260428.mbx

260428.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 Tuesday, April 28, 2026, Vol. 29, No. 84 Headlines A U S T R A L I A AUSCARE STAFFING: First Creditors' Meeting Set for May 1 BCH INDUSTRIES: First Creditors' Meeting Set for April 30 EVERYTHING ICT: First Creditors' Meeting Set for April 29 GARRAROO PTY: First Creditors' Meeting Set for May 1 GFG ALLIANCE: Whyalla Steelworks 5-Week Shutdown Causes Chaos KAROON ENERGY: Fitch Alters Outlook on 'B' Foreign Curr. IDR to Neg MINERAL RESOURCES: Fitch Assigns BB- Rating on Sr. Unsecured Notes MINERAL RESOURCES: Moody's Rates New $1BB Unsecured Notes 'Ba3' NOVATI CONSTRUCTIONS: Creditors Vote to Save Firm From Liquidation PLENTI RATED 4: Moody's Assigns B2 Rating to Class F Notes QUICK FORMWORK: First Creditors' Meeting Set for May 4 RETURNED AND SERVICES: Sub-Branches in Victoria Facing Tough Times C H I N A AIXIN LIFE: Appoints Qiyu Jiang as Director and Secretary XCHANGE TEC: Signs $100MM Purchase Agreement With VG Master Fund ZHAOJIN MINING: Fitch Affirms & Withdraws BB+ IDR, Outlook Negative H O N G K O N G CAS CAPITAL 1: Moody's Affirms Ba2 on Sub. Perpetual Securities I N D I A ADITYA POLYFILMS: ICRA Keeps D Debt Ratings in Not Cooperating AMRITSAR MSW: Insolvency Resolution Process Case Summary ANKIT PULPS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ANMOL COLD: ICRA Keeps B Debt Ratings in Not Cooperating Category ARISTO INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating ATC LOGISTICS: ICRA Withdraws B+ Rating on INR22.75cr Term Loan BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating CARDIAC CARE: Insolvency Resolution Process Case Summary CHHATRAPATI SAMBHAJI: ICRA Keeps B+ Rating in Not Cooperating DELHI INT'L AIRPORT: Fitch Affirms BB+ LongTerm IDR, Outlook Stable DEVI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating Category GENSOL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating KIARA JEWELLERY: ICRA Keeps B/A4 Debt Ratings in Not Cooperating KRISHNAIAH MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating LAKSHMI SRINIVASA: ICRA Keeps B+ Debt Rating in Not Cooperating MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating NEELKANTH REALTORS: Insolvency Resolution Process Case Summary PAYTM PAYMENTS: India's Central Bank Cancels Bank's Licence PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating SEGURO FOUNDATIONS: Insolvency Resolution Process Case Summary SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating ST. JOHNS: ICRA Keeps B+ Debt Rating in Not Cooperating Category SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating SWARYU ENERGY: Insolvency Resolution Process Case Summary TEAM ENGINEERS: ICRA Keeps B- Debt Ratings in Not Cooperating VURUPA TRADING: Insolvency Resolution Process Case Summary YOGIJI DIGI: ICRA Withdraws B+ Rating on INR18cr LT Cash Credit M A L A Y S I A GOHL CAPITAL: Moody's Rates New USD Sub. Perpetual Securities 'Ba2' HO HUP: Withdraws Restraining Order as Debt Talks Progress N E W Z E A L A N D ATLAS HOLDINGS: Creditors' Proofs of Debt Due on May 22 BACKDOOR: Pulls Out of Timaru's CBD, Owner Plans Further Closures CPS GROUP: Court to Hear Wind-Up Petition on April 30 DIGISURE LIMITED: Court to Hear Wind-Up Petition on May 1 FACADE SOLUTIONS: Creditors' Proofs of Debt Due on June 3 JA PROPERTIES: Creditors' Proofs of Debt Due on May 29 UFL GROUP: Placed in Liquidation With Debts of NZD1.58 Million S I N G A P O R E AC RENEWABLE: Creditors' Meetings Set for May 4 ENCHANT HOLDING: Creditors' Proofs of Debt Due on May 23 MARIBANK SINGAPORE: Posts Wider Losses of SGD55.6MM in FY2025 PORCELAIN ORCHARD: First Creditors' Meeting Set for May 12 SOCIAL SUMMER: Creditors' Meetings Set for May 6 WOORAILOORA PTE: Commences Wind-Up Proceedings T H A I L A N D [] Moody's Takes Action on 7 Thai Financial Institutions V I E T N A M HDBANK: Moody's Alters Outlook on 'B1' Deposit Rating to Positive SAIGON-HANOI COMMERCIAL: Moody's Affirms B1 Issuer Ratings VIETCREDIT GENERAL: Fitch Assigns B- LongTerm IDR, Outlook Stable VIETNAM INT'L: Moody's Affirms Ba3 Bank Deposit & Issuer Ratings X X X X X X X X SHIPBUY INC: HHPI Sues over Stolen Copyrighted Programming Codes - - - - - ================= A U S T R A L I A ================= AUSCARE STAFFING: First Creditors' Meeting Set for May 1 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Auscare Staffing Agency Pty Ltd (trading as "Auscare Community Services Australia", "Auscare Disability Services Australia", "Auscare Group Australia", "Auscare Group WA", "Auscare Training Organisation" & "Auscare Staffing Agency") will be held on May 1, 2026, at 10:00 a.m. via Microsoft Teams. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on April 20, 2026. BCH INDUSTRIES: First Creditors' Meeting Set for April 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of BCH Industries Pty Ltd will be held on April 30, 2026, at 11:00 a.m. via video conference only. Daniel Peter Juratowitch of Cor Cordis was appointed as administrator of the company on April 20, 2026. EVERYTHING ICT: First Creditors' Meeting Set for April 29 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Everything ICT Pty Ltd will be held on April 29, 2026, at 11:00 a.m. via virtual meeting technology. Anthony Phillip Wright and Ameer Jaggessar of Olvera Advisors were appointed as administrators of the company on April 17, 2026. GARRAROO PTY: First Creditors' Meeting Set for May 1 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Garraroo Pty. Limited, trading as Webster Nolan Real Estate, will be held on May 1, 2026, at 10:30 a.m. at the offices of RSM Australia Partners, at Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT and via virtually. Frank Lo Pilato of RSM Australia Partners was appointed as administrator of the company on April 20, 2026. GFG ALLIANCE: Whyalla Steelworks 5-Week Shutdown Causes Chaos ------------------------------------------------------------- The Australian Financial Review reports that the Whyalla steelworks will be shut for at least five weeks after its old and decrepit coal-fired blast furnace and mill were unexpectedly closed for maintenance, with the halt causing significant problems for the construction industry. The Financial Review relates that the Whyalla steel mill, under the control of administrators KordaMentha for the past 14 months, has been offline since early April, and is unlikely to resume operations until mid-May. According to the report, KordaMentha has been trying to find a buyer for the ailing venture, after the federal and South Australian governments spent AUD2.4 billion bailing it out last year, stating that the investment would secure jobs and the future of the industry. As part of that bailout, both governments said they would help fund an upgrade of the old coal-fired blast furnace with an electric arc furnace if a new owner was found. The Whyalla plant was built in the 1960s by BHP. "We can confirm the blast furnace . . . in Whyalla is presently closed for necessary unscheduled maintenance, and expect operations to be back up and running by mid-May," the Financial Review quotes a KordaMentha spokesman as saying. The five-week shutdown is triggering fears of a shortage by next month of some steel reinforcing products used in concrete, which are vital to Australia's construction industry. Grant Johnston, the chief executive of WestView Group, which operates BestBar, a supplier of steel reinforcement products including reinforcing bar, mesh and accessories, said having Whyalla offline it was a "big issue" for the construction industry when there was already disruption to supply chains caused by the Middle East conflict. "We need continuity of supply through the whole chain. When that continuity breaks, you have a roadblock," he said. "This is a big issue the entire industry is about to face", adding there may be shortages of reinforcing bar and wire by late next month. According to the Financial Review, Whyalla's temporary closure comes at an awkward time for KordaMentha, which is trying to find a buyer for the steelworks after it was forced into administration early last year, and out of the hands of controversial British businessman Sanjeev Gupta. Australia's largest steelmaker, BlueScope Steel, has the last right of refusal in the Whyalla steelworks sale process and heads a bidding consortium that includes Japan's Nippon Steel, South Korea's Posco, and India's JSW Group, the Financial Review notes. The Financial Review relates that two people involved in the industry, who requested anonymity, said steelmaker InfraBuild had told customers on April 24 of potential supply constraints for steel reinforcing bar and wire because shipments from Whyalla of a semifinished product, known as steel billet, had stopped. InfraBuild, which is also owned by Mr. Gupta, operates steel mills in Sydney, Melbourne and Newcastle, and buys large amounts of steel billet from Whyalla. InfraBuild processes the steel billet at its Newcastle mill into reinforcing rods and thick wire, which are used in concrete slabs in housing and commercial construction. "InfraBuild has informed customers that the unexpected interruption to steel production at Whyalla steelworks is likely to temporarily disrupt supply of some products," a spokesman said on April 27, the Financial Review relays. "We are also seeking alternative supply sources to help mitigate the impact, although this is being made more difficult by global supply constraints linked to conflict in the Middle East." About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. KAROON ENERGY: Fitch Alters Outlook on 'B' Foreign Curr. IDR to Neg ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on Australia-based Karoon Energy Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the rating at 'B'. Fitch has also affirmed Karoon's USD350 million senior secured notes at 'B+'/'RR3'. Karoon's Outlook revision reflects the operational disruptions at its production sites, which have affected volumes, and the risk of a production scale decline to below 25,000 barrels of oil per day (bopd) by 2028 due to a natural decline at both its Bauna and Who Dat oilfields. The Outlook revision also takes into consideration the risk that Karoon's operations will be sustained at a smaller scale with lower free cash flow (FCF) to support the capex pipeline required to counter deteriorating production and proven (1P) reserves. The affirmation reflects Karoon's small scale and geographical concentration in Brazil and the US Gulf of Mexico, which are mitigated by lower counterparty and volume risks from the long-term volume off-take agreement with Shell plc (AA-/Stable) and its low-cost position. Key Rating Drivers Operational Disruption: Fitch expects Karoon's production volume to drop below 25,000bopd in 2026 due to the operational disruptions in the last 12 months with issues at Bauna's SPS-92 and PRA-2 wells, and one of six risers at the Who Dat oilfield. This has resulted in management guidance of a