Banka based out of Jharkhand, for the purpose of setting up a rice processing unit and a captive biomass power plant. The company commenced operations in April 22, 2014 with paddy processing capacity of 96,000 metric ton per annum (MTPA) and 1.2 Mega Watt (MW) captive biomass power plant. The milling unit and power plant of the company is located at Lakhisarai district of Bihar. The company sells its products under the brand name "Magadh", "Koshi" and "Kamdhenu" to traders and wholesalers located in different states of India. NEO CAPRICORN: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Neo Capricorn Plaza Private Limited (NCPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 27, 2025, placed the rating(s) of NCPPL under the 'issuer non-cooperating' category as NCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCPPL 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 Neo Capricorn Plaza Private Limited (NCPPL), a company incorporated in March 2004, was jointly promoted by the Advantage Raheja group (owned by Mr Deepak Raheja, Managing Director) and the Capricorn group. However, in July 2011, it was completely taken over by the Advantage Raheja group. NCPPL owns a 4-star hotel with 178 rooms at Bund Garden Road, Pune, under the brand "Courtyard by Marriott". NCPPL has entered into a 30-year management-cum-marketing arrangement with the Marriott International group. The hotel commenced commercial operations in August 2011. NIKKI STEELS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nikki Steels Private Limited (NSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 8, 2025, placed the rating(s) of NSPL under the 'issuer non-cooperating' category as NSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2026, March 4, 2026, March 14, 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 Nikki Steels Private Limited (NSPL), based in Ghaziabad, Uttar Pradesh was incorporated in June, 2006 by Mr. Neeraj Gupta and Mr. Sharad Gupta. NSPL is primarily engaged in trading of iron and steel products such as coil, bars, wire rods and plates and procures the traded product directly from suppliers such as Steel Authority of India Limited (SAIL), National Steel Supplier, K. S Steels etc. The company caters to various construction and private infrastructure companies such as JCL Infra Limited, J Kumar Infra projects Limited, Dadu Pipes Pvt Ltd etc. NOBILITY ESTATES: NCLT Allows Withdrawal of Insolvency Proceedings ------------------------------------------------------------------ The Economic Times reports that National Company Law Tribunal (NCLT) has allowed the withdrawal of corporate insolvency resolution process (CIRP) against Le Grandiose developer, Nobility Estates Private Limited, after lenders and the company's ex-management reached a settlement agreement. It also restored the management of the real estate company to its board of directors. ET relates that Tribunal's principal bench, comprising acting president Bachu Venkat Balram Das and member (technical) Ravindra Chaturvedi, in an order on May 5, approved the withdrawal application. "We deem it appropriate to allow the application and the CIRP of Nobility Estates Private Limited stands concluded. All pending applications in relation to the CIRP of the corporate debtor (Nobility Estates) are disposed of," NCLT said. It said the resolution professional would be released from all obligations and liabilities arising from the CIRP, ET relays. Nobility was developing Le Grandiose, a residential project in Sector 150, spread over 53,908 sqm. Launched in 2016 with a proposed completion date of 2023, the project, comprising nearly 1,000 flats of 3 and and 4 BHK, got stuck midway. The insolvency case was filed by ASK Property Investment Advisors, a financial creditor, following an alleged default by the company. PARAMOUNT IMPEX: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Paramount Impex Private Limited (PIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.76 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 10.50 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 20, 2025, placed the rating(s) of PIPL under the 'issuer non-cooperating' category as PIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 23, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable PIPL was incorporated in 1995 by Mr Sat Bhushan Gupta and Mr Raghu Nandan Sarup. The current management includes Mr Sat Bhushan Gupta, Mr Rajeev Gupta and Ms Urmil Gupta. The company is engaged in the manufacturing and trading of textile products. The company manufactures home furnishing products which includes bedroom accessories (blankets, bed sheets, pillow covers) and kitchen accessories (velvet bottle cover, aprons). The company is also engaged in trading of blankets. PIP's also export its products to U.K., Canada and Europe. PIP mainly procures its raw material i.e. cotton fabric and velvet etc. from domestic manufactures. The process of the company are ISO 9001 & 14001 certified and the manufacturing unit is located at Panipat, Haryana. PARSVNATH DEVELOPERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Parsvnath Developers Limited Parsvnath Tower, Near Shahdara Metro Station, Shahdara, East Delhi, Delhi, India, 110032 Insolvency Commencement Date: April 30, 2026 Court: National Company Law Tribunal, New Delhi Bench-Court II Estimated date of closure of insolvency resolution process: October 27, 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 parsvnathcirp@gmail.com Authorized Representatives of creditors in a class: Ankit Goel Rahul Jindal Rajeev Khurana Last date for submission of claims: May 27, 2026 R. M. AUTO: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R. M. Auto Link Private Limited (RMALPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 28, 2025, placed the rating(s) of RMALPL under the 'issuer non-cooperating' category as RMALPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMALPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 14, 2026, January 24, 2026, February 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable R. M. Auto Link Private Limited (RMPL, CIN: U34103MP2005PTC017555) was incorporated in April 2005 and was promoted by Rajpal and Moolchandani family. RMPL is engaged in two-wheeler (2W) automobile dealership business as an authorized dealer of Honda Motors Cycle and Scooter India Pvt. Ltd. (HMSI). RMPL has one showroom with 3S facility (Sales, Services and Spare Parts), one service centre with 2S facility (Services and Spare parts) and one sales outlay in Bhopal. R.S. TRUST: Ind-Ra Affirms IND BB+ Rating on INR148MM Bank Loans ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed R.S. Trust's (RST) bank facilities as follows: -- INR148.76 million bank loan facilities has affirmed IND BB+/Stable rating. Analytical Approach Ind-Ra has taken a standalone view of RST while reviewing the rating. RST is part of the Vel Group which comprises two other trusts working in the field of education, Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology Trust (debt rated at 'IND BBB+'/Stable ) and Vel Trust (1997)(debt rated