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260703.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, July 3, 2026, Vol. 29, No. 132 Headlines A U S T R A L I A BETTS GROUP: To Shut More Than Half its Stores After Administration BLACKWATTLE SERIES NO.7: S&P Assigns B (sf) Rating to Cl. F Notes BOB WADE: First Creditors' Meeting Set for July 7 GLOBAL RV: First Creditors' Meeting Set for July 7 HANNHILL PTY: First Creditors' Meeting Set for July 8 M FISK: First Creditors' Meeting Set for July 7 NORTHERN STAR: New CEO Guaranteed AUD5.6 Million if Miner is Sold WEST COAST HEALTH: First Creditors' Meeting Set for July 9 I N D I A APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating BABA BHUMAN: CARE Keeps D Debt Rating in Not Cooperating Category BEJAN SINGH: CARE Lowers Rating on INR75cr LT Loan to D BUXA DOOARS: Insolvency Resolution Process Case Summary BYJU'S: NCLT Posts Byjus-Aakash Hearing for July 16 CANTECH ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating DEEPAK EDUCATION: Insolvency Resolution Process Case Summary FABZEN TECHNOLOGIES: Insolvency Resolution Process Case Summary FASHIONS LIMITED: CARE Keeps D Debt Ratings in Not Cooperating FUTURE CONSUMER: CARE Keeps D Debt Ratings in Not Cooperating G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating IN2IT TECHNOLOGIES: Insolvency Resolution Process Case Summary INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating JALDHAKA COLD: CRISIL Keeps D Debt Ratings in Not Cooperating JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating KANAK AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating KAUR SAIN: CRISIL Keeps D Debt Ratings in Not Cooperating KETHOS TILES: CRISIL Keeps D Debt Ratings in Not Cooperating MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating NIRMAL LIFESTYLE: SREI Finance Withdraws Plea Against Revival Plan PRINTEX GRAPHIX: Liquidation Process Case Summary REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ROCKDUDE IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating S.A.M. APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating SARBAMANGALA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating SAYA HI-TECH: CARE Upgrades Rating on INR165cr NCDs to B- SHIVAAY INTERNATIONAL: CARE Moves B- Rating to Not Cooperating SHIVJOT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating SOLAN SPINNING: CARE Keeps B- Debt Rating in Not Cooperating TIRUMALLA GROUNDNUTS: Insolvency Resolution Process Case Summary UTKAL STEEL: Insolvency Resolution Process Case Summary M A L A Y S I A BERJAYA PARIS: Berjaya Food Exits Loss-Making Baguette Business ECOBUILT HOLDINGS: Gets Qualified Audit Opinion Amid Uncertainty GREENPRO CAPITAL: 1-for-10 Reverse Stock Split OK'd N E W Z E A L A N D BRILLIANT STAR: Court to Hear Wind-Up Petition on July 8 EMROD LIMITED: Creditors' Proofs of Debt Due on July 14 FORCE CONSTRUCTION: Creditors' Proofs of Debt Due on July 13 SUMMIT EARTHWORKS: Court to Hear Wind-Up Petition on July 7 VASUDHA HONDA: BDO Auckland Appointed as Receivers P H I L I P P I N E S ABS-CBN CORP: Delays Annual Stockholders' Meeting to August COOPERATIVE BANK OF BOHOL: Claims Filing Deadline Set for July 19 S I N G A P O R E BROADWAY HOTEL: Creditors' Proofs of Debt Due on July 27 HENG TONG: Creditors' Proofs of Debt Due on July 27 MAXEON SOLAR: Whitebox Advisors Discloses 8.5% Stake PFI ASIA: Creditors' Proofs of Debt Due on July 27 SPAC SINGAPORE: Commences Wind-Up Proceedings ZEALUX MINING: Creditors' Proofs of Debt Due on July 27 - - - - - ================= A U S T R A L I A ================= BETTS GROUP: To Shut More Than Half its Stores After Administration ------------------------------------------------------------------- News.com.au reports that Australian shoe retailer Betts has announced it will close 20 of its 35 retail stores as part of a massive restructure, after the business entered voluntary administration last week. News.com.au relates that the company behind the Australian school shoe has made the decision to run as an online store, transitioning away from physical retail. The fifth generation family-owned business grew from a single storefront in Perth back in 1892 before growing its national footprint, peaking with 220 stores in its network. This included flagship stores in Sydney, Melbourne and Brisbane. The retailer has previously closed down outlets in recent years, as it says it is responding to declining foot traffic and the trend towards online retail. According to news.com.au, Pitcher Partner administrator Lindsay Bainbridge said a challenging retail environment led to the store closures. "Australians grew up with Betts shoes, they know and love the brand, and we believe it has a strong outlook as a more streamlined operation," news.com.au quotes Mr. Bainbridge as saying. "But the retail conditions and falling foot traffic in a lot of centres just are not sustainable for the business. "We will close some stores, focus on strengthening others, and continue the company's plans to expand retail online." News.com.au relates that Mr. Bainbridge said the family had told staff and all efforts had been made to support affected workers, including relocating some employees. "Our goal is to make sure we can drive sales and revive interest in a brand that has been part of almost every Australian's story," he said. "Betts has been a staple for 134 years and we want a result that ensures the brand can thrive for many years to come." News.com.au says Betts will close three stores in South Australia, an outlet in Darwin and seven of its 11 stores across Western Australia. The business said it will also close four physical outlets in both NSW and Victoria and one in Queensland. As part of the closures, Betts will heavily discount 120,000 pairs of shoes and accessories from July 3, news.com.au relays. This includes summer stock that will be landing in outlets later this week. Impacted stores will trade for four to eight weeks with massive discounts before closing, unless otherwise stated. "Customers can check stock online, but the best deals will be in the stores flagged for closure, where we will be running out stock at great prices," Mr. Bainbridge said. BLACKWATTLE SERIES NO.7: S&P Assigns B (sf) Rating to Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.7. Blackwattle Series RMBS Trust No.7 is a securitization of prime residential mortgage loans originated by Sintex Consolidated Pty Ltd. The ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread. Our assessment of credit risk takes into account Sintex's underwriting standards and approval process, the servicing quality of Sintex, and the support provided by the LMI policies on 0.6% of the loan portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the interest-rate swap, the loss reserve, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Westpac Banking Corp. as interest-rate swap provider, bank account provider, and liquidity facility provider. An interest-rate swap will be provided to hedge the mismatch between the fixed-rate mortgage loans and the floating-rate obligations on the notes. As of closing, there will be no fixed-rate loans in the portfolio. The transaction documents for the swap and facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Blackwattle Series RMBS Trust No.7 Class A1-S, A$297.50 million: AAA (sf) Class A1-L, A$425.00 million: AAA (sf) Class A2, A$73.52 million: AAA (sf) Class B, A$19.04 million: AA (sf) Class C, A$17.85 million: A (sf) Class D, A$8.33 million: BBB (sf) Class E, A$4.08 million: BB (sf) Class F, A$1.70 million: B (sf) Class G1, A$1.45 million: Not rated Class G2, A$1.53 million: Not rated BOB WADE: First Creditors' Meeting Set for July 7 ------------------------------------------------- A first meeting of the creditors in the proceedings of Bob Wade Pty Ltd ATF Trustee For The Wade Trust #2 (trading as World Diesel WA) will be held on July 7, 2026, at 12:00 p.m. at the offices of Mackay Goodwin, at Suite 12.02, Level 12, 20 Bridge Street, in Sydney, NSW, and via Microsoft Teams. Grahame Ward and Mathieu Tribut of Mackay Goodwin were appointed as administrators of the company on June 25, 2026. GLOBAL RV: First Creditors' Meeting Set for July 7 -------------------------------------------------- A first meeting of the creditors in the proceedings of Global RV Corp Pty Ltd, Sunland RV Pty Ltd and X Series RV Pty Ltd will be held on July 7, 2026, at 11:00 a.m. at the offices of Rodgers Reidy, at Level 11, 385 Bourke Street, in Melbourne, VIC. Brent Leigh Morgan and Shane Justin Cremin of Rodgers Reidy were appointed as administrators of the company on June 25, 2026. HANNHILL PTY: First Creditors' Meeting Set for July 8 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Hannhill Pty Ltd (trading as Juwest) will be held on July 8, 2026, at 2:00 p.m. at the offices of Ticcidew Pty Ltd, at 463 Scarborough Beach Road, in Osborne Park, WA. Simon Roger Coad of Ticcidew Pty was appointed as administrator of the company on June 29, 2026. M FISK: First Creditors' Meeting Set for July 7 ----------------------------------------------- A first meeting of the creditors in the proceedings of M Fisk Property Investments Pty Ltd IIOR & ATF Fisk Property Family Trust (trading as Engine Room Gym & Temperature Therapy) will be held on July 7, 2026, at 11:00 a.m. via telephone conference facilities. Jason Tang and Ian Niccol of KPT Restructuring were appointed as administrators of the company on June 25, 2026. NORTHERN STAR: New CEO Guaranteed AUD5.6 Million if Miner is Sold ----------------------------------------------------------------- The Australian Financial Review reports that embattled Northern Star Resources has hooked its new chief executive