---

       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

          Monday, February 9, 2026, Vol. 29, No. 28

                           Headlines



A U S T R A L I A

CENTRE CAPITAL: ASIC Cancels Company's AFS and AC Licences
CHEAP AS CHIPS: Ex-CEO Awarded Nearly AUD1MM Before Co's Collapse
COSETTE: Set to Close Down After More Than 11 Years in Business
EMECO HOLDINGS: Fitch Affirms 'BB-' IDR, Outlook Stable
GABRIELLE'S DEMOLITION: Second Creditors' Meeting Set for Feb. 11

HEALTHSCOPE: To Survive as Not-for-Profit after PE Bid Rejected
MEDCRAFT COOPER: First Creditors' Meeting Set for Feb. 12
MORTGAGE HOUSE 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes
ORDE SERIES 2026-1: Moody's Assigns (P)B2 Rating to AUD9MM F Notes
REDZED TRUST 2023-1: Fitch Hikes Rating on Class F Notes to 'BBsf'

SHEARER HOMES: First Creditors' Meeting Set for Feb. 12
TMP COMPANY: Second Creditors' Meeting Set for Feb. 11
VIKKI SHIP: Second Creditors' Meeting Set for Feb. 11


I N D I A

ALBYS AGRO: Insolvency Resolution Process Case Summary
H.M.R. STEELS: CRISIL Lowers Rating on INR46cr Cash Credit to D
HIM ALLOYS: Liquidation Process Case Summary
HYPNOTIK CLOTHING: CRISIL Keeps D Debt Rating in Not Cooperating
IMPEX INDIA-DEHRADUN: CRISIL Keeps D Ratings in Not Cooperating

J. R. AGROTECH: CRISIL Lowers Long/Short Term Debt Ratings to D
JAATVEDAS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
JAGDAMBA LIQUIFIED: CRISIL Keeps D Ratings in Not Cooperating
JAY AMBEY: Insolvency Resolution Process Case Summary
JAY DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating

JAYAHO AGRI: CRISIL Keeps D Debt Rating in Not Cooperating
JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
KAMAL HITECH: CRISIL Keeps B Debt Ratings in Not Cooperating
KAMNA MEDICAL: CRISIL Keeps D Ratings in Not Cooperating Category
MINEX INDIA: CRISIL Keeps D Rating in Not Cooperating Category

NAACHIYARS: CRISIL Keeps B Debt Ratings in Not Cooperating Category
NAGOORAR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
NATURAL FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
NECX PRIVATE: CRISIL Keeps B- Debt Ratings in Not Cooperating
NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category

NOOR INDIA: CRISIL Keeps D Rating in Not Cooperating Category
RICHA INDUSTRIES: ED Arrests Former Resolution Professional
SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREE SHIDDHANATH: Insolvency Resolution Process Case Summary
SMARTSTERS PRIVATE: Voluntary Liquidation Process Case Summary

SOFTWARE AG: Voluntary Liquidation Process Case Summary
SUVARNABHOOMI INFRA: Insolvency Resolution Process Case Summary
TAKSHASHILA HEIGHTS: Insolvency Resolution Process Case Summary
VREP CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Cooperating
ZERO MASS: CRISIL Keeps B- Debt Ratings in Not Cooperating Category



J A P A N

NIPPON STEEL: Projects Larger Full-Year Loss of JPY70 Billion


M A C A U

WYNN MACAU: Fitch Affirms 'BB-' IDR, Outlook Stable


M A L A Y S I A

RENEUCO BHD: Seeks Further Six-Month Extension For PN17 Plan


N E W   Z E A L A N D

IMPERIAL GROUP: Court to Hear Wind-Up Petition on Feb. 24
LLCOOLJ HOSPO: Creditors' Proofs of Debt Due on March 13
QUALITY HOME: Court to Hear Wind-Up Petition on Feb. 12
WILKES PAINTING: Creditors' Proofs of Debt Due on March 9
WOLF CONSTRUCTION: Commences Wind-Up Proceedings



S I N G A P O R E

AUTOCREW PTE: Court Enters Wind-Up Order
GOODWILL SHIPPING: Court to Hear Wind-Up Petition on Feb. 20
THAMES WATER: Final Meeting Scheduled for March 12
YUANTAI FUEL: Court to Hear Wind-Up Petition on Feb. 13


S O U T H   K O R E A

[] KOREA: Low ESG Scores Linked to Higher Default Risk for Firms

                           - - - - -


=================
A U S T R A L I A
=================

CENTRE CAPITAL: ASIC Cancels Company's AFS and AC Licences
----------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) and Australian
credit (AC) licences of Centre Capital Securities Pty Ltd effective
from Jan. 29, 2026.

The licences were cancelled after Centre Capital Securities failed
to pay industry funding levies which were outstanding for over 12
months for the 2017-18 to 2022-23 financial years.

Under s915B(3)(e) of the Corporations Act 2001 (Cth), and under
section 54(1)(d) of the National Consumer Credit Protection Act
2009, ASIC may suspend or cancel an AFS or AC licence respectively,
held by a body if the body is liable to pay a levy imposed by the
ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid that
amount (consisting of the levy, any late payment penalty and any
shortfall penalty) in full at least 12 months after the due date
for payment.

ASIC granted AFS licence number 317799 to Centre Capital Securities
on Dec. 21, 2007.

It was authorised to deal in and provide financial product advice
in relation to deposit and payment products, derivatives,
debentures, stocks or bonds issued by government, life products,
interests in managed investment schemes, retirement savings
accounts, securities, margin lending and superannuation to retail
and wholesale clients.

ASIC granted AC licence number 317799 to Centre Capital Securities
on Feb. 18, 2011.

It was authorised to engage in credit activities other than as a
credit provider.

Centre Capital Securities has the right to appeal to the
Administrative Review Tribunal for a review of ASIC's decisions.


CHEAP AS CHIPS: Ex-CEO Awarded Nearly AUD1MM Before Co's Collapse
-----------------------------------------------------------------
Skynews.com.au reports that a former executive officer of Cheap as
Chips has been awarded a huge pay out one day before the company
collapsed, administrators have revealed.

Nick Abboud walked away with close to $1 million after he departed
his role on Christmas Eve last year, as reported by The Advertiser,
Skynews.com.au relays.

This pay out included a $553,002 termination package, payments in
lieu of notice, leave entitlements, redundancy payments and
"success fees".

The "success fee" was awarded to LMA Family Investments - a company
controlled by Mr. Abboud and his wife Lisa.

Skynews.com.au relates that the embattled retailer paid them
$430,388 relating to a $25.5 million business sale agreement struck
with Choice The Discount Store.

A day after the deal was struck, Cheap as Chips collapsed into
administration.

According to Skynews.com.au, administrators from WLP Restructuring
Partners are investigating the sale of Cheap as Chips to
Queensland's Choice The Discount Store, which has agreed to take
over 44 of the 47 stores across South Australia, Victoria and NSW.

In the administrators report, WLP Restructuring Partners said a
further investigation by a liquidator would take place to determine
if the payments were deemed to be an "unfair preference payment",
if the company went into liquidation, Skynews.com.au relays.

"Whilst there are certain defences available to a party receiving a
preference, as a former director, Mr. Abboud ought to reasonably
have been aware of Palcove's (corporate entity that operates Cheap
as Chips) financial position and the impending appointment of the
administrators," the report, as cited by Skynews.com.au, said. "A
liquidator (if appointed) would further investigate and if
appropriate, pursue recovery of this claim."

Investment firm Alceon, who owns most of Cheap as Chips, is
finalising a deed of company arrangement (DOCA) proposal which
would enable liquidation to be avoided and see the sale of the
business to Choice The Discount Store to proceed, Skynews.com.au
notes.

According to Skynews.com.au, the administrators are looking to
adjourn a meeting with creditors for February 12 to allow for
Alceon to have time to finalise the DOCA proposal, upon approval
from creditors.

Mr. Abboud was a former retail executive at Myer and Dick Smith,
before becoming CEO of Cheap as Chips in 2018 - replacing Shane
Radbone.

                       About Cheap as Chips

Cheap as Chips is a discount variety retailer that offers a wide
range of goods including homewares, pet supplies, toys, and
groceries.  It operates over 50 stores across SA, VIC, NSW, and
QLD.

Cheap as Chips was established in Adelaide in 1985 by businessman
Ian Watkins.

Nicholas Charlwood, Glenn Ian Livingstone and Benjamin Ho of WLP
Restructuring were appointed as administrators of the company on
Dec. 30, 2025.


COSETTE: Set to Close Down After More Than 11 Years in Business
---------------------------------------------------------------
Emily Bennett at 9News.com.au reports that Australian luxury
retailer Cosette is set to close down after more than 11 years in
business.

The Sydney retailer, which is not in administration or being
liquidated, built a reputation for selling luxury designer goods at
discounted prices.

"For more than 11 years, Cosette has been proud to offer our
customers access to some of the most sought-after pieces at
significant savings," the business said on its website. "In that
time, we have proudly served more than 140,000 customers and we are
deeply grateful for the trust and loyalty you have shown us
throughout this journey."

Back in 2024, the retailer was cleared over allegations it sold
fake designer handbags after an investigation found there was no
evidence to support the claims.

At the time, a NSW Fair Trading spokesperson said each item was
tested and verified as authentic by the brand rather than
third-party verifiers.

"Unfortunately, the market has changed and we - rather than our
mission to make luxury more affordable, every day – were
sometimes the story," the business said in its statement, notes the
report. "So, after careful consideration, we have made the decision
to close our Sydney warehouse and operations in the near future.

"Our heartfelt thanks for your support and for being part of the
Cosette over the years."

9News.com.au has contacted Cosette for further comment.

My Fashion Republic PTY Ltd, trading as COSETTE, is a designer
handbag retailer based in Sydney, Australia.


