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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, February 27, 2026, Vol. 29, No. 42

                           Headlines



A U S T R A L I A

ACCENT GROUP: To Shut or Sell Remaining 16 Glue Stores
AFG 2026-1: S&P Assigns B (sf) Rating to Class F Notes
DEEP ISLAND: First Creditors' Meeting Set for March 4
FUTURE KIDS: Second Creditors' Meeting Set for March 3
GEMINI PRIME 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes

KAPOOR TRANSPORT: First Creditors' Meeting Set for March 4
MA MONEY 2026-1: S&P Assigns B+ (sf) Rating to Class F Notes
MORTGAGE HOUSE PRIME 2024-1: S&P Raises F Notes Rating to BB+ (sf)
S.W. REPAIRS: First Creditors' Meeting Set for March 4
STAR ENTERTAINMENT: Agrees on Refinancing Terms With Whitehawk

TRITON BOND 2024-2: S&P Raises Class F Notes Rating to BB- (sf)
WALKER STORES: Second Creditors' Meeting Set for March 3
WISETECH GLOBAL: To Axe a Third of Global Workforce


C H I N A

FINGERMOTION INC: Signs Non-Binding MOU With Digital Landia
SEAZEN GROUP: S&P Rates New Guaranteed USD Sr. Unsec. Notes 'B-'


I N D I A

AMEYA FROZEN: CRISIL Lowers Rating on INR15cr LT Loan to B
ANAND ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
APL METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating

ARYA GREEN: CRISIL Lowers Rating on INR4.5cr Term Loan to B
ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
B.V.S. DISTILLERIES: CRISIL Keeps D Ratings in Not Cooperating
BAIT LOGITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
BAJRANG PULSES: CRISIL Lowers Rating on INR10cr Cash Loan to B

BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI MOTORS: CRISIL Lowers Rating on INR10cr Loan to B
BALAJI OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
BALKRISHNA FASHION: CRISIL Lowers Rating on INR8cr Cash Loan to B
BANGALORE BLUES: CRISIL Keeps C Debt Ratings in Not Cooperating

BANSAL FOODS: CRISIL Lowers Rating on INR4.5cr Cash Loan to B
BHARAT AGRO: CRISIL Lowers Rating on INR4.7cr Cash Loan to B
BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
BIRESHWAR COLD: CRISIL Lowers Rating on INR5.5cr Cash Loan to B
BISMILLAH CASHEW: CRISIL Lowers Rating on INR3cr Cash Loan to B

BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
CARREER COACHING: CRISIL Keeps D Debt Ratings in Not Cooperating
CHAMUNDA COTTON: CRISIL Lowers Rating on INR7cr Cash Loan to B
CHANDAMAMA MOTORS: CRISIL Lowers Rating on INR3cr Cash Loan to B
CHINIWALAS PRIVATE: CRISIL Keeps D Ratings in Not Cooperating

CHITTARANJAN MULTIPURPOSE: CRISIL Keeps D Ratings in Not Coop.
DHANDA BREEDING: CARE Keeps B- Debt Rating in Not Cooperating
FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
HYGEN PACKS: CARE Keeps B- Debt Rating in Not Cooperating Category
K K RAO GREEN: CARE Keeps B- Debt Rating in Not Cooperating

KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating
MAHAVEER GINNING: CARE Keeps C Debt Rating in Not Cooperating


J A P A N

KIOXIA HOLDINGS: S&P Affirms 'BB+' LT ICR, Alters Outlook to Pos.


L A O S

LAOS: Growth Expected to Remain Strong, IMF Says


M A L A Y S I A

GREENPRO CAPITAL: Signs Share Exchange for 13.6% Forekast Stake
SUPERMAX CORP: Net Loss Widens to MYR58.4MM in Q2 Ended Dec. 31


M O N G O L I A

MONGOLIA: Mining Drives Economy as Reform Momentum Builds


N E W   Z E A L A N D

ASHWANI KUMAR: Khov Jones Appointed as Receivers
FABRICATION AND WELDING: Court to Hear Wind-Up Petition on March 6
KAHURANGI ESTATE: Ceases Trading After Tipping Into Liquidation
KUSAMA DEVELOPMENT: Court to Hear Wind-Up Petition on March 19
RESIDENTIAL ROOFING: Creditors' Proofs of Debt Due on March 27

UNEO LIMITED: Creditors' Proofs of Debt Due on March 24


S I N G A P O R E

FUNZONE PTE: Commences Wind-Up Proceedings
GAMCON BUILDERS: Court Enters Wind-Up Order
GRAB HOLDINGS: S&P Upgrades LT ICR to 'BB', Outlook Positive
J.G. JEWELRY: US Court Sets Response Deadline for Ch.15 Petition
MA SUPREME: Court Enters Wind-Up Order

NATURE ONE: Court to Hear Wind-Up Petition on March 6
YUANTAI FUEL: Court Enters Wind-Up Order


S O U T H   K O R E A

BUMYANG CONSTRUCTION: Seeks Court Rehab as Cancellations Mount

                           - - - - -


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

ACCENT GROUP: To Shut or Sell Remaining 16 Glue Stores
------------------------------------------------------
News.com.au reports that fashion chain Glue Store will shut or all
the businesses stores will be sold off.

According to the report, owner Accent Group announced the financial
troubles of the remaining 16 stores on Feb. 25 following the
closure of 17 Glue Stores in mid-2024.

Accent Group will shut or sell the 16 stores by July, it announced
on Feb. 25 as the conglomerate posted a AUD8.4 million six month
loss.

Accent Group operates Athlete's Foot, Platypus and Hype DC as well
as Ugg, Skechers and Vans.

Glue Store, which first opened in Melbourne in 1999, stocks leading
brands including Adidas, Nike and Levi's apparel and footwear.

Despite the falling profits, revenue in Accent's wider stable has
increased 5.3 per cent to AUD816.9 million over the second half of
2025 compared with the end of 2024, according to news.com.au.

News.com.au says Glue Store's closure comes after the expansion of
other Accent stores.

Newly launched Sports Direct opened in Melbourne in November.
Accent has opened 27 new stores since July 2025, with 40 more set
to open in the coming months.

This financial year, 21 Glue Store and Vans stores have been shut.

According to news.com.au, Accent Group chair Lawrence Myers said
the business had "navigated a challenging retail environment" since
the Black Friday and Christmas trading periods.

"The board is encouraged by the early performance of Sports Direct
following its successful launch as well as the progress made across
the broader growth plan," he said in the financial results posted
on Feb. 24.

"On 24 February 2026, the Group made the decision to close the
remaining 16 Glue stores and exit the Glue business with closure
planned to be largely completed by end of the financial year."

The retail group operates 898 physical and online stores.

It is unclear how many workers will lose their jobs with the Glue
closures as well as at the seven other stores earmarked for
closure, news.com.au adds.


AFG 2026-1: S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Perpetual Corporate Trust Ltd. as trustee for AFG 2026-1
Trust in respect of Series 2026-1.

The ratings reflect the following factors.

S&P has assessed the credit risk of the underlying collateral
portfolio and believe the credit support is sufficient to withstand
the stresses it applies. The credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
12.6% of the portfolio.

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
principal draw function, the provision of a liquidity facility, and
the provision of an extraordinary expense reserve.

S&P said, "We have assessed the counterparty exposure to National
Australia Bank Ltd. as liquidity facility provider and Commonwealth
Bank of Australia as bank account provider. The transaction
documents for the bank account and liquidity facility include
downgrade remedy language consistent with our counterparty
criteria.

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

  Ratings Assigned

  AFG 2026-1 Trust in respect of Series 2026-1

  Class A1-S, A$377,600,000: AAA (sf)
  Class A1-L, A$702,400,000: AAA (sf)
  Class A2, A$65,600,000: AAA (sf)
  Class B, A$27,840,000: AA (sf)
  Class C, A$13,120,000: A (sf)
  Class D, A$5,120,000: BBB (sf)
  Class E, A$4,320,000: BB (sf)
  Class F, A$1,280,000: B (sf)
  Class G, A$2,720,000: Not rated

DEEP ISLAND: First Creditors' Meeting Set for March 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Deep Island
Construction Pty Ltd will be held on March 4, 2026, at 10:30 a.m.
at the offices of Rodgers Reidy, at Level 2A, 181 Elizabeth St, in
Brisbane, QLD and via virtual meeting technology.

David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on Feb. 20, 2026.


FUTURE KIDS: Second Creditors' Meeting Set for March 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Future Kids Pty
Ltd has been set for March 3, 2026, at 11:00 a.m. via virtual
meeting only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 2, 2026 at 5:00 p.m.

Nathan Lee Deppeler and Matthew Kucianski of Worrells Solvency &
Forensic Accountants were appointed as administrators of the
company on Feb. 3, 2025.


GEMINI PRIME 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Corporate Trust Ltd. as trustee of Gemini Prime Trust
2026-1. Gemini Prime Trust 2026-1 is a securitization of
residential mortgage loans originated by Brighten Financial Pty
Ltd.

The preliminary ratings reflect the following factors.

