260323.mbx

260323.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, March 23, 2026, Vol. 29, No. 58 Headlines A U S T R A L I A ATHENA 2021-2PP: Fitch Hikes Rating on Class F Notes to 'BBsf' ATTVEST TRUST 2023-1: Amendment No Impact on Moody's Ba2 on E Notes AZORA ABS 2024-1P: Moody's Upgrades Rating on Class F Notes to Ba3 BOSSCAP GROUP: First Creditors' Meeting Set for March 26 HERE YOU COME: Dolly Parton-Inspired Musical Enters Liquidation ICON GROUP: First Creditors' Meeting Set for March 27 INFINITY PHARMACY: Franchisee Sale Narrows to Final Four Bidders METRO FINANCE 2025-1: Moody's Ups Rating on Class E Notes to Ba1 PANORAMA AUTO 2025-1: Fitch Affirms 'BBsf' Rating on Class E Notes PARKQ PTY: First Creditors' Meeting Set for March 25 QUEST PERSONNEL: First Creditors' Meeting Set for March 26 REDLINE DRILL: First Creditors' Meeting Set for March 26 RESIMAC BASTILLE 2024-2NC: Moody's Ups Rating on Cl. F Notes to Ba2 SHIELD MASTER: Federal Court Finds Macquarie Failed to Monitor Fund VESTONE CAPITAL NO. 2: Fitch Affirms 'BBsf' Rating on Class E Notes WHITEHAVEN COAL: Fitch Gives 'BB+' LongTerm IDR, Outlook Stable C H I N A CHINA EVERGRANDE: Liquidators, PwC to Face Off in Court in May H O N G K O N G CIMG INC: Increases Authorized Shares to 2 Billion From 600 Million NEW WORLD: Cheng Family Bets on Property Rebound for Lifeline UNITED ENERGY: Fitch Puts 'BB-' Long-Term IDR on Watch Negative I N D I A A.P.R. GINN: ICRA Keeps B Debt Rating in Not Cooperating Category AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating ALOK GLASS: ICRA Keeps B+ Ratings in Not Cooperating Category ANANTHA PVC: ICRA Keeps D Ratings in Not Cooperating Category ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating BESTITCH KNITS: ICRA Keeps B+ Debt Ratings in Not Cooperating CLASSIC CORRUGATIONS: ICRA Keeps D Debt Ratings in Not Cooperating DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating ECSTASY REALTY: Insolvency Resolution Process Case Summary FIBRIL TEX: ICRA Keeps B Debt Ratings in Not Cooperating Category GANDHI ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating JAINALCO INDUSTRIES: ICRA Withdraws B+ Rating on INR7cr LT Loan JCR FASHION: Insolvency Resolution Process Case Summary KOTADIYA REALITY: ICRA Keeps B+ Debt Rating in Not Cooperating KRANTI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating LE MARBLE: ICRA Withdraws B+ Rating on INR9cr LT Loan MAMTA TRANSFORMERS: ICRA Lowers Rating on INR5cr LT Loan to D MANGALAM METALS: ICRA Withdraws B- Rating on INR12cr LT Loan MITTAL LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category MOONLIGHT MARBLES: ICRA Keeps D Debt Ratings in Not Cooperating NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating NIMRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating ORISSA CONCRETE: ICRA Keeps D Debt Ratings in Not Cooperating PLEGO TECHNOLOGIES: Voluntary Liquidation Process Case Summary PNB REALTY: ICRA Keeps D Debt Ratings in Not Cooperating Category PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating SURAJBHAN RAJKUMAR: ICRA Withdraws B+/A4 Rating on INR5cr Loan UTRYAN ENERGY: Voluntary Liquidation Process Case Summary VARDHMAN POLYTEX: ICRA Withdraws D Rating on INR232.31cr Loan VASAVI COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating VENKATA UMASHANKAR: ICRA Keeps D Debt Rating in Not Cooperating VOI JEANS: Insolvency Resolution Process Case Summary I N D O N E S I A LIPPO KARAWACI: Moody's Alters Outlook on 'B3' CFR to Stable M A L A Y S I A CAPITAL A: PN17 Upliftment Likely Delayed to August, Analysts Say KHEE SAN: Completes Regularization Plan; Set to Exit PN17 Status N E W Z E A L A N D DOTCO CONSTRUCTION: Creditors' Proofs of Debt Due on April 16 GLOBAL SUPPLY: Creditors' Proofs of Debt Due on May 13 KMJB HARRIS: Court to Hear Wind-Up Petition on March 26 LEMURIAN HOLDINGS: Court to Hear Wind-Up Petition on April 24 NZ BALES: Rodgers Reidy Appointed as Receiver and Manager SS HOLDINGS: Placed in Liquidation Owing NZD3 Million to Investors S I N G A P O R E AGRI PREMIER: Creditors' Proofs of Debt Due on April 20 BLU INC: Creditors' Proofs of Debt Due on April 20 JP RENO: Court to Hear Wind-Up Petition on April 10 NOBLE DRILLSHIP: Creditors' Proofs of Debt Due on April 20 YIZHAN CONSTRUCTION: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ATHENA 2021-2PP: Fitch Hikes Rating on Class F Notes to 'BBsf' -------------------------------------------------------------- Fitch Ratings has upgraded three note classes and affirmed three others from Athena 2021-2PP Trust. At the same time, Fitch has revised the Outlook on class C, D, E and F notes to Positive, from Stable. The transaction is backed by a pool of first-ranking Australian conforming residential full-documentation mortgage loans originated by Athena Mortgage Pty Limited. The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee. The upgrades to the class C, D and F notes reflect the increase in credit enhancement (CE) since the previous review, as the class G note is not included in the principal pro rata payments. The upgrades also reflect the continued good performance of the portfolio over the past year. The Positive Outlook on the class C, D, E and F notes reflects the performance of the portfolio and the expectation that this will continue in the near term. Should the call option not be exercised in December 2026, the transaction will switch to sequential payment, from pro rata, and the deleveraging of the transaction is likely to improve the credit of the rated notes. Entity/Debt Rating Prior ----------- ------ ----- Athena 2021-2PP Trust A AU3FN0065389 LT AAAsf Affirmed AAAsf B AU3FN0065397 LT AAAsf Affirmed AAAsf C AU3FN0065405 LT AA+sf Upgrade AAsf D AU3FN0065413 LT A+sf Upgrade Asf E AU3FN0065421 LT BBB-sf Affirmed BBB-sf F AU3FN0065439 LT BBsf Upgrade B+sf KEY RATING DRIVERS Resilient Asset Performance: Both 30+ and 90+ day arrears for Athena 2021-2PP were 0.6% as of end-January 2026. This is below Fitch's 3Q25 Conforming Performance Monitor 30+ day arrears of 1.13% and in line with the 90+ day arrears of 0.60%. In addition, there have been no losses to date. The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 5.8% is driven by the WA unindexed current loan/value ratio (LVR) of 44.0%, which is calculated by Fitch using valuation data as at closing. WAFF is also driven by investment loans of 16.3% along with 2.6% self-employed borrowers in the pool under Fitch's methodology. The 'AAAsf' WA recovery rate (WARR) of 30.8% is driven by the portfolio's WA indexed scheduled LVR of 43.5% and constrained by the application of the portfolio loss floor. Liquidity Risk Mitigated: Structural features include an amortisation amount that redirects excess income to repay the notes' principal balances after the call option date and a liquidity facility sized at 1.5% of the rated note balance, with a floor of AUD450,000; this is sufficient to mitigate Fitch's payment interruption risk. The transaction is currently paying principal pro rata and will revert to sequential if performance deteriorates significantly or the transaction reaches the clean-up call date. The transaction allows a maximum of 5% fixed rate loans, of which a small portion can be unhedged. This has been factored into its analysis. Low Operational and Servicer Risk: Athena is a non-bank mortgage lender established in 2017 with operations in Sydney, Australia. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in the year to December 2025 and unemployment was 4.1% in January 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The performance of the transaction may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: Class A / B / C / D / E / F Rating: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / BBsf Increase defaults by 15 %: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / BB-sf Increase defaults by 30 %: AAAsf / AAAsf / AAsf / Asf / BB+sf / B+sf Decrease recoveries by 15 %: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf Decrease recoveries by 30 %: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / BB-sf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAAsf / AAsf / Asf / BB+sf / B+sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The Class A and B notes are rated 'AAAsf', which is the highest level on Fitch's rating scale. As such, they cannot be upgraded. Upgrade Sensitivities Notes: Class C / D / E / F Rating: AA+sf / A+sf / BBB-sf / BBsf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AA-sf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was available for the transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ATTVEST TRUST 2023-1: Amendment No Impact on Moody's Ba2 on E Notes ------------------------------------------------------------------- Moody's Ratings announced that the execution of the Deed of Accession, Amendment and Release by Attvest Trust 2023-1 with Effective Date on March 16, 2026 (the Amendment) will not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Moody's current ratings of the notes issued by the mentioned trust. Current ratings of the notes are as follows: Class A Notes, currently rated Aaa (sf) Class B Notes, currently rated Aa2 (sf) Class C Notes, currently rated A2 (sf) Class D Notes, currently rated Baa2 (sf) Class E Notes, currently rated Ba2 (sf) The Amendment includes among others: 1. Change to the Scheduled Availability Termination Date, 2. Changes to some Portfolio Parameters, 3. Changes to some Amortisation Events 4. Changes to the Required Subordination Percentages for the notes, and 5. Reduction to notes margins. The minimum Required Subordination Percentages for the notes are as follows: For Class A Notes, 15% For Class B Notes, 12.2% For Class C Notes, 7.6% For Class D Notes, 4.8% For Class E Notes, 2.2% Moody's updated mean default and PCE assumptions for the transaction is 2.5% and 15.7%, respectively. The transaction is a cash securitisation of a revolving portfolio of insurance premium funding loans to Australian businesses and consumers originated by Attvest Finance Pty Ltd. The majority of the loans are secured by the right to receive unearned premium amounts payable by insurance companies if the borrowers fail to pay the amounts due on the premium finance loans. The principal methodology used in these ratings was "Insurance Premium Finance Securitizations" published in June 2025. Moody's opinions addresses only the credit impact associated with the proposed Amendment, and Moody's are not expressing any opinion as to whether the proposed Amendment has, or could have, other non-credit related effects that may have a detrimental impact on the interests of holders of rated obligations and/or counterparties. AZORA ABS 2024-1P: Moody's Upgrades Rating on Class F Notes to Ba3 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on two classes of notes issued by Azora ABS 2024-1P Trust. The affected ratings are as follows: Issuer: Azora ABS 2024-1P Trust Class D Notes, Upgraded to A3 (sf); previously on Sep 26, 2025 Upgraded to Baa1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Sep 26, 2025 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement for these classes remains commensurate with their respective current rating. Following the February 2026 payment date, the note subordination available for the Class D and Class F Notes has increased to 14.4% and 5.4% respectively, from 13.7% and 4.6% at the time of the last rating action in September 2025. Principal collections have been distributed on a pro-rata basis among the rated Notes since the September 2025 payment date. Current total outstanding notes as a percentage of the total closing balance is 62.7%. As of end-January 2026, 5.3% of the outstanding pool was 30-plus days delinquent and 2.8% was 90-plus days delinquent. The portfolio has incurred 1.5% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected default assumption to 7.5% of the outstanding pool balance (equivalent to 6.2% of the original pool balance) from 8.6% of the outstanding pool balance (equivalent to 7.5% of the original pool balance) at the time of the last rating action in September 2025. Moody's also maintained Moody's Aaa portfolio credit enhancement ("PCE") assumption at 31.0%. Moody's analysis has also considered various scenarios involving different mean default rates and PCE to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of Australian automobile and equipment-backed consumer and commercial loans originated by Azora Asset Finance Pty Ltd and Azora Personal Loans Pty Ltd, and serviced by Azora Finance (Services) Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. BOSSCAP GROUP: First Creditors' Meeting Set for March 26 -------------------------------------------------------- A first meeting of the creditors in the proceedings of BOSSCAP Group Pty Ltd will be held on March 26, 2026, at 10:00 a.m. via Microsoft Teams. Declan Lane of Helios Advisory was appointed as administrator of the company on March 17, 2026. HERE YOU COME: Dolly Parton-Inspired Musical Enters Liquidation --------------------------------------------------------------- The Daily Telegraph reports that Here You Come Again Australia, the