production target of 8.1-9.2 million barrels of oil equivalent (mmboe) in 2026. Maintenance and repair to restart production at these wells, along with a flotel campaign at the Bauna floating production, storage and offloading unit, is ongoing. Fitch expects production to recover only in 2027 after the completion of the maintenance works. Declining Production Scale: Fitch forecasts Karoon's production may still be below 25,000 bopd by 2028 after the maintenance due to the Bauna and Who Dat oilfields' production decline and the absence of new projects entering final investment decisions (FIDs). The drop will be partially offset by Karoon's pipeline of sidetrack projects to arrest the natural decline at the Who Dat oilfield. Fitch does not expect incremental production from sidetrack projects to be material enough to address Karoon's natural oilfield decline. Karoon also faces the risk of higher per unit production costs from a steep decline in production. Delays in Project FIDs: Fitch has not forecast an increase in production scale and the associated capex in its base case on projects that have yet reached FIDs. Initially planned FIDs on Who Dat East and Neon have been delayed, which means first oil production before 2H28 is unlikely. Prolonged delays in the projects will result in a sharp decline in Karoon's gross production scale. Asset Concentration: Karoon operates in two key basins in Santos, Brazil and the US Gulf of Mexico with a production split of around 70/30. Fitch expects the company to continue operating in the two key basins through its rating horizon to 2029 as the Who Dat East and Neon projects are both located in existing basins. Potential acquisitions are treated as event risks and have not been considered in its base case. Conservative Capital Structure: Fitch believes Karoon will maintain a financial profile with EBITDA gross leverage of between 1.2x and 1.5x through 2026-2028 (2025: 0.9x) as its capital expenses for existing projects can be funded by operating cash. Fitch forecasts Karoon to generate positive FCF in its base case, sufficient to address its USD350 million bond maturing in 2029. A higher capital requirement for expansionary projects than Fitch expects may lead to FCF erosion and increased leverage. Iran Conflict Credit Neutral: Fitch believes the Iran conflict is credit neutral to Karoon's rating. Karoon, as an oil and gas producer, benefits from higher crude oil prices. Fitch expects Karoon to partially capitalise on the spike in oil prices in March 2026 before entering a full shutdown to carry out maintenance and repair works at its Bauna oilfield, with an expected turnaround time of 28-29 days. Lower Counterparty, Volume Risks: Karoon's long-term volume off-take agreement with Shell is for all its oil produced at Bauna, with the cargoes lifted by Shell and sold to customers globally. This arrangement, with Shell as the off-take counterparty, allows Karoon to realise a typical price discount of around 5% to Brent on a net back basis after marketing and delivery costs. The discount is usually narrower than that of its peers. Therefore, counterparty and volume risks are lower for Karoon Energy. Peer Analysis Fitch considers Petroquimica Comodoro Rivadavia S.A. (PCR, B-/Stable), Capex S.A. (B-/Stable), GeoPark Limited (B+/Stable) and SierraCol Energy Limited (B+/Stable) to be comparable with Karoon Energy, given their similarities in scale and areas of operation in Latin America. PCR and Capex are rated one-notch below Karoon, reflecting their smaller scale of around 17,000-18,000bopd and weaker leverage metrics of 2.0x-4.0x. Capex, however, has better business diversification in power generation while PCR's is in cement production. Karoon's Negative Outlook reflects its declining scale to below 25,000bopd by 2028 due to the natural decline of its oilfields and the risk of a deterioration in its leverage metrics to address the decline. Geopark and SierraCol are both rated one-notch higher than Karoon, reflecting their larger scale of more than 30,000bopd while maintaining a similar leverage profile of 1.1x-1.2x. Both companies also have reserve lives of around seven years, compared with Karoon's five years, and Fitch expects them to maintain their production scale at similar levels. Fitch’s Key Rating-Case Assumptions - Oil and gas price assumptions as per Fitch's Brent, WTI and Henry Hub base case price deck as of March 2026, adjusted for price realisation in line with historical discounts on the benchmarks. - Total production of around 8.3mmboe and 9.1mmboe in 2026 and 2027 before declining to 7.9mmboe by 2029. - Unit operating costs between USD16/boe and USD17/boe over 2026-2029 due to natural decline in production offset slightly by improvement in operational efficiencies. - Royalties of around 9% of Bauna's revenue. - Resulting EBITDA margin of 50%-55% over 2026-2029 - Capex of USD276 million in 2026 and averaging USD100 million-130 million from 2027-2029. - Share buyback of USD6 million in 2026. - Effective tax rate of around 35% due to implementation of windfall tax in Brazil for a 120-day period and 30% thereafter. - Dividend payout ratio of 30% over 2026-2029. 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 (b-, higher), diversification and asset quality (b, moderate), company operational characteristics (b-, 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 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb' results in no adjustment. - The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments, resulting in an IDR of 'B'. Recovery Analysis KEY RECOVERY RATING ASSUMPTIONS - The recovery analysis assumes that Karoon would be liquidated rather than reorganised as a going-concern (GC) in bankruptcy. - Fitch has assumed a 10% administrative claim. Going-Concern Approach - The GC estimate of USD212 million reflects its view under mid-cycle oil and gas prices (as per the price deck) and based on the production of around 7.9mmboe in 2029. - An enterprise value (EV) multiple of 3.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganisation EV, in line with the low-to-medium range of the EV multiple tool, given the declining production profile from Bauna. Liquidation Approach - The liquidation approach reflects Fitch's view of the value of balance-sheet assets that can be realised in the sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors based on end-2025 values. As the estimated liquidation value is greater than the GC EV, Fitch would expect Karoon to be liquidated in the event of an insolvency. Karoon's GC EBITDA does not include potential contribution from expansionary projects while its liquidation value reflects balance-sheet assets, including non-producing blocks and projects. For the purpose of the recovery analysis, Fitch has assumed the senior secured reserve-based lending facility of USD283 million to be fully drawn and prior-ranking to the senior secured bonds of USD350 million. The allocation of value in the liability waterfall results in recovery corresponding to a Recovery Rating of 'RR2' for the senior secured notes. However, Fitch has applied the weighted-average country-specific recovery cap of 'RR3', which results in a one-notch uplift for the bond rating from the IDR, based on the production profile between the Brazilian assets, which are in the D country grouping with an 'RR4' cap, and the US Gulf of Mexico assets, which are in the A country grouping with an 'RR1' cap, towards the end of the rating horizon in 2029. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade - EBITDA leverage above 3.5x on a sustained basis; - EBITDA interest cover below 5.0x on a sustained basis; - Sustainable gross production falls below 25,000boe/day, including failure to address continued operational disruptions and/or natural oilfield decline; - A significant deterioration in mid-cycle unit economics, leading to negative cash flow from operations to capex on a sustained basis. Factors that could, individually or collectively, lead to positive rating action/upgrade - The Outlook will be revised to Stable if the negative sensitivities are not met. Liquidity and Debt Structure Karoon had cash and cash equivalents of around USD206 million as of end-December 2025. Karoon does not have material debt maturing over the next 24 months. The USD350 million senior secured bond, which matures in 2029, is long-term debt. Karoon also had an untapped reserve-based lending facility of USD283 million as of end-March 2026, which was amortised from USD340 million in 2025. Issuer Profile Karoon Energy is an oil and gas production and exploration company with key assets and interests in two oil and gas basins in Brazil and the US. It is headquartered in Australia and listed on the Australian Stock Exchange. Karoon Energy produced around 10.3mmboe in 2025 with around 47.8mmboe of 1P reserves as of end-December 2025. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Karoon is 57. The risks do not have a material influence on the rating currently given the long lead time of the energy transition, uncertainty over the extent and nature of changes and, markets and companies' reaction to them. 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 Recovery Prior ----------- ------ -------- ----- Karoon Energy Limited LT IDR B Affirmed B Karoon USA Finance Inc. senior secured LT B+ Affirmed RR3 B+ MINERAL RESOURCES: Fitch Assigns BB- Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned Australia-based Mineral Resources Limited's (MinRes, BB-/Stable) proposed senior unsecured notes a rating of 'BB-'. The bonds are rated at the same level as MinRes' Long-Term Issuer Default Rating (IDR), as they constitute its unconditional, unsecured and unsubordinated obligations. MinRes intends to use the proceeds to refinance its outstanding USD625 million senior unsecured notes due November 2027 and its outstanding iron ore prepayment. The issuance of the new bonds will be leverage neutral, in Fitch's view. Fitch expects MinRes' EBITDA net leverage to improve to 2.2x in the financial year ended June 2026 (FY26), from 7.7x in FY25. This would be comfortably below the rating's negative sensitivity of 4.0x. Operational performance was strong in 1HFY26, with underlying EBITDA increasing to AUD1.2 billion from AUD300 million in 1HFY25. MinRes also intends to reduce debt with the proceeds from the sale of a 15% stake in its lithium assets, including Wodgina and Mt Marion, which is progressing towards completion. Key Rating Drivers Sale to Improve Leverage: Fitch believes the selldown of the lithium business will widen MinRes' rating headroom, as the company intends to use the sale proceeds to reduce debt. Fitch estimates MinRes' EBITDA net leverage will improve to below 2.0x in FY27 from 7.7x in FY25. MinRes has signed a binding agreement with POSCO Holdings for the sale of its 15% interest in each of the Mt Marion and Wodgina mines. MinRes will retain a 35% interest, continue to operate the mines and provide