The credit risk of the underlying collateral portfolio, which
comprises 100% prime residential mortgage loans to Australian
resident borrowers, and the credit support provided to each class
of notes are commensurate with the ratings assigned. Credit support
is provided by subordination and excess spread, if any. S&P's
assessment of credit risk considers Brighten Financial's
underwriting standards and approval process, and its servicing
quality.

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

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
liquidity facility provider. Natixis S.A will provide a
cross-currency swap to hedge the mismatch between the
Australian-dollar receipts from the underlying assets and the yen
payments on the class A1-Y notes. We also have factored into our
ratings the legal structure of the trust, which is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published Oct. 9, 2014, and concluded that there are no constraints
on the maximum rating that can be assigned to the notes."


  Preliminary Ratings Assigned

  Gemini Prime Trust 2026-1

  Class A1-S, A$125.00 million: AAA (sf)
  Class A1-L, A$230.00 million: AAA (sf)
  Class A1-Y, JPY7,525.00 million: AAA (sf)
  Class A2, A$37.00 million: AAA (sf)
  Class B, A$13.00 million: AA (sf)
  Class C, A$14.00 million: A (sf)
  Class D, A$5.15 million: BBB (sf)
  Class E, A$2.55 million: BB (sf)
  Class F, A$1.55 million: B (sf)
  Class G, A$1.75 million: Not rated


KAPOOR TRANSPORT: First Creditors' Meeting Set for March 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kapoor
Transport Pty. Ltd. will be held on March 4, 2026, at 10:00 a.m.
via teleconference facilities.

Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed
as administrator of the company on Feb. 20, 2026.



MA MONEY 2026-1: S&P Assigns B+ (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of MA
Money Residential Securitisation Trust 2026-1. MA Money Residential
Securitisation Trust 2026-1 is a securitization of nonconforming
and prime residential mortgage loans originated by MA Money
Financial Services Pty Ltd. (MA Money).

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

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. Our assessment of credit risk considers MA
Money's underwriting standards and approval process as well as its
servicing quality.

The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors are the
level of subordination provided, the cross-currency swap, the
provision of a liquidity facility, the principal draw function, the
yield reserve, retention amount built from excess spread, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. Sumitomo Mitsui Banking Corp. will provide a
cross-currency swap to hedge the mismatch between the
Australian-dollar receipts from the underlying assets and the yen
payments on the class A1-Y notes. The transaction documents include
downgrade remedy language consistent with our counterparty
criteria.

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

  Ratings Assigned

  MA Money Residential Securitisation Trust 2026-1

  Class A1-AS, A$425.000 million: AAA (sf)
  Class A1-AL, A$412.500 million: AAA (sf)
  Class A1-Y, JPY17,615.000 million: AAA (sf)
  Class A2, A$100.000 million: AAA (sf)
  Class B, A$41.250 million: AA (sf)
  Class C, A$59.375 million: A (sf)
  Class D, A$25.000 million: BBB (sf)
  Class E, A$10.625 million: BB (sf)
  Class F, A$7.000 million: B+ (sf)
  Class G1, A$3.375 million: Not rated
  Class G2, A$3.375 million: Not rated


MORTGAGE HOUSE PRIME 2024-1: S&P Raises F Notes Rating to BB+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of notes issued
by Perpetual Trustee Co. Ltd. as trustee of two Mortgage House RMBS
transactions. At the same time, S&P affirmed its ratings on five
classes of notes. The transactions are a securitization of prime
residential mortgages originated by Mortgage House of Australia Pty
Ltd.

The transactions are Mortgage House Capital Mortgage Trust No.1 -
Mortgage House RMBS Osmium Series 2024-1 and Mortgage House Capital
Mortgage Trust No.1 - Mortgage House RMBS Prime Series 2024-1.

The raised ratings reflect an increase in credit support provided
to each class of notes and their strong cash flows, which are
sufficient to cover rating stresses consistent with the higher
rating levels. Credit support comprises note subordination for all
rated notes, mortgage insurance covering some of the loans in each
portfolio, and excess spread. The affirmations reflect S&P's view
of the credit risk of the underlying collateral portfolios, which
have been amortizing in line with its expectations.

As of Jan. 31, 2026, for Mortgage House RMBS Osmium Series 2024-1,
loans that are more than 30 days in arrears make up 2.16% of the
pool, of which 1.67% is more than 90 days in arrears. For Mortgage
House RMBS Prime Series 2024-1, loans that are more than 30 days in
arrears make up 1.93% of the pool, of which 0.57% is more than 90
days in arrears. There have been no losses in either pool.

Both transactions are currently paying principal on a sequential
basis, which means that credit support provided in percentage terms
will continue to build for all rated notes. If the notes convert to
the pro-rata payment structure, then the class G allocated
principal is paid to the class F notes until the class F notes are
fully repaid, followed by the remaining subordinated notes. The
class F notes therefore will continue to benefit from an increase
in the percentage of credit support provided as the pool amortizes
under a pro rata structure, while the percentage of credit support
will remain static for the remaining rated notes.

Constraining factors on the degree of upgrades are risk
considerations such as sensitivities to the outlook for arrears,
pool concentrations, and the absolute size of credit support. These
qualitative factors constrain S&P's ratings beyond quantitative
factors alone.

  Ratings Raised

  Mortgage House Capital Mortgage Trust No.1 -
  Mortgage House RMBS Osmium Series 2024-1

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Prime Series 2024-1

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

  Ratings Affirmed

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2024-1

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Prime Series 2024-1

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


S.W. REPAIRS: First Creditors' Meeting Set for March 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of S.W. Repairs
Pty Ltd will be held on March 4, 2026, at 10:00 a.m. via virtual
meeting technology.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 29, 2026.


STAR ENTERTAINMENT: Agrees on Refinancing Terms With Whitehawk
--------------------------------------------------------------
Reuters reports Star Entertainment said on Feb. 26 it has reached
an agreement for a non-binding term sheet with U.S.-based private
credit investment manager WhiteHawk Capital Partners for proposed
refinancing of its debt.

According to Reuters, Star Entertainment said the proposal will
refinance its existing total debt and provide incremental liquidity
to facilitate the embattled casino group's turnaround plan.

Reuters relates that the company said the non-binding term sheet
may not lead to a definite credit agreement; however, the parties
are working towards a binding commitment by the end of March.

Separately, the casino operator is seeking temporary covenant
waivers from existing lenders for December to buy time for the
refinancing to be implemented, and said a successful outcome is not
certain, Reuters reports.

                      About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.  The
casino operator posted a statutory net loss after tax of AUD471.5
million for the year ended June 30, 2025.

As reported in the the Troubled Company Reporter-Asia Pacific in
late November 2025, Queensland and New South Wales gaming
authorities have given the green light to a US-led rescue package
for the embattled Star Entertainment.

Star agreed to a AUD300 million lifeline from US gambling giant
Bally's, as well as Investment Holdings Pty Ltd, which is
controlled by pub baron Bruce Mathieson and his family.  The move
was approved by shareholders in June, ABC News said. Combined, the
two companies will own more than half of the embattled casino
operator.

TRITON BOND 2024-2: S&P Raises Class F Notes Rating to BB- (sf)
---------------------------------------------------------------
S&P Global Ratings raised its ratings on 27 classes of notes issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2022-2 Series 1, Triton Bond Trust 2022-3 Series 1, Triton Bond
Trust 2023-1 Series 1, Triton Bond Trust 2023-2 Series 1, Triton
Bond Trust 2024-1 Series 1 and Triton Bond Trust 2024-2 Series 1.
At the same time, S&P affirmed its ratings on 24 classes of notes.
The transactions are a securitization of prime residential
mortgages originated by Columbus Capital Pty Ltd.

The rating actions reflect S&P's view of the credit risk of the
pools, which have been amortizing in line with its expectations.
Credit support provided in percentage terms has increased across
all of these transactions as the pools paid down. This credit
support comprises note subordination for all rated notes, mortgage
insurance covering some of the loans in each portfolio, and excess
spread. Since close, the arrears performance across all six pools
has been favorable compared with the Standard & Poor's Performance
Index (SPIN) for prime mortgage loans. There have been no losses to
date in all six transactions.

Triton Bond Trust 2022-2, Triton Bond Trust 2022-3 and Triton Bond
Trust 2023-1 are now paying down on a pro-rata basis. This means
that for most notes in these transactions there will be no further
buildup of credit support in percentage terms until the step-down
conditions are no longer met. Under the pro-rata payment structure
for these three transactions, any principal allocated to the class
G notes will be first allocated to the class F notes until repaid
in full, followed by the remaining subordinated notes in a reverse
order. Therefore, the class F notes in these transactions continue
to benefit from an increase in the percentage of credit support
provided as the pool amortizes under the pro rata structure.

Triton Bond Trust 2023-2 is also repaying principal to noteholders
on a pro-rata basis. Under the pro-rata payment structure for this
transaction, any principal allocated to the class G notes under
pro-rata payment will be allocated to all outstanding rated classes
of notes on a pari passu basis, which means that all rated notes in
this transaction will continue to benefit from an increase in the
percentage of credit support provided as the pool amortizes under
the pro-rata structure.