with a pay package that guarantees the Glencore executive AUD5.6 million should the gold miner bow to activist investor pressure and be sold. In addition to his AUD2.2 million annual salary, Swiss-based Suresh Vadnagra will pocket AUD2.6 million when he takes over at Northern Star in October, comprising a AUD1 million sign-on bonus and AUD1.6 million to cover benefits forfeited by leaving commodities trading house Glencore, the Financial Review relates. According to the Financial Review, Mr. Vadnagra replaces Stuart Tonkin, whose leadership became a lightning rod for analysts' criticism after Northern Star disappointed the market with a series of production downgrades and sloppy disclosures, wiping as much as 45 per cent - or almost AUD20 billion - from its market value in a month. The importance of finding a suitable replacement for Mr. Tonkin was amplified by United States activist hedge fund Elliott Investment Management, which has used its 4 per cent stake to agitate for changes such as a boardroom reshuffle and possible sale of the company. The Financial Review says Northern Star has also selected a replacement for its chairman, with boardroom veteran Michael Chaney making way for his deputy and former Goldman Sachs investment banker Michael Ashforth. Elliott acknowledged the boardroom changes, but said it "remained committed to seeing the company realise its full potential". "The need for substantial board enhancement and a comprehensive strategic review has not diminished, and we look forward to engaging with Northern Star's new leadership on these topics and delivering the value that shareholders deserve," the hedge fund said. Mr. Vadnagra will leave his position as Glencore's head of nickel and zinc, where he is responsible for 25 open-cut and underground mines, smelters and refineries. He formerly worked at US gold miner Newcrest, mining giant BHP and rare earths company Iluka Resources. On top of his starting bonuses, Mr. Vadnagra will be paid a AUD2.2 million base salary and up to AUD3.1 million in short-term incentives in his first year. He will receive another AUD3 million in sign-on bonuses over the next two years, and up to AUD8.8 million in incentives vesting in 2029 and 2030. All payments are subject to shareholder approval, the Financial Review relays. In the 2025 financial year, Mr. Tonkin was paid AUD5.8 million in salary and bonuses. Chief financial officer Ryan Gurner will shift to deputy chief executive and serve as interim chief until Mr. Vadnagra assumes the role. "Suresh is an accomplished mining executive with the experience and capabilities to unlock the full potential of our assets and our people," Mr. Chaney said. According to the Financial Review, Mr. Vadnagra will face a daunting task of turning around the troubled miner, which Elliott criticised in a report as providing "worst-in-class total shareholder returns . . . repeated guidance misses and operational failures, a lack of leadership credibility and talent exodus". Florida-based Elliott, founded by billionaire Paul Singer, suggested Northern Star sell non-core assets and pushed for more directors with gold-mining experience to join the board. Mr. Chaney rejected some of Elliott's suggestions but acknowledged it was engaging with the fund and admitted that the low share price had attracted merger or takeover offers. The Financial Review adds that Northern Star has attributed much of its underperformance to mechanical failures at its flagship Super Pit in Kalgoorlie, which is undergoing a AUD1.8 billion processing mill expansion. Headquartered in Subiaco, Australia Northern Star Resources Limited (ASX:NST) -- https://www.nsrltd.com/ -- engages in the exploration, development, mining, and processing of gold deposits. The company also sells refined gold. It operates in Western Australia, the Northern Territory, and Alaska. WEST COAST HEALTH: First Creditors' Meeting Set for July 9 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of West Coast Health Alliance Pty Ltd will be held on July 9, 2026, at 10:00 a.m. via virtual meeting only. Mervyn Jonathan Kitay of Worrells was appointed as administrator of the company on June 29, 2026. ========= I N D I A ========= APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Appollo Distilleries and Breweries Private Limited (ADBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 26, 2025, placed the rating(s) of ADBPL under the ‘issuer non-cooperating' category as ADBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ADBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 11, 2026, April 21, 2026, May 1, 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 Appollo Distilleries and Breweries Private Limited (erstwhile Appollo Distilleries Private Limited) owns and operates a brewery plant having an installed capacity of 50,000 KLPA (kilo litre per annum) at Billakuppam, Gummidipundi, Tamil Nadu (TN). The commercial operation of ADPL's manufacturing facility commenced in May 2012. The manufacturing facility was established at total cost of Rs.116 cr which was funded with term debt of INR75 cr and the rest in the form of equity from the promoters. Appollo Distilleries and Breweries Private Limited is the subsidiary of Empee Distilleries Limited (EDL) which is a part of Empee group. EDL is in the resolution process under Insolvency and Bankruptcy Code (IBC), 2016 as per National Company Law Tribunal (NCLT) order dated November 1, 2018. In accord with the Corporate Insolvency Resolution Process, the NCLT on January 20, 2020 has approved the resolution plan submitted by one of the resolution applicants with respect to EDL. AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Axleo Industries (Axleo) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.27 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.9 CRISIL D (Issuer Not Cooperating) Working Capital 0.9 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 3.43 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with Axleo for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Axleo, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Axleo is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Axleo continues to be 'Crisil D Issuer not cooperating'. Axleo manufactures tractor components, primary for Mahindra & Mahindra Ltd ('Crisil AAA/Stable/Crisil A1+'). The firm was established by Mr R S Kamble in Mumbai. BABA BHUMAN: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Bhuman shah Ji Industries (BBSJI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.28 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 5, 2025, placed the rating(s) of BBSJRM under the 'issuer non-cooperating' category as BBSJRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBSJRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 21, 2026, April 10, 2026, June 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Baba Bhuman Shah Ji Rice Mills (BBSJRM) was established in 2013 as a partnership firm by Mr Kewal Krishan, Mr Kharait Lal, Mr Sandeep Kumar, Mr Subhash Chander, Mr Rajinder Kumar, Mr Surinder Kumar and Mrs Kanta Rani. The commercial operations started from November 2013. The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab. BEJAN SINGH: CARE Lowers Rating on INR75cr LT Loan to D ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bejan Singh Eye Hospital Private Limited (BHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 75.00 CARE D; ISSUER NOT COOPERATING; Facilities Downgraded from CARE BB; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from BHPL to monitor the rating(s) vide e-mail communications dated May 7, 2026, June 1, 2026 & June 8, 2026 among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Bejan Singh Eye Hospital Private Limited (BHPL)'s bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. 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 have been revised on account of delay in debt servicing of term loan obligations of the company. The ratings continue to be constrained by modest scale of operations, elongated operating cycle, reliance on scarcely available qualified medical professionals and regulatory risks associated with healthcare sector. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: At the time of last rating on June 2, 2025 the following were the rating weaknesses (updated for the information available from due diligence). Key weaknesses * Delay in debt servicing: As per lender feedback obtained during the due diligence exercise conducted by CARE Ratings Ltd., there have been instances of delays in the repayment of term loan obligations in the past, including for June 2026. * Modest scale of operations: The scale of operations remains small, with total operating income of INR41.96 crore in FY25 (Audited) (refers to the period from April 01 to March 31), albeit improved from INR40.38 crore in FY24. The scale of operation remained modest with no major improvement. * Elongated operating cycle: The operating cycle elongated from 176 days in FY24 to 184 days in FY25 primarily due to higher inventory holdings resulting from higher procurement and stock maintenance of medicines and optical products across all branches and vision centres. The operating cycle is also elongated due to the higher collection period on account of extended payments from the Government Health Insurance, Corporate Insurance Schemes, which forms around 20-25% of company's total income. The collection period stood relatively higher at 92 days in FY25 (PY: 80 days), with a few receivables pending due for more than six months. * Reliance on scarcely available qualified medical professionals: Presence of qualified medical professionals such as doctors, paramedical staff and support staff