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       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

          Thursday, February 12, 2026, Vol. 29, No. 31

                           Headlines



A U S T R A L I A

APR DISABILITY: First Creditors' Meeting Set for Feb. 17
FIRSTMAC MORTGAGE 2024-4: S&P Raises Cl. F Notes Rating to B+ (sf)
MAGENTA SHORES: First Creditors' Meeting Set for Feb. 18
MAISON OUI: Faces Wind-Up Amid Brides' Missing Dresses, Refunds
MWL FINANCIAL: ASIC Bans Former Adviser Neil McPherson for 4 Years

PACALIS THERAPEUTICS: First Creditors' Meeting Set for Feb. 18
PEPPER SPARKZ 10: Fitch Assigns 'B+(EXP)' Rating to Class F Notes
STONE SOLUTIONS: Second Creditors' Meeting Set for Feb. 16
TURQUOISE V TRUST: S&P Assigns B (sf) Rating to Class F Notes
VIMWOOD AUSTRALIA: First Creditors' Meeting Set for Feb. 17

[] AUSTRALIA: Business‑Related Personal Insolvencies Up 38%


B A N G L A D E S H

BANGLADESH: US Cuts Tariffs on Goods, Exempts Some Apparel


C H I N A

CHINA VANKE: Shenzhen Government Drafting US$11.6BB Rescue Package
ORIGIN AGRITECH: Enters Into $2.8MM Securities Purchase Agreements
XNG HOLDINGS: Shares Drop After Closure of 10 Shanghai Min Outlets


H O N G   K O N G

UNITED ENERGY: Fitch Affirms 'BB-' IDR, Outlook Stable


I N D I A

ALOK HARSH: CARE Keeps B Debt Rating in Not Cooperating Category
ANLON HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
ARANAYAK FOOD: CRISIL Moves B Debt Ratings to Not Cooperating
BABA JATADHARI: CARE Keeps D Debt Rating in Not Cooperating
BEE AAR: CRISIL Reaffirms B- Rating on INR7cr Long Term Loan

BHAGYALAXMI STEELTECH: CARE Cuts Rating on INR66.71cr Loan to B+
BRAHMAPUTRA METALLICS: CARE Moves D Ratings to Not Cooperating
DURGAPUR INSTITUTE: CARE Keeps B- Debt Rating in Not Cooperating
ECOMAISTER BEADS: Liquidation Process Case Summary
ECOMARK GENERAL: CRISIL Moves B Debt Rating to Not Cooperating

HELION ADVISORS: Voluntary Liquidation Process Case Summary
HIMALAYAN ROAD: CARE Keeps B- Debt Rating in Not Cooperating
HITRO ENERGY: CRISIL Lowers Rating on INR1.5cr Cash Loan to D
J P AND COMPANY: CARE Keeps C Debt Rating in Not Cooperating
JAGDISH COTTON: CRISIL Moves B+ Debt Rating to Not Cooperating

JAYAWANTI BABU: CARE Keeps D Debt Ratings in Not Cooperating
K B SPONGE IRON: Insolvency Resolution Process Case Summary
LEONARD EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
MAHIP INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
MECHATRONICS SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating

MINERVA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
SHIVASHAKTI SUGARS: CARE Keeps B+ Debt Rating in Not Cooperating
SHIW PRASAD: CARE Keeps B- Debt Rating in Not Cooperating Category
SREEJA METAL: CARE Keeps D Debt Rating in Not Cooperating Category
SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating

THIRUMALSREE SPINNERS: CARE Keeps B- Rating in Not Cooperating
ULTRA ALLUMINIUM: CARE Keeps C Debt Rating in Not Cooperating
VAIBHAV COTGIN: CARE Keeps B- Debt Rating in Not Cooperating
VASUNDHARA SEAMLESS: Insolvency Resolution Process Case Summary
VENKATESWARA CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Coop.

[] INDIA: Decoding High-Stakes Shift in Distressed Asset Financing


I N D O N E S I A

PERUMDA BPR: OJK Shuts Three Banks in Early 2026


J A P A N

MARELLI AUTOMOTIVE: Plan Exclusivity Period Extended to June 15


N E W   Z E A L A N D

BRAR CONSOLIDATED: Creditors' Proofs of Debt Due on March 5
KUAKA FITNESS: Creditors' Proofs of Debt Due on March 5
PARADISE DEVELOPERS: Court to Hear Wind-Up Petition on March 12
REMARKABLE AESTHETICS: Creditors' Proofs of Debt Due on March 13
SMART TECH: Court to Hear Wind-Up Petition on Feb. 23



S I N G A P O R E

CP WISDOM: Creditors' Proofs of Debt Due on March 7
DERMATOLOGY & LASER: Deloitte Appointed Provisional Liquidators
FIABLE GLOBAL: Court to Hear Wind-Up Petition on Feb. 20
SONY LIFE: Creditors' Proofs of Debt Due on March 11
SUPERIOR INVESTMENTS: Creditors' Proofs of Debt Due on March 9



X X X X X X X X

[] SEDA Adds Jean Chung to its Asian Financial Services

                           - - - - -


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

APR DISABILITY: First Creditors' Meeting Set for Feb. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of APR
Disability Services Pty Ltd will be held on Feb. 17, 2026, at 10:30
a.m. via virtual facilities.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Feb. 6, 2026.


FIRSTMAC MORTGAGE 2024-4: S&P Raises Cl. F Notes Rating to B+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 30 classes of prime
residential mortgage-backed securities (RMBS) transactions issued
by Firstmac Fiduciary Services Pty Ltd. as trustee of eight
Firstmac Mortgage Funding Trust No.4 transactions. At the same
time, S&P affirmed its ratings on 25 classes of notes.

The transactions are Firstmac Mortgage Funding Trust No.4 Series
Eagle No.1 (Firstmac Eagle No.1), Firstmac Mortgage Funding Trust
No.4 Series Eagle No.2, Firstmac Mortgage Funding Trust No.4 Series
Eagle No.3PP, Firstmac Mortgage Funding Trust No.4 Series Eagle
No.4, Firstmac Mortgage Funding Trust No.4 Series 2023-1 (Firstmac
2023-1), Firstmac Mortgage Funding Trust No.4 Series 2024-1
(Firstmac 2024-1), Firstmac Mortgage Funding Trust No.4 Series
2024-2PP, and Firstmac Mortgage Funding Trust No.4 Series 2024-4
(Firstmac 2024-4).

The raised ratings reflect an increase in credit support provided
to each class of notes and their strong cash flows, which are
sufficient to cover rating stresses consistent with the higher
rating levels. The affirmations reflect S&P's view of the credit
risk of the underlying collateral portfolios, which have been
amortizing in line with our expectations. As of Dec. 31, 2025,
total arrears for each transaction remain low, and there have been
no losses to date.

S&P believes that the credit support provided to each class of
notes is sufficient to withstand the stresses it applies at each
respective rating level. Credit support comprises subordination
from junior notes and excess spread (if any). Credit support for
Firstmac Eagle No.1, Firstmac 2023-1, Firstmac 2024-1, and Firstmac
2024-4 also comprise lender's mortgage insurance on a portion of
each transaction's collateral pool.

S&P expects that the various mechanisms to support liquidity within
the transactions, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at their respective rating levels.

  Ratings Raised

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.1

  Class C: to AA+ (sf) from AA (sf)
  Class D: to A+ (sf) from A (sf)
  Class E: to A- (sf) from BBB (sf)
  Class F: to BBB- (sf) from BB+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.2

  Class C: to AAA (sf) from AA- (sf)
  Class D: to AA (sf) from A+ (sf)
  Class E: to A+ (sf) from BBB+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No. 3PP

  Class C: to AAA (sf) from AA (sf)
  Class D: to AA (sf) from A+ (sf)
  Class E: to A (sf) from BBB+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No. 4

  Class C: to AA+ (sf) from A+ (sf)
  Class D: to A+ (sf) from BBB+ (sf)
  Class E: to BBB (sf) from BB+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2023-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to A (sf) from BBB+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-2PP

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-4

  Class C: to A+ (sf) from A (sf)
  Class D: to A-(sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.2

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 3PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.4

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2023-1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-2PP

  Class A1a: AAA (sf)
  Class A1b: AAA (sf)
  Class A2: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-4

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AA (sf)


MAGENTA SHORES: First Creditors' Meeting Set for Feb. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Magenta
Shores Development Pty Ltd will be held on Feb. 18, 2026, at 11:00
a.m. via teleconference only.

Alexander Man Chun Siu of Hall Chadwick was appointed as
administrator of the company on Feb. 6, 2026.


MAISON OUI: Faces Wind-Up Amid Brides' Missing Dresses, Refunds
---------------------------------------------------------------
SmartCompany reports that Melbourne bridal boutique Maison Oui is
failing to deliver wedding gowns or process refunds, according to
claims by frustrated customers, as the embattled business
challenges a winding-up order application filed against it.

SmartCompany relates that clients of the decade-old Maison Oui
allege the business has stopped responding to calls and emails,
purportedly leaving some brides without dresses before their
wedding.

According to SmartCompany, the company website said its McKillop
Street premises in the Melbourne CBD is not accepting any new
bookings, and calls to Maison Oui went unanswered on Feb. 11.

TikTok user Madeleine Aleksandra last week claimed she was left
AUD6,000 out of pocket after Maison Oui delivered a custom gown
that did not match her order, SmartCompany says.

The boutique delivered a dress in a man-made fabric when she had
ordered silk, Ms. Aleksandra claimed, leading her to request a full
refund.

"I haven't heard from them since November last year. I've been
trying to get a refund from them since October last year," she
said.

SmartCompany relates that Ms. Aleksandra said she sourced another
gown for her wedding, and ultimately filed complaints with federal
and state consumer affairs watchdogs.

"I don't know what else to do, I'm really exhausted from this
process," she said.

In her own videos posted to TikTok, Aarisha Tupou said she started
preparations for her September 2026 wedding in July last year, when
she went booked a preliminary appointment with Maison Oui,
according to SmartCompany.