S&P said, "We expect that the pro-rata paydown triggers will be met
soon for Triton Bond Trust 2024-1 Series 1 and Triton Bond Trust
2024-2 Series 1. Until then, the credit support provided in
percentage terms will continue to build for all rated notes in
these two transactions. Under the pro-rata payment structure for
Triton Bond Trust 2024-1 Series 1, any principal allocated to the
class G notes will be first allocated to the class F notes until
repaid in full, followed by the remaining subordinated notes in a
reverse order. However, Triton Bond Trust 2024-2 Series 1 is
similar to Triton Bond Trust 2023-2, wherein any principal
allocated to the class G notes under pro-rata payment will be
allocated to all outstanding rated classes of notes on a pari passu
basis.

"Our expectation is that the various mechanisms to support
liquidity within the transactions, including amortizing liquidity
facilities, principal draws, and loss reserves that build up from
excess spread, are sufficient under our cash flow stress
assumptions to ensure timely payment of interest."

  Ratings Raised

  Triton Bond Trust 2022-2 Series 1

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

  Triton Bond Trust 2022-3 Series 1

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

  Triton Bond Trust 2023-1 Series 1

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

  Triton Bond Trust 2023-2 Series 1

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

  Triton Bond Trust 2024-1 Series 1

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

  Triton Bond Trust 2024-2 Series 1

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

  Ratings Affirmed

  Triton Bond Trust 2022-2 Series 1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class B: AAA (sf)
  
  Triton Bond Trust 2022-3 Series 1

  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Triton Bond Trust 2023-1 Series 1

  Class A1-AU: AAA (sf)
  Class A1-4.5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Triton Bond Trust 2023-2 Series 1

  Class A1-AU: AAA (sf)
  Class A1-AU-G: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)

  Triton Bond Trust 2024-1 Series 1

  Class A1-AU: AAA (sf)
  Class A1-AU-G: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)

  Triton Bond Trust 2024-2 Series 1

  Class A1-AU: AAA (sf)
  Class A1-AU-G: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


WALKER STORES: Second Creditors' Meeting Set for March 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Walker Stores
Pty Ltd (in its personal capacity and as trustee for the Walker
Family Unit Trust and the Aspire 42 Unit Trust), Aspire 42 Services
Pty Ltd and Aspire 42 Assets Pty Ltd has been set for March 3,
2026, at 12:00 p.m. via Microsoft Teams.

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 2, 2026 at 4:00 p.m.

Duncan Clubb and Andrew Sallway of BDO were appointed as
administrators of the company on July 9, 2025.


WISETECH GLOBAL: To Axe a Third of Global Workforce
---------------------------------------------------
Reuters reports that WiseTech Global will axe about 2,000 jobs,
nearly a third of its global workforce, in a two‑year
restructuring that could rank among the country's largest
artificial intelligence-linked job cuts.

Reuters relates that WiseTech on Feb. 25 said it plans to integrate
AI into its customer software as well as internal operations,
affecting around 29% of its global workforce of around 7,000 people
across 40 countries.

According to Reuters, the layoffs highlight how AI is reshaping
workplaces globally, as companies adopt automation tools for
routine administrative work as well as complex coding tasks that
the systems are handling with increasing speed and precision.

Some projects that once took six or seven months can already be
completed in a day, said WiseTech Chief Executive Officer Zubin
Appoo, Reuters relays.

Rolling out global customs capability in a new country, which
previously took as long as two years, can be done six or seven
times faster thanks to AI, he added.

Mr. Appoo said WiseTech workers who dealt with customers directly
or chased sales would still require plenty of person-to-person
contact, Reuters relays.

Based in Alexandria, Australia, WiseTech Global Limited (ASX:WTC)
-- https://www.wisetechglobal.com/ -- engages in the development
and provision of software solutions to the logistics execution
industry in the Americas, the Asia Pacific, Europe, the Middle
East, and Africa. It develops, sells, and implements software
solutions that enable and empower logistics service providers to
facilitate the movement and storage of goods and information.




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

FINGERMOTION INC: Signs Non-Binding MOU With Digital Landia
-----------------------------------------------------------
FingerMotion Inc. has entered into a non-binding Memorandum of
Understanding with Digital Landia Ltd. to explore the development
of a minimum viable product and marketplace initiative for North
America.

DL specializes in building proprietary artificial intelligence
technology and blockchain-based protocols and frameworks designed
to extend B2B platforms into B2C marketplaces. Under the terms of
the MOU, the parties intend to evaluate the feasibility of
integrating DL's proposed protocol framework with FingerMotion's
existing mobility data infrastructure to support a potential North
American market entry.

The proposed MVP initiative would include:

     * Development of a North American B2C marketplace utilizing AI
and blockchain-based architecture;

     * Design of a compliant monetization strategy and customer
acquisition cost framework; and

     * Demonstration of MVP functionality, including performance
monitoring and data collection to evaluate monetization potential.

The parties intend to conduct due diligence and assess the
technical, regulatory, and commercial feasibility of the proposed
integration. Subject to satisfactory completion of due diligence
and mutual agreement on terms, the parties may negotiate and enter
into a definitive cooperation agreement within approximately 60
days from the date of the MOU.

The MOU is non-binding and does not obligate either party to enter
into a definitive agreement. There can be no assurance that a
definitive cooperation agreement will be executed or that any
transaction or collaboration will be completed. Any future
arrangement would be subject to further due diligence, negotiation
of final documentation, and applicable approvals.

                      About FingerMotion Inc.

FingerMotion Inc. provides mobile payment and recharge platform
solutions in China.

San Francisco, California-based CT International LLP, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated May 29, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended February 28, 2025, citing
that the Company has suffered recurring losses from operations that
raise substantial doubt about its ability to continue as a going
concern.

As of November 30, 2025, the Company had $60,055,042 in total
assets, $43,713,994 in total liabilities, and $16,341,048 in total
stockholders' equity.

SEAZEN GROUP: S&P Rates New Guaranteed USD Sr. Unsec. Notes 'B-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that New Metro
Global Ltd., a special purpose financing vehicle of Seazen Group
Ltd., proposes to issue. Seazen Group will unconditionally and
irrevocably guarantee the notes. The issue rating is subject to our
review of the final issuance documentation.

Seazen Group intends to use the proceeds to fund a concurrent offer
to purchase its senior notes due in May 2026, to refinance its
existing debt, and for general corporate purposes. At the same
time, the company will use its internal funding to finance a
concurrent offer to purchase its senior notes due in September
2027.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on Seazen Group (B/Negative/--) to reflect subordination
risk. As of June 30, 2025, the company's capital structure included
Chinese renminbi (RMB) 48.3 billion of secured debt. It had about
RMB57.2 billion in total reported debt, resulting in a ratio of
secured debt to total debt of 84.4%, above our 50% threshold for
notching down the issue rating. We expect the ratio to increase to
85%-90% by Dec. 31, 2025, after a net repayment of senior unsecured
notes of US$390 million in the second half of 2025.

"The negative outlook on the issuer credit rating on Seazen Group
reflects our view that the company's contracted sales could weaken
over the next 12 months amid the prolonged market downturn. The
company's liquidity buffer could further narrow, in our opinion.

"That said, we expect Seazen Group's rental income to be stable
backed by the company's sizable shopping mall portfolio. As of
end-June 2025, Seazen Group had about RMB15 billion of unencumbered
investment properties. The average loan-to-value ratio of the
already pledged properties was about 42%."

Seazen Group's access to funding by pledging its commercial
properties will partly mitigate its refinancing risks. REIT
channels, such as its private REIT issuance in November 2025, may
also supplement the company's near-term liquidity.




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

AMEYA FROZEN: CRISIL Lowers Rating on INR15cr LT Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Ameya Frozen Foods Private Limited (AFFPL), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       15       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Working          8       CRISIL B/Stable (ISSUER NOT
   Capital Facility                  COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AFFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AFFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AFFPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

AFFPL was establish in 2018, it is located in Rajamahendravaram,
Andhra Pradesh. AFFPL is owned and managed by Mr. Paul Raju
Muppudi, Mr. Kodati Subrahmanyam Mrs. Moosa Shaik. AFFPL trades in
frozen seafood products.


ANAND ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Electricals (AE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          1          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             2          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        2          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     10          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AE
continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Formed in 2005 as a proprietorship firm by Mr. Ramakrishna Vetal,
AE, an EPC contractor, undertakes projects to set up transmission
lines and towers for public and private entities.


ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anandi Water
Parks Resorts & Club Private Limited (AWPRCPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AWPRCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
AWPRCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of AWPRCPL continues to be 'Crisil D Issuer not
cooperating'.  

AWPRCPL, established in 2002 in Lucknow, owns and operates a water
park, a resort, clubs, a marriage hall, and a 75-room hotel. The
company is promoted by Mr. Pankaj Agrawal and his family.


