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260605.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 5, 2026, Vol. 29, No. 112 Headlines A U S T R A L I A DAINTREE BIDCO: S&P Assigns 'B+/B' ICRs, Outlook Stable DASHDOT PTY: Working to Protect Clients After Collapse, CEO Says FISHBURNERS LIMITED: Second Creditors' Meeting Set for June 10 GOOD KID: Scales Back to One Store Amid Retail Pressures INDITEX AUSTRALIA: Fined AUD198k Over Late Financial Reports INKABUILT DEVELOPMENTS: First Creditors' Meeting Set for June 11 MPA GROUP: First Creditors' Meeting Set for June 11 PURPLE CORRIDOR: First Creditors' Meeting Set for June 11 TRADEPLUS24 AUSTRALIA: First Creditors' Meeting Set for June 11 B A N G L A D E S H BANGLADESH: Seeks New IMF Lending Deal, Officials Say C H I N A KAIXIN HOLDINGS: Onestop Assurance Raises Going Concern Doubt H O N G K O N G TAIPAN BREAD: Bakery Chain Fined HK$251,800 Over Unpaid Wages I N D I A ARBIND COLD: CARE Lowers Rating on INR5.19cr LT Loan to C ARRDY ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating ASIAN CHEMICAL: Voluntary Liquidation Process Case Summary ASIS CORPORATE: Liquidation Process Case Summary BAHUBALI REALBUILD: Insolvency Resolution Process Case Summary BHAWANI LUMBERS: CARE Keeps B- Debt Ratings in Not Cooperating DEBADUTTA EDUCATIONAL: CARE Keeps B- Rating in Not Cooperating DHAIRYA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating EXPAT ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating GLOBAL KNITFAB: CARE Keeps B- Debt Rating in Not Cooperating IIFL FINANCE: S&P Rates Proposed USD Senior Secured Notes 'B+' INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating JBC INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating KANJIRAVELIL TRADERS: CARE Keeps B- Debt Rating in Not Cooperating KRISHNA CORPORATION: CARE Cuts Rating on INR54.81cr LT Loan to B+ LAKHPAT TRADING: CARE Lowers Rating on INR4.50cr LT Loan to B- LALTA PRASAD: CARE Keeps B- Debt Rating in Not Cooperating PALIWAL AND SONS: CARE Keeps B- Debt Rating in Not Cooperating PAWAN AUTOWHEELS: CARE Keeps B- Debt Rating in Not Cooperating PRINT AND PACKERS: CARE Assigns B+ Rating to INR35cr LT Loan R.K.I. BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating SANTLAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating SAVE LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category SPECTRA INDIA: Insolvency Resolution Process Case Summary SUJITHA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating SUMAJA ELECTROINFRA: CARE Keeps B- Debt Ratings in Not Cooperating SUPREME HOUSING: Insolvency Resolution Process Case Summary TEACH FOR INDIA: CARE Lowers Rating on INR10.23cr LT Loan to B+ TM MOTORS: CARE Lowers Rating on INR12cr Long Term Loan to B VIJAYKUMAR ROOPCHANDANI: CARE Keeps B- Rating in Not Cooperating VISHAVKARMA AGRO: CARE Keeps B- Debt Rating in Not Cooperating I N D O N E S I A INDONESIA ENERGY: Marcum Asia Raises Going Concern Doubt N E W Z E A L A N D GREEN & MCCAHILL: McDonald Vague Appointed as Administrator HOUSE OF HAZEL: Khov Jones Appointed as Receivers PROJOINTS LIMITED: Court to Hear Wind-Up Petition on June 12 RSMG INVESTMENTS: Creditors' Proofs of Debt Due on June 18 UNIQUE FABRICS: Interior Design Firm Goes Into Liquidation ZIA INTERNATIONAL: Court to Hear Wind-Up Petition on June 11 P H I L I P P I N E S AIRASIA PHILIPPINES: Settles CAAP Dues, Averts Disruption Threat RB OF CUYO: Deposit Insurance Claims Filing Deadline on June 10 S I N G A P O R E MALAN FOOD: Court to Hear Wind-Up Petition on June 12 OMAR SHARIFF: Court to Hear Wind-Up Petition on June 19 REFERREACH PTE: Creditors' Proofs of Debt Due on July 2 REPUBLIC CORPORATION: Court Enters Wind-Up Order SOCIETY PASS: Hires Stretto Inc. as Claims and Noticing Agent X3 HOLDINGS: Grant Thornton Raises Going Concern Doubt Over Losses YYY SEAFOOD: Court to Hear Wind-Up Petition on June 19 S O U T H K O R E A HOMEPLUS CO: To Shutter 37 Stores; 3,500 Jobs At Risk - - - - - ================= A U S T R A L I A ================= DAINTREE BIDCO: S&P Assigns 'B+/B' ICRs, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned its 'B+/B' long-term and short-term issuer credit rating to Daintree BidCo Pty Ltd. (Insignia) and its 'B+' issue rating to the company's seven-year first-lien senior secured term facility. The recovery rating on the first-lien facility is '3'. The stable outlook on the long-term rating reflects S&P's expectation that Insignia's S&P Global Ratings adjusted debt-to-EBITDA ratio will be more than 6.0x over the next 12 months, while the company delivers on strategic initiatives to grow net new fund flows and improve profitability. CC Capital and One Investment Management have acquired Insignia Financial Ltd., an Australian asset manager, via acquisition vehicle Insignia. S&P's ratings on Insignia reflect its financial sponsor ownership and high leverage. The company's broad scale and scope as Australia's largest for-profit wealth manager and operations across the wealth management value chain temper these risks. S&P's ratings consider Insignia's acquisition of all the issued shares in Insignia Financial for about A$3.3 billion. The debt funding for the transaction completed on April 28, 2026, is as follows: -- A first-lien term facility of A$1.93 billion (split between an Australian dollar and a U.S. dollar tranche) -- An undrawn A$275 million revolving credit facility (RCF) S&P's ratings reflect Insignia's financial sponsor ownership and high leverage. The company's profitability is curtailed by high costs and long-term net underlying outflows in its core master trust segment, which accounts for more than 50% of EBITDA. Insignia's position as Australia's largest for-profit wealth manager and its wide scope with operations across the wealth management value chain are credit strengths. The company has a strong presence in the structurally supportive Australian superannuation sector, with a leadership in the retail platforms space. S&P expects Insignia's leverage to remain high and a turnaround in net underlying flows to take time. Growth in funds under management and administration (FUMA), excluding market returns, will be driven by the wrap and asset management business segments in the interim. Insignia has achieved scale, with A$342 billion in FUMA as of Dec. 31, 2025, mainly through acquisition-led growth. The company has built a significant presence across the retail master trust, wrap, asset management and advice segments. It was the largest for-profit player in the retail platforms segment (encompassing both master trust and wrap products), with approximately 19% platforms market share at June 30, 2025. As of Dec. 31, 2025, Insignia had FUMA of A$137 billion within the master trust segment. In wrap, it had A$110 billion in FUMA. Insignia has also built a sizable asset management division, with A$95 billion in funds under management as of Dec. 31, 2025, excluding A$129 billion of internally managed master trust assets. Insignia's advice segment gives it a foothold in the downstream distribution business. However, this business is small, employing about 200 advisors and generating roughly 10% of the group's reported EBITDA. S&P expects an increase in demand for financial advice and specialized, direct investments from the largely unadvised mass-affluent and high net-worth segments in Australia. In our view, Insignia is well positioned to benefit from this trend, given its presence across the asset management value chain, and particularly the wrap and asset management businesses. S&P expects Insignia's retail master trust segment to continue to have underlying net outflows over the next 12-24 months. This is mainly due to its historically poor value offering when compared with not-for-profit competitors that have traditionally offered similar performance at a lower cost. Moreover, Insignia's acquisition-led growth strategy has not always been profitable. The performance of the advice segment has been weak in the past, delivering statutory losses in 2023 due to historic misconduct and subsequent remediation, prompting the company to divest a large portion of its advisor network to limit the drag on profitability. Insignia's FUMA is likely to remain well-diversified from a geographic and asset class perspective. At the end of 2025, about a third of the FUMA was in Australian equities, one-third in international equities, and the remainder was in fixed interest and cash; the company has a modest exposure to property and other assets. S&P said, "Insignia's exposure to Australian equities is larger than that of its international peers we rate, but within our expectations for an Australia-based asset manager. We note that Insignia exclusively serves the Australian market. However, we do not consider this a concentration risk given the supportive structural dynamics Australia when compared with overseas private pension and investments industries." The investment performance of Insignia's master trust offerings has been strong, with top quartile returns for the year to June 30, 2025. Moreover, the company's MySuper investment options and platform trustee-directed products passed the Australian Prudential Regulation Authority's performance tests in August 2025. Insignia's high costs weigh on its competitive position. The company has had net underlying outflows including pension payments and excluding market returns across its master trust and wrap segments for several years. Over the past three years, it had average net underlying outflows of A$5 billion, with A$3.2 billion outflows in master trust, A$1 billion in wrap, and A$240 million in asset management. The company reported a positive underlying inflow of A$2.8 billion in the wrap segment in the six months to Dec. 31, 2025. Insignia's share of net new underlying flows in platforms over the past 12 months has also been falling. This trend is in line with the wider decline in demand for retail master trusts. Insignia's competitive position has been particularly weakened, however, by its historic underinvestment in the master trust segment, leaving it operationally less efficient and less developed across important features such as digital direct channels, relative to peers. Insignia's cost to serve is higher than that of peers that have restructured their businesses. This is owing to its outdated and costly technology platforms and highly manual operational administration. As a result, Insignia's master trust pricing is uncompetitive. S&P said, "We expect Insignia to address its underperforming master trust business in part by outsourcing the technology and operations administration to a third-party service provider. We consider this stage of the transformation program to be partially de-risked owing to contractual savings and downside protection in the event of delays or cost overruns. "We expect the outsourcing project to yield A$200 million of annual cost savings over the next four years, albeit with A$60 million-A$80 million in reinvestment expenses. We expect the cost efficiencies to help Insignia lower pricing of its master trust offering and help drive