mining services. The total consideration is USD765 million, which it expects to receive in the coming months. Lower Exposure to Lithium: Fitch estimates the transaction will reduce MinRes' EBITDA by around 5%. POSCO will take over MinRes' rights to a 15% offtake of lithium gross production on a 100% basis, reducing MinRes' exposure to the lithium market, where pricing conditions remain challenging. In addition, low spodumene prices will limit the EBITDA impact of the reduced spodumene offtake. Fitch also believes MinRes will be able to scale up production at its lithium mines when commodity prices recover sufficiently. Capital Allocation Discipline: MinRes significantly reduced its appetite for new investments and dividends to address its large debt. The company has cut growth capex and postponed growth projects other than the Onslow iron ore project. It indicated that capex would fall to AUD1.1 billion in FY26 from AUD3.4 billion in FY24. Fitch expects the company to resume its growth plans following deleveraging, while maintaining a conservative balance sheet through the cycle. Onslow's Rising Cash Generation: Onslow reached production of 35 million tonnes per annum (mtpa) and is set to meet its FY26 production guidance of 30 mpta to 33 mtpa following completion of the haulage road upgrade. MinRes also expects production to increase to 38 mtpa in FY27 when the last two transhippers arrive. This supports its forecast that Onslow will contribute incremental EBITDA of around AUD1 billion on average in FY26-FY29, in addition to AUD750 million in carry-loan repayments to MinRes from its partners. Earnings Diversification: Fitch expects the ramp-up of Onslow to boost MinRes' earnings diversification. MinRes' mining services receive a fixed fee per tonne mined at the project, which also generates toll revenue for the company's road trust, the owner of the haulage road connecting the mine to the port. This will complement MinRes' already strong position in lithium spodumene mining and mining services. Corporate Governance Issues: MinRes' rating reflects shortcomings in corporate governance that increase credit risk. The company has taken steps to address these matters by appointing a new board chair and four independent directors, and implementing enhanced procedures for related-party transactions, capital allocation, disclosure and succession planning. Fitch anticipates continued progress, which is likely to alleviate rating pressure. Business Model Advantage: MinRes' strength lies in the provision of pit-to-ship, life-of-mine services to mines. It funds a mine's design and construction in return for equity before securing a life-of-mine contract that charges based on production units, with no direct exposure to commodity prices. MinRes earns a margin on the volume. Current investments and developments tie the company's cash flow to lithium and iron ore markets through its vertical integration options. Prepayment Treated as Debt: MinRes received a USD400 million prepayment in FY25 for iron ore with scheduled deliveries over FY25-FY28. The outstanding amount of the prepayment was AUD500 million as of December 2025. MinRes includes the prepayment as non-debt in its financial statements. However, Fitch treats the prepayment as debt, as Fitch believes the agreement creates an obligation for MinRes. There are costs under the agreement that are akin to interest payments and the arrangement is an alternative source of funding for the company. Middle East Conflict: Fitch does not expect the Middle East conflict to have an immediate impact on MinRes' operations. Higher oil prices have increased fuel costs, a significant input for Australian mining. However, the impact should be manageable given fuel's relatively low contribution to total input costs. Fitch believes that a prolonged conflict could pose more material risks to the Australian mining sector due to the country's heavy reliance on imported fuel, including diesel and jet fuel, which are critical to the sector. A prolonged conflict around the Strait of Hormuz would raise the risk of fuel shortages, which could threaten the stability of mining operations. Peer Analysis MinRes' strong upstream lithium position, increasing iron ore production and integrated mining services underpin its rating and help stabilise cash flow through market downturns. Its broader earnings mix differentiates MinRes from Hudbay Minerals Inc. (BB-/Stable), whose concentration in copper amplifies cash flow volatility, and from PT Indika Energy Tbk (B+/Stable) and PT Golden Energy Mines Tbk (BB-/Stable), which are more heavily exposed to coal. MinRes currently generates less EBITDA than First Quantum Minerals Ltd. (B/Stable), but Fitch projects its EBITDA will double in FY26 as Onslow ramps up, enhancing scale. Unlike First Quantum Minerals, MinRes is not exposed to higher-risk jurisdictions and maintains competitive cost positions in both lithium and iron ore. Fitch expects MinRes' financial profile to strengthen in FY26, supported by debt reduction using proceeds from the sale of its lithium operations. This will bring its financial metrics closer to that of peers, though they will remain somewhat weaker than PT Golden Energy Mines' more conservative leverage profile. Fitch's Key Rating-Case Assumptions - Iron ore price of USD95/tonne (t) in 2026, USD85/t in 2027, USD80/t in 2028 and USD75/t thereafter, adjusted for impurity discounts; - Spodumene concentrate price of around USD1,218/t in 2026 and USD1,244/t on average in 2027- 2029; - Gradual ramp-up in MinRes' share of export volume from Onslow to 21 mtpa by FY27; - Spodumene concentrate sales of 470,000 tonnes (SC6 equivalent) in FY26 and 344,000 tonnes on average in FY27-FY29, reflecting the reduction to a 35% stake in Mt Marion and Wodgina; - Bald Hill remains in maintenance and care across the rating horizon to FY29; - No commercial production of lithium hydroxide over FY26-FY29; - Dividend payments to resume in FY27 at a payout ratio of 25% of underlying net profit after tax; - Capex forecast does not include any major growth projects after FY26. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb+, moderate), sector characteristics (bbb, moderate), market and competitive positioning (bb, moderate), diversification and asset quality (bb, higher), company operational characteristics (bbb, moderate), profitability (bb-, moderate), financial structure (bb, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, and 30% for the forecast years 2027 and 2028. - The governance assessment of 'some deficiencies' results in an adjustment of -1 notch. - The operating environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage rising above 4.0x for a sustained period; - Material loss of mining-service contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate positive rating action over the next 12 months, as the company is implementing measures to address its corporate governance deficiencies. Fitch could consider an upgrade when there is greater certainty around these risks and the company demonstrates that EBITDA net leverage can be sustained below 3.0x. Liquidity and Debt Structure MinRes had AUD638 million in cash in December 2025 (FYE25: AUD412 million) and AUD800 million in undrawn revolving facilities expiring in 2027. This is sufficient to repay AUD625 million bond maturing in November 2027; however, the company intends to use the proposed bonds proceeds to repay the November bond and also the AUD500 million iron ore prepayment. The next significant maturity is in October 2028. Issuer Profile MinRes is a mining and mining services company based in Australia. The mining segment operates iron ore and lithium mines located in Western Australia. The company also holds an interest in gas exploration and production assets in the Perth and Carnarvon Basins. Summary of Financial Adjustments Fitch has reclassified MinRes' prepayment of USD400 million (around AUD600 million) as debt. Further details are provided in the Key Rating Drivers. Date of Relevant Committee 11 February 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for MinRes. ESG Considerations MinRes has an ESG Relevance Score of '4' for Governance Structure due to corporate governance issues, including related-party transactions involving its executives, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Mineral Resources Limited senior unsecured LT BB- New Rating MINERAL RESOURCES: Moody's Rates New $1BB Unsecured Notes 'Ba3' --------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to Mineral Resources Limited's (MinRes, or the "Company") proposed $1.0 billion senior unsecured notes issuance. The notes, issued by MinRes, will be unconditionally and irrevocably guaranteed on a senior unsecured basis by all wholly-owned subsidiaries of the Company (other than any immaterial or unrestricted subsidiaries). Proceeds from the notes, together with cash on hand, will be used to redeem in full the Company's outstanding $625 million 8.000% Senior Notes due 2027, repay amounts outstanding under the Iron Ore Prepayment and pay related fees and expenses. Moody's have also conducted a review of MinRes's ratings, including the Ba3 corporate family rating (CFR) and the Ba3 senior unsecured ratings, through a rating committee. The ratings and the stable outlook remain unchanged. RATINGS RATIONALE MinRes' Ba3 rating continues to reflect its diversified operating profile, including good quality lithium assets, a resilient and cash generative Mining Services division, and a strengthened iron ore portfolio following the successful ramp up of the Onslow project. These strengths are balanced by the Company's exposure to commodity price volatility, particularly in lithium, although this risk is increasingly mitigated by declining capital intensity, a refreshed capital framework prioritising balance sheet preservation, and recently improving lithium price conditions, albeit within a still volatile market environment. MinRes' financial profile is supported by positive free cash flow generation, improving leverage and reduced execution risk following Onslow's transition to stable operations. Recent operating performance has remained broadly in line with expectations, with improving liquidity following the completion of peak capital spending and moderating capital intensity. Moody's expects MinRes' adjusted leverage to remain consistent with the Ba3 rating over the next 12–18 months, supported by Onslow and disciplined capital allocation and ongoing cash flow generation. MinRes continues to take actions to strengthen the balance sheet, including the agreed sale of a minority interest in operational lithium assets to POSCO Holdings Inc. (Baa1, Negative), with proceeds earmarked for debt reduction. This transaction is expected to accelerate deleveraging while allowing MinRes to retain operational control and associated mining services contracts. This rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, MinRes remains