260224.mbx

260224.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, February 24, 2026, Vol. 29, No. 39 Headlines A U S T R A L I A AFFECTIVE SERVICES: First Creditors' Meeting Set for March 2 HAMLET & MACBETH: Second Creditors' Meeting Set for Feb. 26 HEALTHSCOPE: Rival Bid Emerges Challenging Not-For-Profit Plan PASHONIT PTY: First Creditors' Meeting Set for March 3 PERFORMANCE CENTRE: Second Creditors' Meeting Set for Feb. 26 SYDNEY DISTILLING: Second Creditors' Meeting Set for Feb. 26 VAST RENEWABLES: Administrators Urge Creditors to Back DOCA B A N G L A D E S H [] BANGLADESH: Cenbank Eyes Pre-Eid Liquidation for Six NBFIs C H I N A CHINA HONGQIAO: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable FANTASIA HOLDINGS: Creditors OK Offshore Debt Restructuring Plan I N D I A BUDDHA GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating CAPTAB BIOTEC: CARE Keeps D Debt Rating in Not Cooperating COMPUAGE INFOCOM: Posts INR7.74cr Loss in FY25; AGM Set for Mar. 17 DHANLAXMI AGROMILLS: CRISIL Withdraws B Rating on INR14cr Loan ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category GANESHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating GNG PROMOTERS: CARE Keeps B- Debt Rating in Not Cooperating GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating HUHTAMAKI FOODSERVICE: CARE Keeps C Debt Rating in Not Cooperating KOCHAR INFOTECH: CRISIL Withdraws B Rating on INR25cr Cash Loan LOKMANGAL AGRO: CARE Keeps D Debt Rating in Not Cooperating LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating MAHAGUN GROUP: NCLT Allows Withdrawal of IDBI's Insolvency Plea PRAAGNA HOSPITALS: CARE Keeps C Debt Rating in Not Cooperating PREMIER SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating RAHUL ELECTRONIC: CARE Keeps C Debt Rating in Not Cooperating S.V.S COTTONS: CARE Keeps B- Debt Rating in Not Cooperating SANGAM DRESSES: CARE Keeps B Debt Rating in Not Cooperating SARADHAMBIKA PAPER: CARE Keeps B- Debt Rating in Not Cooperating SEAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating SHAKTI MALTARE: CARE Keeps B- Debt Rating in Not Cooperating SHIV GORAKH: CARE Keeps D Debt Ratings in Not Cooperating Category SIDHARTHA BUILDHOME: CARE Keeps D Debt Rating in Not Cooperating SWADESH GREEN: CARE Keeps D Debt Ratings in Not Cooperating WHITE HOUSE: CARE Keeps D Debt Ratings in Not Cooperating Category N E W Z E A L A N D CIVIL NZ: Creditors' Proofs of Debt Due on March 26 DENCHE COURIERS: Creditors' Proofs of Debt Due on March 31 FORCELINE LABOUR: Court to Hear Wind-Up Petition on March 27 PROGRESSIVE INT'L: Creditors' Proofs of Debt Due on March 31 SHUNDI TAMAKI: Court to Hear Wind-Up Petition on Feb. 27 S I N G A P O R E DIGITAL SOLUTION: Commences Wind-Up Proceedings EASYPNP (SG): Placed Under Provisional Liquidation KEPPEL LTD: Completes Voluntary Liquidation of Subsidiary MAMABOX CORPORATION: Court to Hear Wind-Up Petition on March 6 PULL&BEAR: To Close Last Singapore Store at VivoCity SINGCONTEC PTE: Court Enters Wind-Up Order STAYINFRONT (SEA): Creditors' Proofs of Debt Due on March 23 - - - - - ================= A U S T R A L I A ================= AFFECTIVE SERVICES: First Creditors' Meeting Set for March 2 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Affective Services Australia Pty Ltd will be held on March 2, 2026, at 11:00 a.m. via virtual teams meeting only. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Feb. 18, 2026. HAMLET & MACBETH: Second Creditors' Meeting Set for Feb. 26 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Hamlet & Macbeth Pty Ltd has been set for Feb. 26, 2026, at 11:00 a.m. via virtual meeting only. 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. 25, 2026 at 5:00 p.m. Mervyn Jonathan Kitay of Worrells WA was appointed as administrator of the company on Nov. 15, 2025. HEALTHSCOPE: Rival Bid Emerges Challenging Not-For-Profit Plan -------------------------------------------------------------- Australian Financial Review reports that Calvary Health Care is working with Healthscope's landlords on a new offer for the country's second-largest private hospital group, challenging a deal agreed between receivers McGrathNicol and lenders to turn the company into a not-for-profit operator. The Financial Review relates that Calvary, a Catholic hospital group, and Canada's Northwest Healthcare Properties on Feb. 22 confirmed they were co-ordinating with David Di Pilla's HMC Capital and other operators on a conditional offer for Healthscope's 31 hospitals. According to the Financial Review, the bid would be submitted to McGrathNicol within the next two weeks, threatening to derail a proposal agreed by the receivers, the lenders and Healthscope management earlier this month to turn it into a not-for-profit entity. The rival bid for Healthscope that brings together the landlords and other hospital operators is being pitched as a better outcome for lenders. "We are working collaboratively with the other major landlord and a number of operators, including Calvary, on an alternative portfolio-wide solution, which will ensure all hospitals remain open, while providing an executable deal that safeguards the viability of these assets for the long-term benefit of all Australians," the Financial Review quotes Northwest's Australian managing director, Richard Roos, as saying. "It is a co-ordinated effort to diversify risk across a number of operator partners, provide a fair price to the lenders for the value of their security, protect healthcare jobs, and safeguard community access to healthcare." The Financial Review says Calvary separately confirmed it was working on a new proposal. "We are working to present an option to the receiver covering all the remaining hospitals left without a bidder," a Calvary spokeswoman said. "We remain excited about the opportunity to expand our hospital network." Sources close to the receivers, but not authorised to speak publicly, said McGrathNicol was not aware of a new proposal and remained focused on the not-for-profit plan, the Financial Review relays. It has been almost a year since Healthscope fell into receivership with debts of AUD1.6 billion. A 10-month sale process has failed to find buyers for the entire network, the Financial Review notes. Healthscope's property landlords, Northwest and HMC, have previously flagged potential legal action if they are forced to accept lower rents under the not-for-profit model, according to the Financial Review. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. PASHONIT PTY: First Creditors' Meeting Set for March 3 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Pashonit Pty Ltd will be held on March 3, 2026, at 10:30 a.m. via via Teleconference. Desmond Byron of Business Reset was appointed as administrator of the company on Feb. 19, 2026. PERFORMANCE CENTRE: Second Creditors' Meeting Set for Feb. 26 ------------------------------------------------------------- A second meeting of creditors in the proceedings of The Performance Centre Pty Ltd has been set for Feb. 26, 2026, at 2:00 p.m. via Microsoft Teams Teleconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 25, 2026 at 5:00 p.m. Timothy Bradd and Andrew Yeo of Pitcher Partners were appointed as administrators of the company on Jan. 23, 2026. SYDNEY DISTILLING: Second Creditors' Meeting Set for Feb. 26 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Sydney Distilling Co. Pty Limited, trading as Brix Distillers, has been set for Feb. 26, 2026, at 11:00 a.m. at the offices of RSM Australia Partners, at Level 7, 1 Martin Place, in Sydney, NSW, and via electronic means. 