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260306.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, March 6, 2026, Vol. 29, No. 47 Headlines A U S T R A L I A AMZGEEKS PTY: First Creditors' Meeting Set for March 10 BIRDSOL PTY: First Creditors' Meeting Set for March 12 ENVIRONMENT MANAGEMENT: First Creditors' Meeting Set for March 12 MINERAL RESOURCES: Moody's Affirms 'Ba3' CFR, Outlook Now Stable OLDFIELDS HOLDINGS: Court Orders Appointment of Liquidators RESIMAC TRIOMPHE 2026-1: S&P Puts Prelim 'BB-' Rating to Cl. F Debt SHEARER HOMES: Second Creditors' Meeting Set for March 10 SHIELD MASTER: Insolvent Licensees Get Indefinite AFCA Memberships STAR ENTERTAINMENT: Two Senior Execs Breached Duties, Court Says SYNTOLOGY PTY: First Creditors' Meeting Set for March 11 C H I N A SEAZEN GROUP: Launches USD Bond Issuance and Share Placements WUHAN RONGJING: Wuhan 1890 Developer Enters Bankruptcy Liquidation I N D I A ARHAM NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating BHALKESHWAR SUGARS: CRISIL Keeps D Ratings in Not Cooperating BILPOWER LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating BLACK ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating BUSH TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating CUBATIC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating DAMARA GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating DANIA ORO: CRISIL Keeps D Debt Ratings in Not Cooperating Category DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating EXTOL INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating GVRMP DHARWAD: CRISIL Keeps D Debt Ratings in Not Cooperating GYASI RAM: CRISIL Keeps D Ratings in Not Cooperating Category INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating JK SURFACE: CRISIL Keeps D Debt Ratings in Not Cooperating KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating MA CHANDI: CRISIL Keeps D Ratings in Not Cooperating Category MALHOTRA ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating PURNO-GOURI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating RAGHAVA PROJECT: CRISIL Keeps D Debt Ratings in Not Cooperating RAIGARH CHAMPA: NCLT Approves JSW Energy's INR700cr Resolution Plan RY MIDAS: CRISIL Keeps D Debt Ratings in Not Cooperating Category S. RASIKLAL: CRISIL Keeps D Debt Ratings in Not Cooperating SAGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating SIRI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating SKS POWER: SC Upholds Sarda Energy's INR1,950 Crore Resolution Plan SPRAY ALCANS: CRISIL Keeps D Debt Ratings in Not Cooperating TERRA REALCON: CRISIL Keeps D Debt Rating in Not Cooperating UPL CORPORATION: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable I N D O N E S I A PAKUWON JATI: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable N E W Z E A L A N D EIGHT ONE: Court to Hear Wind-Up Petition on March 26 IBUILD WAIRARAPA: Creditors' Proofs of Debt Due on April 13 LYNQUARE INVESTMENTS: Creditors' Proofs of Debt Due on April 10 M8 GROUP: Court to Hear Wind-Up Petition on March 27 MSANZ LIMITED: Creditors' Proofs of Debt Due on April 2 TRANSWORX SOUTH: Engineering Company Placed in Liquidation S I N G A P O R E FIABLE GLOBAL: Court Enters Wind-Up Order IPC (SIN) BUILDER: Commences Wind-Up Proceedings MONUMENTAL D3J: Court to Hear Wind-Up Petition on March 13 TOPFORD TRADING: Creditors' Proofs of Debt Due on April 4 YIZHAN CONSTRUCTION: Court to Hear Wind-Up Petition on March 13 S R I L A N K A UNION BANK: Fitch Puts 'BB(lka)' Final Rating to Basel III Sub Debt - - - - - ================= A U S T R A L I A ================= AMZGEEKS PTY: First Creditors' Meeting Set for March 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Amzgeeks Pty Ltd will be held on March 10, 2026, at 10:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Feb. 26, 2026. BIRDSOL PTY: First Creditors' Meeting Set for March 12 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Birdsol Pty Ltd and ACN 648 810 799 Pty Ltd will be held on March 12, 2026, at 11:00 a.m. at the offices of Oracle Insolvency Services, at Suite 1102, Level 81, 81 Flinders Street, in Adelaide, SA, and via virtual meeting technology. Nicholas David Cooper of Oracle Insolvency Services was appointed as administrator of the company on Feb. 27, 2026. ENVIRONMENT MANAGEMENT: First Creditors' Meeting Set for March 12 ----------------------------------------------------------------- A first meeting of the creditors in the proceedings of Environment Management Systems Pty Ltd will be held on March 12, 2026, at 10:00 a.m. at the offices of Oracle Insolvency Services, at Suite 1102, Level 81, 81 Flinders Street, in Adelaide, SA, and via virtual meeting technology. Nicholas David Cooper of Oracle Insolvency Services was appointed as administrator of the company on Feb. 27, 2026. MINERAL RESOURCES: Moody's Affirms 'Ba3' CFR, Outlook Now Stable ---------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to stable from negative. RATINGS RATIONALE MinRes' outlook change to stable reflects the improvement in the company's leverage, cash flow generation and execution risk at the Onslow project. Moody's expects Moody's adjusted leverage to now remain at levels consistent with the Ba3 rating, supported by the transition of Onslow to stable operations and moderating capital spending. Recent operating performance in the first half of the fiscal year ending June 2026 (fiscal 2026), including positive free cash flow generation and improved liquidity following the completion of peak capital spending, has provided clearer visibility on a sustained improvement in MinRes' standalone financial profile, which has been further supported by recent positive movements in lithium prices. The stabilisation of the outlook is also supported by MinRes' actions to strengthen its balance sheet. In November 2025, the company announced a binding agreement to sell a minority interest in its operational lithium assets, including Wodgina and Mt Marion, to POSCO Holdings Inc. (Baa1, Stable). The transaction is subject to regulatory approvals and is expected to complete in fiscal 2026. Proceeds are earmarked for debt reduction and will accelerate deleveraging, while MinRes retains operational control and associated mining services contracts. MinRes registered adjusted debt/EBITDA of around 3.6x for the last twelve months to December 2025 and Moody's expects further improvement to around 2.6-3.0x over the next 12-18 months. The affirmation of MinRes' Ba3 rating continues to reflect the diversity of its operations, including good quality lithium assets, a solid and resilient Mining Services division that provides a degree of revenue stability, and a portfolio of iron ore assets that has strengthened materially following the ramp up of Onslow. MinRes holds a majority interest in Onslow and has a life of mine offtake agreement for the majority of its share of iron ore with Baosteel Resources International Company Ltd. (A3, Stable), which supports volume certainty and cash flow visibility. The successful ramp up of Onslow and its transition to steady state operations have reduced execution risk, including around haulage and shipping reliability, and improved earnings and cash flow visibility relative to prior expectations. MinRes remains constrained by its exposure to commodity price volatility, particularly in lithium, where prices remain highly volatile and recent improvements may not be sustained. These risks are increasingly balanced by improving operating performance and declining capital intensity following the completion of peak capital spending at Onslow. The company's refreshed capital allocation framework, which prioritises balance sheet preservation and debt reduction, further supports this trajectory. OUTLOOK The stable outlook reflects Moody's expectations that MinRes' credit metrics will remain within Moody's tolerance levels over the next 12–18 months, supported by: (1) sustained operating performance at Onslow following its successful ramp-up to nameplate capacity, which has materially reduced