APL METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of APL Metals
Limited (APL) continue to be 'Crisil D/Crisil D Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        30        Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             57        Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             30        Crisil D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of APL , which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on APL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

APL was incorporated in 1948 and promoted by the late Mr. DN
Sahaya. It is engaged in manufacturing of lead oxides, white lead,
antimonial lead, lead salts, zinc dust, and zinc oxide. The company
has three manufacturing facilities, two located in West Bengal and
one in Uttar Pradesh and currently managed by Mr. Sanjiv Nandan
Sahaya.


APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Conveyor Private Limited (ACPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            1.15        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     2.95        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              7.90        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ACPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.


ARYA GREEN: CRISIL Lowers Rating on INR4.5cr Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Arya Green Energy (AGE), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              3        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term       2.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan                4.5      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AGE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AGE revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

AGE was established in 2010 by the Varmora group and other
partners. Mr. Dirubhai Adroja manages its daily operations. The
firm manufactures polyvinyl chloride (PVC) flex-banners and is
based in Morbi.


ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashok Bricks
Industries Private Limited (ABIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee           5         CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          15         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             10         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Cash            0.03      CRISIL D (Issuer Not      
   Credit Limit                       Cooperating)

   Standby Letter           1.50      CRISIL D (Issuer Not
   of Credit                          Cooperating)

   Term Loan                0.47      CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ABIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ABIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


ABIPL was formed as a partnership firm in 1992, between Mr Pramod
Agarwal and his brother Mr Ashok Agarwal, to manufacture red bricks
used in the construction industry. The firm was reconstituted as a
private limited company in 2000 and entered the business of road
construction.


B.V.S. DISTILLERIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B.V.S.
Distilleries Private Limited (BVS) continue to be 'CRISIL D Issuer
not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          29         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan           4.5       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BDPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2011 and promoted by Mr. Bommadevara Venkata Subba
Rao, BDPL manufactures IMFL at its unit in Kankipadu, Andhra
Pradesh.


BAIT LOGITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bait Logitech
Private Limited (BLPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          6.6        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5.5        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BLPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BLPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in May 2010, BLPL provides logistics and liaison
services for the iron ore mining industry, and project and mining
consultancy services. It also fabricates heavy steel structures.
The company is promoted by Mr Brahma Nanda Mishra. It has a unit in
Tangi, Odisha.


BAJRANG PULSES: CRISIL Lowers Rating on INR10cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Bajrang Pulses and Agro Products Private Limited (BPAPL), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BPAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BPAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BPAPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

Incorporated in 2005, BPAPL is engaged in processing of pulses. The
company is promoted by Mr. Amit Magare, Mrs. Revati Magare, Mr.
Manmohan Bhakkad and Mrs. Vishnukanta Bhakkad and based at Jalna
(Maharashtra).


BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bala Balajee
Textiles Limited (BBTL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         1.39        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           13           CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       1.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Cash          6.64        CRISIL D (Issuer Not
   Credit Limit                       Cooperating)

   Term Loan             21.47        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BBTL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BBTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBTL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its spinning
unit is in West Godavari district in Andhra Pradesh.


BALAJI MOTORS: CRISIL Lowers Rating on INR10cr Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Balaji Motors - Rewari (BMR), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Inventory Funding     10         CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Working       5         CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BMR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BMR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BMR revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

BMR, a proprietorship firm established in 2004, manages a petrol
pump near Rewari, Haryana and has tied up with BPCL. The firm is
promoted by Mr Raghuvir Kumar Singla. The founder's son Mr. Kapil
Singla and brother-in-law Mr. Anil Gupta look after its daily
operations.


BALAJI OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Overseas - Haryana (BO) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee         0.11      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Contingency Limit      1.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Bill           5.5       CRISIL D (ISSUER NOT
   Exchange                         COOPERATING)

   Proposed Bill          1         CRISIL D (ISSUER NOT
   Discounting Facility             COOPERATING)

   Proposed Long Term     0.19      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Rupee Term Loan        1.95      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BO, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BO
continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Established in 1999 as a partnership firm by Mr. Somnath, Mr. Paras
Popli and Mr. Chandan Popli, BO manufactures and exports handloom
fabrics and durries. The manufacturing facilities are in Panipat,
Haryana.


BALKRISHNA FASHION: CRISIL Lowers Rating on INR8cr Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Balkrishna Fashion (BF), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              8        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash            1        CRISIL B/Stable (ISSUER NOT
   Credit Limit                      COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of BF
continues to be 'Crisil B/Stable Issuer not cooperating'.  

BF is a Mumbai-based partnership firm that processes grey fabric
into sarees and dress materials. It procures the fabric and
outsources the dying, printing, and embroidery. The firm has an
in-house designing team, and sells through dealers across India.


BANGALORE BLUES: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bangalore
Blues Entertainment India Private Limited (BBEIPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Corporate Loan          0.75        Crisil C (Issuer Not
                                       Cooperating)

   Corporate Loan          0.5         Crisil C (Issuer Not
                                       Cooperating)

   Corporate Loan          2.5         Crisil C (Issuer Not
                                       Cooperating)

   Long Term Loan         13           Crisil C (Issuer Not
                                       Cooperating)

   Long Term Loan          2.5         Crisil C (Issuer Not
                                       Cooperating)

   Long Term Loan          0.4         Crisil C (Issuer Not
                                       Cooperating)

   Long Term Loan          0.5         Crisil C (Issuer Not
                                       Cooperating)

   Overdraft Facility      1           Crisil A4 (Issuer Not
                                       Cooperating)

   Proposed Long Term     18.85        Crisil C (Issuer Not
   Bank Loan Facility                  Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BBEIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
BBEIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BBEIPL continues to be 'Crisil C/Crisil A4 Issuer not
cooperating'.  

Incorporated in 2012, BBEIPL, operates restaurants and pubs in
Bangalore and Chennai. The company is promoted by Mr.Srikanth
Upadhyay and Mrs.Vandana Upadhyay


BANSAL FOODS: CRISIL Lowers Rating on INR4.5cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Bansal Foods (India) (BFI), as:

                         Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        1.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BFI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BFI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BFI revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

BFI is a proprietorship concern of Mr. Jodha Ram and is established
in 2015. The firm is engaged in the processing of basmati rice for
supply to other players involved in the export market. The
processing facilities of the firm is located in Samana, Patiala.



BHARAT AGRO: CRISIL Lowers Rating on INR4.7cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Bharat Agro Product (BAP), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    3.3        CRISIL B/Stable (ISSUER NOT  
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BAP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BAP revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

BAP has setup a green field project for manufacturing of rice
flakes (Poha). The firm has commenced operation from April, 2018


BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavi
Creations (BC) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             5.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      4.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of BC
continues to be 'Crisil D Issuer not cooperating'.  

BC is a proprietorship firm set up in 1970, by Mr Pritpal Singh.
The Delhi-based firm trades in various types of fabrics, including
cotton, denim, suiting and shirting.



BIRESHWAR COLD: CRISIL Lowers Rating on INR5.5cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Bireshwar Cold Storage Private Limited (BCSPL), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             5.5       CRISIL B/Stable (Issuer Not
                                     COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      2         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Working Capital         0.8       CRISIL B/Stable (Issuer Not
   Facility                          COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Working Capital         0.55      CRISIL B/Stable (Issuer Not
   Term Loan                         COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BCSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BCSPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

BCSPL, incorporated in 1978, provides cold storage facilities to
potato farmers and traders at Bankura (West Bengal), and also
trades in potatoes. Mr Sourav Pal and his family members, based in
Kolkata, are the promoters.


BISMILLAH CASHEW: CRISIL Lowers Rating on INR3cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Bismillah Cashew Company (BCC), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              3        CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash            1        CRISIL B/Stable (ISSUER NOT
   Credit Limit                      COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term       1.3      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Term Loan       1.7      CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BCC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BCC revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

BCC was established in 2009 by Mr Sujin Shamsudheen as a
proprietary concern, to trade in and process cashewnuts.


BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Blue Star
Construction Co. (BSCC; a part of the Blue Star group) continues to
be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              9         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BSCC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BSCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSCC continues to be 'Crisil D Issuer not cooperating'.  

The Blue Star group is promoted by Navi Mumbai-based Mr Pandurang
Thakur and family. BSCC, set up as a partnership firm in 1978,
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.



CARREER COACHING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Carreer
Coaching (Alld.) Private Limited (CCPL) continue to be 'Crisil D
Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               3.77       Crisil D (Issuer Not  
                                      Cooperating)
  
   Term Loan               6.23       Crisil D (Issuer Not  
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CCPL continues to be 'Crisil D Issuer not cooperating'.  

CCPL, established in 2004 by Mr. Zafar Bakht and Mr. Saeed Fatima,
provides coaching services for various entrance examinations at its
coaching institutes located in Allahabad (Uttar Pradesh).


CHAMUNDA COTTON: CRISIL Lowers Rating on INR7cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Chamunda Cotton Private Limited (CCPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     2          CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CCPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

Incorporated in 2006 and promoted by Bhavnagar-based Mr. Bhupat
Mori, Mr. Dhiraj Panara, Mr. Govind Hadiyal, Mr. Jigneshkumar
Vadaliya, and Mr. Naran Mori, CCPL gins and presses raw cotton into
cotton bales and extracts cottonseed oil from cotton cakes.


