260213.mbx

260213.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, February 13, 2026, Vol. 29, No. 32 Headlines A U S T R A L I A ASTRA GREEN: First Creditors' Meeting Set for Feb. 20 BARBEQUES GALORE: Falls Into Receivership, Putting 500 Jobs at Risk DEMOLITION CO: First Creditors' Meeting Set for Feb. 18 MELBOURNE CITY: First Creditors' Meeting Set for Feb. 17 NINE OCEAN: Second Creditors' Meeting Set for Feb. 18 NOVATI CONSTRUCTION: Collapses Into Administration NOVATI CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 18 PROJECT SEA: Seafarms Group Finalizes Purchase of Company's Assets C H I N A COUNTRY GARDEN: Gets Exchange Criticism Over Debt Disclosure Delays GREENTOWN CHINA: Moody's Affirms 'B1' CFR, Outlook Remains Stable H O N G K O N G PCCW LIMITED: Net Loss Narrows to HKD253 Million in 2025 I N D I A AUTOMOTIVE INDUSTRIES: CARE Cuts Rating on INR12cr LT Loan to B- AVIOM INDIA: Areion Group Emerges as Winning Bidder BKM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating CHETAN ALLOYS: CRISIL Cuts Rating on INR9cr Cash Loan to D EPI SOURCE: Voluntary Liquidation Process Case Summary GUPTA AND COMPANY: CARE Keeps D Debt Rating in Not Cooperating HVR INDUSTRIES: CRISIL Withdraws B Rating on INR3.1cr New Loan INMARK RETAIL: CARE Keeps D Debt Rating in Not Cooperating KALPATARUVU SPINNING: CARE Keeps D Debt Rating in Not Cooperating KISSAN SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating LAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category LENTUS GLASS: CRISIL Moves B- Debt Ratings to Not Cooperating MAA MANI: CARE Keeps B- Debt Rating in Not Cooperating Category MEDCHEM LABS: CARE Keeps B- Debt Rating in Not Cooperating MEENAKSHI HATCHERIES: CARE Keeps C Debt Rating in Not Cooperating N S POLYMER: CRISIL Keeps B+ Debt Ratings in Not Cooperating NEW FRONT: CARE Lowers Rating on INR2.96cr LT Loan to B- PARASHNATH RE-ROOLLING: CARE Keeps D Ratings in Not Cooperating PRAKASH STAINLESS: CARE Keeps D Debt Rating in Not Cooperating PREMIERWORLD TECHNOLOGY: CARE Keeps D Ratings in Not Cooperating PRERNA SERVICES: CARE Keeps D Debt Ratings in Not Cooperating QUALITECH METAL: CARE Cuts Rating on INR45cr LT Loan to D SGMM ORES: CARE Keeps B- Debt Rating in Not Cooperating Category SURYA WIRES: CARE Moves D Debt Ratings to Not Cooperating Category UNITED SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating VATIKA LIMITED: Insolvency Resolution Process Case Summary VEDASRI GREEN: CARE Keeps B- Debt Rating in Not Cooperating WSPL CONTAINERS: Voluntary Liquidation Process Case Summary M A L A Y S I A TXCD BHD: Secures MYR119 Million KL Subcontracts from Vestland N E W Z E A L A N D CHANCE VOIGHT: Court to Hear Wind-Up Petition on Feb. 19 LEGACY FORESTRY: Creditors' Proofs of Debt Due on March 13 REEDMYERS PORTMAN: Court to Hear Wind-Up Petition on Feb. 24 SENIOR MOVE: Creditors' Proofs of Debt Due on March 10 VORTUS LIMITED: Creditors' Proofs of Debt Due on March 9 S I N G A P O R E AMS MARINE: Court to Hear Wind-Up Petition on Feb. 27 BAKERY & CAFE: Court to Hear Wind-Up Petition on Feb. 20 KYS ENERGY: Court to Hear Wind-Up Petition on Feb. 27 SCASH GLOBAL: Court to Hear Wind-Up Petition on Feb. 20 TRITON CAPITAL: Court to Hear Wind-Up Petition on March 17 - - - - - ================= A U S T R A L I A ================= ASTRA GREEN: First Creditors' Meeting Set for Feb. 20 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Astra Green Solutions Pty Ltd will be held on Feb. 20, 2026, at 11:00 a.m. at Kennedy Ryan Advisory, at Level 4, 15 Queen Street, in Melbourne, VIC, and virtual facilities. Richard Rohrt of Kennedy Ryan Advisory was appointed as administrator of the company on Feb. 10, 2026. BARBEQUES GALORE: Falls Into Receivership, Putting 500 Jobs at Risk ------------------------------------------------------------------- SmartCompany reports that prominent retailer Barbeques Galore has fallen into receivership, putting 500 jobs across 95 stores and the wider business at risk. SmartCompany, citing The Australian, relates that the company's collapse comes after unsuccessful attempts to find a buyer for the business in recent years. According to SmartCompany, the directors of Barbeques Galore put the company into voluntary administration on Feb. 12, with Philip Campbell-Wilson, Lisa Gibb and Matthew Byrnes from Grant Thornton appointed to oversee the business. The company's secured creditor subsequently also appointed Ankura's Quentin Olde, Luke Pittorino and Liam Healey as receivers and managers, SmartCompany says. The retailer, which operates 68 company-owned stores, will continue trading while options are explored for either a sale or restructure. Another 27 franchised stores are not affected by the administration and restructuring process, SmartCompany notes. SmartCompany adds that the receivers said the business, which specialises in barbeques, heaters and other related products, will fulfil all in-store and online orders that have been paid for in part or full. Gift cards will continue to be honoured, however, customers wanting to redeem gift cards will need to spend an additional AUD2 for every AUD1 of gift card credit. Barbeques Galore is considered to be Australia's largest barbecue and outdoor furniture retailer. It specialises in barbecues, heaters and other related products, and stocks brands including Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon. DEMOLITION CO: First Creditors' Meeting Set for Feb. 18 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Demolition Co Pty Ltd will be held on Feb. 18, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 6, 2026. MELBOURNE CITY: First Creditors' Meeting Set for Feb. 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Melbourne City Institute of Education Pty. Ltd. will be held on Feb. 17, 2026, at 11:00 a.m. via Virtual meeting. Nicarson Natkunarajah of Roger and Carson was appointed as administrator of the company on Feb. 5, 2026. NINE OCEAN: Second Creditors' Meeting Set for Feb. 18 ----------------------------------------------------- A second meeting of creditors in the proceedings of Nine Ocean Fishery Pty Ltd, New Zealand Coastal Seafoods Limited and PXYY Pty Ltd has been set for Feb. 18, 2026, at 11:00 a.m. at the offices of Worrells, at Suite 5B, 55 Kembla Street, in Wollongong NSW. 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. 17, 2026 at 5:00 p.m. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on Jan. 14, 2026. NOVATI CONSTRUCTION: Collapses Into Administration -------------------------------------------------- Graeme Beattie and Aaron Lucan of Worrells were appointed administrators of Novati Constructions Pty Ltd on Feb. 8, 2026. Founded by Peter Novati in 1971, the Novati Group is a trusted brand in the Australian construction industry. Throughout its decorated history, Novati has delivered dozens of projects throughout Australia in Accommodation, Aged Care, Commercial, Residential and Industrial sectors. Novati ceased operations upon the administrator's appointment. Mr. Beattie said, "The administration has only just commenced, and we are working diligently to establish Novati's financial position. This includes identifying assets available for realisation and quantifying creditor claims, with assistance from the directors and senior management. We are mindful of the impact this appointment will have on all stakeholders, particularly its clients, subcontractors and employees." "In preliminary discussions with the directors, they have indicated their desire to propose a Deed of Company Arrangement. In accordance with our fiduciary and statutory duties, we will consider whether that Deed, if proposed, is in the interests of creditors. Creditors will be informed of any material updates at the forthcoming meeting of creditors and in our next report to creditors." Luisa, Alberto and Marco Novati said: "We remain proud of Novati's 40 years of history and reputation in the industry during which time Novati has successfully delivered dozens of major commercial and residential projects. Unfortunately, ongoing market pressures have made Novati's continued operations unsustainable, due to market uncertainty, increase in cost of materials and labour and interest rate rises. Over the past several months, we have canvassed solutions for the current financial position of Novati, however, have made the difficult decision to appoint Graeme Beattie and Aaron Lucan as administrators. We will work closely with the administrators over the coming weeks to ensure the best outcome is achieved for stakeholders." Creditors, stakeholders and employees may submit their claims via our file information portal at www.worrells.net.au and can direct all enquiries to westernsydney@worrells.net.au Worrells advises it will continue to give updates as they become available. NOVATI CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 18 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Novati Constructions Pty Ltd will be held on Feb. 18, 2026, at 11:30 a.m. via virtual facilities only. Graeme Robert Beattie and Aaron Lucan of C/- Worrells were appointed as administrators of the company on Feb. 8, 2026. PROJECT SEA: Seafarms Group Finalizes Purchase of Company's Assets ------------------------------------------------------------------ SeafoodSource reports that Seafarms Group (SFG) has successfully acquired all non-cash assets of Project Sea Dragon as it works to restart the stalled land-based shrimp aquaculture project in Australia. SeafoodSource relates that SFG, through subsidiary Sea Dragon Shrimp (SDS), acquired the assets for AUD750,000. The company first announced its plans to acquire the assets in November 2025 and that it planned to acquire the assets and begin the process of staging and permitting to develop a new shrimp farm. "This purchase includes all licenses, approvals, and agreements that can be assigned or transferred to SDS, some of which require third-party approval. The company is currently working with all the relevant stakeholders to effect those transfers and assignments," SFG said in a press release. "The company is applying for new licenses and approvals where those licenses cannot legally be transferred to SDS and has the full support of relevant governments." According to SeafoodSource, SFG said there is still one more outstanding issue with the acquisition: determining the ownership of funds currently held by the Australian Federal Court. A federal court ordered the liquidation of Project Sea Dragon and the company and for its administration to be "brought to an end" in February 2024, SeafoodSource recalls. The court found that Project Sea Dragon and SFG abused the Corporations Act in Australia when it entered a Deed of Company Arrangement (DOCA) between the two companies and then paid all of its creditors in full except for Canstruct - a construction company that successfully sued over AUD13.9 million it said it was owed for work on Project Sea Dragon. SeafoodSource says the end result of the court order was that the DOCA was terminated, the administration of the company was brought to an end, and Project Sea Dragon was wound up. A later attempt to appeal that ruling failed, resulting in the liquidation of the project. SeafoodSource relates that SFG said during a court case in August 2025 that it tried to resolve the ownership of the funds, but the parties are still awaiting judgement, leaving them in limbo. "While it is expected that the matter will be resolved in favor of the company, if the liquidators are successful, then those funds will form the cash assets of PSD to be distributed to creditors net of any final costs of the liquidation," SFG said. "As Seafarms is the largest creditor of PSD, it will receive the majority of those funds in any event." Regardless of the outcomes of that court case, SFG said that after "several years of legal uncertainty," the completed acquisition will allow it to secure new funding and develop the project "unhindered by uncertainty over its legal status and the time to resolve that," SeafoodSource relays. "The company is now actively engaged with several potential funders with the aim of securing project financing and a final investment decision within this financial year," it said. The company said that during the fiscal quarter ending December 31, 2025, it secured an increase in its finance facility from Avatar Finance to AUD 16.5 million (USD 11.6 million, EUR 9.8 million). "A number of options are currently being pursued to fund the operations of the business until such time as SDS is successfully funded including the sale of certain assets and further borrowing," SFG said. Project Sea Dragon called for the AUD1.45 billion development of 10,000 hectares of ponds in Legune Station, near Kununurra in Western Australia. The facility would have been capable of growing more than 150,000 metric tons of black tiger shrimp per year, according to SeafoodSource. Shaun McKinnon and Andrew Fielding of BDO were appointed as administrators of Project Sea Dragon on Feb. 14, 2023. In February 2024, an Australian federal court judge ordered to place the company into liquidation. ========= C H I N A ========= COUNTRY GARDEN: Gets Exchange Criticism Over Debt Disclosure Delays ------------------------------------------------------------------- South China Morning Post reports that Country Garden on Feb. 11 disclosed that the Shanghai Stock Exchange had issued a "circulated criticism" over its failure to disclose overdue debts in a timely manner. In a filing to the Hong Kong Stock Exchange on Feb. 10, Country Garden said it and three executive directors - chairwoman Yang Huiyan, co-chairman Mo Bin and chief financial officer Wu Bijun - recently received a "Decision on Disciplinary Action" from the Shanghai Stock Exchange, the