company behind a Dolly Parton-inspired musical, has collapsed into liquidation owing unsecured creditors more than AUD1.82 million after touring Australia. Shaun Fernando of Mackay Goodwin Pty Ltd was appointed liquidator of Here You Come Again Australia on Feb. 23, 2026. ICON GROUP: First Creditors' Meeting Set for March 27 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Icon Group WA Pty Ltd, trading as "Stadium 26" and "Icon Special Events", will be held on March 27, 2026, at 10:00 a.m. at the offices of BRI Ferrier Western Australia, at Level 4, 673 Murray Street, in West Perth, WA and via virtual meeting technology. Sally Hutchinson and Giovanni Maurizio Carrello of BRI Ferrier were appointed as administrators of the company on March 17, 2026. INFINITY PHARMACY: Franchisee Sale Narrows to Final Four Bidders ---------------------------------------------------------------- The Australian Financial Review reports that the sale of Infinity Pharmacy Group, the largest franchisee of the Priceline chain, has entered its final stage with four bidders. Among those bidders are Alchemi Group, which is led by Richard Matta, who is better known for running the discount Perfume Empire chain; Priceline franchise partner Andrew Twist, whose family is leading a consortium of pharmacists; Chempro; and Paul Halabi and his HPC Group, according to the Financial Review. Chempro is run by Steven Probert and had already bought several of Infinity's stores last year. Alchemi Group is a management company focused on the pharmacy sector, which operates various brands, including Priceline stores in NSW. Matta, by 2010, had earned a fortune of AUD58 million from Perfume Empire. But six months after appearing on the list, the chain went into receivership. In late December, Wesfarmers put about half of Infinity's Priceline stores into receivership following years of financial difficulties. Wesfarmers acquired the Priceline brand in 2022 as part of a deal when it bought drugs wholesaler Australian Pharmaceutical Industries. There are 91 pharmacies being sold from the Infinity group, of which the majority are branded Priceline, the Financial Review notes. The value of that portfolio is estimated to be between AUD400 million and AUD500 million. The Financial Review says the four final parties vying to acquire those pharmacies are expected to submit bids by the end of the month to Teneo, which is handling the administration. Teneo received 10 bids for the entire portfolio, while there were seven bids for parcels ranging from 20 to 60 sites, according to sources who spoke on the condition of anonymity given the sensitive nature of the process, the Financial Review relays. Those bids were narrowed to the final four parties. Teneo has said it preferred to sell the entire group together or in large parcels. Infinity was founded 15 years ago by managing director Ameet Jeraj, who rapidly expanded the group. But the business last year owed more than AUD400 million to creditors, which included Wesfarmers, when it was put into receivership, the Financial Review discloses. Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of Teneo were appointed as administrators of Infinity Pharmacy Group Pty, IPG Pacific Fair Pty Ltd, IPG Woodford Pty Ltd and Krina K Pty Ltd on Dec. 18, 2025. METRO FINANCE 2025-1: Moody's Ups Rating on Class E Notes to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Metro Finance 2025-1 Trust. The affected ratings are as follows: Issuer: Metro Finance 2025-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on May 13, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on May 13, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on May 13, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on May 13, 2025 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and the good collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the February 2026 payment date, the note subordination available for the Class B, Class C, Class D, and Class E Notes has increased to 10.4%, 6.2%, 4.8%, and 1.4%, respectively, from 8.0%, 4.8%, 3.7%, and 1.1% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current total outstanding notes as a percentage of the total closing balance is 76.9%. As of end-January 2026, 0.5% of the outstanding pool was 30-plus days delinquent and 0.1% was 90-plus days delinquent. The portfolio has incurred 0.09% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 2.0% of the current pool balance (equivalent to 1.6% of the original pool balance) from 2.1% of the pool balance at closing. Moody's also lowered Moody's Aaa portfolio credit enhancement ("PCE") assumption to 13.0% from 13.5% at closing. Moody's increased Moody's recovery rate assumption to 45% from 40% at closing. Moody's analysis has also considered various scenarios involving different mean default rates, PCE, and recovery rates to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of auto loans and leases originated by Metro Finance Pty Limited and extended to prime commercial obligors located in Australia. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PANORAMA AUTO 2025-1: Fitch Affirms 'BBsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has upgraded two and affirmed four tranches from Panorama Auto Trust 2025-1. The Outlook is Positive on one note and Stable on the remainder. The transaction is backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee. The upgrades were driven by the build-up of credit enhancement (CE). The Positive Outlook reflects the relevant notes' sensitivity to decreased defaults and increased recoveries against the rise in CE Fitch expects over the next 12 to 24 months. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2025-1 A AU3FN0095642 LT AAAsf Affirmed AAAsf B AU3FN0095659 LT AAAsf Upgrade AAsf C AU3FN0095667 LT AA-sf Upgrade Asf Commission Note AU3FN0095634 LT AAAsf Affirmed AAAsf D AU3FN0095675 LT BBBsf Affirmed BBBsf E AU3FN0095683 LT BBsf Affirmed BBsf KEY RATING DRIVERS Stable Asset Performance: Obligor default risk is a key assumption in its quantitative analysis. As of end-January 2026, 30+ day arrears were 1.4% and 60+ day arrears were 0.6%, which were below the 4Q25 ABS Performance Monitor index of 1.5% and 0.7%, respectively. Fitch used the 2.41% (5.96x) weighted-average (WA) base-case remaining default rates and 'AAAsf' multiples in its analysis to reflect AAF's latest portfolio performance and the pool composition of this transaction. The recovery base-case is 24.0% for electric vehicles (EVs), with a 'AAAsf' recovery haircut of 60.0%, and 35.0% for non-EVs, with a 'AAAsf' recovery haircut of 50.0%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.0% for 2025 and unemployment was 4.1% in January 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% for both years. Credit Enhancement Supports Ratings: Structural features include a liquidity facility sized at 1.3% of the invested amount of the notes (other than the class G notes), which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was performed to incorporate Fitch's default and recovery expectations, portfolio compositions and the build-up of CE. The transaction is currently amortising principal on a sequential basis and will continue to do so until all the stepdown criteria are satisfied for pro rata payment. During the pro rata period, the rated notes will benefit from some increase in CE as a percentage, since the class G notes' pro rata allocation is redistributed among the rated notes. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the servicer were comparable with those of other auto lenders. ESG - Energy Management: EVs have increased as a proportion of the pool to 15.1% as of 31 January 2026, from 13.4% at closing, resulting in a negative rating impact. Available market data show lower recoveries for EVs compared with non-EVs, although credit performance data for EVs remains limited. Fitch has not adjusted its analytical approach for the transaction, due purely to the "green" nature of the underlying collateral, but referenced available market data for EVs to determine recovery assumptions. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Notes: Commission / A / B / C / D / E Ratings: AAAsf / AAAsf / AAAsf / AA-sf / BBBsf / BBsf 10% WAFF increase: AAAsf / AAAsf / AAAsf / AA-sf / BBB-sf / B+sf 25% WAFF increase: AAAsf / AAAsf / AA+sf / Asf / BB+sf / Bsf 50% WAFF increase: AAAsf / AAAsf / AA-sf / A-sf / BBsf / less than Bsf 10% WARR decrease: AAAsf / AAAsf / AAAsf / AA-sf /BBB-sf / BB-sf 25% WARR decrease: AAAsf / AAAsf / AAAsf / AA-sf / BBB-sf / B+sf 50% WARR decrease: AAAsf / AAAsf / AAAsf / A+sf / BB+sf / Bsf 10% WAFF increase / 10% WARR decrease: AAAsf / AAAsf / AA+sf / A+sf / BB+sf / B+sf 25% WAFF increase / 25% WARR decrease: AAAsf / AAAsf / AA+sf / Asf / BBsf / less than Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / AA+sf / A+sf / BBB+sf / B+sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The 'AAAsf' notes are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Notes: C / D / E Ratings: AA-sf / BBBsf/ BBsf 10% WAFF decrease / 10% WARR increase: AA+sf / BBBsf/ BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2025-1 has an ESG Relevance Score of '5' for Energy Management due to the increase in EVs in the transaction pool, which has a negative impact on the credit profile and is highly relevant to the ratings in conjunction with other factors. The ESG Relevance Score is higher than the baseline Relevance Score of '2' for this general issue in the Australian auto sector. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. PARKQ PTY: First Creditors' Meeting Set for March 25 ---------------------------------------------------- A first meeting of the creditors in the proceedings of ParkQ Pty Ltd will be held on March 25, 2026, at 9:00 a.m. via Microsoft Teams. Glen Oldham of Oldhams Advisory was appointed as administrator of the company on March 16, 2026. QUEST PERSONNEL: First Creditors' Meeting Set for March 26 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Quest Personnel Pty Ltd as trustee for the Quest Personnel Trust will be held on March 26, 2026, at 2:00 p.m. via Microsoft Teams. Morgan Kelly, Stewart McCallum and Martie Tziotis of Ernst & Young were appointed as administrators of the company on March 16, 2026. REDLINE DRILL: First Creditors' Meeting Set for March 26 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Redline Drill & Blast Pty Ltd will be held on March 26, 2026, at 11:00 a.m. via virtual meeting only. Gregory Paul Quin of HLB Mann Judd Insolvency WA was appointed as administrator of the company on March 17, 2026. RESIMAC BASTILLE 2024-2NC: Moody's Ups Rating on Cl. F Notes to Ba2 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on two classes of notes issued by RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-2NC. The affected ratings are as follows: Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-2NC Class E Notes, Upgraded to Baa3 (sf); previously on Jun 30, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Aug 21, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in subordination available to the affected notes and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as their credit enhancement remains commensurate with the current rating for the respective notes. Following the February 2026 payment date, subordination available for the Class E Notes has increased to 2.6% from 1.8% at the time of the last rating action in June 2025. Subordination available for Class F Notes has increased to 1.8% from 0.7% at closing. Principal collections have been distributed on a sequential basis starting from the Class A1 and Class A2 Notes (together, the Class A Notes). Current total outstanding note balance as a percentage of the total closing note balance was 54.9%. As of end-January 2026, 3.3% of the outstanding pool was 30-plus day delinquent and 1.2% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.6% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) from 1.4% of the outstanding pool balance (equivalent to 1.1% of the original pool balance) at the time of the last rating action. Moody's have maintained Moody's MILAN CE assumption at 6.6%. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. SHIELD MASTER: Federal Court Finds Macquarie Failed to Monitor Fund ------------------------------------------------------------------- The Federal Court on March 20 made declarations that Macquarie Investment Management Limited (MIML) contravened the Corporations Act by failing to place the Shield Master Fund (Shield) on a watch list for heightened monitoring. Based on a Statement of Agreed Facts and Admissions filed by the parties, His Honour Justice Wheelahan made declarations that MIML should have placed the Shield investment options on a watch list so that they could be subject to further monitoring, such as additional reporting, due diligence, performance monitoring or other follow-up action. ASIC commenced proceedings against MIML after accepting a court enforceable undertaking that Macquarie pay over 3,000 affected members 100% of the amounts they invested in Shield, less any amounts withdrawn. Approximately AUD321 million was paid to affected members in September last year. Deputy Chair Sarah Court said the outcome was another important milestone as part of ASIC's 2026 enforcement priority related to the collapse of Shield. 