are important requisites of a hospital to be successful and to get continued patronage from the local population. Remuneration of the core team of doctors at the hospital mostly consists of a fixed component, while the variable portion is linked to the number of patients attended and other parameters. Hospitals highly depend on these scarcely available qualified medical professionals. Given the increasing competition and scarcity of medical specialists, the hospital's ability to retain its current pool would be important. * Regulatory risks associated with healthcare sector: Hospitals operate in a regulated industry that has witnessed continuous regulatory intervention during the past couple of years in the country. Regulations at both the national and state levels govern various aspects of hospital operations, including registration, licensing, infrastructure standards, and healthcare professional registration. Key regulations include Indian Medical Council Act 1956, the Clinical Establishments (Registration and Regulation) Act, 2010 and the Drugs and Cosmetics Act, 1940, as well as regulations enforced by the National Accreditation Board for Hospitals and Healthcare Providers (NABH), which sets standards for quality and patient safety. Given the importance of healthcare facilities, the Indian Government has been taking various steps towards increasing the affordability and coverage of healthcare services in the country by putting price restrictions on pharmaceutical entities, medical equipment manufacturers, and hospital services. Liquidity: Poor The liquidity position of BHPL is poor, marked by delays in repayment obligations. The current ratio of the hospital stood moderate at 1.00x as on March 31, 2025 due to higher current maturities of the term debt. The cash and bank balance stood moderate at INR0.42 crore as on March 31, 2025. Due to the elongated working capital cycle and stretched receivables, the average working capital utilization stood high at 94% for the last twelve months ended March 2025 with instances of overutilization of limits upto 4 days. BHPL, a 145 bedded tertiary eyecare centre, started in the year 1992 in Nagercoil, Kanyakumari District of Tamil Nadu by Dr. Samuel Moses Bejan. BHPL is engaged in providing comprehensive ophthalmology super-specialties including Retina Clinic, Cornea Clinic, Glaucoma Clinic, Pediatric Ophthalmology Clinic, etc among others. As on March 31, 2025, the hospital operates 2 branch hospitals and 8 Vision Centres across Kanyakumari, Tirunelveli, and Tuticorin district of Tamil Nadu. BUXA DOOARS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Buxa Dooars Tea Co. (India) Ltd. Om Palace Ram Krishna Sarani, Ashrampara, Siliguri, West Bengal, India, 734001 Insolvency Commencement Date: June 12, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 9, 2026 Insolvency professional: Kanchan Dutta Interim Resolution Professional: Kanchan Dutta Chatterjee International Centre, 14th Floor, Flat No. 13A, 33A J.L. Nehru Road, Kolkata - 700071 Email: kanchan@kgrs.in cirp.buxadooars@gmail.com Last date for submission of claims: June 29, 2026 BYJU'S: NCLT Posts Byjus-Aakash Hearing for July 16 --------------------------------------------------- The Economic Times reports that Aakash Educational Services and Think & Learn's resolution professional on June 23 sought deferment of Aakash-related matters before the National Company Law Tribunal (NCLT), saying discussions to resolve the long-running shareholding dispute were at an advanced stage and the contours of a possible settlement were being worked out. "The parties are at an advanced stage of discussions," Shyam Sundar H.V, the counsel for Aakash, told the tribunal. According to ET, the Bengaluru bench of the NCLT posted the matter for July 16 saying said that it expected "some kind of solution" from the deliberations, and added that if the parties arrive at a settlement earlier, they could seek advancement of the hearing. The development comes a day after ET reported that settlement talks between Manipal Education and Medical Group and the GLAS Trust, which represents Byju's' US lenders, to resolve the Aakash dispute were at an advanced stage. According to ET, the applications before the NCLT include Aakash-related matters in Think & Learn's insolvency proceedings, and connected mismanagement proceedings involving Think & Learn, Aakash, and Manipal. ET notes that the dispute is centred on how the value of Aakash, the crown jewel of the Byju's group, is divided among Manipal, Think & Learn's creditors, and entities linked to founder Byju Raveendran and his family. ET says the proposed settlement is expected to address three sets of Aakash shares that have been at the centre of the dispute. Manipal, led by Ranjan Pai, is the largest shareholder in Aakash with about 58% stake. Byju's parent Think & Learn held 25.75% stake before Aakash initiated a INR240 crore rights issue that could have reduced its holding to about 5%, prompting objections from GLAS and and the resolution professional. A separate block of 17,891,289 Aakash shares linked to Beeaar Investco, a Singapore entity connected to Raveendran, is relevant because of Qatar Investment Authority's claims. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CANTECH ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cantech Engineers Private Limited (CEPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.34 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 May 23, 2025, placed the rating(s) of CEPL under the 'issuer non-cooperating' category as CEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CEPL 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). Analytical approach: Standalone Outlook: Stable Delhi based Cantech Engineers Private Limited (CEPL) (CIN No. U31101DL2008PTC178423) was incorporated in May, 2008. CEPL has succeeded an erstwhile proprietorship firm established in 2002 under the name "Cantech Engineers". In May, 2008, the name changed to present one. The company is currently managed by Mr. Surender Kumar Chaturvedy & Mr. Shashank Chaturvedy. The company is engaged in the manufacturing of acoustic enclosures for DG sets, furniture's & fixtures such as display stand, display wall, display counters & industrial doors, LT & HT panels, racks, etc. and its related sheet metal components. The company also operates as an authorized dealer of Mahindra & Mahindra Limited (M&M) DG sets & engines. DEEPAK EDUCATION: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Deepak Education Limited 316-320, 1st Floor, Sunbeam Apartment, Raja Ram Mohan Roy Road, Opposite Hinduja College, Charmi Road, Mumbai - 400004 Insolvency Commencement Date: June 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 14, 2026 Insolvency professional: Anil Kashi Drolia Interim Resolution Professional: Anil Kashi Drolia B-508, Ekta Woods, Raheja Estate, Kulupwadi, Borivali East, Near National Park, Mumbai - 400066 Email: anildrolia.ip@gmail.com 2nd Floor, Bajaj Bhawan, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021 Email: cirp.del@gmail.com Last date for submission of claims: July 1, 2026 FABZEN TECHNOLOGIES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Fabzen Technologies Private Limited 15A, 4th Floor, City Vista, Tower A, Fountain Road, Kharadi Pune 411014, Maharashtra Insolvency Commencement Date: June 18, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 15, 2026 Insolvency professional: Manish Lalji Dawda Interim Resolution Professional: Manish Lalji Dawda 205-A, 2nd Floor, Plot No. 408, Hiren Light Industrial Estate, Bhagoji Keer Marg, Near Paradise Cinema, Mahim, Mumbai City, Maharashtra, 400016 Email: ip.dawdamanish@gmail.com cirp.fabzen@gmail.com Last date for submission of claims: July 2, 2026 FASHIONS LIMITED: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Future Lifestyle Fashions Limited (FLFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 867.98 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 475.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 350.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), had placed ratings of FLFL under the 'issuer notcooperating' category, vide its press release dated June 27, 2025, as the company failed to provide information for monitoring the rating and had not paid surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2026, May 23, 2026, May 28, 2026, and June 2, 2026, among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis 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 public at large) are hence requested to exercise caution while using these rating(s). Outlook: Not applicable At the time of last rating on June 27, 2025, following was the key rating weakness (updated for the information available from stock exchange): Detailed description of key rating drivers: Key weakness * Delays in servicing of debt obligation: The company failed to service its debt repayment obligation. On May 4, 2023, the National Company Law Tribunal (NCLT) admitted FLFL for corporate insolvency resolution process (CIRP) under Insolvency and Bankruptcy Code (IBC). The tribunal has appointed an interim resolution professional (IRP) to take over the company's management. Bank Of India, the lead financial creditor had moved the NCLT under the IBC after the company defaulted on payments. * Information per stock exchange update: The resolution plan by Space Mantra Private Limited (Space Mantra) for FLFL was approved by the Committee of Creditors on September 27, 2024. Per a news article, Space Mantra had withdrawn its resolution plan, after the Committee of Creditors had approved it. The 37th meeting of the Committee of Creditors was held on June 5, 2026. FLFL is a part of the Future Group. FLFL is into managing the lifestyle fashion segment for the Future Group. It has a portfolio of fashion brands that cover a range of fashion categories including formal menswear, casual wear, active or sportswear, women's ethnic wear, women's denim wear, women's casual wear, footwear and accessories and are present across price points. The company as on March 31, 2022, operate 180 stores having a retail space of 2.50 million sq. ft. As on July 28, 2023, FLFL has 26 leased stores that are operational and an employee strength of 168. FUTURE CONSUMER: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Future Consumer Limited (FCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 102.