Encouraged by the experience, Ms. Tupou put down a AUD4,500 deposit
on a made-to-measure dress and returned for an in-progress fitting
in December.

After seeing Ms. Aleksandra's recent TikTok post, Ms. Tupou feared
her future appointments would not take place and sought to retrieve
her dress as-is.

With the dress in limbo, Ms. Tupou said she considered her own bank
transaction dispute while filing her own complaints to consumer
regulators.

Consumer Affairs Victoria does not publicly comment on specific
businesses.

But in a statement provided to SmartCompany, a spokesperson said
customers are "entitled to a refund if they do not receive the
products or services they have paid for."

"We encourage affected customers to contact Consumer Affairs
Victoria for more advice about their rights and options," they
added.

As customers take their claims to social media, another dispute is
working its way through the courts.

Glauca Pty Ltd has filed a winding-up order application against
Grand Cullinane Pty Ltd, which trades as Maison Oui, with the
matter heard in Federal Court on Feb. 10, SmartCompany adds.


MWL FINANCIAL: ASIC Bans Former Adviser Neil McPherson for 4 Years
------------------------------------------------------------------
The Australia Securities & Investments Commission (ASIC) has banned
Melbourne-based financial adviser Neil McPherson from providing
financial services, controlling an entity that carries on a
financial services business or performing any function involved in
the carrying on of a financial services business for four years.

ASIC found that Mr. McPherson gave inappropriate advice to certain
clients which was not in their best interests because he
recommended clients invest most of their superannuation into the
High Growth class, the Growth class or the Balanced class of the
Shield Master Fund which were high risk investments, during the
time he was authorised by MWL Financial Services Pty Ltd.   

ASIC has reason to believe that Mr. McPherson is not a fit and
proper person, is not competent and is likely to contravene a
financial services law.

The banning order took effect from Feb. 5, 2026.

Mr. McPherson's banning has been recorded on Banned and
Disqualified Register.

Mr. McPherson has the right to appeal the decision to the
Administrative Review Tribunal.

Actions to consider if you are a client of MWL

If you are a client of MWL and have concerns about the conduct of
your adviser or the advice you received, you should consider
lodging a complaint with the Australian Financial Complaints
Authority (AFCA). AFCA is the external dispute resolution scheme
for financial complaints in Australia and must deal with complaints
independently and fairly. AFCA's service is free for consumers.

AFCA can be contacted by:

     * calling 1800 931 678 for free (9am – 5pm Melbourne
time), or

     * lodging a complaint online on AFCA's website.

AFCA will consider your complaint if it meets the eligibility
criteria.

Important deadlines:  In cancelling MWL's licence, ASIC required
MWL to remain a member of AFCA until 25 August 2026. If you intend
to lodge a complaint with AFCA in relation to advice received from
MWL you should do so by 25 August 2026.

If you are an investor in Shield, there is a dedicated website to
help you access support, visit: takeyoursuperback.com.

This website is operated by Super Consumers Australia, an
independent consumer advocacy organisation that is helping people
impacted by the collapse of Shield understand what they can do.
ASIC funded Super Consumers Australia to develop this website and
support people who invested in Shield.

Mr. McPherson was previously authorised by MWL from Dec. 7, 2022 to
June 9, 2023.

On Nov. 21, 2025, Daniel Juratowitch and Rachel Burdett of Cor
Cordis were appointed as liquidators of MWL.

On Aug. 25, 2025, ASIC cancelled MWL's Australian Financial
Services licence, banned one of MWL's directors and its responsible
manager. Mr. McPherson is one of a number of former MWL financial
advisers who have been banned by ASIC in respect of advice provided
in relation to Shield.

ASIC has also sought leave to commence proceedings against MWL,
former director Nicholas Maikousis and Imperial Capital Group over
alleged Shield advice failures.

In February 2024, ASIC halted new offers of investments in Shield.
ASIC made interim stop orders on four product disclosure statements
for Shield.

In June 2024, ASIC took action to secure the assets held within
Shield. ASIC sought orders to preserve the assets of the scheme so
that they may be recovered, to the extent available, for the
benefit of investors while the investigation is continuing.


PACALIS THERAPEUTICS: First Creditors' Meeting Set for Feb. 18
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacalis
Therapeutics Pty Ltd will be held on Feb. 18, 2026, at 11:00 a.m.
via virtual meeting.

Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on Feb. 9,
2026.


PEPPER SPARKZ 10: Fitch Assigns 'B+(EXP)' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No. 10's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive and equipment lease
and loan receivables originated by Pepper Asset Finance Pty
Limited, a subsidiary of Pepper Money Limited (Pepper). The notes
will be issued by BNY Trust Company of Australia Limited as trustee
for Pepper SPARKZ Trust No.10.

RATING ACTIONS

Entity/Debt   Rating  
-----------   ------

Pepper SPARKZ Trust No. 10

  A1-a   LT   AAA(EXP)sf   Expected Rating
  A1-x   LT   AAA(EXP)sf   Expected Rating
  B      LT   AA(EXP)sf    Expected Rating
  C      LT   A(EXP)sf     Expected Rating
  D      LT   BBB(EXP)sf   Expected Rating
  E      LT   BB(EXP)sf    Expected Rating
  F      LT   B+(EXP)sf    Expected Rating
  G1     LT   NR(EXP)sf    Expected Rating
  G2     LT   NR(EXP)sf    Expected Rating

Transaction Summary

The total collateral pool at the December 31, 2025 pool cut-off
date was AUD750 million and consisted of 17,708 receivables with a
weighted-average (WA) remaining maturity of 44.7 months and an
average contract balance of AUD42,352.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples as follows:

Novated: 1.50% (7.5x)

Non-Novated Tier A: 4.50% (4.75x)

Non-Novated Tier B: 9.00% (4.00x)

Non-Novated Tier C: 16.00% (3.25x)

The recovery base case for electric vehicles (EV) is 24.0%, with a
'AAAsf' recovery haircut of 60.0% across all risk grades, and that
for non-EVs is 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The
weighted-average (WA) base-case default assumption was 2.4% and the
'AAAsf' default multiple was 5.9x.

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

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables and a premium. The note will not be
collateralised but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall, above the class B to G notes.

The class A1-a to F notes will receive principal repayments pro
rata upon satisfaction of stepdown criteria. Fitch's cash flow
analysis incorporates the transaction's structural features and
tests each note's robustness by stressing default recovery rates,
prepayments, interest rate movements and default timing.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by backup servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 29.9% of the portfolio by loan value,
including all novated leases, has balloon amounts payable at
maturity.

ESG - Environment: EVs form 27% of the pool in Pepper SPARKZ No.10.
However, there is limited credit performance data for EVs and
available market data show notable differences in recoveries
between EVs and non-EVs. The large concentration has a negative
impact on the assessed credit profile of the transaction and
results in a rating impact. Fitch's analytical approach for this
transaction was not adjusted purely due to the green nature of the
collateral, but Fitch references available market data for EVs to
determine its rating assumptions.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.

Downgrade Sensitivities

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors

Notes: A1-a / A1-x / B / C / D / E / F

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

10% defaults increase: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BBsf /
Bsf

25% defaults increase: AA+sf / AAAsf / A+sf / A-sf / BBB-sf / BB-sf
/ Less than Bsf

50% defaults increase: AA-sf / AAAsf / Asf / BBBsf / BBsf / Bsf /
Less than Bsf

10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

25% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

50% recoveries decrease: AAAsf / AAAsf / AA-sf / Asf / BBB-sf /
BB-sf / Less than Bsf

10% defaults increase/10% recoveries decrease: AAAsf / AAAsf /
AA-sf / Asf / BBB-sf / BB-sf / Bsf

25% defaults increase/25% recoveries decrease: AA+sf / AAAsf / A+sf
/ BBB+sf / BB+sf / B+sf / Less than Bsf

50% defaults increase/50% recoveries decrease: A+sf / AAAsf /
BBB+sf / BBB-sf / BB-sf / Less than Bsf / Less than Bsf

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

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

The class A1-a and A1-x notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivities are
not relevant.

Notes: B / C / D / E / F

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

10% defaults decrease/10% recoveries increase: AA+sf / AA-sf /
BBB+sf / BB+sf / BB-sf


STONE SOLUTIONS: Second Creditors' Meeting Set for Feb. 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of Stone Solutions
Sydney Pty Ltd has been set for Feb. 16, 2026, at 3:00 p.m. via
Zoom.

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. 13, 2026 at 5:00 p.m.

Ivan Glavas of Worrells was appointed as administrator of the
company on Jan. 9, 2026.


TURQUOISE V TRUST: S&P Assigns B (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Turquoise V Trust. Turquoise V Trust
is a securitization of prime residential mortgages originated by
Bluestone Mortgages Pty Ltd. (Bluestone).

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as liquidity facility provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Turquoise V Trust

  Class A1S, A$288.00 million: AAA (sf)
  Class A1L, A$416.00 million: AAA (sf)
  Class A2, A$32.80 million: AAA (sf)
  Class B, A$22.40 million: AA (sf)
  Class C, A$20.00 million: A (sf)
  Class D, A$10.40 million: BBB (sf)
  Class E, A$3.20 million: BB (sf)
  Class F, A$4.00 million: B (sf)
  Class G1, A$1.60 million: Not rated
  Class G2, A$1.60 million: Not rated


VIMWOOD AUSTRALIA: First Creditors' Meeting Set for Feb. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Vimwood
Australia Pty. Limited and Australian Accessories Holdings Pty
Limited will be held on Feb. 17, 2026, at 2:00 p.m. via Virtual
meeting only.

Catherine Margaret Conneely and Rahul Goyal of Cor Cordis were
appointed as administrators of the company on Feb. 5, 2026.


[] AUSTRALIA: Business‑Related Personal Insolvencies Up 38%
-------------------------------------------------------------
Mina Martin at BrokerNews.com.au reports that Australian mortgage
brokers may need to watch for rising distress among self‑employed
and SME clients, after new data showed a sharp rise in
business-related personal insolvencies at the end of 2025.