'Superannuation trustees play a crucial role safeguarding the retirement savings of their members. 'Australians expect super trustees to take the steps necessary to monitor funds available on their platforms. 'In this case, those steps could and should have triggered closer scrutiny of these investments. 'Following ASIC's investigation, Macquarie paid members quickly, providing them certainty by returning them to the position they were in before their retirement savings were eroded. 'Today's declarations reinforce that trustees must put members first and take active steps to identify and respond to risks,' the Deputy Chair said. In his reasons, Justice Wheelahan said the declarations sought were appropriate because 'they inform the public of the harm arising from Macquarie's contravening conduct, and they deter other corporations from contravening the Corporations Act.' The Court noted that ASIC did not seek a pecuniary penalty against MIML owing to what it considered the exceptional circumstances of the case, including payments made to investors. ASIC continues to investigate misconduct relating to the Shield and First Guardian Master Funds to hold those involved to account. MIML is a subsidiary of Macquarie Group Limited and is the superannuation trustee of the Macquarie Superannuation Plan and operates the Macquarie wrap platform. As superannuation trustee, MIML oversaw approximately AUD321 million in super investments into Shield by around 3,000 of its members between 2022 and 2023. In February 2024, ASIC halted new offers of investments in Shield by making interim stop orders on four product disclosure statements. In June 2024, ASIC took action to secure the assets held within Shield to preserve them for the benefit of investors while investigations continue. ASIC is investigating the conduct of the responsible entity for Shield, its directors and officers, the role of superannuation trustees, certain financial advisers, lead generators and others involved in the promotion and distribution of Shield. ASIC and APRA coordinated closely in relation to this matter, consistent with their collaborative approach to issues of shared regulatory interest. ASIC determined not to seek the imposition of a civil penalty against Macquarie given the exceptional circumstances, including: * the strong public interest in obtaining a timely court-based outcome which will encourage other superannuation trustees to comply with their legal obligations in the context of choice platforms; * the interests of providing affected members who invested into Shield through a regulated superannuation fund with certainty in a timely manner; and * the level of cooperation demonstrated by Macquarie in agreeing to pay members 100% of the amounts invested in Shield less any amounts withdrawn, without waiting for an outcome of the Shield liquidation or proceedings against other parties involved. Proceedings that ASIC has commenced against Equity Trustees Superannuation Limited seeking compensation for investors in Shield, and against Diversa Trustees Limited seeking compensation for investors in First Guardian, are continuing. In December, ASIC announced that Netwealth agreed to pay over AUD100 million in compensation to more than 1,000 Australians who invested their superannuation in the First Guardian Master Fund and has admitted it contravened the Corporations Act. 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. VESTONE CAPITAL NO. 2: Fitch Affirms 'BBsf' Rating on Class E Notes ------------------------------------------------------------------- Fitch Ratings has affirmed five note classes from Vestone Capital ABS Warehouse Trust No. 2. The notes are backed by a pool of first-ranking Australian equipment and software lease and loan receivables originated by Vestone Capital Pty Limited. The notes were issued by Perpetual Corporate Trust Limited as trustee for the Vestone Capital ABS Warehouse Trust No. 2. This is a revolving transaction with the current availability period ending in June 2026, which can be extended. Entity/Debt Rating Prior ----------- ------ ----- Vestone Capital ABS Warehouse Trust No. 2 A LT AAAsf Affirmed AAAsf B LT AAsf Affirmed AAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BBsf Affirmed BBsf KEY RATING DRIVERS Performance within Modelled Defaults: The portfolio's 30+ day arrears were 0.3% and 60+ day arrears were 0.2% at end-January 2026. Fitch did not rerun the Portfolio Credit Model (PCM) or cash flow model in this review, as the transaction remains within its revolving period, observed default rates have been within Fitch's base-case expectations and the pool remains within its portfolio parameters. Fitch's previous analysis took into consideration the historical performance of the Vestone portfolio to arrive at a weighted-average one year default rate of 0.6%; this compares to average annualised default rate of 0.5% for the warehouse. Unchanged Recovery Rates: Fitch analysed Vestone's historical equipment recovery rates to arrive at base recovery rates ranging from zero for energy and software to 10% for other IT equipment. Fitch applied a recovery haircut of 50% at 'AAAsf' to reflect the expected recoveries relative to the economic cycle and stability of collateral characteristics. Obligor Group Concentration Unchanged: The transaction documentation includes pool parameters that limit the portfolio's largest obligor to 3.0% of the pool and largest five obligors to 8.5%. It also limits the largest industry group and aggregate exposure to the three largest industry groups to 22.5% and 47.5%, respectively. Fitch stressed the proxy portfolio's composition close to the parameter limits for each characteristic and incorporated this in Fitch's PCM analysis at last model run. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in the year to December 2025 and unemployment was 4.1% in January 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. This section provides insight into the model-implied sensitivities the transaction faces when assumptions - weighted-average foreclosure frequency, weighted-average recovery rate or net sales proceeds - are modified, while holding others equal. The modelling process uses the modification of default, loss and sales proceeds assumptions to reflect asset performance in up and down environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Fitch conducted sensitivity analysis by increasing gross default levels, decreasing recovery rates and decreasing net sales proceeds over the life of the transaction. Downgrade Sensitivity Based on Fitch's Previous Cash Flow Model Analysis Notes: A/B/C/D/E Rating: AAAsf/AAsf/Asf/BBBsf/BBsf Increase mean defaults by 25%: A+sf / Asf / BBB+sf / BB+sf / Bsf Increase mean defaults by 50%: A-sf / BBB+sf / BBB-sf / BB-sf / B-sf Reduce recoveries by 25%: AAAsf / AAsf / Asf / BBBsf / BBsf Reduce recoveries by 50%: AAAsf / AAsf / A-sf / BBBsf / BB-sf Increase mean defaults by 25% and reduce recoveries by 25%: A+sf / Asf / BBB+sf / BB+sf / Bsf Increase mean defaults by 25% and reduce recoveries by 50%: A-sf / BBB+sf / BBB-sf / BB-sf / B-sf Reduce sale proceeds by 10%: AAAsf / AA-sf / A-sf / BBB-sf / BB-sf Reduce sale proceeds by 25%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf Reduce sale proceeds by 50%: AAsf / A+sf / A-sf / BBB-sf / B+sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivity Based on Fitch's Previous Cash Flow Model Analysis Notes: A/B/C/D/E Decrease mean defaults by 25%, increase recoveries by 25% and increase sale proceeds by 25%: AAAsf/AAAsf/AA+sf/Asf/BBB-sf CRITERIA VARIATION The quantitative assumptions described in the Consumer ABS Rating Criteria - Residual Value Addendum are applicable to vehicles. Therefore, Fitch has derived residual value assumptions for this transaction that are comparable to the U.S. Equipment Lease and Loan ABS Rating Criteria assumptions in relation to giving credit to residual values. Credit to residual values was 50% at 'AAAsf', 60% at 'AAsf', 70% at 'Asf', 80% at 'BBBsf', 85% at 'BBsf' and 90% at 'Bsf'. Fitch also lowered the large obligor concentration stress for local governments, private hospitals, private schools and universities so it applies only to obligors in these categories that exceed 1.0% of the pool, rather than the criteria level of 0.5%. This variation positively impacts the model-implied note ratings by five notches for class A, four notches for class B, two notches for class C and one notch for classes D and E. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of Vestone's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. WHITEHAVEN COAL: Fitch Gives 'BB+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has published Whitehaven Coal Limited's (WHC) Long-Term Issuer Default Rating (IDR) of 'BB+' with a Stable Outlook. Fitch has also assigned 'BBB-' ratings to the proposed first-lien senior secured term loan and first-lien senior secured revolving credit facility to be arranged by WHC's wholly owned subsidiary, Australian MetCoal Financing Pty Ltd, and guaranteed by WHC. The IDR reflects the company's robust business profile following the integration of the Daunia and Blackwater mines, which has increased scale and diversification and reduced energy transition risk, with metallurgical coal now accounting for about 60% of revenue. The IDR also reflects the improved cost position of Blackwater and Daunia. The Stable Outlook is supported by WHC's credit metrics remaining within Fitch's sensitivities for the IDR, bolstered by net cash proceeds from the sale of a 30% stake in Blackwater. Key Rating Drivers Improved Scale and Diversification: WHC's acquisition of Daunia and Blackwater has significantly increased scale and diversification. Managed run-of-mine (ROM) production increased to about 39 million tonnes (MT) in the first full year of ownership in the financial year ended June 2025 (FY25), from 25 MT in FY24, with plans for further incremental growth to FY29, in line with peers rated 'BB+'. Blackwater also offers further expansion potential, including mining at Blackwater South, which is not captured under its rating case. The acquisition has diversified WHC's product range to include hard and semi-hard coking coal, and pulverised coal. Customer concentration risk is lower with the addition of long-term customers in India and Southeast Asia. Operational diversification is also stronger, with six operating mines and three export ports across the Australian states of New South Wales and Queensland, mitigating reliance on a single port and reducing asset concentration. Improved Cost Position: Cost reductions since WHC's acquisition have improved Blackwater and Daunia's cost positions, delivering about AUD100 million in annualised savings and lifting both mines into the second cost quartile from the third for Blackwater and the fourth for Daunia. Fitch expects WHC's additional cost reductions and higher production to reduce free-on-board unit costs gradually by FYE29 (FY25: AUD139/tonne (t)). WHC targets about AUD80 million of additional annualised savings across the business by FYE26. Escalating Conflict to Support Thermal Coal Prices: Fitch expects the Middle East conflict to support thermal coal demand in east Asia as a substitute for oil and natural gas. This could lift WHC's earnings in the near term, but the extent of the increase in thermal coal prices will depend on the duration of the conflict. The effect on metallurgical coal demand is less clear as a prolonged conflict could increase global economic uncertainty and weaken steel demand and production. Disciplined Balance Sheet Management: Fitch forecasts EBITDA net leverage to increase to about 1.3x in FY26, from 0.5x in FY25, reflecting softer coal prices in 1HFY26, Fitch's coal price assumptions and payment of the second deferred payment to BMA. However, Fitch expects WHC to remain disciplined in managing its balance sheet, prioritising capital needs, such as fleet replacement and development projects, and adhering to its capital allocation framework, which targets leverage of 0.5x to 1.5x. Fitch expects EBITDA net leverage to remain around 1.5x through FY29. Strong Liquidity and Lower Funding Costs: Fitch expects WHC's liquidity to remain strong, supported by consistent positive free cash flow generation over the cycle and the 30% sell-down of Blackwater to Japanese steelmakers in FY25. WHC has set aside the proceeds to cover the second deferred payment to The BHP Mitsubishi Alliance (BMA) of USD500 million, due April 2026, for the acquisition of Blackwater and Daunia. WHC's transformation into a predominantly metallurgical coal producer has improved funding access. The proposed refinancing is likely to reduce interest costs and diversify funding, with staggered tenors extending weighted-average debt maturity. Fitch will reflect any sustained improvement in access to capital markets in the rating once WHC demonstrates a consistent record. However, a