execution risk and improved haulage reliability and earnings visibility; and (2) a shift to positive free cash flow generation, underpinned by materially lower capital spending following peak Onslow investment, improving organic cash flow, and the expected completion of the POSCO lithium transaction with proceeds earmarked for debt reduction, supporting further deleveraging and liquidity preservation. While regulatory investigations remain unresolved and governance considerations continue to be a credit factor, Moody's do not currently expect these matters to have a material adverse impact on MinRes' operating performance, liquidity or access to capital markets. LIQUIDITY MinRes has good liquidity with the company reporting cash and cash equivalents of AUD638 million and access to AUD800 million of undrawn revolving credit facilities as of December 2025. Moody's estimates that MinRes' cash on hand, together with expected operating cash flow of around AUD1.4–1.6 billion over the next 12 months, will be more than sufficient to cover the company's near term cash requirements, including debt service and capital spending, over the period. The company has demonstrated flexibility in managing liquidity through the cycle, including suspending dividends, deferring non-essential capital expenditure and redeploying or selling surplus fleet. Moody's expects MinRes to retain the ability to further defer capital spending or pursue additional asset sales if required, consistent with its track record of prudent liquidity management. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS MinRes' CIS-3 indicates that ESG considerations have a limited impact on the current credit rating with the potential for greater negative impact over time. MinRes has exposure to environmental and social risks, but the company's lithium operations face lower carbon transition risk given its commodities produced and the benefit from demographic and social trends of moving towards battery electric vehicles. More importantly, MinRes has increased credit exposure to governance risk arising from prior corporate governance issues and the ongoing uncertainty around their ultimate financial, legal and reputational implications. The company has taken steps to strengthen governance arrangements, including board renewal, enhancements to compliance and oversight processes, and actions to improve succession planning. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings could be considered over the medium term if MinRes demonstrates a sustained strengthening of its financial profile, supported by continued operational delivery at Onslow, resilient Mining Services earnings and a demonstrated track record of adherence to a conservative financial policy that supports balance sheet strengthening and liquidity preservation. Specifically, Moody's could consider upgrading the ratings if: (1) Onslow operates sustainably at or above nameplate capacity, with stable production, costs and shipments across varying weather and market conditions; (2) Mining Services earnings remain resilient, providing consistent support to group cash flow generation through the cycle; (3) financial metrics improve on a sustained basis, with debt/EBITDA maintained below 2.5x and (EBITDA-capex)/interest expense sustained above 3.0x, alongside consistently positive free cash flow generation and strong liquidity buffers; and (4) MinRes continues to adhere to a conservative capital allocation framework, with growth investments paced such that they do not materially weaken credit metrics or liquidity. The ratings could be downgraded if MinRes underperforms Moody's earnings expectations, driven by operational challenges across its portfolio, including execution issues in sustaining production at Onslow (such as haul road reliability), prolonged weakness in commodity prices, and/or material mining services contract losses. A downgrade could also result if MinRes were to commit to multiple growth projects that materially increase funding requirements in a manner inconsistent with its current financial policy. Specifically, Moody's could downgrade the ratings if: (1) debt/EBITDA is sustained above 4.0x; (2) (EBITDA-capex)/interest expense sustained below 2.0x; (3) there is prolonged negative free cash flow generation, and/or (4) its available liquidity (cash and committed undrawn credit facilities) deteriorates materially. RATING METHODOLOGY The principal methodology used in these ratings was Mining published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PROFILE Mineral Resources Limited (ASX: MIN) is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. OLDFIELDS HOLDINGS: Court Orders Appointment of Liquidators ----------------------------------------------------------- TipRanks reports that Oldfields Holdings Ltd has been ordered by the Federal Court of Australia to be wound up in insolvency, with registered liquidator Christian Sprowles appointed to take control of the company. TipRanks relates that the company's securities remain suspended from quotation on the ASX, and the liquidator has begun urgent investigations into its financial position, operations and assets, indicating there is currently no basis for trading to resume and leaving shareholders facing significant uncertainty over any potential recoveries. According to TipRanks, the winding-up follows action by the Deputy Commissioner of Taxation, whose costs are to be reimbursed from the company in accordance with the Corporations Act. Stakeholders have been advised that the liquidator will provide further updates to the exchange and the market as appropriate, signalling an extended period of administration as the insolvency process determines outcomes for creditors and investors. Based in Australia, Oldfields Holdings Limited (ASX:OLH) -- https://www.oldfields.com.au/ -- imports and distributes paint brushes, paint rollers, painter's tools and accessories. The Company is also engaged in hiring and erection of scaffolding and related products, and manufacturing and distribution of scaffolding and related equipment. RESIMAC TRIOMPHE 2026-1: S&P Puts Prelim 'BB-' Rating to Cl. F Debt ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to nine classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-1. RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-1 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The preliminary ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 21.6% of the portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P's ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and swap provider, and Westpac Banking Corp. as bank account provider. The transaction documents for the liquidity facility include downgrade language consistent with its counterparty criteria. S&P has also factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Preliminary Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-1 Class A1, A$250.00 million: AAA (sf) Class A2, A$550.00 million: AAA (sf) Class A3, A$100.00 million: AAA (sf) Class AB, A$50.00 million: AAA (sf) Class B, A$27.50 million: AA (sf) Class C, A$11.50 million: A (sf) Class D, A$4.50 million: BBB+ (sf) Class E, A$3.50 million: BB (sf) Class F, A$1.00 million: BB- (sf) Class G, A$2.00 million: Not rated SHEARER HOMES: Second Creditors' Meeting Set for March 10 --------------------------------------------------------- A second meeting of creditors in the proceedings of Shearer Homes Pty Ltd has been set for March 10, 2026, at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 9, 2026 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Feb. 2, 2026. SHIELD MASTER: Insolvent Licensees Get Indefinite AFCA Memberships ------------------------------------------------------------------ Chris Dastoor at Professional Planner reports that the board of the Australian Financial Complaints Authority (AFCA) has given indefinite extensions of the insolvent licensees implicated in Shield and First Guardian, due to concerns that investors impacted by the $1 billion collapse may not have had a chance to lodge a