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260210.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, February 10, 2026, Vol. 29, No. 29 Headlines A U S T R A L I A AUSTRALIAN ALUMINIUM: Second Creditors' Meeting Set for Feb. 12 CO INDUSTRIES: First Creditors' Meeting Set for Feb. 17 DAVCRON ENGINEERING: First Creditors' Meeting Set for Feb. 16 DETLEV'S ELECTRICAL: First Creditors' Meeting Set for Feb. 13 HEALTHSCOPE NEWCO: Rescue Plan Favors Hedge Funds, Landlords Claim KLEAR PICTURE: First Creditors' Meeting Set for Feb. 13 TT-LINE: Old Spirit Ferries Up Sale With New Berth 'On Track' C H I N A SENMIAO TECHNOLOGY: Reports Nasdaq Compliance After Subsidiary Sale I N D I A AJAY INGOT: CARE Lowers Rating on INR18cr Long Term Loan to B ALCHEMIST LIMITED: NCLT Cancels Insolvency Case Against Company ARRAY LAND: CARE Keeps D Debt Rating in Not Cooperating Category ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating BAJPE ZAKARIYA: CARE Keeps B- Debt Rating in Not Cooperating BHANDARI AGROFEEDS: CARE Keeps B Debt Rating in Not Cooperating CARBYNE SPARTEK: Insolvency Resolution Process Case Summary CONTEC SYNDICATE: CARE Lowers Rating on INR3.47cr LT Loan to B- DHANRAJ AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating DUNGARMAL DHANRAJ: CARE Keeps B- Debt Rating in Not Cooperating FANTAIN SPORTS: Voluntary Liquidation Process Case Summary FEEDBACK INFRA: CARE Keeps D Debt Ratings in Not Cooperating FORTUNE'S SPARSH: Insolvency Resolution Process Case Summary GANCO ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category GAYATRI SEA: CARE Keeps D Debt Ratings in Not Cooperating Category GOLDEN SPINNING: CARE Lowers Rating on INR8.41cr LT Loan to B- JAIPRAKASH ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating JANANI AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category JTM CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category KAS INDUSTRIES: CARE Lowers Rating on INR60.76cr LT Loan to B+ KNAUF AMF: Voluntary Liquidation Process Case Summary KSBL SECURITIES: Liquidation Process Case Summary LEELA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating MACRO DAIRY: Liquidation Process Case Summary MANNE LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating METHRA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating MILLENIA BUILDWORTH: Insolvency Resolution Process Case Summary MKMS BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating NARAYAN BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating NOVARC LABS: CARE Keeps D Debt Rating in Not Cooperating Category PNEUMATICS AUTOMATION: Voluntary Liquidation Process Case Summary PRAKASH WHITEGOLD: CARE Keeps B- Debt Rating in Not Cooperating RAUSHEENA EXIM: CARE Keeps B- Debt Rating in Not Cooperating RELIANCE COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating ROYAL GARDEN: CARE Keeps B- Debt Rating in Not Cooperating SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category SIL TRANSMISSION: Voluntary Liquidation Process Case Summary SMAAASH LEISURE: Insolvency Resolution Process Case Summary SUPERTECH: SC Orders NBCC to Complete 16 Stalled Housing Projects SYSKA E-RETAILS: Liquidation Process Case Summary TORQUE AUTOMOTIVE: Liquidation Process Case Summary TULSI TRADING: CARE Keeps D Debt Rating in Not Cooperating VARSACE APPARELS: Insolvency Resolution Process Case Summary VATIKA GROUP: Bankruptcy Court Orders Insolvency Proceedings M A L A Y S I A 1MDB: Ex-Goldman Sachs Banker Leissner Goes to Prison for Fraud N E W Z E A L A N D CASCADE INTERNATIONAL: Creditors' Proofs of Debt Due on March 3 CHIEF CLADDING: Court to Hear Wind-Up Petition on Feb. 24 DRONE BROTHERS: Placed Into Liquidation HUNUA RD: Placed Into Liquidation Owing NZD1.12 Million LONG RIVER: Court to Hear Wind-Up Petition on Feb. 26 TOTAL ROOFING: Creditors' Proofs of Debt Due on March 2 WILKES PAINTING: Creditors' Proofs of Debt Due on March 9 S I N G A P O R E BABY EXPRESS: Court to Hear Wind-Up Petition on Feb. 13 BISHAN REALTY: Creditors' Proofs of Debt Due on March 9 GENEVA HOLDINGS: Court to Hear Wind-Up Petition on Feb. 20 GOODWILL SHIPPING: Court to Hear Wind-Up Petition on Feb. 20 YUANTAI FUEL: Court to Hear Wind-Up Petition on Feb. 13 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN ALUMINIUM: Second Creditors' Meeting Set for Feb. 12 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Australian Aluminium Finishing Pty Limited has been set for Feb. 12, 2026, at 11:00 a.m. at the offices of Vincents Chartered Accountants, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via virtual meeting technology. 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. 11, 2026 at 5:00 p.m. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Jan. 7, 2026. CO INDUSTRIES: First Creditors' Meeting Set for Feb. 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Co Industries Tas Pty Ltd will be held on Feb. 17, 2026, at 10:00 a.m. at the offices of Rodgers Reidy, at Ground Floor, Cnr Bathurst & Argyle St, in Hobart, TAS, and virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidy was appointed as administrators of the company on Feb. 4, 2026. DAVCRON ENGINEERING: First Creditors' Meeting Set for Feb. 16 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Davcron Engineering Pty Ltd will be held on Feb. 16, 2026, at 9:00 a.m. at the offices of Rodgers Reidy, at Level 12, The University Centre, 210 Clarence Street, in Sydney, NSW, and also virtually by way of Zoom Application. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on Feb. 4, 2026. DETLEV'S ELECTRICAL: First Creditors' Meeting Set for Feb. 13 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Detlev's Electrical Pty Ltd, Office Headquarters Pty Ltd, and Synapse Global Distribution Pty Ltd will be held on Feb. 13, 2026, at 10:30 a.m. at the offices of Worrells, at Lvl 2, AMP Building, 1 Hobart Pl, in Canberra, ACT, and virtual meeting technology. Stephen John Hundy of Worrells was appointed as administrator of the company on Feb. 3, 2026. HEALTHSCOPE NEWCO: Rescue Plan Favors Hedge Funds, Landlords Claim ------------------------------------------------------------------ The Sydney Morning Herald reports that a landlord of failed private hospital operator, Healthscope, warned it would not be forced into rent concessions to pump up profits for opportunistic lenders who announced a rescue plan for the group on Feb. 6 as a not-for-profit. "The real purpose of the proposed Healthscope PurposeCo is to enrich offshore hedge funds at the expense of Australian taxpayers," SMH quotes Richard Roos, the co-head of Northwest's Australasian operations, as saying. "This sets a dangerous precedent if debt holders can successfully deploy a strategy to increase their returns by converting to a charitable entity and taking millions of Australian taxpayers' dollars." According to SMH, the hedge fund reference was to Britain-based Polus Capital and US group Canyon Partners, which hoovered up a significant amount of Healthscope's AUD1.7 billion loan for as little as 50¢ in the dollar, and stand to make a significant profit even if the group cannot pay back all the debt. Northwest owns 12 of the Healthscope hospital properties and Healthco - backed by rich lister David Di Pilla - owns 11. On Feb. 6, the receivers who were appointed to sell Healthscope on behalf of the lenders announced a plan to keep its remaining operations intact as a not-for-profit operation following its financial collapse last year, according to SMH. It followed the rejection of an offer for Healthscope's Prince of Wales Private in Sydney, which was the last offer being considered for five of the company's so-called crown jewels, which were put up for sale to the highest bidder. SMH says onerous rents were named as one of the issues that had led to Healthscope's financial collapse last year. The receivers will commence negotiations for reduced rents now that lenders have opted to keep the rest of Healthscope intact as a not-for-profit. As a not-for-profit, Healthscope will not have to pay about AUD100 million in payroll tax each year. SMH relates that the receivers from McGrathNicol, led by Keith Crawford, said this 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. Mr. Crawford said NorthWest's own proposal included a not-for-profit operator and rent concessions, but he planned to engage with them about the Healthscope plan. "We look forward to NorthWest accepting our existing offer to sit down and be briefed on our plan in good faith." The private hospital sector provides about 70 per cent of elective surgeries in Australia, taking immense pressure off state and federal governments. SMH adds that the receivers also sent letters to the landlords requesting that they state what rent cuts they were prepared to offer, but the receivers would also need the landlords' approval for the Healthscope rescue to go ahead. 