EMECO HOLDINGS: Fitch Affirms 'BB-' IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed 10 Australian corporates' ratings. These
actions follow the update of Fitch's 'Corporate Rating Criteria'
and the 'Sector Navigators - Addendum to the Corporate Rating
Criteria' on 9 January 2026. The companies' ratings and Outlooks
are unaffected by the criteria changes.

Key Rating Drivers

For full key ratings drivers for each issuer, see the RACs listed
below:

Downer EDI Limited

"Fitch Affirms Australia's Downer at 'BBB'; Outlook Stable", dated
5 May 2025

Energy Queensland Limited

"Fitch Affirms Energy Queensland at 'AA+'; Outlook Stable", dated
10 December 2025

Ergon Energy Queensland Pty Ltd

"Fitch Affirms Ergon Energy Queensland at 'AA+'; Outlook Stable",
dated 10 December 2025

Emeco Holdings Limited

"Fitch Affirms Emeco at 'BB-'; Outlook Stable", dated 31 October
2025

National Group Corporation Pty Ltd

"Fitch Assigns Australia's National Group 'B-(EXP)' First-Time
Rating; Outlook Stable", dated 7 January 2026

Origin Energy Ltd

"Fitch Affirms Origin Energy at 'BBB'; Outlook Stable", dated 14
April 2025

Pacific National Holdings Pty Ltd

"Fitch Affirms Pacific National at 'BBB-'; Outlook Negative", dated
25 November 2025

Perenti Limited

"Fitch Affirms Perenti at 'BB+'; Outlook Stable", dated 4 April
2025

Qube Holdings Limited

"Fitch Affirms Qube at 'BBB'; Outlook Stable", dated 11 November
2025

Ramsay Health Care Limited

"Fitch Affirms Australia's Ramsay Health Care at 'BBB-'; Outlook
Stable", dated 12 May 2025

Peer Analysis

Refer to the RAC for each issuer.

Fitch’s Key Rating-Case Assumptions

Refer to the RAC for each issuer.

Corporate Rating Tool Inputs and Scores

Downer EDI Limited

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb-, lower), sector characteristics (a-,
moderate), market and competitive positioning (bbb-, moderate),
diversification and asset quality (bbb-, moderate), company
operational characteristics (bbb+, higher), profitability (bb+,
higher), financial structure (a+, moderate), and financial
flexibility (a, lower).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb'.

To derive the Long-Term Issuer Default Rating (IDR):

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB'.

Energy Queensland Limited

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb, lower), sector characteristics (a,
moderate), market and competitive positioning (bbb+, higher),
diversification and asset quality (bbb+, moderate), company
operational characteristics (a-, moderate), profitability (bbb-,
lower), financial structure (bbb, higher), and financial
flexibility (a, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb+'.

To derive the Long-Term IDR:

- Application of Fitch's Government-Related Entities Rating
Criteria results in an equalised approach.

Emeco Holdings Limited

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bb+, lower), sector characteristics (bb-,
moderate), market and competitive positioning (b+, higher),
diversification and asset quality (bb-, moderate), company
operational characteristics (bb+, moderate), profitability (bb+,
moderate), financial structure (aa, lower), and financial
flexibility (a, lower).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 50% weight for the historical year
2025, 40% for the forecast year 2026 and 10% for the forecast year
2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bb-'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB-'.

National Group Corporation Pty Ltd

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bb, lower), sector characteristics (bb-,
lower), market and competitive positioning (b-, moderate),
diversification and asset quality (b-, higher), company operational
characteristics (bb+, moderate), profitability (bb, lower),
financial structure (b-, moderate), and financial flexibility (b-,
higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- 'B+' to 'CC' considerations apply in its analysis and result in
no adjustment.

- The governance assessment of 'Some Deficiencies' results in no
adjustment.

- The operating environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b-(exp)'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'B-(EXP)'.

Origin Energy Ltd

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb, Lower), sector characteristics (bbb,
moderate), market and competitive positioning (bbb, higher),
diversification and asset quality (a-, moderate), company
operational characteristics (bb+, moderate), profitability (bbb,
higher), financial structure (a+, moderate), and financial
flexibility (a-, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB'.

Pacific National Holdings Pty Ltd

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb-, lower), sector characteristics
(bbb+, moderate), market and competitive positioning (bbb+,
higher), diversification and asset quality (bb+, moderate), company
operational characteristics (bbb, moderate), profitability (bbb+,
higher), financial structure (bb-, higher), and financial
flexibility (bbb, moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the forecast year 2026,
30% for the forecast year 2027, 30% for the forecast year 2028 and
30% for the forecast year 2029.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb-'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB-'.

Perenti Limited

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb, lower), sector characteristics (bb,
higher), market and competitive positioning (bb+, moderate),
diversification and asset quality (bbb-, moderate), company
operational characteristics (bb, moderate), profitability (bb-,
moderate), financial structure (aa, moderate), and financial
flexibility (bbb+, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'bbb+' results in
no adjustment.

- The SCP is 'bb+'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB+'.

Qube Holdings Limited

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb, lower), sector characteristics (a-,
moderate), market and competitive positioning (a, higher),
diversification and asset quality (a, higher), company operational
characteristics (bbb+, moderate), profitability (bb, moderate),
financial structure (b+, moderate), and financial flexibility
(bbb+, lower).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB'.

Ramsay Health Care Limited

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb-, lower), sector characteristics (bbb,
higher), market and competitive positioning (bbb-, moderate),
diversification and asset quality (bbb, lower), company operational
characteristics (bbb, moderate), profitability (bb+, moderate),
financial structure (bb, moderate), and financial flexibility
(bbb-, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb-'.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB-'.

Recovery Analysis

See National Group Corporation Pty Ltd's RAC for the recovery
analysis.

RATING SENSITIVITIES

Refer to the RAC for each issuer.

Liquidity and Debt Structure

Refer to the RAC for each issuer.

Issuer Profile

Refer to the RAC for each issuer.

Summary of Financial Adjustments

Refer to the RAC for each issuer.

Sources of Information

Refer to the RAC for each issuer.

Public Ratings with Credit Linkage to other ratings

See Energy Queensland Limited and Ergon Energy Queensland Pty Ltd's
RACs.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Downer EDI Limited, Perenti Limited, Qube Holdings
Limited, Ramsay Health Care Limited, Origin Energy Ltd and Pacific
National Holdings Pty Ltd.

The Climate.VS for Energy Queensland Limited is 50 at 2035. The
Climate.VS for Ergon Energy Queensland Pty Ltd is 50 at 2035. The
Climate.VS for Emeco Holdings Limited is 53 at 2035. The Climate.VS
for National Group Corporation Pty Ltd is 55 at 2035.

ESG Considerations

Refer to the RAC for each issuer.

   Entity/Debt                  Rating           Recovery   Prior
   -----------                  ------           --------   -----
Pacific National
Holdings Pty Ltd         LT IDR BBB-   Affirmed             BBB-

National Group
Corporation Pty Ltd      LT IDR B-(EXP)Affirmed            B-(EXP)

Qube Holdings Limited    LT IDR BBB    Affirmed            BBB

   senior unsecured      LT     BBB    Affirmed            BBB

Energy Queensland
Limited                  LT IDR AA+    Affirmed            AA+

   senior unsecured      LT     AA+    Affirmed            AA+

Origin Energy Ltd        LT IDR BBB    Affirmed            BBB

   senior unsecured      LT     BBB    Affirmed            BBB

Downer EDI Limited       LT IDR BBB    Affirmed            BBB

   senior unsecured      LT     BBB    Affirmed            BBB

Perenti Finance
Pty Ltd

   senior unsecured       LT    BB+    Affirmed            BB+

Origin Energy
Finance Ltd

   senior unsecured       LT    BBB    Affirmed            BBB

Ramsay Health
Care Limited              LT IDR BBB-  Affirmed            BBB-

Pacific National
Finance Pty Ltd

   senior unsecured       LT     BBB-  Affirmed            BBB-

   junior subordinated    LT     BB    Affirmed            BB

National Plant and
Equipment Pty Ltd

   senior secured         LT   B(EXP) Affirmed    RR3      B(EXP)

Qube Treasury Pty Ltd

   senior unsecured       LT     BBB  Affirmed             BBB

Ergon Energy
Queensland Pty Ltd        LT IDR AA+  Affirmed             AA+

   senior unsecured       LT     AA+  Affirmed             AA+

Emeco Holdings Limited    LT IDR BB-  Affirmed             BB-

Perenti Limited           LT IDR BB+  Affirmed             BB+

Downer Group Finance
Pty Limited

   senior unsecured       LT     BBB  Affirmed             BBB

GABRIELLE'S DEMOLITION: Second Creditors' Meeting Set for Feb. 11
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Gabrielle's
Demolition & Excavation Pty Ltd has been set for Feb. 11, 2026, at
10:00 a.m. via teleconference.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 10, 2026 at 4:00 p.m.

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Dec. 29, 2025.


HEALTHSCOPE: To Survive as Not-for-Profit after PE Bid Rejected
---------------------------------------------------------------
Colin Kruger at the Sydney Morning Herald reports that Healthscope
lenders have approved a plan that will keep Australia's
second-largest private hospital operator intact as a not-for-profit
operation following its financial collapse last year after private
equity owners walked away.

The announcement comes after lenders owed AUD1.7 billion rejected a
private equity offer for its Prince of Wales Private hospital in
Sydney, which was finalised early on Feb. 6, SMH says.

"The transition of this significant portfolio of hospitals to a
well-capitalised not-for-profit organisation, operating in
accordance with its care-focused charitable purpose, would support
the long-term sustainability of the private health sector in
Australia, taking pressure off the public health system," the
receivers from McGrathNicol, led by Keith Crawford, said in a
statement, notes the report.