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. 25, 2026 at 4:00 p.m. Richard Stone and Ben Carson of RSM Australia Partners were appointed as administrators of the company on Jan. 21, 2026. VAST RENEWABLES: Administrators Urge Creditors to Back DOCA ----------------------------------------------------------- Energy Source & Distribution reports that KPMG administrators Peter Gothard and Amanda Coneyworth have recommended creditors accept a deed of company arrangement (DOCA) to sell assets of failed renewable energy company Vast Renewables and transfer its intellectual property to the Australian Renewable Energy Agency (ARENA). Vast, a concentrated solar thermal power (CSP) specialist, was placed in administration in November 2025 despite having raised AUD5.3 million from major shareholders to progress its Vast Solar 1 (VS1) and Port Augusta Green Energy Hub projects, ESD relates. The company had also received AUD21.5 million in grants from ARENA. According to ESD, Vast's 2024-25 financial report revealed the company had made a AUD4.56 million loss - an improvement from the AUD294 million loss recorded the previous financial year. "The primary purpose of the proposed DOCA is to provide participating creditors with a better outcome than what would be achieved in a liquidation scenario," the administrators' report said, notes the report. ESD says the DOCA will see assets and claims of the 11 companies that make up Vast Renewables pooled together, with a single deed fund established to service the AUD30.6 million owed to unsecured creditors. The DOCA also recommended that Vast's intellectual property go to ARENA in order to maximise the chances of its commercialization. ARENA holds a claim of AUD24.5 million against Vast, ESD aAdds. About Vast Renewables Vast Renewables Limited is a renewable energy company that has CSP systems to generate, store, and dispatch carbon-free, utility-scale electricity and industrial heat, and to enable the production of green fuels. Vast's CSP v3.0 approach to CSP utilizes a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. Peter Gothard and Amanda Coneyworth of KPMG were appointed as administrators of Vast Renewables Limited and related entities on Nov. 13, 2025. The related entities are: - Vast Energy Technologies Pty Ltd; - Vast Employee Share Holdings Pty Ltd; - Vast Solar Consulting Pty Ltd; - Vast Intermediate Holdco Pty Ltd; - Vast Australia Holdco Pty Ltd; - HyFuel Solar Refinery Pty Ltd; - Vast Solar 1 Pty Ltd; - Solar Methanol 1 Pty Ltd; - NWQHPP Pty Ltd; and - Vast Solar Aurora Pty Ltd =================== B A N G L A D E S H =================== [] BANGLADESH: Cenbank Eyes Pre-Eid Liquidation for Six NBFIs ------------------------------------------------------------- The Business Standard reports that the Bangladesh Bank is fully prepared to begin the liquidation of six struggling non-bank financial institutions (NBFIs) plagued by irregularities, corruption and mismanagement, according to cenbank officials. The process could begin before Eid, provided the government releases the required funds. A senior central bank official told The Business Standard that BDT5,600 crore has been sought from the Finance Division to carry out the liquidation. "In reply, they asked us to determine our level of preparedness and outline the legal procedures. We have responded with details of our overall preparation. We hope to receive the funds before Eid," the official said, notes the report. "The Finance Division has informed us that the funds will be disbursed in two instalments. In the first phase, BDT2,600 crore will be given. The remaining BDT3,000 crore will be paid by June. "As soon as we receive the first instalment, we will appoint administrators in the institutions concerned. Their main task will be to repay individual depositors," the official added. "We will first settle the claims of individual depositors and then apply to the court for formal liquidation of the institutions." On Jan. 27, the board of the Bangladesh Bank decided to liquidate six institutions, the report notes. At the same meeting, three others were granted between three and six months to improve their position. The three institutions are Bangladesh Industrial Finance Company (BIFC), GSP Finance Company and Prime Finance & Investment Limited, The Business Standard discloses. An official from the central bank's Financial Institutions and Markets Department said the three institutions granted temporary relief must raise funds within the stipulated time and inform the bank, The Business Standard relays. "If they can recover a significant portion of their defaulted loans, they may not be placed under liquidation," the official said. According to The Business Standard, a review by the Bangladesh Bank shows that nine institutions are in what it described as a "non-viable" condition based on three indicators: failure to repay depositors, high levels of defaulted loans and capital shortfalls. Among the six set for liquidation, FAS Finance has 99.93% of its total loans classified as defaulted, with accumulated losses of BDT1,719 crore. Fareast Finance has 98% defaulted loans and losses of BDT1,017 crore, while International Leasing has BDT3,975 crore in defaulted loans (96%), almost all of which are considered unrecoverable, and losses of BDT4,219 crore, The Business Standard discloses. The Business Standard says Peoples Leasing has 95% defaulted loans and losses of BDT4,628 crore; Aviva Finance has 83% defaulted loans and losses of BDT3,803 crore; and Premier Leasing has 75% defaulted loans and losses of BDT941 crore. Of the three given more time, GSP Finance has 59% defaulted loans and losses of BDT339 crore. BIFC has a 97.30% default rate and losses of BDT1,480 crore, while Prime Finance has 78% defaulted loans and losses of BDT351 crore, The Business Standard discloses. ========= C H I N A ========= CHINA HONGQIAO: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings for 11 Chinese metal and mining companies. These actions follow the update of Fitch's Corporate Rating Criteria and Sector Navigators - Addendum to the Corporate Rating Criteria on 9 January 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Key Rating Drivers See each issuer's press release for the full key ratings drivers: Aluminum Corporation of China - Fitch Affirms Chinalco at 'A-'; Outlook Negative, published 17 March 2025 Aluminum Corporation of China Limited - Fitch Affirms Chalco's Rating at 'A-'; Outlook Negative, published 17 March 2025 China Baowu Steel Group Corporation Limited and Baoshan Iron & Steel Co. Ltd. - Fitch Affirms Baowu