deterioration in investor sentiment toward metallurgical coal funding, like in thermal coal, could weaken WHC's future capital-market access. Long Mine Life Extension: WHC's mine life could extend beyond 50 years, supporting its strong position compared with some APAC peers. Blackwater provides access to around 1,800 MT of coal resources, and WHC has identified growth projects, subject to government approvals, that could further help sustain and extend the life of its mining operations. WHC reported proved, marketable reserves of 860 MT (100% managed basis) as of December 2025, implying around 30 years of reserve life based on the FY25 managed saleable production of 30 MT. Reduced Near-Term M&A Risk: Fitch expects WHC's M&A appetite to remain subdued over the next few years as it completes the integration of Daunia and Blackwater. WHC may explore opportunities once the mines are fully integrated. Any significant acquisitions could put pressure on WHC's rating. Still, Fitch views the risk of a sustained deterioration in WHC's credit metrics following an acquisition as low, reflecting WHC's stringent acquisition criteria and conservative balance sheet. Loan and Revolver Notched Up: The proposed first-lien senior secured term loan and first-lien senior secured revolving credit facility rank pari passu and total about AUD500 million. The instruments are rated one notch above WHC's IDR, reflecting first-ranking security over the Queensland group's assets and property that generate the majority of consolidated earnings and guarantees from WHC. Peer Analysis WHC's IDR is underpinned by improved scale and diversification, long mine life and disciplined capital allocation, partly offset by higher costs. WHC largely produces metallurgical coal, which has lower risks than thermal coal and typically higher margins. Most peers produce thermal coal and within that segment, Australian thermal coal has higher calorific value and lower ash than Indonesian thermal coal. This supports demand from Asian high-efficiency, low-emission power plants and makes the Australian thermal coal harder to replace. WHC has a larger operational scale than Golden Energy and Resources Pte. Ltd. (GEAR, B+/Negative). GEAR's cost position improved to a level comparable with WHC following its acquisition of the Illawarra metallurgical coal mines in 2024; however, WHC has a stronger financial profile, with lower leverage and greater financial flexibility. These factors justify the three-notch difference in ratings between WHC and GEAR. Indonesian peers PT Indika Energy (B+/Stable), PT Golden Energy Mines (GEMS, BB-/Stable) and PT Mineral Industri Indonesia (Persero) (MIND ID, BBB-/Positive, SCP: 'bb-') are rated two to three notches lower than WHC's rating because of the weaker business and financial profiles and a less stable regulatory regime than in Australia. WHC has a significantly larger EBITDA than GEMS, reflecting its greater exposure to higher-margin coking coal, whereas GEMS is mainly exposed to thermal coal. WHC's operational scale is broadly similar to Indika Energy's in terms of managed production and saleable volume, with a further increase in unit profitability following the mine acquisitions due to the higher coal grades. Compared with MIND ID, WHC's stronger financial profile more than offsets the slightly weaker business profile. In addition, WHC has a significantly longer mine reserve life and more diversified operations than Indonesian thermal coal miners. Fitch’s Key Rating-Case Assumptions - Share of saleable production of around 26 MT to 29 MT over FY26 to FY29. - Premium hard coking coal (HCC) price assumptions in line with Fitch's HCC price deck as of December 2025. - Thermal coal price assumptions in line with Fitch's Newcastle 6,000kcal/kg thermal coal price deck as of December 2025. - Pulverised coal injection and semi-soft coking coal price assumptions based on a 25% and 40% discount, respectively, from Fitch's HCC price deck as of December 2025. - FOB unit costs (based on share of saleable production and excluding royalties) to gradually decrease from around AUD140/t in FY25 to around AUD130/t in FY29, due mainly to production uplift, optimising strip ratios and cost reductions. - Resulting EBITDA margin to average 16% over FY26 to FY29. - Total capex (excluding deferred and contingent consideration) of around AUD2 billion over FY26 to FY29, mainly consisting of sustaining capex. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb+, moderate), market and competitive positioning (bb, higher), diversification and asset quality (bbb-, moderate), company operational characteristics (bbb-, higher), profitability (b+, lower), financial structure (bbb+, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast years 2026 and 2027, and 25% for the forecast years 2028 and 2029. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA net leverage rising to above 2.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An improvement in the cost position and increased exposure to metallurgical coal while maintaining a strong financial profile and larger operational scale would lead to an upgrade. Liquidity and Debt Structure WHC had readily available cash of AUD1.1 billion, with no material short-term loan maturities, as of 31 December 2025. Long-term debt mainly comprised the USD1.1 billion secured credit facility, due March 2029, which was used to fund the acquisition of Daunia and Blackwater in 2024. WHC also had a secured revolver facility, with around AUD370 million remaining undrawn. Issuer Profile WHC is a publicly listed Australian coal miner, with a market capitalisation of about AUD7 billion as of 6 March 2026. WHC owns and operates three open cut mines (Maules Creek, Tarrawonga and Vickery) and an underground coal mine (Narrabri) in New South Wales, and the Blackwater and Daunia open-cut mines in Queensland. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for WHC is 63 at 2035. This is primarily driven by the energy transition risk, given WHC's material exposure to thermal coal. However, this is mitigated by its predominant exposure to metallurgical coal, which is a critical component of blast furnace steelmaking essential for the global energy transition, as steel is used in the construction of renewable energy infrastructure. Therefore, the climate transition risks for metallurgical coal miners are lower than for thermal coal miners. WHC's other initiatives to manage climate transition risk include an overall Scope 1 emissions-intensity reduction target of 32% by FY30, to be achieved mainly through the use of carbon credits where feasible abatement initiatives do not meet its obligations. WHC also continues to offset around 100% of its Scope 2 emissions by purchasing Climate Active-certified carbon neutral electricity. It has commenced the development application process for a solar farm to reduce the Narrabri mine's use of electricity from the grid. Nevertheless, Fitch thinks that the energy transition risk, more specifically the impact on funding access, will have a limited impact on WHC's credit profile over the next few years. However, if access to debt funding continues to tighten, as is the case for thermal coal miners, due to climate transition concerns of banks, it could have a more significant impact on its credit profile. That said, its rating case reflects its expectation that WHC would be able to maintain its leverage in line with its current rating level in the absence of further material acquisitions. ESG Considerations WHC has an ESG Relevance Score of '4' for GHG Emissions & Air Quality, as it derives a substantial portion of its revenue from thermal coal and faces the risk of declining demand in the medium-to-long-term because of coal's high carbon footprint, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Funding access for thermal coal companies has progressively tightened, although WHC is less exposed to this trend because it largely produces metallurgical coal, where funding availability remains strong. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Whitehaven Coal Limited LT IDR BB+ Publish Australian MetCoal Financing Pty Ltd senior secured LT BBB- New Rating ========= C H I N A ========= CHINA EVERGRANDE: Liquidators, PwC to Face Off in Court in May -------------------------------------------------------------- Bloomberg News reports that China Evergrande liquidators' lawsuit to claw back funds from the builder's auditors will finally reach its first public court hearing in May, about two years after being filed. Bloomberg relates that the parties in the case - China Evergrande Group (in liquidation) and PricewaterhouseCoopers International - will gather in the Hong Kong High Court on May 18, according to the court schedule on its website. The hearing will focus on whether PricewaterhouseCoopers International can strike out the claims, it said. According to Bloomberg, the case may reveal how far auditors can be held accountable for their work on insolvent companies accused of fraudulent accounting. Any financial ruling against PwC would intensify the regulatory pressure it already faces over its work with Evergrande. Edward Middleton and Tiffany Wong of US turnaround advisory firm Alvarez & Marsal - acting as liquidators on behalf of Evergrande's creditors - filed the case in March 2024 against PwC and the accounting firm's mainland China arm, roughly two months after the defaulted builder was ordered to be wound up, Bloomberg says. The plaintiffs alleged "negligence" and "misrepresentation" in PwC's auditing work on Evergrande's past financial statements. PwC and the liquidators didn't immediately reply to requests for comment, Bloomberg notes. PwC's Chinese affiliate is not listed as a party for the May hearing. The liquidators have been working to recover Evergrande-related assets, including dividends and remuneration from several defendants, among them founder Hui Ka Yan. Meanwhile, PwC continues to face scrutiny over its role in Evergrande's accounting, Bloomberg states. In 2024, Chinese authorities suspended PwC's operations in the country for six months and imposed a fine of CNY441 million (US$64 million). About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ================= H O N G K O N G ================= CIMG INC: Increases Authorized Shares to 2 Billion From 600 Million ------------------------------------------------------------------- CIMG Inc. disclosed in a regulatory filing that it filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State to increase the number of authorized shares of the Company's common stock. The amendment increased the Company's authorized shares of common stock from 600,000,000 shares to 2,000,000,000 shares, par value $0.00001 per share. The increase in authorized shares was previously approved by the Company's board of directors and by the holders of a majority of the Company's outstanding voting power through written consent on December 24, 2025. In connection with the stockholder action by written consent, the Company filed an Information Statement on Schedule 14C with the Securities and Exchange Commission on January 9, 2026, describing the authorized share increase and related matters. A full text copy of the Certificate of Amendment is available at https://tinyurl.com/3sxzkkv5 About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $74.18 million in total assets, $27.65 million in total liabilities, and a total stockholders' equity of $46.53 million. NEW WORLD: Cheng Family Bets on Property Rebound for Lifeline ------------------------------------------------------------- Bloomberg News reports that unwilling to cede control over New World Development Co., Hong Kong's billionaire Cheng family is now betting on the revival of the city's property market and mulling options like a public share sale to meet the embattled developer's debt obligations. After high-profile flirtations with investors including Blackstone Inc., the Chengs are now convinced that the property market rebound will gather pace, alleviating the pressure on them to strike a deal that would involve giving up a controlling stake, people familiar with the matter said, Bloomberg relates. That will alleviate the pressure on them to strike a deal that would involve giving up a controlling stake, sources said. An improving outlook for New World has also given the family, led by patriarch Henry Cheng, confidence to be more selective with investors, said sources, asking not to be identified discussing private deliberations, according to Bloomberg. Bloomberg relates that one of the leading options is a roughly US$4 billion share sale by New World, either to selected investors including the Chengs or to all shareholders on a pro-rata basis. This would mean that the family, holding about 45 per cent in the company, will contribute about US$1.8 billion, sources noted. They added that talks on all proposals are preliminary, and details including the investment size are subject to change, Bloomberg relays. Bloomberg adds that the pivot comes as Hong Kong housing prices are forecast to climb as much as 15 per cent this year and prime mall rents by up to 5 per cent, said JPMorgan Chase and CBRE Group. That recovery would bolster the developer's core business operations, which narrowly avoided default in 2025 thanks to a record US$11 billion bank refinancing. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier last year. NWD secured a HKD5.9 billion term loan facility led by Deutsche Bank AG, announced on Sept. 25, 2025. The facility is secured by a first-ranking mortgage on the Victoria Dockside property. This loan, part of a larger refinancing effort, was smaller than the initially targeted HKD15.6 billion, highlighting continued lender caution, Bloomberg News said. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. UNITED ENERGY: Fitch Puts 'BB-' Long-Term IDR on Watch Negative --------------------------------------------------------------- Fitch Ratings has placed the 'BB-' Long-Term Issuer Default Rating (IDR) on United Energy Group Limited (UEG) on Rating Watch Negative. The 'BB-' senior unsecured rating has also been placed on Rating Watch Negative. The rating action reflects Fitch's view that a prolonged closure of the Strait of Hormuz would expose UEG to significant operational risks that could materially weaken its business and financial profile. Fitch's baseline is that the conflict will be short-lived, but this is subject to particularly high uncertainty. Key Rating Drivers Exposed to Strait of Hormuz: Fitch views UEG's oil business in Iraq as highly vulnerable to conflict in the Middle East as it relies on the Strait of Hormuz for exports. UEG operates under contracts with Iraq's national oil companies, which take all output and remunerate UEG in physical barrels. These barrels are sold to the company's trading partners, with proceeds remitted to offshore accounts, making continuity in regional logistics and market access critical to UEG's cash flow. UEG's operations may be materially disrupted if the Strait of Hormuz is closed for a prolonged period, particularly as over 80% of its reserves and around 55% of its production are in Iraq at end-2024. Adequate Liquidity Against Short-Term Disruptions: Fitch expects UEG's cash on hand to fully cover its short-term debt at end-2025, with no material bullet loan maturities in the next 12 months. Fitch also does not expect the company to face material pressure on working capital due to flexible capital expenditure. Fitch expects UEG's investment in Uzbekistan to be covered by matching project loans with no additional funding needs. Strong Financial Profile Provides Buffer: UEG has a strong balance sheet with cash neutral position at end-June 2025. Fitch expects UEG's financial profile to remain consistent with the 'BB-' rating in the event of temporary interruptions to production and logistics and increases in operating costs. Fitch's base case assumption is for a short-lived closure of the Strait of Hormuz, but this is subject to particularly high uncertainty. Smaller Operations Outside Iraq: UEG also owns assets in Pakistan and Egypt and has signed an agreement to undertake production enhancement in Uzbekistan in June 2025. Its assets outside Iraq remain operational and could benefit from higher oil prices, should the Strait of Hormuz be locked down for a prolonged period. The combined scale of the non-Iraq business, including the working interest of the Uzbekistan assets, is around 80 million boe of reserves and 200 kboe of daily production, commensurate with a 'B' category business profile. Rating Watch Negative Resolution: Fitch will closely monitor developments in Iraq's security situation and the status of the Strait of Hormuz. A deterioration of the operating environment, including prolonged closure of the strait, could lead to UEG's inability to operate assets in Iraq and could trigger negative rating action. Peer Analysis UEG and PT Medco Energi Internasional Tbk (BB-/Stable) both focus on upstream production in emerging markets with moderate scale and limited diversification. Medco is slightly larger and benefits from fixed-price gas contracts, supporting stable earnings. UEG has a stronger financial profile with lower leverage and higher EBITDA interest coverage. Medco's assets are in lower-risk regions, while UEG mitigates location risks through offshore US dollar collections and international sales. Compared with Azule Energy Holdings Limited (B+/Stable), which operates primarily in deep water offshore Angola, UEG faces no material transfer and convertibility risks, unlike Azule, whose rating is constrained by these risks. UEG's business profile is slightly weaker due to lower production and reserves, but both have low leverage and robust coverage ratios. UEG's production is much larger than that of Colombia's GeoPark Limited (B+/Positive) which averages production of 40 kboe per day and has a 1P reserve life of 5.4 years, both below UEG's metrics. GeoPark's rating is constrained by its small scale and limited diversification, while UEG has stronger coverage, lower leverage, larger reserves and higher production. Fitch's Key Rating-Case Assumptions - Closure of the Strait of Hormuz to be less than a month; - Oil and gas prices assumptions: for Brent, USD69/barrel (bbl) in 2025, USD67/bbl for 2026, USD63/bbl for 2027 and USD60/bbl for 2028 (2024: USD80.5/bbl); - Daily working-interest production to be around 110kboe/d over 2025-2028 (2024:108kboe per day); - Revenue growth of -1.5% in 2025, 2% in 2026, 3.2% in 2027 and -0.6% in 2028 (2024:28.9%) - EBITDA margin of 39% in 2025, 43% in 2026, 41% in 2027 and 37% in 2028 (2024: 43.8%); - Capex of HKD4.2 billion in 2025, HKD5.9 billion in 2026, HKD5.1 billion in 2027 and HKD4.4 billion in 2028 (2024: HKD6.3 billion); - Investment or acquisition cash outflow of HKD1.4 billion in 2025, HKD0.8 billion in 2026, HKD1.0 billion in 2027 and HKD1.0 billion in 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, lower), market and competitive positioning (bb-, moderate), diversification and asset quality (bb-, higher), company operational characteristics (bb-, higher), profitability (b+, moderate), financial structure (aa+, lower), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in the operating environment, including downgrade of the sovereign ratings of key operating regions - Deterioration in the financial profile, including tighter liquidity or weaker funding access - Longer than envisaged closure of the Strait Hormuz or operational disruption of key assets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is not anticipated given the Rating Watch Negative. Fitch may remove the Rating Watch and affirm the ratings if the downgrade triggers are not met. Liquidity and Debt Structure Fitch expects UEG's cash on hand to fully cover its short-term debt at end-2025, with no material bullet loan maturities in the next 12 months. UEG's cash and equivalents were HKD2.0 billion at end-June 2025, adequate to cover short-term debt of HKD1.3 billion. Short-term debt is mainly the repayment facility from UEG's trading partners. Fitch estimates UEG had an unused facility of over USD500 million at end-October 2025 to support its planned investments. Issuer Profile UEG is a medium-sized upstream oil and gas producer listed on the Hong Kong Stock Exchange. The company operates assets in Iraq, Pakistan and Egypt. Its 1P working-interest reserve as of end-2024 was 442mmboe (Iraq 384mmboe, Pakistan 49mmboe and Egypt 8mmboe). Its daily working-interest production was 108 kboe/day (Iraq: 60kboe/day, Pakistan 37kboe/day, Egypt 12kboe/day) in 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- United Energy Group Limited LT IDR BB- Rating Watch On BB- senior unsecured LT BB- Rating Watch On BB- ========= I N D I A ========= A.P.R. GINN: ICRA Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of A.P.R. Ginn and Pressing Mills in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Cash Credit continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding A.P.R. Ginn And Pressing Mills's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with A.P.R. Ginn And Pressing Mills, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. A.P.R. Ginn & Pressing Mills is a proprietorship concern established in the year 1985 by Mr. A.P.Rangasamy. The Firm operates a cotton ginning and pressing unit in Coimbatore, Tamil Nadu with 24 ginning machines each with a production capacity of 50 kg of ginned cotton per hour. APR mainly deals in DCH variety of raw cotton which is procured directly from farmers. The firm produces cotton lint which is sold to various dealers. AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term rating of Agron Logistics India Private Limited (ALIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ALIPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with ALIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2006, Agron Logistics India Private Limited is promoted by Mr. Sadanand Pandey. ALIPL is a logistic service provider primarily engaged in providing full truck load bulk cargo transportation services on an annual contract basis. The company operates a fleet of around 500 trucks, out of which 63 trucks are owned and the remaining are leased by the company. The company also provides value-added services like couriering, freight forwarding and warehousing to its customers as per their requirements, with its warehouses located across the country. AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ajay Engicone Private Limited (AEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.28 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 8.47 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Non Fund Based/ remain under 'Issuer Not Others Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with v, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in March 1997, AEPL constructs and maintains roads, dams, canals and bridges in the states of Jharkhand and Bihar. The company is registered as a Class-I contractor with the Road Construction Department, Jharkhand. In 1997, it took over the entire business of the partnership firm -M/s Ajay Construction, which had been in the same line of business since 1982 ALOK GLASS: ICRA Keeps B+ Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term and short-term ratings of Alok Glass Works in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.92 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.58 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Alok Glass Works's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Alok Glass Works, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mr. Nannumal Agarwal and his brother Mr. Aditya Agarwal established AGW as a partnership firm in 1987. Mr Mohit Agarwal who joined the firm in 1998 is currently managing it. The firm is engaged in the manufacturing of glass products such as glass bangles, glass chimneys and other glassware. The firm's manufacturing unit located in district Firozabad, Uttar Pradesh, has an area of 1.06 lakh square feet and has daily production of 35 metric tonnes of glass. In FY15, the firm reported a net profit of INR0.15 crore on an operating income of INR23.80 crore, as compared to a net profit of INR0.13 crore on an operating income of INR17.00 crore in the previous year. ANANTHA PVC: ICRA Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Anantha PVC Pipes Private Limited (APPPL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Short Term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Rating continues to remain under Based-Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding APPPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with APPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Anantha PVC Pipes Private Limited (APPPL), was founded in 2002 as a proprietorship concern which was converted to private limited company in 2006. APPPL is a part of Nandyal (Andhra Pradesh) based Nandi Group of companies, promoted by Mr. Sajjala Sreedhar Reddy. APPPL is engaged in the business of manufacturing rigid Polyvinyl Chloride (PVC) pipes and fittings with installed capacity of 12,800 MTPA at its facilities located at Hampapuram (Andhra Pradesh). The products are widely used in irrigation, telecommunication, potable water supplies, electrical industry, construction industry, sewerage and drainage etc. ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Annapurna Trading Company in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 2.