complaint. However, no new cut-off date for both memberships has been made by the AFCA board, although it is understood that the indefinite extensions will not be permanent, the report says. AFCA announced last September that the board approved the membership extensions of Next Generation Advice and United Global Capital to March 31 and April 18, 2026, respectively, for the same reason, Professional Planner recalls. Professional Planner understands that the decision to do so is due to concerns that just over 2,162 complaints have been made about the AUD1 billion managed investment scheme (MIS) failure (as of Feb. 10, 2026), despite 12,000 investors being involved. According to Professional Planner, AFCA chief ombudsman and CEO David Locke said the decision was made to ensure all potentially impacted investors had the chance to make a complaint. "The AFCA board has decided that no insolvent firm known to be involved in the collapse of the Shield and First Guardian Master Funds will be expelled from AFCA at this time," Mr. Locke said in a statement. "As with our decision to reinstate United Global Capital and extend the membership of Next Generation Advice, this is not a course of action we take lightly or regularly but it is the right course of action. "It would not be fair to close off access to dispute resolution while there remains a significant group of investors who may not yet be aware of their loss, or of their right to lodge a complaint." UGC, Next Gen Advice, Financial Services Group Australia and MWL Financial Services are all in liquidation and have had their licenses cancelled by ASIC, Professional Planner notes. Professional Planner says the other licensee - and only solvent one – implicated in the collapse is InterPrac Financial Planning which is owned by ASX-listed Sequoia Financial Group and is being sued by ASIC. Sequoia had attempted to end a cross-guarantee between its subsidiary licensees which would have ended the sharing of liabilities until intervention from the corporate regulator. The Australian Securities & Investments Commission (ASIC) on Oct. 18, 2024, cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd. Next Gen's licence was cancelled by ASIC after the Queensland Supreme Court ordered the company be wound up on Aug. 23, 2024. About Shield Shield Master Fund is a registered managed fund whose responsible entity is Keystone Asset Management Ltd. It was registered in May 2021. In February 2024, the Australian Securities & Investments Commission (ASIC) halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd and its directors and officers, and the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and others. On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were appointed as joint and several liquidators of Keystone Asset Management Ltd. STAR ENTERTAINMENT: Two Senior Execs Breached Duties, Court Says ---------------------------------------------------------------- The Federal Court has found that two former senior executives of The Star Entertainment Group Ltd breached their duties in relation to their handling of the risks associated with money laundering and criminal activity at one of Australia's major casinos. The Court found that Star's former Chief Executive Officer and Managing Director, Matthias Bekier, and former Chief Legal & Risk Officer, Paula Martin, contravened the law by breaching their duties owed to Star under section 180 of the Corporations Act 2001. The Court dismissed ASIC's case against the seven former non-executive directors after finding they did not breach their duties. The judgment comes 12 months after Star's former Chief Financial Officer, Harry Theodore, and its former Chief Casino Officer, Gregory Hawkins, admitted breaches of their duties as officers of Star before the trial. At that time, the Court imposed financial penalties against Mr. Theodore and Mr Hawkins and disqualified them from managing a public company for 18 months and nine months respectively. In relation to the judgment, Mr. Bekier was found to have breached his duties arising from his: * failure to properly deal with a KPMG report that identified deficiencies in Star's processes for managing AML/CTF risk * failure to properly manage the risks arising from the gambling junket Suncity's operations in Salon 95, an exclusive gaming room provided to Suncity by Star; even after becoming aware of media allegations concerning Crown and Suncity, and * failure to properly manage and escalate to the board issues concerning the impermissible use of China Union Pay (CUP) cards by Star's casino customers. Mr. Bekier was found not to have breached his duties arising from his approval of expanding Star's credit exposure to two of its gambling junket customers, including Suncity, and the management of Star's business association with Mr. Sixin Qin. Ms. Martin was found to have breached her duties in relation to each of the three pleaded contraventions arising from her: * role in failing to properly inform and advise the Board about the risks arising from Star's dealings with Suncity, and * involvement in misleading Star's banker National Australia Bank in relation to the use of CUP cards by Star customers, and in failing to inform the board of these issues. The matter will be listed for a further hearing and ASIC will ask the Court to impose a financial penalty on Mr Bekier and Ms Martin and to disqualify them from managing corporations for a period of time. ASIC Chair Joe Longo said: 'ASIC pursued this case because of the fundamental questions it raised about trust, governance and accountability at one of Australia's largest casino operators. 'The Court found that senior executives have a critical responsibility to identify serious risks, ensure those risks are properly managed, and escalate them to the board. 'We acknowledge that the Federal Court found the non-executive directors did not breach their duties in this case. 'ASIC will always require directors and executives to meet the highest standards of corporate governance because of the crucial role they play in maintaining trust. 'Given the length of the judgment, ASIC will carefully consider its implications as these proceedings move to the penalty phase.' ASIC's case alleged, amongst other things, that: * Mr. Bekier and Ms. Martin did not adequately address the money laundering risks that arose from Star's dealing with Asian gambling junket Suncity and its funder, as well as continuing to deal with them despite becoming aware of reports of criminal links. * Suncity was Star's largest junket, with Star's turnover from Suncity being approximately AUD2.1 billion, AUD4 billion and AUD5.9 billion for the 2017, 2018 and 2019 financial years respectively. * Mr. Bekier and Ms Martin did not appropriately escalate money laundering issues to the Board. * Ms. Martin permitted misleading statements being provided by Star to NAB regarding the use of debit cards issued by China Union Pay International Ltd (CUP) at NAB ATMs located on Star's premises. Those statements disguised the fact that Star was permitting CUP cards to be used for gambling, which was prohibited by CUP. * Mr. Bekier and Ms. Martin failed to report the issue of misleading statements being provided to NAB to the Board. * ASIC is aware over AUD900 million was obtained by Star customers using CUP cards in NAB ATMs from 2013 to 2019. Earlier in these proceedings, former senior executives Gregory Hawkins and Harry Theodore admitted to breaches and were penalised by the Court in 2025. During its investigation, ASIC engaged with AUSTRAC and the gaming regulators in NSW and Queensland. 