at 'IND BB+'/Stable). Detailed Rationale of the Rating Action The rating reflects RST's improving-but-small scale of operations, along with competitive intensity and regulatory risk in the education sector. The improving scale is attributed to yearly fee hikes and a growing headcount. Moreover, there was an improvement in the credit metrics and EBITDA margin during FY26. Ind-Ra expects the EBITDA margins to remain stable in the medium term, based a likely increase in the student headcount due to a steady demand for the engineering course. List of Key Rating Drivers Weaknesses - Small scale of operations, despite growing student headcount - Growing-but-low revenue base; high concentration - Competitive intensity; regulatory risk Strengths - Healthy EBITDA margins - Comfortable credit metrics Detailed Description of Key Rating Drivers Small Scale of Operations, despite Growing Student Headcount: Ind-Ra expects RST’s student headcount to increase in the near term, due to increased enrolment for its college and school. RST’s student headcount grew 12.15% yoy to 4,623 in FY26 (FY25: 4,122; FY24: 3,639). RST reported a continuous growth in the student headcount with a CAGR of 7.37% over FY23-FY26. However, Ind-Ra expects the trust’s scale of operations to remain small in the medium term. Growing-but-low Revenue Base; High Concentration: Ind-Ra expects the revenue to grow moderately in the near to medium term, due to the likely moderate growth in student headcount. The revenue grew 18.32% yoy to INR536 million in FY26 (FY25: INR452.99 million), driven by tuition fee income. Tuition fee income remains the key revenue source, which accounted for 98% of the total income in FY25-FY26. Competitive Intensity; Regulatory Risks: RST faces competition from several other universities/institutes offering similar courses in and around Tamil Nadu. The education sector in India is highly regulated and RST’s operations may be impacted in case of any adverse regulatory changes in the central/state government policies and regulations. The key courses offered by the university are engineering and arts. Any regulatory action causing a downward revision in the fees charged for such courses could adversely impact RST’s revenue. Healthy EBITDA Margins: RST’s EBITDA margins ranged between 26.10% - 36.57% during FY21-FY26. Ind-Ra believes the society’s profitability will remain stable around FY26 levels in the medium term, as the revenue growth is likely to be commensurate with the rise in the operating expenditure. The margins increased to 33.86% in FY26 (FY25: 27.83%), due to the improved headcount. The absolute EBITDA came in at INR181.48 million in FY26 (FY25: INR126.06 million). Comfortable Credit Metrics: Ind-Ra expects the trust’s credit metrics to remain comfortable over the medium term. The RST had a net cash position in FY26 (FY25: net cash; FY24: 0.81x ). RST plans to incur capex of INR115.26 million during FY27 and FY28 for the construction of a new college building using a mix of debt and internal accruals. The society’s coverage metrics remained comfortable during FY21-FY26, with the debt service coverage rising to 101.22x in FY26 (FY25: 17.79x) and the interest service coverage increasing to 643.55x (117.57x) due to the improved EBITDA and lower working capital utilization. Liquidity Adequate: Ind-Ra expects RST's liquidity to remain adequate in the near to medium term, supported by operating cash flows, and cash and bank balances. It plans to undertake construction of a new college building and hostel in the next two to five years. Ind-Ra believes that there would be limited dependence on fresh debt, in view of stable cash flow from operations of INR194.35 million in FY26 (FY25: INR197.47 million). Also, its unencumbered cash and bank balance stood at INR200.38 million in FY26 (FY25: INR116.71 million). The total debt decreased to INR11.92 million as on 31 March 2026 (FY25: INR24.98 million). Out of the total debt, the debt from schedule commercial bank was reduced to INR1.61 million in FY26 (FY25: INR3.13 million). The remaining debt, which was from related parties and did not bear any interest and specific repayment schedule, decreased to INR10.30 million in FY26 (FY25: INR21.85 million). RST may repay unsecured debt from related part as per requirement. RST's collection period reduced to 11 days in FY26 (FY25: 19 days) and account payable days were 3 (nil). The repayment obligations for the term loans were met through internal accruals in FY26. Furthermore, the debt service will be around INR3.67 million and INR3.95 million during FY27 and FY28, respectively, which Ind-Ra expects RST to service comfortably from its EBITDA. The average utilisation of the sanctioned working capital limits stood at 0% for the 12 months ended March 2026. Rating Sensitivities Negative: Inability to maintain the EBITDA margin at current levels, leading to deterioration in the debt and coverage metrics and stress on the liquidity position on a sustained basis will be negative for the rating. Positive: A sizeable increase in the student headcount leading to higher revenue and EBITDA exceeding INR250 million coupled with comfortable liquidity on a sustained basis could lead to a positive rating action. Any Other Information. Not applicable About the Company Established in 1998, RST is promoted by R Rangarajan (founder and chairman) who is also the founder of the Vel Group. The trust runs two colleges offering under-graduate and post-graduate courses in engineering and paramedical. The trust also operates a matriculation school, which offers KG to 12th standard education. RST is a part of the Vel group, which also manages Vel Trust (1997) and Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology Trust. RAJESH BUSINESS: NCLT Approves INR730cr Resolution Plan ------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has approved the resolution plan of a consortium of Rare Asset Reconstruction Company (Rare ARC) and Check-Inn Hotels, a subsidiary of realty developer Shree Naman Group to acquire Rajesh Business & Leisure Hotels. According to ET, the company has admitted liabilities of over INR1,345 crore, whereas the consortium has proposed a revival plan of INR730 crore. Before the tribunal's approval, the plan had received unanimous backing from the committee of creditors (CoC). This follows the company's admission into insolvency proceedings in April 2022. Secured creditors will receive a full settlement. Rajesh Business & Leisure Hotels Private Limited owns and operates a hotel. RPV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of RPV Exports Private Limited (RPV) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 7, 2025, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL 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). Analytical approach: Standalone Outlook: Not Applicable REPL was incorporated on October 19, 2012, by Choubey family of Kolkata, West Bengal with Shri Rama Shankar Choubey being the main promoter. Since its inception, REPL has been engaged in manufacturing and export of readymade garments. The manufacturing facility of the company is in Kolkata with an aggregate installed capacity of 25,00,000 pieces per annum. The company generates revenue fully from export activities. The major export destinations of REPL are UAE, Saudi Arabia etc. Mr. Rama Shankar Choubey, aged about 60 years, having thirty years of experience in garments manufacturing, export, and trading activities, looks after the overall management of the company. He is also assisted by other directors and a team of experienced personnel. S.R. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S.R. Industries Limited (SL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.75 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 26, 2025, placed the rating(s) of SRI under the 'issuer non-cooperating' category as SRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable S.R. Industries Limited (SRI) (ISIN - INE329C01011) was set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989 for manufacturing of terry towel. In 2010, SRIL started its footwear business under the brand name 'Red Zone' and 'Front Foot' and a contract manufacturer for PUMA Sports India Private Limited (PUMA). In FY12, SRIL sold its terry towel business to focus on its footwear business. The company has its manufacturing facility in Una district Himachal Pradesh. SRIL is a manufactures sports shoes, Chappal and sandals for PUMA, Bata, Relaxo and Mantra. SHRIKALYANI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shrikalyani Agritech Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.31 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 3, 2025, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 17, 2026, January 27, 2026, February 6, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shrikalyani Agritech Pvt. Ltd. (SAPL) was incorporated in June 2009 as Shri Kalyani Coke & Iron Pvt. Ltd. (SCIPL) by Goyal family of Dhanbad, Jharkhand. SCIPL was de-functional and later on in May, 2013, it was renamed to Shrikalyani Agritech Pvt. Ltd. for the purpose setting up a paddy processing unit at Govindpur, Dhanbad, Jharkhand. The company commenced commercial production in July, 2014 with rice processing capacity of 32,620 metric tonne per annum (MTPA). SIMARA FOODS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Simara Foods Private Limited No. 7, 4th Floor, Plot 237/243, Bahar House, Abdul Rehman Street, Sutar Chawl, Mandvi, Mumbai, Maharashtra, India, 400003 Insolvency Commencement Date: May 6, 2026 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: November 2, 2026 Insolvency professional: Navin Khandelwal Interim Resolution Professional: Navin Khandelwal 206, Navneet Plaza 5/2, Old Palasia, Indore - 452018 Email: navink25@yahoo.com cirp.simarafoods@gmail.com Last date for submission of claims: May 22, 2026 TAG OFFSHORE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of TAG Offshore Ltd. (TOL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 959.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 56.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 12, 2025, placed the rating(s) of TOL under the 'issuer non-cooperating' category as TOL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TOL 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 TAG Offshore Limited (TOL) was founded to provide marine support services for ports/terminals, offshore exploration, production, and marine construction. The company acquired the offshore business of Essar Shipping in 2003, including three Anchor Handling Tug Supply Vessels (AHTSV) and the associated workforce. TOL serves major clients such as Oil and Natural Gas Corporation (ONGC) and port/terminal authorities like Jawaharlal Nehru Port Trust (JNPT), Cochin Port Trust (CPT), and Kandla Port Trust (KPT). With a fleet of 25 vessels, including AHTSVs, Harbour Tugs, Platform Supply Vessels (PSV), and a Tanker, TOL primarily operates on long-term contracts ranging from 2 to 5 years. The company is managed by a four-member Board of Directors, with two members from the Apparao family, Mr. Godfrey Pimenta, and Mr. Shiben Kaul. TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Talwalkars Healthclubs Limited (THL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 280.74 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 63.34 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 13, 2025, reaffirmed the rating of THL under the 'issuer non-cooperating' category as THL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. THL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated March 29, 2026, April 8, 2026, April 13, 2026, and April 18, 2026. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which, however, in CARE 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 The analytical approach of the company has been changed from combined to standalone, as Talwalkar Better Value Fitness Limited (TBVFL) had been acquired by the new management in liquidation process as per NCLT order dated February 26, 2026, thus resulting in operations under different management. Outlook: Not applicable Detailed description of key rating drivers: As PR dated May 13, 2025, the following were the rating strengths and weaknesses. Key weaknesses * Deteriorating debt coverage indicators; asset monetisation remains key rating monitorable: As on March 31, 2019 (UA), the total outstanding debt stood at INR~759 crore an increase of 45.30%. The debt was primarily on account of to fund its various expansion plans, predominantly for the David Lloyd Club in Pune. Consequently, the debt coverage metrics also deteriorated. As of March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as against 7.10x as of March 31, 2018. Similarly, overall gearing as well as total debt to gross cash accruals deteriorated to 1.05x and 5.33x as against 0.89x and 3.91x respectively. Furthermore, TBVFL (combined) has invested in other complementing ventures in the lifestyle segment such as 'Sarva'. As these investments are taking longer than expected to generate material returns, adjusting for the same (including goodwill), the overall gearing ratio as on March 31, 2019 stands at 1.57x as against 1.11x as on March 31, 2018. The management is looking to raise funds by the end of calendar year 2019 through various avenues such as sale of equity, sale of stake in joint ventures/associate companies and to monetise some of its gym properties by entering in a sale and lease back transaction to partially retire its debt. The ability of the company to timely raise funds and subsequent debt reduction is a key rating monitorable. * Reduced financial flexibility: The financial flexibility of TBVFL (combined) has reduced on account of significant reduction in market capitalisation along with increase in promoters' pledged shares. The promoters' stake pledged has increased to 76.11% (TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the promoters to reduce quantum of pledged shares continues to remain a key rating monitorable. * Relatively moderate scale of operations: TBVFL's scale of operations are moderate and seasonal in nature as second quarter and fourth quarter of the fiscal year together contribute almost 61% of its overall consolidated revenues in FY19. Hence, any adverse impact on the business in the peak season may adversely impact the profitability. On-going significant capex towards existing line of business as well as towards newer business segments which have not generated returns in line with expectation: During FY19, on a combined basis, the company had incurred capex of INR173.03 crore of which, INR111. 