wider net operating margins. "However, most of the cost savings will occur in the tail-end of the project. Meanwhile, we expect growth in flows to the wrap and asset management segments to support FUMA (excluding market returns) in the interim. "We expect Insignia's profitability to improve in fiscal 2026 (ending June 30, 2026), with adjusted EBITDA margin widening to 30%, as legacy transformation and separation costs fall away. EBITDA margins should rise further to 36% in fiscal 2027 as the outsourcing project translates to lower operating expenses." Insignia's profitability in recent years has been weaker than that of rated peers, with S&P Global Ratings-adjusted EBITDA margins of about 14%. Restructuring costs of about A$200 million over the past four years relating to the separation of its MLC Wealth business from the previous owner, the National Australia Bank, weighed on profitability. Statutory earnings were also hit by remediation costs of about A$200 million relating to historic misconduct within the advice business. S&P excludes these expenses from S&P Global Ratings-adjusted EBITDA on the basis that they stem from raising provisions. S&P said, "We estimate the S&P Global Ratings-adjusted debt-to-EBITDA will reach 6.7x in fiscal 2026. In our calculation of leverage, we include the A$1.93 billion first-lien term facility, the present value of operating leases, and A$615 million in preferred equity. We do not net debt of surplus cash, which we expect will be A$200 million post-transaction, given the financial sponsor ownership. "We expect leverage to moderate to less than 6.0x in fiscal 2027 as growth in adjusted EBITDA accelerates. Fiscal 2027 is more representative of the run-rate leverage, given the transaction was finalized in the third quarter of fiscal 2026. "We consider Insignia's creditworthiness to be weaker than that of 'BB-' rated peers such as Superannuation and Investments Finco Pty Ltd. (BB-/Positive/B) and Allspring Buyer LLC (BB-/Stable/--). Insignia benefits from larger scale and wider scope than Superannuation and Investments Finco. However, we believe it performs weaker in its core master trust segment and will remain more leveraged as it executes its outsourcing project. "Similarly, we view Insignia's leverage to be considerably weaker than Allspring, despite having a stronger business risk profile. We expect Insignia's restructuring to deliver material performance benefits and drive growth in EBITDA, but leverage to remain in the higher end of our highly leveraged assessment over the next 12 months. "The stable outlook on the long-term rating reflects our expectation that Insignia will operate with weighted average leverage of more than 6.0x debt-to-adjusted EBITDA over the next 12 months, while it delivers strategic initiatives to grow net new fund flows and improve profitability. "We could lower the ratings if Insignia's leverage weakens to more than 7.0x on a sustained basis, due to deteriorating operating performance or a material increase in gross debt for example. "We could raise the ratings over the next 12 months if Insignia materially improves its profitability such that leverage declines sustainably toward 5.0x and we view the risk of re-leveraging to be limited." DASHDOT PTY: Working to Protect Clients After Collapse, CEO Says ---------------------------------------------------------------- SmartCompany reports that the CEO of collapsed property investment advisory Dashdot said it is working to shield clients from the financial fallout, after declaring the startup fell victim to brutal economic conditions, federal budget reforms, and changes to Meta's advertising system. Dashdot fell into voluntary liquidation last week, with the seven-year-old company appointing Teneo's Rebecca Gill and Martin Ford to oversee its affairs. The collapse left some customers, who paid thousands of dollars in upfront fees for Dashdot's services, waiting for answers – and likely to lose the money. The business previously said its most popular service carried a flat fee of around AUD25,000. Speaking to SmartCompany, CEO and cofounder Glenn "Goose" McGrath said work is underway to ensure those clients have their contracts serviced by other agencies. "We have reached out to the broader property investment services community, and we've asked for help, and the feedback has been honestly inspiring," he said. More than 50 companies have reached out to Dashdot, said Mr. McGrath, who hoped to transfer all clients with outstanding service obligations to a new company. "Myself and [co-founder Gabi Billing] have lost everything in this process, we've lost our company, we've lost our income, we've lost everything," he continued, notes the report. "We're in this too. But right now, the single thing that we are focused on is getting as close to 100% of our clients out of harm's way, and getting them to someone who can facilitate the service, or a similar service, to what they signed up to Dashdot for." Dashdot's voluntary liquidation came less than two weeks after making more than 40 staff redundant. In his open letter, Mr. McGrath described the redundancy round as part of an attempt to reduce costs and stabilise the business. Dashdot built a national profile, helping Australians build property portfolios, offering services ranging from investment planning through to property acquisition and portfolio support. But in the letter, Mr. McGrath said overlapping economic and strategic factors contributed to the collapse. These included the federal government's proposed changes to negative gearing and capital gains tax concessions, as well as changes to Meta's advertising platform that increased customer acquisition costs. "For nearly 30 years, the architecture of Australian property investing had rested on two assumptions: that capital gains would be taxed at half the marginal rate, and that the cost of holding an investment property could be offset against salary income," Mr. McGrath wrote, SmartCompany relays. "The May 12 budget removed both for future investors." SmartCompany says these comments come as Labor faces growing opposition from investors, founders and business groups over its proposed tax reforms, which would limit negative gearing on future purchases of established properties and replace the existing 50% CGT discount with an indexation-based model. FISHBURNERS LIMITED: Second Creditors' Meeting Set for June 10 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Fishburners Limited has been set for June 10, 2026, at 12:00 p.m. via Microsoft teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 9, 2026 at 4:00 p.m. Phil Quinlan and Gayle Dickerson of KPMG were appointed as administrators of the company on May 6, 2026. GOOD KID: Scales Back to One Store Amid Retail Pressures -------------------------------------------------------- Daily Telegraph reports that the Sydney-based streetwear boutique The Good Kid has scaled back operations from five stores down to just one, with company director Michael Azar citing a severe "sneaker market crash" and aggressive retail overheads as the primary drivers of the business's financial downfall. Daily Telegraph relates that the brand, which grew prominent by selling high-end designer sneakers and apparel from its online platform and physical retail spaces, has faced heavy criticism for delayed consignment payments to shoe collectors and sellers. The sneaker and clothing company with stores in Parramatta and Hurstville, is subject to wind-up action in the Supreme Court over an unpaid debt, while a related company is already in liquidation, according to Daily Telegraph. Good Kid Services specializes in high-end, rare, and limited-edition items, including footwear, streetwear brands, curated luxury and hype apparel from labels like Fear of God Essentials, Amiri, Palm Angels, and Geedup Co. and collectibles. INDITEX AUSTRALIA: Fined AUD198k Over Late Financial Reports ------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has issued infringement notices to three companies operating major fashion and beauty retail businesses in Australia for allegedly failing to lodge their financial reports by the required date. Inditex Australia Pty Ltd, which operates and retails under the Zara fashion brand in Australia, has paid an infringement notice of $198,000 for failing to lodge its report for the financial year ending Jan. 31, 2025. H&M Hennes & Mauritz Pty Ltd, which operates and retails under the fashion brand H&M, paid an infringement notice of $198,000 for failing to lodge its report for the financial year ending Nov. 30, 2025. Sephora Australia Pty Ltd, a beauty and personal care retailer, paid an infringement notice of $198,000 for failing to lodge its report for the financial year ending Dec. 31, 2024. The three companies have now lodged all outstanding financial reports. Payment of an infringement notice is not an admission of guilt or liability, and the companies are not regarded as having been convicted of the alleged offence. The specific reasons for ASIC's concerns are set out in the infringement notice on the Infringement Notices Register. ASIC's Focus on Financial Reporting in 2026 ASIC Commissioner Kate O'Rourke said the three infringement notices reinforced ASIC's ongoing commitment to pursuing enforcement action for late lodgement and non-lodgement of financial reports by large proprietary companies. 'Since announcing a broad surveillance focused on late lodgement and non-lodgement of financial reports in August 2025, ASIC has issued 24 infringement notices totalling over $4.5 million for alleged financial reporting breaches. 'This, combined with court-imposed fines for failing to lodge financial reports and related governance obligations, should send a clear message to reporting entities that we are actively enforcing the financial reporting requirements and expect companies to comply. 'In line with our current enforcement priority, and through our targeted, data-driven surveillance, we continue to identify and investigate a number of companies that have lodged late or failed to lodge at all. 'ASIC will take appropriate action to ensure reporting entities are well aware of, and comply, with this important governance and disclosure obligation', Ms O'Rourke said. INKABUILT DEVELOPMENTS: First Creditors' Meeting Set for June 11 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Inkabuilt Developments Pty Ltd will be held on June 11, 2026, at 3:00 p.m. via Teleconference Facilities. Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on May 29, 2026. MPA GROUP: First Creditors' Meeting Set for June 11 --------------------------------------------------- A first meeting of the creditors in the proceedings of MPA Group Australia Pty Ltd will be held on June 11, 2026, at 11:00 a.m. via videoconference facilities only. David Trim and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on May 29, 2026. PURPLE CORRIDOR: First Creditors' Meeting Set for June 11 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Purple Corridor Pty Ltd will be held on June 11, 2026, at 10:30 a.m. at the offices of Worrells, at Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore, QLD. Dane Arthur Hammond and Paul Eric Nogueira of Worrells were appointed as administrators of the company on June 2, 2026. TRADEPLUS24 AUSTRALIA: First Creditors' Meeting Set for June 11 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Tradeplus24 Australia Pty Ltd will be held on June 11, 2026, at 10:30 a.m. via electronic means. Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were appointed as administrators of the company on May 29, 2026. =================== B A N G L A D E S H =================== BANGLADESH: Seeks New IMF Lending Deal, Officials Say ----------------------------------------------------- Reuters reports that Bangladesh has requested a new loan arrangement from the International Monetary Fund and is exiting its current US$5.5 billion programme, government officials said on June 3. According to Reuters, the officials said Dhaka will soon start talks with the IMF on a framework that would shape the design and conditions of the new lending programme. Reuters relates that government officials said that the current programme was negotiated in a markedly different economic environment and that political changes, domestic pressures and global uncertainty have made some reform conditions harder to implement. "We are not stepping back from reforms. What we want is a realistic and phased reform agenda that reflects Bangladesh's ⁠present economic conditions," Reuters quotes Rashed Al Mahmud Titumir, the prime minister's adviser on finance and planning, as saying. He said the government would review the IMF's proposed policy framework carefully to ensure it aligns with national priorities and current economic realities. The IMF confirmed that discussions were underway on reform priorities and the broader direction of policy, Reuters relays. "The Bangladeshi authorities have requested a new IMF financial arrangement to support their economic reform programme," IMF Mission Chief Ivo Krznar said in a statement on June 3. He said IMF staff were engaging with Bangladeshi authorities on policy priorities and reform design, adding that the Fund ⁠remains committed to supporting macroeconomic stability, resilience and inclusive growth. An IMF staff mission is expected in the coming weeks to begin detailed negotiations on a possible new arrangement, including its size and reform conditions. Bangladesh entered its current IMF programme in 2023 under then Prime Minister Sheikh Hasina, during a severe foreign exchange ⁠crisis. The package, later expanded to $5.5 billion, included reforms on revenue mobilisation, energy subsidy rationalisation and exchange rate flexibility. According to Reuters, officials said implementation has since become more difficult amid persistent inflation, slower growth and external shocks, including volatility ⁠in global energy markets linked to the Middle East crisis. Bangladesh has raised fuel prices twice in six weeks and increased power tariffs to ease subsidy pressures—moves that some experts say are in ⁠line with IMF recommendations, while adding to cost of living concerns, Reuters relates. Reuters says the negotiations come amid a political transition following the ouster of Hasina in August 2024, with the new government seeking to recalibrate economic policy while maintaining support from international lenders. About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific on May 18, 2026, Fitch Ratings has revised the Outlook on Bangladesh's Long-Term Issuer Default Ratings (IDRs) to 'Negative' from 'Stable', and affirmed the IDRs at 'B+'. In early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= C H I N A ========= KAIXIN HOLDINGS: Onestop Assurance Raises Going Concern Doubt ------------------------------------------------------------- Kaixin Holdings filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company recorded net losses of US$41 million and US$53.9 million in 2024 and 2025, respectively. The Company generated sales revenue of US$31.5 million, nil and US$0.1 million in 2023, 2024 and 2025, respectively. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 7, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred a loss of US$53.9 million and negative cash flows from operating activities of US$2.6 million for the year ended December 31, 2025 and as of December 31, 2025, the Company had net current liabilities of US$8 million. This raises substantial doubt about its ability to continue as a going concern. Management addresses its ability to continue as a going concern by seeking to obtain the financial support from two major shareholders of the Company, and other financing to satisfy the Company's obligations as and when they become due for at least one year from the financial statements issuance date. Onestop determined that Company's ability to continue as a going concern is a critical matter due to the estimation and uncertainty regarding the Company's available funding and the risk of bias in management's judgement and assumptions in their determination. A full text copy of the Company's Form 20-F is available at http://tiny.cc/u374101 About Kaixin Holdings Kaixin Holdings is an auto sales Company in China. The Company is primarily engaged in the sales of domestic and imported automobiles in the PRC. As of December 31, 2025, the Company had US$33 million in total assets, US$11.1 million in total liabilities, and US$21.9 million in total equity. ================= H O N G K O N G ================= TAIPAN BREAD: Bakery Chain Fined HK$251,800 Over Unpaid Wages ------------------------------------------------------------- South China Morning Post reports that a Hong Kong court has fined a now-defunct bakery chain HK$251,800 (US$32,127) over unpaid wages and other entitlements exceeding HK$1.3 million. The Post relates that a liquidator for Taipan Bread & Cakes, Taipan Restaurant and their parent company, Vast Luck, pleaded guilty at Kowloon City Court on June 1 to 96 charges under the Employment Ordinance, after the group failed to pay 47 employees following the closure of all outlets on June 24 last year. He said the chain had no ability to settle the fines. "The company would have no assets whatsoever in the foreseeable future," he said, adding that he could not say when its properties would be sold, The Post relays. The three companies were fined a combined HK$247,000 for 95 offenses involving unpaid wages and compensations. Vast Luck was separately fined HK$4,800 for failing to pay HK$80,000 to a former employee. They were given between three and six months to pay the fines. Taipan Bread & Cakes was an iconic Hong Kong bakery chain established in 1984. Famous for pioneering the chilled "snow skin" mooncake, the company operated dozens of locations offering daily pastries, breads, and cakes. ========= I N D I A ========= ARBIND COLD: CARE Lowers Rating on INR5.19cr LT Loan to C --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Arbind Cold Storage Private Limited (ACSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.19 CARE C; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 23, 2025, placed the rating(s) of ACSPL under the 'issuer non-cooperating' category as ACSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2026, March 19, 2026, March 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ACSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Arbind Cold Storage Private Limited (ACSPL), incorporated in the year 2008, is a Samashtipur (Bihar) based company, promoted by the Mr. Amar Kumar, Mrs. Anupama Rani and Mrs. Indu Devi. It is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 90,000 quintals in Samashtipur district of Bihar. The company is also engaged in trading of potato which contributed around 43% of total operating income during FY19. Mr. Amar Kumar (Director) looks after overall management of the company. Mr. Amar Kumar has more than two decades of experience in cold storage business and is supported by a team of experienced professionals who have rich experience in the same line of business. ARRDY ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arrdy Engineering Innovations Private Limited (AEIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 27.10 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 18.50 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of AEIPL under the 'issuer non-cooperating' category as AEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ardee Technologies Private Limited (ATPL) incorporated on October 7, 1987 was promoted by Mr. G.S. Narayan who is a chemical engineer with about 40 years of experience in the iron and steel industry. The company is engaged in manufacturing of various kinds of sensors used for measuring temperature and gas content in molten iron, steel and other metals. Further company also manufactures cored wires at its China plant. The company name has been changed to Arrdy Engineering Innovations Private Limited from February 18, 2017. ASIAN CHEMICAL: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Asian Chemical Works (Bombay) Private Limited Asian House, 29, Kandevitta Village Road, Off Kurla Andheri Road, Mumbai, Maharashtra, India, 400059 Liquidation Commencement Date: May 19, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Dilipkumar Natvarlal Jagad Excel Restructuring Advisory LLP 105 and 106, Midas Tower, Sahar Plaza, Andheri Kurla Road, Andheri East, J.B. Nagar, Mumbai - 400059 Tel: +91-9821142587 Email: Info@exceladvisory.in asianchemvol@gmail.com Last date for submission of claims: June 18, 2026 ASIS CORPORATE: Liquidation Process Case Summary ------------------------------------------------ Debtor: Asis Corporate Advisors Ltd. 201, 2nd Floor, 18 Prime Centre S V Road, Above Vijay Sales, Mumbai City, Santacruz, Maharashtra, India, 400054 Liquidation Commencement Date: May 13, 2026 Court: National Company Law Tribunal, Mumbai Bench-I Liquidator: Mukesh Khathuria 6B/1105, Sapphire Heights, Lokhandwala Township, Akurli Road, Kandivali East, Mumbai Suburban, Maharashtra - 400101 Email: khathuria@hotmail.com asiscor.irp@gmail.com Last date for submission of claims: June 19, 2026 BAHUBALI REALBUILD: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Bahubali Realbuild Private Limited Flat No- B 112, Nehru Colony, Kolkata, West Bengal, India - 700040 Insolvency Commencement Date: May 18, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 14, 2026 Insolvency professional: Kanchan Dutta Interim Resolution Professional: Kanchan Dutta Chatterjee International Centre, 14th Floor, Flat No. 13A, 33A, J.L. Nehru Road, Kolkata - 700071 Email: kanchan@kgrs.in Chatterjee International Centre, 17th Floor, Flat No. 13A, 33A, J.L. Nehru Road, Kolkata - 700071 Email: brpl.cirp@gmail.com Last date for submission of claims: June 2, 2026 BHAWANI LUMBERS: CARE Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Bhawani Lumbers (SBL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable, ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short-term Bank 13.