Steel, Baosteel at 'A+'; Outlook Negative, published 6 February 2025 Baosteel Resources International Company Limited - Fitch Affirms Baosteel Resources International at 'A'; Outlook Negative, published 6 February 2025 Taiyuan Iron & Steel (Group) Co., Ltd. - Fitch Affirms Taiyuan Iron & Steel at 'A-'; Outlook Stable, published 24 June 2025 China Minmetals Corporation - Fitch Affirms Minmetals at 'BBB+'; Outlook Stable, published 23 June 2025 HBIS Group Co., Ltd. - Fitch Affirms HBIS at 'BBB+'; Outlook Stable, published 8 July 2025 Shougang Group Co., Ltd. - Fitch Affirms Shougang at 'A-'; Outlook Stable, published 18 June 2025 China Hongqiao Group Limited - Fitch Affirms China Hongqiao at 'BB+'; Outlook Stable, published 22 April 2025 Jinchuan Group Co., Ltd. - Fitch Affirms Jinchuan Group at 'BBB+'; Outlook Stable, published 27 November 2025 Peer Analysis Refer to the RAC for each issuer. Fitch's Key Rating-Case Assumptions Refer to the RAC for each issuer. Corporate Rating Tool Inputs and Scores Aluminum Corporation of China Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb-, moderate), market and competitive positioning (bbb, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bb, moderate), profitability (bbb-, moderate), financial structure (b-, moderate), and financial flexibility (bb, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' 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 a top-down -2 approach. Aluminum Corporation of China Limited To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalisation approach. China Baowu Steel Group Corporation 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+, higher), diversification and asset quality (a, higher), company operational characteristics (bbb, moderate), profitability (bbb, moderate), financial structure (bbb-, higher), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2026, 20% for the forecast year 2027 and 70% for the forecast year 2028. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb+'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach. Baoshan Iron & Steel Co. Ltd. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalisation approach. Baosteel Resources International Company Limited To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a top-down minus one approach. Taiyuan Iron & Steel (Group) Co., Ltd. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a top-down minus one approach. China Minmetals Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, moderate), sector characteristics (bbb-, moderate), market and competitive positioning (bbb, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb-, moderate), profitability (b-, moderate), financial structure (ccc+, moderate), and financial flexibility (bbb-, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bbb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down -2 approach. HBIS Group Co., Ltd. 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 (bbb+, higher), diversification and asset quality (bbb, moderate), company operational characteristics (bbb-, moderate), profitability (ccc, moderate), financial structure (ccc-, moderate), and financial flexibility (b+, 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 assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: - HBIS's ratings are derived from Fitch's internal assessment of the creditworthiness of Hebei province, based on a top-down approach in line with its Government-Related Entities Rating Criteria. Shougang Group Co., Ltd. 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 (bbb, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bb+, moderate), profitability (b+, lower), financial structure (ccc, moderate), and financial flexibility (bb+, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Shougang's rating is notched from Fitch's internal credit assessment of Beijing municipality. China Hongqiao 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-, moderate), company operational characteristics (bbb-, moderate), profitability (a-, moderate), financial structure (a, 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 assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - No adjustments made to the SCP, resulting in an IDR of 'BB+'. Jinchuan Group Co., Ltd. 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 (bb+, moderate), diversification and asset quality (bb, higher), company operational characteristics (bbb, moderate), profitability (a+, moderate), financial structure (bbb-, higher), and financial flexibility (bbb, 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 'bbb-'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down approach from its internal assessment of the creditworthiness of Gansu province. Recovery Analysis Refer to the RAC for each issuer. RATING SENSITIVITIES Refer to the RAC for each issuer. Liquidity and Debt Structure Refer to the RAC for each issuer. Issuer Profile Refer to the RAC for each issuer. Summary of Financial Adjustments Refer to the RAC for each issuer. Sources of Information Refer to the RAC for each issuer. Public Ratings with Credit Linkage to other ratings Refer to the RAC for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Aluminum Corporation of China, Aluminum Corporation of China Limited, China Baowu Steel Group Corporation Limited, Baoshan Iron & Steel Co. Ltd., Baosteel Resources International Company Limited, China Minmetals Corporation, HBIS Group Co., Ltd., Shougang Group Co., Ltd., China Hongqiao Group Limited, or Jinchuan Group Co., Ltd. The Climate.VS for Taiyuan Iron & Steel (Group) Co., Ltd. is 51 at 2035. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Aluminum Corporation of China LT IDR BBB+ Affirmed BBB+ Chalco Hong Kong Investment Company Limited senior unsecured LT BBB+ Affirmed BBB+ Aluminum Corporation of China Limited LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ China Baowu Steel Group Corporation Limited LT IDR A Affirmed A senior unsecured LT BBB+ Affirmed BBB+ Taiyuan Iron & Steel (Group) Co., Ltd. LT IDR A- Affirmed A- LC LT IDR A Affirmed A senior unsecured LT A Affirmed A HBIS Group Co., Ltd. LT IDR BBB+ Affirmed BBB+ China Minmetals Corporation LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Baosteel Resources International Company Limited LT IDR A- Affirmed A- senior unsecured LT BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- Chinalco Capital Holdings Limited senior unsecured LT BBB+ Affirmed BBB+ Shougang Group Co., Ltd. LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Jinchuan Group Co., Ltd. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ China Hongqiao Group Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Baoshan Iron & Steel Co. Ltd. LT IDR A Affirmed A senior unsecured LT A Affirmed A Minmetals Bounteous FInance (BVI) Limited senior unsecured LT BBB+ Affirmed BBB+ FANTASIA HOLDINGS: Creditors OK Offshore Debt Restructuring Plan ---------------------------------------------------------------- The Standard reports that Fantasia Holdings announced on Feb. 22 that its creditors have approved the company's proposed offshore debt restructuring plan, according to Hong Kong Stock Exchange. At the Scheme Meeting, a total of 1,412 Scheme Creditors holding voting claims worth US$6.1 billion participated, The Standard discloses. Of these, 1,397 creditors, representing US$6.08 billion or about 99.67 percent of the voting claims, voted in favour of the schemes. Each scheme was approved by the statutory majority required. The Standard says the company will petition both the Hong Kong Court and the Cayman Court to seek the sanction and approval of the Hong Kong Scheme and the Cayman Scheme. Fantasia Holdings Group Co., Limited, an investment holding company, invests in, develops, sells, and leases commercial and residential properties primarily in the People's Republic of China. The developer logged losses of CNY6 billion in 2022, CNY6.48 billion in 2023 and CNY8.31 billion in 2024. ========= I N D I A ========= BUDDHA GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Buddha Global Limited (BGL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category 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 Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of BGL under the 'issuer non-cooperating' category as BGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 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 Buddha Global Limited (BGL) was incorporated on February 12, 2011. The constitution of the company changed from Private Limited Company to Limited company in November 2017. Its commercial operations commenced in November, 2014. The company is being currently managed by Mr. Tushar Jalan, Mr. Mool Chand Talreja, Mr Anil Tekriwal and Mr. Deept Sarup Agarwal belonging to Buddha group and Kamdhenu group. BGL is primarily engaged in the trading of rice, wheat, pulses and other related food products. The company commenced sale of rice during FY16. CAPTAB BIOTEC: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Captab Biotec Unit II (CBUI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term Bank 0.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE A4; 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 6, 2025, placed the rating(s) of CBUI under the ‘issuer non-cooperating’ category as CBUI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CBUI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 22, 2025, December 2, 2025 and December 12, 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 Captab Biotech Unit – II (CBUI) was established in 2014 as a partnership firm. It is currently being managed by Mr. Kapish Goel and Mr. Shubham Goel as partners. The firm is engaged in the manufacturing of pharmaceutical formulations which are available in the form of tablets, capsules, Eye Drops, Eye Ointments, Infusions and Dry Syrups. COMPUAGE INFOCOM: Posts INR7.74cr Loss in FY25; AGM Set for Mar. 17 ------------------------------------------------------------------- Whalesbook reports that Compuage Infocom Limited is set to hold its 26th Annual General Meeting (AGM) on March 17, 2026, at 12:30 PM IST. The meeting will be conducted via Video Conferencing. The company's operations are currently under the Corporate Insolvency Resolution Process (CIRP), following an NCLT directive. Consequently, the Board of Directors has been suspended, with the Resolution Professional (RP) overseeing the company's affairs. The company reported a consolidated loss of INR7.74 crore for FY 2024-25 on revenue of INR3.01 crore, Whalesbook discloses. Auditors have issued a disclaimer of opinion, citing significant uncertainties and non-compliance issues, with the Resolution Professional having filed an application for liquidation. Compuage Infocom Limited, which distributes IT hardware, software, and mobile devices, was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) in March 2023. DHANLAXMI AGROMILLS: CRISIL Withdraws B Rating on INR14cr Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Dhanlaxmi Agromills India Private Limited (DAIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 10 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Letter of Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 3 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 14 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with DAIPL for obtaining information through letter and email dated September 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-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 DAIPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on DAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DAIPL continues to be 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of DAIPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. DAIPL, is an Uttarakhand based company established in 2013 and is engaged into extraction of rice bran oil and its residual deoiled rice brans from rice brans (polish). From Nov'22 company also started manufacturing Kraft paper through waste papers. ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ellenabad Steel Private Limited (ESPL) 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 Ltd. (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of ESPL under the 'issuer non-cooperating' category as ESPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ESPL 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). Analytical approach: Standalone Outlook: Not applicable ESPL an ISO 9001:2008 certified company was incorporated on July 27, 1994 by Mr Shravan Garg and Mr. Lalit Jalan. The company is engaged in manufacturing of Thermo Mechanical Treatment (TMT) bars, Mild Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars and such other steel rolled products and markets under the brand name of 'Om Durga'. ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Enn Tee International Limited (ETIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.10 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 February 3, 2025, placed the rating(s) of ETIL under the ‘issuer non-cooperating’ category as ETIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ETIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 20, 2025, December 30, 2025, January 9, 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 ’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 Enn Tee International Limited (ETIL), a closely held public limited company was initially incorporated as a private limited company (Enn Tee International Private Limited) in February, 1999. Later on, the constitution was changed in June, 2014. The company started its commercial productions in 2000 and is currently being managed by Mr. Harish Chander. The company is engaged in manufacturing and trading of poly propylene (PP) yarn at its manufacturing facility located at Haridwar, Uttarakhand. Earlier ETIL had its manufacturing facility located in Ludhiana, Punjab which was discontinued in 2005 and shifted to Haridwar in September, 2009. GANESHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ganesha International (GI) continue 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 Short Term Bank 13.