He told SMH that the not-for-profit plan was the only option that
would keep all of Healthscope’s hospitals open and avoid job
losses.

"The solution we have put forward is the only one that keeps all
hospitals open and jobs secure," he said.

Private hospitals provide the vast majority of elective surgeries
performed in Australia.

According to SMH, the announcement is a significant victory for
Healthscope boss Tino La Spina, who has led the bid to keep the
rest of its hospitals together and pursued the plan to make it a
not-for-profit operator, which means it immediately sheds
significant costs like payroll tax which may have been costing the
group as much as AUD100 million a year.

"This is a transformative day for our people, our doctors, our
patients and the Australian healthcare sector. Our whole
organisation has been galvanised by the idea of transforming
Healthscope into Australia’s largest not-for-profit hospital
operator, reinvesting surpluses back into our hospitals and people
to continually improve patient care," SMH quotes Mr. La Spina as
saying.

Last November, Mr. La Spina warned that some of the hospitals had
not attracted any buyer interest and faced the risk of closure if a
break-up of the hospital operator was pursued, SMH recalls.

SMH says the Sydney hospital offer was the last being considered
for five of Healthscope’s so-called crown jewels, which were put
up for sale to the highest bidder as part of a plan for receivers
to raise hundreds of millions of dollars for lenders owed AUD1.7
billion from the collapse.

Late last year, the receivers sold Canberra-based National Capital
for AUD251 million to Ramsay Health, and also found buyers for Gold
Coast Private, Victoria’s Holmesglen Private and Hobart Private
Hospital.

They have already banked AUD190 million from the NSW government
after it terminated Healthscope’s operation of Sydney’s
Northern Beaches Hospital under a public private partnership model,
SMH relays.

According to SMH, lenders owed AUD1.7 billion had to balance the
proceeds from the potential sale of the Sydney hospital with the
need to ensure the remaining group of hospitals were still viable.
The fact that lenders are expected to receive as little as 50c for
every dollar they are owed indicates how little value is ascribed
to dozens of Healthscope’s hospitals.

SMH adds that the last big hurdle for the receivers and new owners
are the rents charged by landlords for some of the hospitals, which
were unviable and contributed to its collapse last year.

                         About Healthscope

Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.

On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.

Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.

According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.


MEDCRAFT COOPER: First Creditors' Meeting Set for Feb. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Medcraft
Cooper & Associates Pty Ltd will be held on Feb. 12, 2026, at 2:30
p.m. via videoconference facilities only.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrators of the company on Feb. 3, 2026.


MORTGAGE HOUSE 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital
Mortgage Trust No.1 - Mortgage House RMBS Osmium Series 2026-1.

Mortgage House RMBS Osmium Series 2026-1 is a securitization of
residential mortgage loans to Australian residents, nonresidents,
and self-managed superannuation fund borrowers, originated by
Mortgage House of Australia Pty Ltd.

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 0.40% of the mortgage loan
portfolio, and excess spread.

"We have considered the underwriting standard and centralized
approval process of the seller, Mortgage House of Australia.

"We expect that the various mechanisms to support liquidity within
the transaction, including a liquidity facility equal to 1.5% of
the outstanding balance of the notes and principal draws are
sufficient under our stress assumptions.

"Our ratings also reflect the fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS. Sumitomo Mitsui Banking Corp. will provide a
cross-currency swap to hedge the mismatch between the
Australian-dollar receipts from the underlying assets and the yen
payments on the class A1-Y notes. The transaction documents include
downgrade remedy language consistent with our counterparty
criteria."

  Preliminary Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2026-1

  Class A1-AS, A$255.00 million: AAA (sf)
  Class A1-AL, A$247.50 million: AAA (sf)
  Class A1-Y, ¥10,403.00 million: AAA (sf)
  Class A2, A$45.38 million: AAA (sf)
  Class B, A$39.75 million: AA (sf)
  Class C, A$28.87 million: A (sf)
  Class D, A$18.75 million: BBB (sf)
  Class E, A$8.25 million: BB (sf)
  Class F, A$5.25 million: B (sf)
  Class G1, A$2.63 million: Not rated
  Class G2, A$1.12 million: Not rated


ORDE SERIES 2026-1: Moody's Assigns (P)B2 Rating to AUD9MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by BNY Trust Company of Australia Limited as
trustee of ORDE Series 2026-1 Trust.

Issuer: BNY Trust Company of Australia Limited as trustee of ORDE
Series 2026-1 Trust

AUD237.00 million Class A1-S Notes, Assigned (P)Aaa (sf)

AUD355.50 million Class A1-L Notes, Assigned (P)Aaa (sf)

AUD64.50 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD44.25 million Class B Notes, Assigned (P)Aa2 (sf)

AUD12.75 million Class C Notes, Assigned (P)A2 (sf)

AUD10.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD11.25 million Class E Notes, Assigned (P)Ba2 (sf)

AUD9.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD3.75 million Class G1 Notes and the AUD1.50 million Class G2
Notes are not rated by us.

The transaction is a securitisation of first-ranking mortgage loans
originated by ORDE Mortgage Custodian Pty Ltd and serviced by ORDE
Financial Pty Ltd (ORDE). The mortgage loans are secured over
residential properties located in Australia and payable in
Australian dollars. ORDE is backed by Fancourt Capital Group. ORDE
has assets under management of AUD5.0 billion as of January 2026.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

-- The availability of excess spread over the life of the
transaction; and

-- The liquidity facility in the amount of 1.50% of the note
balance.

According to Moody's analysis, the transaction benefits from credit
strengths such as subordination to the Class A1-S and Class A1-L
Notes in excess of the Moody's individual loan analysis (MILAN)
Stressed Loss. However, the transaction features some credit
weaknesses such as a high exposure to self-employed borrowers and
alternative documentation loans of 83.8% and 79.4% respectively.

Moody's MILAN Stressed Loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 9.6%. Moody's
median expected loss for this transaction is 1.2%, which represents
a stressed, through-the-cycle loss relative to Australian
historical data.

The key transactional features are as follows:

-- Under the retention mechanism, excess spread is used to repay
principal on the most junior rated notes up to AUD3 million thereby
limiting their exposure to losses. At the same time, the retention
amount ledger ensures that the level of credit enhancement
available to the more senior ranking notes is preserved.

-- The notes will be initially repaid sequentially. The Class A1-L
to Class F Notes will start receiving their pro-rata share of
principal collections if certain step down conditions are satisfied
on or after the payment date in March 2028. The step down
conditions include, among others, no unreimbursed charge-offs and
the subordination to the Class A2 Notes at least doubling since
closing. While the Class G1 and Class G2 Notes do not receive
principal payments until the other notes are fully repaid, once the
step down conditions are satisfied, their pro-rata share of
principal collections will be allocated in a reverse sequential
order, starting from the Class F Notes. The principal paydown will
revert to sequential pay once the aggregate invested amount of all
notes is less than or equal to 20.0% of the aggregate initial
invested amount of all notes on the issue date, or following the
payment date in March 2030.

Key pool features are as follows:

-- The portfolio has a weighted-average seasoning of 6.2 months.

-- The portfolio has a weighted average scheduled LTV ratio of
71.8%.

-- Around 83.8% of the loans in the portfolio were extended to
self-employed borrowers. The income of these borrowers is subject
to higher volatility than salaried borrowers, and they may
experience higher default rates.

-- Based on Moody's classifications, 79.4% of the loans in the
portfolio were extended on an alternative documentation basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.

REDZED TRUST 2023-1: Fitch Hikes Rating on Class F Notes to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded two note classes and affirmed 17 from
RedZed Trust STC Series 2023-1, 2024-1 and 2025-1.

The upgrades for the class E and F notes from RedZed STC 2023-1 are
due to the build-up of additional credit enhancement resulting from
the breach of the performance-based pro-rata condition, which led
to additional periods of sequential principal repayments. This has
more than offset the increase in portfolio loss due to the related
performance deterioration and pool migration towards small ticket
commercial (STC) loans.

All transactions are backed by pools of first-ranking Australian
conforming and non-conforming residential full- and
low-documentation mortgage loans and STC loans originated by RedZed
Lending Solutions Pty Limited.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed Trust STC Series 2023-1, 2024-1 and
2025-1.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
RedZed Trust STC
Series 2024-1

   A-1-L AU3FN0087128   LT AAAsf  Affirmed   AAAsf
   A-2 AU3FN0087136     LT AAAsf  Affirmed   AAAsf
   B AU3FN0087144       LT AAsf   Affirmed   AAsf
   C AU3FN0087151       LT Asf    Affirmed   Asf
   D AU3FN0087169       LT BBBsf  Affirmed   BBBsf
   E AU3FN0087177       LT BBsf   Affirmed   BBsf
   F AU3FN0087185       LT BB-sf  Affirmed   BB-sf

RedZed Trust STC
Series 2023-1

   A AU3FN0076642       LT AAAsf  Affirmed   AAAsf
   B AU3FN0076659       LT AAsf   Affirmed   AAsf
   C AU3FN0076667       LT Asf    Affirmed   Asf
   D AU3FN0076675       LT BBBsf  Affirmed   BBBsf
   E AU3FN0076683       LT BB+sf  Upgrade    BBsf
   F AU3FN0076691       LT BBsf   Upgrade    Bsf

RedZed Trust STC
Series 2025-1

   A AU3FN0096491       LT AAAsf  Affirmed   AAAsf
   B AU3FN0096509       LT AAsf   Affirmed   AAsf
   C AU3FN0096517       LT Asf    Affirmed   Asf
   D AU3FN0096525       LT BBBsf  Affirmed   BBBsf
   E AU3FN0096533       LT BBsf   Affirmed   BBsf
   F AU3FN0096541       LT B+sf   Affirmed   B+sf

Transaction Summary

The collateral pools for RedZed STC 2023-1, 2024-1 and 2025-1 have
amortised to AUD116.6 million, AUD294.3 million and AUD441.3
million, respectively, as of December 2025, from the original pool
balances at closing of AUD400 million, AUD600 million and AUD600
million.