Post relates. According to the Post, the Shanghai exchange, which oversees disclosures for the company's onshore bond listings, said Country Garden failed to disclose overdue debts on time during the periods from August to December 2023, from January to June 2024 and from July to December 2024, breaching its bond listing rules. The Shanghai exchange imposed self-regulatory measures on the company and the named executives, issued a "circulated criticism" and recorded the matter in its integrity file database. But it did not issue fines. Other named responsible persons were also subject to the measures, according to the filing. Kenny Ng, a strategist at Everbright Securities, said the market appeared relieved by the absence of fines, which he said suggested regulators were mindful of the company's fragile financial position, the Post relays. According to the Post, Country Garden said its board of directors had reviewed the decision and concluded that the non-compliance resulted from delayed disclosure due to "objective factors", rather than a failure by the executives to properly discharge their duties. The board said it continued to have confidence in the integrity and capabilities of Yang, Mo and Wu, who would remain in their current roles. The company said it "attaches great importance" to the disciplinary action and would strengthen compliance with bond disclosure rules. It also said there were no other matters requiring disclosure under Hong Kong listing rules. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. GREENTOWN CHINA: Moody's Affirms 'B1' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Greentown China Holdings Limited's (Greentown) B1 corporate family rating and senior unsecured rating. Moody's have also maintained the stable outlook. "The rating affirmation reflects Greentown's extended track record of solid operations, steady metrics and good liquidity through the prolonged sector downturn. This is driven by Greentown's established market position, disciplined financial management and diversified funding access, which Moody's expects to sustain over the next 12-18 months," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The affirmation also considers Greentown's continued linkage with its state-owned largest shareholder China Communications Construction Group Limited (CCCG), which benefits the company's funding and operations," adds Zhou. RATINGS RATIONALE Greentown's B1 CFR reflects its strong brand name and established market position that support stronger-than-market sales, linkage with a state-owned enterprise (SOE) shareholder, as well as good liquidity. These strengths are counterbalanced by Greentown's exposure to cyclicality in the Chinese property sector, moderate debt leverage, and exposure to joint ventures, although such exposure is declining. Moody's expects Greentown's property sales to continue outperforming the broader market over the next 12-18 months. In particular, Moody's forecasts the company's gross contracted sales to post narrowing decline of 5%-7% in 2026, against the 11% drop reported in 2025. Greentown's established brand name, strong market position and significant presence in higher-tier cities can mitigate continued sector challenges. Greentown has consistently adopted a disciplined approach in its financial management. Moody's expects the company to continue reducing debt with surplus cash flow. In addition, Greentown's diversified funding access with a focus on domestic channels helps lower funding costs. These factors will offset its earnings pressure due to declining revenue from property sales and weakened profitability. Accordingly, Moody's project Greentown's adjusted debt/EBITDA to remain below 8.0x over the next 12-18 months. In the same projection period the company will also maintain adjusted EBIT/interest coverage of around 3.0x, which is strong for its B1 CFR. Greentown maintains close association with CCCG as the latter's major property development platform. CCCG also exercises strong influence over Greentown and consolidates its financials. This linkage will continue to benefit Greentown's funding access given the SOE background, which supports its ability to sustain land replenishment for property development. Greentown's liquidity is good. The company's cash holdings, together with its operating cash flow, can sufficiently cover its maturing debt, committed land premiums and dividends over the next 12-18 months. Its unrestricted cash balance of RMB62 billion as of end-June 2025 could cover RMB23 billion of its short-term debt as of the same date. In terms of environmental, social and governance factors, Moody's have considered Greentown's moderate leverage, which exposes the company to relatively larger financial risk. The risk is tempered by Greentown's track record in maintaining stable operations and solid liquidity buffer in the past few years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that the company will maintain stable financial metrics and good liquidity over the next 12-18 months. Moody's could upgrade Greentown's ratings if the company strengthens its sales and financial position. Specifically, Moody's could upgrade the ratings if the company's debt/EBITDA falls below 7.0x and EBIT interest coverage rises above 3.0x for a sustained period. Moody's could downgrade Greentown's rating if its sales decline or it aggressively grows its business such that its credit metrics and liquidity weakens. Credit metrics indicative of downgrade rating pressure include adjusted debt/EBITDA above 8.5x, or EBIT interest coverage below 1.75x, for a prolonged period. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Greentown is one of China's main property developers, focused on Hangzhou city and Zhejiang province. As of June 30, 2025, the company had 158 projects with a total gross floor area of 27.2 million square meters (sqm), with 18.0 million sqm attributable to the company. Greentown listed on the Hong Kong Stock Exchange in July 2006. CCCG is the company's largest shareholder, with a 28.88% equity stake as of June 30, 2025, followed by Wharf (Holdings) Limited with a 22.90% stake. Song Weiping, Greentown's founder, owned 7.36% of the company as of June 30, 2025. ================= H O N G K O N G ================= PCCW LIMITED: Net Loss Narrows to HKD253 Million in 2025 -------------------------------------------------------- The Standard reports that PCCW Limited reported a narrowed loss of HKD253 million for the last year, reflecting a 16 percent decrease compared to 2024, according to a filing released on Feb. 10. A final dividend of 28.48 HK cents per share will be paid, along with a full-year dividend of 38.25 HK cents. Besides, the company saw its revenue increase 7 percent to HKD40,252 million in 2025, as the company continues to benefit from HKT's robust growth and the improved performance of its over-the-top