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260302.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, March 2, 2026, Vol. 29, No. 43 Headlines A U S T R A L I A AMES AUSTRALIA: Future of Cultural Icon Hills Hoist in Doubt CRIMSON BOND 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes GOLDEN SWORD: First Creditors' Meeting Set for March 4 LINKED SUPPORT: Second Creditors' Meeting Set for March 5 MAQRO INVESTMENT: First Creditors' Meeting Set for March 6 REDZED TRUST 2026-1: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes SENDLE: Enters Liquidation Six Weeks After Sudden Shutdown STAR ENTERTAINMENT: Net Loss Narrows to AUD75.7M in H1 for FY2026 SWIVEL GROUP: First Creditors' Meeting Set for March 5 VITRINITE PTY: First Creditors' Meeting Set for March 4 C H I N A CHINA EVERGRANDE: Flat of Chair's Nephew Sells for $7.3M at Auction H O N G K O N G NEW WORLD: Posts Net Loss of HK$3.73 Billion in H1 Ended Dec. 31 I N D I A ACE FOOTMARK: CARE Keeps D Debt Ratings in Not Cooperating AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating Category ANUGRAH STOCK: CARE Keeps D Debt Ratings in Not Cooperating CALYX SPACES: CARE Lowers Rating on INR13.95cr LT Loan to D DAKSHIN BUDHAKHALI: CARE Keeps D Debt Rating in Not Cooperating DATT REALINFRA: CARE Reaffirms D Rating on INR73.20cr LT Loan DHARAMPAL PIPE: CARE Keeps B Debt Rating in Not Cooperating GARG & COMPANY: CARE Keeps C Debt Rating in Not Cooperating GOYAL MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category JAI BHARAT: CARE Keeps B- Debt Rating in Not Cooperating Category JOGINDER SINGH: CARE Keeps C Debt Rating in Not Cooperating KUBER SECURITIES: CARE Keeps B- Debt Rating in Not Cooperating LAXMINARAYAN SHIVHARE: CARE Keeps D Ratings in Not Cooperating MADHYA PRADESH: CARE Reaffirms C Rating on INR1,266cr LT Loan MANAN IMPEX: CARE Keeps B- Debt Rating in Not Cooperating Category PLATINUM AAC: CARE Keeps D Debt Rating in Not Cooperating Category PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating PRASAD EXTREME: CARE Keeps B- Debt Rating in Not Cooperating PRINCE MARINE: CARE Keeps D Debt Ratings in Not Cooperating PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating RADHARUKMAN PACKAGES: CARE Keeps D Debt Ratings in Not Cooperating SARAF AGENCIES: CARE Reaffirms D Rating on INR55cr LT/ST Loans SATWIK FEEDS: CARE Keeps C Debt Rating in Not Cooperating Category SMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category SOUTHERN PHARMA: CARE Keeps D Debt Rating in Not Cooperating STAR HOUSING: CARE Lowers Rating on INR300cr LT Loan to D UNIVERSAL TRADERS: CARE Keeps B- Debt Rating in Not Cooperating VIDEOCON GROUP: NARCL May Bid INR900cr for Unit's Stressed Debt I N D O N E S I A PERTAMINA (PERSERO): Court Jails Units' Ex-CEOs in Graft Case J A P A N NISSAN MOTOR: Fitch Affirms 'BB' Long-Term IDR N E W Z E A L A N D ALL STAINLESS: Court to Hear Wind-Up Petition on March 6 CHIT FACTORY: Creditors' Proofs of Debt Due on March 22 GURU NZ: Creditors' Proofs of Debt Due on April 15 J C LEE: Creditors' Proofs of Debt Due on March 23 KUSAMA DEVELOPMENT: Court to Hear Wind-Up Petition on March 19 S I N G A P O R E BABY EXPRESS: Court Enters Wind-Up Order CARVAL INVESTOR: Creditors' Proofs of Debt Due on March 30 MIRAGE GARAGE: Court Enters Wind-Up Order OUE LIMITED: Net Loss Widens to SGD314.7 Million in H2 FY2025 PARKWAY INVESTMENT: Creditors' Proofs of Debt Due on March 31 V I E T N A M HANOI POWER: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= AMES AUSTRALIA: Future of Cultural Icon Hills Hoist in Doubt ------------------------------------------------------------ News.com.au reports that the company behind the Hills Hoist is up for sale, leaving the iconic clothesline's future in doubt. According to news.com.au, the US parent company of AMES Australia announced it is shifting its business focus and considering a sale of its AMES Australian operations. Home of some of the most iconic garden and homeware brands, AMES Australia products include the historically known Hills Hoist and Nylex garden hose and has been owned by New York-based conglomerate Griffon Corporation since 2017. The US firm announced earlier this month it will carry out a "fundamental review" of its portfolio and refocus to become a "residential and commercial, North American building products company," chief executive Ronald Kramer said, news.com.au relays. AMES Australia's portfolio also includes garden brands like Pope hoses and fittings, Trojan tools, Cyclone garden tools and Kelso wheelbarrows. "AMES Australia has grown from a small business acquired as part of AMES in 2010 into a category leader in Australia and New Zealand," news.com.au quotes Mr. Kramer as saying. "We will identify opportunities for our exceptional team in Australia to take the business to the next level while creating value for our shareholders." AMES Australia is not the only company to be reviewed, with AMES's United Kingdom and Canadian operations to go through a similar process. News.com.au adds that Griffon Corporation said the brands are to be reported as discontinued operations. CRIMSON BOND 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for Crimson Bond Trust 2026-1. Crimson Bond Trust 2026-1 is a securitization of prime residential mortgage loans originated by BC Securities Pty Ltd. The preliminary ratings assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises residential mortgage loans to residents of Australia and self-managed superannuation fund borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance covering 1.7% of the loan portfolio, excess spread, if any, and a loss reserve funded by the trapping of excess spread, subject to conditions. Our assessment of credit risk considers BC Securities' underwriting standards and approval process as well as 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, the loss reserve, the principal draw function, the liquidity reserve, and the provision of an extraordinary expense reserve. S&P's 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 it 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 National Australia Bank Ltd. as the bank account provider. The transaction documents include downgrade remedy language consistent with our counterparty criteria. "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 Crimson Bond Trust 2026-1 Class A1, A$787.80 million: AAA (sf) Class A2, A$114.20 million: AAA (sf) Class B, A$43.50 million: AA (sf) Class C, A$33.00 million: A (sf) Class D, A$16.00 million: BBB (sf) Class E, A$7.50 million: BB (sf) Class F, A$4.50 million: B (sf) Class G, A$3.50 million: Not rated GOLDEN SWORD: First Creditors' Meeting Set for March 4 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Golden Sword (VIC) Pty Ltd ATF Spataro & Sculli Family Trust Trading as Boutique Auto Body will be held on March 4, 2026, at 11:30 a.m. at the offices of SV Partners, at Level 17/200 Queen Street, in Melbourne, VIC, and via virtual meeting technology. Fabian Kane Micheletto and Michael Carrafa of were appointed as administrators of the company on Feb. 20, 2026. LINKED SUPPORT: Second Creditors' Meeting Set for March 5 --------------------------------------------------------- A second meeting of creditors in the proceedings of Linked Support Solutions Pty Ltd has been set for March 5, 2026, at 10:00 a.m. via Zoom virtual meeting technology. 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 4, 2026 at 5:00 p.m. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed administrators of the company on Jan. 28, 2026. MAQRO INVESTMENT: First Creditors' Meeting Set for March 6 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Maqro Investment Group Pty Ltd will be held on March 6, 2026, at 4:00 p.m. via teleconference. Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on Feb. 24, 2026. REDZED TRUST 2026-1: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to RedZed Trust Series 2026-1's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2026-1. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ RedZed Trust Series 2026-1 A-1-L LT AAA(EXP)sf Expected Rating A-1-S LT AAA(EXP)sf Expected Rating A-2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The collateral pool totalled AUD800 million and consisted of 1,189 obligors as of the 31 December 2025 cut-off date, with a weighted-average (WA) current loan/value ratio (LVR) of 66.3% and a WA indexed current LVR of 65.7%. KEY RATING DRIVERS Sufficient Credit Enhancement (Positive): The 'AAAsf' WA foreclosure frequency (WAFF) of 16.8% is driven by the WA unindexed current LVR of 66.3%, low-documentation loans making up 82.0% of the pool and, under Fitch's methodology, self-employed borrowers, non-conforming loans and investment loans forming 88.4%, 9.2% and 37.4%, respectively. The 'AAAsf' WA recovery rate (WARR) of 54.1% is driven by the portfolio's WA indexed scheduled LVR of 67.7%. The 'AAAsf' portfolio loss of 7.7% is lower than RedZed Trust Series 2025-2's loss of 9.2%, primarily due to a decrease in non-conforming loans to 9.2% from 15.5%, self-employed borrowers (88.4%, from 94.1%), low-documentation loans (82.0%, from 88.9%) and investment loans (37.4%, from 44.6%). Limited Liquidity Risk (Positive): Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the class A-1-S to F invested balance, floored at AUD1.2 million. Other structural features include a retention amount that redirects excess available income to repay note principal in reverse sequential order (excluding G1 and G2 notes), with a limit of AUD500,000 and a post-call amortisation amount that redirects after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk (Positive): RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Tight Labour Market Supports Outlook (Positive): Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.1% in December 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrade Sensitivities Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing delinquencies and defaults, which could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A-1-S / A-1-L / A-2 / B / C / D / E / F Expected Ratings: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf Increase defaults by 30%: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf / BB+sf / BB-sf / Bsf Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf / BB+sf / BB-sf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade Sensitivities An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A (A-1-S, A-1-L and A-2) note ratings are at the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf / BBBsf / BBsf / Bsf The upgrade sensitivity of the Class E and F notes, under a scenario where defaults decrease and recoveries increase by 15%, is constrained by Fitch's large obligor concentration test by one and two notches, respectively, resulting in upgrade sensitivity ratings of 'BBsf' for Class E and 'Bsf' for Class F. Prepayments on the loans with the largest obligor exposures, leading the notes to pass Fitch's concentration test, could result in positive rating action, all else being equal. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SENDLE: Enters Liquidation Six Weeks After Sudden Shutdown ---------------------------------------------------------- SmartCompany reports that parcel delivery business Sendle has officially fallen into liquidation, six weeks after its abrupt closure left small business customers in the dark. Documents filed with the Australian Securities and Investments Commission show the business appointed Shaun Fraser and Jason Preston of McGrathNicol as liquidators on Feb. 25, SmartCompany discloses. SmartCompany notes that their appointment marks the end of a business that raised over AUD100 million and pledged to challenge Australia Post, but faltered through its US expansion and an ill-fated merger. Founded in 2014 by former CSIRO executive James Chin Moody, Sendle acted as a middleman between small businesses and major delivery networks like Aramex and Couriers Please. Its competitive rates and carbon-neutral delivery options attracted a large customer base and significant investor interest, culminating in a AUD45 million Series C round in 2021. But the cost of its troubled US expansion plan dragged on the business, leading investors to provide emergency capital in deals that diluted the value of their own shares, SmartCompany says. In August 2025, Sendle merged with US businesses FirstMile and ACI Logistix to create FAST Group, an operation Chin Moody said would expose customers to a truly global delivery network, recalls SmartCompany. Those plans were overshadowed in December when Federation Asset Management, a major investor in Sendle, accused ACI Logistix of providing inaccurate financial data in the merger's due diligence process. Just weeks later, the directors of FAST Group reportedly voted to shut down its operations, SmartCompany relates. Sendle cancelled all upcoming deliveries on January 11, forcing small businesses to scramble for alternative parcel delivery options. Sendle has not provided any official update to customers since ceasing operations early last month, SmartCompany adds. STAR ENTERTAINMENT: Net Loss Narrows to AUD75.7M in H1 for FY2026 ----------------------------------------------------------------- Reuters reports that Star Entertainment Group reported a smaller loss for the first half on Feb. 27, supported by seasonally stronger trading volumes for the second quarter of fiscal 2026. The country's second-largest casino operator reported a normalised loss of AUD75.7 million for the six months ended December 31, compared with a loss of AUD136 million logged a year earlier and a Visible Alpha consensus estimate of a loss of AUD108.6 million, Reuters discloses. Star benefited from an 11% drop in operating expenses, which was driven by a reduction in volume-related costs. According to Reuters, the embattled firm reported a half-year revenue of AUD585 million, down around 10% from a year ago, hit by an 18% fall in gaming revenue on the back of continued challenging trading conditions and the closure of its Treasury Brisbane Casino. Star's margins were strained by New South Wales' ban on cash transactions, introduced to curb money‑laundering. Reuters relates that the company said operating conditions remained challenging for Star Sydney Casino in January, with revenue down 6% from a year ago. ". . . Star Entertainment's revenue softness tells a more cautious story as gaming revenue continues to decline, Sydney's flagship property is still loss-making, and the company's immediate survival seems to hinge on completing a refinancing deal rather than the strength of its own earnings," Reuters quotes Marc Jocum, senior product and investment strategist at Global X ETFs, as saying. The company said it secured a waiver of the December 31, 2025, financial compliances under its loan facility agreement. Under the terms of the waiver, Star must deliver a refinancing commitment letter by March 31, and execute a refinancing of the loan facility agreement by May 15, to avoid a default, according to Reuters. On Feb. 27, Star reached a deal for a non-binding term sheet with U.S.-based private credit investment manager WhiteHawk Capital Partners for a proposed refinancing of its debt, adds Reuters. 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. SWIVEL GROUP: First Creditors' Meeting Set for March 5 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Swivel Group Pty Ltd will be held on March 5, 2026, at 10:00 a.m. via virtual facilities only. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on Feb. 23, 2026. VITRINITE PTY: First Creditors' Meeting Set for March 4 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Vitrinite Pty Ltd, Queensland Coking Coal Pty Ltd, Callan Coking Coal Pty Ltd, Togara South Pty Ltd and Qld Coal Aust No. 1 Pty Ltd will be held on March 4, 2026, at 10:00 a.m. via Microsoft Teams. Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as administrators of the companies on Feb. 22, 2026. ========= C H I N A ========= CHINA EVERGRANDE: Flat of Chair's Nephew Sells for $7.3M at Auction ------------------------------------------------------------------- Caixin Global reports that a luxury apartment in Guangzhou owned by a nephew of China Evergrande Chairman Hui Ka Yan sold for CNY50.16 million (US$7.3 million) in a court-ordered auction on Feb. 26, as liquidators move to dispose of assets tied to the collapsed property giant. Caixin relates that the 317-square-meter unit in the Qiaoxin·Huiyuetai complex - widely regarded as a bellwether for the city's high-end residential market - fetched about CNY158,000 per square meter after 29 rounds of bidding. The price marks a sharp retreat from the project's peak, when apartments changed hands for nearly CNY370,000 per square meter. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ================= H O N G K O N G ================= NEW WORLD: Posts Net Loss of HK$3.73 Billion in H1 Ended Dec. 31 ---------------------------------------------------------------- South China Morning Post reports that New World Development posted a net loss of HK$3.73 billion (US$477 million) for the first half of fiscal 2026, as asset write-downs continued to weigh on earnings despite improving Hong Kong home sales and ongoing deleveraging efforts. The loss narrowed 44 per cent year on year for the six months ended December 31, as impairments on investment properties eased and financing and tax expenses related to mainland projects declined, according to a Hong Kong stock exchange filing on Feb. 27, the Post relays. No interim dividend was declared. "Our team has worked very hard during this period, leading to ongoing improvements in our operations," the Post quotes CEO Echo Huang as saying during the earnings call on Feb. 27. According to the Post, Huang said the red ink was mainly attributable to non-cash provisions, including impairments on properties under development and completed units held for sale. She stressed that underlying operations had improved and that "we have achieved good results in improving revenue and reducing costs." Revenue fell 50 per cent to HK$8.39 billion, dragged down by weaker construction income and fewer property handovers in mainland China. "In 2025, we capitalised on the recovery in Hong Kong's real estate market to seize new opportunities," the report quotes Huang as saying in the filing. "In a volatile market, our focus is not only on growing our business, but also on the continuous optimisation of our financial structure." Deleveraging remains central to the group's strategy. Total debt declined by HK$1.7 billion to HK$144.3 billion. However, net debt rose HK$2.6 billion to HK$122.7 billion, with the gearing ratio increasing to 59.7 per cent from 58.1 per cent a year earlier, the Post discloses. The Post relates that Chief financial officer Edward Lau attributed the rise to the accounting treatment of Hong Kong joint ventures, as well as repayments of construction loans tied to those projects. Management has stepped up liquidity measures, including bank refinancing and residential asset sales, raising more than HK$34.8 billion from property disposals since early 2025. "When cash flow is stable, we will continue to reduce debt - that's our topmost goal," Lau said, adding there were currently no further debt exchange plans. Addressing market speculation, Huang said the company had no plans for share placements or rights issues, the Post relays. She added that the group's seven debt-reduction initiatives were "working", supported by improving contracted sales and a steady recovery in leasing across its mall and office portfolio, the Post relays. Since early 2025, NWD has raised more than HK$34.8 billion through property disposals and sales. Hong Kong contracted sales reached HK$10.3 billion in the first half, the highest level since 2021, with the Deep Water Pavilia project 93 per cent sold, the Post discloses. More than 1,300 units are scheduled for launch in the second half. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HKD15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= ACE FOOTMARK: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ace Footmark Private Limited (AFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.58 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING Rating continues to Bank Facilities remain under ISSUER NOT COOPERATING category Short Term Bank 4.20 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 February 3, 2025, placed the rating(s) of AFPL under the 'issuer non-cooperating' category as AFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 20, 2025, December 30, 2025, January 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 ACE Footmark Private Limited was incorporated in July 2000 and currently being managed by Mr Arjun Puri, Mr Akash Kapoor and Mr Angad Puri. The company is engaged in the manufacturing of footwear products like hawai slipper, sandal, etc. The manufacturing facility of the company is located in Bahadurgarh, Haryana. The company has its own in-house ethylene vinyl acetate (EVA) compounding unit which produces EVA sheets from EVA granules. The company sells its products under the brand name 'FIZIK' in India through its distributor network. Beside ACE, group also consists of Saraswati Timber Private Limited and Focus Shoes Private Limited. Both are engaged in the manufacturing of footwear. AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amit Iron Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 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 AIPL, incorporated in 2002, is promoted by Mr. Amit Agarwal (Executive Promoter-Director). AIPL is the exclusive authorised distributor of HR coil & CR coil of Tata Steel Ltd. in West Bengal. AIPL was merged with S K Industrial Corporation (proprietorship firm set up in 1974 by Late Mr S K Agarwal) in 2005, which