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. SYNTOLOGY PTY: First Creditors' Meeting Set for March 11 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Syntology Pty Limited will be held on March 11, 2026, at 10:00 a.m. via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on Dec. 29, 2025. ========= C H I N A ========= SEAZEN GROUP: Launches USD Bond Issuance and Share Placements ------------------------------------------------------------- AASTOCKS.com reports that Seazen Group Limited has recently undertaken various financing activities, including the issuance of USD bonds and share placements in February, according to Morgan Stanley's research report. Moreover, the company has also submitted an application to the China Securities Regulatory Commission for public REITs, intending to sell its undervalued shopping mall assets, AASTOCKS.com relates. According to AASTOCKS.com, Morgan Stanley believes Seazen's initiatives will lower its total borrowings and interest expenses. Enhancing cash flow will also significantly reduce its liquidity risk. The broker has raised its target price for SEAZEN from HKD2.77 to HKD3.17, with a rating of Overweight. About Seazen Group Seazen Group operates primarily in residential development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 25, 2025, S&P Global Ratings assigned its 'B-' long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes that Seazen Group Ltd. and Seazen Holdings Co. Ltd. will unconditionally and irrevocably guarantee. New Metro Global Ltd., a special purpose financing vehicle of Seazen Group, will issue the notes. WUHAN RONGJING: Wuhan 1890 Developer Enters Bankruptcy Liquidation ------------------------------------------------------------------ Futubull reports that Wuhan Rongjing Zhenyuan Real Estate Development Co., Ltd., the developer behind Sunac China's large-scale urban renewal project in Wuhan, "Sunac Wuhan 1890", has been ruled by the People's Court of Hanyang District, Wuhan, to enter into Bankruptcy Liquidation Proceedings. According to Futubull, the project is planned to have a total investment of CNY18.8 billion, but has been stalled for a long time due to issues involving debt defaults and cash flow problems. It is reported that this bankruptcy proceeding will affect a trust fund of CNY1.9 billion held by Zhongrong Trust, more than 3,000 homebuyers who have already purchased properties, as well as the interests of several construction contractors, Futubull relates. ========= I N D I A ========= ARHAM NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arham Non Woven Private Limited (ANWPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 11.55 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ANWPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ANWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ANWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ANWPL continues to be 'Crisil D Issuer not cooperating'. ANWPL was incorporated in January 2014 by Mr. Dharmesh Jain and Mr. Nishant Daga. The company, based in Surat, manufactures technical textile fabric made out of polypropylene. The plant is located at Mangrol in Surat (Gujarat). It started commercial operations in January 2015. BHALKESHWAR SUGARS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhalkeshwar Sugars Limited (BSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 18 CRISIL D (Issuer Not Cooperating) Term Loan 12.5 CRISIL D (Issuer Not Cooperating) Term Loan 43.5 CRISIL D (Issuer Not Cooperating) Term Loan 28 CRISIL D (Issuer Not Cooperating) Term Loan 38 CRISIL D (Issuer Not Cooperating) Working Capital 24 CRISIL D (Issuer Not Facility Cooperating) Working Capital 6 CRISIL D (Issuer Not Facility Cooperating) Working Capital 12 CRISIL D (Issuer Not Facility Cooperating) Working Capital 16 CRISIL D (Issuer Not Facility Cooperating) Working Capital 2 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with BSL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BSL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2000, Karnataka-based BSL is promoted by Mr Prakash Khandre. It manufactures sugar and has a cane crushing capacity of about 2500 tonne per day (TPD) and a 14 megawatt co-generation power plant. It is undertaking a debt-funded capital expenditure plan to enhance the sugar crushing capacity up to 4000 TPD and setting up distillery units with total capacity of 60 kilo litres per day. Commercial operation of the distillery is expected to commence from January 2018. BILPOWER LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bilpower Limited (Bilpower) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 90 CRISIL D (Issuer Not Cooperating) Letter of credit 80 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Bilpower for obtaining information through letter and email dated January 30, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Bilpower, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Bilpower is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Bilpower continues to be 'Crisil D/Crisil D Issuer not cooperating'. Bilpower, incorporated in 1989, manufactures transformer laminations. It has manufacturing units at Vadodara (Gujarat), Silvassa (Dadra and Nagar Haveli), Kanchad (Maharashtra), and Roorkee (Uttarakhand). BLACK ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Black Energy India Private Limited (BEIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Overdraft Facility 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BEIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BEIPL continues to be 'Crisil D Issuer not cooperating'. BEIPL, incorporated in 2012, trades in coal. The company also owns a washery in Bilaspur, Chhattisgarh. Mr. Sanjay Singh and Mr. Rohit Singh are the directors. The operations are primarily managed by Mr. Sanjay Singh. BUSH TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bush Tea Company Private Limited (BTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BTCPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BTCPL continues to be 'Crisil D Issuer not cooperating'. Bush Tea was acquired by the current promoter, Mr Sanjay Prakash Bansal, in 2009. Prior to the acquisition, the company exported conventional tea to the US, the UK, and Gulf countries, but now mostly trades in conventional tea in the domestic market. It also trades in a small proportion of organic tea. Bush Tea procures equal amounts of tea from both auction houses and private players and blends it at its warehouse. The company sells tea mostly to players such as Tata Global Beverages Pvt Ltd, Jalpaiguri Tea Company and local players. CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Chem Star International Private Limited (CIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CIPL continues to be 'Crisil D Issuer not cooperating'. CIPL, set up in 2011, trades in shrimp. The Nellore (Andhra Pradesh)-based company has been promoted by Mr Shaik Mahaboob and his family members. COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Coastal Consolidated Structures Private Limited (CCSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Bank Guarantee 9 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CCSPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CCSPL, established in 1996 by Mr M V Ranga Prasad and family, undertakes civil works such as excavation works, dredging, road and ports work. It is headquartered in Vijayawada (Andhra Pradesh). CUBATIC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cubatic Infra and Power Private Limited (CIPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.5 CRISIL D (Issuer Not Cooperating) Proposed Bank 8 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Long Term 12.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CIPPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CIPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CIPPL was set up in 2012 to pursue opportunities in the Real Estate, Infrastructure & Power sectors is based out of Hyderabad and is focused on executing large civil & urban projects such as roads, highways, ports, railway lines etc. The company is promoted by T S Babu, KRS Prasad and T Subba Lakshmi. DAMARA GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Damara Gold Private Limited (DGPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Bank 3 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Working 3.3 CRISIL D (Issuer Not Capital Facility Cooperating) Rupee Term Loan 10.8 CRISIL D (Issuer Not Cooperating) Working Capital 14 CRISIL D (Issuer Not Facility Cooperating) Working Capital 55 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with DGPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DGPL, is a Mumbai based company, is involved in manufacture and wholesale of gold jewellery. The company has manufacturing facility based in Mumbai. DANIA ORO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Dania Oro Jewellery Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 12.5 CRISIL D (Issuer Not Cooperating) Post Shipment Credit 12.