18 crore was for gym business and INR61.84 crore was for the lifestyle business. The company's ability to improve its asset turnover and increasing turnover of higher value-added segment is crucial to improve its credit profile. Further, the company is setting up a club in Pune in collaboration with David Lloyd Leisure Limited which got delayed and is expected to start operation shortly. The performance in terms of member addition remains a rating sensitivity. Key strengths * Long track record and extensive experience of the promoters in the fitness industry: TBVFL and THL, promoted jointly by the Talwalkar and Gawande families in 2003 has well-established track record of operating gyms/fitness centres of over a decade and half in the fitness industry with presence across the country. The brand "Talwalkars" is in existence since 1932. The promoters, Mr Madhukar Talwalkar and Mr Prashant Talwalkar, have more than four decades of experience in various segments/aspects of fitness industry. * Diversified product portfolio; albeit higher dependence on revenues from gym services: TBVFL (combined) have a diversified product portfolio offering multiple products spanning from basic gym services to aerobics, yoga, diet-based weight reduction programs, massage, spa, and health counselling. While the contribution from its value added services is increasing the company continues to derive major share of revenues from basic gym services across its outlets. Liquidity: Poor There are ongoing delays in company's debt service obligations. Talwalkar Healthclubs Limited (THL), was part of 'Talwalkars group', wherein the gym business is managed by THL.THL was part of Talwalkar Better Value Fitness Limited (TBVFL), wherein the later was acquired by new management in liquidation process as per NCLT order dated February 26, 2026. THL continues to be under liquidation process under the Insolvency and Bankruptcy Code. UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of United Infraventures Limited (UIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.05 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 26, 2025, placed the rating(s) of UIL under the 'issuer non-cooperating' category as UIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable United Infraventures Limited (UIL) was incorporated on August 18, 2012 to take over the business of United Construction Company (UCC) which is, since 1963, engaged in civil construction works mainly involved in sewage pipeline laying & repairs, repairs of structures, road construction & repairs etc. The company carters to Municipal Corporation of Greater Mumbai (MCGM), with major operations in Mumbai, Maharashtra. VEL TRUST 1997: Ind-Ra Affirms IND BB+ Rating on INR169MM Loans --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Vel Trust (1997)'s (VT) bank facilities at 'IND BB+' with a Stable Outlook, as follows: -- INR169.65 million Bank Loan Facilities has IND BB+/Stable rating that is affirmed. Analytical Approach Ind-Ra has taken a standalone view of VT while reviewing the rating. VT is part of Vel Group which comprises two other trusts operating in the field of education - Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology Trust () (VTRS; 'IND BBB+'/ Stable) and R.S. Trust (RST; 'IND BB+'/Stable). Detailed Rationale of the Rating Action The ratings reflect VT’s improving scale of operations, attributed to the yearly fee hikes and a growing headcount. Additionally, the ratings reflect the improvement in VT’s credit metrics, along with an increase in the EBITDA margin during FY26. Even as the student headcount is likely to increase due to the growing demand of the engineering courses in the medium term, Ind-Ra expects the margins to remain stable due to the rise in staff costs. List of Key Rating Drivers Weaknesses - Small scale of operations despite growing student headcount - Low revenue base and high revenue concentration - Competitive intensity; regulatory risk Strengths - Healthy EBITDA margins - Comfortable credit metrics Detailed Description of Key Rating Drivers Small Scale of Operations Despite Growing Student Headcount: Ind-Ra expects VT's student headcount to continue increasing further in the near-to-medium term, driven by higher enrolment in engineering courses. The student headcount grew 6.06% yoy to 4,956 in FY26 (FY25: 4,673; FY24: 4,274). VT reported a continuous growth in the student headcount with a CAGR of 7.78% over FY21-FY26. Despite the ongoing increase in student numbers, Ind-Ra expects the trust’s scale of operations to remain small in the medium term. Low Revenue Base and High Revenue Concentration: Ind-Ra expects the revenue to grow moderately in the near-to-medium term following moderate growth in student headcount The revenue grew 9.84% yoy to INR514 million in FY26 (FY25: INR467.94 million), driven by tuition fee income. Tuition fee income, which remains the key source of revenue, accounted for 97% of the total income in FY26 and FY25. FY26 financials are provisional in nature. Competitive Intensity; Regulatory Risks: VT faces competition from several other universities/institutes offering similar courses in and around Tamil Nadu. The education sector in India is highly regulated and VT’s operations may be impacted in case of any adverse regulatory changes in the central/state government policies and regulations. The key courses offered by the university are engineering and arts. Any regulatory action causing a downward revision in the fees charged for such courses could adversely impact VT’s revenue. Healthy EBITDA Margins: VT’s EBITDA margins ranged between 25.94% and 53.61% during FY21-FY26, but Ind-Ra believes the society’s profitability will remain stable at around FY26 levels in the medium term, as revenue growth is likely to be commensurate with a rise in the operating expenditure. The margins dipped in FY25 and slightly increased to 28.05% in FY26 (FY25: 25.94%, FY24: 36.47%). The absolute EBITDA came in at INR144.20 million in FY26 (FY25: INR121.40 million, FY24: 141.20). Comfortable Credit Metrics: Ind-Ra expects the trust’s credit metrics to remain comfortable over the medium term. The society’s gross leverage (gross debt/EBITDA), which had remained below 1.87x during FY21-FY26, further reduced to 0.01x in FY26 (FY25: 0.07x). VT plans to incur capex of INR100.55 million during FY27 & FY28 for construction of new college building. The capex will be funded through a mix of debt and internal accruals. The society’s coverage metrics remained comfortable during FY21-FY26.The debt service coverage improved significantly to 64.38x in FY26 (FY25: 14.45x) and the interest service coverage