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Cash Credit Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Annapurna Trading Company's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Annapurna Trading Company, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2006, Agron Logistics India Private Limited is promoted by Mr. Sadanand Pandey. ALIPL is a logistic service provider primarily engaged in providing full truck load bulk cargo transportation services on an annual contract basis. The company operates a fleet of around 500 trucks, out of which 63 trucks are owned and the remaining are leased by the company. The company also provides value added services like couriering, freight forwarding and warehousing to its customers as per their requirements with its warehouses located across the country. BESTITCH KNITS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Bestitch Knits in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Bestitch Knits's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Bestitch Knits, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Bestitch Knits, established as a partnership firm in the year 1996 by Ms. S. Ambika and Ms. R. Shantha. The Firm is engaged in the manufacturing and export of readymade garments (Men's wear & women's wear), primarily to US market. The Firm outsources activities like dyeing and printing and has in-house facilities for stitching and embroidery. The Firm's manufacturing facility is located at Tirupur. CLASSIC CORRUGATIONS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ ICRA has kept the Long-Term rating of Classic Corrugations Private Limited (CCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long-term- 6.11 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Term Loan 'Issuer Not Cooperating' category Long Term- 0.39 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding CCPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with CCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Classic Corrugations Pvt. Ltd. (CCPL) was incorporated in April 2011 and started its commercial operations from July 2013 onwards. The company is engaged in the business of manufacturing kraft paper based corrugated boxes. CCPL has an installed capacity toprocess ~18000 MTPA of kraft paper at its sole manufacturing facility located in Daskroi area near Ahmedabad, Gujarat. CCPL is a closely held entity with the members of the Todi family being the key stakeholders. DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Disha Communications Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.65 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding DCPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with DCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1987, Disha Communications Private Limited (DCPL) is a mid-sized advertising agency that has built a presence in advertising and media planning business over the last 30 years. Headquartered in Bangalore, it has presence in other major cities like Chennai, Hyderabad, New Delhi and Mumbai as well as in tier cities like Cochin, Jaipur, Meerut, Mathura and Hubli. DCPL has won a number of awards over the years. ECSTASY REALTY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Ecstasy Realty Private Limited Unit No-2, 4th Floor, A Wing, Time Square Building, Andheri Kurla Road, Marol, Nilkanth Park, Andheri (E), Mumbai, Marol Naka, Mumbai, Maharashtra, India, 400059 Insolvency Commencement Date: March 9, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 5, 2026 Insolvency professional: ARCK Resolution Professionals LLP Interim Resolution Professional: ARCK Resolution Professionals LLP Flat No 409, 4th Floor Ansal Bhawan, 16, K G Marg, Connaught Place, New Delhi - 110001 Email: insolvency@arck.in ibc.ecstasyrealty@gmail.com Last date for submission of claims: March 24, 2026 FIBRIL TEX: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Fibril Tex Pvt. Ltd. (FTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.67 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 24.33 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding FTPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Fibril Tex Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Fibril Tex Pvt. Ltd. (FTPL) was incorporated in the year 2014 and is promoted by two directors namely Mr. Ishan Sharma and Mrs. Manju Sharma with the main objective of manufacturing Absorbent Sap Sheet (Dynamic Absorbent Sheet). The company is based out of Chandigarh and is into manufacturing of diapers, sanitary pads, absorbent sheets, etc. which are primarily used in the hygiene industry. The company has 4 manufacturing plants worldwide (India, UK, Hongkong and Vietnam), and exports products to more than 25 countries. DAC (Dynamic Absorbent Core1) absorbent sheet is one of the latest innovations of Fibril Tex. The DAC is a well- structured inner core of the hygiene product which directly replaces the use of Fluff Pulp and Superabsorbent polymer (SAP), and instead delivers a better performing combination of the materials at a much lower cost. The other editions on DAC are designed for Horticulture, Meat and food Packaging Industries. GANDHI ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Gandhi Enterprises in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 50.95 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues Fund Based to remain under 'Issuer Not Cash Credit Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Gandhi Enterprises's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Gandhi Enterprises, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mr. Mahendra Gandhi and his two cousins, Mr. Bhupendra Gandhi and Mr. Chandresh Gandhi, established M/s. Gandhi Enterprises in 1984 as a partnership firm. The principal business of this firm is to export CPD. Concurrently, the Gandhi family also set up M/s Chayya Gems for the CPD business. Mr. Mahendra Gandhi was the senior partner of both these firms, and over the years, most of the business was routed through M/s Chayya Gems. In FY2006, Mr. Mahendra Gandhi and Mr. Chandresh Gandhi decided to part ways with M/s Chayya Gems. Subsequent to the separation, both cousins concentrated their efforts on promoting the business of M/s. Gandhi Enterprises till FY2011. In FY2012, GENTP's business was further split into two companies - Gandhi Enterprises and Akshar Impex Private Limited (AIPL). Currently, GENTP's business is driven by Mr. Mahendra Gandhi, while AIPL is managed by Mr. Chandresh Gandhi. GENTP operates its CPD business through facilities in Gujarat (Surat, Ahmedabad and Vishnagar), while its head office is in Mumbai. JAINALCO INDUSTRIES: ICRA Withdraws B+ Rating on INR7cr LT Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Jainalco Industries Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Jainalco Industries Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Incorporated in 2011, Jainalco Industries Private Limited (JIPL; earlier called as Apart Impex Private Limited/AIPL) manufactures aluminium sheets, strips, coils, etc. The manufacturing unit of the company is located at Delhi Rohtak Road, Gandhara Road, Ismailia village in the Rohtak district of Haryana. It has an installed capacity of 3,500 tonnes per annum, which is to be increased to 4,200 MT by the end of FY2020. The company was earlier involved in trading of resins and commenced manufacturing of aluminium products since August 2015. JCR FASHION: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: JCR Fashion Retail Private Limited 23 Ground Floor, Kalasagar Mall, Ghatlodia, Ahmedabad - 380061, Gujarat Insolvency Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: September 6, 2026 Insolvency professional: Rathin Amishbhai Majmudar Interim Resolution Professional: Rathin Amishbhai Majmudar 604, Scarlet Gateway, Opposite Rivera Antilla, Corporate Road, Near Prahladnagar Garden, Ahmedabad - 380015 Tel No: 99747 17070 Email: info@carathin.com cirp.jcrfashion@gmail.com Last date for submission of claims: March 24, 2026 KOTADIYA REALITY: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Kotadiya Reality (KR) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 32.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KR's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Kotadiya Reality, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in July 2014 as a partnership firm, Surat (Gujarat) based Kotadiya Reality (KR) is constructing a residential project – Rameshwaram Dev Bhoomi – at Bhimrad in Surat. The project entails the construction of 5 towers constituting 116 residential flats on a plot admeasuring 8,361 square metres, with a total saleable area of 3,22,756 square feet. The construction commenced in 2014 and is expected to be completed by March 2018. The firm's partners have almost three decades of experience in the real estate business through the Rameshwaram Group, engaged in the real estate construction business in Surat, having developed ~1.86 million square feet of residential complexes in Surat. KRANTI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Kranti Cottona and Oil Industries (KCOI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.77 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KCOI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Kranti Cotton and Oil Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Morbi-based Kranti Cotton and Oil Industries (KCOI) was established in August 2013, by Mr. Shaileshbhai Kavar and four other partners. KCOI is involved in ginning and pressing of raw cotton and crushing of cotton seeds. It started commercial production from March 2014. At present, the plant has 17010 MTPA for ginning and 10159 MTPA of crushing operation capacity. The partners of the firm are associated with other concerns namely Patel Oil Industries and Kranti Oil Industries, which are engaged in similar line of business. LE MARBLE: ICRA Withdraws B+ Rating on INR9cr LT Loan ----------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of LE Marble Gallery Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from LE Marble Gallery Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short Term- 7.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others Established in 1996, Le Marble Gallery Private Limited is primarily engaged in retailing sanitary ware, marble and tiles. The company's showroom is located at Kozhikode in Kerala, spread across about 25,000 sq. ft. The promoters of the company, Mr. Abdul Majeed and Mr. Viju Thomas, have been engaged in similar businesses since 1996. LMGPL trades in imported as well as indigenous products. Branded tiles, sanitary ware and fittings constitute its import products, procured mostly from Spain. The company also trades in renowned Indian brands and has own brand of tiles—Titles. Moreover, LMGPL also procures marble blocks, which are cut into 20mm width pieces and sold as unbranded products. Some of the key brands sold by the company are Nitro, Somany Ceramics, Kajaria, Toto (Japan), Colorker (Spain), Roca (Spain), Kohler (USA) and Duravit (Germany). The company also has eight channel partners across Kerala, who help in marketing and selling its products. MAMTA TRANSFORMERS: ICRA Lowers Rating on INR5cr LT Loan to D ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Mamta Transformers P Ltd (MTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from [ICRA]A4; Bill discounting ISSUER NOT Cooperating' category (Channel Financing) and continues to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based- Rating downgraded from [ICRA]A4; Others ISSUER NOT Cooperating' category and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The ratings of MTPL have been downgraded following the lender's confirmation that the company's account has been classified as a Non‑Performing Asset (NPA). Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in January 2025. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with MTPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MTPL was established in the year 1997 as a private limited company. The company manufactures distribution and power transformers, from 10KVA to 5MVA capacity, for state power utilities and industrial consumers. MTPL's manufacturing unit is located at Indore, Madhya Pradesh and has been awarded the ISO 9001: 2008 certificate from TNV Certification Private Limited on quality, infrastructure and the entire manufacturing process. The company's activities have been focused on Madhya Pradesh (MP) and Tamil Nadu. Experienced promoters with established track record in transformers manufacturing industry. MANGALAM METALS: ICRA Withdraws B- Rating on INR12cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Mangalam Metals & Ores Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Mangalam Metals & Ores Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Mangalam Metals & Ores Ltd. (MMOL) was initially established as partnership concern named Mangalam Minerals, prior to being converted to its present form in Dec-03. The company was promoted by Mr. R.K. Agarwal, Mr. G.K. Gupta and Mr. S.S. Agarwal, all of whom had prior experience in steel and iron related industries. The Company was initially involved in the crushing of iron ore and has a crushing capacity of 50 TPH in Kasia, Barbil, Odisha. However, all independent crusher units (except those operated by mine-owners) in Odisha were closed down over the past 2.5 years due to lack of permissions from the State Government. MMOL's crusher has been shut down since Dec-10. The company had diversified into iron ore trading in FY 08,and now continues to focus on this segment. The company does not have any plans for expansion at present. MITTAL LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term ratings of Mittal Life Style Limited (MLSL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding MLSL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Mittal Life Style Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2005 by the Mittal family, MLSL is engaged in trading of denim fabric. The company was listed under SME platform of NSE in 2018. J. K. Denim Fab Private Limited is the largest shareholder of MLSL, which is a closely held private company by Mittal family through Mr. Brijesh Kumar Mittal, Mr. Pratik Brijesh Kumar Mittal and Mrs. Sudha Brijesh Kumar Mittal who are also shareholders and directors of MLSL. The company procures denim fabric primarily from Ahmedabad (Gujarat) and sells it in Mumbai and Ulhasnagar (Maharashtra). The company has registered office in Mumbai. MOONLIGHT MARBLES: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Moonlight Marbles Private Limited (MMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.54 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding MMPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Moonlight Marbles Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MMPL was established in 1990 and is involved in processing of marbles. The manufacturing facility of the company is located at Rajasamand, Rajasthan. It mainly sells its products in India, with some exports to countries in Europe and the Middle East. NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Nilkanth Cotton Industries (NCI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.05 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding NCI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Nilkanth Cotton Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Nilkanth Cotton Industries (NCI) was set up as a partnership firm in the year 2014. It is engaged in the business of manufacturing cotton bales and cotton seed oil through ginning and pressing of raw cotton (kapas) and cotton seed crushing activity. The firm's manufacturing facility is located at Rajkot, Gujarat and is equipped with 24 ginning, 1 pressing machine and 5 expellers for crushing of cotton seeds with the processing capacity of ~18,144 MT of raw cotton and 2160 MT of seeds annually. NIMRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Nimra Educational Society (NES) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 35.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding NES's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Nimra Educational Society, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under the Andhra Pradesh Societies Registration Act, 1350 Fasli. The society operates four colleges in and around Vijayawada in Andhra Pradesh, offering varied courses, such as Bachelor of Technology, Bachelor of Pharmacy, Master of technology, Master of computer application, Master of pharmacy and Master of business administration. Currently, NES operates two engineering colleges, one pharmacy college, and one business Management College, with total student strength of 1584. All the colleges are affiliated to the Jawaharlal Nehru Technical University, Kakinada (Andhra Pradesh). ORISSA CONCRETE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Orissa Concrete & Allied Industries Ltd. (OCAIL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 10.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 8.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding OCAIL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Orissa Concrete & Allied Industries Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1979, OCAIL is a closely held company belonging to the Raipur-based Agarwal family. OCAIL has facilities at Raipur, Chhattisgarh for manufacturing of concrete sleepers for railways, with an annual capacity of 4.25 lakh sleepers per annum. PLEGO TECHNOLOGIES: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Plego Technologies Private Limited 30th Floor, M3M International Financial Centre, Tower 1, Golf Course Extension Road, Sector 66, Badshahpur, Gurgaon, Harnaya, 122101, India Liquidation Commencement Date: March 10, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Hardev Singh 101, Plot No. 6, LSC, Vardhman Rajdhani Plaza, New Rajdhani Enclave, Delhi - 110092 Tel: +91-98103-31425 Email: singh_hardev@rediffmail.com Last date for submission of claims: April 9, 2026 PNB REALTY: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of PnB Realty Ltd (PnB) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.35 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.97 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 2.18 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding PnB's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with PnB Realty Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. PnB Realty Ltd. (PnB), a part of the PnB Group of Companies, was incorporated in March 2008 as a public limited company. The group is promoted by Mr. VGP Babudas, a second-generation entrepreneur, with a track record of more than 20 years in real estate and hospitality sectors. The company operates a hotel named Aurick Hotel and is also involved in real-estate projects. PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Preeti Textile in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.89 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term (4.52) [ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Preeti Textile's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Preeti Textile, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Preeti Textile is the proprietorship concern of Mrs. Preeti Aggarwal. However, her husband Pankaj Aggarwal mainly handles operations. He has around 15 years of experience in the textile industry. He is also the director of Dass Embroidery Pvt. Ltd. and a key management personal of Dass Exports, S. G. Creations, Alfa Machinery Traders and Dhan Darshan Creation. SURAJBHAN RAJKUMAR: ICRA Withdraws B+/A4 Rating on INR5cr Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Surajbhan Rajkumar Private Limited, at the request of the company and based on the No Dues Certificate/Closure Certificate received from its lenders and in accordance with ICRA's policy on withdrawal. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ (5.00) [ICRA]B+(Stable); ISSUER NOT Short-term- COOPERATING/[ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Withdrawn limits-Others Short-term- 35.00 [ICRA]A4; ISSUER NOT Non-fund based- COOPERATING; Withdrawn Others SRPL, incorporated in 1988, is involved in the trading of various bulk commodities, such as coal, coke, sponge iron, iron ore and others. SRPL mainly imports these products against confirmed orders from buyers and supplies them to various leading domestic manufacturing units. It aggregates the total requirement of its customers and imports the material in bulk for economies of bulk purchases. Mr. Rajkumar Agarwal is the Managing Director of the company and looks after its day-to-day operations. UTRYAN ENERGY: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Utryan Energy Brunswick Private Limited SunSource Square, 5th Floor, Tower A, Plot A 3,4 & 5, Club 125, Sector 125, Gautam Buddha Nagar, Noida, Uttar Pradesh - 201301 Liquidation Commencement Date: March 11, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Krishna Chamadia B-13, Anjani Complex, Parera Hill Road, Andheri East, Mumbai - 400099 Tel: 98339 09615 Email: ksca.ibc@gmail.com utryan.ibc@gmail.com Last date for submission of claims: April 10, 2026 VARDHMAN POLYTEX: ICRA Withdraws D Rating on INR232.31cr Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Vardhman Polytex Limited at the request of the company and based on the No Dues Certificate/Closure Certificate received from its lenders and in accordance with ICRA's policy on withdrawal. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 159.31 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term- 232.31 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long Term- 72.38 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Withdrawn Limits Short-term 50.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Incorporated in 1981, VPL primarily manufactures cotton and cotton polyester blended spun yarn. Its manufacturing facilities in Ludhiana, Bathinda (both in Punjab) and Nalagarh (Himachal Pradesh) together have installed capacity of 1.95 lakh spindles. VPL also has a yarn dyeing unit in Ludhiana, with an installed capacity of 15.0 tons per day (tpd). It has a small presence in garmenting, with an installed capacity of manufacturing 7 lakh pieces per annum. VPL also manufactures yarn-dyed shirting fabric though its subsidiary, F.M. Hämmerle Textiles Ltd, which has a manufacturing facility in Kohlapur (Maharashtra). VPL has invested INR91.50 crore in its two subsidiaries, F.M. Hämmerle Textiles Ltd. and F.M. Hämmerle Verwaltungs GmbH, Austria. F.M. Hämmerle Textiles Ltd. falls under 'Sick Company' under the Sick Industrial and Companies (Special Provision) Act of 1985 and has been referred to Board for Industrial and Financial Reconstruction (BIFR). VASAVI COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and short-term ratings of Sri Vasavi Cotton Industries (SVCI) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.49 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 1.01 [ICRA]B-(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Non-Fund Based Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SVCI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of noncooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sri Vasavi Cotton Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Founded in year 2014 as a partnership firm, Sri Vasavi Cotton Industries (SVCI) is engaged in cotton ginning and pressing activities with a product mix of cotton lint and cotton seed. The manufacturing unit of the firm is located at Gajwel village of Medak district, Andhra Pradesh. The manufacturing unit comprises of 36 double roller gins with capacity to produce 583 quintals of cotton lint per day. The firm had started its commercial production in December 2014. VENKATA UMASHANKAR: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Venkata Umashankar Spintex Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 33.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sri Venkata Umashankar Spintex Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sri Venkata Umashankar Spintex Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. VOI JEANS: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: VOI Jeans Retail India Private Limited No. 5AC-722 & 724, 3rd Floor HRBR Layout, 1st Block, Bengaluru - 560043 Insolvency Commencement Date: March 9, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: September 5, 2026 Insolvency professional: Ranjana Singh Interim Resolution Professional: Ranjana Singh 2nd Floor, House No. 53/7, Near Anjaneya Temple Street, Yediyur, 6th Block Jayanagar, Bengaluru - 560070 Email: ranjana@beleyur.com No. 428, 19th B Cross, 3rd Block, Jayanagar, Bengaluru - 560011 Tel: +91-80265-40193 Email: CIRP-voijeans@beleyur.in Last date for submission of claims: March 27, 2026 ================= I N D O N E S I A ================= LIPPO KARAWACI: Moody's Alters Outlook on 'B3' CFR to Stable ------------------------------------------------------------ Moody's Ratings has affirmed the B3 corporate family rating of Lippo Karawaci Tbk (P.T.) (Lippo Karawaci) and revised the outlook to stable from positive. "The outlook revision reflects Moody's expectations that negative operating cash flow in 2025 will continue to weigh on Lippo Karawaci's liquidity, after reducing its cash holdings and increasing its short term debt. As a result, liquidity will remain weak over the next 12–18 months and dependent on the ongoing rollover of its working capital facilities," says Anthony Prayugo, a Moody's Ratings Analyst. RATINGS RATIONALE Lippo Karawaci reported negative operating cash flow of IDR1.6 trillion in 2025, driven partly by lower than targeted marketing sales of IDR5.3 trillion amid softer consumer sentiment as well as delayed project launches at its holding company level. Around IDR900 billion of the operating cash outflow was attributable to its 91%-owned subsidiary, Lippo Cikarang Tbk (P.T.) (Lippo Cikarang), which incurred higher construction related spending as it completed most of the handovers of legacy Meikarta units. Lippo Cikarang will continue handing over Meikarta legacy units in 2026 and complete the process in 2027. As a result, Moody's expects consolidated operating cash flow to be roughly neutral in 2026 before improving to around IDR500 billion in 2027. This assumes annual marketing sales to stay above IDR5.0 trillion in 2026–27. Lippo Karawaci's cash holdings fell to IDR1.9 trillion at year end 2025 from IDR5.3 trillion a year earlier as the company used about IDR1 trillion to repay its US dollar bonds, IDR360 billion for rental support and IDR270 billion for the acquisition of the Aryaduta Hotel & Country Club. As a result, Lippo Karawaci's has limited ability to absorb potential downside risks, including weaker marketing sales. Sustained weak operating cash flow will also increase reliance on debt and weaken credit metrics. Moody's forecasts adjusted the company's