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of GI under the 'issuer non-cooperating' category as GI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 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 Gurgaon-based (Haryana) Ganesha International (GI) is a proprietorship firm established in 2007 by Mr Kinshuk Goel. In FY16 the firm commenced business of manufacturing of uniforms primarily for the defence sector. The manufacturing facility is located in Gurgaon, Haryana. GI obtains orders on tender basis from Director General of Ordinances Services (DGOS). GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gaya Railway Infra Private Limited (GRIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 13, 2025, placed the rating(s) of GRIPL under the ‘issuer non-cooperating’ category as GRIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GRIPL 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). Analytical approach: Standalone Outlook: Stable Incorporated in November 19, 2014, GRIPL is a special purpose vehicle (SPV) formed by SGR Ventures Private Limited (SGRVPL) for construction and development of multi-functional complex at Gaya, Bihar awarded by Rail Land Development Authority (RLDA) to be operated on a build-operate-transfer (B-O-T). GNG PROMOTERS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GNG Promoters (GP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.56 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 16, 2025, placed the rating(s) of GP under the 'issuer non-cooperating' category as GP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 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 GNG Promoters (GP) was established as a partnership firm in October 2017 and is currently being managed by Mrs. Pushpinder Kaur, Mr. Ashish Goel, and Mr. Satwant Singh as its partners. GP is engaged in real estate business and is currently developing its residential project named 'Myst Arcade' at Zirakpur, Punjab. The firm is registered with Real Estate Regulatory Authority (RERA) and has also obtained GMADA license. Besides GP, the partners are also engaged in other group concerns- Satwant & Associates. GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gujarat Ginning & Oil Industries (GGOI) 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 & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 6, 2024, placed the rating(s) of GGOI under the ‘issuer non-cooperating’ category as GGOI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GGOI 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: Stable GGOI was promoted in 1994 as a partnership firm; currently there are two partners Mr. Maganlal Parvadia having 65% share and Mr. Chandulal Parvadia having 35% share in the firm. GGOI is involved in the cotton ginning & pressing and crushing of cotton seed with main products as cotton bales, cotton seeds and cotton seed oil. It has an installed capacity of 300 bales per day (annualized capacity of 90,000 bales as 300 working days) and 50 MT Cotton Oil per day (annualized capacity of 15000 MT as 300 working days) for cotton bales as on March 31, 2018 at its sole manufacturing facility located at Gondal (Gujarat). The firm has two associate concerns named Gujarat Hy-spin Private Limited and Paras Cotton. HUHTAMAKI FOODSERVICE: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Huhtamaki Foodservice Packaging India Private Limited (HFPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 10, 2025, placed the rating(s) of HFPIPL under the ‘issuer non-cooperating’ category as HFPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HFPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, 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: Stable Huhtamaki Foodservice Packaging India Pvt. Ltd (erstwhile known as Valpack Solutions Private Limited (VSPL), incorporated in 2012 by Mr. Vaibhav Garg and Mr. Param Gandhi, is engaged in the manufacturing of paper products such as cups, buckets and lids which find its applications in Food & beverages (F&B), FMCG, Hospitality and other industries. HFP has its manufacturing facility located at Bhiwandi, Maharashtra. KOCHAR INFOTECH: CRISIL Withdraws B Rating on INR25cr Cash Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Kochar Infotech Limited (KIL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A3+'; Rating Withdrawn) Cash Credit 25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Long Term Loan 1.54 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Proposed Fund- 0.99 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Working Capital 0.47 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Crisil Ratings has been consistently following up with KIL for obtaining information through letter and email dated February 10, 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 KIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KIL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of KIL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB/Stable/Crisil A3+'. Crisil Ratings has withdrawn its ratings on the bank facilities of KIL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Incorporated by Mr Jitender Jain in 1995, KIL provides digital transformation solutions using technologies, such as artificial intelligence (AI) and machine learning (ML), through three strategic business units: Maxicus, KSOFT and IGZY. Maxicus provides BPM solutions for industries such as e-commerce and BFSI. KSOFT is the software solutions division, offering SaaS products, digital customer engagement and experience management platform. IGZY provides platform-based IoT solutions for BFSI, retail and logistics industries. LOKMANGAL AGRO: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lokmangal Agro Industries Limited (LAIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 110.00 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 10, 2025, placed the rating(s) of LAIL under the 'issuer non-cooperating' category as LAIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LAIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, 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 LAIL was incorporated in year 1998 to undertake sugar and sugar related production by Mr. Subhash Deshmukh (Founder) and Mr. Mahesh Deshmukh (Executive Director). The sugar factory of LAIL is located in Solapur (Maharashtra). LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Lokmangal Mauli Industries Limited (LMIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 210.85 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 10, 2025, placed the rating(s) of LMIL under the ‘issuer non-cooperating’ category as LMIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LMIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, 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 LMIL was incorporated in August 2007 to undertake sugar and sugar related production by Mr. Subhash Deshmukh (Founder chairman) and Mr. Ravikant Patil (Managing Director). To mitigate the seasonal and cyclical nature of sugar industry, LMIL has also installed Cogeneration unit of 30 Megawatt (MW). The partially integrated sugar factory of LMIL