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260528.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, May 28, 2026, Vol. 29, No. 106 Headlines A U S T R A L I A ELITE RESPITE: First Creditors' Meeting Set for June 3 GFG ALLIANCE: Adroit Consortium Preferred Bidder for Liberty Bell GFG ALLIANCE: Latimore, Jindal Steel Final Bidders for Whyalla GWA DREAM: First Creditors' Meeting Set for June 4 LIDCO INTERNATIONAL: First Creditors' Meeting Set for June 2 STAR ENTERTAINMENT: Judge Flags Harsh Penalty on Former CEO STATESIDE SPORTS: First Creditors' Meeting Set for June 3 WA URBAN: First Creditors' Meeting Set for June 5 C H I N A CASI PHARMACEUTICALS: 2025 Net Loss Widens to $48.06 Million H O N G K O N G KAISA GROUP: Secures Court Recognition for Chapter 15 Bankruptcy I N D I A ASPS JEWELLERS: CRISIL Lowers Rating on INR30cr Cash Loan to B BYJU'S: Byju Raveendran Sentenced to 6 Months for Contempt of Court ENOAH ISOLUTION: CRISIL Lowers Corporate Credit Rating to B EPYGEN BIOTECH: CRISIL Keeps D Debt Rating in Not Cooperating GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating HAPPYHOMESS CONSULTANCY: CRISIL Keeps B- Ratings in Not Coop. JAIPRAKASH ASSOCIATES: Dalmia Bharat to Acquire Cement Assets MADURA TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating MALNAD CASHEWS: CRISIL Lowers Rating on INR21cr Cash Loan to B MARUTHI EDUCATION: CRISIL Keeps B Debt Rating in Not Cooperating NAVEEN TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating NORTH INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating PENN FROZEN: CRISIL Keeps B Debt Ratings in Not Cooperating PRABHU PETROCHEMICALS: CRISIL Keeps D Ratings in Not Cooperating PRANAV CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating RAAM4WHEELERS LLP: CRISIL Withdraws B Rating on INR40cr e-DFS RADHESH PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating RAINBOW TRACTORS: CRISIL Keeps B Debt Ratings in Not Cooperating RAM COMTRADE: CRISIL Keeps D Debt Ratings in Not Cooperating ROYAL IMPORT: CRISIL Keeps B Debt Ratings in Not Cooperating SANGANI INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating SHIV GANGA: CRISIL Keeps B- Debt Ratings in Not Cooperating SHRUTHI MILK: CRISIL Keeps D Debt Ratings in Not Cooperating SHRUTI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating SWAMI HITECH: CRISIL Keeps B Debt Rating in Not Cooperating TIRUPATI BALAJEE: CRISIL Withdraws B Rating on INR8.4cr LT Loan [] INDIA: Insolvency Resolution Drops to 13-Quarter Low N E W Z E A L A N D CESAR KITCHEN: Creditors' Proofs of Debt Due on May 31 OUTER ASPECT: First Creditors' Meeting Set for June 2 QMS INVESTMENTS: Court to Hear Wind-Up Petition on June 16 R&Y GARDEN: Court to Hear Wind-Up Petition on June 3 REDWOOD BUILDING: Creditors' Proofs of Debt Due on June 18 WILD POPPIES: Enters Liquidation After 31 Years S I N G A P O R E AFFINITY EQUITY: Court to Hear Wind-Up Petition on May 29 CREDO THREE: Creditors' Proofs of Debt Due on June 22 ORANGE LANTERN: Court to Hear Wind-Up Petition on June 5 PORCELAIN ORCHARD: Deloitte Singapore Appointed as Liquidators YANG HE: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: Restarts Sale of Large-Format Stores, Online Business - - - - - ================= A U S T R A L I A ================= ELITE RESPITE: First Creditors' Meeting Set for June 3 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Elite Respite Care Pty Ltd (trading as Elite Disability Care) will be held on June 3, 2026, at 12:00 p.m. at the offices of Mackay Goodwin, at Level 12, 20 Bridge Street, in Sydney, NSW, and via virtual meeting technology. Nelson Huang and Domenic Calabretta of Mackay Goodwin were appointed as administrators of the company on May 22, 2026. GFG ALLIANCE: Adroit Consortium Preferred Bidder for Liberty Bell ----------------------------------------------------------------- ABC News reports that a consortium consisting of Adroit Capital, White Oak Global Advisors and OM Holdings has been announced as the preferred bidder for the troubled Liberty Bell Bay manganese smelter in northern Tasmania. The smelter was put into administration in March this year, and its workforce has since relied on a series of state-federal short-term funding packages. On May 27, administrators EY Parthenon said it had entered into an agreement with the consortium, naming Adroit Capital, a Western Australia-based mining investor, and White Oak, a US private equity fund, for exclusive negotiations to acquire the smelter, the ABC relates. Tasmanian Business, Industry and Resources Minister Felix Ellis said OM Holdings was the third party in the consortium. "The consortium that's been brought together is indicating that they are able to raise tens of millions of dollars in terms of equity and then also seeking additional borrowing so that the plant can get up and running," the ABC quotes Mr. Ellis as saying. The ABC relates that EY Parthenon said it would now work with the consortium to complete due diligence and progress towards completing a transaction through either an asset sale or Deed of Company Arrangement. Mr. Ellis said he was "cautiously optimistic" about the process and said the consortium had not indicated it required further state-federal funding. In a joint statement coinciding with the announcement, the federal and Tasmanian governments said a further AUD5 million in state-federal funding for employee wages would be supplied over the next eight weeks, the ABC relays. The governments have contributed AUD9.6 million in total to support the smelter's workforce since April 24. According to the ABC, Federal Minister for Industry Tim Ayres said the announcement should offer reassurance to workers "who have been in limbo since the facility was let down by its previous owners," Sanjeev Gupta's GFG Alliance. "It is an unusual step to take for two governments to step in and support workers' wages during administration, but it's the right thing to do," Mr. Ayres said. "The future is not certain and I've been deeply worried as this has moved along about how tough it's been for that group of workers." Tasmanian Premier Jeremy Rockliff said the joint funding would ensure workers had the support they needed. For those on the ground, the news represented a pathway back to production after months of uncertainty, according to Australian Workers' Union assistant secretary, Robert Flanagan. "We haven't had that with any certainty since April of last year, so it is a very significant milestone," Mr. Flanagan said. Ben Manion, a worker at Liberty Bell Bay, told ABC Northern Tasmania the workforce was relieved but cautious. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. GFG ALLIANCE: Latimore, Jindal Steel Final Bidders for Whyalla -------------------------------------------------------------- The Australian Financial Review reports that coal magnate Matt Latimore's M Resources and India's third-largest steelmaker Jindal Steel have emerged as the two final bidders for the Whyalla steelworks and nearby iron ore mines, and will need to stump up several billion dollars in capital spending as part of any buyout plan. According to the Financial Review, former frontrunner BlueScope Steel remains in talks with the administrator KordaMentha, and still holds a right of last offer – enabling it to match any final bid by either of the two shortlisted parties. However, the vast capital cost of an overhaul of the plant, and a lack of detail and certainty about future government funding, has cooled its interest at a time when it is fending off a AUD14.2 billion takeover bid from United States steel group Steel Dynamics and the billionaire Stokes family's SGH. The Financial Review relates that a spokesman for BlueScope, Australia's biggest steelmaker, said it wanted clear details on the future funding commitments to be made by both the federal and state governments. He also confirmed that the BlueScope consortium retains the right of last offer. South Australian Premier Peter Malinauskas said the bids led by M Resources and Jindal Steel were the final two on a shortlist, but BlueScope had not exited completely, the Financial Review relays. "These two shortlisted bidders give us the best chance to realise the end game," the report quotes Mr. Malinauskas as saying. "It does require a multibillion-dollar investment from a private sector player to get us to a sustainable future," Mr. Malinauskas said. He said he had spoken to BlueScope chief executive Tania Archibald in the past 24 hours. "They're not out of the equation. We'll give them the respect that it deserves." Mr. Latimore has built his fortune by selling metallurgical coal to steelmakers around the world, with M Resources generating annual revenues of more than AUD1.5 billion. His group exports 25 million tonnes of steelmaking coal from Australia annually. It is partnering with ASX-listed Hazer Group, which specialises in low-emissions hydrogen technology. "We don't just have a plan, we have the capability and desire to execute," the Financial Review quotes Mr. Latimore as saying on May 27. "We will be laser-focused on bringing the assets to their full operational value". He declined to comment on the potential for Korean steel producer Posco to join the M Resources consortium. Posco was an underbidder in the sale process in 2017 when British industrialist Sanjeev Gupta bought the steelworks. It was part of the consortium BlueScope announced in August 2025, along with Japan's Nippon Steel and Indian conglomerate JSW Steel. BlueScope on May 27 said Posco was still part of its consortium, the Financial Review notes. Milestones such as final bidder shortlists can trigger a reshuffling in the make-up of consortium members in sale processes. According to the Financial Review, Mr. Malinauskas said about 70 parties expressed interest at the beginning of the sale process last year for the steelworks and magnetite ore deposits in the nearby Middleback Ranges, about 380 kilometres north of Adelaide. KordaMentha partner Sebastian Hams said on May 27 he was hopeful of a sale by the end of September. "There's a lot of moving parts that need to happen here," he said. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. GWA DREAM: First Creditors' Meeting Set for June 4 -------------------------------------------------- A first meeting of the creditors in the proceedings of GWA Dream Team Pty Ltd will be held on June 4, 2026, at 10:30 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Level 6, 109 St Georges Terrace, in Perth, WA, and via teleconference facilities. David Hurt and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on May 25, 2026. LIDCO INTERNATIONAL: First Creditors' Meeting Set for June 2 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Lidco International Pty Ltd will be held on June 2, 2026, at 10:30 a.m. at the offices of Magnetic Insolvency, at 50/41-49 Norcal Road, in Nunawading, Vic and via virtual meeting technology. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on April 28, 2026. STAR ENTERTAINMENT: Judge Flags Harsh Penalty on Former CEO ----------------------------------------------------------- The Australian Financial Review reports that Federal Court judge Michael Lee said he has to impose a harsh penalty on former Star Entertainment chief executive Matt Bekier because of his lack of contrition after being found to have failed to confront money laundering risks inside the casino. In March, Justice Lee made findings against Mr. Bekier and Star's former chief legal and risk officer Paula Martin that they didn't do enough to deal with money laundering risks and failed to properly inform the board about the possibility of criminals operating inside the casino. According to the Financial Review, the Australian Securities and Investments Commission (ASIC) wants Mr. Bekier to pay a AUD1.3 million fine and be banned from managing companies for eight years. It is also seeking a AUD1.1 million fine for Mr. Martin and a seven-year ban. "He's a man who presents himself today where he obviously thinks he's done nothing wrong," the Financial Review quotes Justice Lee as saying. "If he thinks he's done nothing wrong, then that the need for specific deterrents seems to me to be correspondingly high. Justice Lee said Mr. Bekier has a right to appeal his judgment and he might be vindicated on appeal, but it was the judge's job to impose a penalty now. "If successful on appeal, the penalty will be set aside, but the fact is I'm imposing a pecuniary penalty on the basis that that is a fact, and Mr. Bekier refuses to have any insight, contribution, remorse or acceptance of that fact," Justice Lee said. The Financial Review relates that Mr. Bekier's barrister argued that the former Star boss' appeal against a ruling that he is liable for the casino's losses should not lead the court to believe he is not contrite and doesn't appreciate the obligations of being an executive. "He's a man with his beliefs, and that's perfectly fine. I'm not being critical of him, he's absolutely perfectly entitled to appeal, and he may