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. KLEAR PICTURE: First Creditors' Meeting Set for Feb. 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Klear Picture Pty Ltd and Klear Picture Custodian Pty Ltd ATF Klear Picture Capital Unit Trust will be held on Feb. 13, 2026, at 11:00 a.m. at the offices of Level 29, 360 Collins Street, in Melbourne, VIC. Creditors can attend virtually by electronic facilities. Sam Kaso of Cor Cordis was appointed as administrator of the company on Feb. 3, 2026. TT-LINE: Old Spirit Ferries Up Sale With New Berth 'On Track' ------------------------------------------------------------- ABC News reports that ferry operator TT-Line is confident its two new Spirit of Tasmania vessels will begin operating by October - but it said there is a "risk" its existing ships might not be sold by then. According to the ABC, the ferry replacement program, which includes a new berth in Devonport, has been plagued by significant delays and cost overruns over several years. But at a parliamentary inquiry earlier on Feb. 5, the state-owned company said it was optimistic the project was now on schedule and on budget. "I'm pleased to report to the committee that the vessel replacement and berth 3 Devonport project remains on target for first commercial sailings of Spirit of Tasmania 4 and 5 in October 2026," the ABC quotes TT-Line chief executive Chris Carbone as saying. Spirit IV, which was built more than a year ago, is currently anchored in Geelong at a cost of almost AUD900,000 a month. Spirit V, which has been docked in Scotland since late last year, is expected to travel to Australia next month. "It's approximately a two-month journey, and then we'll be here at the end of cruise season for fitting out," Mr. Carbone said, notes the report. "It's a logistical question about whether she comes first to Victoria and then to Tasmania, or just comes straight to Tasmania." The inquiry was told an international broker was engaged several months ago to find a buyer for the two older ferries that continue to operate in Bass Strait. The ABC relates that Mr. Carbone said there had been "some interest" in the vessels, which he said have a "book value" of about AUD50 million each. "So we're certainly working with the broker to try and sell our vessels." He said, if necessary, TT-Line was open to selling the ships and then leasing them back until the new vessels come online. But in an exchange with Labor's Treasury spokesman, Dean Winter, he acknowledged the sale might not happen before October. The ABC notes that TT-Line's finances have been the subject of ongoing scrutiny after the state's auditor-general last year formed the view it had become insolvent in July. The company, which was given a AUD75 million equity injection and had its debt capacity increased from AUD990 million to AUD1.4 billion in the same month, disputes the claim, the ABC relates. At the inquiry on Feb. 5, TT-Line chair Ken Kanofski said it had not accessed any of the additional debt, but expected to do so next month. He said that despite performing better than last year, the company was still expected to record a significant loss this financial year. "I think we have already talked about the fact we have four ships, only two of them are in service and earning revenue. "You know the substantial holding cost involved in those ships we have. "So, we will make a substantial loss after tax from an accounting perspective for the financial year." Despite the state of its books, TT-Line said it has no plans to increase ticket prices on the ferries, the ABC relays. "We've operated in a competitive market," Mr. Carbone said. "It's a very contested market when it comes to freight, and certainly from a passenger side of things, there's opportunities for people to fly and rent cars." TT-Line Company Pty Ltd is a Tasmanian government-owned company that operates the Spirit of Tasmania ferry service, connecting mainland Australia (Geelong, Victoria) to Tasmania (Devonport). The company provides transport for passengers, vehicles, and freight. ========= C H I N A ========= SENMIAO TECHNOLOGY: Reports Nasdaq Compliance After Subsidiary Sale ------------------------------------------------------------------- Senmiao Technology Limited on December 1, 2025, previously received a notification letter from The Nasdaq Stock Market LLC, which notified the Company of its non-compliance with the minimum stockholders' equity requirement, as outlined in the Nasdaq Listing Rules for continued listing on the Nasdaq stock exchange. Under Rule 5550(b)(1), the Company is required to maintain a minimum of $2,500,000 in stockholders' equity for continued listing. The Company reported a stockholder's equity of ($132,073) as of September 30, 2025, and as of November 30, 2025, the Company did not meet the alternative continued listing standards of market value of listed securities or net income from continuing operations. Under the Rules, the Company was given 45 calendar days to submit a plan to regain compliance. On December 31, 2025, the Company entered into certain acquisition agreement with Hu Mao Sheng Tang Holdings Limited, a non-affiliated Hong Kong company, pursuant to which the Company agreed to spin off 100% of the equity interests of its subsidiaries Sichuan Senmiao Yicheng Asset Management Co., Ltd., and Sichuan Senmiao Zecheng Business Consulting Co., Ltd. and its affiliates, to the Purchaser. On January 15, 2026, the Company submitted a compliance plan to Nasdaq reporting the completion of the Disposition on December 31, 2025. Following the completion of the Disposition, the Company believes that it has exceeded the minimum shareholders' equity requirement of $2,500,000, as set forth in Rule 5550(b)(1), thereby remediating the deficiency. As of January 30, 2026, the Company believes it has regained compliance with the stockholders' equity requirement based upon the consummation of the Disposition. Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement. If the Company fails to evidence compliance upon filing its quarterly report on Form 10-Q for the period ended December 31, 2025, with the U.S. Securities and Exchange Commission and the Nasdaq, the Company may be subject to delisting. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $4,682,368 in total assets, $4,771,498 in total liabilities, and $132,073 in total deficit. ========= I N D I A ========= AJAY INGOT: CARE Lowers Rating on INR18cr Long Term Loan to B ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ajay Ingot Rolling Mill Private Limited (AIRMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 18, 2024, placed the rating(s) of AIRMPL under the 'issuer non-cooperating' category as AIRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025, November 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of AIRMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in July, 2004, Ajay Ingot Rolling Mill Private Limited (AIRMPL) was promoted by Mr. Sanjay Kumar Agarwal and Mr. Vishnu Jindal, based out of Raigarh, Chhattisgarh. Since its inception, the company has been engaged in manufacturing of Thermo Mechanically Treated (TMT) bars with an installed capacity of 30,000 ton per annum (tpa) at its plant located at Raigarh, Chhattisgarh. ALCHEMIST LIMITED: NCLT Cancels Insolvency Case Against Company --------------------------------------------------------------- Timesnownews.com reports that the Enforcement Directorate (ED) on Feb. 5 said that the National Company Law Tribunal (NCLT) has recalled the Corporate Insolvency Resolution Process (CIRP) initiated against Alchemist Limited, observing that the "insolvency proceedings were vitiated by fraud, collusion and malicious intent." The law enforcement agency further added that the NCLT, exercising its powers under Section 65 of the Insolvency and Bankruptcy Code, 2016 (IBC), has categorically held that the insolvency framework cannot be misused as a shield to legetimise proceeds of crime or frustrate proceedings under the Prevention of Money Laundering Act (PMLA), Timesnownews.com relates. "The order of the NCLT reaffirms the settled legal position that PMLA proceedings and insolvency proceedings operate in distinct fields, and that the insolvency framework cannot be misused to defeat criminal law, confiscation, or