260225.mbx

260225.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 Wednesday, February 25, 2026, Vol. 29, No. 40 Headlines A U S T R A L I A BODY SCULPTING: First Creditors' Meeting Set for March 2 G & S LOGISTICS: Second Creditors' Meeting Set for March 2 LESTER OFEINA: First Creditors' Meeting Set for March 4 ORB PROPERTY: First Creditors' Meeting Set for March 2 PANORAMA AUTO 2024-4P: Fitch Affirms 'Bsf' Rating on Class F Notes PONDIBOY PTY: First Creditors' Meeting Set for March 2 SOLBAR: Live Music Venue to Close After More Than 20 Years ZONE RV: Rescue Deal Leaves Customers AUD10 Million Out of Pocket [] NSW Auditor-General Flags Financial Crisis for Rural Councils C A M B O D I A PANDA COMMERCIAL: Becomes Second Bank Shut Down by NBC This Year C H I N A BINHAI INVESTMENT: Fitch Affirms 'BB+' IDR, Outlook Stable SENMIAO TECHNOLOGY: Liquidity, Cash Boost Ease Going Concern Doubt I N D I A ADDI ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating Category AGARWAL MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating AJNARA INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category AKAL INFORMATION: ICRA Keeps B+ Debt Ratings in Not Cooperating ALLURI USHA: ICRA Keeps B Ratings in Not Cooperating Category AMIGO DISPENSING: Voluntary Liquidation Process Case Summary BARUAPARA SK: ICRA Keeps B Debt Ratings in Not Cooperating Category BETTERMAN ENGINEERS: ICRA Keeps B- Ratings in Not Cooperating BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating CHANDITALA BLUE: ICRA Keeps C Debt Rating in Not Cooperating CONTINUUM GREEN: Fitch Affirms 'B+' IDR, Outlook Stable EASHWARA SAI: ICRA Keeps B- Debt Ratings in Not Cooperating EZKAAM PRIVATE: Voluntary Liquidation Process Case Summary GREENLAND MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating GUPTA SOLVENT: ICRA Keeps B+ Debt Ratings in Not Cooperating GVK JAIPUR: ICRA Keeps D Debt Rating in Not Cooperating Category HIRANYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating JALDHAKA COLD: Insolvency Resolution Process Case Summary KALA GENSET: ICRA Keeps B+ Rating in Not Cooperating Category M.S. SOLVENT: CARE Keeps C Debt Rating in Not Cooperating Category MAGUS METALS: ICRA Keeps D Ratings in Not Cooperating Category MICRO SPINTEX: Voluntary Liquidation Process Case Summary MNR COTTONS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category MODERN SCIENTIFIC: Voluntary Liquidation Process Case Summary MULTITECH ENGINEERS: CRISIL Lowers Rating on INR5cr Loan to B MYCON CONSTRUCTION: CRISIL Reaffirms D Rating on INR26.19cr Loan N KUMAR PROJECTS: Insolvency Resolution Process Case Summary N KUMAR: CRISIL Lowers Rating on INR65cr Term Loan to D NANDI VARDHANA: CARE Keeps D Debt Ratings in Not Cooperating NATEMS SUGAR: Insolvency Resolution Process Case Summary NISHI FOREX: ICRA Keeps D Debt Ratings in Not Cooperating Category PRAKASH OFFSET: ICRA Keeps D Debt Ratings in Not Cooperating RAMAN AGRO: ICRA Keeps B+ Ratings in Not Cooperating Category S.K. COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category SAFE PARENTERALS: ICRA Keeps D Debt Ratings to Not Cooperating SAISONS TRADE: ICRA Keeps D Debt Rating in Not Cooperating Category SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating STATE COOPERATIVE: J&K Gov't Denies Bankruptcy; Now in Liquidation I N D O N E S I A GOLDEN ENERGY MINES: Fitch Affirms 'BB-' LT IDR, Outlook Stable M O N G O L I A MONGOLIA: S&P Assigns 'BB-' Rating to New USD Sr. Unsecured Notes N E W Z E A L A N D BARTELLS TRUSTEE: First Creditors' Meeting Set for March 4 EZIBUY: Liquidation Ends With NZD230k Payout on NZD19.2MM Claim HUNTINGTON HOLDINGS: Creditors' Proofs of Debt Due on March 18 RICHMOND INFRASTRUCTURE: Court to Hear Wind-Up Petition on March 6 RWPM LIMITED: Creditors' Proofs of Debt Due on March 24 S AUTO: Court to Hear Wind-Up Petition on March 12 P H I L I P P I N E S UMETA CREDIT: SEC Orders Credit Lending Firm to Halt Operations S I N G A P O R E ACCUSINCERE TECHNOLOGIES: Court to Hear Wind-Up Petition on Mar 6 ANR SHIPPING: Creditors' Meeting Set for March 30 EFG ASSET: Creditors' Proofs of Debt Due on March 26 GOLDEN ENERGY AND RESOURCES: Fitch Affirms 'B+' IDR, Outlook Neg. NEWSPAPER SENG: Court Enters Wind-Up Order UX LOGISTICS: Court to Hear Wind-Up Petition on March 6 - - - - - ================= A U S T R A L I A ================= BODY SCULPTING: First Creditors' Meeting Set for March 2 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Body Sculpting Clinics (North Ryde) Pty Ltd will be held on March 2, 2026, at 11:00 a.m. via teleconference facility. Timothy Cook of Balance Insolvency was appointed as administrator of the company on Feb. 18, 2026. G & S LOGISTICS: Second Creditors' Meeting Set for March 2 ---------------------------------------------------------- A second meeting of creditors in the proceedings of G & S Logistics Pty Ltd has been set for March 2, 2026, at 12:00 p.m. via virtual facilities 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 March 1, 2026 at 5:00 p.m. Graeme Robert Beattie of Worrells was appointed as administrator of the company on Jan. 23, 2026. LESTER OFEINA: First Creditors' Meeting Set for March 4 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Lester Ofeina Best Mailing Services Pty. Ltd. will be held on March 4, 2026, at 2:30 p.m. at the offices of Worrells, at Level 15, 300 Queen Street, in Brisbane, QLD, and via virtual meeting technology. Christopher Richard Cook of Worrells was appointed as administrator of the company on Feb. 20, 2026. ORB PROPERTY: First Creditors' Meeting Set for March 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Orb Property Partners Pty Ltd will be held on March 2, 2026, at 11:00 a.m. via teleconference facilities. Timothy James Brace of SV Partners was appointed as administrator of the company on Feb. 18, 2026. PANORAMA AUTO 2024-4P: Fitch Affirms 'Bsf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed six classes of asset-backed floating-rate notes from Panorama Auto Trust 2024-4P. The Outlook is Stable. The transaction is backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2024-4P A AU3FN0094074 LT AAAsf Affirmed AAAsf B AU3FN0094082 LT AAsf Affirmed AAsf C AU3FN0094090 LT Asf Affirmed Asf D AU3FN0094108 LT BBBsf Affirmed BBBsf E AU3FN0094116 LT BBsf Affirmed BBsf F AU3FN0094124 LT Bsf Affirmed Bsf Transaction Summary The transaction features a substitution period ending in March 2027. Receivables sold into the transaction during the substitution period must comply with the eligibility criteria, and the pool must remain in line with the portfolio parameters. Among other items, the portfolio parameters set product limits on the proportion of receivables that can be included in the transaction for Fitch's applied base cases of novated, consumer and commercial loans. KEY RATING DRIVERS Stress Commensurate with Ratings: Obligor default risk is a key assumption in its quantitative analysis. The 30+ day arrears were 1.21% as of end-December 2025, below Fitch's 3Q25 ABS Performance Monitor of 1.47%. The 60+ day arrears were 0.47%, lower than the monitor's 0.77%. Its base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.20% (7.75x) Consumer loans: 3.00% (6.00x) Commercial loans: 4.00% (5.50x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The weighted-average (WA) base-case default assumption is 2.5% and the 'AAAsf' default multiple is 6.1x. The transaction features a substitution period ending in March 2027. The eligibility criteria and portfolio parameters shape the proxy portfolio used to drive the asset analysis. The proxy portfolio reflects the assumption that portfolio characteristics may migrate towards the limits during the substitution period, including on products, asset type, obligor size and concentration. Based on the transaction document, Fitch has updated its assumptions to reflect the latest proxy portfolio composition, with novated loans accounting for 40% of the pool, consumer loans 35%, and commercial loans 25%. In addition, 20% of the proxy pool is collateralised by EVs. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, and will amortise in line with an amortisation schedule. Its repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Updated cash flow analysis was conducted for this surveillance, incorporating Fitch's default and recovery expectations as well as the proxy portfolio compositions. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. During substitution period, the transaction is also bound by substitution termination events to mitigate risk from potential losses. Included, among other triggers, is a minimum asset yield trigger that ensures the availability of sufficient asset yield. In the post-substitution period, principal is initially paid sequentially from class A to G notes. Class A to F notes will receive principal repayments pro rata upon satisfaction of the step-down criteria. The percentage of credit enhancement provided by the G note will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.1% in December 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downside Sensitivities Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Note: A / B / C / D / E / F Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 10%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf Increase defaults by 25%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf Increase defaults by 50%: AA-sf / Asf / BBBsf / BBsf / less than Bsf / less than Bsf Recoveries decrease 10%: AAAsf / AAsf / Asf / BBBsf / BB-sf / less than Bsf Recoveries decrease 25%: AAAsf / AAsf / Asf / BBBsf / BB-sf / less than Bsf Recoveries decrease 50%: AAAsf / AA-sf / A-sf / BBB-sf / B+sf / less than Bsf Defaults increase 10%/recoveries decrease 10%: AAsf / AA-sf / A-sf / BBB-sf / B+sf / less than Bsf Defaults increase 25%/recoveries decrease 25%: AAsf / A+sf / BBB+sf / BB+sf / Bsf / less than Bsf Defaults increase 50%/recoveries decrease 50%: A+sf / BBB+sf / BBB-sf / BB-sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The 'AAAsf' notes are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Notes: B / C/ D / E / F Rating: AAsf / Asf/ BBBsf / BBsf / Bsf 10% WAFF decrease / 10% WARR increase: AA+sf / A+sf/ BBB+sf/ BBsf / Bsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations Panorama Auto Trust 2024-4P has an ESG Relevance Score of '4' for Energy Management, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The score is higher than the baseline ESG Relevance Score of '2' (no impact) for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction - in which EVs form 16.3% of the pool as of 31 December 2025 but the EV concentration was stressed to 20% in Fitch's modelling in the absence of a specific pool parameter - was not adjusted purely due to the green nature of the underlying collateral. However, Fitch references available market data for EVs to determine its recovery assumptions. 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. PONDIBOY PTY: First Creditors' Meeting Set for March 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Pondiboy Pty Ltd will be held on March 2, 2026, at 10:00 a.m. via virtual meeting. Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as administrator of the company on Feb. 18, 2026. SOLBAR: Live Music Venue to Close After More Than 20 Years ---------------------------------------------------------- ABC News reports that the Sunshine Coast's longest-running live music venue Solbar is shutting down, after more than 20 years providing a stepping stone for Australian artists. Its looming closure has led to an immediate outpouring of tributes from artists and industry, the ABC says. The venue first opened in Coolum in 2001 before moving to Ocean Street in Maroochydore, where it helped build the street into a live music and late-night entertainment precinct. It won the Best Regional Venue in Queensland at the Queensland Music Awards three times. In a statement released Feb. 24, Solbar owners Alex Johns and Dimitris Limnatitis said the closure of the venue was "not just the loss of a workplace, but the end of a shared creative community," the ABC relays. The ABC says the bar blamed rising operating costs, changing audience behaviours and economic pressures that had "created a difficult environment for venues to survive". Late last year, Birtinya music venue The Station also announced it would close, hosting Pete Murray as its final live act on January 2, the ABC adds. ZONE RV: Rescue Deal Leaves Customers AUD10 Million Out of Pocket ----------------------------------------------------------------- ABC News reports that a deal to salvage collapsed Queensland luxury caravan manufacturer Zone RV will leave more than 100 customers about AUD10 million out of pocket. The company went into administration in December owing AUD42 million and was put into liquidation in January. According to the ABC, Melbourne-based Essential Caravans has purchased Zone RV's assets from the liquidator and luxury vans will continue to be built at the company's Sunshine Coast factory. But existing customers who had collectively paid millions of dollars in progress payments have been frozen out of the deal. Some people had paid more than AUD160,000 towards caravans that had not been built when Zone RV collapsed. The ABC relates that Essential Caravans director Jamie Johnson said while he felt "sick in the stomach" for customers who lost money, he could not carry their debt. "It just wasn't possible to keep the business alive and take on the obligations for the customers," the ABC quotes Mr. Johnson as saying. "Some of them we can accommodate fully, but some of them have obviously paid a substantial amount and the business just can't sustain being able to absorb that going forward." Mr. Johnson said he would contact affected customers "the minute I'm allowed to under the agreement". The ABC understands the deal was worth about AUD8 million. According to the ABC, the liquidator, Cor Cordis, will now shift its focus to investigating former Zone RV director David Biggar, who is accused of illegally trading while insolvent as far back as 2023. Cor Cordis alleges Mr. Biggar breached his duties as a director and has reported its concerns to ASIC, the corporate watchdog. The ABC relates that Cor Cordis partner Rahul Goyal said the sale to Essential Caravans "ticks all the boxes" and had vindicated the strategy of maintaining a skeleton staff to deliver vans during the search for a buyer. While keeping the business trading, the liquidator oversaw construction of more than 40 vans for customers since December, which cleared at least AUD6 million off the creditor bill. "Shutting the business down on day one would have been a poor outcome for customers, employees and creditors," Mr. Goyal said in a statement. He thanked the staff who worked through the turbulent period after the collapse, the ABC relays. Mr. Goyal told creditors in mid-January that he hoped to announce the new buyer within a week, but the process had dragged out. Mr. Johnson described the negotiations as a "frustrating" experience, the ABC relays. "That's what happens when you've got administrators, lawyers, advisers, so many stakeholders all trying to make sure the outcome is correct," he said, notes the report. "It's never as simple as anyone expects, so it's a frustrating process." The sale will settle on March 6, with another creditors' report to be sent in April, adds the ABC. Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd (trading as Zone RV) designs and manufactures premium off-road caravans. Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis have been appointed administrators of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1, 2025. Zone RV was placed into liquidation in January 2026. [] NSW Auditor-General Flags Financial Crisis for Rural Councils ---------------------------------------------------------------- ABC News reports that the NSW Auditor-General has warned several rural councils are facing severe financial risks. According to the ABC, local leaders in the state's west fear they may follow the fate of the Central Darling Shire, which took the state government 12 years to bail out. In 2013, the Central Darling Shire Council came close to insolvency, unable to cobble together enough cash to pay its workers. It was put into administration by the state government, and ballot-box democracy was only partially restored in late 2025, the ABC notes. Now, other remote councils are facing a similar fate. A report in January by the NSW Auditor-General identified the Cobar and Walgett shires among 11 councils facing "severe" financial risk, citing low cash reserves and heavy reliance on government grants, the ABC relays. According to the ABC, the report also listed 19 councils without enough cash to cover three months of general fund expenses - the state government's key measure of financial health. But according to an experienced economist, that metric does not capture the full scale of the problem. University of New England adjunct professor of economics, Joseph Drew, is one of Australia's pre-eminent scholars on the topic of local governments. "I estimate about one third of councils aren't sustainable," the ABC quotes Professor Drew as saying. "I wouldn't be that surprised if intervention of some kind was required in the next 12 months. Intervention can mean anything from performance orders to bailouts or administration, often at a significant cost to the state government, the ABC states. Professor Drew said rural councils with small or declining populations, high infrastructure burdens, and low revenue were being slowly marched toward a financial cliff, the ABC relays. "The grant system in Australia is backed up by federal legislation . . . which means that every council ought to have sufficient funds to provide the basics," he said, notes the report. "If that was done right, we would see that councils such as Central Darling Shire would have the same sort of basic levels of services . . . as you would find in North Sydney or Bayside." The ABC adds that professor Drew said it was obvious that the system was not working. "We have a piece of federal legislation that says that if you're in a high need area, low revenue capacity area, you ought to be getting more grants," he said, the report adds. "You've only got to drive around Wilcannia with your eyes open to discover that's not actually the case." =============== C A M B O D I A =============== PANDA COMMERCIAL: Becomes Second Bank Shut Down by NBC This Year ---------------------------------------------------------------- The Phnom Penh Post reports that Panda Commercial Bank Plc has become the second bank in the Kingdom to have its license revoked by the National Bank of Cambodia (NBC) this year. It follows the closure of Prince Bank Plc. The Phnom Penh Post, citing a February 23 NBC announcement, relates that the bank has been placed in temporary administration, as its financial condition had continuously deteriorated to the point where it would no longer be able to provide banking services. The NBC has appointed Morisonkak MKA Audit-Accounting Co., Ltd as the temporary administrator and liquidator of Panda Commercial Bank Plc, the report discloses. "During this period, Panda Commercial Bank Plc is suspended from providing new banking services, including accepting deposits and issuing loans. Morisonkak MKA Audit-Accounting Co., Ltd is granted full authority to manage and handle all operations and assets of Panda Commercial Bank Plc from the date of this announcement onward," it said. It noted that documentation for the withdrawal of deposits will be processed according to the order of priority, in compliance with the Law on Banking and Financial Institutions. Borrowers from Panda Commercial Bank Plc are required to continue meeting their obligations as usual, The Phnom Penh Post relays. The bank received its commercial banking license in 2019. As of the end of 2025, the bank had total assets of approximately $776 million, loans of about $536 million, deposits of around $502 million, and a market share equivalent to 0.77 per cent of the banking system. "The National Bank of Cambodia and relevant ministries and institutions will continue to closely and carefully monitor the liquidation process to protect the interests of depositors and other customers," noted the NBC. In early January, the NBC revoked the license of Prince Bank Plc after the bank's major shareholder was arrested by Cambodian authorities and transported to China for prosecution, The Phnom Penh Post notes. ========= C H I N A ========= BINHAI INVESTMENT: Fitch Affirms 'BB+' IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed the ratings on seven Chinese gas utilities 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 For full key ratings drivers for each issuer, see the RACs listed below: Beijing Gas Group Co., Ltd. "Fitch Affirms Beijing Gas at 'A-'; Outlook Stable", dated 17 April 2025 Binhai Investment Company Limited "Fitch Affirms Binhai Investment at 'BB+'; Outlook Stable", dated 8 July 2025 China Resources Gas Group Limited "Fitch Affirms China Resources Gas at 'A-'; Outlook Stable", dated 27 May 2025 ENN Energy Holdings Limited "Fitch Affirms ENN Energy at 'BBB+', ENN Natural Gas at 'BBB'; Outlook Stable", dated 16 June 2025 ENN Natural Gas Co., Ltd. "Fitch Affirms ENN Energy at 'BBB+', ENN Natural Gas at 'BBB'; Outlook Stable", dated 16 June 2025 Foran Energy Group Co.,Ltd. "Fitch Affirms Foran Energy at 'BBB+'; Outlook Stable", dated 23 June 2025 Kunlun Energy Company Limited "Fitch Affirms Kunlun Energy at 'A'; Outlook Stable", dated 28 April 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 Beijing Gas Group Co., Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (a, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (a-, moderate), profitability (a, moderate), financial structure (a+, moderate), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'a-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for the parent and subsidiary. Binhai Investment Company Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bb-, higher), company operational characteristics (bbb, moderate), profitability (bb, higher), financial structure (bb, moderate), and financial flexibility (bb, moderate). - 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 bottom-up +1 approach. China Resources Gas 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, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb+, moderate), company operational characteristics (bbb, moderate), profitability (bbb, moderate), financial structure (a+, higher), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'a-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in no adjustments being made to its SCP, resulting in an IDR of 'A-'. ENN Energy Holdings 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 (bbb+, higher), diversification and asset quality (bbb+, moderate), company operational characteristics (bbb-, moderate), profitability (bbb, moderate), financial structure (a+, moderate), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'bbb+'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. ENN Natural Gas 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, higher), diversification and asset quality (bbb+, moderate), company operational characteristics (bbb-, moderate), profitability (bbb-, moderate), financial structure (a+, moderate), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'bbb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. Foran Energy 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+, higher), company operational characteristics (bbb, moderate), profitability (bbb-, moderate), financial structure (a-, moderate), and financial flexibility (bbb+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'bbb-'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down approach. Kunlun Energy Company Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (a-, moderate), company operational characteristics (bbb+, moderate), profitability (a, moderate), financial structure (a+, higher), and financial flexibility (a+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'a'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for the parent and subsidiary. 