KEY RATING DRIVERS

Credit Enhancement Build-Up Supports Ratings: Sequential principal
repayment has increased credit enhancement for the rated notes in
all three transactions, especially RedZed STC 2023-1, where the 90+
day arrears pro-rata condition has been breached since September
2025. This build-up in credit enhancement has supported the
ratings, even though the proportion of STC loans rose to 27.0% and
32.8% by end-November 2025 for RedZed STC 2023-1 and 2024-1,
respectively, from 20.6% and 24.9% at closing. STC loans attract
higher portfolio losses, which increases the transaction's overall
portfolio loss; however, this impact has been offset by the
build-up in credit enhancement.

The combined (comprising both the residential mortgage and STC
portfolio) 'AAAsf' portfolio loss for RedZed STC 2023-1 and 2024-1
have increased to 18.1% and 16.5% from their last surveillance of
16.4% and 14.2% respectively. The combined 'AAAsf' portfolio loss
for RedZed STC 2025-1 has decreased to 13.7% from 14.2% at
closing.

Portfolio Defaults Impacted by Arrears: At end-November 2025, the
actual 30+ day arrears for RedZed STC 2023-1, 2024-1 and 2025-1
were 5.7%, 5.8% and 3.0%, respectively, compared to 4.53% for
Fitch's 3Q25 Non-Conforming RMBS Index. There have been no losses
since closing.

For residential loans, the weighted-average (WA) current
loan-to-value ratio (LVR) decreased, but increases in arrears and
the proportion of non-conforming loans saw the 'AAAsf' foreclosure
frequency increase for 2023-1, 2024-1 and 2025-1 to 21.9%, 19.4%
and 18.6%, respectively, from 19.6%, 16.9% and 18.3% at the last
model run.

For commercial loans, Fitch used its proprietary Portfolio Credit
Model (PCM), which considers key factors such as one-year
probability of default (PD), large obligor concentration and
industry distribution. The one-year PD assumption of 1.7% was based
on the annual average historical 90 days past due, as well as
Fitch's forward-looking view.

Empirical data show that not all loans that become 90 days past due
will end up in foreclosure. Fitch has analysed RedZed's STC
portfolio's cure rate for loans that had entered 90 days past due
and concluded that around 41% of these loans had cured. In line
with the SME Balance Sheet Securitisation Rating Criteria, Fitch
has capped the base expected cure rate assumption at 40% and tiered
it for higher rating scenarios. The cure rates are then applied to
the PD from the PCM.

The 'AAAsf' default probability for the commercial portion for
RedZed STC 2023-1 and 2024-1 increased to 72.9% and 56.2% from
64.0% and 51.6%, respectively, at the last review, while 2025-1's
remained unchanged at 53.8%.

Increased Exposure to Obligor Concentration: The amortisation of
the commercial loans leads to increased obligor and industry
concentration. Fitch believes that more concentrated portfolios
result in more volatile portfolio default rates. Its PCM modelling,
which stresses default probability, correlation and recovery
assumptions for large groups of obligors, found that the top-10
obligors in the pool for RedZed STC 2023-1, 2024-1 and 2025-1
account for 42.8%, 21.1% and 20.5%, respectively, compared to
35.5%, 16.6% and 17.8% at the last model run.

STC Recovery Rate Lower than for Residential: For residential
loans, the 'AAAsf' recovery rates for RedZed STC 2023-1, 2024-1 and
2025-1 increased to 58.5%, 60.2% and 55.0%, respectively, from
56.1%, 57.1% and 52.2% at the last review. For commercial loans,
Fitch applied collateral and unsecured haircuts in line with the
SME Balance Sheet Securitisation Rating Criteria. The 'AAAsf' WA
recovery rate for commercial loans was 41.6%, 38.5% and 38.6%,
respectively.

Limited Liquidity Risk: Fitch's payment interruption risk is
mitigated by liquidity facilities sized at 1.5% of the invested
note balance, excluding class G. Other structural features include
retention amounts that redirect excess available income to repay
note principal in reverse sequential order (excluding class G)
which has now met the limit of AUD500,000 for all three
transactions, and post-call amortisation amounts that redirect
after-tax excess income to repay note principal through the
principal priority of payments waterfall.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with that
of the market.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market. GDP growth was 2.1% in the year to September 2025 and
unemployment was 4.1% in December 2025. Fitch forecasts GDP growth
of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% for
both years.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A downgrade could stem from portfolio composition migrating towards
STC loans, as the STC loans attract a higher portfolio loss than
residential loans. Portfolio migration may occur if residential
loans were to have a higher prepayment rate, increasing the
concentration of STC loans. Transaction performance may also be
affected by changes in market conditions and the economic
environment.

Unanticipated deterioration in the frequency of defaults and
recoveries could produce loss levels higher than Fitch's base case
and are likely to result in a decline in credit enhancement and
remaining loss-coverage levels available to the notes. Decreased
credit enhancement may make certain note ratings susceptible to
negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

RedZed STC 2023-1

Notes: Class A / B / C / D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BB+sf / BBsf

Increase defaults by 15%: AAAsf / AAsf / BBB+sf / BBB-sf / BB+sf /
BBsf

Increase defaults by 30%: AAAsf / A+sf / BBB+sf / BB+sf / BBsf /
BB-sf

Reduce recoveries by 15%: AAAsf / AAsf / BBB+sf / BB+sf / BB-sf /
B+sf

Reduce recoveries by 30%: AAAsf / AAsf / A-sf / BBB-sf / BB-sf /
Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AA-sf / A-sf / BBB-sf / B+sf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AA+sf / A+sf
/ BBBsf / BB+sf / less than Bsf / less than Bsf

RedZed STC 2024-1

Notes: Class A1-L / A2 / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

Increase defaults by 15%: AAAsf / AAAsf / AA-sf / Asf / BBBsf /
BBsf / B+sf

Increase defaults by 30%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ B+sf

Reduce recoveries by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ B+sf

Reduce recoveries by 30%: AAAsf / AAAsf / AAsf / A-sf / BB+sf / Bsf
/ less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAsf / Asf / BBB-sf / B+sf / Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AA+sf / A+sf / BBBsf / BBsf / less than Bsf / less than Bsf

RedZed STC 2025-1

Notes: Class A / B / C / D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 30%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf /
Bsf

Reduce recoveries by 15%: AAAsf / AAsf / Asf / BBB-sf / B+sf / less
than Bsf

Reduce recoveries by 30%: AAAsf / A+sf / BBB+sf / BB+sf / B+sf /
less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AA+sf /
AA-sf / BBB+sf / BB+sf / B+sf / less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AA+sf / A-sf
/ BBB-sf / B+sf / less than Bsf / less than Bsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.

The 'AAAsf' notes are at the highest level on Fitch's scale and
cannot be upgraded. Therefore, upgrade sensitivities for these
notes are not relevant.

RedZed STC 2023-1

Notes: Class B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BB+sf / BBsf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBB+sf / BB+sf / BB+sf

The class B and C notes are constrained by one notch, and the class
E and F notes are constrained by three and two notches respectively
by the pro-rata amortisation concentration test, in accordance with
the SME Balance Sheet Securitisation Rating Criteria.

RedZed STC 2024-1

Notes: Class B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AAsf / A+sf
/ BBB+sf / BB+sf / BB+sf

The class F notes are constrained by one notch, class B notes by
two notches and the class C, D and E notes are constrained by three
notches respectively by the pro-rata amortisation concentration
test, in accordance with the SME Balance Sheet Securitisation
Rating Criteria.

RedZed STC 2025-1

Notes: Class A / B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBB+sf / BB+sf / BB+sf

The class B notes are constrained by one notch, the class C and D
notes are constrained by three notches and the class E notes are
constrained by two notches respectively by the pro-rata
amortisation concentration test, in accordance with the SME Balance
Sheet Securitisation Rating Criteria.

CRITERIA VARIATION

The transactions feature a threshold rate mechanism. This is a
common feature in Australian RMBS and is contemplated under the
APAC Residential Mortgage Rating Criteria. However, 27.0%, 32.8%
and 21.5% of the pools consisted of STC loans for RedZed STC
2023-1, 2024-1 and 2025-1, respectively. The STC loans were
analysed under the SME Balance Sheet Securitisation Rating
Criteria, which does not contemplate the concept of a threshold
rate and generally applies WA margin compression instead.

However, for these three transactions, Fitch applied the threshold
rate for both the residential and STC portions of the pools, given
the similar characteristics between both loan types and Fitch's
view that the servicer will have the legal ability to increase
interest rates to meet required payments. The similarities include
variable-rate loan products, pricing of loans based on the
applicable standard variable rate constructed by RedZed, which is
not linked to any particular index, and RedZed's contractually
documented ability to reprice loans at its discretion. Fitch has
modelled the threshold rate with a maximum increase to asset
margins of 2.0%, consistent with the APAC Residential Mortgage
Rating Criteria.

The impact of the variation was one notch higher in the rating for
the class C, D and F notes for RedZed STC 2023-1 and one notch
higher rating for the class C note for RedZed STC 2024-1.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment of the asset portfolio information, but none
was available for these transactions.

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

SHEARER HOMES: First Creditors' Meeting Set for Feb. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Shearer
Homes Pty Ltd will be held on Feb. 12, 2026, at 11:00 a.m. via
Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Feb. 2, 2026.