to 206.00x (99.66x), due to an increase in EBITDA and minimal debt. Liquidity Adequate: Ind-Ra expects the liquidity of VT to remain adequate in the near-to-medium term supported by operating cash flows, cash and bank balances. VT plans to undertake construction of a college building and hostel in the next two-to-five years. During this period, Ind-Ra believes there will be limited dependence on fresh debt. The cash flow from operations decreased to INR152.30 million in FY26 (FY25: INR218.57 million, FY24: INR1.59 million) owing to an increase in receivables. The unencumbered cash and bank balance stood at INR340.80 million at FYE26 (FYE25: INR220.62 million). The total debt reduced to INR1.60 million at FYE26 (FYE25: INR8.02 million). Out of total debt, debt from schedule commercial bank reduced to INR1.60 million in FY26 (FY25: INR3.13 million). There was no unsecured debt at FYE26. The collection period elongated slightly to 28 days in FY26 (FY25: 24 days) and account payable days remained stable at two in FY26 (FY25: two). The repayment obligations for the term loans were met through internal accrual. Furthermore, the debt service will be around INR1.03 million and INR1.39 million during FY27 and FY28, respectively, which Ind-Ra expects to service comfortably from its EBITDA. The average utilisation of the sanctioned working capital limits stood at 0% for the 12 months ended March 2026. Rating Sensitivities Positive: A sizeable increase in the student headcount, leading to a higher revenue and the EBITDA exceeding INR250 million, coupled with a comfortable liquidity could lead to a positive rating action. Negative: An inability to maintain the EBITDA margin, leading to deterioration in the debt and coverage metrics and stress on the liquidity position on a sustained basis will be negative for the ratings. Any Other Information. Not applicable About the Company Established in 1997, VT is promoted by founder and chairman Dr. R Rangarajan, who is also the founder of Vel Group, which also manages R.S. Trust and Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology Trust. The trust comprises two educational institutions: Vel Tech Multi Tech Dr. Rangarajan Dr. Sagunthala Engineering College, and Vel Tech Ranga Sanku Arts College, offering under-graduate and post-graduate courses in engineering and arts and science, respectively, since 1998. VR MALWA PRIVATE: Ind-Ra Lowers Bank Loans Rating to BB+ -------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded VR Malwa Private Limited's (VRMPL) bank loan facilities to 'IND BB+' from 'IND BBB-'. The Outlook is Negative. The detailed rating action is as follows: -- INR2,775 million (reduced from INR2,880.50 million) bank loan facilities have rating downgraded to IND BB+/Negative. Analytical Approach The rated lease rental discounting (LRD) facility is secured by an exclusive charge over VRMPL's underlying commercial mall property - VR Punjab, to the extent of the leasable area of 0.99 million square feet (msf), an exclusive charge on the commercial lease rental income generated from all licensees and debt servicing support from the sponsors. Ind-Ra has considered the net cash flow from the rental property against the expected expense and the waterfall as per the transaction documents. Other quantitative and qualitative adjustments have been considered in line with the Corporate Rating Methodology. Detailed Rationale of the Rating Action The downgrade reflects a deterioration of VRMPL's credit profile, due to a decline in its occupancy levels and rental income, resulting in the weakening of liquidity during 9MFY26. Ind-Ra notes that the audited financial statements for FY25 are yet to be signed and filed with the Ministry of Corporate Affairs (MCA). The timeline for the completion and filing of the audited financials remains a key rating monitorable. Additionally, the exit of majority directors and key managerial personnel during November–December 2025 has resulted in a transition phase, with potential implications for management stability. VRMPL's occupancy declined materially to 46.4% as of 3QFY26 (3QFY25: 60.3%), which adversely affected rental income. Net rentals, after excluding taxes and insurance, declined sharply to INR502.1 million, as per the FY25 provisional numbers (FY24: INR580.8 million), largely due to the lower occupancy. Additionally, the largest anchor tenant, which accounts for about 53% of the total leased space, operates under a pure revenue-sharing arrangement, leading to volatility in the rental generation. As a result, the performance and sustainability of the anchor tenancy remain key rating monitorables. The Negative Outlook reflects VRML's weak liquidity position, with the debt service coverage ratio (DSCR) likely remaining below 1x, indicating increased risk of liquidity stress. Ind-Ra believes that the inability or a delay in improving occupancy and rentals, equitizing the balance sheet or refinancing debt with long-tenor debt could continue to exert sustained pressure on cash flows and debt servicing metrics. While the new management stated that it is focusing on a strategy to improve occupancy to stabilise operations, the effectiveness of these measures remains a key rating monitorable. The rating continues to reflect the project's debt structure, which stipulates escrowing of rentals and prioritisation of debt servicing. It also factors in the established track record of the project sponsor, Virtuous Retail South Asia Pte. Ltd. (VR), in the organised retail mall segment and the sponsor group’s commitment to providing debt servicing support. Additionally, the maintenance of a debt service reserve account (DSRA) equivalent to approximately three months of principal and interest obligations also supports the ratings. List of Key Rating Drivers Strengths - Strong sponsorship and management - Robust security package Weaknesses - Poor operational performance - High leverage - Inadequate DSCR - High renewal and concentration risk Detailed Description of Key Rating Drivers Strong Sponsorship and Management: VRMPL was acquired by Singapore-based VR in May 2017, and is held through VR’s investment vehicle, Moribus Holdings Pte. Ltd. (MHPL), which was incorporated in Singapore. VR is jointly owned by Dutch Pension Fund, APG Strategic Real Estate Pool N.V.