debt/EBITDA to remain at around 6.5x–7.5x in 2026–27, compared with 7.3x in 2025. Profitability will gradually improve as Meikarta legacy unit handovers taper off in 2026–27. Lippo Karawaci's B3 CFR continues to reflect its status as one of Indonesia's largest homebuilders. At the same time, the company remains exposed to weakening macroeconomic conditions and subdued consumer sentiment, which could dampen home purchase demand and weigh on future performance. LIQUIDITY Moody's assesses Lippo Karawaci's liquidity as weak. The company's cash as of December 2025, together with its expected operating cash flow, will be insufficient to meet its funding needs — including short term debt obligations, scheduled long term maturities and planned investments — through December 2027. However, liquidity risk is mitigated by Moody's expectations that Lippo Karawaci will be able to roll over its IDR1.7 trillion in short term debt. The company has demonstrated in the past access to onshore funding facilities, including to partially repay its US dollar bonds. OUTLOOK The stable outlook reflects Moody's expectations that Lippo Karawaci will continue to rollover it short-term debt, maintain steady marketing sales and not embark on any aggressive investment plans over the next 12–18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade Lippo Karawaci's rating if the company demonstrates sustained strength in its core property development business such that operating cash flow turns positive without reliance on one off asset sales, and if its liquidity improves over the next 12–18 months. Credit metrics supporting an upgrade include adjusted debt/EBITDA below 4.5x and adjusted EBIT/interest expense above 2.5x. Conversely, Moody's could downgrade the rating if the company continues to generate negative operating cash flow that weakens liquidity on a sustained basis; if cash leakage to affiliated companies increases — for example, through intercompany loans; or if its financial policies become materially more aggressive, including a greater appetite for debt funded investment opportunities and higher cash dividends. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Homebuilding and Property Development published in September 2025. 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. Lippo Karawaci Tbk (P.T.) and its subsidiaries are engaged in the development, management and operation of retail malls, hospitals, hotels, condominiums and residential townships across multiple cities in Indonesia. Lippo Karawaci also manages Lippo Malls Indonesia Retail Trust, a real estate investment trust (REIT) listed on the Singapore Stock Exchange, in which it owned a 47.29% stake as of December 31, 2025. =============== M A L A Y S I A =============== CAPITAL A: PN17 Upliftment Likely Delayed to August, Analysts Say ----------------------------------------------------------------- The Edge Malaysia reports that Capital A Bhd's exit from Practice Note 17 (PN17) status has encountered a slight delay, with the timeline for upliftment now expected to shift to August 2026. While the group completed the disposal of its aviation business on Dec. 3, 2025, it must now demonstrate two consecutive profitable quarters to satisfy Bursa Malaysia's requirements, analysts said. According to The Edge, Maybank Investment Bank (Maybank IB) noted that the group may not be able to present its profitable fourth quarter ended Dec. 31, 2025 (4QFY2025) results for consideration. "Instead, it may have to present a profitable 1QFY2026 and 2QFY2026 to Bursa Malaysia instead. "This implies that Capital A could only have its PN17 classification uplifted in August 2026 (from May/June 2026 previously)," said the research house in a note on March 18, The Edge relays. Separately, MBSB Research highlighted that management is seeking a waiver to rely on historical profitability to accelerate this exit, The Edge reports. Bursa Malaysia's PN17 designation flags financially distressed listed companies, requiring them to submit a restructuring plan to regularise their finances and avoid being delisted. The Edge relates that Maybank IB said while the Middle East and high jet fuel prices are not having an impact on Capital A's earnings, they have had an impact on the value of its investment in AirAsia X Bhd. The research house noted that due to surging jet fuel prices, 20%-owned AAX has seen its share price plunge to MYR1.19 as of March 16, 2026, The Edge says. As AAX is classified as an investment in Capital A's accounts and not as an associate, the depreciation in AAX's share price will not be reflected as a loss in its income statement. However, that said, any depreciation in AAX's share price can reduce Capital A's shareholders' equity, according to The Edge. While the 39% decline in AAX's share price since the start of the war has reduced total equity, Capital A confirmed its shareholders' equity remains positive at approximately MYR610 million. This represents 107% of share capital, which does not trigger PN17 criteria, The Edge relays. More positively, Capital A is maintaining its guidance for FY2026 revenue at MYR3.8 billion, earnings before interest, tax, depreciation and amortisation (Ebitda) at MYR600 million, and earnings at MYR266 million, Maybank IB said. The Edge relates that the research house pointed out that the AirAsia MOVE platform is actually benefiting from the conflict, as higher airfares translate into increased commissions. According to Maybank IB, Capital A's logistics arm has successfully passed on higher jet fuel costs via surcharges without impacting volume, The Edge relays. The Edge adds that Maybank IB maintained its 'buy' call on Capital A with a target price of 75 sen, noting that even if rebased to AAX's lower market price, the stock still offers significant upside. Similarly, MBSB Research kept its 'buy' call on the stock with a target price of 77 sen. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provided low-cost air carrier service. The company provided services on short-haul, point-to-point domestic and international routes. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. In January 2026, Capital A completed its aviation business disposal (AirAsia Berhad and AirAsia Aviation Group Limited) to AirAsia X Berhad. The completion of this transaction consolidates all AirAsia-branded airlines under a single airline platform ("AirAsia Group") while Capital A pivots to grow its non-aviation portfolio. KHEE SAN: Completes Regularization Plan; Set to Exit PN17 Status ---------------------------------------------------------------- The Malaysian Reserve reports that Khee San Bhd has successfully completed its regularisation plan, bringing it a step closer to exiting its Practice Note 17 (PN17) status. The milestone follows the implementation of the employees' share scheme (ESS) on March 17. According to The Malaysian Reserve, Principal Adviser M & A Securities Sdn Bhd confirmed that all requirements under Paragraph 6.43(1) of the Main Market Listing Requirements have been met and submitted to Bursa Malaysia. KSB was classified under PN17 on November 18, 2021 after the judicial management of its wholly-owned subsidiary, Khee San Food Industries Sdn Bhd. The successful execution of the regularisation plan marks the final hurdle in the company's journey to financial normalisation. "The completion of our regularisation plan is a monumental achievement for Khee San. Today, the group stands well-positioned to reclaim its position as a market leader in the confectionery industry," said its MD Yong Loong Chen. "We are grateful for the support of our shareholders, the patience of our creditors, and the dedication of our team. As we move closer to exiting PN17, our focus shifts to driving sustainable profitability, innovating our product offerings, and delivering long-term value to our stakeholders." About Khee San Khee San Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, manufactures sweets and confectionery products. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17) company after its wholly-owned subsidiary was placed under judicial management. In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd, via its solicitor Messrs Shook Lin & Bok, had filed an application to place its unit Khee San Food Industries Sdn Bhd under the court-supervised restructuring, theedgemarkets.com said. On May 9, 2023, Khee San Bhd announced a regularisation plan, which Bursa Malaysia approved on Aug. 19, 2024 and granted Khee San until Feb. 18, 2026 to complete its implementation. According to The Star, the plan includes a MYR137.52 million share capital reduction, a scheme of arrangement with creditors, and an employee share option scheme of up to 15% of the enlarged share base for directors and staff. The company currently carries total indebtedness of MYR141.47 million, with settlements amounting to MYR72.24 million - including MYR21.06 million in settlement shares. ===================== N E W Z E A L A N D ===================== DOTCO CONSTRUCTION: Creditors' Proofs of Debt Due on April 16 ------------------------------------------------------------- Creditors of Dotco Construction Limited and MD Build Limited are required to file their proofs of debt by April 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 13, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 GLOBAL SUPPLY: Creditors' Proofs of Debt Due on May 13 ------------------------------------------------------ Creditors of Global Supply Systems Limited are required to file their proofs of debt by May 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 13, 2026. The company's liquidators are: George Bannerman Rees Logan BDO Auckland PO Box 2219 Auckland 1140 KMJB HARRIS: Court to Hear Wind-Up Petition on March 26 ------------------------------------------------------- A petition to wind up the operations of KMJB Harris Limited will be heard before the High Court at Auckland on March 26, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 20, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LEMURIAN HOLDINGS: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------------- A petition to wind up the operations of Lemurian Holdings Limited will be heard before the High Court at Auckland on April 24, 2026, at 10:45 a.m. Andrew Fonagy filed the petition against the company on Feb. 24, 2026. The Petitioner's solicitor is: M. D. Pascariu Hamilton Locke (NZ) Limited Level 35, Vero Centre 48 Shortland Street Auckland 1010 NZ BALES: Rodgers Reidy Appointed as Receiver and Manager --------------------------------------------------------- Paul Vlasic of Rodgers Reidy on March 13, 2026, was appointed as receiver and manager of NZ Bales Limited. The receiver and manager can be reached at: Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 SS HOLDINGS: Placed in Liquidation Owing NZD3 Million to Investors ------------------------------------------------------------------ NZ Herald reports that the former owners of artificial intelligence platform SmartSpace have placed their holding company into liquidation, leaving the company's founder and investors owed more than NZD3 million, including venture capital firm Icehouse Ventures. Shareholders of SS Holdings, which previously traded under the SmartSpace name, appointed liquidators after selling the SmartSpace platform, according to NZ Herald. Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were appointed liquidators of the company on March 11, 2026. ================= S I N G A P O R E ================= AGRI PREMIER: Creditors' Proofs of Debt Due on April 20 ------------------------------------------------------- Creditors of Agri Premier Pte. Ltd. are required to file their proofs of debt by April 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 13, 2026. The company's liquidators are: Goh Wee Teck Lin Yueh Hung RSM SG Corporate Advisory 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 BLU INC: Creditors' Proofs of Debt Due on April 20 -------------------------------------------------- Creditors of Blu Inc Singapore Pte. Ltd. are required to file their proofs of debt by April 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 13, 2026. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 JP RENO: Court to Hear Wind-Up Petition on April 10 --------------------------------------------------- A petition to wind up the operations of JP Reno Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on March 11, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 NOBLE DRILLSHIP: Creditors' Proofs of Debt Due on April 20 ---------------------------------------------------------- Creditors of Noble Drillship III Singapore Pte. Ltd. are required to file their proofs of debt by April 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 13, 2026. The company's liquidators are: Goh Wee Teck Lin Yueh Hung RSM SG Corporate Advisory 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 YIZHAN CONSTRUCTION: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on March 13, 2026, to wind up the operations of Yizhan Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. 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