media services (OTT) business, The Standard relates. Its OTT business revenue grew by 5 percent to HKD2,579 million. Revenue from Viutv and MakerVille-related free TV and related businesses fell by about 2 percent to HKD1,034 million, The Standard discloses. Meanwhile, total earnings before interest, taxes, depreciation, and amortization increased by 3 percent, reaching HKD13,290 million. PCCW Ltd is an investment holding company principally engaged in the provision of technology and telecommunications services. ========= I N D I A ========= AUTOMOTIVE INDUSTRIES: CARE Cuts Rating on INR12cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Automotive Industries (SAI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of SAI under the 'issuer non-cooperating' category as SAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 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 SAI have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Formed in 2009 as proprietorship firm, Shree Automotive Industries (SAI) is engaged in undertaking job work for its customers which includes operations such as bending, cutting, pressing, coating etc. The firm was engaged in trading of steel products till 2016, post which it started undertaking job work activities. The firm is managed by Mrs. Sarika Sawant along with her husband. The day-to-day operations are managed by Mr. Sawant who is an engineer by qualification. AVIOM INDIA: Areion Group Emerges as Winning Bidder --------------------------------------------------- The Economic Times reports that Areion Group has emerged as the winning bidder for fraud-hit mortgage lender Aviom India Housing Finance after secured lenders unanimously voted in favour of its resolution plan over a higher but conditional bid from Unity Small Finance Bank, people aware of the development told ET. Secured lenders unanimously backed Areion's INR936-crore offer. This plan offers lenders a recovery of about 65%, ET relates. Aviom India Housing Finance is a Delhi-based housing finance company which provides home loans and loan against property to low-income women borrowers in Tier II and Tier III towns. The borrowers are self-employed or salaried individuals in informal sectors. Aviom commenced insolvency proceedings on Feb. 20, 2025. BKM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of BKM Industries Limited continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 28.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of BIL under the 'issuer non-cooperating' category as BIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable BKM Industries Ltd (BIL) was incorporated on March 25, 2011. It was a dormant company till October 01, 2013 before the demerger of packaging division of Manaksia Ltd (ML) to BIL. BIL manufactures packaging products and aluminum semi-rigid containers. Major packaging products manufactured by the company includes (1) Roll on Pilfer Proof closures for the premium liquor and pharmaceutical sector, (2) Crown closures for carbonated soft drinks and beer, (3) Plastic closures for carbonated soft drinks and mineral water sectors, and (4) Metal containers for shoe polishes, cosmetics and tea. CHETAN ALLOYS: CRISIL Cuts Rating on INR9cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Chetan Alloys Private Limited (CAPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CAPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. '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 has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management of CAPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on CAPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of CAPL 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 the entity's accounts and clarity about the same from the management and bankers is awaited. CAPL was incorporated in 2011, it is engaged in trading of scrap products of ferrous metals and non-ferrous metals like aluminum, bronze, zinc, titanium etc. CAPL is owned & managed by Mr. Chetan Maheshwari and Mr. Satish Maheshwari. EPI SOURCE: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Epi Source India Private Limited No. 18, Satyanarayana Avenue, Boat Club Road, Chennai - 600028, Tamil, Nadu Liquidation Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Ananthachari Mahesh 5/5, Iswaryas Essodammai Apartments, 5, Madhava Mani Avenue, Velachery, Chennai, Tamil Nadu 600042 Tel: (956) 612-4770 Email: episourceindiaclaims@gmail.com Last date for submission of claims: March 4, 2026 GUPTA AND COMPANY: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gupta and Company Developers Private Limited (GCDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 3, 2024, placed the rating(s) of GCDPL under the 'issuer non-cooperating' category as GCDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 19, 2025, October 29, 2025, November 8, 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 September 2007, Gupta & Company Developers Private Limited (GCDPL) was promoted by Mr. Jay Narayan Kumar and Mr. Raju Ranjan. Since its inception, the company has been engaged in civil construction activities in the segment like construction of bridges. GCDPL participates in tenders and executes orders for the National Highway Division, Hazaribagh. HVR INDUSTRIES: CRISIL Withdraws B Rating on INR3.1cr New Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of HVR Industries Private Limited (HVR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.8 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 3 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- 3.1 Crisil B/Stable/Issuer Not Based Bank Limits Cooperating (Withdrawn) Term Loan 1.1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 0.3 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 0.7 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with HVR for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HVR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HVR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of HVR to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank loan facilities of INR0.7 crores of HVR on the request of the company and after receiving no dues certificate from the bank and also withdrawn facilities on the basis of no-objection certificate of Rs.9.3 crores. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Incorporated in 2010 and promoted by Mr Vikram Bansal. HVR manufactures metal-based chemicals such as lead dioxide, red lead, litharge and pure lead that are used in the battery industry. Unit is in Sonipat, Haryana. INMARK RETAIL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Inmark Retail Private Limited (IRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.05 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 2, 2024, placed the rating(s) of IRPL under the 'issuer non-cooperating' category as IRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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 Originally incorporated as M/s. Scotts Dresses Private Limited on July 23, 2008 by Mr. Naseer Ahmed, the company's name was changed to M/s. Inmark Retail Private Ltd (IRPL) in September 2011. The company is engaged in the business of retailing fashion apparels through various retail shops under the brand INMARK. KALPATARUVU SPINNING: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kalpataruvu Spinning Mills Private Limited (KSMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 77.