was also in the same line of business. ANUGRAH STOCK: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anugrah Stock & Broking Limited (Anugrah) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) placed ratings of Anugrah under the 'issuer noncooperating' category vide its press release dated March 30, 2020, as Anugrah had failed to provide information for monitoring the rating. Anugrah continues to be non-cooperative despite repeated requests for submission of information through e-mails February 10, 2026, February 14, 2026, and February 15, 2026. In line with the extant SEBI guidelines, CareEdge Ratings have reviewed the rating basis best available information, which is not sufficient to arrive at a fair rating. Ratings on bank facilities of Anugrah are denoted as CARE D, ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using these rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Ratings consider continuous delay in servicing of debt obligations. Key weaknesses * Delay in servicing debt obligations: There are ongoing delays in servicing debt obligations by Anugrah. Moderate gearing, capital adequacy levels and earnings profile. Liquidity: Not applicable Anugrah was incorporated in 1996 and is primarily in business of retail equity broking. The company is Mumbai-based and has network of six branches in Maharashtra, Gujarat, Rajasthan, and Andhra Pradesh. The margin financing business is also carried out through a promoter related company and not under Anugrah. Anugrah has a network of over 409 franchisees providing services to over 20,207 clients across the country. CALYX SPACES: CARE Lowers Rating on INR13.95cr LT Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Calyx Spaces LLP (CSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.95 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of CSL under the 'issuer non-cooperating' category as CSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026, and February 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of CSL have been revised on account of non-availability of requisite information. The rating revision also considers ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL check. Analytical approach: Standalone Outlook: Not applicable Established in the year 2017, CSL is the special purpose vehicle (SPV) of the Pune based real estate developer, Calyx group (CG). The group has completed 21 residential cum commercial projects of total area of 23.53 lsf in Pune since 2007. CSL was established with a view to execute the real estate project namely 'Atulya' in Jambhul Talegaon, Pune. 'Atulya' is being developed under revenue sharing agreement with 78% of revenue generated will be received by CSL. CARE does not have any update on the aforementioned. DAKSHIN BUDHAKHALI: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dakshin Budhakhali Improvement Society (DBIS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.11 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had placed ratings of DBIS under the 'issuer non-cooperating' category, vide its press release dated November 21, 2023, as DBIS had failed to provide information for monitoring its ratings as agreed to in its Rating Agreement. DBIS continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated December 17, 2025, December 18, 2025, and December 23, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis best available information, which however, in CareEdge Ratings's opinion is not sufficient to arrive at a fair rating. The rating on DSIS's instruments will continue to be denoted as 'CARE D; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using these ratings. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Ratings consider continuous delay in servicing of debt obligations. Key weaknesses * Delay in servicing of debt obligations: There are ongoing delays in servicing debt obligations by DBIS. The company exhibited moderate gearing, capital adequacy levels and earnings profile. Liquidity: Not applicable DBIS was formed in 1995 as a charitable society. It started microfinance institution (MFI) activity from May 2006 by lending to women borrowers engaged in small businesses under 'Self Help Groups' model in the rural area of West Bengal. It also provides other technical support services to its borrowers, which enables them to achieve self-sustainability. DATT REALINFRA: CARE Reaffirms D Rating on INR73.20cr LT Loan ------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Datt Real Infra Private Limited (DRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 73.20 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Rationale and key rating drivers The rating assigned to the bank facilities of DRPL continues to take into account delays in servicing debt obligation on account of its stressed liquidity. The ratings have been removed from the non-cooperation category as the company has paid the surveillance fees for the rating exercise in full. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Establishment of a delay free debt servicing track record of atleast 90 days. Negative factors: Not Applicable Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key Weakness * Delays in debt servicing: As per bank statements for term loan accounts (available till January 2026), delays were observed in servicing of principal and interest payments. Key Strengths: Not Applicable Liquidity: Poor The company has poor liquidity, leading to delays in repayment of principal amount and servicing of the interest of term loan. The same is on account of cashflow mismatches in its ongoing real estate projects. Jabalpur (Madhya Pradesh) based Datt Real Infra Private Limited (DRPL) was incorporated in August 2012, with a purpose of developing residential and commercial projects. DRPL is currently executing two projects, a residential project named 'Datt Solitaire-Phase 3' (RERA Registration No.: P-OTH-23-4101) with 177 residential units having a total saleable area of 1.63 lsf and a residential cum commercial project 'Datt Heights' (RERA Registration No.: P-JBP-24-4797) with 209 residential units and 24 commercial units having a total saleable area of 4.82 lsf at Jabalpur, Madhya Pradesh. Further the company also run a hotel with restaurant under the name “Hotel Datt Residency” which comprises of 64 rooms. DHARAMPAL PIPE: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dharampal Pipe and Tubes Private Limited (DPTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 5, 2025, placed the rating(s) of DPTPL under the 'issuer non-cooperating' category as DPTPL had failed to provide information for monitoring of the as agreed to in its Rating Agreement. DPTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Dharampal Pipes and Tubes Private Limited (DPTPL) was incorporated in Year, 2013 as a Private Limited Company by Mr. Ajay Kumar Singhal and his wife Mrs. Rinki Singhal. DPTPL is engaged in the business of trading of range wide range of steel/iron pipe and tubes. The operational unit of the company is located in Sahibabad, Uttar Pradesh. GARG & COMPANY: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Garg & Company (Panipat) (GC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.70 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.30 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 31, 2024, placed the rating(s) of GC to provide information for monitoring of the rating as agreed to in its Rating Agreement. GC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 16, 2025, November 26, 2025, December 6, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Garg & Company (Panipat) (GC) is a proprietorship concern established in 2011 by Mr. Shashank Garg. The firm is a grade A contractor which undertakes civil construction contracts primarily for government of Haryana. The firm receives the orders mainly through tenders and the tenure of the contracts is up to 24 months. In the past the firm has executed a number of contracts for government entities. Firm procures raw materials i.e. grits, stones etc from private dealers. Additionally, the equipment's and machines are owned by the firm. GOYAL MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Goyal Motors (GM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of GM under the 'issuer non-cooperating' category as GM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Goyal Motors (GM) was established as a proprietorship firm by Mr. Amit Goyal with commencement of operations from August, 2015. Prior to commencement of operations, the firm was engaged in the sale of only spare parts of Tata Motors Ltd. and sale of second-hand passenger vehicles. Presently, the firm is an authorized dealer of TML and is engaged in the sale of passenger vehicles, servicing of vehicles and sale of spare parts. The firm owns & operates a showroom in Patiala (started operations from May 2016), providing 3S (sales, service and spare parts) facilities. ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ITNL Road Infrastructure Development Company Limited (IRIDCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 27, 2024, placed the rating(s) of IRIDCL under the 'issuer non-cooperating' category as IRIDCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IRIDCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 12, 2025, November 22, 2025, December 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable ITNL Road Infrastructure Development Company Ltd. (IRIDCL) is a Special Purpose Vehicle (SPV) floated by IL&FS Transportation Networks Ltd. (ITNL, rated CARE D; Issuer Not Cooperating) for two-laning of National Highway (NH-8) from 58.245 km to 177.05 km (approximately 116 km) on Gomti – Beawar section in the State of Rajasthan (traversing two districts viz. Ajmer and Rajsamand) on a Design, Build, Finance, Operate and Transfer (DBFOT) basis. JAI BHARAT: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jai Bharat Rice Mills-Fazilka (JBRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 25.00 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of JBRM under the 'issuer non-cooperating' category as JBRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JBRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jai Bharat Rice Mills (JBRM) was established as a partnership firm in 1978 having Mr. Satpal, Smt. Renu Bala, Mr. Surinder Pal, Smt. Suman, Mr. Sukhwinder Singh, Smt. Rajwant Kaur as its partners. The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab. JOGINDER SINGH: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Joginder Singh (JS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 4.