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 17.31 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Dania Oro for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Dania , which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Dania is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Dania continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Dynamix group of companies is promoted by Mr. Pramod Goenka. The group manufactures gold, silver, and diamond-studded jewellery, which is mainly exported to the US and the UK. Dania Oro, Say India, Lily, and Yash (set up in February 2006, May 1995, February 2004 and November 2006, respectively), export diamond-studded gold jewellery, while Rolly (established in January 2005) exports light-weight electro-form jewellery. Dynamix Chains, established in October 2007, manufactures specialised chains and pendants, which are exported to the US. Jewel America, a leading jewellery wholesaler in the US, was acquired by the group in February 2009. The group operates through 176 outlets in larger stores, such as Shoppers Stop and Lifestyle, and through two standalone stores. All the sales are made through Nascent Jewellery, which is the domestic subsidiary of the group. The sales are made under the brands Nirvana and Viola. DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Devki Nandan Minerals Private Limited (DNMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.9 CRISIL D (Issuer Not Cooperating) Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DNMPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DNMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DNMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DNMPL continues to be 'Crisil D Issuer not cooperating'. DNMPL was set up in 2016, by promoters, Mr Paresh Nathabhai Gopani, Mr Kailash Laxman Jakasania, and Mr Dinesh Kachrabhai Ghodasara. The company manufactures non-metallic minerals at its plant in Morbi. Operations commenced in August 2017 only. EXTOL INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Extol Industries Limited (EIL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Working Capital 12.5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with EIL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1997, EIL is owned and managed by Mr. Gyanendra Bhatnagar and his family members. EIL operates wind turbine generator facility in Raisen (Madhya Pradesh). The facility started operations in September 2014. GVRMP DHARWAD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of GVRMP Dharwad Ramanagar Tollway Private Limited (GDRTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 50 CRISIL D (Issuer Not Cooperating) Term Loan 35 CRISIL D (Issuer Not Cooperating) Term Loan 65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GDRTPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GDRTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GDRTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GDRTPL continues to be 'Crisil D Issuer not cooperating'. GDRTPL is a special purpose vehicle (SPV) set up as a joint venture between GVR Infra Projects Limited (51%), RMN Infrastructures Ltd (25%) and Prathyusha Group (24%) in 2010. GDRTPL has entered into a 30 year concession agreement with Karnataka Road Development Corporation Limited to widen and maintain SH-34 from Dharwad to Ramanagar (Karnataka) for a total length of 61.4 kms on BOT-toll basis. GYASI RAM: CRISIL Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gyasi Ram Educational Society (GRES) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1.49 CRISIL D (Issuer Not Cooperating) Term Loan 11.83 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GRES for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GRES continues to be 'Crisil D/Crisil D Issuer not cooperating'. GRES was setup in 2008 in Sonipat, Haryana. The society has two colleges in Sonipat, Haryana; International Institute of Technology and Business (I2TB) offering courses in engineering and BBA and International Institute of Pharmaceutical Sciences (I2PS), offering courses in pharmacy and medical lab technology. The founding members of the society are Prof. Rakesh Ranjan, Mr. Ved Dahiya, Prof. Jyoti Ranjan and Mr. Arun Thakran. INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Innovative Infraprojects Private Limited (IIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 17.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IIPL continues to be 'Crisil D Issuer not cooperating'. IIPL, incorporated in 2009, develops residential and commercial real estate projects in Dhanbad, Jharkhand. Its daily operations are managed by Mr. Kashish Vyas. JK SURFACE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of JK Surface Coatings Private Limited (JKSC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.6 CRISIL D (Issuer Not Cooperating) Overdraft Facility 9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.95 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 1.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JKSC for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JKSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JKSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JKSC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1998, JKSC is a service-contractor of protective surface coatings. The company, based in Navi Mumbai (Maharashtra), and promoted by Mr Ajay Sagar and Mr Sanjiv Thakur, undertakes contracts for application of surface-coatings at industrial sites, on both work- and labour-contract bases. KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishnaam Mobile and accessories Private Limited (KMAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KMAPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KMAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMAPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, KMAPL trades in mobile accessories. It is promoted by Mr. Amit Singhania and is based in Delhi. KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Krushna Enterprises (SKE; part of Maa Kalika group) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKE for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKE continues to be 'Crisil D Issuer not cooperating'. The Maa Kalika group, promoted by the Odisha-based Jajodia family is primarily engaged in wholesale trading in of agro items such as sugar, pulses, and edible oil. Operations are primarily managed by Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia. MA CHANDI: CRISIL Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ma Chandi Durga Cement Limited (MCDCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.47 CRISIL D (Issuer Not Cooperating) Long Term Loan 11.26 CRISIL D (Issuer Not Cooperating) Long Term Loan 8.07 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3.20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCDCL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MCDCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCDCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCDCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, MCDCL is promoted by Mr. Kuldip Kedia. It manufactures cement and mild steel ingots in Durgapur, West Bengal. It also trades in iron and steel products such as thermos-mechanically treated bars, pig iron and slag, and does job work for firm, Star Cement. MALHOTRA ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Malhotra Electronics Private Limited (MEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 10 CRISIL D (Issuer