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of KSMPL under the 'issuer non-cooperating' category as KSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 07, 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 CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Andhra Pradesh based, Kalpataruvu Spinning Mills Private Limited (KSMPL) was incorporated in the year 2006 and promoted by Mr. Raghu Rami Reddy. KSMPL is into the business of spinning of yarn catering to both domestic and export market. The company's install capacity as on March 31, 2023, was 30,048 spindles and windmills of 2.1 MW which is used for captive consumption. The manufacturing facility of the company is located in Guntur. KISSAN SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kissan Solvex Private Limited (KSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 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 January 9, 2025, placed the rating(s) of KSPL under the 'issuer non-cooperating' category as KSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSPL 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 Kissan Solvex Private Limited (KSPL) was incorporated as a private limited company in February 1988 and is currently being managed by Mr. Inderjit Singh and Mr. Kirandeep Singh. The company is engaged in the extraction of rice bran oil at its processing facility located in Jalalabad, Punjab. The company manufactures rice bran oil in semi-edible form for industrial use. The company is also engaged in the trading of rice bran. LAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Laxmi Agro Foods (SLAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.30 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 2, 2024, placed the rating(s) of SLAF under the 'issuer non-cooperating' category as SLAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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 Karnataka based, Sri Laxmi Agro Foods (SLAF) was established in 2013. SLAF is a partnership firm, promoted by three partners' viz. Mrs K. Sridevi, Mr Surendra Babu, Mr K. Sunil Chowdary. The firm is managed by Mr. Surendra Babu is a graduate, and has more than a decade of experience in cotton industry. The firm is engaged in crushing cottonseeds to produce cottonseed oil and cottonseed cake. LENTUS GLASS: CRISIL Moves B- Debt Ratings to Not Cooperating ------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Lentus Glass Private Limited (LGPL) to 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 Crisil B-/Stable (Issuer Not Cooperating; Rating Migrated) Long Term Loan 6 Crisil B-/Stable (Issuer Not Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with LGPL for obtaining information through letter and email dated January 22, 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 LGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LGPL 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 LGPL to 'Crisil B-/Stable Issuer not cooperating'. LGPL was incorporated on January 22, 2020, by Mr Joginder Singh and Ms Sunanda Pavani Kothamasu (directors), who hold equal share of the company. The company manufactures toughened glass at its plant in Farukh Nagar, Haryana, which was commissioned in June 2022. MAA MANI: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maa Mani Iron and Steel Co. (MMISC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 12.96 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 MMISC under the 'issuer non-cooperating' category as MMISC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMISC 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 Maa Mani Iron and Steel Company (MMISC) is a partnership firm with two partners viz. Mr. Santosh Bhalotia and Mrs. Mamta Bhalotia. The firm is primarily promoted by Mr. Santosh Bhalotia who has more than a decade of experience in the business of trading of iron ore and sponge iron and manufacturing of billets. The firm is engaged in the manufacturing of MS billets which commenced production in March, 2018. MEDCHEM LABS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Medchem Labs (ML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 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 ML under the 'issuer non-cooperating' category as ML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ML 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 Medchem Labs (ML) was established in April 2016. The registered & corporate office of the firm is located at Narapur Taluk, Medak Dist., Telangana. The firm promoted by Mr. A Mohan Krishna & Mr. G Venkateswara Rao, (directors of Medchem Pharma Private Limited) and Mr. A. Anantha Krishna Rao (proprietor of Shankar Impex) is engaged in manufacturing Active Pharmaceutical Ingredients (API). Presently, ML has API plant in Telangana state. The plant is constructed on a 2491.82 sq. yards of land at the mentioned location. The commencement of production started in June 2017. The various licenses and approvals such as state pollution control, VAT, CST, clearance from Gram Panchayat, factories establishment licenses, power connection, approval from fire station and registration with labor inspector has been issued. MEENAKSHI HATCHERIES: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Meenakshi Hatcheries (MH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 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 MH under the 'issuer non-cooperating' category as MH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MH 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 Meenakshi Hatcheries (MH) was established in December 2015 and promoted by Mr BSSNV Krishna and his family members. The firm has started a shrimp hatchery unit. MH is doing hatchery (Shrimp) and sell the shrimp seed to shrimp farmers located in and around Andhra Pradesh. The process of shrimp seed production involves four stages (Maturation, Spawning and Hatching, Larval rearing and post larval rearing). It takes around 40 days for entire process to complete. The firm has started commercial operations from April 2016 as envisaged. N S POLYMER: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of N S Polymer (NSP) continues to be 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.35 Crisil A4 (Issuer Not Cooperating) Cash Credit 2.1 Crisil B+/Stable (Issuer Not Cooperating) Cash