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of JS under the 'issuer non-cooperating' category as JS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s Joginder Singh (JS) is a proprietorship firm established in 2008 by Mr. Joginder Singh (aged 65 years). The firm is engaged in providing services as transport contractor to Food Corporation of India (FCI) for the transportation of food grains from one centre of FCI to another centre of FCI in different districts of Himachal Pradesh and Punjab. KUBER SECURITIES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kuber Securities (Kuber) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.75 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 April 6, 2018, placed the rating of Kuber under the 'Issuer Not Cooperating' category, as Kuber failed to provide information for monitoring of the rating for the rating exercise as agreed to in its rating agreement. Kuber continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 14, 2026, February 4, 2026, and January 25, 2026. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has not been able to review the rating due to non-availability of information, and hence, ratings on bank facilities of Kuber are denoted as 'CARE B-; Stable; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating. The rating has been reaffirmed at 'CARE B- Stable; Issuer not cooperating' considering non-availability of operational or financial details from the company. Analytical approach: Standalone Detailed description of key rating drivers At the time of last rating on March 6, 2017, the following were the rating strengths and weaknesses. CareEdge Ratings has not received information after FY16: Key weaknesses * Small size of operations and constitution of the entity as a partnership firm: Kuber operates at a small scale with low revenue base from both proprietary trading and wind energy business. However, in FY16, the firm registered total operating income (TOI) of INR8.02 crore against INR3.28 crore in FY15. The increase in TOI is considering scale up of operations in its securities trading business segment, but it still remained low. Kuber's constitution as a partnership firm limits the firm's access to capital market restricting its financial flexibility. The firm also faces the risk of withdrawal of funds by partners. * High market risk owing to significant proprietary trading and volatile income profile: The firm derives a significant proportion of its revenues from the proprietary trading business. However, in FY16, the firm earned 75% of its revenues from the trading business against 46% in FY15. This exposes the firm to the fluctuations and volatile nature of securities business. In the past years, Kuber has reported large fluctuation in income and profitability primarily due to high volatility in the proprietary trading segment. Total income from securities trading stood at INR6.04 crore in FY16 against INR1.51 crore in FY15, whereas the income from wind power generation stood at INR1.79 crore in FY16 against INR1.77 crore in FY15. Key strengths * Profitable scale up of operations: In FY16, the TOI registered a y-o-y growth of 143% and increased to INR8.02 crore against INR3.30 crore in FY15. Kuber generates revenue from two segments, securities trading and selling of power generated through wind mill. The profitability of the company also improved, profit before interest, lease rentals, depreciation, and taxation (PBILDT) stood at INR4.12 crore against -0.57 crore in FY15, profit after taxation (PAT) for FY16 stood at INR6.97 crore against loss of INR2.47 crore in FY15. * Comfortable gearing levels: Total debt of Kuber as on March 31, 2016, stood at INR7.29 crore, which comprised INR3.81 crore of bank term loans, INR2.80 crore of vehicle loans and INR0.67 crore of unsecured loans from promoters. Overall gearing ratio stood comfortable at 0.49x as on March 31, 2016, against 0.61x as on March 31, 2015, the improvement is considering repayment of term loans by the firm. * Established promoter group: Kuber is managed by two partners, Mul Chand Malu and Vikas Malu, belonging to the Kuber family. Mul Chand Malu is the founder and promoter of the group and has over 30 years of experience in varied business segments, such as securities, trading of tobacco, and cigarettes, among others. Low off-take risk and O&M agreement with SISL and registration with CDM Executive Board Kuber has entered power purchase agreement (PPA) with GUVNL for sale of generated electricity at an agreed price of INR3.37 per unit for 20 years. The above agreement reduces the off-take risk for the generated electricity and thus ensures steady inflow of revenue streams. The credit risk related to off-taker is also low given the healthy credit profile of GUVNL. Kuber has also entered O&M agreement with Suzlon Infrastructure Services Limited (SISL) where SISL would be responsible for operating and maintaining Wind Turbine Generators (WTG) for 20 years from April 1, 2009. Kuber's energy development business is based on Clean Development Mechanism (CDM), for which the firm is eligible for Carbon Credit, per the Kyoto Protocol. For being eligible to sell Certified Emission Reduction (CER) Units and earn revenue. The registration of project with CDM Executive Board (CDMEB) is completed. Now, the firm will be entitled to sell CER Units and earn revenue. Established in 1998, Kuber is a partnership firm promoted by Mul Chand Malu and Vikas Malu with equal profit-sharing arrangements. Kuber is a part of the Kuber group promoted by Mul Chand Malu. The group has diversified presence in many businesses, including tobacco products, cigarettes, snacks, music industry among others across varied group entities. Kuber is engaged in trading in securities and generation of electricity through wind mill. In FY16, the firm derived ~75% of its revenues from securities trading segment and the rest was contributed by wind power segment. In FY16 (refers to April 1 to March 31), Kuber has booked PAT of INR6.53 crore (loss of INR2.47 crore in FY15) on TOI of INR8.02 crore (INR3.30 crore in FY15). LAXMINARAYAN SHIVHARE: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of M/s Laxminarayan Shivhare (LS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of LS under the 'issuer non-cooperating' category as LS had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. LS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Established in 1990, M/s Laxminarayan Shivhare (LS) is a proprietorship firm which is into the business of retailing of alcohol. The firm also operates a warehouse named M/s Maa Kaila Devi Warehouse. LS is part of Shivhare liquor group based in Madhya Pradesh (MP). LS holds retail liquor supplier license in MP and undertakes retail trade of Indian made foreign liquor (IMFL), beer, country liquor (CL), wine etc. The firm enters into open tendering process every year to avail license for the retailing of the liquor. Depending upon the allotment of shops during tendering, the number of shops held by the firm varies every year. The shops are allotted in MP by the state government through a competitive bidding process. Shivhare Liquor group has other associate concern namely M/s Ram Swaroop Shivhare, M/s Gopal Shivhare, M/s Laxmi Narayan Shivhare & M/s Kalpna Shivhare which are engaged in similar business activity. MADHYA PRADESH: CARE Reaffirms C Rating on INR1,266cr LT Loan ------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited (MPPoorva), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 1,266 CARE C; Stable Reaffirmed Facilities Rationale and key rating drivers The rating reaffirmation on bank facilities of MPPoorva factors in the continuous delays in servicing of debt availed from other financial institutions (facilities not rated by CARE Ratings Limited [CareEdge Ratings]), as reported by the statutory auditor in audited annual report of FY25 and provisional H1FY26. However, CareEdge Ratings notes that the company has been regular in servicing of the debt facilities rated by CareEdge Ratings, as confirmed by the lenders. The company had been regularly sharing no default statements with CareEdge Ratings suggesting timely debt servicing. The rating continues to remain constrained considering company's weak financial risk profile, marked by a negative net worth due to accumulated losses, limited tariff hikes, subdued operational performance, and a challenging regulatory environment. However, the rating continues to favourably factor in the strategic importance of MPPoorva to the state's power sector, its monopoly position in power distribution across 16 districts of Madhya Pradesh, and the continued support from the Government of Madhya Pradesh (GoMP), reflected through subsidies, loans, and grants extended in the past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations of entire debt on a sustained basis. * Significant improvement in the capital structure/debt reduction. * Significant reduction in aggregate technical and commercial (AT&C) losses. Negative factors * Continued losses with further increase in receivables deteriorating the cash flow position. * Continued stretching of payable days on a sustained basis. * Diminution or delay in support from the state government. Analytical approach: CareEdge Ratings has analysed MPPoorva's credit profile by considering financials and business risk profile and support from the M. P. Power Management Company Limited (MPPMCL), which is the holding company of the Discom and is responsible for power purchase at a consolidated level with high cash flow fungibility. CareEdge Ratings has also factored operational and financial linkages with GoMP. Outlook: Stable Stable outlook reflects that the company is expected to maintain steady AT&C loss and elevated leverage in the medium term. Detailed description of key rating drivers: Key weaknesses * Default in loans servicing: In the auditor's report for FY25, it was highlighted that the company is defaulting on loan repayments to certain financial institutions. Of the 14 broad classification of default, 13 were with the GoMP, and one was with other financial institutions. The company has stated that these are legacy loans that were transferred to company's balance sheet at the time of bifurcation of MP State Electricity Board in 2004-05. The company does not have records for these loans and that there is no demand made by the lenders of these loan, hence the payments are not being made. Per feedback from three key lenders, the debt servicing on loans is timely including the limits rated by CareEdge Ratings. * Weakened operational and financial performance: AT&C losses in Madhya Pradesh's distribution network have remained persistently high. The company's AT&C loss sharply increased from 22.16% in FY23 to 28.20% in FY24, and improved in FY25 to 25.53%. This is due to low billing efficiency of the company, partially offset by improving collection efficiency. The company's net worth has eroded due to net losses reported in the past. Operational loss and elevated debt levels have also resulted in weak debt coverage ratios. * Stretched collection and creditor period: Debtor days have remained higher and have increased further over the last two years, from 108 