According to the Australian Financial Security Authority (AFSA),
344 people who entered personal insolvency in December 2025 were
also involved in a business, up from 249 a year earlier - a 38%
year-on-year increase, BrokerNews.com.au relays.

That December figure has climbed steadily over four years, from 163
in 2022 to 232 in 2023, 249 in 2024 and now 344, pointing to a
structural shift rather than a single-month anomaly.

According to BrokerNews.com.au, Jirsch Sutherland partner Emma Mos
said the numbers highlight how long-running pressures are now
crystallising into personal financial failure, with significant
implications for homeownership, guarantors, and SME borrowers.

"The December figures reflect a broader pattern, with personal
insolvency increasingly occurring later in the business distress
cycle, rather than as an immediate response to new shocks,"
BrokerNews.com.au quotes Ms. Mos as saying. "This isn't about
sudden failure. What we're seeing is the personal impact of
prolonged business stress. For many business owners, years of
pressure lead to personal insolvency as historic liabilities -
including tax debts - materialise."

BrokerNews.com.au says the trend is particularly relevant where
business owners have secured facilities against the family home or
provided personal guarantees. Bankruptcies have risen from 363
cases in December 2022 to 651 in December 2025 and now represent
more than 60% of all personal insolvencies, while growth in debt
agreements has been more subdued and personal insolvency agreements
remain low.

BrokerNews.com.au relates that Ms. Mos noted that the pattern cuts
across sectors including construction, retail, transport, health
care, and other services. She points to one current case where a
residential construction sole trader expanded into larger projects
without incorporating, leaving the owner personally exposed when
multiple pressures hit. The fallout escalated from unpaid trade
creditors to full personal bankruptcy, putting both the business
and the family home at risk.




===================
B A N G L A D E S H
===================

BANGLADESH: US Cuts Tariffs on Goods, Exempts Some Apparel
----------------------------------------------------------
Bloomberg News reports that the U.S. is moving to reduce its
so-called reciprocal tariff on goods from Bangladesh and offering a
new exemption for textile products, the White House said on Feb. 9,
in the latest adjustment for the South Asian country.

According to Bloomberg, President Donald Trump will lower the
country's overall reciprocal tariff to 19%, after previously
slashing the rate from 37% to 20% last year. But the deal also
includes a mechanism that allows certain textile merchandise to
receive a full exemption from the levies, providing a break to
Bangladesh's apparel industry.

The mechanism will apply to "certain textile and apparel goods from
Bangladesh using U.S.-produced cotton and man-made fiber," interim
Bangladesh leader Muhammad Yunus said in a social media post,
Bloomberg relays.

Bloomberg says the exemption will benefit Bangladesh, the world's
second-largest garment exporter after China. The sector accounts
for more than 80% of the country's total exports and about 11% of
the gross domestic product. A key driver of poverty reduction, the
industry employs about four million people, the vast majority of
them women.

"It will benefit us in terms of reduced duties, and we had
previously initiated an effort to use US cotton. Now, we will
increase its use further, which will boost our exports," said A.K.
Azad, Chairman of Ha-Meem Group, a major garment maker that sends
about 82% of its output to the US and supplies brands including
American Eagle, Gap Inc, Abercrombie & Fitch, Levi's, JCPenney and
Kohl's.

Bloomberg notes that the agreement will see Dhaka provide
preferential market access to US industrial and agricultural goods,
including chemicals, medical devices, auto parts, energy and farm
products. The nation also is committing to address some of its
non-tariff barriers limiting US sales, including by accepting
vehicles that comply with US regulations and pharmaceuticals that
have received US government authorizations.

Bangladesh also agreed to environmental, labor and intellectual
property protections.

"The Agreement will provide U.S. and Bangladeshi exporters
unprecedented access to each other's respective markets," the White
House said in a statement.

The White House also said it anticipated upcoming commercial deals
between the two countries that include the procurement of aircraft,
purchase of $3.5 billion in US agricultural products, and a $15
billion energy purchase over the next 15 years, adds Bloomberg.

                         About Bangladesh

Bangladesh is a country in South Asia. It is the eighth-most
populous country in the world and is among the most densely
populated countries with a population of 170 million in an area of
148,460 square kilometres (57,320 sq mi). Dhaka, the capital and
largest city, is the nation's political, financial, and cultural
centre. Chittagong is the second-largest city and is the busiest
port on the Bay of Bengal.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2025, Fitch Ratings has affirmed Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook.

In early December 2024, Moody's Ratings downgraded the Government
of Bangladesh's long-term issuer and senior unsecured ratings to B2
from B1 and affirmed short-term issuer ratings at Not Prime. The
outlook has been changed to negative from stable.



=========
C H I N A
=========

CHINA VANKE: Shenzhen Government Drafting US$11.6BB Rescue Package
------------------------------------------------------------------
Reuters reports that China's Shenzhen municipal government is
drafting a rescue package worth CNY80 billion ($11.58 billion) for
distressed state-backed developer China Vanke, financial
publication Octus reported on Feb. 11.

Reuters relates that the move follows the central government's
directives to allow "no default", the report said, citing sources
briefed on the matter.

Vanke did not immediately respond to a Reuters' request for
comment. The Shenzhen government and the state-owned Assets
Supervision and Administration Commission of the State Council
could not be immediately reached for comment.

According to Reuters, the report said the rescue plan being drafted
is extremely preliminary, and it involves a CNY20 billion placement
of Vanke shares.

Vanke last month received approval from bondholders to defer some
repayments for three yuan-denominated bonds, giving the troubled
developer some breathing room in the first quarter as it works on
other debt negotiations with help from Beijing, Reuters recalls.

                          About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.

Fitch Ratings, on Dec. 24, 2025, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong  Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.

S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27,
2025.


ORIGIN AGRITECH: Enters Into $2.8MM Securities Purchase Agreements
------------------------------------------------------------------
Origin Agritech Limited disclosed in a regulatory filing that on
December 12, 2025, the Board of Directors approved the sale of up
to 2,000,000 ordinary shares, at a price per share of US$1.40, for
projected gross proceeds of US$2,800,000.

On February 1, 2026, the Company entered into three Securities
Purchase Agreements with two individual investors and one
investment company, to sell the 2,000,000 ordinary shares for a
total gross subscription amount of US$2,800,000, which will be paid
in two installments.

The first installment is to be paid in February 2026, and the
second installment is to be paid in August 2026. The proceeds will
be used for general working capital and expansion of the company
research and development activities.

The sale of the ordinary shares was made as a private placement
pursuant to an exemption from registration under the Securities Act
of 1933, and the ordinary shares are restricted securities.

The forms of the three Securities Purchase Agreements are available
at Exhibits https://tinyurl.com/anwvvtkw,
https://tinyurl.com/592ybxdv and https://tinyurl.com/52mkr6sv

                         About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC.  The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement.  Origin believes that it has built a solid capacity
for seed breeding technologies, including marker-assisted breeding
and doubled haploids technologies, which it believes, along with
its rich germplasm resources, will allow it to become a significant
seed technology company in China.

Singapore-based Enrome LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated January
30, 2026, citing that the Company has negative operating cashflow
of RMB 22.9 million in the year ended September 30, 2025, net loss
of RMB 58.0 million in the year ended September 30, 2025, net
current liabilities of RMB83.3 million as of September 30, 2025,
accumulated deficit of RMB634.2 million as of September 30, 2025
and shareholders' deficit of RMB 615.2 million as of September 30,
2025 that raise substantial doubt about its ability to continue as
a going concern.

As of September 30, 2025, the Company had total assets of RMB 100.7
million (US$14.2 million), total liabilities of RMB 162.2 million
(US$22.8 million), and total shareholders' deficit of RMB 61.5
million (US$8.7 million).

XNG HOLDINGS: Shares Drop After Closure of 10 Shanghai Min Outlets
------------------------------------------------------------------
Zhu Wenqianin at The South China Morning Post reports that shares
of Hong Kong-listed Shanghai XNG Holdings opened 12 per cent lower
on Feb. 11, extending Feb. 10's plunge of more than 28 per cent,
after the company confirmed it had suspended operations at 10
Shanghai Min restaurants in mainland China.

Its shares opened at HK$0.02 on Feb. 11. The restaurants serve
formal Shanghai cuisine.

In a statement filed with the Hong Kong stock exchange on Tuesday
night [Feb. 10], the group said the closures were part of a
strategic realignment, the Post relays.

According to the Post, the company's struggles reflect the
challenging environment in the mainland restaurant sector as
consumers remain careful with their spending amid economic
uncertainty.

In 2025, China's total catering revenue reached CNY5.80 trillion
(US$839 billion), rising 3.2 per cent year on year, a slowdown from
the 5.3 per cent growth recorded in 2024, the Post discloses citing
the National Bureau of Statistics.

As of the first half of 2025, XNG operated 15 Shanghai Min outlets
and one Nan Xiao Guan restaurant, a casual-dining brand featuring
Shanghai and Jiangnan flavours, according to its earnings report.

The Post, citing Meituan's Dazhongdianping, a restaurant review
platform, discloses that all of the Shanghai Min restaurants in
Shanghai and Beijing were either closed or had suspended operations
as of Feb. 11.

Customers would receive refunds for deposits and prepaid cards, the
company's statement said.

In 2015, the group's restaurant network reached a peak of more than
100 outlets across its brands, but its store count has been on a
downwards trend since then.

According to the Post, the company said it was conducting an
ongoing portfolio restructuring to reallocate resources to core
markets, as its mainland restaurant business had recorded a
sustained lack of profitability. The move was intended to mitigate
financial losses amid a difficult operating environment.

The Post relates that XNG said it would focus on improving resource
allocation efficiency and carry out a comprehensive business
realignment and rebranding exercise. It aimed to build a more
dynamic and accessible brand that aligned with shifting consumer
preferences, the statement said.

The group has been in the restaurant business for more than 30
years and was listed in Hong Kong in 2012.