TMP COMPANY: Second Creditors' Meeting Set for Feb. 11
------------------------------------------------------
A second meeting of creditors in the proceedings of TMP Company Pty
Ltd, trading as Aussie Boat Signs; Trademark Print; One Stop Asia
Sourcing Group, has been set for Feb. 11, 2026, at 10:30 a.m. via
Microsoft Teams.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 10, 2026 at 4:00 p.m.

Amanda Lott of ACRIS was appointed as administrator of the company
on Dec. 29, 2025.


VIKKI SHIP: Second Creditors' Meeting Set for Feb. 11
-----------------------------------------------------
A second meeting of creditors in the proceedings of Vikki Ship
Supplies Pty Ltd has been set for Feb. 11, 2026, at 10:30 a.m. at
the offices of Solace Advisory, at Suite 5A, Level 5, 34 East
Street, in Rockhampton City, QLD and via Microsoft Teams.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 10, 2026 at 5:00 p.m.

Michael Beck of Solace Advisory was appointed as administrator of
the company on Jan. 7, 2026.




=========
I N D I A
=========

ALBYS AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Albys Agro Private Limited
        Plot No-2/1-2/6, Sanguem Industrial Estate,
        Sanguem, Xelpem Goa South -403704, Goa

Insolvency Commencement Date: January 20, 2026

Estimated date of closure of
insolvency resolution process: July 19, 2026

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Neha Bhasin
       C-4 E/135, Janakpuri, New Delhi-110 058
              Email: info@primusresolutions.in

              Primus Insolvency Resolution & Valuation
              408, 4th Floor, Manish Chambers,
              Sonawala Road, Goregaon (E),
              Mumbai - 400063
              Email: cirp.albysagro@gmail.com

Last date for
submission of claims: February 3, 2026


H.M.R. STEELS: CRISIL Lowers Rating on INR46cr Cash Credit to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of H.M.R. Steels Private Limited (HMR), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            46         Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil BB-/Stable ISSUER
                                     NOT COOPERATING)

   Electronic Dealer      10         Crisil D (ISSUER NOT
   Financing Scheme                  COOPERATING; Downgraded from
   (e-DFS)                           'Crisil BB-/Stable ISSUER
                                     NOT COOPERATING)

   Term Loan               6.39      Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil BB-/Stable ISSUER
                                     NOT COOPERATING)

Crisil Ratings has been consistently following up with HMR for
obtaining information through letter and email dated July 10, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HMR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HMR
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, rating on bank facilities
of HMR have been downgraded to 'Crisil D Issuer not cooperating'
from 'Crisil BB-/Stable Issuer not cooperating', owing to delay in
debt servicing.

Incorporated in April 2008 as a private limited company,(HMR)
(formerly known as M R Steels, a proprietary concern since 1995) is
engaged in trading of Steel Products like Hot Rolled Coil/Plate, M
S angles, Channels and Beams, TMT Bars, GP Coil/Sheet and Cold
Rolled Sheets in all sizes for Steel Authority of India Limited
(SAIL).


HIM ALLOYS: Liquidation Process Case Summary
--------------------------------------------
Debtor: Him Alloys and Steels Private Limited  

Liquidation Commencement Date: January 22, 2026

Court: National Company Law Tribunal Chandigarh Bench

Liquidator: Mr. Rajesh Srivastava
     A3/302, Tower 3, Silver City Purvanchal,
            Sector 93, Noida, Uttar Pradesh-201304
            Email: rajesh1701@gmail.com
            Email: cirp.himalloys@gmail.com
  
Last date for
submission of claims: February 21, 2026


HYPNOTIK CLOTHING: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hypnotik
Clothing Private Limited (HCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit       6.75        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with HCPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HCPL continues to be 'Crisil D Issuer not cooperating'.  

HCPL was set up in December 2010, by Mr Vijay Golani and Ms Resham
Chellaram. The company exports readymade garments primarily to the
US. Garments are manufactured on a job-work basis from various
players in Karnataka, Maharashtra and Gujarat. HCPL manufactures
about 30% of its total volume and the balance is outsourced.


IMPEX INDIA-DEHRADUN: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Impex
India-Dehradun (II-D) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Term Loan      0.87       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               9.13       CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with II-D for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of II-D, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on II-D
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
II-D continues to be 'Crisil D Issuer not cooperating'.  

II-D was established as a partnership concern between Mr Rajendra
Mimani, Mrs Saroj Mimani, and Mr Ashish Mimani-with equal profit
sharing ratio-in 1973. The firm was involved in a marketing
business, but has now undertaken a solar power project, backed by a
long-term power purchase agreement with UPCL.


J. R. AGROTECH: CRISIL Lowers Long/Short Term Debt Ratings to D
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. R.
Agrotech Private Limited (JRAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Rating        -          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Short Term Rating       -          CRISIL D (ISSUER NOT
                                      COOPERATING)

Crisil Ratings has been consistently following up with JRAPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JRAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JRAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JRAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


The JR group mills, processes, and sells rice in India and abroad.
Incorporated in 1998, JRAPL is promoted by Mr Raman Aggarwal and
his brother, Mr Krishan Kumar Aggarwal.J. R. D. International
Limited (EXPAND), founded by Mr Raman Aggarwal and his son, Mr
Raghav Aggarwal, in 2010, trades in rice, and has set up its own
sortex machine and processing unit.


JAATVEDAS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Jaatvedas
Construction Company Private Limited (JCCPL) continues to remain in
the 'Issuer Not Cooperating' category.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         15         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             7         Crisil D (Issuer Not
                                     Cooperating)

   Secured Overdraft       1         Crisil D (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with JCCPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JCCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JCCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Incorporated in 2011 in Mumbai and promoted by Mr. Ankit Patel, Mr.
Narendra Patel, Mr. Hitesh Patel, and Mr. Jitendra Patel, JCCPL
constructs industrial, commercial, and residential buildings for
reputed real estate players. In November 2017, Choice International
Limited also became a shareholder of JCCPL after investing Rs 15
crore in the form of equity.


JAGDAMBA LIQUIFIED: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jagdamba
Liquified Steels Limited (JLSL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         3.25        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit/          16.25        CRISIL D (Issuer Not
   Overdraft facility                 Cooperating)

   Proposed Long Term     0.14        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              0.83        CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital        1.53        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

Crisil Ratings has been consistently following up with JLSL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JLSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JLSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JLSL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

JLSL, incorporated in 1993, is managed by Ms Usha Lohia, Mr Lokesh
Lohia, Mr Hari Mohan Lohia and Mr Young Singh Bahadur. The company
manufactures safety components such as specialty steel castings.


JAY AMBEY: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Jay Ambey Rice Mills Private Limited
        Mandi Moti Ganj, Mainpuri,
        Uttar Pradesh, India-205001

Insolvency Commencement Date: January 20, 2026

Estimated date of closure of
insolvency resolution process: July 19, 2026

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Babita Jain
              35B/6, Madhokunj, Rammohan Plaza,
              Allahabad-211002
              Email: jainbabita06@gmail.com
              Email: cirp.jayambeyricemills@gmail.com
  
Last date for
submission of claims: February 6, 2026


JAY DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay Durga
Enzymatic Private Limited (JDEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            5.00        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     4.41        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              0.59        CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with JDEPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JDEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JDEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JDEPL continues to be 'Crisil D Issuer not cooperating'.  

JDEPL was incorporated in 2012; operations are handled by Mr
Kailash Prusty and Mr Deepak Prusty. The company manufactures wall
putty and cement paints, and trades in white cement. It is based in
Cuttack, Odisha, and has a production capacity of 10 tonne per day
of cement paints and 3 tonne per day of wall putty.


JAYAHO AGRI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jayaho Agri
Ventures Private Limited (JAVPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              12        CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with JAVPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JAVPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JAVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JAVPL continues to be 'Crisil D Issuer not cooperating'.  

Set up in 2009 by Mr. Nagothu Sleeva Raju and his family members,
JAVPL trades in tobacco. The company is based in Guntur district,
Andhra Pradesh.


JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jayarathana
Exports (JE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Export Packing          4.3       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Foreign Bill            4.0       CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Long Term Loan          0.2       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JE for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

JE was set up as a proprietorship firm by Mr Pradeep Shetty in
1992. It manufactures and exports readymade garments. The
manufacturing facilities are in Tirupur, Tamil Nadu.


KAMAL HITECH: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamal Hitech
Engineers Private Limited (KHEPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          Crisil B/Stable (Issuer Not
                                     Cooperating)

   Cash Term Loan         1.7        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KHEPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KHEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KHEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KHEPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

KHEPL was incorporated in 2000, it is located in SAS Nagar. KHEPL
is owned and managed by Mr. Verinder Malhotra. KHEPL manufactures
of ferrous & non-ferrous fasteners, special screws, machine screws,
self-tapping screws, washers and nuts having industrial and
domestic applications. KHEPL plant is located at Rajpura, Punjab.


KAMNA MEDICAL: CRISIL Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamna Medical
Centre Private Limited (KMCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility      1.91      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.15      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5.85      CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KMCPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KMCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KMCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


KMCPL, incorporated in 2006, is operating a 260-bed hospital in
Meerut (Uttar Pradesh). The company also commenced paramedical
courses under the medical college (300 seats per batch) named KMC
College of Nursing. Dr Sunil Gupta and Dr Pratibha Agarwal are the
promoters.


MINEX INDIA: CRISIL Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Minex India
(Minex) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with Minex for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Minex, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Minex
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Minex continues to be 'Crisil D Issuer not cooperating'.  

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


NAACHIYARS: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Naachiyars
(NC) continue to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with NC for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NC
continues to be 'Crisil B/Stable Issuer not cooperating'.  

Established as a partnership firm in 2015,NC is engaged in the
retailing of readymade garments for men, women and children with
one retail outlet in Madurai (Tamil Nadu). The firm started
commercial operations in August 2015. The firm is promoted and
managed by Mr. N Balasubramaniam.