exposed to a more adverse conflict scenario through the energy supply chains and macro financial conditions transmission channel. A comprehensive review of all credit ratings for the respective issuer has been conducted during a rating committee. OUTLOOK The stable outlook reflects Moody's expectations that MinRes' credit metrics will remain within Moody's tolerance levels over the next 12–18 months, supported by: (1) sustained operating performance at Onslow following its successful ramp-up to nameplate capacity, which has materially reduced execution risk and improved haulage reliability and earnings visibility; and (2) a shift to positive free cash flow generation, underpinned by materially lower capital spending following peak Onslow investment, improving organic cash flow, and the expected completion of the POSCO lithium transaction with proceeds earmarked for debt reduction, supporting further deleveraging and liquidity preservation. While regulatory investigations remain unresolved Moody's do not currently expect these matters to have a material adverse impact on MinRes' operating performance, liquidity or access to capital markets. LIQUIDITY MinRes has very good liquidity with the company reporting cash and cash equivalents of AUD638 million and access to AUD800 million of undrawn revolving credit facilities as of December 2025. Moody's estimates that MinRes' cash on hand, together with expected operating cash flow of around AUD1.4–1.6 billion over the next 12 months, will be more than sufficient to cover the company's near term cash requirements, including debt service and capital spending, over the period. The company has demonstrated flexibility in managing liquidity through the cycle, including suspending dividends, deferring non essential capital expenditure and redeploying or selling surplus fleet. Moody's expects MinRes to retain the ability to further defer capital spending or pursue additional asset sales if required, consistent with its track record of prudent liquidity management. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS MinRes' CIS-3 indicates that ESG considerations have a limited impact on the current credit rating with the potential for greater negative impact over time. MinRes has exposure to environmental and social risks, but the company's lithium operations face lower carbon transition risk given its commodities produced and the benefit from demographic and social trends of moving towards battery electric vehicles. More importantly, MinRes has increased credit exposure to governance risk arising from prior corporate governance issues and the ongoing uncertainty around their ultimate financial, legal and reputational implications. The company has taken steps to strengthen governance arrangements, including board renewal, enhancements to compliance and oversight processes, and actions to improve succession planning. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings could be considered over the medium term if MinRes demonstrates a sustained strengthening of its financial profile, supported by continued operational delivery at Onslow, resilient Mining Services earnings and a demonstrated track record of adherence to a conservative financial policy that supports balance sheet strengthening and liquidity preservation. Specifically, Moody's could consider upgrading the ratings if: (1) Onslow operates sustainably at or above nameplate capacity, with stable production, costs and shipments across varying weather and market conditions; (2) Mining Services earnings remain resilient, providing consistent support to group cash flow generation through the cycle; (3) financial metrics improve on a sustained basis, with debt/EBITDA maintained below 2.5x and (EBITDA-capex)/interest expense sustained above 3.0x, alongside consistently positive free cash flow generation and strong liquidity buffers; and (4) MinRes continues to adhere to a conservative capital allocation framework, with growth investments paced such that they do not materially weaken credit metrics or liquidity. The ratings could be downgraded if MinRes underperforms Moody's earnings expectations, driven by operational challenges across its portfolio, including execution issues in sustaining production at Onslow (such as haul road reliability), prolonged weakness in commodity prices, and/or material mining services contract losses. A downgrade could also result if MinRes were to commit to multiple growth projects that materially increase funding requirements in a manner inconsistent with its current financial policy. Specifically, Moody's could downgrade the ratings if: (1) debt/EBITDA is sustained above 4.0x; (2) (EBITDA-capex)/interest expense sustained below 2.0x; (3) there is prolonged negative free cash flow generation, and/or (4) its available liquidity (cash and committed undrawn credit facilities) deteriorates materially. RATING METHODOLOGY The principal methodology used in these ratings was Mining published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PROFILE Mineral Resources Limited (ASX: MIN) is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. NOVATI CONSTRUCTIONS: Creditors Vote to Save Firm From Liquidation ------------------------------------------------------------------ The Daily Telegraph reports that creditors of the family-run Novati Constructions have narrowly voted to approve a Deed of Company Arrangement (DOCA), saving the firm from immediate liquidation despite a AUD36 million collapse. The Daily Telegraph says the decision allows the company to restructure rather than fold, though creditors expressed concerns regarding potential insolvent trading. Founded by Peter Novati in 1971, the Novati Group is a trusted brand in the Australian construction industry. Throughout its decorated history, Novati has delivered dozens of projects throughout Australia in Accommodation, Aged Care, Commercial, Residential and Industrial sectors. Graeme Beattie and Aaron Lucan of Worrells were appointed administrators of Novati Constructions Pty Ltd on Feb. 8, 2026. PLENTI RATED 4: Moody's Assigns B2 Rating to Class F Notes ---------------------------------------------------------- Moody's Ratings announced that the reallocation of loans into the portfolio on April 22, 2026 (the Reallocation) would 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 Plenti Rated Funding Trust No. 4. Current ratings of the notes are as follows: Class A Notes, currently rated Aaa (sf) Class A-X 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 Ba1 (sf) Class F Notes, currently rated B2 (sf) The Reallocation includes the sale of auto loan receivables leading to an updated ratio of commercial and consumer auto loan receivables. The note subordination levels for the rated notes following the Reallocation are as follows: For Class A Notes, 11.1% For Class B Notes, 6.9% For Class C Notes, 4.9% For Class D Notes, 3.8% For Class E Notes, 3.3% For Class F Notes, 2.7% Based on the latest pool and, among other factors, historical performance data available, Moody's updated default and PCE assumptions are 2.4% and 11.5%, respectively. The transaction is a revolving cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. The loans were originated by Plenti Finance Pty Limited and are serviced by Plenti RE Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Moody's opinion address only the credit impact associated with the proposed Reallocation, and Moody's are not expressing any opinion as to whether the proposed Reallocation 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. QUICK FORMWORK: First Creditors' Meeting Set for May 4 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Quick Formwork (Aust) Pty Ltd will be held on May 4, 2026, at 10:30 a.m. via virtual facilities only. Graeme Robert Beattie of Worrells was appointed as administrator of the company on April 21, 2026. RETURNED AND SERVICES: Sub-Branches in Victoria Facing Tough Times ------------------------------------------------------------------ ABC News reports that Returned and Services League of Australia (RSL) sub-branches in regional Victoria are concerned about the future of their organisations. The ABC says some associations are concerned about succession, as members grow older with no-one to pick up the baton. RSL Victoria said it is helping smaller branches by removing red tape, but warns some will close, the ABC relays. ========= C H I N A ========= AIXIN LIFE: Appoints Qiyu Jiang as Director and Secretary --------------------------------------------------------- AiXin Life International, Inc. disclosed in a regulatory filing that Mr. Qiyu Jiang, 40 years old, was appointed by the Board of Directors, as a director of the Company, effective April 15, 2026. The Board also appointed Mr. Jiang to serve as Secretary of the Company and its subsidiaries. Mr. Jiang graduated from the INSEEC Paris School of Business in March 2015. Mr. Jiang became a Chartered Financial Analyst Level I Candidate in June 2024 and received a Legal Professional Qualification Certificate in August 2021. From October 2017 to March 2022, Mr. Jiang served as an Executive Director of Jiujiang Gongqingcheng Dishi Investment Management Co., Ltd., where he was responsible for providing legal opinions for product issuances and filings on behalf of private fund management clients and participated in equity investment project negotiations. Mr. Jiang established himself as an independent professional options trader in May 2022 and continues to engage in options trading. Mr. Jiang is fluent in Mandarin, French and English There are no family relationships between Mr. Jiang and any director or executive officer of the Company. To the knowledge of the Company, there is no understanding or arrangement between Mr. Jiang and any other person pursuant to which he was appointed as a director and Secretary of the Company. About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. Irvine, California-based YCM CPA INC., the Company's auditor, issued a "going concern" qualification in its report dated May 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a working capital deficit as of December 31, 2024 and a net loss and negative cash flows from operations for the year ended December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. XCHANGE TEC: Signs $100MM Purchase Agreement With VG Master Fund ---------------------------------------------------------------- XChange TEC.INC disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with VG Master Fund SPC. Upon the terms and subject to the satisfaction of the conditions contained in the Purchase Agreement, the Company will have the right, in its sole discretion, from time to time during the term of the Purchase Agreement, to require VG to purchase up to an aggregate of $100,000,000 of the Company's Class A Ordinary Shares, par value $0.0000001 per share, represented by American Depositary Shares, each ADS representing 2,400 Class A Ordinary Shares, deposited with The