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of SBL under the 'issuer non-cooperating' category as SBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gandhidham-based (Gujarat), Shree Bhawani Lumbers (SBL) is a partnership firm established in 2003 by Mr. Satish Goyal. The firm imports round timber logs from overseas countries which is subsequently sawn and sized at its saw mill into various commercial sizes as per the requirement of its customers. The facility is located at Gandhidham in Kutch district of Gujarat with a total sawing capacity of 3800 cubic feet per day as on March 31, 2017. The timber processed by SBL finds its application in packaging of various products apart from use in infrastructure, building construction, interior designing, woodwork, transportation and furniture. DEBADUTTA EDUCATIONAL: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Debadutta Educational Trust (DET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of DET under the 'issuer non-cooperating' category as DET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Debadutta Educational Trust (DET) was incorporated in 2016 by Mr. Bhagwan Dora and has been running D'MOUNT Valley School (DVS) in Koraput, Odisha. The school is situated in the heart of the city with all modern amenities and is affiliated with CBSE (upto Class Xth) and has a strength of around 900 students. The Trust has received approval from CBSE for setting up Class XI & Class XII and is in the process of setting up the same. DHAIRYA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dhairya Construction (DC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 16, 2025, placed the rating(s) of DC under the 'issuer non-cooperating' category as DC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2026, March 12, 2026, March 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhuj-based (Gujarat) DC, proprietorship firm was established in 2013, for carrying out the business of civil construction by Mr. Birju Chhotalal Shah. Mr. Birju Shah aged 46 years, is a graduate in civil engineering (B. E. Civil) and has an experience of more than 2 decades in the civil construction industry. DC undertakes civil construction work, allotted directly or sublet by other construction contractors (mainly group entites comprising Cube Construction Engineering Limited (CCEL) and Katira Construction Limited (KCL)). It constructs commercial and residential buildings viz. government housing projects, residential bungalows, PPP (Public Private Partnership) projects viz. bus stands, museums and other civil construction work, mainly in Saurashtra region and Bhuj-Kutch, Ahmedabad and Surat districts of Gujarat. EXPAT ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Expat Engineering India Limited (EEIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 23, 2025, placed the rating(s) of EEIL under the 'issuer non-cooperating' category as EEIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EEIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2026, March 19, 2026, March 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Expat Engineering India Limited (EEIL) was originally a division of Expat Properties India Limited, established in 1999 and part of the Expat Group. Later in 2007, this division demerged into a separate entity, EEIL. This restructuring was done to expand the operations for construction of residential buildings other than the group projects. EEIL, promoted by Mr. Santosh Balakrishna Shetty and several others, is engaged in executing contracts for land & infrastructure development and construction of residential & commercial buildings for projects belonging to the Expat group as well as others. GLOBAL KNITFAB: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Global Knitfab (GK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.59 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 16, 2025, placed the rating(s) of GK under the 'issuer non-cooperating' category as GK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2026, March 12, 2026, March 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Surat (Gujarat) based GK is partnership firm established in 2014 by Mr. Prabin Khakholia and Mr. Ankit Agarwal. The firm is engaged in knitting of fabrics having six knitting machines. The manufacturing unit of the firm is located at Surat (Gujarat) and operates with an installed capacity of 2100 kilograms per day as on March 31, 2020. IIFL FINANCE: S&P Rates Proposed USD Senior Secured Notes 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issue rating to U.S. dollar-denominated senior secured notes that IIFL Finance Ltd. proposes to issue from GIFT City, Gujarat, India. The issuance is a drawdown from the company's US$1 billion global medium-term notes program, which S&P rates 'B+'. The rating is subject to its review of the final issuance documentation. S&P equalizes the rating on the notes with the long-term issuer credit rating on IIFL (B+/Positive/B). The proposed notes will constitute direct, secured, and unconditional obligations of IIFL, and shall at all times rank equally with all other secured obligations of the India-based finance company. The notes are secured by a first ranking pari passu charge over all rights, titles, interest, benefits, claims, and demands (both present and future) over receivables or assets, including the issuer's accounts, operating cash flow, current assets, book debts, loans and advances, and receivables, subject to conditions. This excludes certain assets that may have an exclusive charge. IIFL must ensure that the notes are at least 100% covered by assets, excluding assets classified as nonperforming. The notes also have a change of control put option at 101% of the nominal amount. Under the note terms, IIFL, and each of its principal subsidiaries, must maintain a net nonperforming asset ratio of 5% or less and capital adequacy ratios above the regulatory minimum. Failure to do so could result in an event of default or acceleration. INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of International Metal Industries (IMI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of IMI under the 'issuer non-cooperating' category as IMI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IMI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Himachal Pradesh based, International Metal Industries (IMI) was established in February, 2012 as a proprietorship concern by Mr. Jinender Kumar Jain and commenced its commercial operations in August, 2014. The firm is engaged in manufacturing of Stainless Steel cold and hot rolled sheets. The manufacturing facility of the firm is located at Bilaspur District, Himachal Pradesh. JBC INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of JBC Industries (JI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of JI under the 'issuer non-cooperating' category as JI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable JBC Industries (JI) was established as a proprietorship entity on August 1, 1995 by Mr. Jitendra Patra based out of Odisha. Since inception, the entity has been engaged in trading of iron & steel hardware products like HB wire, GI wire, agricultural equipment's and manufacturing of binding wire, barbed wire, chain-link net and fastener nails. JI is the authorized dealer of Tata Steel Limited (Agrico and wire division) for 22 districts of Orissa. The manufacturing facility of JI is located at Mancheswar Industrial Estate of Bhubaneswar, Orissa with an aggregate installed capacity of 200 MTPA. The entity derived its major revenue from trading activities and balance from manufacturing activities. Moreover, the entity has not availed any moratorium as mentioned by the lender (Bank of Baroda). KANJIRAVELIL TRADERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kanjiravelil Traders (KT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of KT under the 'issuer non-cooperating' category as KT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ernakulam (Kerala) based Kanjiravelil Traders (KT) was established in 2006 by Mr. Jenny Varghese. The firm is currently involved in the trading of nutmeg, pepper, ginger and other spices. KT procures the spices from farmers and dealers within Kerala and supplies to various customers across India. The spices are initially sorted as per quality and then dried for few days to make these spices a marketable product. The firm currently has 3 collection shops for collection of agriculture produce at Kalady, Pulinchode and Erratupetta and a godown for storage at Pazhamthottam in Kerala. KRISHNA CORPORATION: CARE Cuts Rating on INR54.81cr LT Loan to B+ ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Krishna Corporation (SKC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 54.81 CARE B+; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of SKC under the 'issuer non-cooperating' category as SKC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SKC have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Shree Krishna Corporation is a partnership firm constituted in July 2004 for construction, development of real estate including commercial/residential complex. The company is promoted by Mr Anshul Khurana with other partners. Currently the firm has developed a a prime retail & commercial project "Homeland City" and is located on Udhana Magdalla road (University Road), near Veer Narmad South Gujarat University in Vesu, Surat. The total area of the project, developed on a land of about 1.36 lakh sq ft (LSF) is a single structure with twin towers above the third floor with a total build up area of 3.84 LSF and consist of 368 units of commercial and retail space. LAKHPAT TRADING: CARE Lowers Rating on INR4.50cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Lakhpat Trading and Industrys Private Limited (LTIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Short Term Bank 28.