Linux boot hangs just before login prompt

I’m trying to boot from QSPI on a custom board based on Arria V SoC FPGA. In order to build a minimal image root file system, I followed the guideline in the following URL:

However, Linux boot hangs after the following message (just before login prompt should show up):

Freeing unused kernel memory: 328K (8066a000 - 806bc000)
INIT: version 2.88 booting
Starting Bootlog daemon: bootlogd.
Fri Nov 20 04:46:00 UTC 2015
Running postinst /etc/rpm-postinsts/100…
/usr/sbin/update-modules: line 197: /etc/init.d/ No such file or directory
INIT: Entering runlevel: 5
Starting syslogd/klogd: done
Stopping Bootlog daemon: bootlogd.

Does anybody know any workaround for such kind of problem?

Additional Info:

Hand off files are generated using Quartus II v15.0.2 and Qsys v15.0 (build 153).
Preloader, uboot and device tree are generated using SoC EDS 15.0 command shell (BSP Editor is v15.0 build 145).
The hand off files for preloader and uboot generation are based on a modified GHRD (to fit the requirements for the custom board).
The device tree is generated from an edited GHRD dts file (v14.1), with most of the peripherals disabled except for uart, qspi, sdmmc and ethernet. QSPI partition is also edited to accommodate the instructed changes from the rocketboards site.

I noticed also during first boot after the root file system is written to QSPI, the following message also appeared (this message does not appear anymore upon reboot):

Running postinst /etc/rpm-postinsts/100…
/usr/sbin/update-modules: line 197: /etc/init.d/ No such file or directory

Any ideas?