days in FY2023 to 119 days in FY2025, indicating continued stretch in collections and slower realisation of previous receivables. This puts additional pressure on working capital requirements of the company. Creditor days remain high at ~250–260 days across the period which are primarily supported by the parent entity, suggesting continued reliance on extended payment cycles to suppliers to manage liquidity. The negative operating cycle is largely supported by these stretched payables, primarily due to outstanding payments to MPPMCL. * Weak power regulatory framework: MPPoorva faces significant regulatory risks associated with limited traffic hikes. Given the inadequate tariff revenue and tariff hikes, there is a revenue shortfall due to subsidised rates of agricultural and residential supply, which is funded through subsidy from GoMP. * Dependency on tariff subsidy from state government: The company heavily relies on government subsidies as the tariffs are not reflective of cost of power and consumers in the residential and agriculture sectors benefit from cross-subsidies funded by other consumer segments. In FY24 and FY25, the company received subsidies of ~INR7,152 crore and INR7,492 crore, respectively, accounting for 40-45% of revenue highlighting its dependence on such financial support. Key strengths * Strategic importance and financial support from state government: MPPoorva is fully owned by MPPMCL which is GoMP undertaking. MPPoorva is a critical entity in the state's power sector, vital for ensuring the stability and growth of the electricity supply system. By the strategic importance of the distribution utility, the government has been providing funding support to it through equity infusion, tariff subsidy, and grants. * Regulated monopoly business: MPPoorva is one of the largest distribution companies in covering 16 districts. As the only power distribution company in the eastern region of Madhya Pradesh, MPPoorva maintains monopoly in this region. The company operates in a cost-plus tariff regime having a regulatory framework of filling of ARR and tariff petition with the MPERC. It has the opportunity of recovering the cost incurred (subject to approval from MPERC) and RoE. Liquidity: Stretched The company's liquidity is stretched, with current ratio of below one and negative net working capital as of March 2025 end. Most long-term debt is from GoMP, and loans from Power Finance Corporation Ltd (PFC), State Bank of India (SBI), and Rural Electrification Corporation (REC). Despite ongoing losses, the company meets its term and interest obligations through monthly requisitions from its parent, MPPMCL. As on January 31, 2026, the company holds INR123 crore in cash and cash equivalents. MPPoorva was established on May 31, 2002, as an offshoot of the Madhya Pradesh State Electricity Board (MPSEB), which was subsequently unbundled into separate entities: one for generation, one for transmission, and three for distribution. These distribution companies, known as DISCOMs, serve the Central, Western, and Eastern regions of Madhya Pradesh. MPPoorva is a state-owned electricity distribution company responsible for supplying power to the eastern region of Madhya Pradesh. It serves areas, such as Jabalpur, Sagar, and Narmada Valley, ensuring reliable electricity distribution to urban, rural, and industrial consumers. MANAN IMPEX: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Manan Impex (MI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Rating's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jodhpur (Rajasthan) based Manan Impex (MI) was established as a proprietorship firm in 1999 by proprietor Ms. Preeti Lodha who is assisted by her husband Mr. Aditya Lodha. It is engaged into the business of trading of Plastic granules and Agro commodities (like Cumin seeds, Mustard seeds, Guar gum and Castor seeds). W.e.f April, 2021, firm has also started erection & commissioning of telecom towers. It carries its trading activities from its sole commercial unit located at Jodhpur (Rajasthan). PLATINUM AAC: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Platinum AAC Blocks Private Limited (PABPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 26, 2024, placed the rating(s) of PABPL under the 'issuer non-cooperating' category as PABPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PABPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 11, 2025, November 21, 2025, December 1, 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 Platinum AAC Block Private Limited (PABPL) was incorporated in September 2012 to take up the business of manufacturing Aerated Autoclaved Concrete (AAC) blocks. PABPL was initially promoted and managed by Mr. Jitendra Jalawadia, Mr. Dilip Kadivar, Mr. Sanjay Bhut Bhanubhai, Mr. Hasmukh Patel, Mr. Pragji Van and Mr. Vinay Gandhi. Since May, 2017, four new promoters joined as directors named Mr. Denis Kadivar, Mr. Ghanshyam Polar, Mr. Parth Gandhi & Mr. Khimji Bhappa and Mr. Vinay Gandhi retired as a director during November 2017 but continue to operate and manage day to day operations of the company. PABPL is operating with its plant location based in Village-Kherdi (Dadara and Nagar Haveli, Gujarat) having total capacity of 1,50,000 cubic meters per annum as on March 31, 2018. PABPL has commenced its operations from November 2017 after successful completion of its project. PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prakash Steelage Limited (PSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 150.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 70.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of PSL under the 'issuer non-cooperating' category as PSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 09, 2025, December 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable PSL, incorporated on May 9, 1991, was converted into a public limited company on August 12, 1997 and was listed in August 2010 [ISIN: INE696K01024]. PSL started its business with trading in the stainless steel (SS) sheets, coils, plates and scrap. The company now is engaged in the manufacturing of stainless steel (seamless and welded) pipes and tubes and trades into stainless steel sheets and coils. The company products are used in heat exchanger, evaporators, heating elements, fluid piping, pumps, valves, condensers and in many other instrumentation equipments. The company exports its products to several countries, such as USA, UAE, South Africa, European countries, Canada, Singapore, Saudi Arabia, Turkey, Vietnam, etc. PRASAD EXTREME: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Prasad Extreme Digital Cinema Networkprivate Limited (PEDCNL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 23, 2024, placed the rating(s) of PEDCNL under the 'issuer non-cooperating' category as PEDCNL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEDCNL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 8, 2025, November 18, 2025, November 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. 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 Prasad Extreme Digital Cinema Network Private Limited (PEDCNL) was established in 2013 as a Private Limited Company, promoted by Mr. Ramesh Prasad and his family members (Mr. Sai Prasad & Mr M. K. Prasad). PEDCNL is the associate company of reputed Prasad group which is engaged in Film making, Post production & Digital technology services in Indian film industry since 1956 promoted by Dada Saheb Phalke Award recipient Mr.L.V. Prasad. Prasad Productions Private Limited is the flagship company of Prasad group that engages in Post production services. PEDCNL provides digital cinema solutions by making available equipments (Projectors, Lens, Lamps & 3 D lamps) and software to facilitate playback of feature films and other digital content in theatres. PEDCNL has entered into agreement with more than 230 theatres in and around four states of Tamilnadu, Kerala, Andhra Pradesh & Maharashtra for providing cinema solutions with tenure period of 5-10 years. The revenue generated includes exhibiting services provided by the company and share of revenue generated by way of advertisement broadcasted in theatres and other medium. The company also provides maintenance services and replacement of auxiliary parts attached to the projections. The registered office is located in Chennai, Tamilnadu. PRINCE MARINE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prince Marine Transport Services Private Limited (PMTSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.32 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 16, 2024, placed the rating(s) of PMTSPL under the 'issuer non-cooperating' category as PMTSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMTSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 1, 2025, November 11, 2025, November 21, 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 PMTSPL was founded by Mr Abdul Razak in July 1993 as a proprietary firm. During the year 1994, it was converted into a partnership firm and then in 2007 into a private limited company. The company initially started with the business of hiring ships, vessels, barges, tugs and towage of vessels within Mumbai harbor limits as well as for ocean passages. During 1998, it ventured into the business of cargo lighterage. To capitalize on the opportunity of various services in the developing port sector, the company entered into dredging support services and bagged a dredging contract from JSW Jaigarh Port Ltd. in the year 2009. PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Priyanka Gems (PG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 18.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 13, 2024, placed the rating(s) of PG under the 'issuer non-cooperating' category as PG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2025, November 8, 2025, November 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Surat (Gujarat) based, Priyanka Gems (PG) was established as a partnership firm in the year 1991 by Mangukia family. PG is engaged into business of processing of rough diamonds into finished polished diamonds of various sizes, shapes, purity and colour. The firm has its sales office in Mumbai and its operational unit is located in Surat. The firm imports rough diamonds from Belgium and Dubai and it sell the cut and polished diamonds in the domestic market. Partners of PG were also associated with another firm named M/s. Priyanka Dimonds, which was also into same line of business. Further from May 25, 2017 the partners have merged M/s Priyanka Dimonds with PG and by virtue of this merger all the movable assets & stock of diamonds as on May 27, 2017 of M/s Priyanka Diamonds has been transferred to PG. RADHARUKMAN PACKAGES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of RadhaRukman Packages Private Limited (RPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.72 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 20, 2025, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 06, 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 RPPL was incorporated in August, 2008 and was promoted by Shri Govardhan Lal Sikaria and his family members based out of Kolkata. The company, after remaining dormant for three years, commenced operation from January 2012. RPPL is engaged in the manufacturing of corrugated & duplex boxes and providing offset printing services. SARAF AGENCIES: CARE Reaffirms D Rating on INR55cr LT/ST Loans -------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Saraf Agencies Private Limited (SAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 14.81 CARE D Reaffirmed Long Term/ Short Term Bank Facilities 55.00 CARE D/CARE D Reaffirmed Rationale and key rating drivers Reaffirmation in the ratings assigned to the bank facilities of SAPL considers the delays in term debt servicing in the recent past amid poor liquidity profile attributable to ongoing cash losses on account unviability of supply of orders at current market prices. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Delays/defaults free track record of 90 days Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: There is ongoing delay in debt servicing as SAPL continues to incur cash losses on account of unviability of supply of orders at current market prices. Liquidity: Poor Poor liquidity position of marked by ongoing delay in debt servicing. Saraf Agencies Private Limited (SAPL) was originally incorporated as Eastern Steel Forgings Private Limited in June, 1965 and subsequently its name was changed to its present name in August, 2003. SAPL is a part of the Kolkata based Forum Group promoted by Late S. M. Shroff. The group is primarily engaged in the business of real estate development and caters to both commercial and residential segments in Eastern India. SAPL is engaged in manufacturing of titanium slag plant with a capacity of 36,000 ton per annum (TPA) with 4 furnaces and a high purity pig iron plant (by-product) with a capacity of 20,000 TPA. SATWIK FEEDS: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Satwik Feeds (SF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 30, 2024, placed the rating(s) of SF under the 'issuer non-cooperating' category as SF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025, December 5, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Satwik Feeds (SF) was established in 2014 as a partnership firm. The operations however, started in January 2016. It is currently being managed by Mr. Krishan Pal and Mr. Ramesh Chander Khatri sharing profits and losses in equal proportions. SF is engaged in manufacturing of poultry and cattle feed at its manufacturing facility located in Shamli, Uttar. SMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SMT Machines (INDIA) Limited (SML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.20 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 February 5, 2025, placed the rating(s) of SML under the 'issuer non-cooperating' category as SML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The entity, an ISO 9001:2008 certified company, was incorporated in June, 1992 as a private limited company by the name of Aman Multilateral Private Limited, however, in December, 1994, the constitution and name was changed to SMT Machines (India) Limited (SMI). The company is currently being managed by Mr. Surinder Kumar Mittal and Mr. Raman Mittal. SMI is engaged in manufacturing of capital goods like shearing machines, conveyors, straightening machines, mill stands, gear boxes, cooling bed, etc. which find their application in steel and iron rolling mills at its manufacturing plant located in Mandi Gobindgarh, Punjab. SOUTHERN PHARMA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Southern Pharma India Private Limited (SPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of SPIPL under the 'issuer non-cooperating' category as SPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 Southern Pharma India Private Limited (SPIPL), was incorporated on April 22, 2015 promoted by Mr. Venkat Raju and Mr. Rakesh. The company has proposed to set-up a manufacturing unit of API and intermediaries with a proposed installed capacity of 700 MTPA. The manufacturing unit of the company is located at Plot No.28, I & H, APIIC, Denotified Area, Rambilli Mandal, Atchutapuram, Visakhapatnam. SPIPL planning to manufacture the products like Atorvastatin Calcium (Ulcer), Esomeprazole Magnesium Trihydrate (anti vomting) and Rabeprazole Sodium (gastric) among others. STAR HOUSING: CARE Lowers Rating on INR300cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Star Housing Finance Limited (SHFL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 300.00 CARE D Downgraded from facilities CARE BBB-; Negative Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has downgraded bank facilities of SHFL from 'CARE BBB-; Negative' to 'CARE D'. This action underscores SHFL's default on debt obligations with delays in term loan instalments to six lenders ranging from 1 to 11 days in February 2026, due to liquidity stress. SHFL's management confirmed that all overdue amounts have since been cleared, and the company claims to have made advance payments of debt instalments due in February 2026. The default stemmed primarily from SHFL's stressed liquidity, triggered by an investor's accelerated redemption of non-convertible debentures (NCDs). As per company, NCDs were recalled on account of resignation of the company's Chief Financial Officer (CFO) and the position remaining vacant. The management claimed that though there was no breach of covenants on NCDs, they were recalled in December 2025. The company agreed to prepay NCDs and has made part payments in the last couple of months. The company misrepresented facts as recall of NCDs was neither disclosed to CareEdge Ratings in its surveillance in January 2026 nor has it been disclosed on stock exchanges. SHFL had a reasonable liquidity buffer, with unencumbered cash and equivalents of INR20 crore as of December 30, 2025, sufficient to cover approximately one month of debt repayments. However, the position deteriorated sharply following unscheduled acceleration of the NCD. As on February 19, 2026, liquidity plummeted to just INR2.91 crore against INR17.6 crore in scheduled debt obligations due in March 2026. As per management, downgrade of the credit rating to “default” will lead to a breach of lending covenants, further straining SHFL's fragile cash position. In the 9MFY26 financials, the auditor highlighted liquidity stress in the company, noting delays in salary payments to employees. The auditor also drew attention to the strained cash flow position, indicating that the company may need continued reliance on external funding. However, the limited review report has not been qualified. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could, individually or collectively lead to positive rating action/upgrade: * Timely servicing debt obligations (principal and interest) for minimum three continuous months. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delay in servicing of debt obligations: The company delayed payments to six lenders by 1 to 11 days in February 2026, due to liquidity stress arising from recall of NCD by an investor, despite no covenant breach. All overdue amounts have since been fully cleared, and the company claims to have made advance payments of debt instalments due in February 2026. Liquidity: Poor SHFL's liquidity remains poor as reflected by delays in debt servicing. A sharp decline in liquidity buffers due to recall of NCD has significantly impaired the company's financial and business risk profiles. As per management, downgrade of the credit rating to “default” will lead to breach of lending covenants, further straining SHFL's fragile cash position. SHFL is a small-sized housing finance company operating primarily in the affordable housing segment, with a focus on retail home loans to low-and-middle-income borrowers. The company has gradually expanded its presence and currently operates across six states through over 38 branches, with assets under management (AUM) of INR570 crore as on December 31, 2025. The shareholding structure includes the promoter family and Arkfin Investments Private Limited (Arkin). Arkfin first invested in SHFL in 2019 and held 15.94% equity as on December 31, 2025. UNIVERSAL TRADERS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Traders (UT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 29, 2025, placed the rating(s) of UT under the 'issuer non-cooperating' category as UT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2025, December 25, 2025, January 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh based Universal Traders was incorporated in April, 2019. The firm is currently being managed by Mr. Vishnu Kumar Saraswat, Mr. Abhishek Gautam (S/O Mrs. Lata Devi) and Mr. Punit Kumar. Firm is involved in authorized wholesale of foreign liquor and beer. VIDEOCON GROUP: NARCL May Bid INR900cr for Unit's Stressed Debt --------------------------------------------------------------- The Economic Times reports that NARCL plans to submit a bid of around INR900 crore to acquire the stressed debt of Videocon Oil Ventures (VOVL). The total admitted claims amount to INR30,640 crore, including accumulated interest. VOVL, the oil and gas exploration arm of the Videocon group, was admitted into insolvency in 2019. Videocon Industries Ltd is the flagship company of the Videocon Group, an Indian conglomerate focused on consumer electronics, home appliances, and oil & gas exploration. Videocon was among the first 12 companies pushed into bankruptcy after directions from the Reserve Bank of India in 2017. On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency and Bankruptcy Code, 2016. The company's total debt stood at over INR635 billion in 2019, Business Standard discloses citing bankruptcy case related disclosures on the company's website. In June 2021, the NCLT approved a bid by the Vedanta Group to take over the Videocon Group, which includes 13 group companies. ================= I N D O N E S I A ================= PERTAMINA (PERSERO): Court Jails Units' Ex-CEOs in Graft Case ------------------------------------------------------------- Reuters reports that an Indonesian court has jailed nine people in a major corruption case involving subsidiaries of state energy firm Pertamina, including two former chief executives of its units, which prosecutors said caused $17 billion in state losses. Reuters says the case, which centres on alleged illegal leasing of a fuel terminal and illegal imports of crude oil, among other offences, is one of the biggest launched under the administration of President Prabowo Subianto, who has vowed to eradicate corruption. According to Reuters, the nine were sentenced by the Central Jakarta Court, with the