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 Beijing Gas Group Co., Ltd., Binhai Investment Company Limited, China Resources Gas Group Limited, ENN Energy Holdings Limited, ENN Natural Gas Co., Ltd., Foran Energy Group Co.,Ltd. and Kunlun Energy Company Limited. 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 ----------- ------ ----- Binhai Investment Company Limited LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Kunlun Energy Company Limited LT IDR A Affirmed A senior unsecured LT A Affirmed A China Resources Gas Group Limited LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- ENN Energy Holdings Limited LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ ENN Natural Gas Co., Ltd. LT IDR BBB Affirmed BBB ENN Clean Energy International Investment Limited senior unsecured LT BBB Affirmed BBB Foran Energy Group Co.,Ltd. LT IDR BBB+ Affirmed BBB+ Beijing Gas Group Co., Ltd. LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- SENMIAO TECHNOLOGY: Liquidity, Cash Boost Ease Going Concern Doubt ------------------------------------------------------------------ Senmiao Technology Limited filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $873,677 for the three months ended December 31, 2025, compared to a net loss of $583,378 for the three months ended December 31, 2024. Total revenues for the three months ended December 31, 2025 and 2024, were $358,684 and $451,447, respectively. For the nine months ended December 31, 2025 and 2024, the Company had total revenues of $1,219,628 and $1,476,238, respectively. Liquidity and Going Concern Senmiao has financed its operations primarily through proceeds from our equity offerings, stockholder loans, commercial debt, borrowings from financial institutions and cash flow from operations. The Company had cash and cash equivalents of $3,508,226 as of December 31, 2025 as compared to $833,577 as of March 31, 2025. It primarily holds its excess unrestricted cash in short-term interest-bearing bank accounts at financial institutions. Senmiao's business is capital intensive, and certain factors show negative trends in its liquidity position, including: (1) the net loss of approximately $1.9 million for the nine months ended December 31, 2025; (2) accumulated deficit of approximately $47.0 million as of December 31, 2025; and (3) $1.3 million of net cash outflows in operating activities. However, Senmiao's liquidity position has been substantially improved by two financing transactions completed in November 2025. Specifically, the Company received cash proceeds of approximately $0.66 million from issuance of common stock in PIPE Offering and $2.8 million from issuance of common stock and pre-funded warrants in registered direct offering. As a result, the Company's cash and cash equivalents as of December 31, 2025 increased by approximately $2.8 million as compared with that of September 30, 2025, and maintained a net working capital of approximately $2.4 million as of December 31, 2025. Management evaluated Senmiao's current liquidity and operating forecasts for the 12 months following the issuance of the unaudited condensed consolidated financial statements and has concluded that, as a result of the recent financing and improved cash flows, there was no substantial doubt about the Company's ability to continue as a going concern for a period of 12 months from February 13, 2026, the date issuance of unaudited condensed consolidated financial statements for the quarterly period ended December 31, 2025. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/25v2vk2f About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. As of December 31, 2025, the Company had $5,741,167 in total assets, $1,946,170 in total liabilities, $42,943 in mezzanine equity and $3,752,054 in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Senmiao Technology Limited until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. ========= I N D I A ========= ADDI ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Addi Alloys Private Limited (AAPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AAPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with AAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AAPL was set up in 1990 by Mr. Balbir Singh and family. The commercial production of the unit started in 1993. At present, Mr. Balbir Singh and Mr. Harjinder Singh are actively involved in the business. The company manufactures ingots with current manufacturing capacity of 21,000 MT per annum. The company's manufacturing facility is located in Ludhiana. ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term rating of Advaith Bio Remedies in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Advaith Bio Remedies's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Advaith Bio Remedies, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Advaith Bio Remedies is a partnership firm based out of Bangalore manufacturing herbal based products for pharmaceutical and cosmetic industry. The company sells products for hair care, face care, baby care in cosmetic segment and for diabetes, neurological, heart diseases etc in pharmaceutical segment under the brand name BIO CARE. It has its own research and development center and is closely associated with laboratories in India like Bangalore Test House for research and analysis to ensure high quality products. This ensures sterilized raw material for highly sensitive Pharmaceutical and Ayurveda formulations. AGARWAL MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term ratings of Agarwal Motors (Prop. of Concord Tie-up Private Limited) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 43.80 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Agarwal Motors (Prop. of Concord Tie-up Private Limited)'s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Agarwal Motors (Prop. of Concord Tie-up Private Limited), ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Agarwal Motors is a unit of Concord Tie-up Private Limited (CTPL). It is the authorised dealer for retail sales and distribution of CVs manufactured by Tata Motors Limited (TML). CTPL was incorporated in 1996 by Mr. Naresh Agarwal at Satna, Madhya Pradesh, to carry out investment business. Subsequently, CTPL started the business of automobile dealership through Agarwal Motors, as an authorised dealer of TML's CVs for the Satna, Rewa and Mayyar regions of Madhya Pradesh in 2003. The authorised dealership includes sales and service of the entire range of CVs offered by TML in India for these districts of Madhya Pradesh. The overall operations are looked after by the Managing Director, Mr. Neeraj Agarwal. AJNARA INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the long-term ratings of Ajnara India Limited (AIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 848.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 82.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AIL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ajnara India Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1991 as a private limited company, Ajnara India Limited (AIL) was earlier known as Ajnara Farms and Services Limited. AIL is a closely-held company managed by three brothers namely Mr. Pramod Kumar Gupta, Mr. Ashok Gupta and Mr. Vinod Gupta. The company has completed several Group housing projects in the National Capital Region (NCR) and is currently developing five Group housing projects: Ajnara Integrity in Ghaziabad, Ajnara Heritage in Noida, Ajnara Ambrosia in Noida, Ajnara Panorama and Ajnara Sports City in Greater Noida. AIL has also recently launched Ajnara Fragrance, a project being undertaken under the PMAY-U. AKAL INFORMATION: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Akal Information Systems Ltd (AISL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.50 [ICRA]B+ (Stable); ISSUER NOT Non Fund Based COOPERATING; Continues to Others remain under the 'Issuer Not Cooperating' category Long-term 5.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based COOPERATING; Continues to Cash Credit remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AISL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Akal Information Systems Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AISL was incorporated in January 2000 by Mr. Sarabjit Singh, Mr. Sukhneet Kaur and Mr. Ajeet Singh. The company provides IT software, hardware, and infrastructure and technology support solutions to reputed clients. It also provides software solutions and tech support to a few USA-based clients. Its wholly owned subsidiary - Akal Information System Inc. - was set up in the USA in 2003. The affiliate carries out its operations independently. ALLURI USHA: ICRA Keeps B Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term rating of Alluri Usha Gandhi (AUG) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.80 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.20 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AUG's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with AUG, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Alluri Usha Gandhi (AUG), a proprietorship concern, was established in 2014. The main business activities include the construction of go-downs and leasing out to FCI. Alluri Usha Gandhi (AUG) is undertaking the construction activity of railway siding godowns at koripalli village, Karapa station on Vijayawada division. The project is being undertaken under the Private Entrepreneurship Guarantee scheme floated by NABARD and FCI. The godowns constructed will be leased to FCI (Food Corporation of India) / AP State Ware Housing Corporation for 10 years. AMIGO DISPENSING: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Amigo Dispensing Solutions Private Limited SUBHAAG, B-16, RAMIN PARK, OLD PADRA ROAD, VADODARA 390020 Liquidation Commencement Date: February 10, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Kashyap Shah 8-203, Manubhai Towers, Opp. M S University, Sayajigunj, Vadodara 390020 Email: kashyap.cs.ip@gmail.com Telephone: 9998062244 Last date for submission of claims: March 11, 2026 BARUAPARA SK: ICRA Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term rating of Baruapara Sk Tea Factory Pvt. Ltd. (BSKTFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.35 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.40 [ICRA]B (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding BSKTFPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with BSKTFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in April 2011, BSKTFPL set up a CTC tea manufacturing facility in August 2013, and at present has an annual capacity of 21.0 lakh kg of made tea. The company's manufacturing facility is located at Dooars, West Bengal. The company does not have its own plantation facilities and depends entirely on bought leaf for its production. The company procures green leaf from small growers located near its production facilities. BETTERMAN ENGINEERS: ICRA Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Betterman Engineers Private Limited (BEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.00 [ICRA]B- (Stable); ISSUER NOT Fund Based COOPERATING; Continues to Cash Credit remain under the 'Issuer Not Cooperating' category Short Term- 10.