investor restitution," the probe agency stated. Timesnownews.com says the ED case against Alchemist Limited from multiple FIRs filed by the Uttar Pradesh Police and Kolkata Police. During the money laundering investigation, it was found that Alchemist Holding and Alchemist Township had collected over Rs 1,840 crore from the public on the pretext of providing plots, villas, and higher returns. The probe, however, revealed that neither were apartments or plots delivered nor was the money returned, and the funds were diverted to other group companies, Timesnownews.com relays. Between 2021 and 2025, the ED filed three prosecution complaints and provisionally attached assets worth Rs 492.72 crore, adds Timesnownews.com. According to Timesnownews.com, the ED claimed that an application under Section 9 of the Insolvency and Bankruptcy Code was filed to initiate the CIRP against Alchemist Limited by Sai Tech Medicare Pvt. Ltd. Subsequently, a Committee of Creditors (CoC) was constituted. However, the ED alleged that the CoC largely comprised Alchemist Group entities, with Technology Parks Limited holding approximately 97 per cent voting rights. Alchemist Limited manufactures food and information technology products. The Company provides healthcare, hospitality, food processing, and road technology services. Alchemist serves customers globally. ARRAY LAND: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Array Land Developers Private Limited (ALDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.61 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 18, 2024, placed the rating(s) of ALDPL under the 'issuer non-cooperating' category as ALDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ALDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025 and November 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Array Land Developers Private Limited (ALDPL) was incorporated in the year 2008 and promoted by Mr. K Siva Kumar and Mrs. V. K. Shashikala. The company is engaged in wind power generation. ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Athaluri Sushma Sree (ASS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.43 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of ASS under the 'issuer non-cooperating' category as ASS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Athaluri Sushma Sree (ASS) was established in the year 2012, as a proprietorship concern by Mrs. AthaluriSushmaSree. The firm is engaged in Godown leasing business. ASS has constructed Godowns in Koiloor Village, Yadgir District, and Karnataka during April 2013 for lease purpose. The firm started receiving rental income from June 2014. The property is built on total land area of 12 acres comprising 4Godowns (Sai Radhika Rural Godowns) having storage capacity of 20,000 MT per Godown. ASS has entered into agreement with Karnataka State Warehousing Corporation (KSWC) for warehouse leasing for tenure of 10 years. The firm is undertaking a project for construction of warehouse at Belgaum on land area of 12 acres comprising of 5 godowns having storage capacity of 25000 MT per godown. BAJPE ZAKARIYA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bajpe Zakariya (BZ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of BZ under the 'issuer non-cooperating' category as BZ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BZ continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mr. Bajpe Zakariya is a successful business man who proposes to establish a Community hall with a seating capacity of 1000 people in Mangalore. The establishment will be containing a main hall, mini hall and the open air with dining. According to requirement of the customers both A/C and non-A/C facility will be provided. The registered office and the proposed property are also located in Mangalore, Karnataka. BHANDARI AGROFEEDS: CARE Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhandari Agrofeeds Private Limited (BAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of BAPL under the 'issuer non-cooperating' category as BAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhandari Agrofeeds Private Limited (BAPL) was incorporated on February 21, 2014 to set up a unit for manufacturing on animal and cattle feeds at Uluberia, Howrah. The unit has started commercial operations from October 2016.The day-today affairs of the company are looked after by Mr Rajesh Bhandari (Managing Director) along with the help of other directors and a team of experienced personnel. CARBYNE SPARTEK: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Carbyne Spartek Private Limited No. 145, Manasa Apartment, Saint Mary's Road, Alwarpet, Chennai - 600018, Tamil Nadu Insolvency Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: July 28, 2026 Insolvency professional: Sabbani Maruthi Interim Resolution Professional: Sabbani Maruthi New Mhada Ews Towers, Block 3C Flat No 303, Bangumagar, Goregaon (W), Mumbai Suburban, Maharshtra, 400104 Email: Maruthi.Sabbani18@gmail.com ip@carbynecirp.com Last date for submission of claims: February 12, 2026 CONTEC SYNDICATE: CARE Lowers Rating on INR3.47cr LT Loan to B- --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Contec Syndicate Private Limited (CSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.47 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/Short 21.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 5, 2024, placed the rating(s) of CSPL under the 'issuer non-cooperating' category as CSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 21, 2025, October 31, 2025 and November 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of CSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Contec Syndicate Private Limited (CSPL) was established on 30th January 1996. The company is managed by Mrs Vemulapalli Vishnupriya, Managing Director, a graduate in civil engineering assisted by Mrs Vunnam Vishnupriya, Executive Director. Both the directors are experienced in civil construction. Since inception, CSPL has been actively engaged in civil construction and Infrastructure development activities. Over the last few years, CSPL has undergone rapid expansion and is at present working in various parts of India in different public sector projects. The Company is under the category of “Special Class Civil Contractors” with Government of Andhra Pradesh, Telangana, Karnataka & Chhattisgarh States. The Company has gained experience mainly in construction of roads, bridges, and other infrastructure works. DHANRAJ AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dhanraj and Company (DC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of DC under the 'issuer non-cooperating' category as DC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s. Dhanraj & Co. (DC), a proprietorship firm, was established in 1986 by Mr. Dhanraj Kella. The firm is engaged in trading of sugar. The firm procures sugar from sugar mills and sells it to government warehouses i.e. District Supply Officer (DSO) controlled warehouses and other private players. The proprietor's son, Mr. Lalit Kella operates a group entity in the same line of business, viz., M/s. Dungarmal Dhanraj & Co. (DDCO) DUNGARMAL DHANRAJ: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dungarmal Dhanraj and Company (DDC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of DDC under the 'issuer non-cooperating' category as DDC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DDC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s. Dungarmal Dhanraj & Co. (DDC) was established by Kella family in 1986 as a partnership firm with three partners. Thereafter, it was converted into a proprietorship firm with Mr. Lalit Kella as the proprietor. The firm is engaged in trading of sugar. The firm procures sugar from sugar mills and sells it to government warehouses i.e. District Supply Officer (DSO) controlled warehouses and other private players. The proprietor's father, Mr. Dhanraj Kella, operates a group entity in the same line of business, viz., M/s. Dhanraj & Co. (DCO). FANTAIN SPORTS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Fantain Sports Private Limited Ground Floor, #15, Opposite 5th Element Spa, Near Adigas Hotel, Off Church Street, Rest House Cres, Cent Road, Bengaluru, Karnataka - 560001 Liquidation Commencement Date: January 23, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Vinay Kumar Singhal 411, Fourth Floor, Essel House, Asaf Ali Road, Near Turkman Gate, New Delhi, 110002 Tel: (999) 733-3663 Email: vinaysinghal.ip@gmail.com Last date for submission of claims: February 22, 2026 FEEDBACK INFRA: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Feedback Infra Private Limited (FIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 273.41 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 239.