reading of the verdicts starting on Thursday afternoon [Feb. 26] and continuing into the early hours of Feb. 27. The defendants were sentenced to prison terms ranging from nine years to 15 years, after prosecutors had sought terms of 14 to 18 years. Yoki Firnandi, former chief executive of Pertamina International Shipping, and Riva Siahaan, former Pertamina Patra Niaga chief executive, each received a nine-year sentence from the panel of judges, Reuters relates. Muhamad Kerry Adrianto Riza, a beneficial owner of a fuel terminal leased by Pertamina, was jailed for 15 years for his involvement, less than the 18 years sought by prosecutors. Riza is the son of businessman Mohammad Riza Chalid, who has been named a suspect in the case and who the police said is now at large. The three men had each denied the charges against them and pleaded not guilty, local media reported during the trial, according to Reuters. Reuters relates that Riza's lawyer Patra Zen said on Feb. 27 his client rejected the ruling and would appeal. Outside the court on Feb. 27, Firnandi said he was disappointed by a verdict that he called a farce, and said he would discuss with his counsel about appealing. Siahaan's lawyer Luhut Pangaribuan said he was saddened and disappointed by the verdict. Pertamina said it respects the court's ruling and reiterated it has "zero tolerance towards corruption," company spokesperson Muhammad Baron told Reuters. "We continue to make improvements and transform in carrying out business processes and operations," he said, adding that the company is ready to give legal assistance to the defendants until the court issues a legally binding ruling. Pertamina (Persero) (P.T.) is an Indonesian government-owned, fully-integrated oil and gas corporation, with operations in upstream oil, gas and geothermal exploration and production, downstream oil refining, marketing, distribution, transportation and trading of petroleum products. ========= J A P A N ========= NISSAN MOTOR: Fitch Affirms 'BB' Long-Term IDR ---------------------------------------------- Fitch Ratings has affirmed the ratings of seven Asia-Pacific automotive manufacturers and suppliers. This follows the update of Fitch's 'Corporate Rating Criteria' and 'Sector Navigators Addendum to the Corporate Rating Criteria' on 9 January 2026. The criteria changes do not affect the companies' ratings or Fitch's Outlook on the ratings. Key Rating Drivers For full key ratings drivers for each issuer, see the RACs listed below: Nissan Motor Co., Ltd. "Fitch Assigns Nissan Motor's Proposed US Dollar and Euro Notes 'BB' Ratings" dated 7 July 2025 Toyota Motor Corporation "Fitch Affirms Toyota at 'A+'; Outlook Stable" dated 16 October 2025 Honda Motor Co., Ltd "Fitch Revises Outlook on Honda Motor to Negative; Affirms Rating at 'A'" dated 29 September 2025 Beijing Automotive Group Co Ltd and BAIC Motor Corporation Limited "Fitch Affirms BAIC at 'BBB+'; Outlook Stable" dated 26 August 2025 Hyundai Motor Company "Fitch Affirms Hyundai Motor at 'A-'; Outlook Stable" dated 4 November 2025 Samvardhana Motherson International Limited "Fitch Revises Outlook on SAMIL to Stable; Affirms IDR at 'BB+'" dated 9 May 2025 Peer Analysis Refer to the RAC for each issuer. Fitch’s Key Rating-Case Assumptions Refer to the RAC for each issuer. Corporate Rating Tool Inputs and Scores Nissan Motor Co., Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (bb, Moderate), Profitability (b+, Higher), Financial Structure (bb+, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028.- The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - No further adjustments made to the SCP, resulting in an IDR of 'BB'. Toyota Motor Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a+, Higher), Company Operational Characteristics (a, Moderate), Profitability (a+, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a+'. To derive the Long-Term IDR: - No adjustments made to the SCP, resulting in an IDR of 'A+'. Honda Motor Co., Ltd Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (a+, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a'. To derive the Long-Term IDR: - No adjustments made to the SCP, resulting in an IDR of 'A'. Beijing Automotive Group Co Ltd Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Moderate), Financial Structure (ccc-, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2025 and 50% for the forecast year 2026. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b'. To derive the Long-Term IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a bottom-up +7 approach, resulting in an IDR of 'BBB+'. BAIC Motor Corporation Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b-, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2025 and 50% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in an equalised approach, resulting in an IDR of 'BBB+'. Hyundai Motor Company Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a-, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a-, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a-'. To derive the Long-Term IDR: Fitch made no adjustment to SCP, resulting in an IDR of 'A-'. Samvardhana Motherson International Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, High), Profitability (bb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year ending March 2026 (FY26) and 50% for the forecast year FY27. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustment to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Refer to the RAC for each issuer. Liquidity and Debt Structure Refer to the RAC for each issuer. Issuer Profile Refer to the RAC for each issuer. Summary of Financial Adjustments Refer to the RAC for each issuer. Sources of Information Refer to the RAC for each issuer. Public Ratings with Credit Linkage to other ratings Refer to the RAC for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Nissan Motor Co., Ltd. is 51. The Climate.VS for 2035 for Toyota Motor Corporation is 50. The Climate.VS for 2035 for Honda Motor Co., Ltd. is 50. The Climate.VS for 2035 for Beijing Automotive Group Co Ltd is 55. The Climate.VS for 2035 for BAIC Motor Corporation Limited is 55. The Climate.VS for 2035 for Hyundai Motor Company is 50. The Climate.VS for 2035 for Samvardhana Motherson International Limited is 51. ESG Considerations Refer to the RAC for each issuer. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- BAIC Motor Corporation Limited LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Beijing Automotive Group Co., Ltd. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Motherson Global Investments B.V. senior secured LT BBB- Affirmed RR2 BBB- Nissan Motor Co., Ltd. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B senior unsecured LT BB Affirmed BB Hyundai Motor Company LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- Toyota Motor Corporation LT IDR A+ Affirmed A+ ST IDR F1 Affirmed F1 LC LT IDR A+ Affirmed A+ LC ST IDR F1 Affirmed F1 senior unsecured LT A+ Affirmed A+ Honda Motor Co., Ltd LT IDR A Affirmed A ST IDR F1 Affirmed F1 LC LT IDR A Affirmed A LC ST IDR F1 Affirmed F1 Samvardhana Motherson International Limited LT IDR BB+ Affirmed BB+ ===================== N E W Z E A L A N D ===================== ALL STAINLESS: Court to Hear Wind-Up Petition on March 6 -------------------------------------------------------- A petition to wind up the operations of All Stainless Limited will be heard before the High Court at Nelson on March 6, 2026, at 11:00 a.m. Flexicommercial Limited filed the petition against the company on Nov. 25, 2025. The Petitioner's solicitor is: Oscar Joseph Ward Urlich Milne Lawyers Limited 3 Owens Road Epsom Auckland 1023 CHIT FACTORY: Creditors' Proofs of Debt Due on March 22 ------------------------------------------------------- Creditors of Chit Factory Limited and Aahaar Limited (trading as Urban Masala Limited) are required to file their proofs of debt by March 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 22, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 GURU NZ: Creditors' Proofs of Debt Due on April 15 -------------------------------------------------- Creditors of Guru NZ Forests Limited are required to file their proofs of debt by April 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 11, 2026. The company's liquidators are: Lynda Smart Derek Ah Sam c/o Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 J C LEE: Creditors' Proofs of Debt Due on March 23 -------------------------------------------------- Creditors of J C Lee Limited (trading as JC Lee Limited) and Connectx Holdings Limited are required to file their proofs of debt by March 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 19, 2026. The company's liquidators are: Leon Francis Bowker Kristal Pihama c/o KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 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 ================= S I N G A P O R E ================= BABY EXPRESS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Feb. 13, 2026, to wind up the operations of Baby Express Singapore Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CARVAL INVESTOR: Creditors' Proofs of Debt Due on March 30 ---------------------------------------------------------- Creditors of Carval Investor Pte. Ltd. are required to file their proofs of debt by March 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 23, 2026. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 MIRAGE GARAGE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Feb. 13, 2026, to wind up the operations of Mirage Garage Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 OUE LIMITED: Net Loss Widens to SGD314.7 Million in H2 FY2025 ------------------------------------------------------------- The Business Times reports that OUE Limited reported a loss of SGD314.7 million in H2 FY2025, 65 per cent more than the SGD190.7 million in red ink in the preceding financial year. According to BT, the real estate and healthcare group on Feb. 27 reported a drop in half-year revenue to SGD324.3 million from SGD332 million the year prior. It attributed the drop to a lower contribution from the real estate segment, from the absence of Lippo Plaza Shanghai's contribution following its divestment in December 2024. BT says the board proposed a dividend of SGD0.01 a share; together with the interim dividend of SGD0.01 a share, the total cash dividend for the year would be SGD0.02 per share, subject to shareholders' approval. Factoring in the SGD35.6 million in profit booked in H1, FY2025 losses came in at SGD279.1 million, narrower by 2.7 per cent from the SGD286.8 million loss previously, BT discloses. This came mainly from the absence of a fair-value loss recognised for Lippo Plaza Shanghai from its divestment, and lower finance expenses. This was partially offset by a higher share of losses from its associated company, Gemdale Properties and Investment Corporation (GPI), and a SGD20 million impairment loss on its investment in GPI. According to BT, revenue for the full year fell 4.6 per cent to SGD617 million, from SGD646.5 million in FY2024. This was the result of lower contributions from the real estate segment, including the absence of contributions from the divested Lippo Plaza Shanghai, though this was partially offset by higher contributions from the commercial portfolio in Singapore. As a result, the group's investment properties and fund management division recorded a 7.4 per cent decline in FY2025 revenue to SGD192.2 million, from SGD207.5 million in FY2024. Revenue from the hospitality division was 4.4 per cent lower in FY2025 at SGD220 million, from SGD230.2 million in FY2024. This was due to a higher base from the previous year's surge in concert-driven tourism and the commencement of the visa-free arrangement between Singapore and China, notes the report. The FY2025 revenue for the healthcare segment grew 0.3 per cent to SGD152.7 million from SGD152.2 million in FY2024, on the back of a stronger performance from specialist clinics in Singapore and contributions from its newly acquired cardiopulmonary physiotherapy business, BT says. However, this was partially offset by depreciation of the rupiah and the yen against the Singapore dollar, and the absence of contribution from the closure of a pharmaceutical distribution business in China. Revenue from the company's "others" segment for FY2025 – primarily contributions from its food and beverage operations - came in at SGD52 million, up 9.8 per cent from the SGD47.4 million in FY2024. This increase was mainly driven by contributions from newly opened dining outlets and the full-year contribution from the dining concepts launched in 2024, says the report. In late December 2025, the group strengthened its healthcare portfolio with the acquisition of an additional 19.32 per cent stake in OUE Healthcare, increasing its total interest to 89.68 per cent, recounts BT. In a bourse filing, OUE said that the global and domestic economic environment remains challenging against the backdrop of heightened trade tensions and policy uncertainty. Its portfolio, comprising commercial properties, hospitality and retail assets, as well as its healthcare segment, is expected to provide a stable performance in 2026, BT relates. OUE Limited (SGX:LJ3) -- https://oue.com.sg/ -- operates as a real estate development, investment, and management company in Singapore, the People's Republic of China, Japan, and Indonesia. It operates through Real Estate, Healthcare, and Others segments. PARKWAY INVESTMENT: Creditors' Proofs of Debt Due on March 31 ------------------------------------------------------------- Creditors of Parkway Investment Holdings Pte. Ltd. are required to file their proofs of debt by March 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 19, 2026. The company's liquidator is: Chee Fung Mei 110 Middle Road #05-03 Singapore 188968 ============= V I E T N A M ============= HANOI POWER: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of 12 south-east Asian power and utility companies in Vietnam, Thailand and Indonesia. These actions follow the update of Fitch's Corporate Rating Criteria and Sector Navigators - Addendum to the Corporate Rating Criteria on 9 January 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Key Rating Drivers For full key rating drivers for each issuer, see the RACs listed below. - Electricity Generating Authority of Thailand - "Fitch Affirms Thailand's EGAT at 'BBB+'; Outlook Negative", dated 3 December 2025. - PT Pertamina Geothermal Energy Tbk - "Fitch Affirms Pertamina Geothermal Energy at 'BBB-'; Outlook Stable", dated 17 April 2024. - PT Perusahaan Gas Negara Tbk - "Fitch Affirms Perusahaan Gas at 'BBB-'/'AA+(idn)'; Outlook Stable", dated 17 April 2025. - Global Power Synergy Public Company Limited - "Fitch Revises Outlook on Global Power Synergy to Stable; Affirms Ratings at 'BBB-' and 'A+(tha)'", dated 4 July 2025. - National Power Transmission Corporation - "Fitch Affirms Vietnam's EVNNPT at 'BB+', Stable Outlook", dated 12 March 2024. - PetroVietnam Gas Joint Stock Corporation - "Fitch Affirms PetroVietnam Gas at 'BB+'/Stable", dated 24 November 2025. - PetroVietnam Power Corporation - Joint Stock Company - "Fitch Affirms PetroVietnam Power at 'BB+'; Outlook Stable", dated 23 May 2024. - Vietnam Electricity - "Fitch Affirms Vietnam Electricity at 'BB+'; Outlook Stable", dated 27 August 2025. - Hanoi Power Corporation, Ho Chi Minh City Power Corporation, Northern Power Corporation, Southern Power Corporation - "Fitch Affirms Vietnam's Five Power Corporations at 'BB+'; Outlooks Stable", dated 12 September 2025. Peer Analysis Refer to each issuer's RAC listed above for details. Corporate Rating Tool Inputs and Scores Electricity Generating Authority of Thailand Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb, moderate), diversification and asset quality (a-, moderate), company operational characteristics (a-, higher), profitability (bbb, moderate), financial structure (a+, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bbb' results in no adjustment. - The SCP is 'bbb+'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach. PT Pertamina Geothermal Energy Tbk Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb+, moderate), market and competitive positioning (b+, higher), diversification and asset quality (bb-, higher), company operational characteristics (bbb+, moderate), profitability (bb+, moderate), financial structure (bbb+, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. PT Perusahaan Gas Negara Tbk Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, higher), market and competitive positioning (bb+, moderate), diversification and asset quality (bbb+, moderate), company operational characteristics (bb, moderate), profitability (bb, moderate), financial structure (a+, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a top-down -1 approach. Global Power Synergy Public Company Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, higher), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb+, moderate), financial structure (b-, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom-up +2 approach. National Power Transmission Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, higher), market and competitive positioning (a-, moderate), diversification and asset quality (bbb+, lower), company operational characteristics (bbb+, moderate), profitability (bb, moderate), financial structure (a+, lower), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a same credit profile for both parent and subsidiary approach. PetroVietnam Gas Joint Stock Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bb+, higher), profitability (bbb, moderate), financial structure (a+, lower), and financial flexibility (bbb-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Weakest link considerations adjustment is applied based on the company operational characteristics factor and results in an adjustment of -1 notch. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a same credit profile for both parent and subsidiary approach. PetroVietnam Power Corporation - Joint Stock Company Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bbb, lower), company operational characteristics (bb+, higher), profitability (bb+, moderate), financial structure (bb-, moderate), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a same credit profile for both parent and subsidiary approach. Vietnam Electricity Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, higher), market and competitive positioning (bb+, moderate), diversification and asset quality (a-, lower), company operational characteristics (bb+, moderate), profitability (bb, moderate), financial structure (a, lower), and financial flexibility (bb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach. Hanoi Power Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, moderate), market and competitive positioning (a-, moderate), diversification and asset quality (bbb, lower), company operational characteristics (a, moderate), profitability (bb-, higher), financial structure (a+, lower), and financial flexibility (bb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. Ho Chi Minh City Power Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb, lower), company operational characteristics (a, moderate), profitability (bb-, higher), financial structure (a+, lower), and financial flexibility (bb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. Northern Power Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb, lower), company operational characteristics (a, moderate), profitability (bb-, higher), financial structure (a+, lower), and financial flexibility (bb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. Southern Power Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb, lower), company operational characteristics (a, moderate), profitability (bb-, higher), financial structure (a+, lower), and financial flexibility (bb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. RATING SENSITIVITIES Refer to each issuer's RAC listed above for details. Liquidity and Debt Structure Refer to each issuer's RAC listed above for details. Issuer Profile Refer to each issuer's RAC listed above for details. Summary of Financial Adjustments Refer to each issuer's RAC listed above for details. Public Ratings with Credit Linkage to other ratings Refer to each issuer's RAC listed above for details. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Electricity Generating Authority of Thailand, PT Pertamina Geothermal Energy Tbk, PT Perusahaan Gas Negara Tbk, Global Power Synergy Public Company Limited, National Power Transmission Corporation, PetroVietnam Gas Joint Stock Corporation, Vietnam Electricity, Ho Chi Minh City Power Corporation, Northern Power Corporation, Southern Power Corporation. The Climate.VS for PetroVietnam Power Corporation - Joint Stock Company is 54 at 2035. The Climate.VS for Hanoi Power Corporation is 50 at 2035. ESG Considerations Refer to each issuer's RAC listed above for details. Entity/Debt Rating Prior ----------- ------ ----- Hanoi Power Corporation LT IDR BB+ Affirmed BB+ PetroVietnam Power Corporation - Joint Stock Company LT IDR BB+ Affirmed BB+ Electricity Generating Authority of Thailand LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Vietnam Electricity LT IDR BB+ Affirmed BB+ Ho Chi Minh City Power Corporation LT IDR BB+ Affirmed BB+ Global Power Synergy Public Company Limited LT IDR BBB- Affirmed BBB- Northern Power Corporation LT IDR BB+ Affirmed BB+ PetroVietnam Gas Joint Stock Corporation LT IDR BB+ Affirmed BB+ Southern Power Corporation LT IDR BB+ Affirmed BB+ PT Perusahaan Gas Negara Tbk LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- National Power Transmission Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ PT Pertamina Geothermal Energy Tbk LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***