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding BEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Betterman Engineers Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2002, Betterman Engineers Private Limited (BEPL) is mainly involved in the fabrication of metal components such as air pollution control equipment and furnace components, which are primarily used in power plants, integrated iron and steel plants, sugar plants etc. The company has two manufacturing units at Chamrail and Uluberia in West Bengal. BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Bochem Healthcare Pvt. Ltd. (BHPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 6.72 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding BHPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with BHPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013 in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of formulation in various dosage forms, ie, tablets, capsules and ORS (General group) at its WHO GMP certified facility at Nagziri, Ujjain. Mr. Sunil Kumar Jain is the promoter of the company. In FY2015, the company reported a net profit of INR0.34 crore on an operating income of INR42.86 crore, as compared to a net profit of INR0.64 crore on an operating income of INR36.84 crore in the previous year. CHANDITALA BLUE: ICRA Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Chanditala Blue Print (CBP) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 0.20 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding CBP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Chanditala Blue Print, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in April 2014, CBP is engaged in wholesale trading of medicines. The partners have an experience of around two decades in this line of business with its medical shop in Sonarpur, West Bengal. CONTINUUM GREEN: Fitch Affirms 'B+' IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed the ratings of seven Indian utility companies. These actions follow Fitch's updates to its Corporate Rating Criteria and Sector Navigators - Addendum to the Corporate Rating Criteria on 9 January 2026. The criteria changes do not affect the companies' ratings or Fitch's Outlooks on the ratings. Key Rating Drivers For full key rating drivers for each issuer, see the RACs listed below. - Power Grid Corporation of India Ltd: "Fitch Affirms India's POWERGRID at 'BBB-'; Outlook Stable", dated 12 February 2025. - Greenko Energy Holdings: "Fitch Downgrades Greenko Energy's IDR and Note Ratings to 'BB-'; Outlook Stable", dated 1 December 2025. - Adani Energy Solutions Limited (AESL): "Fitch Revises Adani Energy's Outlook to Stable, Affirms IDR and Adani Electricity's Note Rating", dated 3 November 2025. - Adani Electricity Mumbai Limited (AEML): "Fitch Revises Adani Energy's Outlook to Stable, Affirms IDR and Adani Electricity's Note Rating", dated 3 November 2025. - GAIL (India) Limited: "Fitch Affirms GAIL (India) at 'BBB-'; Outlook Stable", dated 11 June 2025. - Continuum Green Energy Holdings Limited: "Correction: Fitch Revises Outlook on Continuum Green Energy to Stable; Affirms at 'B+'", dated 22 July 2025. - NTPC Limited: "Fitch Affirms India's NTPC at 'BBB-'; Outlook Stable", dated 13 June 2025. Peer Analysis Refer to each issuer's RAC listed above for details. Fitch’s Key Rating-Case Assumptions Refer to each issuer's RAC listed above for details. Corporate Rating Tool Inputs and Scores Power Grid Corporation of India Ltd Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (a-, moderate), market and competitive positioning (a, moderate), diversification and asset quality (bbb+, moderate), company operational characteristics (bbb+, higher), profitability (bbb+, moderate), financial structure (a, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year ended March 2025 (FY25), 40% for the forecast year FY26 and 40% for the forecast year FY27. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' results in an adjustment of -1 notch. - The SCP is 'bbb'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach. Greenko Energy Holdings Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bbb, lower), market and competitive positioning (bb+, moderate), diversification and asset quality (bbb-, moderate), company operational characteristics (bbb, higher), profitability (bb-, moderate), financial structure (ccc-, moderate), and financial flexibility (bb+, higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical financial year FY25, 20% for the forecast year FY26, 40% for the forecast year FY27 and 30% for the forecast year FY28. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Adani Energy Solutions 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+, higher), market and competitive positioning (bbb, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bbb, moderate), financial structure (bb+, moderate), and financial flexibility (bb, higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-'. Adani Electricity Mumbai 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 (bbb+, moderate), diversification and asset quality (bbb-, higher), company operational characteristics (a-, moderate), profitability (bbb, moderate), financial structure (a+, lower), and financial flexibility (bb+, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. GAIL (India) 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 (bbb+, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, higher), profitability (bbb-, moderate), financial structure (a+, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' 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 constrained approach. Continuum Green Energy Holdings Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb+, moderate), sector characteristics (bbb, lower), market and competitive positioning (bb+, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bbb, higher), profitability (bb-, moderate), financial structure (ccc-, moderate), and financial flexibility (b, higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. NTPC 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 (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bbb, moderate), financial structure (bb-, moderate), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical financial year FY25, 30% for the forecast year FY26, 30% for the forecast year FY27 and 20% for the forecast year FY28. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' 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 constrained approach. Recovery Analysis Refer to Continuum Green Energy Holdings Limited's RAC listed above for details. RATING SENSITIVITIES Refer to each issuer's RAC listed above for details. Liquidity and Debt Structure Refer to each issuer's RAC listed above for details. Issuer Profile Refer to each issuer's RAC listed above for details. Public Ratings with Credit Linkage to other ratings Refer to the RACs of Power Grid Corporation of India Ltd, GAIL (India) Limited and NTPC Limited, listed above, for details. 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 Power Grid Corporation of India Ltd., Greenko Energy Holdings, AESL, GAIL and Continuum Green Energy Holdings Limited. The Climate.VS for NTPC is 65 at 2035. The Climate.VS for AEML is 52 at 2035. ESG Considerations Refer to RACs of AESL and AEML, listed above, for details. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NTPC Limited LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Continuum Energy Aura Pte. Ltd. senior secured LT B+ Affirmed RR4 B+ Adani Transmission Step-One Limited senior secured LT BBB- Affirmed BBB- Greenko Energy Holdings LT IDR BB- Affirmed BB- Adani Electricity Mumbai Limited senior secured LT BBB- Affirmed BBB- Greenko Wind Projects (Mauritius) Ltd senior unsecured LT BB- Affirmed BB- Greenko Power II Limited senior unsecured LT BB- Affirmed BB- GAIL (India) Limited LT IDR BBB- Affirmed BBB- Power Grid Corporation of India Ltd LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Adani Energy Solutions Limited LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- Continuum Green Energy Holdings Limited LT IDR B+ Affirmed B+ EASHWARA SAI: ICRA Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Eashwara Sai Cotton Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.50 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Eashwara Sai Cotton Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Eashwara Sai Cotton Industries, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Eashwara Sai Cotton Industries, located at Gajwel Mandal in Medak district of Telangana. It is registered as a partnership firm and started operation in the January 2015. The firm is primarily engaged in ginning. The ginning facility includes 18 double roller gins, Auto Pressing and an Auto Feeder. Each gin has a capacity of processing 36 quintals of raw cotton every day. The installed processing capacity of the plant is ~116640 Quintals of raw cotton per annum. EZKAAM PRIVATE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Ezkaam Private Limited New No.9, Old No.25, Desilva Salai (1st Cross Street), Mylapore, Chennai, Chennai, Tamil Nadu, India, 600004 Liquidation Commencement Date: February 6, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: G. Gunasekaran M/S/ RSGD Insolvency Professionals Services Private Limited 6, Indu Nagar, Vilankurichi Road, Vilankurichi Post, Coimbatore-641035 Email: rsgdinsolvencyprofessionals@gmail.com Mobile No: 98422 22105 Last date for submission of claims: March 8, 2026 GREENLAND MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Greenland Motors (GLM) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.55 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term- 14.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding GLM's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Greenland Motors, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. GLM is an authorised dealer of Maruti Suzuki India Limited (MSIL) and is involved in the sale of new cars, servicing of vehicles, sales of spare parts, and sales and purchase of pre-owned cars. The firm has three sales and service outlets in Allahabad, Pratapgarh and Kaushambi in Uttar Pradesh. GUPTA SOLVENT: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Gupta Solvent Private Limited (GSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not cooperating' category Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Warehouse receipts to remain under 'Issuer Not cooperating' category Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information GSPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Gupta Solvent Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the Gupta Solvent Private Limited (GSPL), incorporated in 2007, commenced commercial operations from July 2016. It is involved in the refining of edible and solvent extraction. The company has a solvent extraction unit with a production capacity of 1,20,000 metric tonnes per annum (MTPA) and a refining capacity of 60,000 MTPA capacity at Morena, Madhya Pradesh. GVK JAIPUR: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of GVK Jaipur Expressway Private Limited (GVKJEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 209.64 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding GVKJEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with GVKJEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. GVKJEPL is a special purpose vehicle promoted by GVK Transportation Pvt Ltd (GVKTPL, 100% shareholding) for widening the existing two-lane section of NH 8 between Jaipur and Kishangarh (from km 273.500 to 363.885) to six lane in Rajasthan through design, build, finance, operate and transfer (DBFOT - toll) model. The project was received in 2002 and the concession period is for 20 years (including a construction period of 2 years), which is ending by March 2023. The total project cost incurred was INR622.30 crore, which was funded through INR121.17-crore equity, INR211 crore of grant from the National Highways Authority of India (NHAI), INR7.8 crore of internal accruals and INR282.33 crore of debt. From May 2016 onwards, the toll collections on GVKJEPL's project stretch were split into two toll plazas instead of one earlier. HIRANYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Hiranya Builders Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 13.54 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.96 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Hiranya Builders Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Hiranya Builders Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hiranya Builders Private Limited was incorporated as a Private Limited Company in 2009 at Manipal, Karnataka. The company currently operates in the real estate and hospitality sectors and has recently built a fourstar hotel—Country Inn & Suites—operated by the Carlson Group. The hotel is having started operations