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 22.59 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Compulsorily 50.00 CARE D; ISSUER NOT COOPERATING Convertible Rating continues to remain Debentures under ISSUER NOT COOPERATING Category Non Convertible 30.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 10, 2025, continued to place the ratings of FIPL under the 'issuer non-cooperating' category as FIPL had failed to provide information for monitoring of the rating. FIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/emails dated January 8, 2026, January 9, 2026 & January 28, 2026. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings continue to take into account the delays in debt servicing obligation attributable to poor liquidity position of the company and the account has been classified as NPA by lenders. Detailed description of key rating drivers At the time of last rating on February 10, 2025, the following were the rating weaknesses and strengths (updated for the information available from stock exchange). Key weaknesses * Weak financial performance and poor liquidity position: The liquidity position of the company continues to remain poor on account of weak financial performance, leading to ongoing delays in debt servicing. On a consolidated level, company reported total operating income of INR528.94 crore in FY24. The net loss reported by the company amounts to INR265.60 crore in FY24 as against net loss of INR112.11 crore in FY24. Company is in discussion with lenders for the debt resolution options for the entire debt of FIPL and FEDCO with options of OTS or revised debt restructuring proposal. Key strengths * Experienced management team and long track record of operations: The founder promoters own 41.16% of FIPL through investment vehicle, Missions Holdings Private Limited and remaining ownership lies with banks and financial institutions. The board members include persons having vast experience in the field of infrastructure management and advisory. Feedback Infra Group is in the business of engineering consultancy, design, project supervision and management consultancy for more than 25 years. The group is diversified in infrastructure sector with core presence in transportation, energy, real estate & social infra. Liquidity: Poor The liquidity profile of the company remained poor as reflected by delay in servicing of debt obligations. Company has reported negative GCA in FY23 & FY24. The current ratio of the company also remained low at 0.37x as on March 31, 2024 (PY: 0.26x). Feedback Infra Group, established in 1990, is an integrated infrastructure services provider offering design and engineering consultancy, project management, operations & management as well as asset improvement services. The group is providing services in various infrastructure segments, viz, transportation (highways, metro projects etc), energy, real estate and social infrastructure. While commencing its operations in 1990 through FIPL in the infrastructure services business, over the years, the group entered into the operations and maintenance business for power plants and highways and energy distribution business. FIPL continues to provide advisory, construction management and engineering services and is the holding entity for companies that are into the business for operations & management, power distribution as well as entities for the international business in infrastructure sector. FIPL's shareholding includes banks and financial institutions, apart from the founder promoters' investment through Missions Holdings Private Limited. FIPL's wholly owned subsidiary FEDCO is operating distribution franchisee business at four divisions in Meghalaya, four divisions in Tripura and executes projects pertaining to Network Roll out Implementation (NRI). FORTUNE'S SPARSH: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Fortune's Sparsh Healthcare Private Limited Office No 19 N B Arcade Akurdi Main Road Mh Akurdi, Pune, Maharashtra, India - 411035 Insolvency Commencement Date: January 29, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 28, 2026 Insolvency professional: Birendra Kumar Agrawal Interim Resolution Professional: Birendra Kumar Agrawal 402, Corporate Annexe, Sonawala Lane, Near Udyog Bhawan, Goregaon East, Mumbai 400063, Mharashtra Email: bk@bhamaconsulting.com 1606, Corporate Annexe, Sonawala Lane, Near Udyog Bhawan, Goregaon East, Mumbai 400063, Maharashtra Email: cirp.fortunesparsh@gmail.com Last date for submission of claims: February 12, 2026 GANCO ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ganco Energy (India) Private Limited (GEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 10, 2024, placed the rating(s) of GEPL under the 'issuer non-cooperating' category as GEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ganco Energy India Private Limited (GEPL) was incorporated in the year 2014 and promoted by Mr. G. Appala Naidu and Mrs. G Chinni Kumarilakshmi. GEPL proposes to install 60 MW automatic Solar Photovoltaic (SPV) module manufacturing line at Bhemunipatnam, Visakhapatnam. GAYATRI SEA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Gayatri Sea Foods and Feeds Private Limited (GSFFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of GSFFPL under the 'issuer non-cooperating' category as GSFFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSFFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Gayatri Sea Foods & Feeds Private Limited (GSFFPL) was incorporated on January 16, 2008 and has been promoted by Mr. Nerella Venkata Mohan Rao based at Akiveedu, West Godavari district. The company is engaged in trading of aqua feed and other aqua culture related products. It is a dealer of Vietnam based company; Uni-President Vietnam Co. Limited, for their aqua feed products in India. The company supplies the feeds and other aquaculture products through a sub-dealer network spread across West Godavari district as well as directly to cultivators. GOLDEN SPINNING: CARE Lowers Rating on INR8.41cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Golden Spinning Mills Private Limited (GSMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.41 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 30, 2024, placed the rating(s) of GSMPL under the 'issuer non-cooperating' category as GSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025, December 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GSMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Golden Spinning Mills Private Limited (GSMPL) was established in 1981 by Mr. P.Thangalvelu, Mr. P. Sundaram and Mr. P. Gunasekaran in Salem, Tamil Nadu. The company is engaged in manufacturing of cotton yarn at its unit located at Salem, Tamil Nadu with an installed capacity of 21,760 spindles. GSMPL supplies 90% of its products in the states of Tamil Nadu and remaining to Telangana, Andhra Pradesh, Maharashtra and Karnataka through agents. JAIPRAKASH ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Jaiprakash Associates Limited (JAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19,864.18 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 4,322.21 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1,475.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 90.00 CARE D; ISSUER NOT Debentures COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT Debentures COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 500.00 CARE D; ISSUER NOT Debentures COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 500.00 CARE D; ISSUER NOT Debentures COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 248.23 CARE D; ISSUER NOT Debentures COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 31, 2025, placed the ratings of JAL under the ‘issuer non-cooperating’ category as JAL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JAL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 8, 2026, January 16, 2026, and January 20, 2026. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on January 31, 2025, following were the rating strengths and weaknesses (updated for the information available from stock exchange). Key weaknesses * Defaults in debt servicing and initiation of CIRP: The debt facilities/instruments of JAL continue to have ongoing delay in debt servicing. Hon’ble NCLT, Allahabad Bench, on June 03, 2024 pronounced its order admitting JAL to CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 pursuant to the petition of ICICI Bank Limited. In November 2025, the Committee of Creditors (CoC) approved resolution plan submitted by Adani Enterprises Limited (Adani, rated CARE AA-; Stable/CARE A1) valued around ₹14,500 crore and issued a Letter of Intent (LoI) to Adani for its resolution plan for JAL. The same is yet to be approved by NCLT. Liquidity: Poor The liquidity is stretched with delays in debt servicing given weak cash accruals vis-à-vis debt obligations. Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. Jaypee Group was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2017. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JANANI AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Janani Agro Industries (JAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.32 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of JAI under the 'issuer non-cooperating' category as JAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mahabubnagar (Telangana) based Janani Agro Industries (JAI) was established in March 2015 as a partnership firm by four partners i.e., Mr. Kanduri Laxminarayana, Mr. Cherkupally Rameshwar, Mr. Dara Praveen Kumar and Mr. Cherkupally Akshay (family members). JAI is engaged in milling and processing of rice. The rice milling unit of the firm is owned by JAI located at Kodur Village, Mahabubnagar. Apart from rice processing, the firm is also engaged in selling off by-products such as broken rice, husk and bran. The main raw material, paddy, is directly procured from local farmers and located traders located in and around Mahaboobnagar during peak season and during off season the firm purchases from various traders located in Andhra Pradesh and Karnataka. JTM CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of JTM Cashew Processing Private Limited (JCPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of JCPPL under the 'issuer non-cooperating' category as JCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JCPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025 and November 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in April, 2012, JTM Cashew Processing Private Limited (JCPPL) was promoted by Mr. Asfaque Hossain, Mohd Abdurrouf Shah and Mrs. Jaherun Bibi based out of Mednipur, West Bengal. Since its inception, the company has been engaged in processing of cashew nuts at its plant located at Mednipur, West Bengal. The company procures its raw materials from domestic as well as international markets and sales happen through dealers across all over India. KAS INDUSTRIES: CARE Lowers Rating on INR60.76cr LT Loan to B+ -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of KAS Industries India Private Limited (KIIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 60.76 CARE B+; Stable; Issuer not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 27, 2024, placed the rating(s) of KIIPL under the 'issuer non-cooperating' category as KIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 12, 2025, November 22, 2025 and December 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of KIIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable KAS Industries (KIIPL), promoted by Mr. A Shameem and Mrs. A Shahiba Begam, is engaged in two diverse business segments, manufacturing of yarn and finished leather. The company had installed capacity of 1.92 lakh pair of shoe uppers per annum and 42.0 lakh square feet of finished leather per annum. The operations of the shoe upper segment catering primarily to Hotter Shoes was terminated in February, 2017 due to the pruning down of the Indian suppliers by the latter. Additionally, the company had installed capacity of 78,000 spindles to manufacture finer quality yarns. The company also owns 15 windmills that fulfills half of the power demand of the company. KNAUF AMF: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Knauf AMF India Private Limited 707, Lodha Supremus, Senapati Bapat Marg, Lower Parel, Near HDFC Bank House, Delisle Road, Mumbai, Maharashtra, India, 400013 Liquidation Commencement Date: January 27, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaru 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum, Kothrud, Pune - 411038 Tel: (020) 2546-6265/2546-1561 Email: rp.anagha@kanjcs.com Last date for submission of claims: February 26, 2026 KSBL SECURITIES: Liquidation Process Case Summary ------------------------------------------------- Debtor: KSBL Securities Limited Plot No. 1, Naher (Canal) Colony, B/h Water Filling Plant, Dhankot Gurgaon, Haryana 122001 Liquidation Commencement Date: January 22, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Gurbinder Singh House No. 5600, Sector 38 West, Chandigarh - 160036 Email: gurbinderca@gmail.com SCF-91, Sector 11, Inner Market, Near Geeta Mandir, Panchkula, Haryana - 134109 Tel: (788) 839-9347 Email: ksbl.cirp@gmail.com Last date for submission of claims: February 20, 2026 LEELA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Leela Krishna Dairy Private Limited (LKDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of LKDPL under the 'issuer non-cooperating' category as LKDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LKDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Andhra Pradesh based, Leela Krishna Dairy Private Limited (LKDPL) was incorporated in 2013. LKDPL is promoted by Mr. K Buchi Babu and Ms. K Leela Naga Ratnam (Spouse of Mr. K Buchi Babu). The company is engaged in the processing and selling of milk and it's by products such as, Curd, Butter Milk, Ghee, Curd, Lassi etc. The company purchases milk from local farmers and traders located in Andhra Pradesh circle. The company sells its final products to the customers located in Andhra Pradesh. The company has an installed capacity for processing of milk is 2000 liters per day. MACRO DAIRY: Liquidation Process Case Summary --------------------------------------------- Debtor: Macro Dairy Ventures Private Limited C/o Sardar Jagpal Singh Khangura, VPO Latala, Ludhiana, Punjab - 141205 Liquidation Commencement Date: January 30, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Rajeesh Gupta Flat No. 2867/2, Sector 49-D, C H B Flats, Chandigarh - 160047 Email: rajeesh_chd@yahoo.com First Floor Sector 22-B Chandigarh - 160022 Tel: (988) 868 0006 Email: cirp.macrodairy@gmail.com Last date for submission of claims: March 1, 2026 MANNE LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manne Laboratories Private Limited (MLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 13.74 CARE C; Stable; Issuer not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 27, 2024, placed the rating(s) of MLPL under the 'issuer non-cooperating' category as MLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 12, 2025, November 22, 2025 and December 2, 2025 among, others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Manne Laboratories Private Limited (MLPL) was incorporated on March 19, 2014 and promoted by Mr. Satyanarayana Prasad Manne (Managing Director) and his wife Mrs. Nagamani (Director). The company has set-up a manufacturing unit for bulk drugs with an installed capacity of 90,000 KL (Kilo Letters) per annum. MLPL would manufacture the products like Valacyclovir, Gabapentin, Panpoprozole, Dextromethorphan, Carbidopa, which are used for manufacturing of Anti-viral and Anti-Biotic drugs. The company is expected to start its commercial operations from April 2018. The upcoming manufacturing unit of the company is located at Gurajapalam Village, Andhra Pradesh. METHRA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Methra Industries India Private Limited (MIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of MIIPL under the 'issuer non-cooperating' category as MIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Methra Industries India Private Limited (MIIPL) was established on April 12, 2010 by Mr. P.Venkatesan and Mrs. Saraswathy Venkatesan with the objective of manufacture of concrete blocks (Autoclaved Aerated Blocks) which are eco-friendly under the brand name "CELL O CON" using the German technology. In addition to the manufacture of AAC blocks, MIIPL also trades the gypsum material which is used in plastering of building. MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Microtex Fashion Industries (MFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 5, 2024, placed the rating(s) of MFI under the 'issuer non-cooperating' category as MFI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MFI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 