Shanghai XNG Holdings Limited, an investment holding company,
operates a chain of restaurants in the People's Republic of China
and Hong Kong. The company operates Shanghai Min, Maison De L'Hui,
The Dining Room, Oreno, and Wolfgang Puck restaurants. It is also
involved in the management of restaurants; provision of management
and IT technology services; franchise operation; and sale of
software, as well as packed food and materials. The company was
formerly known as TANSH Global Food Group Co., Ltd and changed its
name to Shanghai XNG Holdings Limited in March 2022.




=================
H O N G   K O N G
=================

UNITED ENERGY: Fitch Affirms 'BB-' IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the ratings for six north Asian oil and
gas companies:

   1. China National Petroleum Corporation (CNPC) and
      PetroChina Company Limited (PetroChina)

   2. China Petroleum & Chemical Corporation (Sinopec)

   3. CNOOC Limited

   4. United Energy Group Limited

   5. CPC Corporation, Taiwan

These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks were unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

China National Petroleum Corporation

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

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

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

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

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

- The SCP is 'aa-'.

To derive the Long-Term IDR:

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

PetroChina Company Limited

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

- The SCP is 'aa-'.

To derive the Long-Term IDR:

- Application of Fitch's "Parent Subsidiary Linkage Rating
Criteria" results in an equalised approach.

China Petroleum & Chemical Corporation (Sinopec)

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the forecast year 2025,
10% for the forecast year 2026, 40% for the forecast year 2027 and
40% for the forecast year 2028.

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

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

- The SCP is 'a-'.

To derive the Long-Term IDR:

- Sinopec's ratings are closely aligned with Fitch's internal
assessment of the credit profile of parent China Petrochemical
Corporation (Sinopec Group) through the application of its "Parent
Subsidiary Linkage Rating Criteria."

CNOOC Limited

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

- The SCP is 'a'.

To derive the Long-Term IDR:

CNOOC Limited's ratings are closely aligned with its credit profile
assessment of its parent CNOOC, under its "Parent and Subsidiary
Linkage Rating Criteria."

United Energy Group Limited

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

- The SCP is 'bb-'.

To derive the Long-Term IDR:

- No adjustments were made to the SCP, resulting in an IDR of
'BB-'.

CPC Corporation, Taiwan

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

- The SCP is 'bb-'.

To derive the Long-Term IDR:

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

RATING ACTIONS

   Entity/Debt                   Rating              Prior
   -----------                   ------              -----
CNOOC Finance
(2014) ULC

   senior
   unsecured            LT        A   Affirmed       A

CNPC Global
Capital Limited

    senior
    unsecured           LT        A   Affirmed       A

CNPC Finance
(HK) Limited            LT IDR    A   Affirmed       A
                        LC LT IDR A   Affirmed       A

   senior
   unsecured            LT        A   Affirmed       A

CNOOC Finance
(2003) Limited

    senior
    unsecured           LT        A   Affirmed       A

PetroChina
Company Limited         LT IDR    A   Affirmed       A
                        ST IDR    F1+ Affirmed       F1+
                        LC LT IDR A   Affirmed       A
                        LC ST IDR F1+ Affirmed       F1+

   senior
   unsecured            LT        A   Affirmed       A

CNPC (HK)
Overseas
Capital Ltd

    senior
    unsecured           LT        A   Affirmed          A

CNOOC Finance
(2011) Limited

   senior
   unsecured            LT        A  Affirmed       A

China National
Petroleum
Corporation             LT IDR    A  Affirmed       A
                        LC LT IDR A  Affirmed       A

   senior
   unsecured            LT        A   Affirmed      A

CPC Corporation,
Taiwan                  LT IDR    AA  Affirmed      AA
                        ST IDR    F1+ Affirmed      F1+
                        LC LT IDR AA  Affirmed      AA

CNOOC Limited           LT IDR    A   Affirmed      A
                        LC LT IDR A   Affirmed      A

    senior
    unsecured           LT        A   Affirmed      A

China Petroleum &
Chemical
Corporation (Sinopec)   LT IDR    A   Affirmed     A
                        ST IDR    F1+ Affirmed     F1+
                        LC LT IDR A   Affirmed     A
                        LC ST IDR F1+ Affirmed     F1+

   senior unsecured     LT        A   Affirmed     A

United Energy Group
Limited                 LT IDR    BB- Affirmed     BB-

   senior unsecured     LT        BB- Affirmed     BB-



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

ALOK HARSH: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alok Harsh
Rice Mill Private Limited (AHRMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.74       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 9, 2025, placed the rating(s) of AHRMPL under the
'issuer non-cooperating' category as AHRMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AHRMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2025, December 5, 2025, December 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: Stable

Alok Harsh Rice Mill Private Limited was established in May 2010
with an objective to enter into the rice milling and processing
business. The manufacturing unit of the company is located at
Giddha Industrial Area, Dist: Giddah, Bihar. Mr. Sunil Kumar Keshri
(Director) along with Mr. Niraj Kumar (Director), Mrs. Rajkumari
Devi (Director), Mrs. Kiran Devi (Director), Mr. Pawan Kumar Keshri
(Director), Mr. Dipu Kumar Keshri (Director), Mrs. Nitu Keshri
(Director) and Mrs. Premlata Devi (Director) who have long
experiences in similar line of business are looking after the day
to day operation of the company.


ANLON HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anlon
Healthcare Private Limited (AHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 18, 2024, placed the rating(s) of AHPL under the
'issuer non-cooperating' category as AHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 4, 2025, October 14, 2025, October 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 (Gujarat)-based, AHPL was incorporated in March 20, 2014 by
three directors namely Mr. Punit Rasadia, Mr. Vaibhav Ramani and
Mr. Meet Vachhani. The company's name has been changed to Anlon
Healthcare Limited from September 2024 and The Company got listed
on NSE and BSE on September 3, 2025 (ISIN: INE0Y8W01017). The
company is setting up a unit for manufacturing of pharma
intermediates and ingredients. The company will operate with an
installed capacity of 11 metric tonne per month of pharma
intermediates and ingredients which will find its application in
preparation of medicines. Anlon Healthcare Private Limited belongs
to Anlon group with group entity named Anlon Chemical Research
Organization.


ARANAYAK FOOD: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Aranayak Food Products Private Limited (AFPPL) to 'Crisil B/Stable
Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING, Rating Migrated)

   Proposed Long Term    0.76      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING, Rating Migrated)

   Term Loan             2.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING, Rating Migrated)

   Term Loan             1.68      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING, Rating Migrated)

   Working Capital       1.06      CRISIL B/Stable (ISSUER NOT
   Term Loan                       COOPERATING, Rating Migrated)

Crisil Ratings has been consistently following up with AFPPL for
obtaining information through letter and email dated January 23,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AFPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AFPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of AFPPL to 'Crisil B/Stable Issuer not
cooperating'.  

AFPPL was incorporated in 2017. AFPPL is owned & managed by
Arunendu Samanta, Sukanta Chakraborty and Ramapada Ghosh. AFPPL is
engaged in milling parboiled rice. AFPPL manufacturing facility is
located in West Bengal, and it commenced commercial operations in
fiscal 2021.


BABA JATADHARI: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba
Jatadhari Agro India Private Limited (BJAPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             4.76      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 10, 2025, placed the rating(s) of BJAPL under the
'issuer non-cooperating' category as BJAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BJAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2025, December 6, 2025 and December 16, 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

Incorporated in 2011, Baba Jatadhari Agro India Private Limited
(BJAPL) is engaged in flour milling activities with its
manufacturing facility located at Abhirampur, Nischintapur Gram
Panchayat P.O & P.S.- Budge Budge, Dist-South 24 Parganas, West
Bengal. The company manufactures atta, moida, sooji, flakes etc.
with installed capacity of 102400 MTPA. BJAIPL commenced its
commercial operation from October 2016. Mrs. Chitra Rekha Shaw,
having around a decade of experience in the same line of industry,
looks after the overall management of the company with adequate
support from other directors and a team of experienced personnel.


BEE AAR: CRISIL Reaffirms B- Rating on INR7cr Long Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'Crisil B-/Stable' rating on the
long-term bank facilities of Bee Aar Controls and Engineering
Private Limited (BACEPL).

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          1.3       Crisil B-/Stable (Reaffirmed)

   Long Term Loan       7         Crisil B-/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits    3.2       Crisil B-/Stable (Reaffirmed)

The rating continues to reflect BACEPL's modest scale of operation
and weak financial risk profile. These weaknesses are partially
offset by its extensive industry experience of the promoters

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of BACEPL.

Key Rating Drivers - Weaknesses

* Modest scale of operation: The business profile of the company is
constrained by its scale of operations in the intensely competitive
electrical component industry.  Although, the scale of operations
increased from around INR10 crore in fiscal 2023 to around INR23
crore in fiscal 2025, the scale continues to remain moderate and
has continued to limit its operating flexibility. The management
expects higher revenue going forward basis the newly setup
manufacturing plant for USB cables. Ramp up in the scale of
operations from the new manufacturing unit along with improvement
in the operating margins will remain a key monitorable.

* Weak financial risk profile: The financial profile of the company
is marked by low networth of around INR2.8 crore as on March 31,
2025. BACEPL has weak capital structure marked by gearing and total
outside liabilities to adjusted tangible networth (TOL/ANW) of 3.7
times and 4.0 times respectively for year ending on 31st March 2025
due to reliance on outside debt to support the recent capital
expenditure and working capital requirements. Debt protection
metrics remains weak marked by interest coverage and net cash
accrual to total debt (NCATD) ratio at 1.4 times and 0.02 times
respectively for fiscal 2025. The financial profile of the company
is expected to remain weak in the medium term.

Key Rating Drivers - Strengths

* Extensive industry experience of the promoters: The promoters
have experience of around two decades in the electronic trading
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers

Liquidity Poor

Bank utilisation is moderate around 63% for the past twelve months
ended November 2025. Cash accruals generated by the company are
expected to be insufficient against term debt obligation of
INR0.5-1 crore over the medium term. Need-based support in case of
any exigency from promoters will continue to support liquidity.

Current ratio are at 1.0 times on March 31, 2025. Cash and cash
equivalent of INR15.6 lakhs as on March 31, 2025.