NAGOORAR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagoorar
Enterprises (NE) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.44      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with NE for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NE
continues to be 'Crisil D Issuer not cooperating'.  

Set up in 1985, NE, a proprietorship firm of Mr N Shahul Hameed,
trades in scrap material such as mild steel, fly ash, and firewood,
sprint green and plastic scrap.


NATURAL FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Natural Foods
and Facials (NFF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        13         CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with NFF for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NFF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NFF continues to be 'Crisil D Issuer not cooperating'.  

Set up in 2009, and still in project stage, Chittoor (Andhra
Pradesh)-based NFF is setting up an agro commodity pulp
manufacturing unit, focusing on mango and tomato pulp. The firm is
a partnership between Mr Kishore Kumar Reddy, Chandrasekhar Reddy,
and their family and friends.


NECX PRIVATE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NEcX Private
Limited (NPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Funded Interest         0.84      CRISIL B-/Stable (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term      1.13      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital         4.03      CRISIL B-/Stable (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with NPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NPL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

NPL, incorporated in 2005, by Mr. Y Srinivas Rao, is a systems
integrators in IT solutions and education services business.


NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Age False
Ceiling Private Limited (NAFCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with NAFCPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NAFCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
NAFCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NAFCPL continues to be 'Crisil D/Crisil D Issuer not
cooperating'.  

NAFCPL, incorporated in 2008, manufactures false ceilings at its
facility in Nagpur, Maharashtra. It started production in 2012;
before that, it traded in false ceiling materials. Mr Manoj Gupta
and family are the promoters.


NOOR INDIA: CRISIL Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Noor India
Buildcon Private Limited (NIBPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit/            7         CRISIL D (ISSUER NOT
   Overdraft facility                COOPERATING)

Crisil Ratings has been consistently following up with NIBPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NIBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NIBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NIBPL continues to be 'Crisil D Issuer not cooperating'.  

NIBPL was incorporated in 2006, promoted by Mr Mohamadali Saiyed
and his family members. The company undertakes civil construction
work (mainly buildings) in Gujarat. The company specialises in
setting up paper mills. It is undertaking a residential real estate
project in Vapi, Gujarat.


RICHA INDUSTRIES: ED Arrests Former Resolution Professional
-----------------------------------------------------------
The Hindu reports that the Enforcement Directorate has arrested the
former Resolution Professional of Richa Industries Limited (RIL)
and taken him into eight-day custody in connection with the
allegation that he was a beneficiary of the Proceeds of Crime (PoC)
in the case.

The Hindu relates that the accused, identified as Arvind Kumar,
worked as the company's Resolution Professional from December 2018
to June 2025.

The ED had earlier arrested RIL's former promoter and suspended
managing director, Sandeep Gupta. Its probe is based on a First
Information Report registered by the Central Bureau of
Investigation alleging losses to the public sector banks to the
tune of INR236 crore from 2015 to 2018.

According to The Hindu, the agency alleged that during Mr. Kumar's
tenure as Resolution Professional, substantial funds from RIL were
diverted to individuals and entities closely linked to him. "Large
payments were routed from the corporate debtor's accounts to these
intermediaries, who then transferred significant amounts back to
Arvind Kumar's personal bank accounts," it alleged.

The ED said bank records showed unexplained cash deposits exceeding
INR80 lakh in his personal accounts, along with credits of over
INR1 crore received from his related parties who had earlier been
beneficiaries of payments from the company, The Hindu relays.

Based on the findings, he has been accused of projecting illicit
funds as legitimate receipts under the guise of Corporate
Insolvency Resolution Process-related operations. He allegedly
colluded with the former RIL promoters by allowing them continued
operational control over key projects and assets, authorising their
involvement in decision-making.

There was "deliberate non-filing of avoidance applications under
relevant IBC (Insolvency and Bankruptcy Code) provisions despite
clear indicators of preferential, undervalued, fraudulent, and
extortionate transactions identified in audit reports, enabling the
retention and enjoyment of illicit proceeds by the original
perpetrators".

He allegedly forwarded ineligible resolution plans submitted by
entities controlled by the promoter-family and "grabbed" crores of
funds from parties on the pretext of sale of company or its assets
to them without any authorisation or proper documentation,
according to The Hindu.

"Due to acts of RP (Resolution Professional) in orchestrating a
'pro-promoter' conspiracy, it has resulted in a staggering 94% loss
(haircut) to public sector banks. After liquidation of RIL, banks
have just received INR40 crore against the admitted claims of
INR708 crore . . . the RP's registration was suspended by the
Insolvency and Bankruptcy Board of India for two years on related
contraventions," the ED said.

Richa Industries Limited engages in textile, and construction and
engineering businesses in India and internationally.

Richa Industries Limited was placed into liquidation on June 11,
2025.


SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            5.00       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.75       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSCPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSCPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr. Jami
Ramesh and Mrs. Jami Kavita who also looks after the operations.


SHREE SHIDDHANATH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shree Shiddhanath Cotex Private Limited
Registered & Business Address:
        Krushnakunj, Plot No.11, Shree Rajresidency,
        Behind Rajshrungar Party Plot,
        150 Feet Ring Road, Rajkot,
        Gujarat – 360005

        Also at:
        Textile mill, GJ SH 119,
        Rupavati, Chotila,
        Gujarat - 363520

Insolvency Commencement Date: January 21, 2026

Estimated date of closure of
insolvency resolution process: March 20, 2026

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mavent Restructuring Services LLP
       S-376, Panchshila Park, Panchsheel Enclave,
              South Delhi, New Delhi -110017
              Email: caakhilahuja@gmail.com

              Floor No. 8, Flat No. 803,
              Chandak Cornerstone, David S Barretto Road,
              Upper Worli, Mumbai, Maharashtra- 400018
              Email: cirp.shreescotexlimited@gmail.com

Last date for
submission of claims: February 4, 2026


SMARTSTERS PRIVATE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: SMARTSTERS PRIVATE LIMITED
        Floor 3, A Block, Shivsagar Estate, Dr.
        Annie Besan Road Nr. Nehru Center Transit Camp,
        Worli, Mumbai City, Mumbai, Maharashtra, India-400018

Liquidation Commencement Date: January 19, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: VIVEK G GAGGAR
     B-1101, Evoke, Arkade Art, Vinay Nagar,
            Mira Road East, Maharashtra, Thane- 401107
            Email: vivek.gaggar@nvrandco.com
            Mobile: +91 8097566838
            Email: smartstersvol@gmail.com
  
Last date for
submission of claims: February 18, 2026


SOFTWARE AG: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: SOFTWARE AG (INDIA) PRIVATE LIMITED
No 1251 & 1260 14th Floor,
        B Wing, Mittal Tower, M G Road,
        Bangalore, Bangalore,
        Karnataka, India, 560001

Liquidation Commencement Date: January 23, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Rakesh Maganlal Nathwani
     G-504, Mystique Moods, Behind Symbiosis College,
            Vimannagar, PUNE 411014
            Email: rakesh@carmn.in
            Contract: 9503006408
            Correspondence Email: asindia1123@gmail.com

Last date for
submission of claims: February 21, 2026


SUVARNABHOOMI INFRA: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: SUVARNABHOOMI INFRA DEVELOPERS PRIVATE LIMITED
        DOOR NO. 50-22-12 FLAT NO. 201 SRI BALAJI RESIDENCY,
        TPT COLONY, SEET, HAMMADHARA
        VISHAKHAPATANAM, ANDRAPRADESH,
        PIN CODE 530013

Insolvency Commencement Date: January 20, 2026

Estimated date of closure of
insolvency resolution process: July 19, 2026

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: K.J.VINOD
       FLAT NO B-602, SANTHA TOWERS,
              PARUTHIPATTU, AVADI, CHENNAI,
              TAMILNADU, PIN CODE 600 071  
              Email: sidpl.cirp@gmail.com

Last date for
submission of claims: February 3, 2026


TAKSHASHILA HEIGHTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Takshashila Heights India Private Limited
Block-B, F, P No. 583(B,C) Paiki,
        T.P No 3/5, Takshashila Elegana,
        beside FortunePark Hotel,
        Towards nagri Hospital from Gujarat,
        Ellisbridge, Ahmedabad, Ahmadabad City
        Gujarat, India, 380006

Insolvency Commencement Date: January 21, 2026

Estimated date of closure of
insolvency resolution process: July 20, 2026 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Abhijit Gokhale
              Orion Resolution & Turnaround Private Limited
       811, Meadows Sahar Plaza Sub Plot A
              Building No. 6 AK Road
              Next to Kohinoor
              Continental Mumbai -400059
              Email: ipe@orionipe.com
              Email: cirp.thipl@gmail.com

Authorized Representative of
Creditors in a class:

              Mr. 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

              Mrs. Indira Suresh Vora
              A2, Shivpujan Duplex, Nr. Shail Ganga Society,
              Chandkheda, Ahmedabad, Gujarat 382424
              Email: indira.vora@yahoo.com

              Mr. Manish Kumar Bhagat
              Block B-1204, Shilp Corporate Park,
              B/S Aaron Spectrum, Rajpath Road,
              Bodakdev, Ahmedabad, Gujarat, 380054
              Email: mbhagat2003@gmail.com

Last date for
submission of claims: February 4, 2026


VREP CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrep
Construction and Consultants Private Limited (VCCPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           0.5        CRISIL C (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with VCCPL for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VCCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCCPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.


VCCPL initially established as a partnership firm by Mr. S.
Saikumar (Mechanical engineering with 25 years of experience and
background for setting up of Industrial project for beverages,
breweries, dairy, garments, soaps & detergents etc) in 2008 with
registered office in Bangalore, Karnataka , was converted into a
private limited company in 2012. The company undertakes civil
works, mainly commercial and residential projects, from private
players by bidding through tenders. The promoters of the company
have over 25 years of experience in the construction industry.