Credit 1.96 Crisil B+/Stable (Issuer Not Cooperating) Line of Credit 0.21 Crisil A4 (Issuer Not Cooperating) Term Loan 3.1 Crisil B+/Stable (Issuer Not Cooperating) Working Capital 1.28 Crisil B+/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with NSP for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NSP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NSP continues to be 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Set up in 2012 as a partnership firm, by Mr Wasim Akram and his family members, NSP manufactures moulded plastic furniture and household products under the 'Comfi' brand. NEW FRONT: CARE Lowers Rating on INR2.96cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of New Front Housing (NFH), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 2.96 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of NFH under the 'issuer non-cooperating' category as NFH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NFH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, February 2, 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). The ratings assigned to the bank facilities of NFH have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Established in the year 2009, New Front Housing (NFH) is the SPV of New Front Group. The group has executed 15 projects of around 7.51 lsf till November 2022. NFH was established with a view to execute the real estate project namely "48 East Park" situated in Hadapsar, Pune. The project comprises of two buildings namely East Park Phase I and East Park Phase II. PARASHNATH RE-ROOLLING: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Parashnath Re-Roolling Mills Limited (SPRML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 166.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 53.92 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 10, 2024, placed the rating(s) of SPRML under the 'issuer non-cooperating' category as SPRML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPRML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SPRML, incorporated in 2002, was promoted by two brothers, Mr. Anil Kumar Jain and Mr. Vipin Kumar Jain, of Durgapur. The company is presently engaged in manufacturing of Billets, Wire Rods and Structural products like Angles, Channels, Joists, H Beam, MS Flat, MS Round and MS Scrap with manufacturing facility located at Durgapur in West Bengal. The products are sold under "PARAS" brand. In July 2014, SPRML was referred to CDR. In November 2014, CDR cell approved the restructuring package of the company with effective date of July 1, 2014. PRAKASH STAINLESS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prakash Stainless Private Limited (PSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 PSPL under the 'issuer non-cooperating' category as PSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, and February 2,2026 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 Incorporated in 2004 by Mr. Prakash Kanugo and Mr.Surajmal Burad, Prakash Stainless Private Limited (PSPL) is engaged in the trading of stainless steel sheets, coils and plates which have a wide application the manufacturing of water boilers, furniture, pipes and automobiles. PREMIERWORLD TECHNOLOGY: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Premierworld Technology Limited (PTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.51 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.21 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 6, 2024, placed the rating(s) of PTL under the 'issuer non-cooperating' category as PTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 22, 2025, November 1, 2025, 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: Not applicable PTL: (erstwhile Premier Irrigation Equipment Ltd) was promoted by Late Mr. Kedar Nath Goenka. In 1989, the company started commercial production of fountains and installation of fountains for beautification purpose (mainly for government contracts). In 1999, it started manufacturing hydraulic and pneumatic ride simulators. PRERNA SERVICES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prerna Services Private Limited (PSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.22 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 January 9, 2025, placed the rating(s) of PSPL under the 'issuer non-cooperating' category as PSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSPL 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: Not Applicable Prerna Service Private Limited (PSPL) was incorporated in February 2013; however, the commercial operations of the company have started in February 2015. The company is engaged in manufacturing as well as trading of I.T. products such as personal computers, smart phones, chargers, tablets, etc. QUALITECH METAL: CARE Cuts Rating on INR45cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Qualitech Metal Industries Private Limited (QMIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 45.00 CARE D Downgraded from CARE BB; Facilities Stable Short Term Bank Facilities 4.00 CARE D Downgraded from CARE A4 Details of instruments/facilities in Annexure-1. Rationale and key rating drivers The revision in the ratings assigned to the facilities of QMIPL takes into account instances of delays in servicing principal and interest obligations. The rating action is in line with CARE's policy on default recognition. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Establishing a delay free track record in debt servicing for at least 90 days Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Irregularity/delays in debt servicing: As per the information received from the company (bank statements) and further discussions with the management, recent instances of delays have been observed in debt servicing in the term loan (principal as well as interest). Liquidity: Poor QMIPL's liquidity remains poor as reflected by delays in the debt servicing. Utilisation of working capital limits has remained full in trailing ten months ended December 2025, with few instances of overdrawals. Jodhpur based Qualitech Metal Industries Private Limited (QMIPL) was incorporated in June 2021. The company is promoted by Mr. Kamal Mehta, Mr. Ankit Mehta, and Mr. Prateek Mehta. QMIPL is engaged in manufacturing of SAW MS pipes of sizes up to 3220 mm diameter with an installed capacity of 1,50,000 MTPA. QMIPL acquired a pipe manufacturing unit in September 2023 and commenced its operations in January 2024. SGMM ORES: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SGMM Ores Private Limited (SOPL) 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 & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 29, 2024, placed the rating(s) of SOPL under the 'issuer non-cooperating' category as SOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOPL 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). Analytical