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of LTIPL under the 'issuer non-cooperating' category as LTIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LTIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of LTIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Jodhpur (Rajasthan) based Lakhpat Trading and Industrys Private Limited (LTIPL) was incorporated in 2013 by Mr. Surendra Bhandari along with his family members with an objective to primarily engage in trading of different agricultural commodities as well as to undertake refining of crude edible oil. LTIPL operates out of its sole manufacturing unit located at Boranada (Rajasthan). LALTA PRASAD: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lalta Prasad Shaw and Company (LPSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 17, 2025, placed the rating(s) of LPSC under the 'issuer non-cooperating' category as LPSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LPSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2026, March 13, 2026, March 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Lalta Prasad Shaw and Company (LPSC) was established in the year 1959 as a proprietorship firm by Mr. Lalta Prasad Shaw. Later Mr. Jai Kishor Gupta (son of Mr. Lalta Prasad Shaw) joined and became the proprietor of the said firm in the year 1989. The firm has been engaged in trading of waste paper since its inception. Currently the firm is being managed by Mr. Jai Kishor Gupta who has around three decades of experience in the same line of business. He looks after the overall management of the firm, with adequate support from a team of experienced personnel. PALIWAL AND SONS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Paliwal and Sons (PAS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of PS under the 'issuer non-cooperating' category as PS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mumbai Maharashtra based, Paliwal and Sons (PS) was established in March 2000 as a partnership firm and is currently being managed by Mrs. Shobha Jamnalal Purohit and Mr. Chandrashekhar Jamnalal Purohit sharing profits and losses equally. PAS is engaged in the business of purchasing milk from farmers and milk vendors who are located in the nearby plant location, freezing it in the chilling plant and then selling it under the brand 'Paliwal'. The firm is also engaged in the milk processing and manufacturing of milk products like butter, ghee and other milk products etc at its plant in Thane, Mumbai. PAWAN AUTOWHEELS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pawan Autowheels Private Limited (PAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.15 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of PAPL under the 'issuer non-cooperating' category as PAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ghaziabad-based (Uttar Pradesh), PAPL incorporated in March 2009 by Mr Ashok Kumar Garg and Mr Shobhit Garg and commenced its commercial operations from April 2011. PAPL has an authorized dealership of Hyundai Motors India Ltd (HMIL). It is operating as 3S facility 'Sales, spares and service'. Suman Autos is an associate concern of PAPL; it is an authorized dealer of Bajaj Auto Limited. PRINT AND PACKERS: CARE Assigns B+ Rating to INR35cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Print and Packers Flexi Pack (PPFP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 35.00 CARE B+; Stable Assigned Bank Facilities Rationale and key rating drivers The ratings assigned to the bank facilities of PPFP remain constrained by exposure to stabilization risks, as the firm has completed the project has started production but is still in a very nascent stage of operational stabilisation, coupled with a leveraged financial risk profile arising from debt-funded capital expenditure. The financial risk profile is further moderated by inherent risks associated with its partnership constitution, along with susceptibility of profitability to raw material price volatility and regional supply dynamics. The ratings, however, draw strength from the extensive experience of the promoters, reflected in their long track record in the packaging industry, and the successful completion of the greenfield, fully automated manufacturing facility at Bihta, Bihar, within the envisaged cost framework. The ratings also factor in the firm's eligibility to avail benefits under the Bihar State Investment Promotion Policy, 2016, which is expected to provide support to its accruals in the initial years of operations. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in scale of operations (turnover > INR 50.00 crore) while maintaining stable operating margins. * Improvement in overall gearing ratio below 3x on a sustained basis. Negative factors * Any further delays in scaling up operations beyond July 2026. * Moderation in overall gearing, with overall gearing exceeding 4x. Analytical approach: Standalone Outlook: Stable CARE Ratings Limited believes that PPFP is likely to benefit from the extensive experience of its promoters, which is expected to support the gradual scaling up of operations over the medium term. Further, with stabilisation of operations and improvement in profitability, the firm's capital structure is also expected to witness a gradual improvement. Detailed description of key rating drivers: Key weaknesses * Exposure to stabilisation risks in initial phase of operations: PPFP remains exposed to stabilisation risks, given that its manufacturing unit is currently in the early stages of production. Although the partners possess extensive experience in the packaging industry, their ability to stabilise operations within the expected timeframe and ramp up capacity utilisation as envisaged remains to be demonstrated. The firm is in the process of onboarding customers and is engaged in discussions with prospective clients; however, these are yet to translate into steady order inflows and meaningful scale of offtake. During the initial phase, the operations may face challenges such as process stabilisation, achieving targeted quality standards and yields, customer approvals, higher rejection rates, teething issues in machinery, and a learning curve associated with manpower. Additionally, the business may witness elevated working capital requirements due to build-up of inventory and receivables, which could exert pressure on liquidity, profitability, and cash flows in the near term. * Leverage financial risk profile: PPFP's financial risk profile remains leveraged, primarily on account of the debt-funded capital expenditure, as reflected in an overall gearing of 1.28x as on March 31, 2025. The leverage is supported by a modest net worth base of INR7.97 crore vis-à-vis total debt of INR10.20 crore as on the same date. The capital structure is expected to remain stretched over the near term, given the anticipated drawdown of the remaining sanctioned term loan of INR24.17 crore, with peak gearing estimated at around 3.6 times during this phase. Nevertheless, the financial risk profile is expected to improve from FY2027 onwards, driven by stabilization of operations and the scheduled commencement of term loan repayments from July 2026. * Profitability exposed to raw material price volatility and regional supply dynamics: PPFP's profitability remains susceptible to fluctuations in raw material prices, with kraft paper constituting around 85–90% of its cost of sales. While the firm benefits from the presence of multiple traders and suppliers of kraft and corrugated paper in and around Patna/Bihta region, the availability of large-scale kraft paper manufacturing capacities within Bihar remains relatively limited, with only a few paper mills operating in the vicinity. Consequently, a significant portion of the raw material requirement is likely to be sourced from other states, exposing the firm to supply chain disruptions, logistics cost escalations and regional demand-supply imbalances. Given these factors, along with the inherent volatility in kraft paper prices and limited availability of substitutes, any adverse movement in input costs could exert pressure on the firm's operating margins. * Inherent risk associated with partnership structure: PPFP, being constituted as a partnership firm, remains exposed to certain inherent structural risks, including the possibility of dissolution upon events such as retirement, insolvency, or demise of any partner. Additionally, the firm may face risks of capital withdrawal by partners to meet personal financial requirements. Partnership entities also typically have relatively constrained financial flexibility, as their ability to raise external funding is largely dependent on the credit profile and financial strength of the promoters. Key strengths * Experience promoters with long track record of operations: PPFP, incorporated in 2023, is led by its promoter, Mr. Madho Shukla (age 66), who possesses over 15 years of experience in the packaging industry through his long-standing association with Print & Packers, a proprietorship concern. He is supported by Mr. Nand Kumar, who brings more than a decade of relevant operational experience in the sector. The business also benefits from second-generation involvement, with Mr. Akash Shukla overseeing overall management and marketing functions, thereby providing continuity and supporting the company's operational and strategic initiatives. * Successful completion of project: PPFP has successfully completed its greenfield, fully automated manufacturing facility at Bihta (Patna, Bihar) and has started production, which are currently at a nascent stage. The unit has an aggregate installed capacity of 19,200 MTPA, comprising 14,400 MTPA of corrugated boxes, 1,920 MTPA of multi-layer blown film, with the balance capacity allocated to rotogravure printing and lamination. The project has been implemented at a total cost of ~INR40.23 crore, funded through a term loan of INR24.17 crore, with the remaining financed via promoter contribution. * Presence of several benefits under state policy: PPFP is eligible to avail benefits under the Bihar State Investment Promotion Policy, 2016. These include interest subsidy on term loans as well as reimbursement of State Goods and Services Tax (SGST) for a period of five years, which is expected to provide support to the entity's profitability and cash flows in the initial years of operations. Liquidity: Adequate PPFP's liquidity profile is adequate, supported by the successful completion of project and anticipated ramp-up in operations. With term debt repayments scheduled to commence from July 2026, the firm is expected to generate sufficient cash accruals to meet its debt servicing obligations. Additionally, the availability of sanctioned fund-based working capital limits of INR5.00 crore provides a liquidity buffer and is expected to support its operational and working capital requirements during the stabilisation phase. However, the liquidity position remains exposed to execution risks associated with the nascent stage of operations, including the timely ramp-up of capacity utilisation and potential elongation in the working capital cycle. Any deviation from expected operational scale-up or higher-than-anticipated working capital intensity may exert pressure on cash flows and, consequently, the firm's liquidity position in the near term. Print and Packers Flexi Pack (PPFP), a partnership firm incorporated in 2023, is promoted by Mr. Madho Shukla and Mr. Nand Kumar, both of whom possess relevant operational experience in the packaging industry. The promoters are supported by the second generation, with Mr. Akash Shukla actively involved in the business. The firm has established a greenfield manufacturing facility at Village Bihta, Tehsil Danapur, Patna (Bihar), for the production of corrugated kraft paper boxes, multi-layer blown film, and rotogravure printing and lamination. The unit has an aggregate installed capacity of 19,200 MTPA, comprising 14,400 MTPA of corrugated boxes, 1,920 MTPA of multi-layer blown film, with the remaining capacity allocated to printing and lamination. The project has been successfully completed and the firm has started production. R.K.I. BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R.K.I. Builders Private Limited (RBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of RBPL under the 'issuer non-cooperating' category as RBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in April 2003 as a Private Limited Company, RKI Builders Private Limited (RBPL) was promoted by Mr. A. Rajendra Prasad (Managing Director), Mr. T. Satish Kumar (Director) and Mr. K. Sridhar Reddy (Director). RKI is an ISO 9001:2008 certified company and focuses on construction projects for the government and public sector entities and trading of construction material (majorly steel and cement). During FY15, total operating income constituted 75% from civil construction works and rest 25% from trading of raw material. SANTLAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Santlal Industries Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 37.