CHANDAMAMA MOTORS: CRISIL Lowers Rating on INR3cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Chandamama Motors (CM), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              3        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Inventory Funding        7        CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING; Revised from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of CM
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
B+/Stable Issuer not cooperating'.

CM was formed in August 2016 and is managed by Mr Sudhanshu Ranjan.
The firm, based in Vaishali, Bihar, is an authorised dealer for
passenger and commercial vehicles of M&M. It started its commercial
operations in February.


CHINIWALAS PRIVATE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chiniwalas
Private Limited (CPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          6          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            11.65       CRISIL D (Issuer Not
                                      Cooperating)

   Rupee Term Loan         2.2        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

CPL was set up in 1990, at Pune, by the promoter, Mr Taher
Chiniwala and his family. The company engineers and installs
aluminium and glass doors and windows, claddings and facades, and
sets up clean rooms.


CHITTARANJAN MULTIPURPOSE: CRISIL Keeps D Ratings in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chittaranjan
Multipurpose Heemghar Private Limited (CMHPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             1.0        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5.6        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               7.4        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CMHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CMHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CMHPL continues to be 'Crisil D Issuer not cooperating'.

Incorporated in 2012 and promoted by Mr Kartik Ghosh and Ms Jhulan
Ghosh, CMHPL provides cold storage services to potato farmers and
traders, and also undertakes opportunistic trading of potatoes.
Unit in Hooghly, West Bengal, commenced operations in March 2017.


DHANDA BREEDING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanda
Breeding Farm Private Limited continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      6.64       CARE B-; Issuer Not Cooperating;
   Facilities                     Rating continues to remain under
                                  ISSUER NOT COOPERATING category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Dhanda Breeding Farm Private Limited (DBFPL) was incorporated in
2003 as a private limited company by Mr. Devvert Dhanda and his
wife, Mrs. Raj Bala. DBF is engaged in poultry farming business at
its poultry farm located in Jind, Haryana.


FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Finfoot
Lifestyle Private Limited (FLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.84       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 16, 2025, placed the rating(s) of Finfoot Lifestyle
Private Limited (FLPL) under the 'issuer non-cooperating' category
as FLPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. FLPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 2, 2025, December 12,
2025, December 22, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

FLPL, incorporated in 2011 was promoted by Pathak family of Pune.
However, the company commenced its operations in March, 2016. The
company is engaged in manufacturing of grey fabric and cotton cloth
at its facility located at Kolhapur, Maharashtra.



HYGEN PACKS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hygen Packs
(HP) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      7.19        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 8, 2025, placed the rating(s) of HP under the 'issuer
non-cooperating' category as HP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2025,
December 4, 2025 and December 14, 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

Hygen Packs (HP) was established in September 2014 as a partnership
firm and is currently being managed by Mr. Naval Singla, Mr. Sumeet
Gupta, Mr. Navneet Gupta and Ms. Namrata Gupta sharing profit and
loss equally. The commercial operations of the firm commenced in
May 2015. HPS is engaged in processing of fruit juices at its
manufacturing facility in Faridkot, Punjab.


K K RAO GREEN: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K K Rao
Green Energy Private Limited (KKRGEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.34       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 19, 2024, placed the rating(s) of KKRGEPL under the
'issuer non-cooperating' category as KKRGEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KKRGEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 4, 2025, November 14, 2025, November 24, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

K K Rao Green Energy Private Limited (KKRGEPL) was promoted by Mr.
K. Koteswara Rao and his family members in 2014. KKRGEPL has
commissioned 3MW grid connected solar photovoltaic (PV) power plant
at Humnabad Taluka, Bidar district of Karnataka. The company has
started its commercial operations from May 2016. KKRGEPL has an
entered into long-term power purchase agreement for 25 years with
Mangalore Electricity Supply Company Limited (MESCOM) dated October
20, 2014 for supply of 3MW power at a tariff of Rs.7.17/KWh. The
company was awarded the solar project based upon the bids received
by Karnataka Renewable Energy Development Limited (KREDL). KREDL is
a nodal agency of the Government of Karnataka for facilitating the
development of renewable energy in Karnataka.


KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaizen
Autocars Private Limited (KAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.57       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 16, 2025, placed the rating(s) of KAPL under the
'issuer non-cooperating' category as KAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 2, 2025, December 12, 2025, December 22, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

KAPL was incorporated in the year 2013 and is an authorized dealer
for the four wheelers of Honda. The company has two showrooms
located in Solapur and Latur.


MAHAVEER GINNING: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahaveer
Ginning & Pressing Factory (MGPF) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.93       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.90       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 20, 2025, placed the rating(s) of MGPF under the
'issuer non-cooperating' category as MGPF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MGPF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 6, 2025, December 16, 2025, December 26, 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

Jalna (Maharashtra) based, MGPF was set up by Mr. Devendra
Chhallani as a proprietorship firm in the year 2008. The firm was
set up to undertake the business of cotton ginning and cotton seeds
extraction. MGPF operates from its sole manufacturing plant at
Wadgaon (Jalna).




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

KIOXIA HOLDINGS: S&P Affirms 'BB+' LT ICR, Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Kioxia Holdings Corp. to
positive from stable and affirmed its 'BB+' long-term issuer credit
ratings.

S&P said, "We believe that Kioxia Holdings Corp.'s earnings will
stay at exceptionally strong levels over the next one to two years.
The company will likely benefit from robust market conditions for
NAND flash memory and solid state drives (SSD), driven by growth of
the AI market. We believe that sales of both products will
significantly increase for data centers, and that memory prices
will likely remain high after having risen amid supply constraints.
We expect the launch of high-performance products in 2025 will
contribute to earnings growth. We forecast that Kioxia's EBITDA
will increase to about JPY1 trillion for fiscal 2025 (ending March
31, 2026) from approximately JPY700 billion in the previous fiscal
year. We project its EBITDA will hover around JPY2 trillion over
the next one to two years.

"We project Kioxia will approach a net cash position within six
months to one year. We think its capital expenditures will
moderately increase over the next one to two years to meet surging
demand. However, we do not expect a rapid increase as large outlays
have already been made following the start of operations at a new
plant in 2025. We believe that Kioxia maintains disciplined
financial management. We anticipate capital expenditures will
remain within a range that can be comfortably funded by operating
cash flow with significantly improved earnings. Strong cash flow
will help improve Kioxia's financial base over the next few
quarters. We think the company will pursue a financial strategy
that prioritizes debt reduction and cash accumulation during
favorable market periods to prepare for potential financial
deterioration during market downturns.

"We think that intense competition from overseas peers and
potential adjustments in data center investments remain key risks.
NAND is susceptible to sharp supply-demand fluctuations, raising
volatility in earnings and cash flow. The sector has many
competitors, and emerging players from China have been improving
their competitiveness amid government support. Moreover,
hyperscalers, which are driving data center investments, could
potentially reduce or curb their spending. This leads to a risk of
short-term decline in Kioxia's NAND and SSD sales volume, and a
potential fall in selling prices due to adverse supply-demand
dynamics.

"However, Kioxia has already agreed on 2026 sales volumes with its
clients and is engaged in negotiations with some hyperscalers for
sales in the subsequent period. We believe this mitigates the risk
to an extent. Kioxia's competitive advantages in the NAND
market—including large production capacity, strong customer base,
and robust development and technological capability—support this
view.

"The positive outlook reflects our view that the company will reach
a net cash position within six months to one year. This will be
underpinned by disciplined financial management and robust earnings
and cash flow amid favorable market conditions.

"We may consider revising the outlook to stable, if we conclude
that the company is unlikely to reach a net cash position as a
result of EBITDA declining due to market deterioration, or
significant capital expenditures or shareholder returns.

"We will consider an upgrade if we determine that the company will
reach a net cash position within six months to one year,
maintaining strong earnings and disciplined financial management."



=======
L A O S
=======

LAOS: Growth Expected to Remain Strong, IMF Says
------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
Feb. 13, 2026, concluded the 2025 Article IV Consultation with Lao
People's Democratic Republic (Lao PDR). The authorities have
consented to the publication of the Staff Report prepared for this
consultation.

Supportive external conditions and domestic policy tightening have
supported macroeconomic and exchange rate stability and a rapid
decline in inflation, though policies have eased recently. Strong
growth in key partner countries boosted GDP growth in
2024–2025:Q3, while debt service deferrals by the Chinese
mainland, resilient foreign direct investment, and favorable terms
of trade strengthened external balances and international reserves.
Alongside tighter monetary policy and sizable fiscal surpluses,
these factors eased exchange rate pressures. Inflation has
declined, leading to recent policy rate cuts. However, Lao PDR
remains vulnerable to external shocks given its large negative net
international investment position, high external debt, low
international reserves, limited diversification, and challenges in
the state-owned enterprise and financial sectors.