- Netherlands, and Singapore-based Xander Retail Partners Pte. Ltd. VR has an established track record of operations in India since May 2013 in the retail mall space. Some of the commercial real estate properties constructed and operated by VR includes VR Surat (May 2013), VR Bengaluru (October 2015) and VR Chennai (June 2018), where it has established strong relationships with brands, such as Max, Reliance Retail, and Pantaloons, among others. Robust Security Package: The transaction benefits from the presence of a strong security package in the form of a mortgage of the underlying assets and a charge on all receivables and related accounts, along with an undivided share parcel of the land. The bank loan also benefits from the presence of a pre-funded debt service reserve account (DSRA), equivalent to three months of principal and interest obligations held with Bank of Maharashtra (BoM) in the form of fixed deposits. Furthermore, the presence of an escrow mechanism, an account with BoM, along with a defined waterfall would enable debt payment, and the surplus would be utilised for other expenses. As per the sanction terms, the receivables are collected in the escrow account. Poor Operational Performance: VRMPL's overall occupancy reduced to 46.4% as of December 2025 (December 2024: 60.3%), due to increased competition in the micro-market from newer malls, resulting in a sustained drop in footfalls. Consequently, the company has substantially reduced rentals to retain existing tenants and has shifted to high proportion of variable rentals. The average rental as of December 2025 was nearly INR41.5 per sf. High Leverage: Ind-Ra expects the company's leverage (debt to operating income ratio) to be 10.0x-12.0x over the medium term, in line with the management's expectations of occupancy levels and operatin g cashflows. The increase in the leverage was due to the lower occupancy and rental rate. Any further reduction in the footfalls, occupancy and rentals make debt servicing unsustainable requiring either balance sheet correction with equitisation or refinancing the debt with long-tenure maturity. Inadequate DSCR: As per Ind-Ra’s base case scenario, VRMPL’s cash flows have an adverse DSCR of 0.7x-1.0x, due to substantial fall in its occupancy and rentals. Ind-Ra believes an improved occupancy level and higher rental rates along with better collection efficiency will be important for debt servicing. The agency expects a moderate asset course correction and timely liquidity infusion in FY27. The debt servicing in FY26 seem to have supported by unwinding of the fixed deposits, which reduced to nil (FYE25: INR70 million). High Renewal and Concentration Risk: The overall seasoning in the area was 4.2 years with weighted average balance lease tenure of 2.2 years as of December 2025. Top five tenants occupy about 30% of the area and contribute about 60% of the total rentals. Any further vacations or a delay in renewals will put additional stress on the cash flows. The lock-in period for all tenants has expired. The management stated that it did not have any material vacancies on hand at end-March 2026. Liquidity Stretched: VRMPL has adequate liquidity in the form of cash and cash equivalents of INR15.31 million and a DSRA of INR102.32 million, as of February 2026. The company has maintained DSRA equivalent to three months of interest and principal obligations based on the sanction terms. Ind-Ra expects VRMPL’s cash flow from operations, along with available support, to be stretched to meet its debt servicing obligations. Rating Sensitivities Outlook Revised to Stable: A recovery in the occupancy levels and renewal of expiring leases in a timely fashion at a reasonable rental rate, leading to the near-to-medium term DSCR (NOI) exceeding 1.1x, on a sustained basis, could lead to the Outlook being revised to Stable. Negative: Developments that could, individually or collectively, result in a negative rating action are: a sustained decline in occupancy and or rentals leading to liquidity pressure a lack of timely support from the sponsor utilisation of the DSRA Any Other Information. Not applicable About the Company VRMPL operates VR Punjab, a commercial mall in Mohali, Punjab, and is a 100% subsidiary of VR, which owns and operates about 14 msf of retail assets in India. VR, which is backed by leading emerging markets focused investment firm, The Xander Group, is the only institutionally owned, integrated urban development and operating platform, building and managing community-oriented city-centres across India. VR is aggressively expanding its pan-India portfolio which includes developments of around 13 msf across nine gateway cities, comprising six established flagship centres, two new flagship regional city centres under development in Mumbai and Delhi, and an about-to-be launched neighbourhood centre in south Bengaluru. WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of West Quay Multiport Private Limited (WQMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 116.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 25.00 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 WQMPL under the 'issuer non-cooperating' category as WQMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WQMPL 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 West Quay Multiport Private Limited (WQMPL) is a Special Purpose Vehicle (SPV) incorporated to implement the project for development of West Quay Berth-VI (WQ6) for handling bulk cargo up to 4.5 million tonnes per annum at Visakhapatnam Port on Design, Build, Finance, Operate and Transfer (DBFOT) basis. WQMPL has been promoted by Alba Asia Private Limited and ABG Infra-logistics Ltd. ========= J A P A N ========= [] JAPAN: Corporate Bankruptcies Rise 6.6% in April --------------------------------------------------- Dimsum Daily reports that corporate insolvencies in Japan continued to climb in April, with 883 companies entering bankruptcy proceedings involving liabilities of at least JPY10 million, according to figures released on Wednesday, May 13, by Tokyo Shoko Research. Dimsum Daily relates that the total represents a 6.6 per cent increase compared with the same month last year. The credit research agency reported that 85 of the failures were linked primarily to rising costs, marking the third-highest level on record for price-related bankruptcies. A weaker yen has driven up the cost of imported raw materials and energy, placing additional strain on businesses. Beyond inflationary pressures, firms are also contending with higher labour expenses and rising interest rates, factors that are steadily squeezing profit margins and intensifying cash flow challenges, the survey found. According to Dimsum Daily, external shocks have compounded the difficulties. Supply constraints in naphtha and a sharp rise in crude oil prices, fuelled by tensions in the Middle East, have added to operational uncertainty for many companies. An official at Tokyo Shoko Research warned that the business climate could deteriorate further if instability in the Strait of Hormuz persists, raising the likelihood that insolvency figures may continue to increase through the summer. By sector, seven industries recorded year-on-year growth in bankruptcies, including construction, manufacturing and wholesale trade, Dimsum Daily discloses. The construction industry saw the steepest rise, with cases surging 21.7 per cent to 185, amid subdued housing demand linked to elevated property prices and higher mortgage rates. =============== M A L A Y S I A =============== TECHNA-X: Auditors Flag Going Concern Risk, Issue Qualified Opinion ------------------------------------------------------------------- The Malaysian Reserve reports that Techna-X Bhd has received a qualified audit opinion for its financial period ended Dec. 31, 2025, while auditors also flagged a material uncertainty related