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 8, 2025, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2026, March 4, 2026, March 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Santlal Industries Ltd (SIL), incorporated in the year 1999 is engaged in milling, processing and manufacture of Basmati rice at Mainpuri, Uttar Pradesh. The company commenced its operations in 2000. The company is a part of Santlal Group, which started its business with fertilizers & cloth trading in 1935 as Santlal Agarwal & Sons. SAVE LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Save Life (SL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of SL under the 'issuer non-cooperating' category as SL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 15, 2026, March 26, 2026, April 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Save Life is a partnership firm incorporated on February 15, 2019. Save life is constructing a 104-bed multispecialty hospital in Gurgaon, Haryana in the name of Silver Streak Multispecialty Hospital. It is promoted and will be managed by Dr. V.K. Gupta, who is a neurosurgeon with experience of more than 25 years and is running a 30-bed neurosurgical hospital in Hisar, Haryana under the name of V. K. Healthcare & Medical Institute Pvt Ltd. The hospital will have specialization in Neurosurgery, Medicine, Orthopedics, ENT, Dermatology, Gynecology and Obstetrics, Pediatrics, Dental, etc. The hospital will have adequate consultants in each department all having requisite experience and technical qualifications for the same. The hospital has also planned to get NABH and JCI accreditation. SPECTRA INDIA: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Spectra India Eco Projects Private Limited H.No. 3-11-456, Plot No. 9, Sy. No. 66/5, Mansoorabad, Saroornagar Mandal, L.B Nagar, Ranga Reddy District, Telangana, India - 500068 Insolvency Commencement Date: May 18, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: November 14, 2026 Insolvency professional: Suhasini Ashok B. Interim Resolution Professional: Suhasini Ashok B. Flat No. 403, Devijayana Apartments, Near RRB, Mettuguda, Lallaguda (Po), Secunderabad, Telangana - 500017 Email: suhasiniashok2821@gmail.com 6-3-569/1, 4th Floor, Above BMW Show Room, Opposite RTA Office, Khairtabad, Hyderabad, Telangana - 500082 Email: spectraindiaeco@gmail.com Authorized Representatives of creditors in a class: Mummaneni Vazra Laxmi Ravuru Hari Prasad Koteswara Rao Karuchola Last date for submission of claims: June 1, 2026 SUJITHA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sujitha Poultry Farm (SPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B-/Stable; (ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of SPF under the 'issuer non-cooperating' category as SPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chennai (Tamil Nadu) based, SPF was incorporated in 2001 by Mr P Chinraj and Mrs C. Shanthi (Spouse of Mr P Chinraj). SPF is dealing in the Poultry Layer Farm business, manufacturing and sales of poultry feeds, sales of poultry layer farm eggs and its allied activities. The poultry farm is located at Rasipuram Taluka of Namakkal District of Tamil Nadu with installed capacity to manufacture eggs of 5 Lakh Batches of Eggs Per Month (BEPM) as on March 31, 2017. It supplies eggs to distributors across Tamil Nadu. The firm have not availed moratorium on COVID-19 for its bank facilities. SUMAJA ELECTROINFRA: CARE Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sumaja Electroinfra Private Limited (SEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 50.40 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sumaja Electroinfra Private Limited (SEPL) (formerly, known as Sumaja Exim Private Limited) was incorporated in April, 2005 as a private limited company. The company is currently being manged by Mr. Brijesh Kumar Pandey, Mr. Arvind Bhargav and Mr. Raghav Agrawal. The company is engaged in the manufacturing and supply of school bags, raincoats, socks, school kits, etc. for different government/ public sector undertakings. The company also undertakes electrical contracts on turnkey basis wherein it is engaged in the design, supply, erection, testing and commissioning of grid sub-stations, power control distribution boards, panels, HT/LT (high tension/low tension) cable laying, transmission lines, etc. and other building related electrification works mainly for government/ public sector undertakings. The manufacturing process of the company is done through two units located in Uttar Pradesh. SUPREME HOUSING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Supreme Housing and Hospitality Private Limited Sharma Bungalow, Behind Lake Castle Building, Hiranandani Garden, Powai, Mumbai, Maharashtra, India - 400076 Insolvency Commencement Date: May 13, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Estimated date of closure of insolvency resolution process: November 9, 2026 Insolvency professional: Dinesh Kumar Aggarwal Interim Resolution Professional: Dinesh Kumar Aggarwal KDRA Insolvency Professionals Private Limited 1601, Chandak Unicorn, Dattaji Salve Marg, Off Veera Desai Road, Andheri West, Mumbai - 400053 Email: irp@kdraip.com cirp.supremehousing1305@gmail.com Last date for submission of claims: May 27, 2026 TEACH FOR INDIA: CARE Lowers Rating on INR10.23cr LT Loan to B+ --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Teach for India Education & Research Samiti (TFIERS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.23 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 23, 2025, placed the rating(s) of TFIERS under the 'issuer non-cooperating' category as TFIERS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TFIERS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2026, April 18, 2026, April 28, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of TFIERS have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable TFIERS established in November 2004 under Madhya Pradesh Society Registration Act, 1973 at Indore. The society is managed by 'Sojatia family' under the leadership of the current Chairman Mr. Ashish Sojatia. TIERS operate four education institutes offering education in engineering, pharmacy, management, graduate and postgraduate courses at Indore. TM MOTORS: CARE Lowers Rating on INR12cr Long Term Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of TM Motors Private Limited (TMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of TMPL under the 'issuer non-cooperating' category as TMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of TMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bharatpur (Rajasthan) based TMPL was incorporated in January 2008 by Saluja family. TMPL is an authorized dealer of Maruti Suzuki India Limited (MSIL) since April 2008. The showroom of the firm is located in Bharatpur and provides Sales, Services and Spare parts services to its customers. The Saluja family has also promoted T. M. Motors (TMM) which has auto dealership of Hero Motor Corp Limited (HMCL). VIJAYKUMAR ROOPCHANDANI: CARE Keeps B- Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M/s. Vijaykumar Roopchandani (MVR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of MVR under the 'issuer non-cooperating' category as MVR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MVR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s. Vijaykumar Roopchandani (MVR) was established in the year 1986 by Mr. Vijaykumar Roopchandani; as a proprietorship entity engaged in civil construction work of roads, bridges, flyover and infrastructure works. MVR is undertaking civil construction work for government organizations mainly for Indian railways across Madhya Pradesh & Maharashtra. MVR gets order through bidding and tendering process and where it majorly caters to central govt. projects. It procures raw materials namely steel & TMT sheets, pipes, sand, bricks, cement, etc. from the domestic suppliers. MVR has its registered office is located at Andheri, Mumbai. VISHAVKARMA AGRO: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vishavkarma Agro Industries (VAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.73 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of VAI under the 'issuer non-cooperating' category as VAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Vishavkarma Agro Industries (VAI) was established as a partnership firm in 1991 with Mr. Surjit Singh Dhiman and Mr. Amarjit Singh as its partners. The firm is engaged in manufacturing of tractor equipment's such as wheat thresher, straw reaper, seed drill, combine harvesters, etc. at its manufacturing unit situated in Sangrur, Punjab. ================= I N D O N E S I A ================= INDONESIA ENERGY: Marcum Asia Raises Going Concern Doubt -------------------------------------------------------- Indonesia Energy Corp Ltd filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. As reflected in the Company's consolidated financial statements, the Company has incurred a net loss of $5,099,805, $6,343,541 and $2,642,684 for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company had a negative cash flow from operating activities of $5,434,852, $3,087,099 and $2,978,919, respectively. As of December 31, 2025, the Company had accumulated deficits of $51,026,783. While the Company had a cash balance of $5,459,309 and working capital balance of $3,998,945 as of December 31, 2025, it may not be sufficient to fund its planned operations and contractual obligations for the next 12 months from the date of issuance of these financial statements. Going Concern Guangzhou, China-based Marcum Asia CPAs LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 29, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred significant losses and operating cash outflows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has financed its operations primarily through cash flow from operations and proceeds from equity instrument financing, where necessary. Since March 2024, the Company has progressively registered and amended its securities offerings to facilitate capital raising through its At-the-Market (ATM) Agreement. On March 22, 2024, the Company filed a New F-3 Registration Statement (effective May 31, 2024). This covered a $9,600,000 base prospectus for various securities and a specific prospectus supplement for the sale of up to $4,267,622 in ordinary shares under the ATM Agreement, as amended. On