21, 2025, October 31, 2025, November 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Valsad-based (Gujarat) MFI was established in the year 2015 by the proprietor Ms Beena Jayesh Gor, with an objective of manufacturing and trading of linen fabric from flax yarn, which finds application in the textile industry. MFI commenced trading operations in linen fabric from April 2015 while the manufacturing operations commenced from September 2015 from its sole manufacturing facility located in Valsad (Gujarat) with 48 rapier looms having an installed capacity of about 1.75 lakh metres of linen fabric per month. MFI procures flax yarn domestically and sells the finished product to retailers and wholesalers located in various cities of India like Ludhiana, Hyderabad, Kanpur etc. MILLENIA BUILDWORTH: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Millennia Buildworth LLP B-906, The Capital, Science City Road, Sola, Ahmedabad, Ahmedabad, Gujarat, India, 380060 Insolvency Commencement Date: January 30, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: July 29, 2026 Insolvency professional: Amrish Navinchandra Gandhi Interim Resolution Professional: Amrish Navinchandra Gandhi 504, Shivalik Abaise, Opposite Shell Petrol Pump, Near Anand Nagar Bus Stand, Satellite, Ahmedabad, Gujarat - 380015 Email: amrishgandhi72@gmail.com cirp.millennia@gmail.com Last date for submission of claims: February 13, 2026 MKMS BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M K M S Builders (MKMSB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of MKMSB under the 'issuer non-cooperating' category as MKMSB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MKMSB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M K M S Builders (MKMSB) was established in the year 2003 as a partnership firm by Mr. A. Shajahan Sait and Mr. A. Allavudeen. The firm is a class I civil contractor and has its registered office located at Chennai. MKMSB is engaged in civil construction of buildings, bridges and other miscellaneous civil works. The clientele of the firm includes Tamil Nadu Public Works Department (PWD), Orissa Industrial Infrastructure Development Corporation (IDCO), Kerala Infrastructure and Technology for Education (KITE) and various departments of the state Government of Tamil Nadu and Kerala etc. The firm has, in the past, executed various infrastructure related projects such as construction of industrial and factory buildings, educational institutions, hospitals, hotels, commercial centres etc. NARAYAN BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Narayan Builders (SNB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 32.00 CARE B-; Stable; Issuer not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 26, 2024, placed the rating(s) of SNB under the 'issuer non-cooperating' category as SNB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 11, 2025, November 21, 2025, December 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sree Narayan Builders was established in January 1998 by Mr. Shayamal Krishna Paul based out of Kolkata, West Bengal. Since its inception, the firm has been engaged in trading of buildings construction materials and the product portfolio of the firm includes TMT Bars and roofing Sheets. The entity has taken distributorship of reputed principal-Jindal Steel and Power Limited since its inception. Mr. Shyamal Krishna Paul (Proprietor) who has around two decades of experience in similar line of business looks after the overall operations of the entity. Further, he is supported by a team of experienced management who have rich experience in the same line of business. NOVARC LABS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Novarc Labs Private Limited (NLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of NLPL under the 'issuer non-cooperating' category as NLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Novarc Labs Private Limited (NLPL) was established in the year 2012, promoted by Mr. Thilotham R Kolanu. The company is engaged in trading of medical drug products. The company purchases the medical components (used in manufacturing of medicines) like 2 hydroxy methyl, 2 chloro methyl and 2m5m benzimidizole from suppliers, namely i.e. Ariston pharma Novatech, Nexus Drugs and Prabhu Chemicals. The company receives the work orders directly from the customers, namely Ariston Pharma Novatech (P) Ltd, Vijayasri Pharma Chem and Leavochem Labs Private Limited. The company is located at Madhapur, Hyderabad (Telangana). PNEUMATICS AUTOMATION: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Pneumatics Automation E.MC India Private Limited Unit no.- 215, Floor No.- 2nd, Plot No GEN 2/1/C Raheja Building no.-1 Tesla Industrial, Juinagar, Thane, Navi Mumbai, Maharashtra, India, 400705 Liquidation Commencement Date: January 20, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Rajesh Lohia 414 Manas Bhawan Extension, 11 RNT Marg, Indore MP 452001 Email: rlohiaandcompany@gmail.com Mobile: 9826063895 Last date for submission of claims: February 19, 2026 PRAKASH WHITEGOLD: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prakash Whitegold Ginners Private Limited (PWGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.62 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 30, 2024, placed the rating(s) of PWGPL under the 'issuer non-cooperating' category as PWGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PWGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025, December 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Wardha (Maharashtra) based PWGPL was incorporated in the year 2012. The company is engaged in the business of cotton ginning and pressing at its manufacturing facility located at Wardha, Maharashtra. RAUSHEENA EXIM: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rausheena Exim (RE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of RE under the 'issuer non-cooperating' category as RE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rausheena Exim (RE), incorporated in 1996, is a proprietorship firm, owned by Mr. Saroj Agarwal of Kolkata, West Bengal. The firm is engaged in trading of cotton fabric and knitted gloves in the domestic market. RELIANCE COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Reliance Communications Limited (RComm) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9,322.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8,034.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-convertible 750.00 CARE D; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Short-term 2,880.00 CARE D; ISSUER NOT COOPERATING Instruments Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 28, 2018, placed ratings of RComm under the 'Issuer non-cooperating' category, as RComm failed to pay the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RComm continues to be non-cooperative despite repeated requests through e-mails, phone calls, and has not provided the requisite information for monitoring the ratings. Aligned with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on best available information, which in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Hence, ratings on RComm's bank facilities and instruments continue to be denoted as 'CARE D; ISSUER NOT COOPERATING'. Stock exchange announcements indicate that RComm is facing multiple regulatory and legal challenges, including an Enforcement Directorate investigation into alleged diversion and laundering of over INR13,600 crore in bank funds, classification of its loan accounts as fraud by State Bank of India and other lender banks, and ongoing insolvency litigation, including allegations of preferential payments to Ericsson in bankruptcy proceedings. Users of this rating (including investors, lenders, and public at large) are hence requested to exercise caution while using above rating(s). Rating sensitivities: Factors likely to lead to rating actions: Not applicable Analytical approach: Consolidated Considering the strong operational and financial linkages with the subsidiaries, the consolidated financials of RComm are considered for analysis purpose. Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on February 9, 2024, the following were the rating strengths and weaknesses: Key weakness * Delay in servicing of debt obligation: RComm had delayed servicing its debt obligations due to severe deterioration in the financial and liquidity profile of the company, and high debt service obligations. Liquidity: Poor Liquidity position of the company is under stress due to weak cash accruals against large debt obligations. Assumptions/Covenants: Not applicable Founded by late Dhirubhai H. Ambani, RComm is the flagship company of the Reliance Group, led by Anil Dhirubhai Ambani. RComm is one of India's integrated telecommunications service providers. The services it provides include GSM (Voice; 2G, 3G, 4G), fixed line broadband and voice, and Direct-To-Home (DTH), depending upon its areas of operation in India. The company had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel. RComm is currently under corporate insolvency resolution process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. ROYAL GARDEN: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Royal Garden Resort (RGR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.36 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of RGR under the 'issuer non-cooperating' category as RGR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RGR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025 and January 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Royal Garden Resort (RGR) is a Mumbai based partnership firm, promoted by the Thakur family with key partners being Mr. Jitendra Thakur, Mr. Manoj Thakur and Mr. Mangesh Thakur. It is engaged in running of a resort which comprises of water and amusement park. The hotel comprises 94 AC rooms (12 super deluxe, 7 double suite room and 75 deluxe rooms), 8 conference halls facility, 2 banquet halls, 6 swimming pools, 1 gym and 1 AC restaurant viz. 'Orient' of 1800 square feet. SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shiv Rice Mill (SRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.28 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.47 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 18, 2024, placed the rating(s) of SRM under the 'issuer non-cooperating' category as SRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025, November 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2005, Shiv Rice Mill (SRM) has been engaged in the business of rice milling & processing. Presently the firm owns a unit in Murshidabad through which it carries out its operations, and it serves as their administration office as well. The day to day affairs of the firm is looked after by Mr Niranjan Bhakat with adequate support from the other partners and a team of experienced personnel. SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shyam Tea Plantation (STP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.90 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 16, 2024, placed the rating(s) of Shyam Tea Plantation (STP) under the 'issuer non-cooperating' category as STP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 1, 2025, November 11, 2025, November 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable STP was established as a partnership firm in August, 2012 by Shri Kamal Jalan, Shri Devidutt Beriya, Shri Sunil Kumar Agarwalla, Shri Binod Kumar Saraf and Smt. Jyotirekha Goswami, based out of Jorhat, Assam. STP undertook an initial project of setting up a tea manufacturing unit at Jorhat, Assam and the manufacturing unit commenced operation since August, 2013 with an installed capacity of 15,00,000 kg per annum. STP undertook an expansion activity in FY15 whereby the existing processing capacity of 15,00,000 kg per annum has been enhanced to 20,00,000 kg per annum. SIL TRANSMISSION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: SIL TRANSMISSION (RAJASTHAN) PRIVATE LIMITED Registered office: Office No. 611, 6th Floor, Sun Central Place, SP Ring Road, Near Bopal Ambali Cross Road, Ahmedabad - 380058 Principal Office: C-6, Phase 1, Liberty Co-operative Society North Main Road, Koregaon Park, Pune, Maharashtra, India, 411001 Liquidation Commencement Date: January 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Uday Shreeram Sakrikar 303 Rahul Vihar A, Lane Nos 8. Dahanukar Colony Kothrud Pune 411038 Email: ipudaysakrikar@gmail.com Last date for submission of claims: February 16, 2026 SMAAASH LEISURE: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Smaaash Leisure Limited 403, Udyog Mandir No. 2, Mogul Lane, Mahim (West) Mumbai, 400016 Maharashtra Insolvency Commencement Date: January 29, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 28, 2026 Insolvency professional: Megha Agrawal Interim Resolution Professional: Megha Agrwal 001, Shivranjini Apartments in Cirle of Congress Nagar Graden, Congress Nagar, Nagpur - 440012 (M.S.) Email: ip.meghaagrawal@gmail.com Truenex Absolute Insolvency Resolutions LLP Plot no, 72, Anjaneya Niwas, Opp. Dew Trinity Hospital, Hindustan Colony Near Sai Mandir, Wardha Road, Nagpur 440015 E-mail: cirp.smaaash@gmail.com Last date for submission of claims: February 12, 2026 SUPERTECH: SC Orders NBCC to Complete 16 Stalled Housing Projects ----------------------------------------------------------------- The Economic Times reports that bringing cheers to thousands of troubled homebuyers who are waiting to take delivery of their homes for more than a decade, India's Supreme Court on Feb. 5 upheld an order by NCLAT that asked state-owned NBCC to complete 16 housing projects of debt-ridden Supertech expeditiously. ET relates that the court also restrained all tribunals and high courts from passing any order that could lead to a halt in the construction work that is to be completed by the National Buildings Construction Corporation Limited. According to ET, a bench of Chief Justice Surya Kant and Justice Joymalya Bagchi used its extraordinary power under Article 142 of the Constitution to uphold the Dec. 12, 2024 order of the NCLAT, which brought NBCC on board to take over the stalled projects in the interest of homebuyers. The bench recorded that, according to several homebuyers, real estate firm Supertech had booked around 51,000 homes for delivery during the 2010–12 period, many of which remain incomplete even now. ET says the Chief Justice made it clear that the interests and dues of financial and operational creditors of the debt-ridden real estate company could be addressed only after fully finished houses are handed over to distressed homebuyers. It ruled that financial and operational creditors of Supertech would have to take a haircut as found just and equitable by the tribunals, namely the National Company Law Tribunal and the NCLAT. "We find that the order passed by the NCLAT on December 12, 2024, in bringing the NBCC on record for the completion of the pending housing projects is neither unfair nor contrary to the provisions of the Insolvency and Bankruptcy Code (IBC)," the bench said. About Supertech Supertech Limited (STL), incorporated in 1995, was promoted by Mr. R. K. Arora. The company is in the business of developing real estate projects in the residential, commercial and retail segments in the NCR region and other prominent places in Uttar Pradesh, Uttarakhand and Bangalore. As reported in the Troubled Company Reporter-Asia Pacific on in late March 2022, insolvency proceedings have been initiated against Supertech Ltd after a National Company Law Tribunal (NCLT) bench on March 25, 2022, admitted a petition filed by Union Bank of India for non-payment of dues by the company. An interim resolution professional (IRP) has also been appointed for Supertech, superseding the company's board. SYSKA E-RETAILS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Syska E-Retails LLP 7, Akshay Complex Off Dhole Patil Road, Pune, Maharashtra, India, 411001 Liquidation Commencement Date: January 8, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vijay Pitamber Lulla 201, Satchidanand Building, 12th Road, Khar (W), Mumbai - 400 052 Email: vijayplulla@rediffmail.com 203-B, Arcadia Building 195, N.C.P.A. Marg, Nariman Point, Mumbai - 400021 Email: syska.cirp@gmail.com Last date for submission of claims: February 7, 2026 TORQUE AUTOMOTIVE: Liquidation Process Case Summary --------------------------------------------------- Debtor: Torque Automotive Private Limited 2nd Floor, Mrudul Tower, B/H Times of India, Ashram Road, Ahmedabad, Gujarat - 380089, India Liquidation Commencement Date: January 29, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Pankaj Prabhudayal Goenka 204 Austmanagal Complex, Shahibaugh Near Rajasthan Hospital, Ahmedabad, Gujarat 380004 Email: goenkap@gmail.com cirp.torque@gmail.com Last date for submission of claims: February 28, 2026 TULSI TRADING: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tulsi Trading Co (TTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of TTC under the 'issuer non-cooperating' category as TTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Rajkot-based (Gujarat), Tulsi Trading Co. (TTC) is a partnership firm established in 2015 by Mr. Hiren Bhagvanjibhai Sakariya, Mr. Kiran Bhagvanjibhai Sakariya and Mr. Vasantkumar Talshibhai Sakaria. The firm trades in agriculture commodities like cotton bales and cotton seeds. TTC supplies agriculture commodities across India. VARSACE APPARELS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Varsace Apparels Private Limited Regent Garment & Apparel Park, Block 2 Unit No-101 Jessore Road (E), Po-Bamangachhi Barasat, 24 Pgns (N), Parganas North, Kolkata, West Bengal, India, 700124 Insolvency Commencement Date: January 28, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: July 27, 2026 Insolvency professional: Rachna Jhunjhunwala Interim Resolution Professional: Rachna Jhunjhunwala Siddha Weston, 9 Weston Street, Suite No. 134, Kolkata, West Bengal, 700013 Email: egress.rac@gmail.com cirp.varcase@gmail.com Last date for submission of claims: February 11, 2026 VATIKA GROUP: Bankruptcy Court Orders Insolvency Proceedings ------------------------------------------------------------ The Economic Times reports that the bankruptcy court has ordered the admission of Vatika Group, a Gurgaon-based real estate developer, under the corporate insolvency resolution process (CIRP) in an application filed by IDBI Trusteeship Services after the company defaulted on its dues of about INR274 crore. ET relates that IDBI Trusteeship filed the application on behalf of debenture holders. The developer argued the default claim was premature as the redemption date was extended. The Chandigarh bench of the National Company Law Tribunal (NCLT) has also appointed Jayant Prakash as an interim resolution professional (IRP) to run the process for the company, ET discloses. =============== M A L A Y S I A =============== 1MDB: Ex-Goldman Sachs Banker Leissner Goes to Prison for Fraud --------------------------------------------------------------- The Edge Malaysia reports that former Goldman Sachs Group Inc banker Tim Leissner reported to federal prison to begin serving a two-year sentence for one of the largest financial frauds in history. Mr. Leissner surrendered himself on Feb. 6 at a federal correctional facility in Allenwood, Pennsylvania, his lawyer Henry Mazurek said, The Edge relates. His incarceration comes eight years after he pleaded guilty to helping embezzle US$4.5 billion from Malaysia's 1MDB sovereign wealth fund. The fraud toppled the Malaysian government and resulted in Goldman paying more than US$5 billion to settle alleged misconduct claims. According to The Edge, the German-born Leissner, 56, admitted early on to participating in a scheme led by Malaysian financier Jho Low. Mr. Leissner became the government's star witness at the 2022 US trial of former Goldman colleague Roger Ng. Mr. Low, who denied wrongdoing before he was charged by the US in 2018, remains a fugitive. Of the US$6.5 billion Goldman raised for 1MDB bond transactions, Mr. Leissner testified that at least US$4.5 billion was embezzled. He said Mr. Low paid about US$2 billion in bribes to foreign officials while another US$1 billion was paid in kickbacks to participants in the scheme. Mr. Leissner admitted that he himself pocketed US$73.4 million from 1MDB and another US$80 million from Mr. Low, says the report. Since his sentencing in May, Mr. Leissner was granted four adjournments in his prison surrender date, The Edge notes. US District Judge Margo Brodie late Thursday [Feb. 5] rejected another request for a delay and ordered him to report to prison. Mr. Ng was convicted by a federal jury and sentenced to 10 years in prison, The Edge says. Shortly before he was due to begin serving his sentence in 2023, Mr. Ng was sent to his native Malaysia to face trial there, under an agreement with the US. The Malaysian government announced in December it was also seeking Mr. Leissner's extradition. Mr. Leissner filed a pardon application to the US Justice Department last year, according to a notice on the DOJ website. The Edge relates that Mr. Mazurek said a pardon was appropriate given his client's role in uncovering violations by Goldman and others. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== CASCADE INTERNATIONAL: Creditors' Proofs of Debt Due on March 3 --------------------------------------------------------------- Creditors of Cascade International Limited and Warm Windows Limited are required to file their proofs of debt by March 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 2, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 CHIEF CLADDING: Court to Hear Wind-Up Petition on Feb. 24 --------------------------------------------------------- A petition to wind up the operations of chief cladding builders limited will be heard before the High Court at Auckland on Feb. 24, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DRONE BROTHERS: Placed Into Liquidation --------------------------------------- The Press reports that a Blenheim-based drone company has been placed into liquidation after the High Court rejected its attempt to overturn a statutory demand for more than NZD100,000 from a family trust linked to one of its directors. The company was liquidated with a NZD405,000 deficit after court ruling, the report says. The Press relates that Associate Judge Lester dismissed an application by Drone Brothers Ltd to set aside a statutory demand from the Koubek Family Trust, finding the company owed the money. Drone Brothers was incorporated in February 2022 to provide drone services to forestry and other primary industries. The company has two directors and equal shareholders, David Koubek and Tomas Kozak. Shortly after incorporation, the Koubek Family Trust advanced NZD100,000 to the company, which was used to purchase drones and meet operating costs, NZ says. HUNUA RD: Placed Into Liquidation Owing NZD1.12 Million ------------------------------------------------------- Tom Raynel at NZ Herald reports that a Kiwi who sold his first drinks business to Coca-Cola for millions of dollars has seen his second juice venture go into liquidation owing more than NZD1 million to creditors including Inland Revenue and ASB Bank. Hunua Rd Manufacturing is co-owned and directed by David Thexton and Amanda Morgan. LONG RIVER: Court to Hear Wind-Up Petition on Feb. 26 ----------------------------------------------------- A petition to wind up the operations of Long River Investments Corporation Limited will be heard before the High Court at Auckland on Feb. 26, 2026, at 10:45 a.m. K3 Legal Limited filed the petition against the company on Dec. 17, 2025. The Petitioner's solicitor is: Edwin John Hugh Morrison K3 Legal Limited 83 Albert Street (entrance on Kingston Street) Auckland Central Auckland TOTAL ROOFING: Creditors' Proofs of Debt Due on March 2 ------------------------------------------------------- Creditors of Total Roofing Limited are required to file their proofs of debt by March 2, 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: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 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 ================= S I N G A P O R E ================= BABY EXPRESS: Court to Hear Wind-Up Petition on Feb. 13 ------------------------------------------------------- A petition to wind up the operations of Baby Express Singapore Pte. Ltd. will be heard before the High Court of Singapore on Feb. 13, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 BISHAN REALTY: Creditors' Proofs of Debt Due on March 9 ------------------------------------------------------- Creditors of Bishan Realty Pte. Ltd. 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 Jan. 30, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GENEVA HOLDINGS: Court to Hear Wind-Up Petition on Feb. 20 ---------------------------------------------------------- A petition to wind up the operations of Geneva Holdings Pte. Ltd. will be heard before the High Court of Singapore on Feb. 20, 2026, at 10:00 a.m. The Comptroller of Goods and Services Tax filed the petition against the company on Jan. 26, 2026. The Petitioner's solicitors are: Infinitus Law Corporation 77 Robinson Road #16-00, Robinson 77 Singapore 068896 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 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 (Ptd.) Ltd filed the petition against the company on Jan. 15, 2026. The Petitioner's solicitors are: Drew & Napier LLC 10 Collyer Quay #10-01 Ocean Financial Centre Singapore 049315 ********* 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 ***