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 305.75 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had placed ratings of FCL under the 'issuer not-cooperating' category, , vide its press release dated June 27, 2025, as the company failed to provide information for monitoring rating and had not paid surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be noncooperative despite repeated requests for submission of information through e-mails dated May 13, 2026, May 23, 2026, May 28, 2026, and June 2, 2026, among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis 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 public at large) are hence requested to exercise caution while using these rating(s). Analytical approach: Standalone Outlook: Not applicable At the time of the last rating on June 27, 2025, following was the key rating weakness (updated for the information available from stock exchange): Detailed description of key rating drivers: Key weakness * Delays in servicing of debt obligation: FCL reported a total operating income (TOI) of INR0.56 crore and a net loss of INR41.94 crore in FY25. In 9MFY26, the company recorded a TOI of INR0.35 crore and a net loss of INR35.62 crore. The company has defaulted on payment of interest/repayment of principal amount on loans from banks/ financial institution and unlisted debts securities. The company reported its total financial indebtedness of INR615.67 crore as on March 31, 2026, including principal and bank interest default. FCL (erstwhile known as Future Consumer Enterprise Limited) is part of the Future Group and operates as a food company. The company's line of business include branding, marketing, sourcing, manufacturing, and distribution of basic foods, ready-to-eat meals, snacks, beverages, dairy, personal hygiene, and home care products of private label brands of the Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean mate, Caremate, Tasty Treat, Fresh & Pure, and Voom among others and other brands including Sunkist and Sach), primarily through Future group formats and outlets in urban and rural areas across India. G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of G. T. Homes (GTH) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 23 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GTH for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GTH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GTH continues to be 'Crisil D Issuer not cooperating'. GTH, established in 2003 as a partnership firm, executes real estate projects; it is owned and managed by Mr. Gajendra Singh Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is currently executing two residential real estate projects in Raipur and Naya Raipur (both in Chhattisgarh). IN2IT TECHNOLOGIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: In2IT Technologies Private Limited Unit No. 502/503, 5th Floor, DLF Cyber City, Infocity Area, Patia, Khordha, Bhubaneswar, Orissa, India, 751024 Insolvency Commencement Date: June 18, 2026 Court: National Company Law Tribunal, Cuttack Bench Estimated date of closure of insolvency resolution process: December 15, 2026 Insolvency professional: Ishant Jain Interim Resolution Professional: Ishant Jain B-1703, Platinum Heights, Rampratha Greens, Vaishali, Ghaziabad, Uttar Pradesh - 201012 Email: caij1788@gmail.com cirpin2it18062026@gmail.com Last date for submission of claims: July 2, 2026 INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indian Acoustics Private Limited (IAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 15 CRISIL D (ISSUER NOT COOPERATING) Bill Discounting 14 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING) Packing Credit 10 CRISIL D (ISSUER NOT COOPERATING) Packing Credit in 11 CRISIL D (ISSUER NOT Foreign Currency COOPERATING) Crisil Ratings has been consistently following up with IAPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the NSE Emerge platform since May 2018, and has manufacturing units in Delhi and Bhiwadi, Rajasthan. Set up in 2008 as a partnership firm, EMS has a facility in Kashipur, Uttarakhand. Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up as a proprietorship firm in 2009, and has a unit at Daruhera, Gurugram. Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core, set up in 2012, has a unit in Bhiwadi. JALDHAKA COLD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jaldhaka Cold Storage Private Limited (JCSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.3 CRISIL D (Issuer Not Cooperating) Cash Credit 1.25 CRISIL D (Issuer Not Cooperating) Funded Interest 1.3 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 0.07 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.58 CRISIL D (Issuer Not Cooperating) Working Capital 7.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with JCSPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JCSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1997, JCSPL provides cold storage facilities to potato farmers and traders. It also trades in potatoes. Its current owners-directors, Mr Gobinda Das Pal and Mr Pradyut Kumar Pal, purchased JCSPL on January 1, 2010. The cold storage at Jalpaiguri has a capacity of 21,900 tonne. JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Johns Gold & Diamonds (JGD) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil D (Issuer Not Cooperating) Cash Credit 2.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JGD for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JGD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JGD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JGD continues to be 'Crisil D Issuer not cooperating'. Set up in the 2015, JGD is a partnership firm between Mr. Sijo John and Mr. Jesmy Sijo, Which is engaged in jewellery manufacturing and retailing. The firm started operation from July 2016. KANAK AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kanak Automobiles Private Limited (KAPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.06 Crisil B-/Stable (Issuer Not Cooperating) Electronic Dealer 7 Crisil B-/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Term Loan 7.02 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2014, KAPL is the authorised dealer of HMIL for sales and services of Hyundai cars. The company has its showroom in Patna, Bihar. The operations are managed by Mr Vinit Kumar and Mr Abhijit Kumar. KAUR SAIN: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kaur Sain Spinning Mills (KSSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 4 CRISIL D (ISSUER NOT COOPERATING) Term Loan 18 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KSSM for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KSSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KSSM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1999, KSSM, a partnership firm of Mr Sushil Kumar Mittal, Mr Pawan Kumar and Mr. Rajinder Kumar and their family members, manufactures partially oriented yarn (POY) at its plant in Ludhiana (Punjab). It has yarn texturing capacity of 20 tonne per day (tpd). In the same plant, there is a knitting unit with 5MT/day capacity. There is a yarn dyeing facility with capacity of 5 tpd in the second unit. KETHOS TILES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Kethos Tiles Private Limited (KTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 13 CRISIL D (Issuer Not Cooperating) Long Term Loan 41.78 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.22 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KTPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KTPL, incorporated in 2015, is setting up a plant to manufacture double charge vitrified tiles with an installed capacity of 88,000 tonne per annum; partial commercial production has began in fiscal 2018. Ahmedabad-based Mr Kirtishbhai Patel, Mr Nareshbhai Patel, Mr Bhupendra Patel, Mr Ashwinkumar S Patel, Mr Shaileshbhai C Patel, and Mr Rajendra N Patel are the promoters. MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharashtra Engineering (ME) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil D (Issuer Not Cooperating) Term Loan 2.8 Crisil D (Issuer Not Cooperating) Working Capital 2.7 Crisil D (Issuer Not Demand Loan Cooperating) Working Capital 3 Crisil D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with ME for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ME continues to be 'Crisil D Issuer not cooperating'. ME manufactures tractor components, primary for Mahindra and Mahindra Ltd. The firm was established in by Mr R S Kamble in Mumbai. NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Neha Exports (Neha; a part of the Five Core group) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL A4 (Issuer Not Cooperating) Bill Discounting 11.