ZERO MASS: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Zero Mass
Private Limited (ZMF; a part of the ALW group) continues to be
'Crisil B-/Stable Issuer not cooperating'.  

                           Amount
   Facilities          (INR Crore)   Ratings
   ----------          -----------   -------
   Proposed Long Term       15       Crisil B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with ZMF for
obtaining information through letter and email dated December 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ZMF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ZMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ZMF continues to be 'Crisil B-/Stable Issuer not cooperating'.  

ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and trading
and delivery systems. ZMF operates as one of the largest business
correspondents for State Bank of India (SBI, rated 'CRISIL
AAA/CRISIL AA+/FAAA/Stable') and is engaged in the extension of
banking services in the rural and urban areas of India where
banking penetration is limited. The group is managed and operated
by Mr. Anurag Gupta.




=========
J A P A N
=========

NIPPON STEEL: Projects Larger Full-Year Loss of JPY70 Billion
-------------------------------------------------------------
The Japan Times reports that Nippon Steel said on Feb. 5 that it
projects a larger net loss than previously expected for the fiscal
year through next month due partly to a fire that broke out at a
plant in Muroran, Hokkaido, last December.

According to The Japan Times, the steelmaker now projects a
consolidated net loss of JPY70 billion, compared with its previous
forecast for a loss of JPY60 billion, as consequences of the fire,
including reduced shipments, hit its bottom line by JPY40 billion.

The company kept the projected contribution by United States Steel
to its earnings at zero because of the U.S. steelmaker's sluggish
financial performance.

The Japan Times relates that Takahiko Iwai, senior managing
executive officer at Nippon Steel, said at a news conference that
while U.S. steel prices are picking up, severe weather there is
affecting parts supply.

"We didn't project earnings contributions due to high uncertainty,"
Iwai said of the U.S. company that Nippon Steel acquired last
June.

Nippon Steel swung to a net loss of JPY45 billion in April-December
2025 from a profit of JPY362 billion a year before, The Japan Times
discloses.

The Japan Times notes that the red ink primarily reflected
significant restructuring losses as Nippon Steel dissolved a joint
venture in the United States with a major European steelmaker in
connection with the acquisition of U.S. Steel.

Lower international steel prices amid Chinese overproduction also
weighed on Nippon Steel's earnings.

Nippon Steel Corporation manufactures steel products. The Company
mainly produces and sells steel plates, steel pipes, structural
steel, and more. Nippon Steel also offers chemicals, new materials,
and other products.




=========
M A C A U
=========

WYNN MACAU: Fitch Affirms 'BB-' IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Wynn Resorts, Limited's (WRL) and
subsidiaries' (collectively Wynn) Issuer Default Ratings (IDRs) at
'BB-'. The Rating Outlook is Stable. The subsidiaries are Wynn
Resorts Finance, LLC (WRF), Wynn Las Vegas, LLC (WLV), Wynn Macau,
Limited (WML), and WM Cayman Holdings Limited II (WMC). Fitch also
affirmed Wynn's senior secured and unsecured debt at 'BB+' with a
Recovery Rating of 'RR1' and 'BB-'/'RR4', respectively.

Wynn Resorts Limited's ratings reflect its high-quality gaming
portfolio, strong positions in Macau and Las Vegas that target
high-valued customers and robust liquidity to fund near-term
capital projects. These strengths are balanced against modest
diversification and sizable capital needs for current and potential
projects, which could slow credit improvement.

The Stable Outlook reflects Fitch's view that the Macau market will
keep growing, despite potential headwinds in the Chinese economy,
Wynn's strong market position in the Las Vegas market and strong
FCF generation.

Key Rating Drivers

Leverage Modestly High: Fitch projects EBITDAR leverage for 2025 at
5.7x, slightly higher than 5.4x in 2024. This is due to weaker
results in Macau and Las Vegas, with debt relatively unchanged. The
forecast is still within Fitch's prior expectations and the company
is expected to be FCF positive over the forecast horizon.
Management does not have an explicit leverage financial policy, but
the balance sheet has been prudently managed over the years,
despite taking on developments that temporarily increase leverage.
Wynn views its stock repurchase program as opportunistic and
reflects management's view of the intrinsic value of stock versus
the market price.

Strong Liquidity: Wynn holds $1.49 billion in cash and a further
$475 million of short-term investments. Availability on the Wynn
Resorts (WRF) revolver is $1.23 billion and $1.36 billion on the
Wynn Macau revolver (WMC). Fitch anticipates the company to remain
FCF positive through 2026 as it completes several major capital
expansion projects. In 2027, Fitch expects FCF to grow as no major
capital expansion projects are anticipated. Fitch does not expect
material debt reduction, but EBITDA growth from those projects,
including cash flow from Al Marjan through dividends and management
fees, is expected to lead to improved debt metrics.

Macau Should Provide Upside: Fitch expects Wynn's two Macau
properties to come in below 2024, due to a slower than expected
rebound in Macau and more intense competitive pressures. Gross
gaming revenues have shown strong improvement in the second half of
2025, which is expected to continue into 2026 given easier
comparisons. Fitch forecasts modest growth through 2026-2028 for
Wynn's Macau properties due to the continued uncertainty of the
Chinese economy and continued promotional pressure.

Competitive Market Position: Wynn casino and hotel properties are
considered best in class and focus on high-end value customers.
Although the company is not immune to economic downturns, it has a
history of outperforming downturns given its customer base. Fitch
expects EBITDAR at its Las Vegas properties to decline
approximately 5% in 2025, although outperforming other Las Vegas
focused companies that include hotels catering to a lower economic
value customer. Profitability at Wynn's casino portfolio is
expected to be less volatile during cyclical economic periods.

Al Marjan Upside: Wynn has a 40% equity interest in Island 3 AMI
FZ-LLC, which is building an integrated resort called Wynn Al
Marjan Island in Ras Al Khaimah, UAE, expected to open in 2027. The
project's estimated cost is $5.1 billion, with Wynn's contribution,
excluding the Janu project, of about $1.1 billion. Fitch expects
the company to receive cash distributions, management and license
fees of about $260 million a year at steady state in its base case,
consistent with Wynn's guidance. The project is seen as an
attractive opportunity given limited local competition, strong
demographics and high-value customer appeal. Risks include
higher-than-expected costs, delayed opening and
slower-than-expected visitation growth.

Strong Parent and Subsidiary Linkage: Fitch views Wynn on a
consolidated basis because the linkage between the parent and the
operating subsidiaries is strong. As a result, Fitch applied the
strong parent/weak subsidiary approach under its Parent and
Subsidiary Linkage Rating Criteria. The linkage reflects the
perceived high strategic and operational incentive, as the
subsidiaries share brands and customers across the system. Of note,
there are no material ring-fencing mechanisms to block cash
movement from the subsidiaries. WRF's bonds are cross-defaulted
with WLV's bonds.

Peer Analysis

Wynn has high-quality assets and operates in attractive regulatory
regimes, while typically maintaining strong liquidity. The
company's competitive position is strong given its high-quality
assets and service. Leverage is high for a 'BB-' issuer, but this
is offset by Wynn's strong liquidity, market position, and lower
volatility of earnings.

MGM Resorts International (BB-/Stable) has greater diversification
and has a larger scale. MGM also has lower EBITDA leverage,
although this is offset by a lower EBITDAR fixed-charge coverage
ratio, as MGM has sale-leaseback agreements on most of its
properties. Wynn and MGM operate in the top tier of their
respective markets, but MGM also has properties that are marketed
to lower- to mid-tier customers, which results in lower margins and
are susceptible to more downside risk in economically challenging
periods.

Las Vegas Sands (BBB-/Stable) has a larger presence in Macau with
five gaming properties and operates one of the highest grossing
casinos in the world in Singapore. Both companies focus on premium
gaming customers in large gaming markets, although LVS has a lower
forecasted 2025 EBITDAR leverage at 3.3x compared with Wynn at
5.7x.

Fitch’s Key Rating-Case Assumptions

- Macau EBITDA in 2026 is expected to be mid to high-digit
increases. Recent revenue growth suggests higher revenue growth,
but promotional activity may be a headwind.

- Las Vegas operations in 2026 are expected to remain relatively
flat. The company has strong group and convention business and the
entertainment environment in the city continues to grow, but
concerns about lower economic growth could limit upside.

- Encore Boston Harbor is expected to remain stable throughout the
forecast period.

- Wynn Al Marjan Island is expected to open in 2027, Fitch has not
applied any credit to EBITDA to account for it given the
uncertainty of the exact timing of the opening and the expected
minimal cash impact from management fees. Fitch views the project
to be credit-accretive post 2027 given the unique aspects of the
property's location and brand. Assuming the property operates at
the base case of $260 million in FCF, leverage in 2027, on a steady
rate, would reduce to 5.2x.

- Capex and investment activity include the Macau concession
agreements, the UAE resort development, and expected room
renovations in Las Vegas.

- Base interest rate assumptions reflect the current SOFR curve.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (bbb,
Moderate), Diversification and Asset Quality (b+, Moderate),
Company Operational Characteristics (bbb-, Moderate), Profitability
(bbb-, Moderate), Financial Structure (b, Higher), and Financial
Flexibility (bb+, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a' results in no
adjustment.

- The SCP is 'bb-'.

- No further adjustments made to SCP resulting in an IDR of 'BB-'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDAR leverage exceeding 6.0x on a sustained basis;

- EBITDAR fixed charge coverage sustaining below 2.5x;

- An increase in financial commitments due to new development
projects or increased capital allocations to shareholders that
anticipates the company will breach the EBITDAR leverage or EBITDAR
fixed-charge coverage targets described above.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- EBITDAR leverage declining below 5.0x;

- EBITDAR fixed-charge coverage above 3.0x;

- Maintain strong liquidity in order to ensure capital spending and
working capital needs are sufficiently financed.