Outlook Stable

Crisil Ratings believe BACEPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating sensitivity factors

Upward factor

* Sustained improvement in scale of operation with improved margins
leading to higher cash accruals above INR1 crore
* Improvement in the working capital cycle leading to strengthening
of liquidity and financial profile

Downward factor

* Decline in scale by more than 20%, along with decline in margins,
leading to lower than expected cash accruals
* Further large debt-funded capital expenditure weakening the
capital structure and liquidity

BACEPL was incorporated in 2008, it is located in Gwalior , Madhya
Pradesh. BACEPL is engaged in trading & distributorship of power &
data cables, energy meters, switchgear, electrical panel, LT/HT
motors, industrial & commercial lightings & industrial fans. It is
also engaged in providing engineering, procurement and construction
services mainly for electrification and other industrial works.
BACEPL is owned & managed by Mr. Kishan Pal Singh and Ms. Rashmi
Singh.


BHAGYALAXMI STEELTECH: CARE Cuts Rating on INR66.71cr Loan to B+
----------------------------------------------------------------
CARE Ratings has lowers the ratings on certain bank facilities of
Bhagyalaxmi Steeltech Private Limited (BSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      66.71       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB-;
                                   Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of BSPL under the
'issuer non-cooperating' category as BSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 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 BSPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Ahmedabad based BSPL was incorporated in June 2018. The company is
involved in trading of mild and stainless-steel products like bars,
plates, sheets, and channels. The company is promoted by Mr.
Hanumanaram Vishnoi, who has industry experience of over 13 years.
Prior to BSPL, he promoted a proprietorship firm, M/s Bhagyalaxmi
Steel, which operated in the same line of business since 2009 and
was subsequently merged into BSPL in 2019.



BRAHMAPUTRA METALLICS: CARE Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Brahmaputra Metallics Limited (BML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       62.47      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      32.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from BML to monitor
the rating(s) vide e-mail communications/letters dated January 7,
2026, January 13, 2026, January 16, 2026, and January 22, 2026 and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. Also, Brahmaputra Metallics Limited has not paid the
surveillance fees.

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. Further Brahmaputra Metallics Limited has
not paid the surveillance fees for the rating exercise agreed to in
its Rating Agreement. The rating on Brahmaputra Metallics Limited
bank facilities will now be denoted as CARE D 'ISSUER NOT
COOPERATING'.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Default free track record for more than 90 days.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Delay in debt servicing: There has been instances of delay in
debt servicing in GECL loans in recent past.
Liquidity: Poor

Liquidity is marked poor due to delay in timely servicing of GECL
loan.

Brahmaputra Metallics Limited (BML) is promoted by Guwahati based
Lohia Group and Jaiswal Group. The Company was initially
incorporated as Brahmaputra Breweries and Distilleries Pvt. Ltd. on
October 29, 1999. Subsequently the Company decided to enter steel
plant and consequently the name of the Company was changed to
Brahmaputra Metallics (P) Limited on December 4, 2006. The Company
was converted into a public limited company and rechristened as
Brahmaputra Metallics Limited on July 4, 2007. In May 2009, BML
envisaged setting up an integrated steel plant at Gola, Ramgarh
District, Jharkhand. The installed capacity stands at 1,05,000
tonnes per annum for sponge iron, 2,00,000 tonnes per annum for
billets and a 20 MW captive power plant. The directors of the
company include Mr. Bajrang Lohia, Mr. Kaushik Agarwal and Mr.
Santosh Kumar Jaiswal.


DURGAPUR INSTITUTE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durgapur
Institute of Advanced Technology and Management (DIOATM) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.00       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 DIOATM under the
'issuer non-cooperating' category as DIOATM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DIOATM 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

DIOATM was promoted by Mr. Ranindra Nath Majumder in 2001 for
imparting educations in the fields of engineering, diploma, ITI,
LLB, Nursing, Teacher training and medical college & hospital in
Durgapur, West Bengal. Currently DIOATM has a cumulative strength
of 1562 students with 71.83% occupancy rate and 286 faculty members
during the academic session 2016-17. It is the first educational
institute in Duragpur, West Bengal imparting engineering courses
commenced operations in the academic year 2002-2003 under the name
of “Durgapur Institute of Advanced Technology and Management”.
Since then it has established six more educational institutes each
having a unique campus.


ECOMAISTER BEADS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Ecomaister Beads India Private Limited
B-3, Vrindavan Colony,
        Bhagwanpur Dhimrapur Bypass Road,
        Raigarh -496001, Chattisgarh

Liquidation Commencement Date: October 17, 2025

Court: National Company Law Tribunal, Cuttack Bench

Liquidator: Deepak Kumar Jain
     Purnima, D-356/5 Tagore Nagar,
            Raipur, Chhattisgarh – 492001
            Email: deepak1760@yahoo.com

Last date for
submission of claims: February 11, 2026


ECOMARK GENERAL: CRISIL Moves B Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Ecomark General Finance and Leasing Limited (EGFLL) to 'Crisil
B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

Crisil Ratings has been consistently following up with EGFLL
information through emails and letter dated January 9, 2026, apart
from telephonic communication. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings has not received any information on either the financial
performance or strategic intent of EGFLL. This restricts the
ability to take a forward-looking view on the entity's credit
quality. Crisil Ratings believes that the rating action is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the long-term rating has been migrated
to 'Crisil B/Stable Issuer not cooperating'.

EGFLL is a non-banking finance company (NBFC), based out of
Trissur. It was incorporated in 1997, by Mr KV Sushi, who is
currently the chairman of the company.


HELION ADVISORS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Helion Advisors Private Limited
003, Classique Mansion, 6th Cross,
        HAL 2nd stage, Bangalore-560008
        Karnataka,India

Liquidation Commencement Date: January 19, 2026

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Srilakshmi Purushotham
     No. 41, Patalamma Temple Street,
            Basavanagudi, Near South End Circle,
            Bengaluru, 560004
            Karnataka, India
            Email: sri@gurujana.com
            Phone No: +91 9972380635

Last date for
submission of claims: February 18, 2026


HIMALAYAN ROAD: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Himalayan
Road Construction Private Limited (HRCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank
   Facilities           6.00       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 9, 2025, placed the rating(s) of HRCPL under the
'issuer non-cooperating' category as HRCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HRCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2025, December 5, 2025 and December 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: Stable

Himalayan Road Construction Private Limited (HRCPL) was
incorporated in the year 2009 and currently; the company is being
managed by Mr. Pawan Kr Agarwal, Mr. Apurba Guha, Mr. Anil Kr
Agarwal, Mr. Somdeep Guha, Mrs. Nirmala Devi Agarwal and Mrs.
Nandita Guha. Since its inception, the company has been engaged in
civil construction activities in the segment like construction of
roads. HRCPL is classified as 'Class 1' contractor by the West
Bengal Government which enables it to participate in higher value
contracts. HRCPL secures work contracts through tender and executes
orders mainly for various departments of West Bengal Government.
The company has availed the moratorium for interest on working
capital under the terms of recent RBI circular.


HITRO ENERGY: CRISIL Lowers Rating on INR1.5cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on Hitro Energy Solutions
(HES) to 'Crisil D Issuer Not Cooperating' from 'Crisil B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     Crisil B-/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     0.5        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     Crisil B-/Stable ISSUER NOT
                                     COOPERATING)

   Working Capital        6.0        CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING; Downgraded from
                                     Crisil B-/Stable ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with HES for
obtaining information through emails dated February 7, 2025 and
January 28, 2026 among others, apart from telephonic communication.
However, the issuer has remained non cooperative. The investors,
lenders and all other market participants should exercise due
caution with reference to the rating assigned/reviewed with the
suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without
any management interaction and is based on best available or
limited or dated information on the company. Such non-cooperation
by a rated entity may be a result of deterioration in its credit
risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix
lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HES, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the latest available public information, Crisil Ratings has
downgraded the rating to 'Crisil D Issuer Not Cooperating' from
'Crisil B-/Stable Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company accounts and clarity about the same from the management and
bankers is continuing to remain awaited.

HES is a proprietary concern incorporated on January 28, 2014. The
firm is based in Chennai and is engaged in providing complete
indoor and outdoor lighting solutions for professional
applications. HES is the energy partner for Thorn lighting, and
provides services to commercial, retail, healthcare, hospitality,
and industrial segments. The firm's daily operations are managed by
Mr. Rangachari.


J P AND COMPANY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J P and
Company (JPC) continues to remain in the 'Issuer Not Cooperating'
category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; 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 JPC under the
'issuer non-cooperating' category as JPC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JPC 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

Indore-based JPC was originally formed in 2013 as a partnership
concern by Maltani Family. However, in December, 2015, the firm was
taken over by Wadhwani Family. JPC was established with an
objective to set up a hotel in Indore (Madhya Pradesh). The hotel
will have facility of total 121 rooms includes; 89 Typical Rooms,
30 Jr. Suite rooms, 2 Suite rooms along with separate Vegetarian
and Non-Vegetarian restaurant, Gym, Swimming Pool, 3 banquet hall
and bar. JPC has envisaged that project will be completed in the
month of May, 2017 and is expected to commence its operations from
May, 2017.


JAGDISH COTTON: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Jagdish Cotton Industries (JCI) to 'Crisil B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           28       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with JCI for
obtaining information through letter and email dated January 23,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JCI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JCI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of JCI to 'Crisil B+/Stable Issuer not
cooperating'.

JCI was formed as a partnership firm in 1998. The firm is engaged
in cotton ginning at its facility located in Mehsana, Gujarat. The
operations are managed by Mr Jagdishkumar Natwarlal Patel, Mr
Jigarkumar Kashiram Patel, Mr Harshil Jagdish Patel, Mr Jigesh
Jitendra Patel, Mr Viral Jitendra Patel and Ms Payal Harshil
Patel.