in November 2015. It consists of seven floors with a built-up area of ~58,000 sq. ft., spread across 54 rooms, two large banquet halls and other premium amenities customary to the nature of such hotels. In addition, HBPL has also recently completed a housing project—Hiranya Dhama—with 95 units. The project has been completed and has witnessed ~93% bookings till May 2017. JALDHAKA COLD: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Jaldhaka Cold Storage Private Limited G.T Road, Padua Hooghly, Pandua West Bengal-712149 Insolvency Commencement Date: January 12, 2026 Estimated date of closure of insolvency resolution process: August 8, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Chandradeep Kumar Shahari, Parwalpur, Nalanda, Nalanda, Bihar, 803114 Email: ip.chandradeep2025@gmail.com A1/228, Block A1, Nauroji Nagar, Safdarjung Enclave, New Delhi, Delhi-110029 Email: cirp.jcspvtltd2026@gmail.com Last date for submission of claims: February 23, 2026 KALA GENSET: ICRA Keeps B+ Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Kala Genset Private Limited (KGPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KGPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with KGPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in the year 1997, KGPL is involved in the assembling of diesel genset and is one of the leading generator original equipment manufacturers for KOEL. The company offers genset in the wide range of 2-750 KVA rating. The company is also involved in the manufacturing of acoustic enclosures (canopy), control panels and power management systems. KGPL has three manufacturing units located at Pune and Belgaum. The company is promoted by Mr. Manoj Chandrakant Phutane who is technically well equipped andhas nearly two decades of experience in the genset industry. M.S. SOLVENT: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of M.S. Solvent Industries (MSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 31, 2024, placed the rating(s) of MSI under the 'issuer non-cooperating' category as MSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MSI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 16, 2025, November 26, 2025, December 6, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M.S. Solvent Industries is a partnership firm established in July 2009 by four partners, namely, Mr. Mahendra Singh, Mr. Anil Kumar, Mr. Harish Kumar and Mr. Daleep Singh sharing profits and losses equally. The firm is engaged in extraction of rice bran oil at its processing facility located in Gadarpur (Uttarakhand). The firm has started an additional rice mill unit in November 2016 that has enabled the firm to extract rice bran oil through milling. Here the rice bran oil will be extracted form paddy. MAGUS METALS: ICRA Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term rating of Magus Metals Private Limited (MMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 1.10 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 1.90 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information MMPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with MMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Magus Metals Private Limited (MMPL) was started as R.R. Metals Private Limited in the year 1990. Later in the year 2001, the name of the company was changed as Magus Metals Private Limited. From inception, the company is into manufacturing of non ferrous metals from the scrap generated by smelters like Hindustan Zinc limited and Binani Zinc Limited. The company manufactures cadmium, zinc sulphate, copper cathode and zinc ingots. The factory is situated at Chotuppal, Nalgonda Dist, Telangana. MICRO SPINTEX: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Micro Spintex Private Limited SF No. 485, No. 5, Bilichi (Post) Mathampalayam MTP Road, Coimbatore 641019 Liquidation Commencement Date: February 9, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Ramela Rangasamy A6, Aryaa Harmony Apartment, Police Kandasamy Street, Olympus Ramanathapuram, Coimbatore 641045 Email: microspintex.volliq@gmail.com Mobile: 9442617180 Last date for submission of claims: March 10, 2026 MNR COTTONS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term rating of MNR Cottons Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 5.80 [ICRA]B+ (Stable)ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding MNR Cottons Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with MNR Cottons Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in June 2011, MNR Cottons Private Limited is engaged in production of cotton yarn. The company is promoted by Mr. M. Anantha Reddy and his family members. The company's manufacturing unit is in Pothulamadugu Village in Mahaboobnagar district of Telangana. The company specializes in manufacturing cotton yarn of 30s carded counts. The company commenced its commercial production in June 2013 with a capacity of 13,056 spindles. MCL increased its manufacturing capacity to 16320 spindles in FY2016 at a cost of INR5.27 crore. The Capex was funded through term loan of INR3.42 crore and the rest through equity infusion and cash accruals. MODERN SCIENTIFIC: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Modern Scientific Private Limited No. B-404, Raheja Enclave, 236, Race Course Road, Coimbatore Racecourse, Coimbatore, Coimbatore South, Tamil Nadu, India, 641018 Liquidation Commencement Date: February 12, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Vasudevan Gopu G.V. enclave, 18/30, Ramani Street, K.К. Pudur, Saibaba Colony (4th right opp. Road to Saibaba Colony Hotel Annapoorna Road), Coimbatore - 641038, Tamil Nadu, India Email: vasudevangopu.ip@gmail.com Email: vasudevanacs@gmail.com Telephone No. 0422-4347063 Last date for submission of claims: March 14, 2026 MULTITECH ENGINEERS: CRISIL Lowers Rating on INR5cr Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Multitech Engineers - Ghaziabad (ME), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 5 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with ME for obtaining information through letter and email dated January 22, 2026 among others, apart from telephonic communication. In accordance with the terms of the rating agreement with ME, Crisil Ratings has sent repeated reminders for payment of fees towards the surveillance exercise through letters and emails dated December 24, 2025 and February 05, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 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 ME. Which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ME is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings also failed to receive the payment due towards the surveillance exercise in spite of repeated reminders and follow-up by the business development team. Therefore, on account of inadequate information, lack of management cooperation on both information and payment of fees due, the ratings on bank facilities of ME revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 2005, ME is owned and managed by Mr Bansi Lal and based in Uttar Pradesh. ME manufactures, designs and undertakes site installation including repair and maintenance of hydro power plants. MYCON CONSTRUCTION: CRISIL Reaffirms D Rating on INR26.19cr Loan ---------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil D/Crisil D' ratings on the bank loan facilities of Mycon Construction Limited (MCL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.4 Crisil D (Reaffirmed) Bank Guarantee 3.5 Crisil D (Reaffirmed) Bank Guarantee 6.5 Crisil D (Reaffirmed) Bank Guarantee 2.01 Crisil D (Reaffirmed) Cash Credit 2 Crisil D (Reaffirmed) Cash Credit 2.3 Crisil D (Reaffirmed) Cash Credit 3.7 Crisil D (Reaffirmed) Cash Credit 2 Crisil D (Reaffirmed) Proposed Long Term Bank Loan Facility 26.19 Crisil D (Reaffirmed) The ratings continue to reflect delays in debt servicing by MCL because of weak liquidity. The company has a stretched working capital cycle and below-average financial risk profile. The company benefits from the long track record of the promoters in the construction business and moderate order book. Analytical Approach For arriving at its ratings, Crisil Ratings has considered the standalone business and financial risk profiles of MCL. Key Rating Drivers - Weaknesses * Delays in debt servicing: Weak liquidity has resulted in instances of delay in servicing of loans in January and February 2026. * Working capital-intensive operations: Gross current assets were substantially high, over 3,000 days as on March 31, 2025, driven by sizeable work-in-progress inventory at different project sites and stretched receivables as most of the customers are public sector units. The working capital requirement will remain large over the medium term. * Below-average financial risk profile: Networth was modest and total outside liabilities to tangible networth (TOLTNW) ratio high at INR20 crore and 5.19 times, respectively, as on March 31, 2025. Key Rating Drivers - Strengths * Established track record in the construction business and moderate order book: The company has a track record of over five decades in the construction industry, backed by experienced promoters and long-term relationship with key customers. Order book of over INR88 crore provides moderate revenue visibility. Liquidity Poor Liquidity is expected to remain poor over the medium term. Working capital limit of INR10 crore was utilised over 100% during the 12 months through January 2026. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for 90 days or more Sustainable improvement in working capital management Net cash accrual to debt obligation ratio of more than 1.1 times Better financial risk profile aided by decline in TOLTNW to less than 2 times. MCL was set up as a partnership firm in 1946 in Bengaluru and was reconstituted as a closely held public limited company in 1989. MCL undertakes civil and structural construction for public and private sector entities in Karnataka, Tamil Nadu and Odisha. N KUMAR PROJECTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: N Kumar Projects & Infrastructure Private Limited Ist Floor B, Poonam Chambers, Byramji Town, Chhindwara Road, Nagpur, Maharashtra, India, 440013 Insolvency Commencement Date: February 13, 2026 Estimated date of closure of insolvency resolution process: August 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Megha Agrawal 001, Shivranjini Apartments in Circle of Congress Nagar Garden, Congress Nagar, Nagpur - 440012 (M. S.) Email: ip.meghaagrawal@gmail.com Truenex Absolute Insolvency Plot no.72, Anjaneya Niwas, Opp. Dew Trinity Hospital, Hindustan Colony, Near Sai Mandir, Wardha Road, Nagpur 440015 Email: nkumarprojects.cirp@gmail.com Last date for submission of claims: February 27, 2026 N KUMAR: CRISIL Lowers Rating on INR65cr Term Loan to D ------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of N Kumar Projects and Infrastructure Private Limited (NKPIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 65 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with NKPIPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NKPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NKPIPL is consistent with 'Assessing Information Adequacy Risk'. The rating on the bank facilities of NKPIPL have been downgraded to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating' due to delay in debt service obligations to its lenders as per publicly available information. NKPIPL was set up by Mr. Nandkumar Harchandani in 2010-11 (refers to financial year, April 1 to March 31) to undertake commercial and infrastructure projects. The company is setting up a commercial-cum-hotel complex comprising a 114-room hotel in Nagpur (Maharashtra). The company commenced operations of the 150,000 square-foot shopping complex during 2014. NANDI VARDHANA: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Nandi Vardhana Textile Mills Limited (NVTML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.40 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 NVTML under the 'issuer non-cooperating' category as NVTML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NVTML 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 NVTML was incorporated in the year 2005 by Mr. P Srinivasa Rao, Mr. G Anjaiah, Mrs P Padmavathi and the relatives of the promoters. NVTML is engaged in the manufacturing of cotton yarn with an installed capacity of 20,448 spindles per annum at Thimmapuram, Guntur District, and Andhra Pradesh. NVTML manufactures and supplies cotton yarn for both domestic as well as global markets. Till FY12, a predominant portion of the finished product was sold domestically, while around 22% was exported to countries like Turkey, Brazil and China. NATEMS SUGAR: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s. Natems Sugar Private Limited Registered office: III Floor, Plot No. 22 Survey No. 90/1, Trendz Eternity, Green Land Colony, Gachibowli, Ranga Reddi, Hyderabad-500032, Telangana Factory: Unit 1: Natems Sugar Pvt.Ltd. Koppedu Post, Nindra Mandal Chittor Distt- 517587, AP Unit 2: Madhu Nagar, Zaheerabad, Mandal, Sanga Reddy Dist-502228 Insolvency Commencement Date: February 10, 2026 Estimated date of closure of insolvency resolution process: August 11, 2026 (180 Days) Court: National Company Law Tribunal, Hyderabad Bench-II Insolvency Professional: Dr. Ahalada Rao Vummenthala Flat No. 113, Block-B, Sri Datta Sai Commercial Complex, Opp: Sapthagiri Theatre, RTC X Roads, Hyderabad-500020 Email: rp.ahaladarao@gmail.com Email: cirp.natemssugarpvtltd@gmail.com Last date for submission of claims: February 26, 2026 NISHI FOREX: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Nishi Forex And Leisure Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based- Rating continues to remain under Others 'Issuer Not Cooperating' category Long Term/ 20.