Looking ahead, growth is expected to remain strong in 2025–26,
supported by rising electricity production from new projects and an
expansionary 2026 budget, offsetting the impact of slower activity
in key partner countries in 2026. Inflation is projected to
increase toward end-2026 due to the fiscal expansion, wage
increases, and electricity tariff adjustments, while still
declining on average annually. External balances are projected to
remain stable, aided by long-term electricity export contracts,
favorable terms of trade, continued FDI, and debt service
deferrals. Over the medium term, growth is expected to moderate
amidst labor outmigration and weaker productivity growth. On
current policies, external balances are projected to weaken, with
inflation pressures re-emerging. Public debt remains unsustainable
despite a falling debt-to-GDP ratio. Near-term risks to the outlook
are tilted to the downside, though ongoing regional integration, if
well implemented, offers upside risks in the medium term.

                     Executive Board Assessment

Executive Directors commended the authorities for the economic
stabilization since the second half of 2024, with significant
disinflation and reduction in public debt‑to‑GDP ratios.
Directors noted that policies have been eased recently amid still
elevated external and debt vulnerabilities and with risks to the
outlook tilted to the downside. Against this backdrop, they called
on the authorities to sustain sound macroeconomic policies and
implement ambitious structural reforms to continue strengthening
macroeconomic stability, further improve debt dynamics, and boost
sustainable growth. Directors also noted that continued capacity
development support by the Fund and other partners will remain
essential.

Directors emphasized that sustaining strong primary surpluses is
essential for maintaining macroeconomic stability and helping
restore debt sustainability. They welcomed recent gains in revenue
mobilization and called for further strengthening revenue
administration, especially the Large Taxpayers Office, and for
broadening the tax base to create space for critical spending
needs. Directors emphasized the need for a sound medium‑term
financing and debt management strategy, including enhanced debt
transparency and coverage. To improve fiscal risk management,
Directors encouraged further efforts to enhance public investment
management and state‑owned enterprise oversight, particularly in
the electricity sector.

Directors emphasized that an appropriately tight monetary policy
stance is needed to ensure that inflation remains within the
central bank's inflation target range. They welcomed recent reforms
to the monetary policy framework and called for sustained progress
in this area. Directors underscored the importance of strengthening
external buffers and accelerating export diversification to enhance
resilience to external shocks. In this context, they encouraged
continued opportunistic reserve accumulation while allowing the
exchange rate to absorb shocks. Directors agreed that improving
external sector and debt statistics is critical for sound foreign
exchange and debt management.

Directors stressed the importance of strengthening financial
stability. In particular, they recommended enhancing supervision,
improving data and stress‑testing frameworks, ensuring the
implementation of capital and liquidity requirements, developing
strategies to strengthen undercapitalized banks, and enhancing the
resolution of non‑performing loans. Directors welcomed the
upcoming Financial Sector Stability Review, which will help
identify further reform priorities.

Directors underscored the importance of structural reforms to
improve governance, the business environment, and human capital,
which would support sustainable growth and help the country achieve
upper‑middle income status by 2035. In particular, they
recommended strengthening anti‑corruption agencies and the
effectiveness of the AML/CFT framework, digitalizing government
processes, upgrading regulations, and improving data quality,
coverage, and transparency.

                             About Laos

The Lao People's Democratic Republic (Lao PDR or Laos) is a
landlocked country in the heart of mainland Southeast Asia,
bordering China, Vietnam, Cambodia, Thailand, and Myanmar.
Administratively, Lao PDR is divided into 16 provinces (khoueng)
with one capital city (nakhon luang) which is Vientiane
(Viangchan).

On Oct. 23, 2025, S&P Global Ratings assigned its 'CCC+' long-term
and 'C' short-term sovereign credit ratings on Laos. The outlook on
the long-term rating is positive. The transfer and convertibility
assessment is 'CCC+'.

The positive outlook on Laos reflects S&P's view that the country's
fiscal and current account surpluses over the next 12 months could
strengthen foreign currency reserves and liquidity conditions. This
could support debt service on the government's high foreign
currency debt stock and underpin declining inflation and exchange
rate stability.




===============
M A L A Y S I A
===============

GREENPRO CAPITAL: Signs Share Exchange for 13.6% Forekast Stake
---------------------------------------------------------------
Greenpro Capital Corp. disclosed in a regulatory filing that it
entered into a Share Exchange Agreement with Forekast Limited, a
company formed under the laws of the British Virgin Islands and --
BHL Ltd, Moira venture Limited, Renhari Limited, Joharne Limited,
Crescent East Limited and Stratifi Limited -- the shareholders of
Forekast.

At the Closing of the transactions contemplated by the Share
Exchange Agreement, the Company will acquire from the Forekast
Shareholders such number of ordinary shares of Forekast as will
result in the Company owning 13.6% of the outstanding equity
interests of Forekast on a fully-diluted basis as of the Closing.

As consideration, at the Closing, the Company will issue to the
Forekast Shareholders an aggregate of 8,500,000 shares of the
Company's common stock.

The Share Exchange Agreement includes customary representations,
warranties, covenants, closing conditions and termination
provisions, including an outside date of March 31, 2026, subject to
the terms of the Share Exchange Agreement.

A copy of the Share Exchange Agreement is available at
https://tinyurl.com/mry3aaas

                   About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-sized businesses located in Asia, with an
initial focus on Hong Kong, China, and Malaysia. Greenpro offers a
range of services as a package solution to its clients, believing
that this approach can reduce business costs and improve revenues.


As of September 30, 2025, the Company had $6,124,159 in total
assets, $1,793,849 in total liabilities, and $4,330,310 in total
stockholders' equity.

Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 9, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2024, citing that for the
years ended December 31, 2024, the Company incurred a negative cash
flow from operating activities of $1,360,454 and as of December 31,
2024, the Company incurred an accumulated deficit of $37,264,379.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

SUPERMAX CORP: Net Loss Widens to MYR58.4MM in Q2 Ended Dec. 31
---------------------------------------------------------------
The Malaysian Reserve reports that Supermax Corp Bhd widened its
net loss to MYR58.4 million for the second quarter ended Dec. 31,
2025 (2Q26), compared with a loss of MYR4.9 million a year earlier,
mainly due to the depreciation of the US dollar against the ringgit
and additional operating expenses incurred at its US plant.

In a filing on Feb. 24, the glove maker said revenue for 2Q26 fell
6% quarter-on-quarter to MYR187.4 million, dragged by lower sales
volumes and reduced sales value following the weaker US dollar.

For the first half, Supermax posted a net loss of MYR193.1 million,
nearly tripling from the corresponding period last year, on revenue
of MYR393.0 million, down 7% from 1H25, The Malaysian Reserve
discloses.

Supermax, a global manufacturer of medical gloves and contact
lenses, last recorded an annual profit in 2021, the report notes.

Supermax Corporation Berhad is an investment holding company whose
subsidiaries manufacture, sell, and export various type of latex
gloves around the world.




===============
M O N G O L I A
===============

MONGOLIA: Mining Drives Economy as Reform Momentum Builds
---------------------------------------------------------
Narantuya Chuluunbat at East Asia Forum reports that Mongolia's
economic outlook signals continued steady growth and structural
adjustment amid intensifying political transformation in 2026. GDP
is expected to rise by 5.6 per cent - a gradual deceleration
compared to 2025 - but still reflecting generally robust momentum.
Growth in 2025 was predominantly supply‑driven. The mining sector
has been a central driver - a trend that may prove unsustainable
amid shifting external conditions, the report says.

Mongolia's non-mining economy grew unevenly by 5.3 per cent,
according to East Asia Forum. Agriculture was the standout
contributor, surging by 33.8 per cent due to favourable conditions
following the severe 2023–24 winters - which lifted herd numbers
and pastoral productivity. Agriculture's gains were primarily
pastoral rather than being driven by crop output.

Construction expanded by more than 15 per cent on the back of
public investment and housing development, East Asia Forum relays.
Manufacturing grew by 8 per cent as food processing and wool- and
cashmere-based industries increased capacity utilisation. The
energy sector also grew moderately, despite persistent electricity
shortages and ageing infrastructure.

But services faced significant strain in 2025 as reduced coal
export revenues led to employment declines of 6.6 per cent in the
trade sector and 3.1 per cent in the transport sector, according to
East Asia Forum. Both sectors are expected to recover gradually
from 2026 onwards as household consumption strengthens and labour
market conditions stabilise.

On the demand side, consumption grew by 9 per cent, driven by
rising wages and strong credit growth, East Asia Forum discloses.
This helped offset a 5.8 per cent contraction in investment in the
first three quarters of 2025. The shift toward supply-driven growth
marks a notable shift toward a growth model powered by production
capacity and external commodity conditions.

According to East Asia Forum, mining will remain Mongolia's core
growth engine in 2026. Relatively strong global prices, alongside
stable output from the Oyu Tolgoi copper and gold mine, will
underpin sectoral performance, with coal continuing as the key
driver. Non-mining growth is likely to diversify - agricultural
expansion will moderate due to its high base. Growth in
construction, manufacturing and services is likely to accelerate.