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 1 CRISIL C (Issuer Not Cooperating) Packing Credit in 5 CRISIL A4 (Issuer Not Foreign Currency Cooperating) Proposed Fund- 10 CRISIL C (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with Neha for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Neha, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Neha is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Neha continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. About the Group FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the National Stock Exchange Emerge platform since May 2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan). Set up in 2008 as a partnership firm, EMS has a facility in Kashipur (Uttarakhand). Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka (Delhi). Neha is a proprietorship firm set up in 2009 and has a unit at Daruhera (Gurugram). Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private-limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core was set up in 2012 and has a unit in Bhiwadi. NIRMAL LIFESTYLE: SREI Finance Withdraws Plea Against Revival Plan ------------------------------------------------------------------ The Economic Times reports that SREI Equipment Finance Ltd, a key creditor of Nirmal Lifestyle (Mulund) Pvt Ltd, has withdrawn its appeal against the company's resolution plan after the buyer, Mantra Properties, clarified a disputed mortgaged property isn't included in the plan. ET relates that the National Company Law Tribunal had approved Mantra's acquisition of the debt-laden firm, which owes INR1,491 crore, with the plan proposing INR215 crore. Nirmal Lifestyle Limited is the flagship company of the Nirmal group, which was founded by the late Mr. S P Jain in the late 1980s and is one of the established developers in eastern Mumbai. It a closely held company incorporated in 1999 to undertake residential, commercial, and retail construction. Nirmal Lifestyle (Mulund) entered corporate insolvency resolution process (CIRP) in July 2023 on a plea by Beacon Trusteeship Ltd. It has two secured creditors-Beacon Trusteeship with INR902 crore and 60.54% committee of creditors share, and Assets Care and Reconstruction Enterprise Ltd with INR589 crore and a 39.46% share. PRINTEX GRAPHIX: Liquidation Process Case Summary ------------------------------------------------- Debtor: Printex Graphix (India) Private Limited 81/82, Gandhi Nagar, Dainik Shivneer Marg, Worli, Mumbai, Maharashtra, India - 400018 Liquidation Commencement Date: March 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pradeep Kumar Chakravarty B-301, Jasmine, Agarwal & Doshi Complex, Kaul's Heritage City, Bhabola, Vasai West, District Palghar, Maharashtra - 401202 Email: pkc195710@gmail.com graphixprintex@gmail.com Last date for submission of claims: July 19, 2026 REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Real Agrotech Industries (RAI) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil D (Issuer Not Cooperating) Long Term Loan 1.33 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RAI for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RAI continues to be 'Crisil D Issuer not cooperating'. RAI is a partnership firm set up in 2013 by the Patel family of Bavla, Gujarat. The firm processes non-basmati rice and trades in basmati rice. ROCKDUDE IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rockdude Impex Private Limited (RIPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inland/Import 16 Crisil D (Issuer Not Letter of Credit Cooperating) Cash Credit 22 Crisil D (Issuer Not Cooperating) Proposed Fund- 2.61 Crisil D (Issuer Not Based Bank Limits Cooperating) Term Loan 1.2 Crisil D (Issuer Not Cooperating) Working Capital 7.19 Crisil D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RIPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. RIPL is a Mumbai based company incorporated in 2009 by Mr Somani and Mr Anand. It is engaged in manufacturing of kitchen Aluminum Foil and containers under the brand name of 'Freshee' and also exports to overseas market. S.A.M. APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.A.M. Apparels Private Limited (SAMAPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inland/Import 1.5 Crisil D (Issuer Not Letter of Credit Cooperating) Packing Credit 16 Crisil D (Issuer Not Cooperating) Packing Credit 10 Crisil D (Issuer Not Cooperating) Term Loan 3.1 Crisil D (Issuer Not Cooperating) Term Loan 2.9 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAMAPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAMAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAMAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAMAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. The company is engaged in manufacturing and export of ladies' garments. Its manufacturing facility is located in Noida, Uttar Pradesh. SARBAMANGALA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sarbamangala Agro Products Private Limited (SAPPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 Crisil D (Issuer Not Cooperating) Cash Credit 3.8 Crisil D (Issuer Not Cooperating) Proposed Long Term 2.95 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SAPPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SAPPL, which was incorporated in 2009, is owned and managed by Mr Sudip K Roy, Mr Prasantha Dutta, Mr Tapas Ghosh, Ms Anjana Ghosh and Ms Mamta Ghosh. The company operates a rice mill at Murshidabad (West Bengal). SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sarvoday Ashram (Sarvoday) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Cash 4 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Cash 3 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with Sarvoday for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Sarvoday, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sarvoday is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Sarvoday continues to be 'Crisil D Issuer not cooperating'. Sarvoday is a society based out of Etah, Uttar Pradesh. Established in 1952, Sarvoday has been engaged in the spinning, weaving and marketing of khadi clothes and is affiliated to the Khadi and Village Industries Commission (KVIC). SAYA HI-TECH: CARE Upgrades Rating on INR165cr NCDs to B- --------------------------------------------------------- CARE Ratings has revised rating to the bank facilities of Saya Hi-Tech Private Limited (SHTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 165.00 CARE B-; Stable; Upgraded from Debentures CARE C; Stable Rationale and key rating drivers Revision in the long-term rating assigned to the instrument of SHTPL factors in improvement in in project construction progress leading to satisfactory collections over the past 12 months. Going ahead, occupancy certificate for retail portion of one of the projects is expected to be received, which is expected to drive the collections for near term obligations. The rating continues to derive strength from promoters' experience in real estate industry, and the project's favourable location. However, the rating remains constrained considering project execution risk associated with ongoing projects in group entities, weak sales momentum in past fiscal, high reliance on fresh sales for repayment of debt obligation and completion of project considering limited financial support from promoters, and inherent cyclicality of real estate sector. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Substantial progress in execution and bookings of the ongoing projects. Negative factors * Delay in project execution leading to significant cost overrun. * Significant un-envisaged debt addition by the company for project completion. Analytical approach: Combined For arriving at the rating assessment, operational and financial risk profiles of SHTPL, Forever Infrabuild India LLP (FIIL), and RGB Infra LLP (RGB) have been combined, as these entities have managerial and financial linkages, exhibit cash flow fungibility, and operate in the same business. FIIL and RGB are also corporate guarantors for the listed non-convertible debentures (NCDs) availed by SHTPL. Outlook: Stable The stable outlook reflects CARE Ratings Limited's (CareEdge Ratings') expectation that the combined entities will be able to realise satisfactory collections from ongoing projects to meet the pending construction cost and debt repayment obligation. Detailed description of key rating drivers: Key weaknesses * Project execution and marketing risk: FIIL and RGB are currently developing two commercial projects in Noida and Greater Noida, with a total saleable area of ~8.66 lakh square feet (lsf). Construction for Saya South X commenced in 2018, while Saya Piazza began in 2021. Construction of Saya Piazza has been completed and OC has been received, while construction of Saya South X is expected to complete in CY26. As of now, ~74% of the total estimated project cost has been incurred. However, execution risk persists for the remaining construction, and timely completion within the planned cost and schedule remains critical from a credit risk perspective. * Weak sales momentum: As on May 31, 2026, Saya South X and Saya Piazza had achieved booking levels of 73% and ~81%, respectively. However, the entities have witnessed minimal inventory sales over the past 12 months, reflecting weak sales momentum in the ongoing projects. Going forward, the entities are focusing on leasing commercial units before monetisation to enhance saleability. Sales momentum remains susceptible to cyclical risks in the real estate sector, including demand fluctuations and changing economic conditions. The group continues to carry unsold inventory in two completed projects, indicating elevated saleability risk. * Constrained revenue visibility due to limited development pipeline: Currently, the group is developing two commercial projects through FIIL and RGB, with an estimated revenue potential of over INR1,300 crore. Apart from these