is located at Post Khed, Taluka Lohara. LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Lokmangal Sugar Ethenol & COGeneration Industries Limited (LSECIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 174.71 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 10, 2025, placed the rating(s) of LSECL under the ‘issuer non-cooperating’ category as LSECL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LSECL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, 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 Lokmangal Sugar Ethanol & Cogeneration Industries Limited (LSECL) was incorporated in year 2003 to undertake sugar and sugar related production. MAHAGUN GROUP: NCLT Allows Withdrawal of IDBI's Insolvency Plea --------------------------------------------------------------- The Economic Times reports that Mahagun Group has entered into a settlement with IDBI Trusteeship Services that had initiated insolvency proceedings against the real estate developer, giving hope to homebuyers associated with its ongoing project in Noida. The National Company Law Tribunal (NCLT) on February 17 allowed withdrawal of the insolvency petition following a request from IDBI Trusteeship, which represents holders of Mahagun's non-convertible debentures, according to court documents, ET relays. The NCLT had in August last year ordered initiation of corporate insolvency resolution process against Mahagun on IDBI Trusteeship's petition claiming default on repayment of INR260 crore. The appellate tribunal in November set aside the NCLT order on Mahagun's appeal and sent the matter back the NCLT for fresh consideration. Meanwhile, Mahagun and IDBI Trusteeship entered into the settlement agreement on Feb. 12, 2026, and the latter moved the NCLT to withdraw the insolvency petition, ET reports. Work on Mahagun's residential project, Mahagun Manorialle at Jaypee Wish Town in Sector 128 of Noida, is currently stuck, ET notes. It has 400 units across six towers of 40 floors each. According to ET, the company has prepared a roadmap to deliver the housing units in a phased manner and has accelerated construction activities, said a spokesperson. It has to deliver the project by March 2027 under the settlement deal. "Company remains committed to delivering possession of apartments to our customers with the quality and standards that we have consistently upheld. The successful resolution of the proceedings marks an important step forward for the company, enabling us to focus on timely execution, customer confidence, and long-term value creation," the spokesperson said. The group has delivered 20 residential and commercial projects in the National Capital Region. According to IDBI Trusteeship's insolvency petition, the date of default was Sept. 30, 2023, ET discloses. As per the application, around December 2020, Mahagun sought financial assistance from Asia Real Estate II India Opportunity Trust by issuance of non-convertible debentures. The fund had disbursed INR355 crore to the developer. Mahagun India is a real estate builder and developer offering flats, luxurious villas, and apartments in Noida. PRAAGNA HOSPITALS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Praagna Hospitals Private Limited (SPHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 December 3, 2024, placed the rating(s) of SPHPL under the 'issuer non-cooperating' category as SPHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPHPL 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: Stable Sree Praagna Hospitals Private Limited (SPHPL) was incorporated in 2015 with trade name as 'S V American Hospitals', promoted by Dr B.J Prasad (Managing Director), an ENT specialist and Dr Syamala Sridevi (Director) is specialised in Oncology. SPHPL has got approvals from DM&HO (District Medical & Health Officers) in the year 2016 for setting up the hospitals and also planning to empanel for 'Aarogyasri Scheme', sponsored by government of Andhra Pradesh. SPHPL is planning to be managed by a team of experts from all related fields like Oncology, ENT and Cancer treatment with all types of Surgeries. PREMIER SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Premier Spintex Private Limited (PSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.35 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 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 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 PSPL is promoted by Mr. Haresh Trivedi and his wife Mrs. Parul Haresh Trivedi along with Mr. Hirabhai Ahir and Mrs.Jyotiben Ahir to enter into the cotton spinning business in June 2014. The company has changed its name to Premier Spintex Private Limited (PSPL) from January 21, 2022. PSPL is undertaking green-field project to set up a spinning mill to manufacture cotton carded yarn in Dholka (Ahmedabad) to manufacture 24's, 30's & 34's count cotton carded yarn with installed capacity of 13,056 spindles per annum. RAHUL ELECTRONIC: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rahul Electronic Private Limited (REPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; 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 December 17, 2024, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 2, 2025, November 12, 2025, November 22, 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 Rahul Electronic Private Limited (REPL) was incorporated in the year 1997 by Mulchandani family, and is engaged into trading of consumer electronics (namely TV, mobile phones, refrigerators, home entertainment system, air-conditioners, washing machines, and microwaves). The company operates through ten retail stores across Mumbai and Palghar under the name Rahul Electronic. S.V.S COTTONS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S.V.S Cottons (India) Private Limited (SCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; 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 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 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: Stable Telangana based, S.V.S Cottons (India) Private Limited (SCPL) was incorporated in the year 2013 by Mr. G. Narsimaha Reddy and family. The company is engaged in cotton ginning and pressing. The manufacturing unit of the company is located at Mahabubnagar, Telangana. The company procures the raw material (raw cotton) from the traders and farmers located in Telangana region. The company sells its products i.e. cotton lint and cotton seeds to the spinning millers and traders located in the states of Gujarat, Maharashtra and Telangana. SANGAM DRESSES: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sangam Dresses Private Limited (SDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.98 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 10, 2025, placed the rating(s) of SDPL under the 'issuer non-cooperating' category as SDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, 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: Stable Sangam Dresses Private Limited (SDPL) was incorporated in the year 2004 as a private limited company by Mr. Mansukh R. Nishar and