Liquidity and Debt Structure

Liquidity includes $1.5 billion in cash, $475 million in short-term
investments, $1.235 billion of availability on the WRF revolver and
$1.36 billion available on its WML revolver as of Sept. 30, 2025.
The company has strong access to capital, as exhibited by its
ability to refinance 2026 bond maturities for Wynn Macau in 2025,
and extend maturities and increase commitments for its bank
facilities.

Fitch expects FCF could materially grow in 2027 after obligations
for Al Marjan and other current capex projects are completed. The
company has not explicitly stated that proceeds would be used to
repay debt, the returns on these investments should lead to
improved credit metrics. At this time, there are no other long-term
capital projects in 2027 and beyond other than maintenance capex.

Issuer Profile

Wynn Resorts, Limited owns and operates Encore Boston Harbor, Wynn
Las Vegas (including Wynn Encore) and through its 72% owned
subsidiary, Wynn Macau Limited, Wynn Macau and Wynn Palace in
Macau, SAR.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The 2035 EBITDA rated climate.VS for Wynn is 54, suggesting
elevated exposure to climate related risks. This is because of high
concentration of EBITDA coming out of Macau, which has high risk of
flooding, and Las Vegas, which has high water stress.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
WM Cayman Holdings
Limited II              LT IDR BB-  Affirmed              BB-

   senior unsecured     LT     BB-  Affirmed   RR4        BB-

Wynn Macau, Limited     LT IDR BB-  Affirmed              BB-

   senior unsecured     LT     BB-  Affirmed   RR4        BB-

Wynn Las Vegas LLC      LT IDR BB-  Affirmed              BB-

   senior unsecured     LT     BB-  Affirmed   RR4        BB-

Wynn Resorts, Limited   LT IDR BB-  Affirmed              BB-

Wynn Resorts
Finance, LLC            LT IDR BB-  Affirmed              BB-

   senior unsecured     LT     BB-  Affirmed   RR4        BB-

   senior secured       LT     BB+  Affirmed   RR1        BB+




===============
M A L A Y S I A
===============

RENEUCO BHD: Seeks Further Six-Month Extension For PN17 Plan
------------------------------------------------------------
BusinessToday reports that Reneuco Berhad has applied for a fresh
six-month extension to submit its long-awaited regularisation plan
to Bursa Malaysia Securities.

If approved, the new deadline for the company to address its
Practice Note 17 (PN17) status will be pushed to Aug. 7, 2026,
BusinessToday says. This marks the latest attempt by the group to
avoid a potential suspension and de-listing from the Main Market.

According to BusinessToday, Reneuco's journey under the PN17
umbrella began in February 2024, following a "disclaimer of
opinion" by its external auditors regarding its FY2023 financial
statements. Since then, the company has faced significant liquidity
constraints and operational hurdles.

On Aug. 28, 2025, Bursa Securities granted a six-month extension
that expired on Feb. 7, 2026.

Through its principal adviser, TA Securities Holdings Berhad,
Reneuco submitted the formal application on, February 6, just 24
hours before the existing grace period ended.

BusinessToday says the group has been battling on multiple fronts
as it works on its recovery roadmap. Recent developments have added
layers of complexity to its regularisation efforts:

     * On Feb. 5 Reneuco announced a proposed Scheme of Arrangement
(SOA) and applied for a Restraining Order to protect the company
from legal proceedings by creditors while it restructures its
debts.

     * On Jan. 9 Bursa Securities publicly reprimanded and fined
Reneuco and five of its directors for failing to issue its 2023
Annual Report on time—the very delay that initially triggered its
PN17 status.

To shore up cash, the group recently divested a solar plant to
Sunview Group for MYR70 million in December 2025, though the latter
subsequently reported significant audit adjustments related to the
deal, BusinessToday says.

                       About Reneuco Berhad

Reneuco Berhad is a Malaysia-based company involved in sustainable
energy and utilities activities.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
13, 2024, Reneuco Bhd has fallen under the Practice Note 17 (PN17)
classification after its auditors expressed a disclaimer opinion on
its unaudited financial statements for the period ended Sept. 30,
2023.




=====================
N E W   Z E A L A N D
=====================

IMPERIAL GROUP: Court to Hear Wind-Up Petition on Feb. 24
---------------------------------------------------------
A petition to wind up the operations of Imperial Group Limited will
be heard before the High Court at Auckland on Feb. 24, 2026, at
12:00 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 1, 2025.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


LLCOOLJ HOSPO: Creditors' Proofs of Debt Due on March 13
--------------------------------------------------------
Creditors of Llcoolj Hospo Group Limited (trading as Fox's Hawker
House & Garden) are required to file their proofs of debt by March
13, 2026, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2026.

The company's liquidator is:

          Lynda Smart
          Rodgers Reidy
          PO Box 39090
          Harewood
          Christchurch 8545


QUALITY HOME: Court to Hear Wind-Up Petition on Feb. 12
-------------------------------------------------------
A petition to wind up the operations of Quality Home Services
Limited will be heard before the High Court at Invercargill on Feb.
12, 2026, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 20, 2025.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


WILKES PAINTING: Creditors' Proofs of Debt Due on March 9
---------------------------------------------------------
Creditors of Wilkes Painting & Contracting Limited are required to
file their proofs of debt by March 9, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 1, 2026.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


WOLF CONSTRUCTION: Commences Wind-Up Proceedings
------------------------------------------------
Members of Wolf Construction Limited on Jan. 29, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




=================
S I N G A P O R E
=================

AUTOCREW PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 30, 2026, to
wind up the operations of Autocrew Pte. Ltd.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

The company's liquidators are:

          Goh Wee Teck
          Ng Kian Kiat
          RSM SG Corporate Advisory  
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


GOODWILL SHIPPING: Court to Hear Wind-Up Petition on Feb. 20
------------------------------------------------------------
A petition to wind up the operations of Goodwill Shipping Supply &
Services (S) Pte. Ltd. will be heard before the High Court of
Singapore on Feb. 20, 2026, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 26, 2026.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


THAMES WATER: Final Meeting Scheduled for March 12
--------------------------------------------------
Creditors of Thames Water Asia Pte Ltd will hold their final
meeting on March 12, 2026, at 2:30 p.m., via electronic means.

At the meeting, Tan Kim Han, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


YUANTAI FUEL: Court to Hear Wind-Up Petition on Feb. 13
-------------------------------------------------------
A petition to wind up the operations of Yuantai Fuel Trading Pte.
Ltd. will be heard before the High Court of Singapore on Feb. 13,
2026, at 10:00 a.m.

Hin Leong Trading (Pte.) Ltd filed the petition against the company
on Jan. 15, 2026.

The Petitioner's solicitors are:

          Drew & Napier
          10 Collyer Quay
          #10-01 Ocean Financial Centre
          Singapore 049315




=====================
S O U T H   K O R E A
=====================

[] KOREA: Low ESG Scores Linked to Higher Default Risk for Firms
----------------------------------------------------------------
Eco-Business reports that South Korean companies with weak
environmental, social and governance (ESG) scores face a
significantly higher risk of default, a new study has found.

Eco-Business relates that the research, published in the Financial
Studies journal of the Korean Finance Association, examined 1,084
non-financial firms listed on the KOSPI and KOSDAQ markets from
2012 to 2023. Drawing on ESG data from Seoul-based research firm
Korea ESG Standards Institute, it measured how negative incidents
in environmental, social and governance categories, reflected as
score deductions, affected firms' subsequent default risk.

According to Eco-Business, firms with ESG score downgrades were
more likely to face default in the following year, with social
issues, including industrial accidents and consumer-related
problems, showing the strongest statistical link to default risk.
The authors said the results show that "ESG controversies can go
beyond reputational damage and materially increase the risk of
corporate default."

The study also found that weaker board independence amplified the
financial impact of ESG controversies, and that firms with higher
foreign ownership saw default risk rise more sharply following ESG
issues. Manufacturing companies appeared more exposed to these
risks than service firms, Eco-Business relays.

Eco-Business says the findings align with a growing body of
international research exploring ESG's relationship with corporate
risk. A recent study on mainland-listed Chinese, or A-Share, firms
found that stronger ESG performance was associated with lower
corporate debt default risk, suggesting that broader ESG engagement
can help diversify funding sources and optimise market dynamics,
though effects vary by firm characteristics and climate risk
exposure.

Other academic work has linked robust ESG performance to reduced
financial distress and lower systemic or stock price crash risk,
while research reviews indicate that ESG and firm risk studies have
multiplied in recent years, without a universal consensus on
mechanisms, Eco-Business notes.

According to Eco-Business, the global push for better ESG data and
transparency may also shape how such risks are priced. Regulators
in markets including the United Kingdom and European Union are
moving to strengthen oversight of ESG ratings providers to address
methodological opacity and conflicts of interest, a development
market participants say could affect how investors assess corporate
sustainability and risk.

Eco-Business relates that the Korean study's authors said their
work is among the first to quantify how negative non-financial
performance translates into default risk for domestic listed firms,
and that minimising ESG controversies is not only critical for
competitiveness but fundamental to corporate survival.

South Korea has been actively expanding mandatory and
semi-mandatory ESG disclosure frameworks at the corporate level,
aligning national requirements with international standards, but
its corporate ESG scores perform relatively low compared with major
advanced Asian and Western markets.

According to the Korea Institute for International Economic Policy,
South Korea Korean companies' ESG scores ranked near the bottom
when compared against firms from the US, Japan, China and other key
Asian economies, suggesting slower or less comprehensive adoption
of ESG practices in some areas, Eco-Business adds.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***