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain under continues to remain under Issuer Not Cooperating' category Long-term 16.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Term Loan 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Nishi Forex's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Nishi Forex, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in August 2014, Nishi Forex And Leisure Private Limited is an Authorised Dealer II (AD II)license holder and deals in buying and selling of currencies which cater to foreign exchange needs of corporate clients (forex needs of employees travelling overseas primarily from the IT and ITes sector), retail customers (tourists, NRIs, students, business travellers, etc.), and wholesale customers (Banks, Full Fledged Money Changers (FFMCs), Restricted Money Changers (RMCs) like hotels, and non-Bank Retailers. It had initially received the FFMC license from RBI in December 2014 before receiving the AD II licence in May 2018. While it started operations with two branches, it currently has branch offices at eight locations: Puttaparthi and Guntur in Andhra Pradesh, Hyderabad in Telangana, Chennai, Coimbatore, Salem and Madurai in Tamil Nadu, Cochin in Kerala, Delhi and Gurgaon in the national capital region, in addition to two offices in Bangalore. It is an integrated travel solutions provider agency and is majorly involved in issuance of forex cards & travellers' cheques, remittances business and wholesale currency transactions etc. It also provides air ticketing, tours and travel insurance services. PRAKASH OFFSET: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term ratings of Prakash Offset Printers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 2.50 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Prakash Offset Printers's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Prakash Offset Printers, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Promoted by Mr. P Mohandas Nayak and his family in 1983, Prakash Offset Printers was initially engaged in printing labels for an associate concern, Prakash Beedies Pvt. Ltd. However, subsequently, the firm entered the commercial offset printing business and is currently engaged in printing books, leaflets, posters, banners, brochures, and magazines, as well as in postpress activities including pinning, binding, lamination and other finishing jobs. POP houses imported advanced Heidelberg printing equipments for undertaking printing in a variety of sizes—including 14" x 20", 18" x 23" and 28" x 40"—as well as a digital printing machine. The firm currently operates from a single printing facility in Mangalore, Karnataka, catering to customers across Goa, Karnataka and Kerala. RAMAN AGRO: ICRA Keeps B+ Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the long-term ratings of Raman Agro Exports Pvt ltd (RAEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RAEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Raman Agro Exports Pvt ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2008, RAEPL manufactures cattle feed at its manufacturing facilities located at Varanasi, Uttar Pradesh (UP) and Raigarh, Chhattisgarh, with a total manufacturing capacity of 200 tonnes per day, with the Varanasi plant being automated in all stages of production, from the feeding of raw material to the packing of the finished product. RAEPL sells its products through distributors in Bihar, Jharkhand, UP, Madhya Pradesh, and Odisha under the brand names, 'Doodh Dhara' and 'Kranti'. S.K. COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term ratings of S.K. Cotton Industries (SKCI) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B (Stable); ISSUER NOT Fund based- COOPERATING; Ratings continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT Fund-based COOPERATING; Rating continues Term Loan to remain in the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SKCI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SKCI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SKCI, promoted by Mr. Murtaza Shakir, Mr. Mohammad Shakir, and Mr. Khujema Shakir and incorporated in 2011, is engaged in ginning and pressing of cotton to produce cotton bales and cotton seeds. The manufacturing unit of the firm is located in Jalgaon district in Maharashtra with an installed capacity of 180 bales per day. The plant has 24 Double Rolled gins. SAFE PARENTERALS: ICRA Keeps D Debt Ratings to Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term ratings of Safe Parenterals Private Limited (SPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit issuer not cooperating category Long-term- 17.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SPPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Safe Parenterals Private Limited (SPPL) was incorporated on December 14, 1992. The Company is engaged in manufacturing wide range of injectables using aseptic filling/terminal sterlization. The existing unit is situated in 4 acres of land, having three separate production blocks with all infrastructure facilities and supporting equipments. Its manufacturing facility is located at Gollapadu Village, Guntur district, Andhra Pradesh. The company was incorporated and operated by Dr. Siva Rama Krishna and his family till May 2020. However, the company was acquired by Pranaya Pharmaceuticals group in FY2021. Ex-promoters still hold 22% shareholding in the company but are not involved in the day-to-day operations. The company's operations are now being managed by Mr. S Sridhar Reddy. SAISONS TRADE: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the ratings for the Non-Convertible Debentures (NCD) of Saisons Trade & Industry Private Limited (STIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 5.00 [ICRA]D; ISSUER NOT Debenture (NCD) COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding STIPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Saisons Trade & Industry Private Limited, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1999, STIPL manufactures electrical panels, fire panels and accessories, wire harness, telecom products and various fabricated products. It ventured into merchant exports of agro commodities and chemicals in FY2018. The company's manufacturing facility is in Bhiwandi (Thane district in Maharashtra) and its registered office is in Mumbai. SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Singhal Strips Limited (SSL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 42.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SSL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SSL, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SSL was incorporated as a private limited company in 1988 and then subsequently converted into a public limited company in 1992. The company manufactures cold-rolled stainless-steel strips at its factory in Rohtak, Haryana. With an installed capacity of 15,000 MT, SSL manufactures ultra- thin CR strips i.e. 0.5 mm to 1.50mm. A part of revenue is also derived from trading of CR sheet/strips. The company is also involved in job work, which includes the reduction of thickness of coils and strips. STATE COOPERATIVE: J&K Gov't Denies Bankruptcy; Now in Liquidation ------------------------------------------------------------------ PTI News reports that the Jammu and Kashmir government on Feb. 19 said the State Cooperative Agriculture and Rural Development (SCARD) Bank Ltd has not been declared bankrupt and that the process of its liquidation has been initiated in accordance with law due to prolonged financial and operational distress. Replying to questions by legislators Dr Rajeev Kumar Bhagat, Vikram Randhawa, Surjeet Singh Slathia, and Vijay Kumar, Minister for Cooperatives Javid Ahmad Dar informed the house that the bank, established in 1962 under the Cooperative Societies Act, is not registered under the Banking Regulation Act and therefore does not fall under the purview of the Reserve Bank of India, PTI relates. According to PTI, the minister said the bank is presently under the control of the union territory government through the registrar of cooperative societies (RCS) and the administrative department of cooperatives. ================= I N D O N E S I A ================= GOLDEN ENERGY MINES: Fitch Affirms 'BB-' LT IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Indonesia-based PT Golden Energy Mines Tbk's (GEMS) Long-Term Issuer Default Rating at 'BB-'. At the same time, Fitch Ratings Indonesia has affirmed GEMS' National Long-Term Rating at 'A+(idn)'. The Outlook is Stable. The affirmation reflects GEMS' business profile, which is commensurate with that of 'BB-' rated mining peers and underpinned by its operational scale and ability to manage costs during coal-price downturns. GEMS also maintains a consistent net cash position, which is conservative for its rating level. 