JAYAWANTI BABU: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jayawanti
Babu Foundation (JBF) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.51       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.49       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 January 7, 2025, placed the rating(s) of JBF under the
'issuer non-cooperating' category as JBF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JBF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 23, 2025, December 3, 2025, January 30, 2026 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Established in 2007, Jayawanti Babu Foundation (JBF) runs an
education institute. The trust is registered under Bombay Public
Trust Act, 1950. Currently, the trust is managing one college,
namely, Metropolitan Institute of Technology and Management
(MITM).


K B SPONGE IRON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: K B Sponge iron Limited
        6-Lyons Range 4th Floor, Unit no-2,
        Kolkata-700001, West Bengal, India
        Email: kbsponge@gmail.com

Insolvency Commencement Date: January 13, 2026

Estimated date of closure of
insolvency resolution process: July 11, 2026

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Sushanta Kumar Choudhury
       64, Hem Chandra Naskar Road,
              Beleghata, Kolkata700010,
              Email: sk.choudhury123@gmail.com
              Email: cirp.kbsponge@gmail.com
  
Last date for
submission of claims: February 11, 2026


LEONARD EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Leonard
Exports (LE) in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         1.20      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-         2.05      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding LE's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with LE, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Leonard Exports (LE) was established in 2001 as a partnership firm
by Mr. P.K.Darolia (holding 70% stake) along with three other
partners. The firm trades in fly ash, which it procures from
various thermal power plants and sells primarily to cement
manufacturing units. Besides, the firm also provides ancillary
services, like handling and transportation of fly ash. The firm
operates through four branches-Farakka, Suri, Titagarh in West
Bengal and Kahalgaon in Bihar.


MAHIP INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahip
Industries Limited (MIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.72       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 31, 2024, placed the rating(s) of MIL under the
'issuer non-cooperating' category as MIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 16, 2025, November 26, 2025, December 6, 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

MIL (CIN No. L15549GJ1995PLC028116) (ISIN No.: INE00CX01017) was
promoted as Care Beverages (India) Ltd. in 1995 by Mr. Rajiv
Agrawal & his family members. Subsequently, its name was changed to
Care Corupack Ltd. in 2001 and to Mahip Industries Ltd. (listed on
BSE SME, Quote No. 542503) in 2018. MIL is engaged in manufacturing
of corrugated boxes, stiffeners, plates and rolls. Its
manufacturing unit is located near Dholka-Bagodara highway in
Gujarat.


MECHATRONICS SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Mechatronics Systems Private Limited (MSPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 7, 2025, placed the rating(s) of MSPL under the
'issuer non-cooperating' category as MSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 23, 2025, December 3, 2025, and January 30, 2026 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

MSPL a Pune based ISO 9001:2008 Certified Company was incorporated
in 1991 as a partnership concern in the name and style of
Mechatronics. The firm was converted to Private Limited in 1996 and
its nomenclature changed to MSPL. The company is engaged in
comprehensive Turnkey, Technology driven, cost-effective, Real-time
Automation and Management solutions for Water Resources, Dams,
Canals, Water Treatment Plant, Pumping Stations, Lift Irrigation
Schemes and Water Supply Schemes has successfully completed various
projects in India and abroad. The company is spearheaded by Mr.
Ashok Karva a first generation entrepreneur.


MINERVA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Minerva
Poultry Private Limited (MPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.71       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 6, 2024, placed the rating(s) of MPPL under the
'issuer non-cooperating' category as MPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 22, 2025, November 1, 2025 and November 11, 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 December 1991, Minerva Poultry Private Limited
(MPPL) was promoted by the Meher family of Bolangir (Odisha). The
company is engaged in the business of sale of layer birds and eggs.
MPPL has started its commercial operations from the year 1993. The
poultry farm of the company is located at Bhadrapali, Dist –
Bolangir (Odisha) with a present capacity of 3,02,500- layer birds
with per bird producing around 300 eggs (approx.) yearly.


SHIVASHAKTI SUGARS: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivashakti
Sugars Limited (SSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      284.15      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 29, 2024, placed the rating(s) of SSL under the
'issuer non-cooperating' category as SSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 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 SSL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Shivashakti Sugars Limited (SSL) was set up in 1995 by Dr Prabhakar
B Kore (Member of Parliament, Rajya Sabha). SSL was issued license
for setting up a sugar manufacturing unit in 1995; however, it was
unable to launch the project till 2000 for various reasons.
Subsequently, SSL was acquired by KPR Sugar Mills Pvt Ltd (part of
KPR group, Coimbatore) in the early 2000. The company was
reacquired by Dr. Kore in April 2010. Initially, the company set up
the sugar plant with an installed capacity of 3500 Tonnes Crushed
per day (TCD) and bagasse based 15 MW co-generation power plants.
Over the years, with various expansion activities undertaken,
company's present asset profile comprises of sugar capacity of
10,000 TCD and 37MW of cogen plant.


SHIW PRASAD: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiw Prasad
Jyoti Prasad (SPJP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      7.50       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 27, 2024, placed the rating(s) of SPJP under the
'issuer non-cooperating' category as SPJP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPJP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 12, 2025, November 22, 2025, 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

M/s Shiw Prasad Jyoti Prasad (SPJP) was established in 1994 by Mr.
Rajesh Kumar Sahu. He has an experience of more than 25 years.
Currently, there are 11 partners in the firm. SPJP is presently
running 21 liquor retail stores to sell IMFL (Indian Made Foreign
Liquor) and country liquors in various districts of Odisha viz;
Bolangir, Dhenkanal, Bargarh, Sonepur, Kalahandi, etc.


SREEJA METAL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sreeja
Metal Sand LLP (SMSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.60       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 SMSL under the
'issuer non-cooperating' category as SMSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMSL 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

Sreeja Metal Sand LLP (SMSL) was established on December 25, 2014
as a Limited Liability Partnership firm by Mr. Venkataramana Babu
Pilla along with his family members. On, 6th August, 2015 the firm
was reconstituted when Smt. Polimera Venkata Lakshmi retired. The
firm has proposed to set-up a manufacturing unit of Metal Sand (M
Sand).


SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SVR
Corporation Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       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 December 13, 2024, placed the rating(s) of SCPL under the
'issuer non-cooperating' category as SCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 29, 2025, November 8, 2025, November 18, 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

SCPL was incorporated in the year 2013 by Mr. R. Uday Kumar Reddy
and Mr.S.V. Gowtham Reddy. The company has proposed to set up a
unit for the generation, accumulation, distribution and supply of
electricity and all forms of energy at Chittoor, Andhra Pradesh.
The total installed capacity of the unit is 2MW SPV (Solar
Photovoltaic) new grid-tied projects per annum. The raw material
required for the production, to the extent of 56% will be imported
from Hongkong and remaining to be purchased from other states in
India. SCPL has commenced its operations from December 2017
onwards. The total cost proposed for setting up the unit is Rs.
13.44 crore funded by equity share capital of Rs.3.36 crore and
remaining through term loan of Rs.10.08 crore in which Rs.4.50
crore is FLC to be converted to term loan after 3 years usance
period.


THIRUMALSREE SPINNERS: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Thirumalsree Spinners Private Limited (TSPL) continues to remain in
the 'Issuer Not Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 13, 2024, placed the rating(s) of TSPL under the
'issuer non-cooperating' category as TSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 29, 2025, November 8, 2025, November 18, 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

Thirumalsree Spinners Private Limited (TSPL) is Coimbatore based
company, which was incorporated in 1994 and Promoted by Mr. N.
Srinivas and Mrs. N. Ranganayaki. The company is engaged in
manufacturing of cotton yarn (36-40 counts) in 2016 the company
moved to manufacturing of Polyester Yarn) with a total installed
capacity of 3 Tons per day at its manufacturing unit located at
Coimbatore, Tamil Nadu. The manufacturing process includes ginning
of raw cotton, blending and carding. The company is having around
50 regular customers located in Tamil Nadu region. TSPL purchases
raw cotton mainly from dealers based at Andhra Pradesh and
Maharashtra.


ULTRA ALLUMINIUM: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ultra
Alluminium Private Limited (UAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.30       CARE C; 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 UAPL under the
'issuer non-cooperating' category as UAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UAPL 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

Ultra Alluminium Private Limited (UAPL) was incorporated in
September, 2009 and currently it is managed by Mr. Jaya Dayal Kedia
and Mr. Prem Dayal Kedia. Since its incorporation the company has
been engaged in the business of manufacturing of aluminium products
like angles, channels, shafts, extrusions etc. The manufacturing
plant of the company is located at Raipur, Chhattisgarh.


VAIBHAV COTGIN: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vaibhav
Cotgin Private Limited (VCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.50       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 January 7, 2025, placed the rating(s) of VCPL under the
'issuer non-cooperating' category as VCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 23, 2025, December 3, 2025, January 30, 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

VCPL was incorporated as a private limited company in May, 2016.
The company is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed. The ginning and pressing unit
and oil extraction unit is located at Chandrapur, Maharashtra.


VASUNDHARA SEAMLESS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Vasundhara Seamless Stainless Tubes Private Limited
        9-B,9TH Floor B.D.Patel House, Naranpura Road,
        Naranpura, Ahmedabad, Gujarat, India, 380014

Insolvency Commencement Date: August 22, 2024

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

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Sachin Naveen Sinha
       N-203, Parshwanath Metro City, Nr. H.B.
              Kapdia School, Sakar Street, T.P. 44,
              Chandkheda, Ahmadabad-382424, Gujarat
              Email: sachinsinhaassociates@gmail.com

              C/o Adv. Yashoaj Guglani, Chamber no.120, C.K.
              Daphtary Lawyers Block, Supreme Court of India,
              Delhi-110001
              Email: cirp.vasundhara2024@gmail.com

Last date for
submission of claims: February 3, 2026


VENKATESWARA CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Coop.
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Venkateswara Constructions Private Limited (SVCPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     24.00       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 SVCPL under the
'issuer non-cooperating' category as SVCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SVCPL 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 Based, Sri Venkateswara Constructions (SVCPL) was
established in the year 2006 as partnership firm. Later on, in the
year 2012, SVCPL change its constitution to current nomenclature
Sri Venkateswara Construction Private Limited (SVCPL). The company
is engaged in Civil construction works includes construction of
bridges for railway track, fabrication work, earth work,
construction of buildings to government organization, transmission
lines and canal works among others. The company purchase the raw
material like cement, steel, sand and concrete etc. within Andhra
Pradesh.