to the group's ability to continue as a going concern. According to The Malaysian Reserve, external auditor LTTH PLT said the financial statements give a "true and fair view" of the group's financial position, except for matters highlighted in the basis for qualified opinion. The Malaysian Reserve relates that the qualification stemmed mainly from the auditors' inability to obtain sufficient audit evidence relating to the disposal group involving HK Aerospace Beidou New Energy Industry Technology Co Ltd (HKAB) and its associate Guangxi Aerospace Beidou New Energy Industry Technology Co Ltd (GABNEIT). According to the audit report, management had classified HKAB as assets held for sale following a share sale agreement, but the proposed disposal remains subject to outstanding conditions precedent. GABNEIT was also placed into bankruptcy by a Chinese court on Aug. 26, 2025, resulting in Techna-X losing significant influence over the associate, The Malaysian Reserve discloses. The Malaysian Reserve relates that the auditors said they faced limitations in accessing underlying financial records and supporting documents, preventing them from verifying the carrying values of assets and liabilities, the classification of the disposal group as held for sale, fair value measurements, discontinued operations treatment and related disclosures. The matter was also subject to a similar scope limitation qualification in the previous financial period ended June 30, 2024, and remains unresolved. Separately, LTTH PLT flagged concerns over MYR2.6 million in outstanding receivables that are undergoing legal recovery actions, according to The Malaysian Reserve. The Malaysian Reserve relates that the auditors said the expected credit loss allowance recognised by management appeared inadequate, adding that they were unable to obtain sufficient evidence to support the recoverability of the receivables. The auditors also drew attention to the group's financial position, noting that Techna-X posted a net loss of MYR29.3 million at the group level and MYR57.3 million at the company level, alongside negative operating cash flows of MYR2.1 million and MYR3.1 million respectively during the 18-month financial period. "These conditions . . . indicate the existence of a material uncertainty that may cast significant doubt on the Group's and the Company's ability to continue as going concerns," the auditors said, although their opinion was not modified in respect of this matter, notes the report. In addressing the qualified opinion, Techna-X said the group undertakes annual impairment assessments on its cash-generating units across its food and beverage operations in Malaysia and China, as well as its technology segment, The Malaysian Reserve relays. Barring any unforeseen circumstances, the group expects to resolve the issues relating to the qualified opinion within 12 months from the date of the announcement, the report adds. Based in Kuala Lumpur, Malaysia, Techna-X Berhad -- https://www.techna-x.com/ -- an investment holding company, primarily engages in the restaurant operation and franchising business in the People's Republic of China and Malaysia. It operates through Food and Beverage, Energy Storage Solutions, Technology and Digital Transformations Enabler, and Others segments. ===================== N E W Z E A L A N D ===================== ALIGNED BALUSTRADES: Court to Hear Wind-Up Petition on May 26 ------------------------------------------------------------- A petition to wind up the operations of Aligned Balustrades Limited will be heard before the High Court at Wellington on May 26, 2026, at 10:00 a.m. Steel E.D. & Patton Limited and Glass Group Limited filed the petition against the company on April 8, 2026. The Petitioner's solicitor is: Jaesen Robert Sumner c/o Ford Sumner Lawyers Level 7, 45 Johnston Street Wellington Central Wellington 6011 FIJI FOOD: Creditors' Proofs of Debt Due on June 18 --------------------------------------------------- Creditors of Fiji Food Distributors NZ Limited and Nextlevel Painting Limited are required to file their proofs of debt by June 18, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on May 7, 2026. The company's liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 HAYLEY LOUISE: Creditors' Proofs of Debt Due on June 15 ------------------------------------------------------- Creditors of Hayley Louise Limited 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 1, 2026. The company's liquidator is: Larissa Logan Fixity Suite 14456 17B Farnham Street Parnell, Auckland 1052 HEAVY TYRES: Creditors' Proofs of Debt Due on June 8 ---------------------------------------------------- Creditors of Heavy Tyres & Auto Services Limited 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 8, 2026. The company's liquidators are: Gareth Russel Hoole Chiragkumar Bhailalbhai Patel Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 OKANA NEW ZEALAND: Court to Hear Wind-Up Petition on May 22 ----------------------------------------------------------- A petition to wind up the operations of Okana New Zealand Limited will be heard before the High Court at Auckland on May 22, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 1, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: Blasts Piki Lopez's Public Tactics ------------------------------------------------ Bilyonaryo.com reports that ABS-CBN Corp. appealed on May 8 to be left out of the escalating Lopez family feud, saying accusations made by board member Federico "Piki" Lopez are draining "time and resources" from the company's efforts to rebuild and stabilize operations. Bilyonaryo.com relates that the appeal follows a complaint filed by Piki, asking the Securities and Exchange Commission to investigate top executives of ABS-CBN over the alleged misuse of corporate funds, excessive compensation and accounting irregularities. He also sought the creation of an independent management committee to safeguard the network's remaining assets, as well as a forensic audit of related-party transactions. According to Bilyonaryo.com, the media company described Piki's complaint a "painful distraction" that unfairly affects employees already burdened by years of restructuring. "ABS-CBN and its people continue to be dragged into a fight they are not part of," the media company said, notes the report. "All these public accusations take time and resources away from what is truly important to us." "Instead of publicly calling out certain employees, and as a director of the company, Piki should engage the Board in constructive discussion," ABS-CBN said. "This is unfair to these employees and is uncalled for." The company also noted that the Lopez family itself has already sought to separate ABS-CBN from the dispute, saying: "Huwag na po sanang idamay ang ABS-CBN sa isang away na hindi naman amin." Bilyonaryo.com adds that ABS-CBN emphasized that its board had previously been unanimous in supporting management's recovery strategy, adding that there had been "no recorded objections" to those commendations until now. "We hope our stakeholders choose to support our mission of public service rather than add further obstacles to our recovery," ABS-CBN said, the report relates. 