well be successful," Justice Lee responded. "But I've got to work out, given that state of belief, what is necessary in order to achieve specific deterrence. I just don't understand why that's a wrong analysis." Justice Lee invited submissions from Mr. Bekier and ASIC overnight and on May 28 about whether his line of thinking is wrong. The court heard Mr. Bekier has struggled to find other senior roles since the court declared he broke the law. According to the Financial Review, the landmark legal action was the first time that ASIC had alleged directors were to blame for something they did not do, but which they should have prevented. The Financial Review says the regulator had claimed that Mr. Bekier and Mr. Martin had not focused on the risk of criminal associations, leading to government inquiries that found Star was unsuitable to operate casinos and, ultimately, to the loss of hundreds of millions of dollars for shareholders. ASIC is also seeking for Mr. Bekier to pay 60 per cent of its costs. Mr. Bekier is arguing to pay 15 per cent of the regulator's costs, while MR. Martin is arguing to pay 9 per cent. The Financial Review adds that ASIC barrister James Arnott, SC, said Mr. Bekier and Mr. Martin were in possession of material, including internal reports, which showed the risks to the Star. "The chickens came home to roost. Any forensic analysis of that material, which they knew would occur in the regular suitability reviews, or had, or could occur in the regular suitability reviews, would reveal this conduct and give rise to precisely the loss to the corporation, which has taken place," Mr. Arnott said. When Mr. Bekier left the company in 2022, shares were trading at AUD2.80. Now, they are 10 cents. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a net loss after tax of AUD427.9 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific in late November 2025, Queensland and New South Wales gaming authorities have given the green light to a US-led rescue package for the embattled Star Entertainment. Star agreed to a AUD300 million lifeline from US gambling giant Bally's, as well as Investment Holdings Pty Ltd, which is controlled by pub baron Bruce Mathieson and his family. The move was approved by shareholders in June, ABC News said. Combined, the two companies will own more than half of the embattled casino operator. STATESIDE SPORTS: First Creditors' Meeting Set for June 3 --------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Stateside Sports Australia Pty Ltd (trading as "stateside sports"); - Atlantic Brands Pty Limited (trading as "Stateside Sports Retail" ABN 96 108 719 778); and - Circling Sky Pty Ltd (trading as "Stateside Sports Retail" ABN 96 108 719 778) will be held on June 3, 2026, at 3:00 p.m. via Zoom only. Henry Kwok and Antony Resnick of DVT Mcleods were appointed as administrators of the company on May 22, 2026. WA URBAN: First Creditors' Meeting Set for June 5 ------------------------------------------------- A first meeting of the creditors in the proceedings of WA Urban Developments Pty Ltd will be held on June 5, 2026, at 11:00 a.m. at the offices of SV Partners Perth Office, at Level 8, 68 St Georges Terrace, in Perth, WA. Malcolm Field of SV Partners was appointed as administrator of the company on May 25, 2026. ========= C H I N A ========= CASI PHARMACEUTICALS: 2025 Net Loss Widens to $48.06 Million ------------------------------------------------------------ CASI Pharmaceuticals, Inc. reported net loss attributable to the company of $48.06 million for 2025, compared with $39.26 million in 2024 in its 20-F for the year ended Dec. 31, 2025, according to a filing with the Securities and Exchange Commission. The filing showed revenue of $20.71 million, compared with $28.54 million in 2024. The company reported research and development, general and administrative and selling and marketing costs contributed to the operating loss. As of Dec. 31, 2025, the company reported total assets of $25.65 million, total liabilities of $62.93 million and total shareholders' deficit of $37.28 million. In an audit report dated May 15, 2026, KPMG Huazhen LLP included a going concern paragraph, stating that CASI had incurred recurring operating losses that raised substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 20-F is available for free at: https://www.sec.gov/Archives/edgar/data/1962738/000110465926061632/casif-20251231x20f.htm About CASI CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapeutics and pharmaceutical products in China, the United States and other markets. The company focuses on products for hematology oncology, autoimmune and organ transplant rejection therapeutic areas, and its operations and activities are conducted primarily through CASI China and CASI Wuxi. CASI launched EVOMELA in China in August 2019 for use as a conditioning treatment before stem cell transplantation and as a palliative treatment for patients with multiple myeloma. ================= H O N G K O N G ================= KAISA GROUP: Secures Court Recognition for Chapter 15 Bankruptcy ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Chinese developer Kaisa Group has secured U.S. court recognition of its Hong Kong insolvency case as the company works to restructure more than $15 billion in debt tied to its property business. The order was entered under Chapter 15, the section of U.S. bankruptcy law governing cross-border insolvencies. The recognition proceeding is designed to assist Kaisa's restructuring by extending certain protections to the company in the United States and promoting coordination among global creditors. Kaisa, once one of China's largest developers, has been grappling with mounting debt burdens during the prolonged crisis affecting the country's real estate market, the report relays. Court approval allows the company to continue pursuing its restructuring strategy through the Hong Kong process while limiting the risk of competing litigation or enforcement actions in the U.S. The company said the coordinated process is critical to resolving claims and preserving value for stakeholders, Law360 reports. About Kaisa Group Holdings Ltd. Kaisa Group is a Hong Kong investment firm. Kaisa Group sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10818) on April 10, 2026. Honorable Bankruptcy Judge John P. Mastando III. The Debtor is represented by Anthony Grossi, Esq., of Sidley Austin LLP. ========= I N D I A ========= ASPS JEWELLERS: CRISIL Lowers Rating on INR30cr Cash Loan to B -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of ASPS Jewellers LLP (ASPS) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Proposed Working 10 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with ASPS for obtaining information through letter and email dated April 14, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASPS is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of ASPS to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. ASPS was incorporated in September, 2024. ASPS recently set a gold and diamond jewellery store in Kanpur, Uttar Pradesh which will operate under FOCO (franchisee owned, company operated) model under a agreement with Kalyan Jewellers India Limited. The store became operational in November 2024. ASPS is owned & managed by Ajay Kumar and Sanjay Kumar. BYJU'S: Byju Raveendran Sentenced to 6 Months for Contempt of Court ------------------------------------------------------------------- Business Standard reports that the founder of failed Indian technology firm Byju's was sentenced to six months in jail by a Singapore court for contempt, according to people familiar with the matter. According to Business Standard, Byju Raveendran was ordered to serve jail time after the court said he had disobeyed multiple orders related to his assets dating back to April 2024. He has been instructed to surrender himself to officials, pay costs of SGD90,000 ($70,500) and provide documents proving his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company. Business Standard notes that the threat of jail time is the latest blow to a founder who is now facing claims from foreign investors around the world, including in the US where lenders are fighting to claw back losses from a $1.2 billion loan that soured. Raveendran didn't immediately respond to a request for comment. It's unclear whether he is in Singapore or elsewhere. Raveendran's founding of educational technology firm Think & Learn Pvt - better known as Byju's - turned him into a billionaire, making him one of the major success stories among a wave of Indian start-ups that have attracted capital from global firms. He is now being pursued in Singapore's court system by a subsidiary of sovereign wealth fund Qatar Investment Authority, which participated in a funding round for the tech firm as it was cutting jobs and laying off staff, Business Standard says. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. ENOAH ISOLUTION: CRISIL Lowers Corporate Credit Rating to B ----------------------------------------------------------- Crisil Ratings has migrated the rating on Corporate Credit Rating of Enoah Isolution India Private Limited (ENISIPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Credit 0.0 Crisil B/Stable (ISSUER NOT Rating-LT COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with ENISIPL for obtaining information through letter and email dated April 24, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ENISIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ENISIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on Corporate Credit Rating of ENISIPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. ENISPL was incorporated in December 2005 and is located in Chennai. ENISIPL, along with its subsidiaries and step-down subsidiaries, provides end-to-end BPO and IT infrastructure products, solutions and services to insurance support services, automotive, manufacturing, healthcare, finance, legal, media and mortgage services. It operates under business segments which may be classified into enterprise resource planning (ERP) and enterprise services, data and analytics, cloud and artificial intelligence (AI), network security assessment and compliance, automated and value-added services. ENISIPL is managed by Mr Mahadevan Ramesh Kumar, Mr Muthukumar Balasubramanian and Mr Neelainar Sathasivam. EPYGEN BIOTECH: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Epygen Biotech Private Limited (EBPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EBPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EBPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, EBPL is setting up a manufacturing facility for producing the life-saving thrombolytic enzyme drug- Recombinant - Streptokinase for the cardiovascular market. The company was incorporated by Mr Debayan Sukhamoy Ghosh and Mr Ineeyan Ariyaratnam. The manufacturing facility has been set up at Patalganga, Maharashtra and the incubation center is located at Navi Mumbai. GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goyal Educational and Welfare Society (GEWS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GEWS for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GEWS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEWS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GEWS continues to be 'Crisil D/Crisil D Issuer not cooperating'. GEWS was set up in 2008 by Rawal and Goyal families based in Faridabad (Haryana) to impart education in engineering and management streams. The society set up Rawal Institute of Engineering and Technology and Rawal Institute of Management in 2010 in Faridabad. In 2012, it also started Rawal Institute of Education. Courses are approved by the All India Council for Technical Education, while the institutes are affiliated to Maharshi Dayanand University, Rohtak (Haryana). There society has eight members, with Mr Mahendra Goyal as president. HAPPYHOMESS CONSULTANCY: CRISIL Keeps B- Ratings in Not Coop. ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Happyhomess Consultancy Private Limited (HCPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 9 Crisil B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with HCPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HCPL continues to be 'Crisil B-/Stable Issuer not cooperating'. HCPL, incorporated in Dec 2015, is engaged in real estate consultancy and marketing services. The company has its head office in Visakhapatnam. The company has close to 200 employees across four cities across India (Visakhapatnam, Hyderabad, Gajuwaka and Bengaluru). JAIPRAKASH ASSOCIATES: Dalmia Bharat to Acquire Cement Assets ------------------------------------------------------------- The Economic Times reports that Dalmia Bharat on May 22 said it will acquire the cement assets of debt-ridden Jaiprakash Associates, which has been acquired by billionaire Gautam Adani-led Adani Enterprises through insolvency proceedings. Dalmia Cement (Bharat) Ltd (DCBL), a wholly-owned subsidiary of Dalmia Bharat, has already