Not under Letter Cooperating) of Credit Cash Credit 8 CRISIL D (Issuer Not Cooperating) Letter of Credit 34 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MEPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MEPL was incorporated in 1986 but started operations in 2005. It is promoted by Mr Ravinder Singh Malhotra, and family members Mr Gaganpreet Singh Malhotra and Mr Gurpreet Singh Malhotra. The company, based in Delhi, manufactures LED TVs, multimedia speakers, washing machine and other white goods, at its facility in Greater Noida, Uttar Pradesh. In current fiscal 2021, company has started the manufacturing of Air condition. PURNO-GOURI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Purno-Gouri Cold Storage Private Limited (PGCSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.86 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.14 CRISIL D (Issuer Not Cooperating) Working Capital 1 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PGCSPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PGCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PGCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PGCSPL continues to be 'Crisil D Issuer not cooperating'. PGCSPL was incorporated in 2016 by the promoters, Mr Kartik Ghosh and Mrs Jhulan Ghosh. The company provides cold storage services to potato farmers and traders, and undertakes opportunistic trading in potatoes. The unit, located in Bankura, West Bengal, has a storage capacity of 221,000 quintals. RAGHAVA PROJECT: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Raghava Project Constructions Private Limited (RPCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.25 CRISIL D (Issuer Not Cooperating) Overdraft Facility 0.75 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPCPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RPCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha Rani. The company executes civil contracts in Andhra Pradesh. It is based in Vijayawada, Andhra Pradesh. RAIGARH CHAMPA: NCLT Approves JSW Energy's INR700cr Resolution Plan ------------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has approved JSW Energy Ltd's acquisition of Raigarh Champa Rail Infrastructure (RCRIPL) via the insolvency resolution process. The Sajjan Jindal-led company proposed a INR700 crore revival plan against admitted liabilities of INR543 crore, ensuring lenders a recovery of about 129%. The plan, which received 100% approval from the Committee of Creditors (CoC) in November 2025, was formally sanctioned by the two-member bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, according to Insolvency Tracker. Raigarh Champa Rail Infrastructure Private Limited entered insolvency proceedings on Jan. 1, 2021. RY MIDAS: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RY Midas Alluminiums Private Limited (RY) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Working Capital Demand Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RY for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RY, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RY is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RY continues to be 'Crisil D Issuer not cooperating'. RY was incorporated in 2006, promoted by Mr Jagdishchandra Baluramji Shah and Ms Ashaben Jagdishchandra Shah. The company trades in metals and alloys. In fiscal 2016, it commenced manufacturing aluminium ingots using aluminium/copper alloy waste or scrap at its facility in Ahmedabad, Gujarat. S. RASIKLAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S. Rasiklal and Co. (S. Rasiklal) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Adhoc Limit 1 CRISIL D (Issuer Not Cooperating) Foreign Exchange 0.6 CRISIL D (Issuer Not Forward Cooperating) Packing Credit 3.15 CRISIL D (Issuer Not Cooperating) Packing Credit 1.5 CRISIL D (Issuer Not Cooperating) Post Shipment 10.5 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 5.25 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 12 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with S. Rasiklal for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of S. Rasiklal, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on S. Rasiklal is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of S. Rasiklal continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah, S. Rasiklal was reconstituted as a partnership firm in 1972. The firm is currently managed by Mr. Pravin Shah and his family. The firm manufactures and exports cut and polished diamonds. It is also engaged in the trading of polished diamonds. SAGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sagar Industries (Sagar) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Sagar for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Sagar, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sagar is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Sagar continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1994, Sagar is a partnership concern. The firm is engaged into ginning and pressing of the raw cotton and crushing of cotton seeds. The factory is situated in Surendranagar, Gujarat. SIRI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Siri Foundations (SF) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SF for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SF continues to be 'Crisil D Issuer not cooperating'. SF was set up as a partnership firm in 2018 by Ms P Komalatha, Mr P Umapathy and Mr P Vidya Sagar. The firm derives its revenue from leasing out commercial property located at Venugopal Nagar in Anantpur, Andhra Pradesh. SKS POWER: SC Upholds Sarda Energy's INR1,950 Crore Resolution Plan ------------------------------------------------------------------- The Economic Times reports that the Supreme Court on Feb. 28 dismissed Torrent Power, Jindal Power and Vantage Point Asset Management appeals, upholding Sarda Energy's INR1,950 crore resolution plan for SKS Power. The apex court stated that the commercial wisdom of the lenders is paramount. The National Company Law Appellate Tribunal and National Company Law Tribunal had previously approved Sarda Energy's plan, ET relates. SKS Power Generation (Chhattisgarh) Limited provides power generation services. The Company generates, distributes, and transmits electric energy. The insolvency proceedings for SKS Power Generation began in April 2022 after lenders, including State Bank of India and Bank of Baroda, moved NCLT and filed claims amounting to INR1,890 crore. SPRAY ALCANS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Spray Alcans (SA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SA for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SA continues to be 'Crisil D Issuer not cooperating'. Set up in March 2015 as a partnership firm by Ms. Ashu Goel and her son, Mr. Aayush Goel, SA purchased an existing aluminium can manufacturing unit in Dehradun in November 2015 and commenced operations from February 2016. TERRA REALCON: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Terra Realcon Private Limited (TRPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TRPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TRPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007 and promoted by Mr Mahender Arora and Mr Sunil Chutani, TRPL develops real estate and is currently constructing a residential project, Terra Castle, in Bhiwadi, Rajasthan. UPL CORPORATION: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed UPL Corporation Limited's (UPL Corp) Ba2 corporate family rating and senior unsecured debt ratings. The outlook remains stable. UPL Group (UPL) includes the ultimate holding company UPL Limited and its subsidiaries, including UPL Corp. Despite its subsidiary status, UPL Corp shares significant operational and financial integration with its parent, including a common treasury function, making its risk exposure reflective of the broader UPL Group's credit quality. As such, Moody's ratings for UPL Corp continue to reflect the credit quality of UPL as a whole. "The affirmation of UPL Corp's Ba2 ratings reflects