[] INDIA: Decoding High-Stakes Shift in Distressed Asset Financing
------------------------------------------------------------------
Rishabh G. Mastaram, founder of RGM Legal, said in an opinion piece
posted in VCCircle that as India charges toward its $5 trillion
economy milestone, the plumbing of its financial system is being
quietly but radically re-engineered. Nowhere is this more evident
than in the evolution of the secondary market for Non-Performing
Assets (NPAs).

He added that the traditional, often cumbersome methods of debt
resolution are being replaced by a sophisticated ecosystem of
specialized capital, yet this progress comes with a sharp
regulatory pivot that is redefining how Indian businesses access
global credit.

         The New Architecture: Beyond "Cleaning the Books"

Mr. Mastaram said the secondary NPA market has transitioned from a
mere disposal mechanism for banks into a functional asset class.
Two pillars now define this landscape:

* Institutional Aggregation: The National Asset Reconstruction
Company Limited (NARCL) and IDRCL have institutionalized the
resolution of large-scale legacy stress. By acquiring assets with
exposures over Rs 500 crore, they have stabilized the market,
allowing banks to pivot back to their core mission: lending for
growth.

* The Rise of Stressed Asset AIFs: Alternative Investment Funds
(AIFs) have become the primary engines of the secondary market.
With over 1,748 registered AIFs and commitments surging to Rs 13.49
trillion by January 2026, these funds provide the "turnaround
capital" that traditional banks cannot. Unlike the "fire sales" of
the past, these funds leverage the Insolvency and Bankruptcy Code
(IBC) to acquire "value" assets at reasonable valuations, aiming
for strategic restructuring rather than just liquidation.

The Regulatory Counter-Current: The End of "Cashless" Guarantees

According to Mr. Mastaram, while the internal market for distressed
debt is maturing, a significant friction point has emerged in
cross-border financing. The recently notified Foreign Exchange
Management (Guarantees) Regulation, 2026, has effectively
dismantled the popular "cashless guarantee" structure.

Historically, Indian subsidiaries of multinational companies could
raise domestic debt backed by a non-resident guarantee without an
immediate foreign exchange outflow. Under the new 2026 rules:

* 100% Cash Collateral: Guarantees are now largely restricted
unless backed by 100% cash collateral in the form of a deposit from
the non-resident.

* Strict Eligibility: Both the surety and the principal debtor
must now be eligible to lend to and borrow from each other under
existing ECB regulations.

While these measures are designed to safeguard national security
and prevent "unreported/contingent indebtedness," they have
undeniably increased the cost of capital for high-potential
businesses.

The Macro Shift: RBI's October 2025 Pivot on Acquisition Finance

Mr. Mastaram noted that while the door to "cashless" offshore
leverage closes, a new window for domestic "control financing" has
opened. In October 2025, the Reserve Bank of India (RBI) issued
draft directions that fundamentally reverse its decades-old
aversion to acquisition financing.

For years, Indian banks were prohibited from funding the purchase
of shares to prevent excessive leverage. The 2025 draft changes
this paradigm, permitting banks to finance up to 70% of an
acquisition's value, provided specific safeguards are met:

* Eligibility: The borrower must be a listed Indian company that
has been profit-making for the last three years.

* Guardrails: Banks are capped at an exposure of 10% of their
Tier-1 Capital for such financing, and promoters must bring in at
least 30% equity contribution.

This "controlled opening" is a critical context for the distressed
market, according to Mr. Mastaram. By legitimizing the use of bank
debt for control transactions in the healthy market, the regulator
has tacitly normalized the concept of "Leverage for Control". This
shift provides the regulatory air-cover necessary for the more
aggressive "Stressed LBO" strategies now being deployed by AIFs.

             The Stressed LBO: A New Paradigm for 2026

According to Mr. Mastaram, as the era of "cashless" shortcuts ends
and acquisition norms thaw, a robust form of the Leveraged Buyout
(LBO) is emerging within the IBC framework. While the new RBI draft
is expected to serve listed/healthy companies, the 2026 regulatory
shift has opened a compliant "loan-to-own" pathway for distressed
assets via Special Situation Funds (SSFs).

The 2026 shift toward "value-based distressed investing" is
introducing a Hybrid LBO Model specifically for stressed assets:

* The "Loan-to-Own" Strategy: Global funds are increasingly using
"credit bidding"—purchasing existing debt at a discount to
eventually swap it for 100% equity control during the IBC
resolution process.

* Relocating Leverage: India has not banned leverage; it has
simply moved it from the banking balance sheet to the AIF ledger.
Under the RBI 2025 Directions, banks are limited in their AIF
contributions to prevent systemic risk "contagion".

*Operational versus Financial Engineering: Unlike Western LBOs
that often rely on high debt-to-equity ratios for purely financial
gain, the Indian "Stressed LBO" is focused on operational
turnaround. Private equity sponsors now act as "operating
partners," using their capital to bridge liquidity gaps while
restructuring the debt.

* Regulatory mismatch: SEBI has built the vehicle (SSF), but RBI
hasn't yet opened the road (Permitted Transferee status) for it to
drive on.

As of early 2026, the RBI has not yet formally included SSFs in the
list of "Permitted Transferees" in its Master Direction on Transfer
of Loan Exposures, Mr. Mastaram said. This means while SSFs exist
as a legal vehicle, they still cannot directly buy bad loans from
banks until RBI closes this specific regulatory loop.

The RBI's Master Direction on Transfer of Loan Exposures (2021)
currently lists ARCs, other banks, NBFCs, and Small Finance Banks
as permitted buyers. SSFs are not yet on this list. SEBI has
requested their inclusion, and the proposal was approved in
principle by SEBI's board in consultation with RBI, but the
specific RBI notification adding SSFs to the Annex of the Master
Direction is still pending as of early 2026. Until this
notification comes, SSFs often have to invest in Security Receipts
(SRs) issued by ARCs rather than buying the loans directly, or
invest in the distressed company's equity/debt securities.

          Navigating the 2026 Landscape: The SSAF Solution

Mr. Mastaram added that for the secondary NPA market to truly
thrive, it must balance these new regulatory safeguards with the
need for liquidity. If the AIF is the engine of the new market, the
Securitisation of Stressed Assets Framework (SSAF) is its
high-speed rail.

Introduced to replace the often-stagnant Security Receipt (SR)
model, the SSAF facilitates the "true sale" of stressed assets into
a tradable format:

* Speed over Stagnation: Unlike traditional ARCs where recovery
can drag for eight years, SSAF notes are subject to a stricter
five-year cap, forcing a faster churn of capital.

* 100% Cash Upfront: The framework mandates that the Special
Purpose Entity (SPE) pay the lender entirely in cash, ensuring
immediate liquidity for banks rather than "deferred" promises.

* Risk Discipline: With a mandated 5% minimum risk retention for
resolution managers, the framework ensures "skin in the game,"
preventing the reckless dumping of low-quality assets.

The RBI has not yet notified the final "Securitisation of Stressed
Assets Framework (SSAF) Directions, 2025," notes Mr. Mastaram. The
notification of the Securitisation of Stressed Assets Framework
(SSAF) will be a step in the right direction, aiming to transform
illiquid bad loans into tradable securities.

                  Conclusion: The Great Re-Rating

According to Mr. Mastaram, India's secondary NPA market is no
longer a graveyard for bad debt; it is a high-stakes arena for
professional turnaround experts. The transition from opaque,
"cashless" cross-border shortcuts to the Standardized SSAF model
signals that the plumbing of Indian finance has finally caught up
with its $5 trillion ambitions.

He says by shifting the burden of leverage from public banks to
private, specialized Stressed Asset AIFs, the regulator has
protected the system while inviting the "rescue" capital necessary
for true operational restructuring. The era of easy, guaranteed
debt is over; the era of value-based, transparent distressed
investing has arrived.




=================
I N D O N E S I A
=================

PERUMDA BPR: OJK Shuts Three Banks in Early 2026
------------------------------------------------
Jakarta Globe reports that the Financial Services Authority (OJK)
has shut down three rural banks (BPR) in the first two months of
2026, citing concerns over financial soundness and depositor
protection.

According to Jakarta Globe, the closures follow seven rural bank
failures in 2025 and reflect persistent challenges related to
capital adequacy, governance, and business sustainability.

Jakarta Globe relates that OJK has said most rural bank closures
stem from weak capital positions and prolonged financial distress
that could not be resolved through supervisory measures. In such
cases, the regulator revokes the operating license and hands the
bank over to the Deposit Insurance Agency (LPS) for liquidation,
with customer deposits protected up to the statutory guarantee
limit.

The three rural banks shut down are:

1. BPR Suliki Gunung Mas (West Sumatra)

OJK revoked the license of BPR Suliki Gunung Mas, which operated in
Lima Puluh Kota regency, under a decree dated Jan. 7. The regulator
said the move was part of efforts to strengthen Indonesia's banking
system and maintain public trust.

2. BPR Prima Master Bank (East Java)

BPR Prima Master Bank, headquartered in Surabaya, lost its license
on Jan. 27. All offices were closed immediately and business
activities halted.

LPS formed a liquidation team to settle the bank's assets and
liabilities. Directors, commissioners and shareholders are barred
from taking legal action related to the bank without LPS approval.

3. Perumda BPR Bank Cirebon (West Java)

On Feb. 9, OJK revoked the license of Perumda BPR Bank Cirebon. In
its supervision, OJK identified fundamental weaknesses, including
breaches of prudential principles, weak risk management and
non-compliance with regulations, which eroded the bank's financial
health and business viability.

Problems at Perumda BPR Bank Cirebon had been flagged as early as
Aug. 2, 2024, when the regulator placed the lender under Bank in
Recovery status after its minimum capital adequacy ratio fell below
12% and its overall condition was deemed unsound.