executed a Business Transfer Agreement (BTA) with Jaiprakash Associates Ltd for the transaction, which is expected to complete within two weeks, a statement said, ET relays. Following the takeover, Dalmia Bharat's cement capacity will increase to 54.7 million tonne per annum (MTPA). ET relates that the BTA has been signed for acquisition of cement plants at Rewa (Madhya Pradesh), Churk, Chunar and Sadwa (Uttar Pradesh), with 5.2 MTPA cement capacity and 3.3 MTPA clinker capacity, at an enterprise value of INR2,850 crore, Dalmia Bharat said. Besides, the acquired assets also entail 99 MW of thermal power capacity with railway siding. Terming the deal "Strategic Fit", Dalmia Bharat said it will also help in market diversification, reducing regional volatility. Over funding, Dalmia Bharat said it will be a mix of debt & internal accrual. "In addition to this, the ongoing expansion projects at Belgaum, Pune and Kadapa will further augment the company's cement capacity to 66.7 MTPA by Q2-Q3 FY28," it said. "Our familiarity with these assets under the earlier tolling arrangement gives us a deep understanding of the facilities and helps us establish strong connect with channel partners and vendors. We believe that this will help us in faster ramp up of capacities and quicker inroads into the market," ET quotes managing director & CEO of Dalmia Bharat Puneet Dalmia as saying. The Corporate Insolvency Resolution Process against JAL was initiated on June 3, 2024, after the Allahabad bench of NCLT admitted a petition by ICICI Bank. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. MADURA TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Madura Textiles (SMT) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 6 CRISIL B/Stable (ISSUER NOT Overdraft facility COOPERATING) Term Loan 8 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SMT for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMT continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2017, the firm is engaged in manufacturing of grey fabric. The firm is based in Coimbatore, Tamil Nadu and the operations are owned and managed by Mr. K. Manoj Kumar and Ms. S.P. Chitra. MALNAD CASHEWS: CRISIL Lowers Rating on INR21cr Cash Loan to B -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Malnad Cashews (MC) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 9 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Long Term 2.44 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Rupee Term Loan 1.06 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with MC for obtaining information through letter and email dated May 6, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MC is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of MC to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. MC was established in 1994 by Mr. Nagaraj Shetty & Family. MC is engaged in the processing of raw cashew nuts. The company's manufacturing facility is located in Kundapur, Karnataka. MARUTHI EDUCATION: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sree Maruthi Education Trust (SMET) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMET for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMET continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2002, SMET runs a school, a degree college and training institue in Byrasettihalli (Karnataka) SMET is currently headed by Mr. Gangaraju. NAVEEN TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Naveen Timber Private Limited (NTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Import Letter of 18 CRISIL D (Issuer Not Credit Limit Cooperating) Standby Line of 31 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with NTPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NTPL, incorporated in 2007 by promoters, Mr Parveen Goyal and Mr Vishal Goyal, is engaged in trading and sawing of imported timber. NORTH INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of North India Steel Company (NISC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NISC for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NISC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NISC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NISC continues to be 'Crisil B/Stable Issuer not cooperating'. Established as a proprietorship firm in 2008 by Pune-based Mr Akhtar Hussain Choudhury, NISC trades in steel scrap after buying it from automobile original equipment manufacturers and ancillary units. The firm supplies to thermo-mechanically treated steel bar manufacturers, casting units, and foundries. P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P G Mercantile Private Limited (PGMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Foreign Exchange 3 CRISIL D (Issuer Not Forward Cooperating) Letter of Credit 60 CRISIL D (Issuer Not Cooperating) Proposed Long Term 79.89 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.57 CRISIL D (Issuer Not Cooperating) Term Loan 13.41 CRISIL D (Issuer Not Cooperating) Term Loan 4.63 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PGMPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PGMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PGMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PGMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL primarily trades in ferrous and non-ferrous metals. The company also has two windmills (one each in Maharashtra and Tamil Nadu) with total capacity of 3.7 megawatt. Mr. Gupta is also the vice-chairman of Ushdev International Ltd, which is in the same business. PENN FROZEN: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Penn Frozen Foods Private Limited (PFFPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.56 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.94 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PFFPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PFFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PFFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PFFPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2009, PFFPL processes chicken meat; operations are managed by Mr Rajesh Bahl. Its manufacturing facility at Karjat, Maharashtra, has an installed capacity to process 1500 birds per hour. PRABHU PETROCHEMICALS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Prabhu Petrochemicals Private Limited (SPPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Short Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPPPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SPPPL, incorporated in June, 