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Mid-Sized Miner, Cost Flexibility: GEMS is among Indonesia's top-three thermal coal miners with production volume of around 55 million tonnes (mt) a year (9M25: 40mt) and a long proven reserve (1P) life of around 17 years. GEMS's business profile benefits from a robust cost position, with a life-of-mine strip ratio of 4.6x (9M25: 5.4x) and ability to curtail costs during periods of low coal prices. GEMS kept EBITDA per tonne reasonable during the previous market downturn by curtailing costs. Fitch expects the company's EBITDA to remain at around USD4-6 per tonne (9M25: USD7/tonne) between 2025 and 2028 on lower coal prices, in line with its commodity price deck. Evolving Policy Risk: Indonesian thermal coal miners face rising policy risk from potential 2026 quota cuts, export duties and limits on export-retention funds, which Fitch has not fully reflected given the uncertainty. Fitch expects any quota cuts to disproportionately affect smaller or non-compliant miners. Material cuts to GEMS's quota that result in a sustained reduction in its operating scale could increase negative rating pressure, although this is not in Fitch's base case. Low Capex Requirement: GEMS's strong operating cash flow should be able to fund its capex without the need for external funding. Future capex requirements will be minimal as most infrastructure is already in place to support its production target over the medium term. Furthermore, Fitch expects GEMS to have sufficient flexibility to delay capex during coal-price downturns. High Asset Concentration: The PT Borneo Indobara (BIB) mine accounts for more than 90% of GEMS's total production and about 72% of its 1P reserves. The company's other mines have limited growth plans and are likely to remain small. Fitch believes reserve concentration risk is partly mitigated by BIB's large and diversified operations. Operational risk is also mitigated by the use of established mining contractors with solid track records. Net Cash: GEMS's EBITDA declined by 48% yoy in 9M25 to USD285 million, driven by lower average selling prices as coal prices fell from previous highs. The company remained in a net cash position at end-September 2025. Fitch expects GEMS to maintain a strong balance sheet, supported by low capex requirements, with broadly neutral free cash flow as excess operating cash flow after capex is largely distributed as dividends. Management has indicated that GEMS has no plans to add leverage to its balance sheet to fund dividends. Maintaining Domestic Funding Access: GEMS has maintained access to capital via the domestic banking market. Domestic banks have remained supportive of thermal coal projects as energy demand in Indonesia continues to grow. GEMS has no diversification plan and plans to remain a pure-play thermal coal producer over the medium term. Fitch believes that business diversification is carried out via GEMS's immediate parent, PT Dian Swastatika Sentosa Tbk (DSS), or via its ultimate major shareholder, which is part of the broader Sinar Mas Group. Rated on Standalone Basis: Fitch rates GEMS on a standalone basis under its Parent and Subsidiary Linkage Rating Criteria, as Fitch views GEMS's immediate parent, DSS, to have the same credit profile as GEMS. DSS is more diversified with interests in power and technology, but GEMS continues to account for most of its cash flow. DSS's net EBITDA leverage has been rising from low levels (last 12 months to September 2025: 1.1x) as part of its diversification. Should the metric deteriorate significantly, resulting in a weaker profile than GEMS's, Fitch may reassess GEMS's rating under the stronger subsidiary path, which may result in basing GEMS's rating on DSS's consolidated profile. Limited Information on Ultimate Parent: Fitch has no financial information on PT Sinar Mas, GEMS's ultimate majority shareholder, which is majority controlled by Frankly Oesman Widjaja and Indra Widjaja. However, Fitch believes PT Sinar Mas' access to GEMS's cash is limited to shareholder returns, as GEMS and DSS are listed with public shareholders. Material related-party transactions with the parent are also subject to disclosure requirements and approval from independent shareholders. Peer Analysis GEMS is rated higher than PT Indika Energy Tbk (B+/A(idn)/Stable), reflecting GEMS's stronger financial profile, larger operating scale and lower execution risk. Both issuers have adequate reserve life in key thermal coal mines. Indika's financial profile is weaker due to higher net leverage as it executes its diversification strategy. Indika's commodity diversification should improve relative to GEMS's once its gold mining operations ramp up by 2027, although this benefit is likely to be moderated by Indika's higher leverage. Higher rated peer Alliance Resource Partners, L.P. (BB/Stable) has larger scale and is more profitable than GEMS due to a better cost position (after adjusting for heat value). Alliance Resource Partners has also maintained a low leverage profile over the medium term, like GEMS. Fitch’s Key Rating-Case Assumptions - Production volume averaging 55mt between 2026 and 2028 (9M25: 40mt); - Coal prices in line with Fitch's coal price deck on an energy-adjusted basis. Fitch assumes an average selling price per tonne of USD44 in 2026, USD43 in 2027 and USD42 in 2028; - Average strip ratio of 5.1x-5.2x in 2026-2028 (9M25: 5.4x); - Cash costs, excluding royalties, averaging USD31 between 2026 and 2028; - Annual capex of USD35 million-40 million during 2026-2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, moderate), sector characteristics (b+, moderate), market and competitive positioning (bb-, higher), diversification and asset quality (bb, moderate), company operational characteristics (bb, moderate), profitability (b-, moderate), financial structure (a+, lower), 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 'bb-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach as GEM's credit profile is at the same level with that of its immediate parent, DSS. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Sustained increase in the net debt/EBITDA ratio to above 2.0x (end-September 2025: net cash); - Evidence of weakened external funding access; - Weakened business profile from potential adverse material regulatory developments and/or a sustained decline in operating scale. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade may be considered if GEMS reduces its thermal coal concentration through earnings diversification while maintaining a prudent capital structure. Liquidity and Debt Structure The company's liquidity remained healthy as of end-September 2025, supported by a net cash position. Its short-term debt largely comprises working-capital-related loans. Fitch forecasts that GEMS will generate positive operating cash flow after capex over the medium term, reflecting its modest capex requirements. Issuer Profile GEMS is a pure-play thermal coal-mining company in Indonesia that operates three mining concessions. Indonesia-based DSS owns 51% of GEMS and PT ABM Investama Tbk owns 30% via a subsidiary. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING PT Sinar Mas is the ultimate parent of GEMS, with an indirect majority stake. Neither GEMS's management nor Fitch has access to PT Sinar Mas' financial statements as it is a private company. GEMS's immediate parent, DSS, is publicly listed with regular financial disclosures and Fitch believes GEMS and DSS have similar credit profiles. PT Sinar Mas is a large conglomerate with various businesses, including pulp and paper, agri-business and food, financial services, real estate and energy, across Indonesia that are collectively of a much larger scale than GEMS's operations. Fitch rates GEMS on a standalone basis amid the limited information on PT Sinar Mas. Fitch accounts for the limited information available on the ultimate parent by factoring in GEMS's high annual dividend payments, which align with management's strategy given GEMS's cash generative business and its limited growth plans. Material related-party transactions at GEMS as well as its immediate parent DSS require the approval of public shareholders. Fitch believes its assumptions about financial policy, governance and shareholder returns adequately incorporate the risk of the parent extracting cash from GEMS, despite the lack of financial information on PT Sinar Mas. 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 GEM's Climate.VS for 2035 is 81 out of 100. The elevated signal reflects energy transition risks, including reduced demand for coal-fired power generation and the increasing availability of renewable energy as an alternative source of generation. The elevated Climate.VS has not affected the current rating due to the longer energy transition timeline in emerging markets such as Indonesia, as well as GEM's net cash position, supported by minimal capex requirements. ESG Considerations PT Golden Energy Mines Tbk has an ESG Relevance Score of '4' for GHG Emissions & Air Quality as it derives most of its revenue from thermal coal and it faces the risk of declining demand in the medium to long term because of coal's high carbon footprint. Funding access for thermal coal companies has also progressively tightened, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ ----- PT Golden Energy Mines Tbk LT IDR BB- Affirmed BB- Natl LT A+(idn) Affirmed A+(idn) =============== M O N G O L I A =============== MONGOLIA: S&P Assigns 'BB-' Rating to New USD Sr. Unsecured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term foreign currency issue rating to the benchmark-size U.S. dollar-denominated senior unsecured notes that Mongolia proposes to issue. The note issuance is part of the Mongolian government's liability management exercise. Concurrently, Mongolia (BB-/Stable/B) has announced a voluntary tender offer on its U.S. dollar-denominated bonds due 2026, 2028, and 2029. The government intends to fund the tender offer using proceeds from the note issuance. The notes represent direct, general, unconditional, unsecured, and unsubordinated obligations of the sovereign and rank equally with the sovereign's other unsecured and unsubordinated debt obligations. The rating on the notes is subject to our review of the final issuance documentation. ===================== N E W Z E A L A N D ===================== BARTELLS TRUSTEE: First Creditors' Meeting Set for March 4 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Bartells Trustee Company Limited and Spring Water Country Estates Limited Partnership will be held on March 4, 2026, at 10:00 a.m. at the offices of Level 2, 5–7 Kingdon Street, in Newmarket, Auckland. Gareth Russel Hoole, Raymond Paul Cox and Chiragkumar Bhailalbhai Patel of Ecovis KGA were appointed as administrators of the company on Feb. 20, 2026. EZIBUY: Liquidation Ends With NZD230k Payout on NZD19.2MM Claim --------------------------------------------------------------- BusinessDesk reports that an Australian capital services provider has been paid out just under NZD230,000 of the NZD19.2 million it is owed following the completion of EziBuy's liquidation. The wind-up of EziBuy comes as its owner is embroiled in a scandal across the Ditch, receiving fines for breaking consumer law and allegations of trading while insolvent. EziBuy was an online clothing and homeware retailer and a subsidiary of ASX-listed Mosaic Brands. Katherine Elizabeth Barnet and Damien Mark Hodgkinson of Olvera Advisors on April 14, 2023, were appointed as administrators of seven entities: - Ezibuy Operations Limited; - Ezibuy Limited; - Ezibuy Holdings Limited; - Ezibuy Custodian Limited; - New Ezibuy Limited; - Last Stop Shop Limited; and - Sara Apparel Limited. Ezibuy was placed into liquidation in July 2023. HUNTINGTON HOLDINGS: Creditors' Proofs of Debt Due on March 18 -------------------------------------------------------------- Creditors of Huntington Holdings Trust Limited are required to file their proofs of debt by March 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 18, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 RICHMOND INFRASTRUCTURE: Court to Hear Wind-Up Petition on March 6 ------------------------------------------------------------------ A petition to wind up the operations of Richmond Infrastructure Limited (formerly JB Civil Limited) will be heard before the High Court at Auckland on March 6, 2026, at 10:45 a.m. RG Limited (trading as Numero) filed the petition against the company on Dec. 18, 2025. The Petitioner's solicitor is: Ivan Milan Vodanovich Vodanovich Law 4A Shamrock Drive Kumeu, Auckland RWPM LIMITED: Creditors' Proofs of Debt Due on March 24 ------------------------------------------------------- Creditors of RWPM Limited are required to file their proofs of debt by March 24, 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: Brenton Hunt PO Box 13400 City East Christchurch 8141 S AUTO: Court to Hear Wind-Up Petition on March 12 -------------------------------------------------- A petition to wind up the operations of S Auto Garage Limited will be heard before the High Court at Auckland on March 12, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 8, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== UMETA CREDIT: SEC Orders Credit Lending Firm to Halt Operations --------------------------------------------------------------- BusinessWorld Online reports that the Securities and Exchange Commission (SEC) has issued a cease-and-desist order (CDO) against Umeta Credit Lending Corp. and its associated online lending platforms (OLPs) for