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 ================= AC RENEWABLE: Alton Murray Chun-Wen Poon Appointed as Liquidator ---------------------------------------------------------------- Mr. Alton Murray Chun-Wen Poon on May 4, 2026, was appointed as liquidator of AC Renewable Resources Pte Ltd. The liquidator may be reached at: Mr. Alton Murray Chun-Wen Poon 10 Anson Road #10-10, International Plaza Singapore 079903 ASIA LANDMARK: Creditors' Proofs of Debt Due on June 15 ------------------------------------------------------- Creditors of Asia Landmark (S) Fund 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 6, 2026. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 KF CONTRACTOR: Commences Wind-Up Proceedings -------------------------------------------- Members of KF Contractor Guild Pte. Ltd. on May 6, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 MAXEON SOLAR: Court to Hear Judicial Management Petition on May 29 ------------------------------------------------------------------ A petition to place the operations of Maxeon Solar Pte. Ltd. and Maxeon Solar Technologies Ltd. under Judicial Management will be heard before the High Court of Singapore on May 29, 2026, at 10:00 a.m. The Petitioner's solicitors are: Withers Khattarwong LLP 18 Cross Street, #14-01 Singapore 048423 NEW SILK: Creditors' Proofs of Debt Due on June 15 -------------------------------------------------- Creditors of New Silk Road China Master Fund 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 6, 2026. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 =========== T A I W A N =========== TAIWAN SHISEIDO: Hsinchu Receives Mass Layoff Plan Over Closures ---------------------------------------------------------------- Taipei Times reports that the Hsinchu County Government's Labor Affairs Department on May 13 said that it has received a plan from cosmetics brand Taiwan Shiseido Co detailing mass layoffs at its plant in Hukou Township. While the labor authorities did not disclose the number of employees to be laid off, Japanese news media earlier in the day reported that the closure of the company's factory in Hukou would result in 170 employees losing their jobs, according to Taipei Times. Taipei Times says Shiseido followed the law by reporting its layoff plan, the department said, adding that authorities would closely monitor negotiations between the management and affected employees and step in if any disputes arise. The department said that it would provide affected employees with job training and counseling to help them find new employment. Japan's Shiseido Corp on May 12 issued an announcement saying it would close the Hukou plant in the second half of next year, with production at the site scheduled to end in the first quarter of the year. The plant largely produces skincare products for Taiwan and other Asia-Pacific markets, Shiseido said. After the closure, Shiseido would relocate production to factories in Japan, including its Nasu site, it said. The decision to close the plant is expected to enhance the company's "global capacity utilization and improve cost efficiency," Shiseido said, Taipei Times relays. "Taiwan Shiseido will concentrate its management resources on its local distribution business, enabling a more agile and responsive operating model," it added. Japanese media reported that, following the closure, Shiseido's only production sites in Asia outside Japan would be in Shanghai and Beijing. Shiseido Co Ltd (TSE:4911) -- https://corp.shiseido.com/jp/ -- engages in the manufacture and sale of cosmetics, toiletries, personal care products, barber and beauty products. Shiseido Co reported net losses of JPY40.68 billion and JPY10.81 billion for the years ended Dec. 31, 2025 and 2024, respectively. =============== X X X X X X X X =============== [] Asia Pacific Banks Face Growing Credit Risks ----------------------------------------------- Reuters reports that Asia Pacific banks may have to raise their loan loss provisions further in the near-term as the Iran conflict darkens economic prospects in the region heavily reliant on Middle Eastern oil, analysts said. According to Reuters, banks in countries including Australia, Singapore, and India flagged possible credit hits of hundreds of millions of dollars each as they reported their March quarter earnings, blaming the indirect cost of the conflict. Reuters relates that the surging credit loss provisions come at a time when the lenders are also facing the prospects of higher-for-longer oil prices, supply chain and trade disruptions, rising interest rates and weaker corporate balance sheets. While higher loss provisions would not make a big dent in the short term given strong capital buffers, analysts warn that prolonged energy market disruptions could result in actual credit losses and pile pressure on banks to replenish balance sheets, notes the report. "More Asian banks have increased provisions and forward-looking overlays to reflect the risks from the Iran war," said Gary Ng, senior economist for Asia Pacific at Natixis CIB, though as yet there has not been a wave of credit defaults, Reuters relates. "The bottom line is that even if ⁠the war ends soon, energy prices may remain elevated due to supply destruction. Interest rates may not fall, which can hurt corporate repayment capacity and pressure credit demand." To be sure, current credit loss provision levels at Asia Pacific banks are much smaller compared to the charges they took to cope with the COVID-induced economic shocks five years ago, according to the report. For the top four Australian banks the total of A$957 million ($694.40 million)in provisions set aside for war-related risks is 80% lower than the buffer created in 2020. For eight large Asian banks, excluding China and Japan, it's 70% lower at $2.8 billion, according to Reuters calculations. But it's possible to see an uptick in Asian banks' actual credit losses, Ng said, though the magnitude will depend on the duration of the war, which is now in its 11th week. The economic toll of the conflict is mounting in the region, Reuters discloses. The Asian Development Bank cut its growth forecast for developing Asia and the Pacific to 4.7% this year and 4.8% in 2027, down from 5.1% for both years previously, it says. The regional banking sector's earnings are set to worsen next quarter in light of the elevated oil prices, weaker currencies, and soaring bond yields, said Interactive Brokers senior economist Jose Torres, relays Reuters. Australia's top lender, Commonwealth Bank of Australia, lost nearly $22 billion in market value on May 13, after it set aside more cash to prepare for risks linked to the Middle East conflict, the report discloses. Over ⁠the past two weeks, Australia's other three leading banks have raised provisioning by AUD757 million ($549.13 million) to cover future potential bad debts arising from the war, Reuters notes. ********* 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 ***