2012, is promoted by Mr. Somnath Sakre and Mr. Kachrulal Karva. It manufactures three, four and five-layer water tankers of sizes ranging from 100 to 5000 litres. The registered office is at Aurangabad, Maharashtra. PRANAV CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pranav Construction Systems Private Limited (PCSPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10.97 Crisil D (Issuer Not Cooperating) Bank Guarantee 5.25 Crisil D (Issuer Not Cooperating) Cash Credit 3.85 Crisil D (Issuer Not Cooperating) Cash Credit 10 Crisil D (Issuer Not Cooperating) Cash Credit 5.26 Crisil D (Issuer Not Cooperating) Export Packing 6.63 Crisil D (Issuer Not Credit Cooperating) Funded Interest 3.44 Crisil D (Issuer Not Term Loan Cooperating) Funded Interest 2.64 Crisil D (Issuer Not Term Loan Cooperating) Letter of Credit 3 Crisil D (Issuer Not Cooperating) Working Capital 8.51 Crisil D (Issuer Not Term Loan Cooperating) Working Capital 12.98 Crisil D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with PCSPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2003, PCSPL provides formwork, false work and scaffolding which find application in construction/infrastructure sector. The company has been set up by Mr. Sushil Sahani and its manufacturing facilities are located at Kopar-Khairane and Badlapur (both in Maharashtra). PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on the bank facilities of Pratibha Industries Ltd (PIL) continue to be on 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Short Term Loan 2.74 CRISIL D (Issuer Not Cooperating) Term Loan 11.86 CRISIL D (Issuer Not Cooperating) Term Loan 26.33 CRISIL D (Issuer Not Cooperating) Term Loan 3.58 CRISIL D (Issuer Not Cooperating) Term Loan 14.63 CRISIL D (Issuer Not Cooperating) Term Loan 6.31 CRISIL D (Issuer Not Cooperating) Term Loan 18.96 CRISIL D (Issuer Not Cooperating) Term Loan 27.16 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been following up with PIL for getting information through letter and email dated March 27, 2026, apart from various telephonic communications. However, the issuer has continued to be non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on the best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings has not received any information on either the financial performance or strategic intent of the company, which restricts the ability of Crisil Ratings to take a forward-looking view on its credit quality. Crisil Ratings believes that the rating action is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on the bank facilities of PIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Also, the company has been under liquidation process since February 2021. Analytical Approach For arriving at the ratings, Crisil Ratings has combined the business and financial risk profiles of PIL and its wholly owned subsidiaries - Prime Infrapark Pvt Ltd, Muktangan Developers Pvt Ltd, Pratibha Holding (Singapore) Pte Ltd and Pratibha Infra Lanka (Pvt) Ltd. Incorporated in 1982, PIL is promoted by Ajit Kulkarni and undertakes infrastructure development with a focus on water supply and environment engineering assignments, and urban infrastructure projects. In the urban infrastructure segment, it undertakes building and modernisation of airports and railway stations, and construction of roads, high-rise buildings, mass housing projects and shopping malls. In the water supply segment, it executes laying of water pipelines; construction of sewerage treatment plants, water reservoirs and water storage systems; and tunnelling projects. RAAM4WHEELERS LLP: CRISIL Withdraws B Rating on INR40cr e-DFS ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Raam4Wheelers Llp (Raam), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 40 Crisil B/Stable/Issuer Not Financing Scheme Cooperating (Withdrawn) (e-DFS) Long Term Loan 7.5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with Raam for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Raam, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Raam is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of Raam to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of Raam on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Raam, set up in 2018 by Mr Nalla Amith Reddy, Mrs Rashmi Reddy Nalla and Somereddy Srikanth Reddy, is an authorised dealer of vehicles of Morris Garages. The firm operates through two showrooms and service center in Hyderabad, Telangana. RADHESH PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Radhesh Plastics India Private Limited (RPIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.70 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 2.08 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RPIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010 and headquartered in Koteshwara, Karnataka, RPIPL trades in PVC resins and manufactures PVC pipes. The company has a manufacturing capacity of 1750 tonnes of pipes per annum. RAINBOW TRACTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rainbow Tractors (RT) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RT for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RT continues to be 'Crisil B/Stable Issuer not cooperating'. RT was set up in 1998, as a partnership firm in Nanded, Maharashtra. Operations are managed by a partner, Mr Abdul Waheed. The firm is an authorised dealer of tractors and spare parts of Mahindra & Mahindra Ltd in the region. RAM COMTRADE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shri Ram Comtrade Private Limited (SRCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Cash Credit 1.25 CRISIL D (Issuer Not Cooperating) Inland/Import 7.50 CRISIL D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with SRCPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2012, SRCPL trades in construction materials, such as steel, cement and other materials such as jute, electrical items and sanitaryware. The company is based in Ranchi, Jharkhand, and carries out its business in the state. Mr Abhishek Agarwal and Mr Prakash Sarawgi, who has over two decades of experience in trading construction materials, are the promoters of the company. ROYAL IMPORT: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Royal Import and Export (RIE) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.65 Crisil B/Stable (Issuer Not Cooperating) Export Packing Credit 1 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.85 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RIE for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIE continues to be 'Crisil B/Stable Issuer not cooperating'. RIE was set in 2010, is a manufacturer and exporter of a range of processed food including bakery products like biscuits, cookies, cakes etc. RIE is owned and managed by Mr Praveen Kapoor, Jasvir Brar and Mr Atma Singh. Its manufacturing facility is located District: Fatehgarh Sahib Punjab, India. SANGANI INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sangani Infrastructure India Private Limited (SIIPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 40.55 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.45 Crisil D (Issuer Not Cooperating) Term Loan 19.5 Crisil D (Issuer Not Cooperating) Term Loan 16.