projects, the group has no major project pipeline or land bank to support future expansion, limiting revenue visibility and growth prospects over the medium term. * Project funding risk: For two ongoing projects, the group is expected to incur balance project cost of over INR200 crore, which is entirely planned to be funded through customer advances. Committed receivables across these projects stood at over INR190 crore as on May 31, 2026. For balance funding, there is high reliance on fresh sales. Listed NCDs carry high cost of borrowing with coupon rate of 19%, elevating the project cost and funding risk. * Cyclicality of the real estate sector: The company operates in the inherently cyclical real estate sector, which is closely linked to macroeconomic conditions, interest rates, and disposable income levels. Shocks in the industry can lead to higher vacancy rates and reduced investor sentiment, affecting the ability to liquidate inventory within stipulated timelines, straining cash flows. * Geographic concentration and competitive risks: All ongoing projects are concentrated in the Delhi-NCR region, exposing the group to significant geographic concentration risk. Economic or regulatory downturn in this region would disproportionately affect the company's revenues and project viability. The area is witnessing increased competition from other developers, leading to rising inventory levels, which could exert downward pressure on prices and reduce saleability. Key strengths * Experienced promoters: The company is a part of the Saya Group, which has around two decades' experience in real estate development. Saya Group has developed over 5 million square feet (msf) of residential and commercial projects. * Favourable location of the projects: The ongoing projects, Saya South X (RERA Registration No. UPRERAPRJ17950), and Saya Piazza (RERA Registration No. UPRERAPRJ36406) are at Greater Noida and Noida, respectively. Both the projects are well connected with the key areas of the city and has good connectivity. This favourable location is expected to support the group in selling the remaining unsold units. Liquidity: Stretched As on May 31, 2026, the company has maintained free liquid balances of over INR2 crore. The company has committed receivables from sold inventory of over INR190 crore, which covers ~54% balance project cost and debt repayment. However, for balance funding, there is high reliance on fresh sales. Accordingly, timely realisation of collections and monetisation of unsold units will be crucial from liquidity perspective. Key strengths * Experienced promoters: The company is a part of the Saya Group, which has around two decades' experience in real estate development. Saya Group has developed over 5 million square feet (msf) of residential and commercial projects. * Favourable location of the projects: The ongoing projects, Saya South X (RERA Registration No. UPRERAPRJ17950), and Saya Piazza (RERA Registration No. UPRERAPRJ36406) are at Greater Noida and Noida, respectively. Both the projects are well connected with the key areas of the city and has good connectivity. This favourable location is expected to support the group in selling the remaining unsold units. Liquidity: Stretched As on May 31, 2026, the company has maintained free liquid balances of over INR2 crore. The company has committed receivables from sold inventory of over INR190 crore, which covers ~54% balance project cost and debt repayment. However, for balance funding, there is high reliance on fresh sales. Accordingly, timely realisation of collections and monetisation of unsold units will be crucial from liquidity perspective. SHTPL (CIN: U70109DL2021PTC375944) is a part of the Saya Group and was incorporated on January 20, 2021, to operate as a real estate developer across residential, commercial, and retail segments. Currently, the company does not have projects under its name. SHTPL has raised INR175 crore through the issuance of listed NCDs. The proceeds from the issuance will be utilised towards development and construction of saleable commercial projects - Saya South X (RERA- UPRERAPRJ17950), being developed by Forever InfraBuild India LLP, and Saya Piazza (RERA- UPRERAPRJ36406) being developed by RGB Infra LLP. SHIVAAY INTERNATIONAL: CARE Moves B- Rating to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Shivaay International LLP (SIL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.64 CARE B-; Stable; ISSUER NOT Facilities COOPERATING Rating moved to ISSUER NOT COOPERATING category Long Term/Short 0.36 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING Rating Facilities moved to ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi, based Shivaay International LLP (SIL) was established in the year 2016 and commenced its commercial operations from 2018 is a limited liability partnership firm with partners Mr. Sanjay Goyal and Ms. Shweta Goyal who equally share profit and loss. SIL is an export-oriented firm engaged in the manufacturing of readymade garments and embroidery designs. The manufacturing process of the firm is done in unit located in Faridabad, Haryana. SHIVJOT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Shivjot Developers and Builders Limited (SSDBL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of SSDBL under the 'issuer non-cooperating' category as SSDBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSDBL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Shivjot Developers & Builder Limited (SSDBL) was incorporated in 2005, by Mr. Baljit Nain, Mr. Jaswinder Singh and Mr. Darshan Singh. The company is engaged in the real estate business since 2005 and is currently undertaking a commercial project namely 'Shivjot Green Project' at Kharar, Mohali, Punjab on 2.74 acres of land. Further, the company is developing a residential project namely "Shivjot Apartments". Besides SDB, the group has Shivjot Developers and Builders (established in 2005) and M/s Shivjot Dmag Apartments (established in 2008), as the group concerns, engaged in the real estate business. SOLAN SPINNING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Solan Spinning Mills Private Limited (SSMPL) continue 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 Ltd. (CareEdge Ratings) had, vide its press release dated May 26, 2025, placed the rating(s) of SSMPL under the 'issuer non-cooperating' category as SSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 11, 2026, April 21, 2026, May 1, 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 Solan Spinning Mills Private Limited (SSMPL) was incorporated in August 2003 as a private limited company and is currently being managed by its directors collectively. SSMPL is engaged in the manufacturing of grey cotton yarn of varied counts ranging from 18s to 30s at its manufacturing facility located in Baddi, Himachal Pradesh. The cotton yarn manufactured by the company is used in the manufacturing of denims, bed sheets, curtains, pillow covers, etc. TIRUMALLA GROUNDNUTS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Tirumalla Groundnuts Industries India Private Limited Office No. 1209, 12th Floor, The Pacific, Plot No. 229, Sector 13, Kharghar, Navi Mumbai, Raigarh, Panvel, Maharashtra, India, 410210 Insolvency Commencement Date: June 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 9, 2026 Insolvency professional: Ritesh R. Mahajan Interim Resolution Professional: Ritesh R. Mahajan B-203, Devgiri, Ganeshmala Sinhagad Road, Pune, Maharashtra, 411030 Email: ritesh@riteshmahajan.in tgiipl.cirp@gmail.com Last date for submission of claims: June 26, 2026 UTKAL STEEL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Utkal Steel Limited Shree Complex, Udit Nagar, Rourkela, Sundargarh, Orissa - 769012 Insolvency Commencement Date: June 17, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 14, 2026 Insolvency professional: Pankaj Bhattad Interim Resolution Professional: Pankaj Bhattad Finvin Turnaround and Restructuring Pvt Ltd., 605, Sunteck Crest, Mukund Nagar, Andheri Kurla Road, Andheri East, Mumbai City, Maharashtra, 400059 Email: rppankajbhattad@gmail.com cirp.utkal@gmail.com Last date for submission of claims: July 1, 2026 =============== M A L A Y S I A =============== BERJAYA PARIS: Berjaya Food Exits Loss-Making Baguette Business --------------------------------------------------------------- The Malaysian Reserve reports that Berjaya Food Bhd has exited the loss-making Paris Baguette business in Malaysia after selling its entire 50% stake in Berjaya Paris Baguette Sdn Bhd to joint venture partner Paris Baguette Singapore Pte Ltd for a nominal MYR1. In a bourse filing on July 1, Berjaya Food said the disposal was completed on June 30, giving PBS full ownership of the company that has operated the Paris Baguette bakery chain in Malaysia since January 2023, The Malaysian Reserve relates. As part of the deal, Berjaya Food settled MYR3.91 million in BPB's outstanding liabilities, including hire purchase obligations owed to Prime Credit Leasing Bhd, a subsidiary of Berjaya Corporation Bhd. According to The Malaysian Reserve, the group said the divestment is part of its plan to exit the business, which has been loss-making since launch. As at Dec. 31, 2025, BPB had accumulated unaudited losses of MYR67.09 million and net liabilities of MYR33.41 million. The Malaysian Reserve relates that Berjaya Food said the MYR1 sale price reflected BPB's negative net asset position, adding that its MYR20 million investment in the joint venture since July 2022 had already been fully impaired. The disposal removes Berjaya Food's exposure to BPB's continuing losses and allows the group to focus on its core businesses and future growth opportunities. It