Inflation remained elevated at 7.5 per cent in December 2025, above
the Bank of Mongolia's target range, East Asia Forum notes. Food
prices rose 11.3 per cent, while non-food inflation eased to 6.1
per cent. Poor harvests, weak seasonal declines in meat prices,
rising wages and fuel supply risks all contributed to persistent
inflationary pressures.

Regulated price hikes - especially sharp electricity tariff
increases from late 2024 and heating tariff adjustments - added
further cost‑push pressure. Though the Bank of Mongolia raised
its policy rate to 12 per cent, inflation may climb again in early
2026 due to public‑sector wage hikes before easing toward 6.1 per
cent in 2027. Food-driven inflation will continue to strain
households.

According to East Asia Forum, foreign trade totalled over US$27
billion, with a US$4.4 billion surplus as exports reached
US$15.8 billion and imports US$11.3 billion. Compared with
2024, exports dipped by 0.1 per cent and imports declined by 2.6
per cent. Export composition shifted strongly - copper ore exports
surged 76 per cent and gold exports rose 38 per cent on strong
global prices, while coal exports dropped 34.6 per cent amid weaker
demand and falling prices. Though Mongolia benefited from high
metal prices, its heavy reliance on coal continues to expose it to
fluctuations in Chinese demand and global commodity cycles.

East Asia Forum relates that fiscal performance deteriorated in
2025, with the structural budget balance posting a MNT1.2 trillion
(US$796 billion) deficit - contemporaneously estimated at 1.5 per
cent of GDP. Revenue growth slowed to 1.3 per cent, while spending
increased by 2.3 per cent - led by current transfers, goods and
services and capital outlays. Despite underperforming on revenue,
Mongolia's debt remained relatively low at an estimated 39.7 per
cent of GDP, while foreign exchange reserves reached over US$7
billion - a historic high - helping bolster macroeconomic
stability.

These economic changes took place within a highly turbulent
political landscape. A three-party coalition government collapsed
in June 2025 after a no-confidence vote triggered by mass protests
in Ulaanbaatar over corruption, inequality and alleged government
waste, East Asia Forum recalls. Factional tensions within the
ruling Mongolian People's Party have persisted despite the
formation of a replacement governing coalition. The opposition
Democratic Party also underwent major renewal, electing reformist
Odongiin Tsogtgerel as chairman ahead of the 2028 elections.

In September 2025, the new government launched the 'New Confidence
- Bold Reform' program within the 2026–2030 Five-Year Development
Plan. The reforms target ten major domains. These include
government efficiency, taxation, state-owned enterprises, public
administration, rural development and green energy. Austerity
measures were also introduced to close a potential MNT3.3 trillion
(US$6.7 billion) budget gap. The government has further pursued
downsizing of the civil service and restructuring of state-owned
enterprises. Long-term feasibility will be hampered by scale and
sensitivity despite early macroeconomic stabilisation. The agenda
will face pressure from public expectations, entrenched
bureaucratic interests and shifting political alignments.

Mongolia's 2026 economic trajectory will hinge heavily on the
external environment, particularly global commodity markets and
Chinese demand, East Asia Forum says. Domestically, political
consolidation - marked by an increasingly assertive presidency and
reduced intra-party fragmentation - will be critical to shaping
policy implementation. The government's ability to manage internal
tensions, sustain reform momentum and mitigate external
vulnerabilities will determine whether Mongolia can maintain
stability during this pivotal phase of economic and institutional
transformation.

                           About Mongolia

Mongolia is a landlocked developing country with population of
little over three million. It is located in central Asia bordering
with the Russian Federation and the People's Republic of China.

As reported in the Troubled Company Reporter-Asia Pacific in late
January 2026, Fitch Ratings has affirmed Mongolia's long-term debt
ratings at 'B+' and has assigned a Recovery Rating of 'RR4'
following the removal of the ratings from Under Criteria
Observation (UCO). The rating action reflects the application of
Fitch's new Sovereign Rating Criteria, effective September 2025,
and the inclusion of recovery assumptions into sovereign debt
ratings for the first time.

S&P Global Ratings this week 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.




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

ASHWANI KUMAR: Khov Jones Appointed as Receivers
------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Feb. 20, 2026, were
appointed as receivers and managers of Ashwani Kumar Enterprises
Limited and Forward Solar Limited.

The receivers and managers may be reached at:

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


FABRICATION AND WELDING: Court to Hear Wind-Up Petition on March 6
------------------------------------------------------------------
A petition to wind up the operations of Fabrication and Welding New
Zealand Limited will be heard before the High Court at Nelson on
March 6, 2026, at 11:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 28, 2025.

The Petitioner's solicitor is:

          Kelly King
          Inland Revenue
          663 Colombo Street
          Christchurch Central
          Christchurch


KAHURANGI ESTATE: Ceases Trading After Tipping Into Liquidation
---------------------------------------------------------------
Aimee Shaw at The Post reports that Nelson wine company Kahurangi
Estate Distribution Limited was tipped into liquidation at the end
of last year, citing a loss of a significant contract as one of the
reasons for its demise, and has ceased trading.

The company, which once owned wine brands Kahurangi Estate and
Trout Valley, was first placed into voluntary administration in
June 2024, and later placed into liquidation on November 7 last
year, with Damien Grant and Adam Botterill of insolvency firm
Waterstone appointed liquidators, The Post notes.

The company at that time owed creditors more than NZD3.4 million,
The Post discloses.


KUSAMA DEVELOPMENT: Court to Hear Wind-Up Petition on March 19
--------------------------------------------------------------
A petition to wind up the operations of Kusama Development Limited
will be heard before the High Court at Auckland on March 19, 2026,
at 10:00 a.m.

Balmain NZ Commercial Mortgages Limited as trustee for the Balmain
Opportunity Trust filed the petition against the company on Jan.
22, 2026.

The Petitioner's solicitor is:

          Michael Tinkler
          Level 7
          30 Daldy Street
          Auckland 1010


RESIDENTIAL ROOFING: Creditors' Proofs of Debt Due on March 27
--------------------------------------------------------------
Creditors of Residential Roofing Limited are required to file their
proofs of debt by March 27, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 2, 2025.

The company's liquidators are:

          Stephen White
          Janet Sprosen
          c/o PwC
          PwC Auckland
          Private Bag 92162
          Victoria Street West
          Auckland 1142



UNEO LIMITED: Creditors' Proofs of Debt Due on March 24
-------------------------------------------------------
Creditors of Uneo 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. 17, 2026.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

FUNZONE PTE: Commences Wind-Up Proceedings
------------------------------------------
Members of Funzone Pte. Ltd. on Feb. 23, 2026, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Yee Kit Hong  
          Kit Yee & Co
          c/o 10 Eunos Road
          #13-06 Singapore Post Centre
          Singapore 408600  


GAMCON BUILDERS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 13, 2026, to
wind up the operations of Gamcon Builders Pte. Ltd.

Anext Bank Pte. Ltd filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


GRAB HOLDINGS: S&P Upgrades LT ICR to 'BB', Outlook Positive
------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Grab Holdings Ltd. to 'BB' from 'BB-'.

The positive outlook reflects S&P's expectation that Grab will
maintain its dominant position as Southeast Asia's top mobility and
deliveries platform operator over the next 12-18 months.

Grab's dominant market position and improving earnings quality
underpin its credit strength. The company has established a record
of leadership in the mobility and deliveries sectors in key
Southeast Asia markets. This, along with a rise in Grab's recurring
user base and less-aggressive competition, will boost its business
position.

S&P expects Grab to maintain its on-demand take rate at 13%-15% in
2026 and 2027, versus 13.6% in 2025.

S&P said, "The company's food delivery and mobility segment should
grow steadily in 2026 and 2027, in our view. Grab will also
continue to invest in financial services, particularly in digital
banking, during this period. That said, we expect financial
services' contribution to Grab's revenues to remain modest. We
forecast the company's revenue will grow 20% in 2026 to US$4.1
billion, and about 10% annually thereafter."

Steady cash flows will boost Grab's robust cash position. The
company's EBITDA margin will continue to improve, reflecting
operating efficiencies and greater economies of scale.
Profitability metrics will also improve as Grab's financial
services business achieves breakeven, likely by the end of 2026.
S&P forecasts the EBITDA margin at 17%-18% in 2026 and 2027,
compared with 11.2% in 2024, and our estimate of about 17.3% in
2025.

S&P said, "We believe Grab will maintain a sufficient financial
cushion, considering an unrestricted cash balance of about US$6.6
billion as of end-2025. This is because we anticipate the company
will generate positive free cash flows since its mobility and
delivery services businesses have low investment requirements. We
also expect Grab to direct a proportion of its cash flows to its
financial services business.

"Grab's credit ratios could strengthen materially over the next 12
months. In our base case, we expect the company's ratio of debt to
EBITDA to trend closer to 3.0x by 2027, from about 4.0x in 2025. An
expanding earnings base and limited external debt will lead to
steady improvement in the company's credit metrics.