its improving operating performance and meaningful debt reduction over the last 12 months, even as the planned reorganization will reduce the group's economic interest in its crop protection business", says Sweta Patodia, a Moody's Ratings Assistant Vice President and Analyst. "Although UPL's share of revenues and earnings from its crop protection business will decline following the stake dilution, the intercompany debt arrangement ensures priority access to operating subsidiary cash flows for debt servicing," adds Patodia who is also Moody's Ratings lead analyst on UPL Corp. RATINGS RATIONALE On February 20, 2026, UPL Limited announced a reorganization to consolidate its Indian and international crop protection businesses under UPL Global Sustainable Agri Solutions (UPL Global). The new entity will operate as a subsidiary of UPL Corp and will be listed upon completion of the restructuring. Following the reorganization, UPL Limited's economic interest in the crop protection business, the group's main contributor to consolidated earnings and cash flows, will fall to around 66% from around 79%. This will increase organizational complexity and widen the gap between economic interests and reported consolidated results. Nonetheless, operating linkages between UPL entities will remain in place, and the group will retain a unified treasury structure, supporting cash fungibility and liquidity across the group. UPL's underlying business continues to improve on the back of a gradual recovery in the agrochemicals industry. For the nine months ended December 2025 (9M FY25-26), UPL's revenues grew 8% year-on-year while EBITDA margins improved to around 18% from 13%, driven by better product mix, higher capacity utilization and ongoing cost optimization. Over the last 12 months, UPL repaid nearly $800 million of debt using proceeds from its stake sales in Advanta Limited and an equity rights issue. Consequently, gross debt/EBITDA (including factoring) improved to around 4.1x for the last 12 months ended December 2025, from 5.4x in March 2025. Moody's expects gross debt/EBITDA to decline further to around 3.5x by March 2026. UPL's Ba2 CFR continues to reflect its large scale, leading global position in post-patent agrochemicals industry, and geographically diversified, vertically integrated operations, supported by in-house production of key raw materials and a broad product portfolio spanning crop cultivation, protection, and preservation. OUTLOOK The stable outlook reflects Moody's expectations that UPL will maintain strong earnings and cash flow to support its Ba2 ratings, while balancing shareholder and creditor interests as it seeks growth without further adding to organizational complexity. LIQUIDITY Moody's assess UPL's liquidity as weak. Cash and cash equivalents of $572 million as of December 2025 and expected operating cash flow of around $600 million through September 2027 will not fully cover short term debt, scheduled long-term debt maturities, capital expenditures and shareholder payments over the same period. UPL is susceptible to significant intra-year working capital fluctuations, which requires ongoing reliance on uncommitted, short-term working capital facilities to manage temporary mismatches. Any shortfalls or delays in releasing working capital could further pressure UPL's liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating momentum could develop over time if UPL maintains (1) EBITDA margin at or above 20%, (2) gross debt/EBITDA leverage below 3.0x, and (3) EBITDA/interest coverage above 3.0x, while generating consistent positive free cash flow on a Moody's adjusted basis. Downward rating pressure will emerge if UPL's (1) EBITDA margin falls below 12%, (2) gross debt/EBITDA remains above 4.0x, or (3) EBITDA/interest coverage remains below 2.0x. Further dilution of effective ownership in any of the businesses, without corresponding benefits, or actions that increase organizational complexity, would also exert negative pressure on the ratings. Failure to improve liquidity, with continued reliance on uncommitted short-term banking facilities, would also weigh negatively on the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CORPORATE PROFILE UPL Corp is a wholly-owned subsidiary of UPL Limited, a leading global agrochemical company that operates in the post-patent space. UPL Limited generated revenues of INR491 billion ($5.5 billion) and EBITDA of INR88 billion ($970 million) for the last twelve months ended December 31, 2025. Listed on India's National Stock Exchange and the Bombay Stock Exchange, UPL Limited was 33.51% (as of February 05, 2026) owned by its promoter family, led by Jaidev Shroff, chairman and group CEO. ================= I N D O N E S I A ================= PAKUWON JATI: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 corporate family rating of Pakuwon Jati, Tbk. (P.T.) (Pakuwon Jati). At the same time, Moody's have affirmed the Ba1 senior unsecured rating on Pakuwon Jati's 2028 bond. The bond is unconditionally and irrevocably guaranteed by most of Pakuwon Jati's subsidiaries. The outlook on all ratings remains stable. "Pakuwon Jati's stable recurring rental income and prudent financial management will support strong credit metrics over the next two years, even as the company expands into new cities," says Anthony Prayugo, a Moody's Ratings Analyst. "Its low leverage and very good liquidity reinforce its financial resilience." RATINGS RATIONALE Pakuwon Jati's credit quality benefits from stable recurring rental and hospitality income. Recurring revenue was about IDR5.6 trillion in 2025, or roughly 80% of total revenue, and will remain above this level through 2027. Recurring EBITDA/interest coverage will be around 10.0x over the period, while gross debt/recurring EBITDA will improve to around 2.0x. The company's retail malls have maintained average occupancy above 90% for the past ten years. Retail occupancy averaged 94% in 2025 and will remain in the mid 90% range, supported by a weighted average lease expiry of more than three years. Hotel occupancy will be about 60% in 2025-26, with hotel revenue growing by about 10% on contributions from newly opened hotels in Bekasi and Pakuwon City. Moody's estimates marketing sales were IDR1.3 trillion in 2025, about 16% lower than the same period in 2024. Pakuwon Jati will generate IDR1.0-1.5 trillion in marketing sales in 2026 from continued development at its existing superblocks. The company plans to expand its geographic footprint with three new superblocks in Batam, Semarang and Nusantara. Although these projects entail execution risk, the risk is mitigated by the company's strong operating record across its first five superblocks. The Ba1 ratings incorporate Pakuwon Jati's financial prudence. As of September 30, 2025, the company was in a net cash position. Its next material debt maturity is in 2028, when its $333 million bond comes due. The company's disciplined approach to growth, funded largely with internal cash, and its measured dividend policy further support the rating. LIQUIDITY Pakuwon Jati's liquidity will remain very good over the next 12-18 months. As of September 30, 2025, the company had cash and cash equivalents of IDR7.0 trillion. Moody's expects Pakuwon Jati to generate around IDR6.0 trillion of operating cash flow through December 2027, which will be sufficient to cover its estimated dividend payment of around IDR2.0 trillion and projected capital spending of around IDR3.5 trillion during the same period. OUTLOOK The stable outlook reflects Moody's expectations that Pakuwon Jati's earnings over the next 12 months will remain strong, through largely stable recurring income. It also reflects Moody's expectations that the company will maintain financial discipline while pursuing growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade to Pakuwon Jati's ratings over the next 12 months is unlikely because of the company's small scale and geographic concentration compared with its global peers. Nevertheless, prospects for an upgrade could emerge over time if Pakuwon Jati significantly improves its operating scale and its business profile while adhering to conservative financial policies, maintaining good liquidity and demonstrating a prudent approach towards further investments and shareholder distributions. Moody's could downgrade the company's ratings to Ba2 if (1) it fails to implement its business plans; (2) it embarks on an aggressive development growth strategy; or (3) there is protracted weakness in its operations because of worsening macroeconomic conditions or soft property market conditions. Credit metrics that would support a downgrade include adjusted net debt/EBITDA above 3x and EBITDA/interest expense below 4x on a sustained basis. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. The Ba1 rating is three notches below the scorecard-indicated outcome of Baa1. The difference reflects Pakuwon Jati's small scale of operations, limited geographic exposure, as well as the exposure to its cyclical property development business. Pakuwon Jati, Tbk. (P.T.) is listed on the Indonesia Stock Exchange and controlled by the Tedja family. The company develops, manages and operates retail malls, office buildings, hotels, condominium towers and residential townships in Surabaya and Jakarta. ===================== N E W Z E A L A N D ===================== EIGHT ONE: Court to Hear Wind-Up Petition on March 26 ----------------------------------------------------- A petition to wind up the operations of Eight One Two Limited will be heard before the High Court at Auckland on March 26, 2026, at 10:00 a.m. MBC Law Limited filed the petition against the company on Feb. 2, 2026. The Petitioner's solicitor is: Richard McNaughton MBC Law 143 Great South Road Greenlane, Auckland IBUILD WAIRARAPA: Creditors' Proofs of Debt Due on April 13 ----------------------------------------------------------- Creditors of Ibuild Wairarapa Limited are required to file their proofs of debt by April 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 20, 2026. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 LYNQUARE INVESTMENTS: Creditors' Proofs of Debt Due on April 10 --------------------------------------------------------------- Creditors of Lynquare Investments Limited are required to file their proofs of debt by April 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 26, 2026. The company's liquidator is: Geoff Falloon Biz Rescue Limited PO Box 27 Nelson 7040 M8 GROUP: Court to Hear Wind-Up Petition on March 27 ---------------------------------------------------- A petition to wind up the operations of M8 Group Limited will be heard before the High Court at Auckland on March 27, 2026, at 10:45 a.m. M8 Fitout Limited filed the petition against the company on Jan. 28, 2026. The Petitioner's solicitor is: John Ewart Ewart and Ewart 6/2 Claude Road Epsom, Auckland MSANZ LIMITED: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------- Creditors of Msanz Limited are required to file their proofs of debt by April 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 25, 2026. The company's liquidator is: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 TRANSWORX SOUTH: Engineering Company Placed in Liquidation ---------------------------------------------------------- Rachael Comer at The Timaru Herald reports that a South Island engineering business based in Washdyke, Timaru, has been placed into liquidation by shareholder resolution. Brenton Hunt of Christchurch-based Insolvency Matters has been appointed the liquidator of Transworx South Island Ltd, The Timaru Herald discloses. The company was placed into liquidation on February 23, with its sole director listed as Jeffrey McLennan. The majority shareholding was held by G D T No. 5 Ltd. That company had three shareholders: Kennet Grave, Andrew McRae and Craig O'Connor. Transworx South Island Ltd started as a family-owned business in 2004, information on its Facebook page said. According to a notice placed by Mr. Hunt, creditors of the company had until March 31 to make claims, The Timaru Herald relays. Any inquiries could be made to brenton@insolvencymatters.co.nz. ================= S I N G A P O R E ================= FIABLE GLOBAL: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Feb. 20, 2026, to wind up the operations of Fiable Global Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 IPC (SIN) BUILDER: Commences Wind-Up Proceedings ------------------------------------------------ Members of IPC (SIN) Builder Pte. Ltd. on Feb. 20, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 MONUMENTAL D3J: Court to Hear Wind-Up Petition on March 13 ---------------------------------------------------------- A petition to wind up the operations of Monumental D3J Pte. Ltd. will be heard before the High Court of Singapore on March 13, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Feb. 19, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 TOPFORD TRADING: Creditors' Proofs of Debt Due on April 4 --------------------------------------------------------- Creditors of Topford Trading Pte. Ltd. are required to file their proofs of debt by April 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2026. The company's liquidators are: Theng Searn Por Corporate Republic Advisory c/o 2 Venture Drive #11-03 Vision Exchange Singapore 608526 YIZHAN CONSTRUCTION: Court to Hear Wind-Up Petition on March 13 --------------------------------------------------------------- A petition to wind up the operations of Yizhan Construction Pte. Ltd. will be heard before the High Court of Singapore on March 13, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Feb. 20, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ================= S R I L A N K A ================= UNION BANK: Fitch Puts 'BB(lka)' Final Rating to Basel III Sub Debt ------------------------------------------------------------------- Fitch Ratings has assigned Union Bank of Colombo PLC's (UB, BBB-(lka)/Negative) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR3 billion a final National Long-Term Rating of 'BB(lka)'. The proposed debentures, which will mature in five years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 capital and support the expansion of its loan book. The bank expects the proposed debentures to qualify as Basel III-compliant regulatory Tier 2 capital. The debentures include a non-viability clause whereby they convert to ordinary voting shares subject to the occurrence of a trigger event, as determined by the Governing Board of the Central Bank of Sri Lanka. The final rating is the same as the expected rating assigned on 3 October 2025 and follows the receipt of documents conforming to information already received. Key Rating Drivers The proposed debentures are rated two notches below the bank's National Long-Term Rating to reflect Fitch's baseline notching for loss severity for this type of debt and expectation of poor recoveries. There is no additional notching for non-performance risk, as the proposed notes do not incorporate going-concern loss-absorption features. UB's National Long-Term Rating is used as the anchor rating for the instrument, because the rating reflects the bank's standalone financial strength and best indicates the risk of the bank becoming non-viable. Fitch reviewed UB's ratings with no rating action on 8 September 2025. Please refer to the latest rating action commentary - Fitch Upgrades 10 Sri Lankan Banks' National Ratings and Affirms Five after Scale Recalibration - published on 21 January 2025 for the key rating drivers and sensitivities. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the bank's National Long-Term Rating would lead to the downgrade of the subordinated debt rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of the bank's National Long-Term Rating would lead to the upgrade of the subordinated debt rating. Entity/Debt Rating Prior ----------- ------ ----- Union Bank of Colombo PLC Subordinated Natl LT BB(lka) New Rating BB(EXP)(lka) ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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