December 18, 2024, June 17, 2025, February 5, 2026 and April 27, 2026, the Company filed the ATM Prospectus Supplements to increase its ATM offering limits. As a result of those limits, the aggregate amount available for sale by the Company was approximately $3,863,045, $3,219,305, $7,922,577 and $14,171,399, respectively, as of December 18, 2024, June 16, 2025, February 5, 2026 and April 27, 2026. Under the ATM Prospectus Supplements, the Company registered up to $3,850,000, $3,200,000, $7,900,000, and $14,100,000, respectively, worth of ordinary shares, including $906,305, $988, $637, and $5,823,779, respectively, worth of ordinary shares from the ATM Prospectus Supplements that were unsold prior to December 18, 2024, June 16, 2025, February 5, 2026, and April 27, 2026. As of the date of the annual report, the Company has raised an accumulated $17.8 million from the ATM offering and there is $14.1 million available under the ATM offering. As of April 27, 2026, the Company had approximately $4.8 million of cash, which is placed with financial institutions and is unrestricted as to withdrawal or use. The Company intends to mitigate the conditions of substantial doubt and meet the cash requirements for the next 12 months from the issuance date of the Company's audited consolidated financial statements by implementing management's plan, including a combination of improving operational efficiency, cost reductions and debt and equity financing. The Company will collect the receivables timely and arrange payment schedule in accordance with the Company's cash management plan. If the Company fails to achieve these goals, it will likely need additional financing to execute its business plan. If additional financing is required, the Company may seek to raise capital through its ATM program. However, the Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all, as it may elect not to utilize the ATM facility due to unfavorable market prices or find that such funds are otherwise unavailable when needed. In the event that financing sources are not available from any source, or that the Company is unsuccessful in increasing its gross profit margin and reducing operating losses, the Company may be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Company's business, prospects, financial condition and results of operations. The Company has prepared the consolidated financial statements on a going concern basis. However, there is no assurance that the measures above can be achieved as planned. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. If the Company is unable to continue as a going concern, it may have to liquidate its assets and may receive less than the value at which those assets are carried on the financial statements. A full text copy of the Company's Form 20-F is available at http://tiny.cc/c274101 About Indonesia Energy Corporation Limited Indonesia Energy Corporation Limited is an oil and gas exploration and production Company focused on Indonesia. As of December 31, 2025, the Company had $22,755,376 in total assets, $3,096,856 in total liabilities, and $19,658,520 in total stockholders' equity. ===================== N E W Z E A L A N D ===================== GREEN & MCCAHILL: McDonald Vague Appointed as Administrator ----------------------------------------------------------- Boris van Delden of McDonald Vague Limited on May 26, 2026, was appointed as Administrator of Green & Mccahill Holdings Limited. The Administrator may be reached at: Boris van Delden McDonald Vague Limited, Insolvency Specialists PO Box 6092 Victoria Street West Auckland 1142 HOUSE OF HAZEL: Khov Jones Appointed as Receivers ------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on June 2, 2026, were appointed as receivers and managers of The House Of Hazel Limited, Pink Magnolia Investments Limited, Racehorsesnz Limited, The Pink Magnolia Lifestyle Trust and Melissa Joy Robinson. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 PROJOINTS LIMITED: Court to Hear Wind-Up Petition on June 12 ------------------------------------------------------------ A petition to wind up the operations of Projoints Limited will be heard before the High Court at Auckland on June 12, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 16, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RSMG INVESTMENTS: Creditors' Proofs of Debt Due on June 18 ---------------------------------------------------------- Creditors of RSMG Investments 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 25, 2026. The company's liquidator is: Yunus Ahmed Musa, TFS Chartered Accountants 214 Main Road Tawa, Wellington 5028 UNIQUE FABRICS: Interior Design Firm Goes Into Liquidation ---------------------------------------------------------- Radio New Zealand reports that well-known interior design firm Unique Fabrics has gone into liquidation, the latest in a large number of businesses to fold. It was revealed by Centrix on June 3 that liquidation numbers remain stubbornly high, even as other credit measures improve, RNZ relates. Hospitality liquidations were up 45 percent, retail trade 32 percent, property and rental 12 percent and construction 9 percent, RNZ discloses. Across all sectors, liquidations were up 14 percent year-on-year. Centrix chief operating officer Monika Lacey told RNZ at the time that liquidations were often a lagging indicator and would take more time to turn around. McDonald Vague insolvency practitioner Keaton Pronk said the country was on track to have more winding up applications in the first six months of the year that in the whole of 2021 or 2022. An update from Unique Fabrics online said the news was shared with "heavy hearts," RNZ relays. Unique Fabrics and Unique Fabrics NZ were being put into liquidation and had ceased trading. It said it was expected that a liquidation sale of all stock would be held in due course, adds RNZ. ZIA INTERNATIONAL: Court to Hear Wind-Up Petition on June 11 ------------------------------------------------------------ A petition to wind up the operations of Zia International Limited will be heard before the High Court at Auckland on June 11, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 22, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== AIRASIA PHILIPPINES: Settles CAAP Dues, Averts Disruption Threat ---------------------------------------------------------------- Philstar.com reports that AirAsia Philippines has settled its financial obligations with the Civil Aviation Authority of the Philippines, averting the threat of a possible disruption to its operations after the carrier had reportedly been ordered to halt flights at government-managed airports over unpaid fees. Philstar.com relates that CAAP said Thursday, June 4, that the airline had complied with its directive to settle its obligations within the day, subject to the regulator's standard reconciliation process. According to Philstar.com, the development followed reports that CAAP had ordered AirAsia Philippines to stop operating within its jurisdiction unless it settled more than PHP270 million in unpaid fees. The reports said the directive was contained in a June 2 cease-and-desist order issued by CAAP Director General Raul Del Rosario. CAAP had earlier given the airline until June 6 to settle its dues. "CAAP acknowledges and appreciates the airline's cooperation and its commitment to addressing its obligations through constructive engagement and coordination with the Authority," the regulator said in a statement. According to Philstar.com, the agency said Wednesday night [June 3] that settling the obligations remained the "most practical and preferred course of action," citing the potential fallout of any disruption to airline operations. "Any interruption in airline operations carries significant consequences, including economic impacts, potential employment displacement, and disruption to passenger and cargo services," CAAP said. Philstar.com says AirAsia denied that its Philippine operations were being grounded, saying all Z2 flights remained fully operational and continued as scheduled. In a separate statement issued from Sepang, Malaysia, AirAsia X, which identified itself as AirAsia Group, said reports claiming that Philippines AirAsia's operations were being grounded were "entirely false and do not reflect the reality of the business or operations of the airline," Philstar.com relays. The company said flights and services across the airline's network would continue, subject to normal operational factors such as weather. Philstar.com says AirAsia also cast the reports as part of a campaign against the airline, saying they were aimed at undermining competition in the Philippine aviation sector. Philstar.com relates that Tony Fernandes, co-founder and adviser of AirAsia Group, said the airline carries nearly 7 million passengers in the Philippines annually and remains committed to the country. "AirAsia has long championed affordable travel and will continue to stand firmly against any development that harms consumers or restricts access to air connectivity," Philstar.com quotes Mr. Fernandes as saying. He said the group remains invested in new airport infrastructure in the Philippines, including Ninoy Aquino International Airport and Mactan-Cebu International Airport, and intends to deploy more aircraft into its domestic operations, Philstar.com adds. AirAsia Philippines is a low-cost airline operating in the Philippines and is part of the wider AirAsia Group, one of Asia's largest budget airline networks. The company operates a network of routes connecting major cities and tourist destinations across the Philippines and Asia. RB OF CUYO: Deposit Insurance Claims Filing Deadline on June 10 --------------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) announced that depositors of the closed Rural Bank of Cuyo (Palawan), Inc. have until June 10, 2026, to file their deposit insurance claims. Based on the latest PDIC data, deposit insurance claims for 96 deposit accounts with aggregate insured deposits amounting to PHP805,925.95 have yet to be filed by depositors. Data also showed that as of March 31, 2026, PDIC had paid depositors of the closed Rural Bank of Cuyo (Palawan), Inc. the total amount of PHP92.3 million, corresponding to 99% of the bank's total insured deposits amounting to PHP93.4 million. Depositors are advised to file their claims either online via e-mail at pad@pdic.gov.ph or through postal mail or courier addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1233. Claims may also be filed personally at the PDIC Public Assistance Center (PAC) located at the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City, from Monday to Friday, 8:00 AM to 5:00 PM. For visits to the PAC, clients are highly encouraged to request for an appointment by calling the Public Assistance Hotline during office hours at (02) 8841-4141 (for clients within Metro Manila), or the Toll-Free number 1-800-1-888-7342 or 1-800-1-888-PDIC during office hours (for clients outside Metro Manila). Clients may also send an e-mail to pad@pdic.gov.ph, or send a private message at PDIC's official