"We do not net-off Grab's available cash surplus against gross debt
because we believe maintaining a sizable cash surplus allows
players like the company to be nimble and meet any sudden
investment requirements. This also considers Grab's financial
services business, which has a short track record and is yet to
demonstrate asset quality over a long economic cycle and in
different markets. A fast-growing loan book and event risks could
erode the company's cash surplus and lead to volatility in credit
metrics.

"Having said that, we do envisage a scenario wherein Grab's credit
metrics could strengthen beyond what is reflected in our base case.
This could happen if (1) the company repays its US$1.5 billion
outstanding convertible bond, leading to a material reduction in
gross debt and its debt-to-EBITDA ratio falls below 2.0x
sustainably; or (2) if we net-off Grab's available cash surplus
against debt, resulting in a net cash position in S&P Global
Ratings-adjusted terms, as its business position strengthens.

"Grab's financial policy will be a key consideration for rating
upside. We expect the company to maintain its measured approach
toward potential acquisitions and shareholder distributions. We
estimate it will spend up to US$600 million annually toward
shareholder distributions and acquisitions in 2026 and 2027."

Grab has recently acquired a 50.1% stake in Stash Financial, a
U.S.-based digital investing platform. This is Grab's first
material acquisition since its takeover of Uber Technologies Inc.'s
southeast Asia business in 2018. The company has also announced a
US$500 million share buyback program that we expect to be completed
within 2026.

S&P said, "However, should Grab consume its cash reserves for a
large-scale acquisition or investment, we would reassess its
business competitiveness and whether any incremental business
improvement compensates for potentially higher leverage

"The positive outlook reflects our expectation that Grab will
maintain its dominant position as Southeast Asia's top mobility and
deliveries platform company over the next 12-18 months. This will
help the company maintain positive EBITDA and cash flows during
this period. The outlook also reflects our view that Grab will
maintain a conservative approach toward leverage management.

"We may revise the outlook back to stable if Grab's EBITDA or cash
flow starts to deteriorate, signaling a weakness in its business
competitiveness." This could happen because of heightened
competition or Grab adopting more aggressive tactics to boost or
defend market share.

A decline in gross merchandise value, take rate, or the number of
monthly transacting users, or rising incentive spending could
signal such deterioration. A material reduction in the company's
liquidity buffer could also put downside pressure on the rating.

S&P could raise the rating if Grab continues to strengthen its
operational competitiveness, improves its EBITDA, operating cash
flow, and profitability, and also keeps leverage at a prudent
level. The debt-to-EBITDA ratio remaining below 2.0x on a sustained
basis could indicate such improvement.

J.G. JEWELRY: US Court Sets Response Deadline for Ch.15 Petition
----------------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York approved the following deadlines with respect
to the motion of Wei Cheong Tan and Christina Khoo, as Foreign
Representatives, for an order recognizing as foreign main
proceeding the liquidation proceedings for J.G. Jewelry Pte. Ltd
(In Liquidation) in Singapore.

   1. The deadline to respond to the motion for foreign recognition
is March 13, 2026; and

   2. The deadline to reply to any response is March 20, 2026.

A copy of the Court's Order dated February 20, 2026, is available
at https://urlcurt.com/u?l=ZpmYqV from PacerMonitor.com.

                  About J. G. Jewelry Pte. Ltd.

Prior to its liquidation, J. G. Jewelry Pte. Ltd. was principally a
holding company and engaged in wholesale trade of a variety of
goods, including, but not limited to, diamonds and fine jewelry.
J. G. Jewelry Pte. Ltd. was formed in 2015 under Singapore law.
Michael and David Kriss own 50% of the Chapter 15 Debtor, while the
other 50% is owned by Shaileshkumar Manubhai Khunt.

The High Court of Singapore entered an order on June 16, 2025, to
wind up the operations of J. G. Jewelry Pte. Ltd.  Shree Ramkrishna
Exports Pvt. Ltd., The Jewelry Company, Govind Dholakia, Rahul
Dholakia, Nirav Narola and Amit Shah filed the petition against the
company pursuant to the Insolvency Restructuring and Dissolution
Act of 2018 ("IRDA").

The company's liquidators are:

          Tan Wei Cheong
          Khoo Christina
          Deloitte & Touche
          6 Shenton Way
          #33-00 OUE Downtown
          Singapore 068809

Mr. Wei Cheong Tan is a partner and Ms. Christina Khoo as foreign
representatives filed a petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22156) on Feb. 18,
2026, for recognition of the Singapore proceedings as a foreign
main proceeding.

Mr. Wei Cheong Tan is a partner and Ms. Christina Khoo is a
Director at Deloitte Singapore SR&T Restructuring Services Pte Ltd
("Deloitte Singapore"), with a focus in Turnaround and
Restructuring in Singapore. Deloitte Singapore maintains a location
in Singapore at 6 Shenton Way #33-00 OUE Downtown 2, Singapore
068809. Deloitte Singapore is a professional services firm and its
services includes supporting distressed businesses navigate complex
capital structures, liquidity crises, and insolvency.

The Foreign Representatives' US Counsel is:

      Heidi J. Sorvino, Esq.
      White and Williams LLP
      810 Seventh Avenue, Suite 500
      New York, NY 10019
      Tel: (212) 631-4417
      Email: sorvinoh@whiteandwilliams.com

MA SUPREME: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Feb. 13, 2026, to
wind up the operations of MA Supreme Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



NATURE ONE: Court to Hear Wind-Up Petition on March 6
-----------------------------------------------------
A petition to wind up the operations of Nature One Dairy
(Australia) Pte. Ltd. will be heard before the High Court of
Singapore on March 6, 2026, at 10:00 a.m.

Eastern & LG Holding Pty Ltd filed the petition against the company
on Feb. 13, 2026.

The Petitioner's solicitors are:

          Gurbani & Co LLC
          138 Cecil Street
          #09-01 Cecil Court
          Singapore 069538



YUANTAI FUEL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Feb. 13, 2026, to
wind up the operations of Yuantai Fuel Trading Pte. Ltd.

Hin Leong Trading (Ptd.) Ltd filed the petition against the
company.

The company's liquidator is:

          Mr. Lai Seng Kwoon
          Reliance 3P Advisory  
          7500A Beach Road
          #05-303/304, The Plaza
          Singapore 199591




=====================
S O U T H   K O R E A
=====================

BUMYANG CONSTRUCTION: Seeks Court Rehab as Cancellations Mount
--------------------------------------------------------------
Chosun Biz reports that Bumyang Construction, a mid-sized builder
ranked No. 182 in construction capability evaluation, failed to
overcome its management woes and is entering corporate
rehabilitation (court receivership) again after 12 years. Bumyang
Construction, mired in complete capital erosion, saw eight single
sales and supply contracts canceled one after another over the past
year and now also faces a delisting crisis, Chosun Biz relates.

Chosun Biz, citing construction industry and the Financial
Supervisory Service's electronic disclosure system, says Bumyang
Construction canceled eight single sales and supply contracts in
succession over roughly a year from Jan. 1 last year to now. The
total comes to KRW192.4 billion. Considering that only two such
cases occurred over the five years from 2020 to 2024, it is clear
this is highly unusual. Those two cancellations also occurred at
the end of 2024, effectively bringing the management crisis to the
surface from that point.

Chosun Biz relates that the largest cancellation involved the new
logistics warehouse construction in Mieum-dong, Gangseo-gu, Busan.
Originally, Bumyang Construction subsidiary Samjin & Company
purchased the site to strengthen its logistics business. However,
as Bumyang Construction faced deteriorating soundness and decided
to sell the site to secure liquidity, the warehouse construction
contract with Samjin & Company was also canceled in March last
year. The canceled amount was about KRW123.7 billion, which is
102.50% compared with recent revenue of KRW120.7 billion based on
the 2023 year-end consolidation financial statements.

Most recently, on Jan. 12 the contract for the Jeonju city
jurisdiction national highway bypass (Yongjin–Uoa 1) construction
was terminated, Chosun Biz says. This came as Bumyang Construction
withdrew from the joint supply consortium under an agreement among
the Ministry of Land, Infrastructure and Transport's Iksan Regional
Land Management Office, the ordering party, and the consortium
participants. The canceled amount was about KRW9.4 billion, which
equals 7.85% of Bumyang Construction's revenue.

In addition, contracts that were canceled included the KRW22.1
billion new public-supported private rental housing construction in
Geoje-dong, Yeonje-gu, Busan, the KRW7 billion Deokcheon
(Hwamyung)–Yangsan road traffic system improvement, the KRW1
billion Ganggugu Bridge disaster risk zone maintenance project, the
KRW6.4 billion Donghae New Port access road construction, the
KRW120.7 billion Cheongun underpass installation project, the
KRW3.6 billion Singye water purification plant relocation and
expansion and advanced water treatment facility installation, and
the KRW12.9 billion National Route 5 Chuncheon–Hwacheon 2 road
construction, Chosun Biz relays.

Bumyang Construction Co., Ltd. is a South Korea-based engineering
and construction company founded in 1958, specializing in housing
(apartments, officetels), civil engineering (roads, bridges,
ports), and modular construction.



                           *********


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
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***