added that the transaction is not expected to have a material impact on its FY2026 earnings, net assets or gearing, The Malaysian Reserve relays. Berjaya Food Berhad, an investment holding company, develops and operates restaurants, cafe chains, and retail outlets in Malaysia, other Southeast Asian countries, and Nordic countries. ECOBUILT HOLDINGS: Gets Qualified Audit Opinion Amid Uncertainty ---------------------------------------------------------------- The Malaysian Reserve reports that Ecobuilt Holdings Bhd has received a qualified audit opinion from independent auditor, PKF PLT, for its financial statements for the financial period ended Feb. 28 2026, amid unresolved trade payable discrepancies and continuing concerns over its ability to operate as a going concern. In its report, PKF PLT said it was unable to obtain sufficient appropriate audit evidence over trade payable balances, resulting in a qualified opinion on the financial statements, The Malaysian Reserve relates. According to The Malaysian Reserve, the auditors highlighted long-outstanding trade payables of MYR3.46 million (FY2026) and MYR26.09 million (FY2024) for which external confirmations could not be obtained, while alternative procedures were insufficient to verify existence, completeness and accuracy. They also pointed to material discrepancies between creditor statements and the company's accounting records, including possible understatements of MYR7.26 million and overstatements of MYR5.52 million in FY2026, with similar unresolved variances in the prior year, The Malaysian Reserve relays. "As a result, we were unable to determine whether any adjustments might be necessary in respect of the trade payables . . . or whether there was any consequential effect on the comparability of the current year's figures," the auditors said. Separately, the report highlighted a material uncertainty related to going concern, noting that EcoBuilt recorded a net loss of MYR7.62 million for the financial period and that its current liabilities exceeded current assets by MYR2.08 million as at Feb. 28, 2026, The Malaysian Reserve reports. While the opinion was not further modified on this matter, the auditors said these conditions may cast significant doubt on the group's ability to continue as a going concern. Beyond the qualification, PKF PLT identified several key audit matters, including revenue recognition from construction contracts amounting to MYR127.09 million, impairment assessment of MYR22.5 million goodwill based on a non-binding letter of intent from a prospective buyer, and valuation of trade receivables of MYR53.48 million, which represent 33% of total assets and involve significant credit risk and estimation uncertainty. EcoBuilt has previously indicated it is working to strengthen internal controls, reconciliation processes and financial reporting procedures, with the aim of resolving the audit issues within 12 months, The Malaysian Reserve relays. The latest audit outcome, however, underscores continued pressure on the group's financial reporting integrity at a time when it is also facing heightened regulatory and timing risks over its FY2026 annual report submission. On June 24, EcoBuilt said it may miss Bursa Malaysia's deadline to issue its annual report - including audited financial statements, auditors' report and directors' report, for FY2026 by June 30, as required under the Main Market Listing Requirements, The Malaysian Reserve adds. About Ecobuilt Holdings Ecobuilt Holdings Bhd is a Malaysia-based investment holding company, which is engaged in the provision of management services to its subsidiaries. The Company operates through the General Construction Work segment. The Company engages primarily in civil engineering, building contracting and construction as well as property development. The Company's projects include Damai Suria, which consisting of service apartments, shop offices and retail lots; Platinum OUG Residence is a serviced apartment, which is located at Kampung Muhibbah, Bukit OUG, Kuala Lumpur; The Shore is a luxury mixed-use commercial hub located at Kota Kinabalu, Sabah, and H2O. The Company's subsidiaries include Eko Bina Sdn. Bhd., and Rexallent Construction Sdn. Bhd. GREENPRO CAPITAL: 1-for-10 Reverse Stock Split OK'd --------------------------------------------------- Greenpro Capital Corp. announced in a regulatory filing that the Board of Directors and stockholders of the Company approved a reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.0001 per share, at a ratio of 1-for-10. The Reverse Stock Split was approved by written consent of stockholders holding 11,012,377 shares of the Company's voting capital stock, representing approximately 60.97% of the voting power of the Company's outstanding voting capital stock. No meeting of stockholders was held. The Company anticipates that the Reverse Stock Split will be completed on or about July 26, 2026, or as soon as practicable thereafter, subject to the filing and effectiveness of an appropriate certificate with the Secretary of State of the State of Nevada and the completion of applicable regulatory and exchange processes. The Company intends to file a preliminary information statement on Schedule 14C with the Securities and Exchange Commission and, following the applicable waiting period and completion of any SEC review process, to file and mail or otherwise furnish a definitive information statement to its stockholders in accordance with Regulation 14C under the Securities Exchange Act of 1934, as amended. The Company does not intend to effect the Reverse Stock Split until the applicable notice period under Regulation 14C has expired. Reason for the Reverse Stock Split The Company is effecting the Reverse Stock Split primarily to increase the per share trading price of its Common Stock. In determining to proceed with the Reverse Stock Split, management considered, among other factors, the Company's ongoing strategic initiatives, including its application for a digital banking license under the Malaysia Labuan Financial Services Authority framework. Management believes that a higher per-share trading price may help address certain negative perceptions associated with low-priced securities. However, there can be no assurance that the Reverse Stock Split will result in a sustained increase in the trading price of the Common Stock or will have any favorable effect on the Company's strategic initiatives, regulatory applications or relationships with third parties. Effects of the Reverse Stock Split If the Reverse Stock Split is effected, every ten (10) shares of Common Stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split will automatically be combined into one share of Common Stock, subject to the treatment of fractional shares described below. The Reverse Stock Split will be effected simultaneously for all issued and outstanding shares of Common Stock. The Reverse Stock Split will affect all holders of Common Stock uniformly and will not change any holder's percentage of ownership interest in the Company, except for changes that may result from the treatment of fractional shares as described below. The Reverse Stock Split will not change the terms of the Common Stock. The Reverse Stock Split is not intended as, and would not have the effect of, a "going private transaction" covered by Rule 13e-3 under the Exchange Act. Following the Reverse Stock Split, the Company will continue to be subject to the periodic reporting requirements of the Exchange Act. Fractional Shares No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. Any stockholder who would otherwise be entitled to receive a fractional share of Common Stock as a result of the Reverse Stock Split will instead receive one whole share of Common Stock in lieu of such fractional share. Accordingly, the number of shares of Common Stock to which each holder is entitled will be rounded up to the nearest whole share, and no cash payment will be made in respect of any fractional share. Potential Anti-Takeover Effect Because the number of authorized shares of Common Stock will not be reduced proportionately in connection with the Reverse Stock Split, the Reverse Stock Split will increase the number of authorized but unissued shares of Common Stock available for future issuance. The Company has no present plan to use the Reverse Stock Split as part of any anti-takeover plan. Non-Certificated Shares; Certificated Shares. Stockholders who hold their shares in book-entry form or through brokerage accounts are not required to take any action. Following the effectiveness of the Reverse Stock Split, the adjustment will be reflected in their accounts. Stockholders holding certificates representing shares of Common Stock may (but are not required to) send their certificates to the Company's transfer agent, VStock Transfer, LLC, at the address set forth below. The transfer agent will issue a new share certificate reflecting the Reverse Stock Split to each requesting stockholder. Stockholders are encouraged to send any certificates by registered mail, returning receipt requested. VStock Transfer, LLC may be reached at: 18 Lafayette Place Woodmere, NY 11598 Phone: (212) 828-8436 About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1.79 million and as of December 31, 2025, the Company incurred an accumulated deficit of $40.25 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $21.89 million in total assets, $2.19 million in total liabilities, and $19.70 million in total stockholders' equity. ===================== N E W Z E A L A N D ===================== BRILLIANT STAR: Court to Hear Wind-Up Petition on July 8 -------------------------------------------------------- A petition