Jakarta Globe adds that the closures in early 2026 follow a series
of rural bank shutdowns last year. OJK revoked the licenses of
seven BPRs in 2025, fewer than the 20 closures recorded in 2024,
but still signaling a gradual contraction of the sector.

Rural banks closed in 2025:

BPRS Gebu Prima (North Sumatra) – License revoked on April 17,
2025.

BPR Dwicahaya Nusaperkasa (East Java) – License revoked on July
24, 2025.

BPR Disky Suryajaya (North Sumatra) – License revoked on Aug. 19,
2025.

BPR Syariah Gayo (Aceh) – License revoked on Sept. 9, 2025.

BPR Artha Kramat (Central Java) – Closed through a
shareholder-initiated self-liquidation.

BPR Nagajayaraya Sentrasentosa – Closed through self-liquidation
at shareholders' request.

BPR Bumi Pendawa Raharja (West Java) – License revoked on Dec.
15, 2025, after failed recovery efforts.




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

MARELLI AUTOMOTIVE: Plan Exclusivity Period Extended to June 15
---------------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the
District of Delaware extended Marelli Automotive Lighting USA LLC
and affiliates' exclusive periods to file a plan of reorganization
and obtain acceptance thereof to June 15 and August 12, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that
the worldwide scope of their operations and the complexity of their
capital structure means that the Debtors must navigate a number of
complex issues during the chapter 11 process. The Debtors and their
advisors have spent (and continue to spend) significant amounts of
time coordinating with parties in interest and non-Debtor
affiliates around the world, from navigating the complexities of
operating in 26 countries to addressing the operational overhang
for the Debtors' affiliates resulting from the chapter 11 cases.

The Debtors claim that leading up to and since the Petition Date,
they have made significant progress in negotiating with their
stakeholders and administering these chapter 11 cases, which
warrants a further extension of the Exclusivity Period. The Debtors
commenced these chapter 11 cases with limited liquidity and have
moved expeditiously through these chapter 11 cases and advanced
discussions among the Debtors' key stakeholders regarding global
consensus in these chapter 11 cases.

The Debtors assert that their exclusivity extension request is not
intended to pressure creditors to submit to the Debtors'
restructuring demands but to provide sufficient time for the
Debtors to file and eventually confirm a value-maximizing chapter
11 plan and implement the transactions contemplated thereby without
the disruption and distraction created by competing plan
proposals.

Accordingly, the relief requested herein is without prejudice to
the Debtors' creditors and will benefit the Debtors' estates, their
creditors, and all other key parties in interest.

Co-Counsel for the Debtors:             

                        Laura Davis Jones, Esq.
                        Timothy P. Cairns, Esq.
                        Edward A. Corma, Esq.
                        PACHULSKI STANG ZIEHL & JONES LLP
                        919 North Market Street, 17th Floor
                        P.O. Box 8705
                        Wilmington, Delaware 19899 (Courier 19801)
                        Tel: (302) 652-4100
                        Fax: (302) 652-4400
                        Email: ljones@pszjlaw.com
                               tcairns@pszjlaw.com
                               ecorma@pszjlaw.com

Co-Counsel for the Debtors:                

                        Joshua A. Sussberg, P.C.
                        Nicholas M. Adzima, Esq.
                        Evan Swager, Esq.
                        KIRKLAND & ELLIS LLP
                        KIRKLAND & ELLIS INTERNATIONAL LLP
                        601 Lexington Avenue
                        New York, New York 10022
                        Telephone: (212) 446-4800
                        Facsimile: (212) 446-4900
                        Email: joshua.sussberg@kirkland.com
                               nicholas.adzima@kirkland.com
                               evan.swager@kirkland.com

                           - and -

                        Ross M. Kwasteniet, P.C.
                        Spencer A. Winters, P.C.
                        333 West Wolf Point Plaza
                        Chicago, Illinois 60654
                        Tel: (312) 862-2000
                        Fax: (312) 862-2200
                        Email: ross.kwasteniet@kirkland.com
                               spencer.winters@kirkland.com

               About Marelli Automotive Lighting USA

Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11, 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.

Judge Brendan Linehan Shannon handles the cases.

The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.




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

BRAR CONSOLIDATED: Creditors' Proofs of Debt Due on March 5
-----------------------------------------------------------
Creditors of Brar Consolidated Limited are required to file their
proofs of debt by March 5, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 4, 2026.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


KUAKA FITNESS: Creditors' Proofs of Debt Due on March 5
-------------------------------------------------------
Creditors of Kuaka Fitness Limited, Asap Cartage Limited and Print
& Wrap NZ Limited (formerly Hash Hub NZ Limited) are required to
file their proofs of debt by March 5, 2026, to be included in the
company's dividend distribution.

Kuaka Fitness Limited commenced wind-up proceedings on Feb. 1,
2026.

Asap Cartage Limited commenced wind-up proceedings on Feb. 2,
2026.

Print & Wrap NZ Limited commenced wind-up proceedings on Feb. 3,
2026.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


PARADISE DEVELOPERS: Court to Hear Wind-Up Petition on March 12
---------------------------------------------------------------
A petition to wind up the operations of Paradise Developers Limited
will be heard before the High Court at Auckland on March 12, 2026,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 16, 2026.

The Petitioner's solicitor is:

        Hosanna Tanielu
       Inland Revenue, Legal Services
       5 Osterley Way
       Manukau City
       Auckland 2104


REMARKABLE AESTHETICS: Creditors' Proofs of Debt Due on March 13
----------------------------------------------------------------
Creditors of Remarkable Aesthetics Limited are required to file
their proofs of debt by March 13, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 3, 2026.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141



SMART TECH: Court to Hear Wind-Up Petition on Feb. 23
-----------------------------------------------------
A petition to wind up the operations of Smart Tech Solutions
Limited will be heard before the High Court at Hamilton on Feb. 23,
2026, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 13, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton




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

CP WISDOM: Creditors' Proofs of Debt Due on March 7
---------------------------------------------------
Creditors of CP Wisdom Singapore Pte Ltd, CPYD Singapore Pte Ltd,
Crescent Lily Singapore Pte Ltd, Key Space (S) Pte Ltd and WSDM
Enterprises (S) Pte Ltd are required to file their proofs of debt
by March 7, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 29, 2026.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


DERMATOLOGY & LASER: Deloitte Appointed Provisional Liquidators
---------------------------------------------------------------
Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore SR&T
Restructuring Services on Feb. 2, 2026, were appointed as
provisional liquidators of Dermatology & Laser Specialist Clinic.

The provisional liquidator may be reached at:

          Tan Wei Cheong
          Lim Loo Khoon
          Deloitte Singapore SR&T Restructuring Services
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


FIABLE GLOBAL: Court to Hear Wind-Up Petition on Feb. 20
--------------------------------------------------------
A petition to wind up the operations of Fiable Global 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. 29, 2026.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


SONY LIFE: Creditors' Proofs of Debt Due on March 11
----------------------------------------------------
Creditors of Sony Life Financial Advisers Pte. Ltd. are required to
file their proofs of debt by March 11, 2026, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Purandar Janampalli Rao
          Ee Meng Yen Angela
          EY Corporate Advisors
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


SUPERIOR INVESTMENTS: Creditors' Proofs of Debt Due on March 9
--------------------------------------------------------------
Creditors of Superior Investments 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 Feb. 5, 2026.

The company's liquidator is:

          Tan Lye Heng Paul
          c/o Nexia Solutions  
          36 Robinson Road
          #11-01 City House
          Singapore 068877




===============
X X X X X X X X
===============

[] SEDA Adds Jean Chung to its Asian Financial Services
-------------------------------------------------------
SEDA Experts LLC, a leading expert witness firm providing
world-class financial expert witness services, announced on Feb. 10
that Jean Chung joined the firm as Managing Director.

"We are delighted that Jean will deepen our bench of superb Asian
financial services experts," said Peter Selman, Managing Partner of
SEDA Experts.

Jean Chung has over 25 years of experience in Asian private credit
and distressed investing. He has held senior investment roles at
Morgan Stanley, Citigroup, and Lehman Brothers, and currently
serves as Chief Portfolio Manager of the Asia Debt Opportunities
Fund. He is a qualified attorney and FINRA arbitrator.

Jean oversees investment strategies across the Asian private credit
landscape, with deep expertise in distressed assets and special
situations. Over the course of his career, he has led investment
teams and portfolio managers across debt, equity, foreign exchange,
and special situations, managing both private and liquid credit
strategies through multiple market cycles. Jean also oversees
capital allocation into US/European markets for Asian
insurance/pension money in private markets in both PC and PE firms.
He also advises Japanese/Korean financial institutions to directly
invest in US real estate properties in commercial, industrial, and
residential markets.

Earlier in his career, Jean served as a fund manager for
Citigroup's Callisto distressed fund, where he focused on South
Asian distressed investments during the IMF crisis. He subsequently
held senior roles at Lehman Brothers, gaining extensive experience
in Asian capital markets and cross-border transactions. He later
managed proprietary capital at Morgan Stanley, where he served as
Head of the Asia Proprietary Credit Group, leading regional credit
and distressed strategies.

Jean has spearheaded complex special situation transactions and
non-performing loan portfolio acquisitions across North Asia,
working closely with financial institutions and local
counterparties. He continues to lead acquisitions, strategic
investments, and manager selection initiatives globally, leveraging
long-standing relationships across international financial
markets.

In addition to his investment career, Jean has held academic and
advisory roles, including serving as an Adjunct Professor at The
Cooper Union for the Advancement of Science and Art. He holds a
Juris Doctor from Boston College Law School, attended Columbia
Business School, and is a graduate of The Cooper Union. He also
serves as a FINRA arbitrator.

                      About SEDA Experts LLC

SEDA is a leading expert witness firm specializing in financial
services. SEDA supports international law firms by offering the
highest level of expertise across the financial industry and
providing access to the most influential financial services
industry leaders. It provides superior independent advice, data
analytics, valuation, and elite expert reports and testimony
services to law firms, regulators, and leading financial
institutions.



                           *********


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.

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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
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                *** End of Transmission ***