Facebook page, www.facebook.com/OfficialPDIC. When filing claims through e-mail, scanned copies or photo images of the accomplished, signed, and notarized Claim Form, evidence of deposit (i.e., first page of the savings passbook with account name/number and last page with account balance, or the front and back portion of the certificate of time deposit, etc.), and one valid photo-bearing ID with the depositor's signature should be attached to the e-mail. For claims filed personally or via postal mail or courier service, depositors are advised to submit the accomplished, signed and notarized Claim Form, original Savings Passbook and/or Certificate of Time Deposit and photocopy of one (1) valid photo-bearing ID with depositor's signature. The depositors are further advised that additional documents and/or original copy of documents submitted via e-mail may be required by PDIC, as necessary, in the course of evaluation and processing of claims. The Claim Form can be downloaded from the PDIC website at http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim Form is free and there is no fee for filing deposit insurance claims. Depositors who are below 18 years old should mail or submit either a photocopy of their Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar. Representatives of claimants are required to mail or submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The Special Power of Attorney template may be downloaded from the PDIC website at http://www.pdic.gov.ph/files/spa_claims.pdf. Under the PDIC Charter, depositors are given two years from bank takeover to file deposit insurance claims with the PDIC. Rural Bank of Cuyo (Palawan), Inc. was taken over by the PDIC on June 10, 2024, after it was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on June 6, 2024. Rural Bank of Cuyo (Palawan), Inc. was a two-unit rural bank with Head Office located in Mendoza Street, Bancal, Cuyo, Palawan; and a branch lite unit in Subic Bay, Zambales. Depositors who have outstanding loans or payables to the bank will be referred to the duly designated Loans Officer prior to the settlement of their deposit insurance claims. For more information, depositors may call the PDIC Public Assistance Hotline at (02) 8841-4141, or the Toll-free hotline 1-800-1-888-PDIC or 1-800-1-888-7342 during office hours. Depositors may also send an e-mail to the PDIC Public Assistance Department at pad@pdic.gov.ph or private message at the official PDIC Facebook page, www.facebook.com/OfficialPDIC. ================= S I N G A P O R E ================= MALAN FOOD: Court to Hear Wind-Up Petition on June 12 ----------------------------------------------------- A petition to wind up the operations of Malan Food Investment Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. LMS Associates Pte Ltd filed the petition against the company on May 19, 2026. The Petitioner's solicitors are: Asia Ascent Law Corporation 7500A Beach Road #05-321 The Plaza Singapore 199591 OMAR SHARIFF: Court to Hear Wind-Up Petition on June 19 ------------------------------------------------------- A petition to wind up the operations of Omar Shariff Authentic Indian Cuisine Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 REFERREACH PTE: Creditors' Proofs of Debt Due on July 2 ------------------------------------------------------- Creditors of Referreach Pte. Ltd. are required to file their proofs of debt by July 2 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2026. The company's liquidator is: Chan Li Shan c/o Impetus Corporate Advisory 11 Collyer Quay, #16-02 The Arcade Singapore 049317 REPUBLIC CORPORATION: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on May 22, 2026, to wind up the operations of Republic Corporation Pte. Ltd. Maritime and Port Authority of Singapore filed the petition against the company. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia Pte Ltd 50 Havelock Road #02-767 Singapore 160050 SOCIETY PASS: Hires Stretto Inc. as Claims and Noticing Agent ------------------------------------------------------------- Society Pass Incorporated and its debtor affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Stretto, Inc. as claims, balloting and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $10,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange Irvine, CA 92602 Telephone: (800) 634-7734 About Society Pass Incorporated Society Pass Incorporated is a Singapore-based company focused on acquiring and operating fintech, digital commerce, and consumer technology platforms across Southeast Asia and other markets. Society Pass Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90525) on May 12, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The filing indicates that funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Gabrielle Alicia Hamm, Esq. of Schwartz Law. X3 HOLDINGS: Grant Thornton Raises Going Concern Doubt Over Losses ------------------------------------------------------------------ X3 Holdings Co., Ltd. filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $26.4 million for the year ended December 31, 2025, compared with a net loss of $83.8 million for 2024. The Company generated revenue of $6.3 million in 2025, compared to a revenue of $11.6 million in 2024. Philadelphia, Pennsylvania-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 12, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that Group has suffered recurring losses from operations of approximately $26.4 million and has negative operating cash flow of appropriately $3.2 million. These conditions indicate that a material uncertainty exists that raise substantial doubt on its ability to continue as a going concern As of December 31, 2025, the Group had a working capital deficit of $1.5 million. In assessing its liquidity, the Group monitors and analyzes its cash on hand, its ability to generate sufficient revenue sources in the future and its operating and capital expenditure commitments. The Group has historically funded its working capital needs primarily from public offering, operations, bank loans, advance payments from customers and shareholders. The working capital requirements are affected by the efficiency of operations, the numerical volume and dollar value of revenue contracts, the progress or execution on customer contracts, and the timing of accounts receivable collections. As of December 31, 2025, the Group had cash and cash equivalent of approximately $2.2 million. Deferred revenue included in current liabilities of $2 million, which will be recognized as revenue in the next fiscal year when the services are provided. As of December 31, 2025, the Group had short-term bank loans and long-term bank loans of $1.8 million and $1.4 million, respectively. The Group expects that it would be able to obtain new bank loans or renew its existing bank loans upon maturity based on past experiences with the Group's good credit history. Subsequent to December 31, 2025, the Group also has the following financing agreements to raise funds On May 19, 2025, the Company entered into purchase agreements with thirteen investors. Pursuant to the Purchase Agreement, the Company agreed to sell 124,031 Class A ordinary shares, at a purchase price of $77.4 per share. The Company has received proceeds of $5 million as of December 31, 2025. Outstanding subscription receivable amounted to $4.6 million as of December 31, 2025. On July 11, 2025, the Company entered into a definitive securities purchase agreement with certain individuals, the Company agreed to sell 333,333 Class A ordinary shares with consideration of $25.8 million. The Company issued 333,333 Class A ordinary shares on July 17, 2025, outstanding subscription receivable amounted to $25.8 million as of December 31, 2025. On January 30, 2026, the Company entered into purchase agreements with an investor to sell up to $50,000,000 of newly issued Class A ordinary shares, over the period of 24 months from the date of the execution of the purchase agreement, and an aggregate of 43,209 of Class A ordinary shares issue to the investor as consideration for its commitment to enter into the purchase agreement. The Company will receive gross proceeds of $50 million in connection with the offering before deducting the related offering expenses. As of this annual report filing date, the Company have received proceeds of approximately $2.7 million. The Group believes that its cash on hand and financing cash flows will be sufficient to fund its operations over at least the next 12 months from the date of this report. However, the Group may need additional cash resources in the future if the Group experiences changed business conditions or other developments, and may also need additional cash resources in the future if the Group wishes to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If it is determined that the cash requirements exceed the Group's amounts of cash on hand, the Group may seek to issue debt or equity securities or obtain a credit facility. A full text copy of the Company's Form 20-F is available at http://tiny.cc/5374101 About X3 Holdings Singapore-based X3 Holdings Co., Ltd., formerly known as Powerbridge Technologies Co., Ltd., is a Company that was established under the laws of the Cayman Islands on July 27, 2018 as a holding Company. The Company is a provider of software application and technology solutions and services to corporate and government customers engaged in global trade. As of December 31, 2025, the Company had $61.6 million in total assets, $21.6 million in total liabilities, and $40 million in total stockholders' equity. YYY SEAFOOD: Court to Hear Wind-Up Petition on June 19 ------------------------------------------------------ A petition to wind up the operations of YYY Seafood Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: To Shutter 37 Stores; 3,500 Jobs At Risk ----------------------------------------------------- Yonhap News Agency reports that financially troubled discount chain Homeplus Co. is shuttering more than 30 percent of its stores across the country, a decision likely to leave some 3,500 employees jobless, industry sources said June 4. According to Yonhap, the company delivered the decision in a notice to its labor union earlier in the day, saying it will permanently close operations of 37 stores among 104 operated by the company. Operations at the 37 stores had been suspended since last month, after the retailer sold its supermarket business, Homeplus Express, to NS Shopping Co., a local home shopping channel operator. Around 3,500 employees are said to be hired at the stores, while around 1,500 hold managerial positions will likely be subject to voluntary retirement, insiders added, Yonhap relays. Private equity firm MBK Partners acquired a 100 percent stake in Homeplus in 2015 from British retailer Tesco Plc for KRW7.2 trillion (US$4.9 billion). The retailer, however, became financially strapped due to a slump in the discount store industry and eventually entered court-led rehabilitation proceedings in March last year, Yonhap notes. 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 ***