Hongkong and Shanghai Banking Corporation Limited, as custodian for The Bank of New York Mellon, as depositary, subject to certain limitations set forth in the Purchase Agreement. Sales of the ADSs by the Company to VG under the Purchase Agreement, and the timing of any such sales, are solely at the Company's option, and the Company is under no obligation to sell any securities to VG under the Purchase Agreement. The offering and sale of the ADSs by the Company to VG pursuant to the Purchase Agreement has been registered pursuant to a prospectus supplement, which was filed by the Company with the Securities and Exchange Commission on April 16, 2026, to a shelf registration statement on Form F-3 (File No. 333-290136), which was filed with the SEC on March 11, 2026 and declared effective on April 1, 2026. The Company does not have the right to commence any sales of the ADSs to VG under the Purchase Agreement until the Effective Date, which is the date on which all of the conditions to VG's purchase obligation set forth in the Purchase Agreement have initially been satisfied, none of which are in VG's control, including that the prospectus supplement shall have been filed with the SEC. From and after the Effective Date, the Company has the right, but not the obligation, from time to time at its sole discretion until the earlier of: (i) the date on which VG has cumulatively purchased a number of ADSs equal to $100,000,000 or (ii) April 1, 2028, unless the Purchase Agreement is earlier terminated, to direct VG to purchase up to a specified maximum amount of ADSs in one or more transactions as set forth in the Purchase Agreement, by timely delivering a written Purchase Notice for each purchase to VG in accordance with the Purchase Agreement, so long as the purchase amount is not less than $30,000 or the closing sale price of the ADSs on the trading day immediately prior to such Purchase Date is not less than the floor price of $0.10, unless waived by VG. From and after the Effective Date, the Company will control the timing and amount of any sales of ADSs to VG. Actual sales of ADSs to VG under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the ADSs, and determinations by the Company as to the appropriate sources of funding for the Company and its operations. The Company may not issue or sell any Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs, to VG under the Purchase Agreement which, when aggregated with all other Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs, then beneficially owned by VG and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 thereunder), would result in VG beneficially owning ADSs in excess of 9.99% of the outstanding Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs. The net proceeds to the Company from sales that the Company elects to make to VG under the Purchase Agreement, if any, will depend on the frequency and prices at which the Company sells ADSs to VG. We expect that any proceeds received by the Company from such sales to VG will be used for working capital and general corporate purposes. Neither the Company nor VG may assign or transfer its respective rights and obligations under the Purchase Agreement without the prior written consent of the other party, and no provision of the Purchase Agreement may be modified or waived by the Company or VG. The Purchase Agreement contains customary representations, warranties, conditions, and indemnification obligations of the parties. The representations, warranties, and covenants contained in the Purchase Agreement were made solely for the benefit of the parties to the Purchase Agreement. In addition, such representations, warranties, and covenants: (i) are intended as a way of allocating the risk between the parties to such agreements and not as statements of fact, and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by shareholders of, or other investors in, the Company. A full text copy of the Purchase Agreement is available at https://tinyurl.com/47fbfp67 About XChange TEC.INC Shanghai, China-based XChange TEC.INC, through its subsidiaries and consolidated variable interest entities, operates insurance agency and insurance technology business. The insurance agency is PRC-licensed and operates nationwide in the PRC with a wide range of insurance products underwritten by major insurance companies, including industry leading and/or state-owned property and casualty insurance companies as well as certain regional property and casualty insurance companies in the PRC. The insurance technology business is focused on operating and developing insurance technology in the PRC, including developing SaaS platform to connect consumers and underwriting support. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a going-concern qualification its report dated January 14, 2026, attached to the Company's Form 20-F, citing that the Company had accumulated deficits of RMB 4,605,215,000 and RMB 3,856,801,000 as of September 30, 2025, and 2024, respectively. Net cash used in operating activities from continuing operations amounted to RMB 11,698,000, RMB 8,955,000, and RMB 22,178,000 for the years ended September 30, 2025, 2024, and 2023. As of September 30, 2025, and 2024, current liabilities exceeded current assets by RMB 909,308,000 and RMB 1,271,179,000, respectively. The Company generated a net loss of RMB71.3 million (US$9.8 million) in FY 2023, a net loss of RMB226.8 million (US$32.3 million) in FY 2024 and a net loss of RMB748.4 million (US$105.1 million) in FY 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had US$9.7 million in total assets, US$133.4 million in total liabilities, and US$123.6 million in total shareholders' deficit. ZHAOJIN MINING: Fitch Affirms & Withdraws BB+ IDR, Outlook Negative ------------------------------------------------------------------- Fitch Ratings has affirmed China-based Zhaojin Mining Industry Company Limited's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'. The Outlook on the Long-Term IDR is Negative, mirroring Fitch's internal credit assessment of Zhaoyuan municipality's outlook. Fitch has simultaneously withdrawn all the ratings on Zhaojin Mining. Zhaojin Mining's ratings are derived from Fitch's internal assessment of the credit profile of its immediate parent, Zhaojin Group Company Limited, under its Parent and Subsidiary Linkage Rating Criteria based on high strategic and operational incentives for the parent to support the subsidiary. Zhaojin Group is effectively 100% owned by China's Zhaoyuan municipality and Fitch assesses its creditworthiness based on its Government-Related Entities (GRE) Rating Criteria. Fitch has chosen to withdraw the ratings for commercial reasons. Key Rating Drivers Parent's Strong State Linkage: Fitch assesses Zhaojin Group's decision-making and oversight as 'Strong' as the group is wholly owned by the Zhaoyuan government, which maintains a high level of control over its management appointment, strategy and operations. However, Fitch assesses support precedents as 'Not Strong Enough' as the group has received regular financial subsidies from the municipality, but its financial profile remains weak despite the regular government support. 'Strong' Support Incentive and Contagion Risk: Fitch assesses the government's incentive to provide support as 'Strong'. The group is Zhaoyuan's largest state-owned entity. Zhaojin Group is the largest gold producer in a city where gold is a major economic contributor and accounts for over 60% of Zhaoyuan's gold processing capacity and its entire gold refining capacity. Fitch assesses the contagion risk following a default by the group as 'Very Strong' as Fitch believes Zhaojin Group is seen as a reference issuer of the government in the financing market. The group accounts for around 60% of total assets, 80% of total debt and contributes close to 60% of the total revenue of the municipality's enterprises. Zhaojin Group is also the city's major debt issuer with publicly listed subsidiaries, which means a default could significantly disrupt the ability of other regional GREs to raise funds in the capital market. 'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 35% owned by Zhaojin Group and holds most of the group's core mining assets. Zhaojin Mining accounted for over 90% of Zhaojin Group's EBITDA. Fitch believes Zhaojin Group has a 'High' operational and strategic incentive to support Zhaojin Mining, despite a 'Low' legal incentive due to the lack of debt guarantees from the parent, as a group guarantee has so far not been required for Zhaojin Mining's financing activity. Strong Volume Growth: Fitch expects Zhaojin Mining to see strong volume growth, mainly driven by the ramp up of Haiyu mine. Fitch expects Haiyu mine to achieve full production by 2028-2029, lifting the company's total gold production to over 30 tonnes per year. Fitch also expects the company to acquire more overseas assets, in line with its long-term strategy of allocating half its resources in China and the other half outside the country. Strong Profitability: Fitch expects Zhaojin Mining to maintain its EBITDA margin of around 40% in 2026-2028 on high gold prices, supported by strong central bank and investor demand amid ongoing geopolitical risks. The company's strong profitability also stems from its high-quality assets, which are in the lower quartiles on the global cost curve. Zhaojin Mining has maintained an EBITDA margin of over 30% in the past few years despite cycles of high electricity and mining costs. Improving Leverage: Zhaojin Mining's Standalone Credit Profile (SCP) is assessed at 'bb-', which is constrained by its scale and leverage. Fitch expects Zhaojin Mining's EBITDA net leverage to fall below 2.5x by 2027 due to strong gold prices and increasing volume. Peer Analysis Zhaojin Mining's rating is derived from the credit profile of Zhaojin Group, based on a strong linkage between the two entities under Fitch's Parent and Subsidiary Linkage Rating Criteria. Zhaojin Group's profile is notched from Fitch's internal assessment of the Zhaoyuan municipality's credit profile under its Government-Related Entities Rating Criteria due to the high likelihood of support from the local government. Zhaojin Group's relationship with its parent is similar to that of steel producer HBIS Group Co., Ltd. (BBB+/Stable) with the Hebei State-owned Assets Supervision and Administration Commission (SASAC). HBIS is the largest state-owned enterprise under the Hebei SASAC, accounting for 30%-40% of total assets. Steel is a major economic driver for Hebei province, similar to gold's importance to Zhaoyuan, where Zhaojin Group is the largest gold miner. Fitch’s Key Rating-Case Assumptions - Revenue of CNY22 billion-27 billion per year during 2026-2028; - EBITDA margin of 39%-42% in 2026-2028; - Capex to average about CNY2.4 billion a year from 2026 to 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, lower), market and competitive positioning (b+, higher), diversification and asset quality (bb-, moderate), company operational characteristics (bb+, moderate), profitability (bbb-, moderate), financial structure (bb-, higher), and financial flexibility (bbb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. RATING SENSITIVITIES Not applicable, as the ratings on Zhaojin Mining have been withdrawn. Liquidity and Debt Structure Zhaojin Mining's cash to short-term debt ratio has been low in recent years. However, the company was able to continuously refinance its short-term debt and had sufficient unused credit facilities. Chinese state-owned enterprises generally rely heavily on short-term financing due to their cheaper funding costs. Therefore, Fitch believes the company's liquidity is adequate. Zhaojin Mining also has access to offshore equity markets and domestic and offshore bond markets, and maintains satisfactory relationships with major domestic financial institutions. Issuer Profile Zhaojin Mining is the largest gold miner in the city of Zhaoyuan in the east of Shandong province. It is mainly engaged in the exploration, mining, processing, smelting and sale of gold. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Zhaojin Mining Industry Company Limited. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Following the withdrawal of ratings for Zhaojin Mining, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Prior ----------- ------ ----- Zhaojin Mining Industry Company Limited LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn senior unsecured LT BB+ Affirmed BB+ senior unsecured LT WD Withdrawn ================= H O N G K O N G ================= CAS CAPITAL 1: Moody's Affirms Ba2 on Sub. Perpetual Securities --------------------------------------------------------------- Moody's Ratings has affirmed the Baa2 ratings of Hong Kong Telecommunications (HKT) Limited and its subsidiaries. The affirmed ratings include Hong Kong Telecommunications' Baa2 issuer rating, (P)Baa2 senior unsecured medium-term note (MTN) program rating by HKT Capital Limited and the Baa2 senior unsecured ratings of the bonds issued by HKT Capital No. 1 Limited, HKT Capital No.3 Limited, HKT Capital No. 4 Limited, HKT Capital No. 5 Limited and HKT Capital No. 6 Limited. The MTN program rating and these bonds are guaranteed by Hong Kong Telecommunications and its parent, HKT Group Holdings Limited (HKT Group). Moody's have also affirmed the Baa3 issuer rating of CAS Holding No. 1 Limited (CAS), which owns around a 52% equity interest in HKT Limited, and the Ba2 rating on the subordinated perpetual securities issued by CAS Capital No. 1 Limited and CAS Capital No. 2 Limited (CAS Capital), both of which are guaranteed by CAS. At the same time, Moody's have maintained the stable outlooks. "The rating affirmations and stable outlook reflect Moody's expectations that continued earnings growth along with the additional stake sale in its passive network business, will modestly improve HKT Limited's financial leverage in 2026 and slow the pace of debt increase subsequently. Supported by its stable business performance, this will still position its financial metrics appropriate for its rating level, although it leaves limited financial buffer," says Stephanie Lau, a Moody's Ratings Vice President and Senior Credit Officer. RATINGS RATIONALE Moody's assesses HKT Limited's financial performance when considering Hong Kong Telecommunications' financial profile because Hong Kong Telecommunications is HKT Limited's principal operating subsidiary. Moody's expects HKT Limited's adjusted debt/EBITDA to improve to around 3.9x in 2026-27 from 4.1x in 2025. Despite this ratio level remains elevated, it is appropriate for the Baa2 rating category, considering the company's highly stable business profile. Specifically, Moody's expects HKT Limited's annual adjusted EBITDA to increase to around HKD13.0–13.5 billion in 2026–27 from HKD12.5 billion in 2025, driven by revenue growth of about 3%–4% per annum and stable adjusted EBITDA margins. Adjusted debt will decline marginally to HKD50.4 billion by the end of 2026 from HKD50.6 billion at the end of 2025, after factoring in capital expenditure and dividends, which are partially offset by the disposal proceeds from an additional stake sale in its passive network business. Absent any more material asset disposals, Moody's expects adjusted debt to rise to around HKD52 billion by the end of 2027 to fund ongoing capital expenditure and dividend payments. On March 30, 2026, HKT Limited announced that it had entered into a share purchase agreement to sell an additional 9% stake in its passive network business—which includes the company's copper and fiber access networks—to China Merchants Capital Holdings Co., Ltd. (CM Capital) for total proceeds of $209 million. Although the transaction will modestly reduce HKT Limited's financial flexibility, the effect is more than offset by the immediate deleveraging impact. The expected use of the proceeds for debt reduction also reflects, in Moody's views, the company's commitment to maintaining Hong Kong Telecommunications' Baa2 rating. Hong Kong Telecommunications' Baa2 ratings continue to reflect (1) its strong business profile as the best-in-class quad-play telecommunications services provider in Hong Kong SAR, China (Aa3 stable), with leading market positions in all major services; (2) HKT Limited's high financial leverage, which is mitigated by its strong business profile and excellent liquidity; and (3) its ultimate parent PCCW Limited's weaker credit quality. CAS's Baa3 issuer rating primarily reflects the credit quality of Hong Kong Telecommunications, given CAS's direct ownership of a majority stake in HKT Limited. The rating also incorporates the risk of structural subordination, as the majority of CAS's claims are at the operating subsidiary and, in the event of a bankruptcy, have priority over claims at CAS. In terms of environmental, social and governance (ESG) factors, the ratings take into account (1) the ultimate parent PCCW's aggressive financial policy, (2) HKT Limited's high dividend payout ratio, and (3) ongoing related-party transactions. These considerations are mitigated by (1) PCCW's long history of maintaining financial stability at Hong Kong Telecommunications; (2) HKT Limited's trust structure, which provides clarity around dividend policies; and (3) the public listing status of HKT Limited and PCCW, which ensures transparency around related-party transactions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS For Hong Kong Telecommunications, a rating upgrade would be possible if the company retains its solid market positions in all major segments and HKT Limited improves its financial profile significantly. Specific metrics that Moody's will consider for an upgrade include HKT Limited's (1) adjusted debt/EBITDA remaining below 2.8x-3.0x, (2) adjusted EBITDA margin rising above 40% and (3) its retained cash flow/debt exceeding 20%, all on a sustained basis. Moody's would downgrade Hong Kong Telecommunications' rating if (1) it loses its leading position in the Hong Kong market; (2) HKT Limited pursues an aggressive distribution or investment strategy that results in high debt levels. Specific metrics that Moody's will consider for a downgrade include HKT Limited's (1) adjusted debt/EBITDA exceeding 3.8x-4.0x or (2) adjusted EBITDA margin falling below 32%, both on a sustained basis. The ratings may also be downgraded if the likelihood of HKT Limited providing financial support to PCCW increases, due to PCCW's worsening credit quality or diminished ability to independently fund its operations. For CAS, a rating upgrade would be possible if Hong Kong Telecommunications' rating is upgraded and if PCCW significantly improves its credit quality while maintaining strong liquidity. Moody's would downgrade CAS's rating if (1) Hong Kong Telecommunications' rating is downgraded; (2) CAS reduces its ownership in HKT Limited; or (3) PCCW shows worsening credit quality or diminished ability to independently fund its operations. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. Hong Kong Telecommunications' final Baa2 ratings are two notches higher than the scorecard-indicated outcome for the current period, due to the company's strong market position, unusually high operational stability in the Hong Kong market and solid track record of financial management. Hong Kong Telecommunications, the ex-incumbent integrated telecommunications provider in Hong Kong SAR, China is wholly owned by HKT Group Holdings Limited. HKT Group is wholly owned by HKT Limited, which is around 52% owned by CAS Holding No. 1 Limited. CAS Holding No. 1 Limited is a direct wholly-owned subsidiary of PCCW Limited, which is headquartered in Hong Kong and holds interests mainly in telecommunications, media, and IT solutions. ========= I N D I A ========= ADITYA POLYFILMS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Aditya Polyfilms Private Limited (SAPPL) 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- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.67 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- 2.25 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Rating continues to remain under Based-Others 'Issuer Not Cooperating' category Long Term/ 0.08 [ICRA]D ISSUER NOT Short Term- COOPERATING/[ICRA]D; 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 SAPPL'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 SAPPL, 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. Sri Aditya Polyfilms Private Limited (SAPPL), incorporated in the year 1988. SAPPL is engaged in manufacturing flexible packaging material in roll form as well as pouch form, through the printing and laminating of plastic films. The company initially started with a capacity of 900 tonnes per annum (MTPA) and has expanded to 2000 MTPA. The company largely caters to localized demand from manufacturers of food products situated across Tamil Nadu, Andhra Pradesh and Karnataka. SAPPL operates out of its manufacturing facility at SIDCO Industrial Estate, Ambattur, Chennai. It is managed by Mr. S. P. Mohan Subramanian and Mrs. Vidhya Mohan who together take care of overall operations of the company. AMRITSAR MSW: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Amritsar MSW Limited Registered Adress: Unit 115 of Level 1 & 2, Crescent Building, Lado Sarai, Mehrauli, Gadaipur, South West Delhi, New Delhi, 110030 Principal Office: 6th Floor, Plot No. 19 & 20, Film City, Sector 16A, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301 Insolvency Commencement Date: April 16, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 10, 2026 Insolvency professional: Deepak Kumar Goyal Interim Resolution Professional: Deepak Kumar Goyal Flat No. 101, Shridher Apartment 884/6, Ward No. 6, Mehrauli, New Delhi - 110030 Email: ca.deepak.mba@gmail.com 701, Vikrant Tower 4, Rajendra Place, New Delhi - 110008 Last date for submission of claims: April 30, 2026 ANKIT PULPS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term ratings of Ankit Pulps And Boards Private Limited (APB) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term (6.00) [ICRA]B+(Stable); 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 APB'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 APB, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in the year 1976, Ankit Pulps and Boards Private Limited (APB) is engaged in the manufacturing of Microcrystalline Cellulose (MCC) which is used in pharmaceutical and food products industry. MCC is primarily used as an excipient1 (binder/ filler) in the pharmaceutical industry. The company also manufactures cellulose powder which finds application in the industrial segment. APB is a closely held company promoted by Mr. Rajesh Agrawal and Mr. Anil Agrawal, who each have more than 25 years of experience in the industry. ANMOL COLD: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Anmol Cold Storage 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- 0.