to wind up the operations of Brilliant Star Enterprise NZ Limited will be heard before the High Court at Auckland on July 8, 2026, at 10:00 a.m. BRF Global GmbH filed the petition against the company on May 26, 2026. The Petitioner's solicitor is: Donald MacRae Morgan Coakle Level 9, 41 Shortland Street Auckland 1010 EMROD LIMITED: Creditors' Proofs of Debt Due on July 14 ------------------------------------------------------- Creditors of Emrod Limited and Emrod Group Limited are required to file their proofs of debt by July 14, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 22, 2026. The company's liquidators are: Stephen Speers Keen Stephen Robert White Teneo Financial Advisory New Zealand Limited Suite 6.4 1 Albert Street Auckland CBD Auckland 1010 FORCE CONSTRUCTION: Creditors' Proofs of Debt Due on July 13 ------------------------------------------------------------ Creditors of Force Construction Limited are required to file their proofs of debt by July 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 22, 2026. The company's liquidators are: Rees Logan Andrew McKay BDO Auckland Level 4 BDO Centre 4 Graham Street Auckland 1010 SUMMIT EARTHWORKS: Court to Hear Wind-Up Petition on July 7 ----------------------------------------------------------- A petition to wind up the operations of Summit Earthworks Limited will be heard before the High Court at Wellington on July 7, 2026, at 10:00 a.m. Turton Farm Supplies Limited filed the petition against the company on May 19, 2026. The Petitioner's solicitor is: M. J. Robinson Turner Hopkins Lawyers Limited Level 1, No. 1, 1–7 The Strand Takapuna, Auckland 0622 VASUDHA HONDA: BDO Auckland Appointed as Receivers -------------------------------------------------- George Bannerman and Andrew McKay of BDO Auckland on June 29, 2026, were appointed as receivers and managers of Vasudha Honda Limited, Vasudha Holding Limited and Vasudha Team Vegetation Limited. The receivers and managers may be reached at: George Bannerman Andrew McKay BDO Auckland PO Box 2219 Auckland 1140 ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: Delays Annual Stockholders' Meeting to August ----------------------------------------------------------- Bilyonaryo.com reports that Lopez-led ABS-CBN Corp. has postponed its annual stockholders' meeting originally scheduled for July 24 to August 19, 2026, according to a regulatory filing. The meeting will be conducted virtually via remote communication at 8:00 a.m. According to Bilyonaryo.com, the company's board approved the postponement to provide stockholders additional time to submit nominations for directors. Under the corporation's bylaws, the board had previously fixed the July date, but it has not received any director nominations to date. Bilyonaryo.com says the lack of a disclosed nominees list with less than a month before the original meeting has sparked intense investor speculation. Publicly listed companies typically reveal their full board slates weeks in advance to ensure corporate transparency. The boardroom silence carries added significance as the Lopez family, which controls the network, continues to navigate an internal feud that has spilled into courtroom battles and competing visions for the future of their media empire. According to Bilyonaryo.com, the delay has fueled speculation among market observers that a faction led by former ABS-CBN chairman Eugenio "Gabby" Lopez III is attempting to buy time to secure a crucial outside investor. Management has been hunting for a PHP2 billion capital lifeline since late last year to avert potential liquidation following years of mounting losses, Bilyonaryo.com notes. ABS-CBN remains heavily leveraged despite aggressive asset sales, which included offloading a major portion of its flagship Mother Ignacia real estate property to developer Ayala Land Inc. and selling off pieces of its music library. Bilyonaryo.com says the company is currently locked in negotiations with lenders to restructure its debt following the expiration of a critical standstill agreement. The scramble for fresh capital has become the primary flashpoint within the family, with members split on whether to pump more of their own cash into the struggling broadcaster. About ABS-CBN ABS-CBN Broadcasting operated a network of TV & radio stations in the Philippines. The Company produced entertainment and news programs for basic and cable channels. On May 5, 2020, the National Telecommunications Commission (NTC) issued a cease-and-desist order (CDO) against ABS-CBN, immediately directing it to stop broadcast operations in radio and television. The order followed the expiration of ABS-CBN's broadcast franchise on May 4, 2020. On July 10, 2020, members of the House of Representatives denied ABS-CBN's renewal franchise application, citing several issues on the network's prior 25-year franchise. The network has now rebranded itself as a mass content company and produced television programs, films and other entertainment content through partnerships with independent production companies and broadcasters. ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net losses in 2024 and PHP4.72 billion in 2025. COOPERATIVE BANK OF BOHOL: Claims Filing Deadline Set for July 19 ----------------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) announced that depositors of the closed Cooperative Bank of Bohol have until July 19, 2026, to file their deposit insurance claims. Based on the latest PDIC data, deposit insurance claims for 1,424 deposit accounts with aggregate insured deposits amounting to PHP6.4 million have yet to be filed by depositors. Data also showed that as of May 31, 2026, PDIC had paid depositors of the closed Cooperative Bank of Bohol the total amount of PHP165.2 million, corresponding to 97% of the bank's total insured deposits amounting to PHP170.5 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). When filing claims through e-mail, scanned copies or photo images of the accomplished, signed, and notarized Claim Form, evidence of deposit, 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 valid photo-bearing ID with depositor's signature. The Claim Form can be downloaded from the PDIC website. The Claim Form is free and there is no fee for filing deposit insurance claims. Cooperative Bank of Bohol was ordered closed by virtue of Monetary Board Resolution No. 818.B dated July 18, 2024. It is a four-unit rural bank with Head Office located at 0126 CPG East Avenue, Brgy. Poblacion I, Tagbilaran City, and branches in Dauis-Panglao, Inabanga, and Candijay, all in Bohol. ================= S I N G A P O R E ================= BROADWAY HOTEL: Creditors' Proofs of Debt Due on July 27 -------------------------------------------------------- Creditors of Broadway Hotel (Pte) Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2026. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 HENG TONG: Creditors' Proofs of Debt Due on July 27 --------------------------------------------------- Creditors of Heng Tong Fuels & Shipping Pte Ltd are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2026. The company's liquidators are: Wong Pheng Cheong Martin Koay May Yee FTI Consulting (Singapore) One Raffles Quay #27-10 South Tower Singapore 048583 MAXEON SOLAR: Whitebox Advisors Discloses 8.5% Stake ---------------------------------------------------- Whitebox Advisors LLC and Whitebox General Partner LLC, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 15, 2026, each is deemed to beneficially own 1,591,596 Ordinary Shares -- consisting of 1,039,239 Ordinary Shares and 836,000 warrants to purchase approximately 552,357 Ordinary Shares (currently exercisable), all attributable to the ownership of WA's clients, with shared voting and dispositive power -- of Maxeon Solar Technologies, Ltd.'s Ordinary Shares, no par value, representing 8.5% of the class, calculated based on the sum of: (i) 16,932,760 Ordinary Shares outstanding as of June 30, 2025, as reported in Exhibit 99.1 to the Issuer's current report on Form 6-K filed with the Securities and Exchange Commission on August 14, 2025, (ii) an aggregate 1,140,896 Ordinary Shares issued on June 15, 2026 upon conversion of Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 held by WA's clients, and (iii) 552,357 Ordinary Shares that WA and WGP have the right to acquire upon exercise of Warrants, in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended. Whitebox Advisors LLC may be reached through: Gina Scianni Associate General Counsel & Deputy Chief Compliance Officer 3033 Excelsior Boulevard, Suite 500 Minneapolis, MN 55416 Tel: 612-253-6001 A full-text copy of Whitebox Advisors LLC's SEC report is available at https://tinyurl.com/4msu8pj2 About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. PFI ASIA: Creditors' Proofs of Debt Due on July 27 -------------------------------------------------- Creditors of PFI Asia Pte. Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 22, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani Seah Roh Lin c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SPAC SINGAPORE: Commences Wind-Up Proceedings --------------------------------------------- Members of SPAC Singapore Pte. Ltd. on June 22, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: James Alexio Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 1 Raffles Place, #29-01 One Raffles Place Tower 1 Singapore 048616 ZEALUX MINING: Creditors' Proofs of Debt Due on July 27 ------------------------------------------------------- Creditors of Zealux Mining Pte. Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 ********* 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. 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