Mr. Ojus M. Nishar. Later on, Mrs. Rasila M. Nishar and Mrs. Avani O. Nishar has joined as director from December 17, 2014. SDPL is engaged in manufacturing of readymade garments for kids wear and selling to distributors and retailers at PAN India level. SDPL has five manufacturing units each located at Dadar, Mumbai for all types of readymade garments products only for kids supported by additional facilities such as embroidery, printing, dyeing, washing and packaging. SARADHAMBIKA PAPER: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saradhambika Paper and Board Mills Private Limited (SPBMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 3, 2024, placed the rating(s) of SPBMPL under the 'issuer non-cooperating' category as SPBMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPBMPL 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: Stable Incorporated in March 1994, Saradhambika Paper and Board Mills Private Limited (SPBMPL) commenced operations in June 1996 and is engaged in the manufacturing of Kraft paperboards. SEAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Seam Industries Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 38.37 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 December 4, 2024, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 20, 2025, October 30, 2025, November 9, 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 SIL was incorporated as a backward integration unit to help its parent Sunil Hi-Tech Engineers Limited (SHEL) to consolidate its fabrication and installation know-how in the power sector. SIL is a subsidiary of SHEL, which holds 88.61% (as on March 31, 2018) and is engaged in manufacturing of pressure parts used by power plants, petrochemical plants, sugar industry and heavy engineering industry. SIL primarily undertakes fabrication related to pressure parts, IBR (Indian Boiler Regulations) certified piping systems. Besides, it also undertakes fabrication of tanks, cooling coils, trays and jackets, distillation columns and volumetric condensers. SIL operates out of two units located in Nagpur with a combined area of 1,50,000 sq. meters and covered sheds of 11,800 sq. meters. The two units have a consolidated installed capacity of fabrication of 24,000 metric tons per annum (MTPA) of structures, 4,000 MTPA of piping and 5,000 MTPA of carbon piping and allied works. SHAKTI MALTARE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shakti Maltare And Lemonade Private Limited (SMLP) 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 12, 2024, placed the rating(s) of SMLPL under the 'issuer non-cooperating' category as SMLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMLPL 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 Incorporated in 2012, Shakti Maltare and Lemonade Private Limited (SMLPL) was promoted by Mr. Bikram Kishore Sahoo, Mr. Ramesh Chandra Sahoo and Mr. Bijay Kumar Sahoo of Odisha to set up a blending and bottling plant of Indian Made Foreign Liquor (IMFL). SMLPL has successfully set up the plant at Dhenkawal, Odisha which became operational from June 2016. The company has been engaged in blending, bottling, distribution and selling of Indian Made Foreign Liquor (IMFL) with an installed capacity of 12 lakh cases per annum. The company has taken franchisee of Jagatjit Industries Limited (JIL) and the company is blending, bottling and selling IMFL using the brand name of JIL like Aristocrat Premium Whisky, AC Sek C Whisky and Binnie's Whisky. The company sells its products mainly to Odisha State Beverages Corporation Limited. This apart, the company is also engaged in blending, bottling and supply of IMFL for ADS Spirits Private Limited (ADS) and Allied Blenders and Distillers Private Limited (ABD) whereas the company receives a fixed rate of commission per bottle from ADS and ABD. SHIV GORAKH: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shiv Gorakh Timber Private Limited (SGTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 30, 2024, placed the rating(s) of SGTPL under the 'issuer non-cooperating' category as SGTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025 and December 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The entity was established as a proprietorship firm in 1996 under the name of 'Shiv Gorakh Timber' by Mr. Ravinder Mittal. It was later converted into private limited company in February 2010. The company is being currently being managed by Mr. Devinder Mittal and Mr. Ravinder Mittal. The company is engaged in trading of timber wood and timber logs at its facilities located in Haryana, Gujarat and Punjab. SIDHARTHA BUILDHOME: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sidhartha Buildhome Private Limited (SBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 129.00 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 23, 2025, placed the rating(s) of SBPL under the 'issuer non-cooperating' category as SBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings '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 Incorporated in November 21, 1995, SBPL is engaged in the development of residential/ group housing project in Gurgaon (Haryana). SBPL (formerly Pashupati Buildwell Pvt Ltd) is promoted by Mr. Sidharth Chauhan and Mr. Randhir Singh Chauhan. Mr. Sidharth Chauhan had been into consolidation and aggregation of land for more than 15 years for companies like Adani Group, DLF, NYK Logistics, and Panacea Biotech etc. Mr. Randhir Singh is the father of Mr. Sidharth Chauhan and is a graduate with experience of over 45 years. He has served the Indian Army for 15 years and has more than 20 years of experience in banking sector. SWADESH GREEN: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Swadesh Green Infra Limited (SGIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.00 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 Ltd. (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of SGIL under the 'issuer non-cooperating' category as SGIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 13, 2026, December 23, 2025 and January 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 '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 Swadesh Green Infra Limited (SGIL) is public limited company incorporated in March 31, 2015 and is involved in the trading and fabrication of iron and steel. The company was changed to a Public Ltd company on 18th July, 2019 from Swadesh Green Infra Pvt Ltd which was formed on 31st March, 2015. Prior to the incorporation of the company, the business was carried on as a proprietorship concern of Mr. Ravi Gupta named as Lakshmi Agro Industries and the business was transferred to the company in March 2015 with Mr. Ravi Gupta being the director. The company is an authorized dealer of Steel Authority of India Ltd (SAIL) and deals with multiple products under its umbrella viz. HR Coils/Sheets, CR Coils/Sheets, other related products as well. SGIL also provides value added services which include cut to length and slitting. WHITE HOUSE: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of White House Tiles Private Limited (WHTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 10, 2024, placed the rating(s) of WHTPL under the 'issuer non-cooperating' category as WHTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WHTPL 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 Morbi (Gujarat) based White House Tiles Private Limited (WHTPL), is a private limited company established in 2007 by four promoters led by Mr Vimal Patel and Mr Chunilal Bhanvadia. Mr Vimal Patel and Mr Chunilal Bhanvadia have 20 years and 30 years of industry experience, respectively. WHTPL is engaged in the manufacturing of vitrified floor tiles. WHTPL operates from its manufacturing facility located in ceramic cluster (Morbi) and has an installed capacity to manufacture 18 lakh boxes per annum of floor tiles as on March 31, 2016. WHTPL is selling its product under brand name of "White House". ===================== N E W Z E A L A N D ===================== CIVIL NZ: Creditors' Proofs of Debt Due on March 26 --------------------------------------------------- Creditors of Civil NZ Limited are required to file their proofs of debt by March 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 16, 2026. The company's liquidator is Larissa Helen Logan of Fixity. DENCHE COURIERS: Creditors' Proofs of Debt Due on March 31 ---------------------------------------------------------- Creditors of Denche Couriers Limited are required to file their proofs of debt by March 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2026. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 FORCELINE LABOUR: Court to Hear Wind-Up Petition on March 27 ------------------------------------------------------------ A petition to wind up the operations of Forceline Labour Hire & Services Limited will be heard before the High Court at Auckland on March 27, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PROGRESSIVE INT'L: Creditors' Proofs of Debt Due on March 31 ------------------------------------------------------------ Creditors of Progressive International Limited are required to file their proofs of debt by March 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 SHUNDI TAMAKI: Court to Hear Wind-Up Petition on Feb. 27 -------------------------------------------------------- A petition to wind up the operations of Shundi Tamaki Village Limited will be heard before the High Court at Auckland on Feb. 27, 2026, at 10:45 a.m. China Construction New Zealand Limited filed the petition against the company on Dec. 5, 2025. The Petitioner's solicitor is: James McMillan Dentons 18 Viaduct Harbour Avenue Auckland ================= S I N G A P O R E ================= DIGITAL SOLUTION: Commences Wind-Up Proceedings ----------------------------------------------- Members of Digital Solution Interasia Pte. Ltd. on Feb. 6, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 EASYPNP (SG): Placed Under Provisional Liquidation -------------------------------------------------- Seah Chee Wei of Rock Stevenson on Feb. 10, 2026, was appointed as provisional liquidator of EasyPNP (SG) Pte. Ltd. The provisional liquidator may be reached at: Seah Chee Wei c/o Rock Stevenson 60 Paya Lebar Road #04-03 Paya Lebar Square Singapore 409051 KEPPEL LTD: Completes Voluntary Liquidation of Subsidiary --------------------------------------------------------- TipRanks reports that Keppel Ltd. has completed the member's voluntary liquidation of its wholly-owned subsidiary, Third Dragon Holdings Pte Ltd., following an earlier announcement of the planned wind-up in May 2025. TipRanks relates that the completion marks a further step in Keppel's ongoing efforts to rationalise its corporate structure and optimise its portfolio of entities, which may simplify governance and reduce administrative overheads for the group. While financial details of the liquidation were not disclosed, the move appears consistent with Keppel's broader capital recycling and restructuring strategy in recent years, according to TipRanks. For stakeholders, the dissolution of a non-core or dormant subsidiary is unlikely to have a material impact on operations, but it underscores management's focus on tightening the group's organisational structure and strategic alignment. Keppel Ltd. is a Singapore-based conglomerate with diversified businesses spanning infrastructure, real estate, energy, and asset management. The group typically operates through a portfolio of subsidiaries and project companies, reflecting a strategy of active capital recycling and streamlining to support long-term sustainable growth and operational focus. MAMABOX CORPORATION: Court to Hear Wind-Up Petition on March 6 -------------------------------------------------------------- A petition to wind up the operations of Mamabox Corporation Pte. Ltd. will be heard before the High Court of Singapore on March 6, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Feb. 11, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 PULL&BEAR: To Close Last Singapore Store at VivoCity ---------------------------------------------------- The Straits Times reports that Spanish fashion retailer Pull&Bear will shutter its final Singapore outlet at VivoCity on Feb. 22, marking the end of the brand's presence in the city-state. An announcement of the closure on its website adds that returns for purchases made online and in-store can still be made at the Zara outlet in the same mall, ST relays. The note added: "If you have any questions, please contact our customer service team via: contact.sg@pullandbear.com." Pull&Bear, part of Spanish retail giant Inditex Group, which also owns fashion outlets Zara and Massimo Dutti, opened its first Singapore outlet in 2006 at VivoCity. The brand targets younger shoppers with casual streetwear and denim at accessible price points. It later opened outlets in Ion Orchard, Bugis+ and Ngee Ann City, all of which have since closed, ST notes. According to ST, the exit adds to a growing list of international fashion chains that have retreated from Singapore's retail landscape in recent years. ST says American apparel brands Gap and Banana Republic closed their stores in Singapore in 2018, while British fashion brands Topshop and Topman shuttered their outlets here in 2020. Other brands that closed down their Singapore stores include fast-fashion retailer Forever 21 in 2021, Hong Kong chain Esprit in 2020, British retailer New Look in 2016 and Australian clothing brand Factorie in 2018. SINGCONTEC PTE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Feb. 6, 2026, to wind up the operations of Singcontec Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 STAYINFRONT (SEA): Creditors' Proofs of Debt Due on March 23 ------------------------------------------------------------ Creditors of Stayinfront (Sea) Pte Limited are required to file their proofs of debt by March 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2026. The company's liquidators are: Marie Lee Khor Boon Hong c/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 ********* 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. 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