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIIPL continues to be 'Crisil D Issuer not cooperating'. SIIPL, incorporated in 2007 in Ahmedabad, undertakes residential and commercial real estate development. It is promoted by Mr Hanubhai Sangani, Mr Arvindbhai Sangani, Mr Bhanubhai Sangani, and Mr Rakeshkumar Limbasia. It is a part of the Sangani group that develops real estate in Gujarat. SHIV GANGA: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiv Ganga Store (SGS) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.55 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 0.65 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SGS for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGS continues to be 'Crisil B-/Stable Issuer not cooperating'. SGS, based in Kolkata, trades in basmati rice. It is a sole proprietorship firm managed by Mr Mukesh Agarwal and his brothers Mr Alok Agarwal and Mr Bunty Agarwal. The firm commenced operations in 2009 and is one of the biggest basmati rice traders in Kolkata in terms of revenue. SHRUTHI MILK: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shruthi Milk Products Private Limited (SMP) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 10 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SMP for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMP continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2009, SMP is in the business of processing milk and milk products. The company is promoted by Mr. Kannaiah Reddy. SHRUTI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of SRM continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 3 CRISIL D (ISSUER NOT Overdraft facility COOPERATING) Proposed Long Term 4 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SRM for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRM continues to be 'Crisil D Issuer not cooperating'. SRM, set up in 2004 by Mr Sandeep Singh, is based in Allahabad, Uttar Pradesh. It undertakes rice processing activities and trading of paddy. SWAMI HITECH: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Swami Hitech Projects Limited (SHTPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHTPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1997 as Swami Infratrade Ltd, SHTPL got its present name in 2008. It is a closely held public limited company, trading in building materials such as thermo-mechanically treated (TMT) bars and other steel products, and cement. Small proportion revenue also comes from civil construction. Currently, operations are managed by Mr. Anil Mittal. The company began operations by trading in shares, which it continued till fiscal 2008. In fiscal 2011, it discontinued securities trading and commenced trading in building material. TIRUPATI BALAJEE: CRISIL Withdraws B Rating on INR8.4cr LT Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Shree Tirupati Balajee Industries Private Limited (STBIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 8.4 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 6 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 4.5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Working Capital Facility 1.1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with STBIPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STBIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STBIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of STBIPL to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of STBIPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. STBIPL was incorporated in 2010. The company manufactures corrugated boxes along with rusks, biscuits and cookies for Parle Products Pvt Ltd. The manufacturing facility is located in the industrial area of Karkhiyaon, Varanasi (Uttar Pradesh). Operations are managed by Mr Bharat Kejriwal, Ms Uma Agrawal, Mr Manu Agrawal and Mr Sanjeev Kumar Agrawal. [] INDIA: Insolvency Resolution Drops to 13-Quarter Low ------------------------------------------------------- The Times of India reports that corporate insolvency resolutions dropped to a 13-quarter low of 36 cases being resolved by the National Company Law Tribunal (NCLT) during Jan-March 2026, compared with 70 a year ago, with just eight plans approved in Feb and seven in March. This was the worst March quarter for the resolution process since Jan-March 2022 when just 29 cases were approved, according to Insolvency & Bankruptcy Board of India (IBBI) data. TOI relates that those tracking the cases said the absence of a full-time NCLT president since the end of Jan was the main reason for slowdown, although there are several vacancies as well. Officials are hopeful that resolution process will now pick up in the NCLT benches, following the appointment of new president Justice Anupinder Singh Grewal in May. As a result, the average time taken for closure of corporate insolvency cases has shot up to 744 days, compared with 713 a year ago, TOI relays. The current time being taken is nearly three times the extended framework of 270 days provided under the Insolvency & Bankruptcy Code (IBC), which was enacted in 2016 to help fast-track the process, but is now hit by massive delays. ===================== N E W Z E A L A N D ===================== CESAR KITCHEN: Creditors' Proofs of Debt Due on May 31 ------------------------------------------------------ Creditors of Cesar Kitchen Limited are required to file their proofs of debt by May 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 18, 2025. The company's liquidators are: Daniel Zhang Iain McLennan McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 OUTER ASPECT: First Creditors' Meeting Set for June 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Outer Aspect IP Limited will be held on June 2, 2026, at 11:00 a.m. at Waterstone, 16 Piermark Drive, in Rosedale, Auckland. Damien Grant and Adam Botterill of Waterstone Insolvency were appointed as administrators of the company on May 20, 2026. QMS INVESTMENTS: Court to Hear Wind-Up Petition on June 16 ---------------------------------------------------------- A petition to wind up the operations of QMS Investments Limited will be heard before the High Court at Rotorua on June 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 22, 2026. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton R&Y GARDEN: Court to Hear Wind-Up Petition on June 3 ---------------------------------------------------- A petition to wind up the operations of R&Y Garden Limited will be heard before the High Court at Auckland on June 3, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 16, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 REDWOOD BUILDING: Creditors' Proofs of Debt Due on June 18 ---------------------------------------------------------- Creditors of Redwood Building Services Limited are required to file their proofs of debt by June 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2026. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach WILD POPPIES: Enters Liquidation After 31 Years ----------------------------------------------- Inside Retail reports that Auckland florist Wild Poppies has entered liquidation 31 years after the business was first registered. The liquidation notice was published on the Companies' Register on May 26. According to Inside Retail, Adam Botterill and Damien Grant have been appointed liquidators of Wild Poppies and will investigate the company's accounts, check for possible malpractice, and seek to return money to creditors. These creditors are owed around NZD413,000, according to the notice. Wild Poppies is continuing to sell through its "online-oriented" business. Its Ethel Street site, which served as a retail space and distribution centre for the business, was repossessed by the landlords, Inside Retail says citing the NZ Herald. Inside Retail relates that the liquidators said the business's struggles were a product of declining sales amid increasing costs, poor marketing advice, operational changes, and an inability to secure funding. "After taking professional advice, the shareholder(s) of the company elected to place the company into liquidation," the notice added. "We are also aware that there was an active legal proceeding against the company at liquidation." First registered in 1995, Wild Poppies was incorporated three years later. In the early 2000s, the business's owner, Kerry Bradburn, announced plans to use its large-scale site to pivot to e-commerce, making it one of the country's earliest adopters of online retail. ================= S I N G A P O R E ================= AFFINITY EQUITY: Court to Hear Wind-Up Petition on May 29 --------------------------------------------------------- A petition to wind up the operations of Affinity Equity International Partners Limited will be heard before the High Court of Singapore on May 29, 2026, at 9:15 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 CREDO THREE: Creditors' Proofs of Debt Due on June 22 ----------------------------------------------------- Creditors of Credo Three AU Pte. Ltd. and Credo Four AU Pte. Ltd. are required to file their proofs of debt by June 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2026. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ORANGE LANTERN: Court to Hear Wind-Up Petition on June 5 -------------------------------------------------------- A petition to wind up the operations of The Orange Lantern Gourmet Kitchen Pte. Ltd. will be heard before the High Court of Singapore on June 5, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 13, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 PORCELAIN ORCHARD: Deloitte Singapore Appointed as Liquidators -------------------------------------------------------------- Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services on Feb. 2, 2026, were appointed as liquidators of Porcelain Orchard Pte Ltd. and Porcelain Pte Ltd. The liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 YANG HE: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Yang He Holding Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Restarts Sale of Large-Format Stores, Online Business ------------------------------------------------------------------ The Chosun Daily reports that Homeplus Co is re-accelerating the sale of its large-format store and online business divisions. Following the recent sale of its supermarket business division, Homeplus Express, to NS Home Shopping, an affiliate of Harim Group, the company plans to sell its remaining businesses to third parties to repay outstanding debts as much as possible. On May 25, Homeplus announced, "We are now fully proceeding with mergers and acquisitions (M&A) for the remaining business divisions (headquarters, online, and large-format stores), excluding Homeplus Express, prior to court approval of our rehabilitation plan." According to Chosun Daily, the sale’s lead manager, Samil PwC, is reported to have already sent investment memorandums to potential buyers. Homeplus is currently undergoing corporate rehabilitation procedures, restructuring debts under court supervision while continuing operations. Since court approval of the repayment plan is required to proceed with normalization, the company aims to increase the likelihood of approval by securing additional funds through the sale of its core business. Earlier this month, Homeplus successfully sold Homeplus Express, which was considered a core asset, to NS Home Shopping. However, since NS Home Shopping assumed part of the debt from Homeplus Express, the actual cash inflow to Homeplus was only KRW120.6 billion, Chosun Daily notes. The short-term operational loan from Meritz Financial Group, the largest creditor, also has low feasibility. Homeplus has temporarily suspended operations at 37 of its 104 large-format stores nationwide and is concentrating inventory in key locations, but customer attrition is accelerating. Chosun Daily says industry insiders remain largely skeptical about the sale's prospects. In a shrinking domestic large-format store market, finding companies with the capacity to invest trillion-won funds for an acquisition is challenging. Labor union opposition over potential store closures and workforce reductions also adds to the burden. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* 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 ***