approach: Standalone Outlook: Stable Jabalpur, Madhya Pradesh based SGMM Ores Private Limited (SOPL, CIN: U13100MP2012PTC027610) was incorporated in 2012 by Mr Rajiv Chadha along with family members. The company is engaged in iron ore processing and the process includes resizing, washing and beneficiation. The beneficiation process is used to process low grade iron ore and converting to economic viable ore concentrate by rejecting some tailings quantity. The plant of the company is located at Jabalpur (Madhya Pradesh) with an installed capacity of 5 Lakh Tonnes Per Annum (LTPA) as on March 31, 2017. SGMM is having one mine to procure raw material at Jabalpur. The company also procures raw material from Local dealers. The company sells its products to manufacturer located in Jabalpur and nearby area. SURYA WIRES: CARE Moves D Debt Ratings to Not Cooperating Category ------------------------------------------------------------------ CARE Ratings has migrated the ratings on certain bank facilities of Surya Wires Private Limited (SWPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 26.96 CARE D; ISSUER NOT facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Long-term/ 0.25 CARE D; ISSUER NOT Short-term COOPERATING; Rating moved to bank facilities ISSUER NOT COOPERATING category Short-term 13.35 CARE D; ISSUER NOT bank facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from SWPL to monitor the ratings vide e-mail communications dated January 5, 2026, and January 21, 2026, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, SWPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on SWPL's bank facilities will now be denoted as CARE D/CARE D ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings assigned to the bank facilities of SWPL take into account the delay in debt servicing leading to the account being classified as Non-Performing Asset (NPA) by the lender in the past. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on December 31, 2024, following was the weakness (Updated for information received from Registrar of Companies). Key weaknesses * Delay in debt servicing: There is delay in debt servicing leading to the account being classified as NPA by the lender from May 1, 2023. Liquidity: Poor There were delays in debt servicing leading to poor liquidity profile. SWPL was established in 1983 as a partnership entity by Raipur based Mr. Surendra Kumar Jain. In 1989, the erstwhile partnership entity was converted into a private limited company. SWPL is engaged in manufacturing of steel wires (G.I. wire, HB wires, Stay wire, G.I. barbed wire etc.) along with trading of steel wires and MS bars/rounds. The manufacturing facility of SWPL is located in Raipur with an installed capacity of 40,000 TPA. The products are largely used in industries like power, construction, automobile, engineering, etc. SWPL primarily sells its products to wire dealers and retailers. Apart from this, it also participates in tender issued by various government entities for supply of steel wires. The company had a “Skill” division for training students in specific skills under the government initiatives like Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDUGKY), Pradhan Mantri Kaushal Kendra (PMKK) which has been discontinued in FY24. The company is engaged in such activity as a part of Corporate Social Responsibility (CSR). The day-to-day affairs of the company are looked after by Mr. Harsh Agarwal with adequate support from senior director Mr. S.K. Jain, MD, and a team of experienced personnel. UNITED SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of United Systems and Projects (India) Private Limited (USPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short 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 10, 2024, placed the rating(s) of USPPL under the 'issuer non-cooperating' category as USPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in May 2010, United Systems and Projects (India) Private Limited (USPPL) is engaged in manufacturing and providing services such as designing, engineering, supply, fabrication, erection, commissioning of fuel oil handling system, low pressure piping, structural steel fabrication and bulk storage tanks. The products and services of the company find application in power and oil sector companies. USPPL operates through two divisions: i) Products – sells manufactured products such as fuel oil handling system, low pressure piping, structural steel fabrication and bulk storage tanks ii) Projects – offers entire portfolio of services i.e. designing, engineering, supply, fabrication, erection, commissioning of fuel oil handling system, low pressure piping, structural steel fabrication and bulk storage tanks. The company has both its manufacturing unit and corporate office located in Hyderabad. The installed capacity of the manufacturing plant is 100 tons per month and presently, it is operating at 80% capacity utilization. VATIKA LIMITED: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Vatika Limited Unit No. A-002, INXT City Centre, Ground Floor, Block-A, Sector 83, Vatika India Next, Gurgaon, Gurugram, Harnaya, India, 122012 Insolvency Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: August 2, 2026 Insolvency professional: Jayant Prakash Interim Resolution Professional: Jayant Prakash 15/775, Vasundhara, Ghaziabad - 201012 Tel: (981) 848-2663 Email: jayant_prakash@yahoo.com jp.jayantprakash@gmail.com Last date for submission of claims: February 17, 2026 VEDASRI GREEN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vedasri Green Energy Private Limited (VGEPL) 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 02, 2024, placed the rating(s) of VGEPL under the 'issuer non-cooperating' category as VGEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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 VGEPL is a Special Purpose Vehicle (SPV) incorporated for setting up a 2.2 MW solar project at Bidar district, Karnataka and became operational in January 2017. Ms. Sridevi G Tonne and Mr. Prakash Tonne are the managing directors of the company and Mr. Avinash M Yeolikar & Mr. Kavindra Avinash Yeolikar are other directors of the company. Ms. Sridevi was allotted 2.2 MW solar project under the 1-3MW Farmer Solar Scheme by the Karnataka Renewable Energy Development Energy Limited (KREDEL) and a Power Purchase Agreement (PPA) was signed with Mangalore Electricity Supply Company Limited (MESCOM). The PPA was signed with a tariff rate of Rs. 8.4 per kWh for a period of 25 years. M/s Aditya Green Energy Pvt Ltd was appointed as the EPC contractor for installation of the power plant. WSPL CONTAINERS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: WSPL Containers Private Limited S-4, Dempo Odyssey Co-op Housing Society, Non Mon Road, Vasco-Da-Gama, South Goa, Mormugao, Goa -403802 Liquidation Commencement Date: February 4, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: C. Dwarakanath No. 31, Vidya Bhavan, 3rd Floor, Rear Block, Opposite Karanji Anjaneya Temple, West Anjaneya Temple Street, Basavanagudi, Bengaluru 560004, Karnataka Tel: (080) 4120-3012 E-mail: dwarakanath.c@gmail.com Last date for submission of claims: March 6, 2026 =============== M A L A Y S I A =============== TXCD BHD: Secures MYR119 Million KL Subcontracts from Vestland -------------------------------------------------------------- The Malaysian Reserve reports that TXCD Bhd, formerly known as Ageson Bhd, has secured MYR119.14 million worth of construction subcontracts in Kuala Lumpur from Vestland Bhd, in a boost for the Practice Note 17 (PN17) company. In a bourse filing, TXCD said its unit Ageson Kensetsu Sdn Bhd clinched a MYR63.79 million subcontract for structure and architectural works for a project along Lorong Raja Uda 2, and a MYR55.35 million subcontract for structure and external works for a project along Jalan Ampang, The Malaysian Reserve relates. Both contracts commenced on Feb. 11. The Lorong Raja Uda 2 project is slated for completion by July 31, 2027, while the Jalan Ampang project is expected to be completed by July 10, 2027. The subcontracts were awarded by Vestland Resources Sdn Bhd, a unit of Vestland, and collectively exceed TXCD's current market capitalisation. TXCD Bhd, formerly known as Ageson Bhd, operates as an investment holding company. Its principal activities are mainly construction and property development. The company's segments include Construction, which is engaged in construction works and trading; Property Development, which is engaged in the development of residential and commercial properties; and Others, which is into investment holding. It generates maximum revenue from the Construction segment. Ageson slipped into PN17 status on Nov. 1, 2023, following the disclaimer of opinion by its then external auditor Messrs Jamal, Amin & Partners on the company's audited financial statements for the 18-month financial period ended Dec. 31, 2022. The concerns were related to certain audit issues that encompass transactions within the company and three other subsidiaries, namely Ageson SMSGMBH Sdn Bhd, Ageson Power Sdn Bhd and Ageson Industrial Sdn Bhd. ===================== N E W Z E A L A N D ===================== CHANCE VOIGHT: Court to Hear Wind-Up Petition on Feb. 19 -------------------------------------------------------- A petition to wind up the operations of: - Chance Voight Investment Corporation Limited; - Chance Voight Investment Partners Limited; - CVI Partners Mortgage Fund Limited; - CVI Partners Mortgage Income Fund Limited; - CVI Securities Limited; and - CVI Financial Limited will be heard before the High Court at Christchurch on Feb. 19, 2026, at 10:00 a.m. The Financial Markets Authority filed the petition against the company on Dec. 3, 2025. The Petitioner's solicitor is: Richard Stephen May Luke Cunningham Clere Level 18, 125 The Terrace Wellington LEGACY FORESTRY: Creditors' Proofs of Debt Due on March 13 ---------------------------------------------------------- Creditors of Legacy Forestry Contractors Limited, Choicekids Childcare Limited and Safety First Traffic Limited are required to file their proofs of debt by March 13, 2026, to be included in the company's dividend distribution. Legacy Forestry Contractors commenced wind-up proceedings on Jan. 28, 2026. Choicekids Childcare and Safety First Traffic commenced wind-up proceedings on Feb. 4, 2026. The company's liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 REEDMYERS PORTMAN: Court to Hear Wind-Up Petition on Feb. 24 ------------------------------------------------------------ A petition to wind up the operations of Reedmyers Portman Limited will be heard before the High Court at Auckland on Feb. 24, 2026, at 9:00 a.m. Airey Consultants Limited filed the petition against the company on Nov. 27, 2025. The Petitioner's solicitor is: John Terence Burley McVeagh Fleming Level 9, HSBC Tower 188 Quay Street Auckland 1010 SENIOR MOVE: Creditors' Proofs of Debt Due on March 10 ------------------------------------------------------ Creditors of Senior Move Managers Holdings Limited (formerly SMM Real Estate Limited) are required to file their proofs of debt by March 10, 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 VORTUS LIMITED: Creditors' Proofs of Debt Due on March 9 -------------------------------------------------------- Creditors of Vortus Limited and WMD Limited are required to file their proofs of debt by March 9, 2026, to be included in the company's dividend distribution. Vortus Limited commenced wind-up proceedings on Feb. 2, 2026. WMD Limited commenced wind-up proceedings on Feb. 4, 2026. The company's liquidator is: Heath Gair Palliser Insolvency Level 2 40 Lady Elizabeth Lane Wellington ================= S I N G A P O R E ================= AMS MARINE: Court to Hear Wind-Up Petition on Feb. 27 ----------------------------------------------------- A petition to wind up the operations of AMS Marine Pte. Ltd. will be heard before the High Court of Singapore on Feb. 27, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Feb. 4, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 BAKERY & CAFE: Court to Hear Wind-Up Petition on Feb. 20 -------------------------------------------------------- A petition to wind up the operations of The Bakery & Cafe 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 Feb. 20, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 KYS ENERGY: Court to Hear Wind-Up Petition on Feb. 27 ----------------------------------------------------- A petition to wind up the operations of KYS Energy Pte. Ltd. will be heard before the High Court of Singapore on Feb. 27, 2026, at 10:00 a.m. ASV Instrumentation Oil & Gas Sdn Bhd filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitors are: Accord Law Chambers 1 North Bridge Road #17-02 High Street Centre Singapore SCASH GLOBAL: Court to Hear Wind-Up Petition on Feb. 20 ------------------------------------------------------- A petition to wind up the operations of Scash Global Pte. Ltd. will be heard before the High Court of Singapore on Feb. 20, 2026, at 10:00 a.m. China Mobile International Limited filed the petition against the company on Jan. 28, 2026. The Petitioner's solicitors are: RHTLaw Asia LLP 1 Paya Lebar Link #06-08 PLQ 2 Paya Lebar Quarter Singapore 408533 TRITON CAPITAL: Court to Hear Wind-Up Petition on March 17 ---------------------------------------------------------- A petition to wind up the operations of Triton Capital Management Pte. Ltd. will be heard before the High Court of Singapore on March 17, 2026, at 2:30 p.m. Envy Asset Management Ptd. Ltd., Envy Global Trading Pte. Ltd, BOB Yap Cheng Ghee, Tay Puay Cheng, and Toh Ai Ling filed the petition against the company on Jan. 22, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***