unauthorized operations and allegedly engaging in unfair debt collection practices. In a cease-and-desist order dated Feb. 18, the SEC's Financing and Lending Companies Department (FLCD) instructed Umeta Credit and its platforms, including FinLedger - Smart Ledger, Cash Twig, Meta Cash, and MorePautang - Loan Hub, to immediately stop promoting or conducting lending activities, BusinessWorld relates. "The prohibition covers the operation and promotion of the OLPs it controls, such as Meta Cash, MorePautang - Loan Hub, Cash Twig, FinLedger - Smart Ledger, and any other platform, application, website, or digital interface operated under other names," the Commission said in a statement on Feb. 20. According to BusinessWorld, the order stemmed from an FLCD verification showing that the company operated undisclosed OLPs without SEC approval, violating SEC Memorandum Circular (MC) No. 19, s. 2019, which requires full disclosure by financing and lending firms. Umeta Credit Lending also violated SEC MC No. 10, s. 2021, which imposed a moratorium on new OLPs starting Nov. 5, 2021. "[Umeta Credit Lending's] decision to deploy and maintain multiple OLPs, under varying names and digital identities, without proper recording with the Commission, constitutes a deliberate circumvention of regulatory safeguards. This is not a case of mere technical lapse or administrative oversight. It is a calculated evasion of supervision," the order read. BusinessWorld says the SEC also determined that Umeta Credit Lending used unfair debt collection tactics, based on more than 300 informal complaints received from January 2025 to January 2026. Five of those complaints advanced to formal administrative cases for breaching SEC MC No. 18, Series of 2019, which bans unfair collection practices by lending companies. Additionally, the firm ignored five show-cause letters from the SEC, amounting to a "deliberate refusal to engage with lawful authority" and "blatant disregard" of the Commission's oversight role. "The convergence of the following circumstances: (a) unauthorized operation of multiple OLPs; (b) hundreds of complaints alleging unfair collection practices; and (c) the [company's] repeated refusal to respond to five formal regulatory directives creates a clear and present danger to financial consumers," the order read, notes the report. "Accordingly, the issuance of a CDO is necessary to immediately halt the [Umeta Credit Lending's] operations and prevent further injury to the borrowing public pending final determination of its administrative liability," it added. ================= S I N G A P O R E ================= ACCUSINCERE TECHNOLOGIES: Court to Hear Wind-Up Petition on Mar 6 ----------------------------------------------------------------- A petition to wind up the operations of Accusincere Technologies Singapore Pte. Ltd. will be heard before the High Court of Singapore on March 6, 2026, at 10:00 a.m. Kudos and Softfar Singapore Pte. Ltd. filed the petition against the company on Feb. 10, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ANR SHIPPING: Creditors' Meeting Set for March 30 ------------------------------------------------- ANR Shipping (S) Pte. Ltd. will hold a meeting for its creditors on March 30, 2026, at 11:30 a.m. via audio-visual conference on the Zoom Platform. Agenda of the meeting includes: a. to lay an account before the creditors showing how the winding up has been conducted and an explanation of the account; b. to appoint a Committee of Inspection, if deemed necessary; c. to approve the Statement of Account, provisions for finalization expenses, and the application to the Court for the release of the Liquidators, and the dissolution of the Company; d. the appointment of solicitors to assist the Liquidators; e. to resolve that the books of account, papers, and documents of the Company and of the Liquidators that are relevant to the affairs of the Company, that are in their possession be destroyed pursuant to Section 195(2) of the Insolvency, Restructuring and Dissolution Act (No. 40 of 2018); and f. Any other business. The company's liquidators may be reached at: Don M Ho David Ho c/o DHA+ pac 9 Raffles Place #08-04 Republic Plaza Singapore 048619 EFG ASSET: Creditors' Proofs of Debt Due on March 26 ---------------------------------------------------- Creditors of EFG Asset Management (Singapore) Pte. Ltd. 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. 13, 2026. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 GOLDEN ENERGY AND RESOURCES: Fitch Affirms 'B+' IDR, Outlook Neg. ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings of eight mining companies in the Asia-Pacific region following the 9 January 2026 update of its Corporate Rating Criteria and Sector Navigators - Addendum to the Corporate Rating Criteria. The criteria changes do not affect the companies' ratings and their Outlooks. Key Rating Drivers See each issuer's press release for the full key ratings drivers: Golden Energy and Resources Pte. Ltd. - "Fitch Revises Outlook on GEAR to Negative, Affirm IDR at 'B+'", dated 13 June 2025 Mineral Resources Limited - "Fitch Revises Outlook on Mineral Resources to Stable; Affirms Rating at 'BB-'", dated 20 November 2025 Mongolian Mining Corporation - "Fitch Affirms Mongolian Mining at 'B+'; Outlook Stable", dated 25 August 2025 Northern Star Resources Ltd - "Fitch Affirms Northern Star Resources at 'BBB-'; Outlook Stable", dated 4 December 2025 PT Mineral Industri Indonesia (Persero) - "Fitch Affirms Mineral Industri Indonesia at 'BBB-'; Outlook Positive", dated 4 June 2025 Shandong Energy Group Co., Ltd. - "Fitch Affirms Shandong Energy at 'BB+'; Outlook Stable", dated 8 September 2025 Vedanta Resources Limited - "Fitch Revises Vedanta Resources' Outlook to Positive; Affirms IDR at 'B+'", dated 18 December 2025 Yankuang Energy Group Company Limited - "Fitch Affirms Yankuang Energy at 'BB+'; Outlook Stable", dated 8 September 2025 Peer Analysis Refer to each issuer's press release. Fitch's Key Rating-Case Assumptions Refer to each issuer's press release. Corporate Rating Tool Inputs and Scores Golden Energy and Resources Pte. Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb+, lower), sector characteristics (bb+, moderate), market and competitive positioning (bb-, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bb+, moderate), profitability (b, moderate), financial structure (b, higher), and financial flexibility (b, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The governance assessment of 'Some Deficiencies' results in no adjustment. - The operating environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Mineral Resources Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb+, moderate), sector characteristics (bbb, moderate), market and competitive positioning (bb, moderate), diversification and asset quality (bb, higher), company operational characteristics (bbb, moderate), profitability (bb-, moderate), financial structure (bb, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The governance impact assessment of 'Some Deficiencies' results in an adjustment of -1 notch. - The operating environment impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Mongolian Mining Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb, lower), sector characteristics (bb+, moderate), market and competitive positioning (b+, moderate), diversification and asset quality (b+, higher), company operational characteristics (b+, higher), profitability (a-, lower), financial structure (a+, lower), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'b+' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of B+'. Northern Star Resources 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+, higher), profitability (a-, moderate), financial structure (a+, moderate), and financial flexibility (a-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-'. PT Mineral Industri Indonesia (Persero) 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 (bbb, moderate), company operational characteristics (bb+, moderate), profitability (b-, lower), financial structure (b+, higher), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026 and 70% for the forecast year 2027. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bbb' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down - 1 approach. Shandong Energy 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, higher), diversification and asset quality (bbb, moderate), company operational characteristics (bb+, higher), profitability (ccc+, moderate), financial structure (ccc-, moderate), and financial flexibility (b, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'b+'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a bottom-up +3 approach. Vedanta Resources Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bb+, moderate), market and competitive positioning (bbb, moderate), diversification and asset quality (bbb-, higher), company operational characteristics (bbb, moderate), profitability (b+, moderate), financial structure (b+, higher), and financial flexibility (b, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The governance impact assessment of 'Some Deficiencies' results in an adjustment of - 1 notch. - The operating environment impact assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Yankuang Energy Group Company Limited To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalisation approach, resulting in an IDR of 'BB+'. Recovery Analysis Please see press releases of Golden Energy and Resources Pte. Ltd., Mongolian Mining Corporation and Vedanta Resources Limited for their recovery analysis. RATING SENSITIVITIES Refer to each issuer's press release. Liquidity and Debt Structure Refer to each issuer's press release. Issuer Profile Refer to each issuer's press release. Summary of Financial Adjustments Refer to each issuer's press release. Sources of Information Refer to each issuer's press release. Public Ratings with Credit Linkage to other ratings Refer to each issuer's press release. 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 Mineral Resources Limited, Northern Star Resources Ltd and Vedanta Resources Limited. The Climate.VS for Golden Energy and Resources Pte. Ltd. is 51 at 2035. The Climate.VS for Mongolian Mining Corporation is 52 at 2035. The Climate.VS for PT Mineral Industri Indonesia (Persero) is 58 at 2035. The Climate.VS for Shandong Energy Group Co., Ltd. is 75 at 2035. The Climate.VS for Yankuang Energy Group Company Limited is 73 at 2035. ESG Considerations Refer to each issuer's press release. RAC Disclosure Refer to each issuer's press release. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Energy Resources LLC senior unsecured LT B+ Affirmed RR4 B+ Golden Energy and Resources Pte. Ltd. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- Yankuang Energy Group Company Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Mongolian Mining Corporation LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ Yankuang Group (Cayman) Limited senior unsecured LT BB+ Affirmed BB+ PT Mineral Industri Indonesia (Persero) LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Mineral Resources Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Vedanta Resources Finance II Plc senior unsecured LT B+ Affirmed RR4 B+ Vedanta Resources Limited LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed B+ Northern Star Resources Ltd LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Shandong Energy Group Co., Ltd. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ NEWSPAPER SENG: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Feb. 13, 2026, to wind up the operations of Newspaper Seng Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Mr. Paresh Tribhovan Jotangia Ms. Ho May Kee c/o Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 UX LOGISTICS: Court to Hear Wind-Up Petition on March 6 ------------------------------------------------------- A petition to wind up the operations of UX Logistics & Warehousing 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. 13, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***