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 6.90 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 0.85 [ICRA]B (Stable)/[ICRA]A4; Short Term- 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 Anmol Cold Storage'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 Anmol Cold Storage, 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 August 2015, Anmol Cold Storage (ACS) is engaged in providing cold storage facility to potato-based product manufacturers and traders on a rental basis and has commenced commercial operations from February 2016. The firm's facility is located at Idar, Gujarat, with a capacity to store 2,01,000 bags, each weighing 50 kg (around 10,050 MT of potatoes). The firm has been promoted by Mr. Prahlad Mali along with his relatives who have long experience in potato farming, trading and cold storage businesses. The partners also have associations with other cold storages such as PK Cold Storage, Ratan Cold Storage and Meghdoot Cold Storage. ARISTO INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Aristo Industries (AI) 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/ 12.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues Unallocated to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AI'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 AI, 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 2009, Aristo Industries (AI) used to manufacture polyfibre mattresses from its unit in Tinsukia, Assam and traded in fabrics. The company started merchant trading in steel rebars and shafts from FY2015 onwards. ATC LOGISTICS: ICRA Withdraws B+ Rating on INR22.75cr Term Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of ATC Logistics Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lender. Consequently, there are no dues pending from ATC Logistics 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- 22.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ATC Logistics Private Limited (ATC) was promoted in 2009 by Mr. Tutul Chowdhury, with the objective of providing third-party logistics solutions. Prior to ATC Logistics Private Limited, Mr. Tutul Chowdhury was operating through ATC India, a proprietorship firm engaged in material handling and transportation for other large logistics solutions providers. Currently, the company operates out of a logistics facility located at Barasat, Kolkata and has branches in Sikkim, Jharkhand, Bihar, Orissa, Assam, Meghalaya, Mizoram, Tripura and Arunachal Pradesh to cater to the requirements of the entire eastern and north eastern regions of the country. BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Baraka Overseas Traders in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ Stable ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [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 Baraka Overseas Traders' 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 Baraka Overseas Traders, 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. Baraka Overseas Traders was established as a partnership firm in 1979. The firm is involved in exports of frozen seafood with the United States, Mauritius, France and the UK as key export destinations. Major varieties of seafood exported by the firm include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid, among others. The firm's processing facility is in Ullal, Mangalore district of Karnataka. The firm reported an operating income of INR62.25 crore and a net profit of INR0.76 crore in FY2018 as against an operating income of INR50.98 crore and a net profit of INR0.94 crore in FY2017. CARDIAC CARE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Cardiac Care and Allied Health Private Limited 7, Vivekanand Marg, C-Scheme, Jaipur, Rajasthan, India, 302001 Insolvency Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: October 14, 2026 Insolvency professional: Arvind Kaushik Interim Resolution Professional: Arvind Kaushik P-4 Tilak Marg C-Scheme, Jaipur, 302005 Email: ca73588@gmail.com cirp.cardiaccare1@gmail.com Last date for submission of claims: May 1, 2026 CHHATRAPATI SAMBHAJI: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Chhatrapati Sambhaji Raje Sakhar Udyog Limited (CSRSUL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding CSRSUL'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 CSRSUL, 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 2000, CSRSUL has current installed capacity of 1250 TCD. Located near Aurangabad (Maharashtra), the company is promoted by ex-minister – Food and Civil supplies, GoM- Mr. Haribhau Bagade. Apart from the command area spread over 205 villages of Aurangabad taluka, the company also procures sugar cane from shareholder suppliers members spread over 2000 villages of Gangapur Taluka of Aurangabad District, Jalna and Ambad Talukas of Jalna District and Gevrai taluka of Beed District. The company in all has 6500 supplier members. DELHI INT'L AIRPORT: Fitch Affirms BB+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Delhi International Airport Limited's (DIAL) Long-Term Issuer Default Rating (IDR) and the rating on its senior secured notes at 'BB+'. The Outlook is Stable. The rating reflects DIAL's regulated business, with a tariff structure that allows a return on the regulatory asset base and a long concession period extendable to 2066. Delhi airport is India's largest by passenger traffic and a gateway to the national capital region, with a catchment population of over 30 million people supporting strong long-term growth prospects. This is despite upcoming competition from Noida International Airport, which is scheduled to open in late 2026. Fitch expects a manageable impact from the Middle East conflict on DIAL's rating, despite the airport operator's large exposure to Middle Eastern traffic. The rating is supported by resilient domestic air travel demand, DIAL's strong financial profile and a tariff mechanism that allows recovery of losses from significant volume volatility through the next tariff period's volume true-up, albeit with a lag. DIAL's rating headroom and liquidity remain adequate to absorb temporary volatility. KEY RATING DRIVERS Dominant Market Position, Robust Demand: Revenue Risk - Volume - High Stronger Delhi airport is India's largest and the main gateway to the country. Over a quarter of all international passengers to India arrive at the airport. Traffic has historically proven resilient to external shocks, underpinned by domestic demand, which accounts for about 75% of total traffic. Alternative transport modes remain significantly less time-efficient. The opening of Noida International Airport in 2026 will introduce some competition. Nevertheless, strong long-term demand growth, driven by favourable demographics and consumers' increasing propensity to fly, should continue to support traffic growth over the medium term. Stable, Supportive Regulatory Framework: Revenue Risk - Price - Midrange DIAL benefits from a stable regulatory regime. Revenue and capex are set by the Airports Economic Regulatory Authority of India. DIAL operates under a hybrid till framework, with 30% of non-aeronautical revenue used for cross-subsidisation. The state support agreement between DIAL and the government of India stipulates that aeronautical tariffs are no less than base airport charges +10%, providing a floor to DIAL's airport charges. The tariff more than doubled in the fourth control period (CP4), which covers the financial years ending March 2025(FY25) to FY29, on a higher regulated asset base after the capex cycle and other favourable rulings. The tariff order was implemented from April 2025, delayed by one year. Modest Medium-Term Capex: Infrastructure Development and Renewal - Stronger Fitch expects limited capex in the medium term, as DIAL completed its intensive expansion programme in the previous control period (CP3: FY20-FY24). This included a fourth runway, an eastern cross taxiway and Terminal 1 expansion, increasing passenger capacity to 100 million, from 66 million. Current capacity is sufficient for the medium term, but Fitch expects capex to rise post CP4 to accommodate demand growth and further non-aeronautical development. Diversified Funding, Laddered Maturity: Debt Structure - Midrange DIAL has diversified funding. It has issued five onshore rupee-denominated non-convertible debentures in recent years. It also has two US-dollar senior secured bullet bonds. These include structural covenants, such as a cash waterfall, dividend restrictions and a fixed-charge coverage ratio test for additional debt, excluding debt for regulated capex. Refinancing risk is mitigated by laddered maturities from 2026 and a long concession term, which supports domestic capital market access. Peer Analysis Mumbai International Airport Limited (MIAL, senior secured notes BBB-/Stable) is DIAL's closest peer. Fitch assesses both airport operators at 'High Stronger' for volume risk, with DIAL being the largest and MIAL second-largest airports in India. DIAL serves the national capital region and MIAL India's financial and industrial hub. Fitch assesses price risk at 'Midrange' for both, reflecting some regulatory uncertainty in tariff implementation, although base airport charges mitigate downside risk to aeronautical tariffs. Fitch forecasts leverage for MIAL at 3.7x over FY25-FY29, against DIAL's ~7x over the same period. DIAL can also be compared with GMR Hyderabad International Airport Limited (GHIAL, BB+/Positive). DIAL has a larger catchment area than GHIAL, which serves Hyderabad, a vibrant but smaller city than Delhi. Fitch assesses DIAL's volume risk at 'High Stronger', against GHIAL's 'High Midrange'. Both airport operators share the same economic regulatory framework, have 'Midrange' price risk assessments and have completed their major capex cycles; though DIAL has higher rating-case leverage in the interim. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Forecast net debt/EBITDA above 7.5 x for a sustained period (FY26E: 6.5x) - Should the fuel supply disruption from the conflict in the Middle East persist beyond its expectations, Fitch may reassess its passenger traffic forecast and the rating Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Forecast net debt/EBITDA below 5.5 x for a sustained period - Interest cover demonstrably sustained above 2.0x (FY26E: 1.9x) Financial Profile Fitch only considers contracted income from commercial property development in its financial profile assessment. Its base case assumes passenger traffic will reach about 88 million by FY27. Fitch forecasts leverage to average at 5.3x over FY26-FY30 and the interest coverage ratio at 2.2x. Its rating case assumes passenger traffic will reach about 86 million by FY27. Fitch forecasts leverage to average at 5.8x over FY26-30 and the interest coverage ratio at 2.0x. Its sensitivity analysis incorporates a further downside scenario to assess the potential impact of fuel shortages and higher fuel prices that prolong the weakening in passenger demand. Under this scenario, Fitch assumes passenger traffic declines by 20% in FY27 and leverage surges to 8.5x. However, leverage should ease comfortably below its negative rating threshold in the following year. Traffic has recovered to around 10% below pre-conflict levels, after falling by 40% at the onset of the conflict. Fitch expects DIAL's liquidity to remain adequate to meet its obligations over the next 12 months, while refinancing risk on its bullet debt is mitigated by robust market access. Any volume volatility during the current tariff period would be recoverable through the tariff true-up mechanism in the subsequent period. Credit Update Fitch estimates passenger traffic volume was flat in FY26, with growth constrained by geopolitical disruptions, including the closure of Pakistan's airspace since April 2025 and of Middle Eastern airspace in March 2026. The Middle Eastern airspace closures led DIAL to cancel several international flights, but operations normalised within two weeks as airlines rerouted services. Passenger sentiment also weakened following the June 2025 Air India crash, with enhanced safety checks and operational disruptions further reducing aircraft utilisation. Higher global oil prices from the Middle East conflict, which disrupted flow through the Strait of Hormuz, have further impacted the airline industry. However, India has adequate aviation turbine fuel supply, as it produces a surplus and exports nearly half of its output. The government has imposed export duties to prioritise domestic availability. The Ministry of Civil Aviation also indicates that India has sufficient reserves to support uninterrupted operations for about 60 days. Fitch expects the conflict to be resolved within three months but will revisit DIAL's rating if the disruption persists beyond this period. DIAL invoked a force majeure clause in December 2020 to temporarily cease revenue sharing with the Airports Authority of India (AAI) amid low traffic and revenue during the Covid-19 pandemic. The concession agreement requires DIAL to pay 45.99% of its annual revenue as a concession fee to AAI. AAI has challenged DIAL's position in various legal forums. An arbitration tribunal decision in January 2024 excused DIAL from annual fee payments from 19 March 2020 to 28 February 2022, directing AAI to refund around INR5 billion and waiving around INR12 billion in payments. It also allowed a one-year and 11-month extension of the airport concession period, subject to government approval; the period excused under force majeure. AAI challenged the award, but the Delhi High Court upheld it in favor of DIAL. Fitch estimates aeronautical revenue more than doubled to INR30 billion in FY26, from INR11 billion a year earlier, after a new tariff order took effect from April 2025. Non-aeronautical revenue, which comprises about 60% of total operating revenue, rose by around 10% over the same period. DIAL estimates EBITDA to increase to around INR28 billion in FY26 from the reported INR17 billion in FY25. DIAL had cash and cash equivalents, including current financial investments, of INR13 billion as of March 2026. Fitch expects this, and positive free cash flow, to cover any debt maturities. The bullet repayment in October 2026 is likely to be refinanced in a timely manner. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for DIAL. 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 ----------- ------ ----- Delhi International Airport Limited LT IDR BB+ Affirmed BB+ Delhi International Airport Limited/Project Revenues - First Lien/1 LT LT BB+ Affirmed BB+ DEVI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Devi Iron and Power Private Limited, at the request of the company and based on the No Objection Certificate received from its bankers in accordance with ICRA's policy on withdrawal. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. 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- 14.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short Term- 17.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Devi Iron and Power Private Limited (DIPPL) was incorporated in 2004 by the Raipur-based Mahamaya Group. The plant is located at Tanda Village in Raipur (Chhattisgarh). DIPPL has a production facility for sponge iron with an annual production capacity of 90,000 MT. The company also has a Waste Heat Recovery Boiler (WHRB) based power plant with a power generation capacity of 8 MW. The company sells a major portion of the sponge iron it produces to its group entities. Since April 2016, the company has started the production of Mild Steel (MS) ingot. GENSOL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the ratings of Gensol Engineering Limited (GEL) 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- 925.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 718.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long term and 406.50 [ICRA]D; ISSUER NOT COOPERATING; short term-BG Rating continues to remain under "Issuer Not Cooperating" Category Long term and (51.30) [ICRA]D; ISSUER NOT COOPERATING/ short term-BG [ICRA]D; ISSUER NOT COOPERATING; (sub-limit of continues to remain under "Issuer CC limit) Not Cooperating" Category The rating continues to remain under "Issuer Not Cooperating" because of lack of adequate information regarding GEL'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 GEL, ICRA has been trying to seek information from the entity so as to monitor its performance and has been sending repeated reminders to the entity. 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, a rating view has been taken on the entity based on the best available information. Gensol Engineering Limited (GEL), established in 2012, was the flagship company of the Gensol Group, engaged primarily in providing engineering, procurement, and construction (EPC) services to the solar power sector, and was listed on the National Stock Exchange and the Bombay Stock Exchange in 2023. The company had diversified into electric mobility through EV leasing services and an EV manufacturing facility in Pune catering to fleet and logistics segments. In June 2025, the company was admitted into the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016, following petitions by financial creditors for aggregate defaults. Consequent to the admission, control of the company's operations has vested with the insolvency resolution professional. The resolution process has progressed with invitation of Expressions of Interest and submission of resolution plans by end-November 2025; however, final approval of any plan remains pending. KIARA JEWELLERY: ICRA Keeps B/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short Term ratings of Kiara Jewellery Private Limited (KJPL) 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/ 14.00 [ICRA]B (Stable); ISSUER NOT Short Term COOPERATING/[ICRA]A4; ISSUER Fund Based- NOT COOPERATING; Rating Cash Credit continues to remain under the 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KJPL'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 KJPL, 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 2004, KJPL is a joint venture between Shrenuj & Company Limited and Saphir Products NA (an associate of the Dalloz Group). The company manufactures diamond and stone-studded gold and platinum jewellery, specifically for the French market. The product portfolio includes rings, bracelets and pendants made from 9, 10, 14 and 18 carat gold and platinum. The manufacturing unit and registered office is located at Santacruz Electronics Export Processing Zone (SEEPZ), Andheri, Mumbai. The promoters have an experience of more than three decades in the gems and jewellery business. KRISHNAIAH MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Krishnaiah Motors Private Limited (KMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 9.50 [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 KMPL'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 KMPL, 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. KMPL, established in 2002 by Major (Retd) P.T Choudary, is a MSIL dealer in passenger cars in Hyderabad under the name "ACER Motors"; KMPL is involved in the sales of new cars and used cars, service of vehicles along with sale of spare parts. The company has two showrooms and two service centres in Hyderabad. The stockyard of the company is located at Alwal. LAKSHMI SRINIVASA: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBRM) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 3.75 [ICRA]B+(Stable)/[ICRA]A4; Short Term- 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 SLSRBRM'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 SLSRBRM, 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. Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBRM) was established as a proprietorship firm in 1983. In 2002, SLSRBRM was reconstituted as partnership firm. The firm had setup a rice mill with production capacity of 36,000 TPA to produce raw & boiled rice. The firm operates in three shifts per day. The unit is located at Nellore district of Andhra Pradesh. MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term ratings of Manikanta Cotton Agro Industries (MCAI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.84 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.66 [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 MCAI'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 MCAI, 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. MCAI was set up as a partnership firm in 2013 by Mr. D. MallaReddy and Mr. P. Ravinder Reddy and six other partners, with ginning activity as its main operations. MCAI is a TMC unit, involved in extraction of cotton lint and cotton seeds from kapas. The firm has its production facility located at Muthannapeta village, Karimnagar district, Telangana. At present, it is operating 36 gins and one pressing unit with a production capacity of 86,400 bales per annum. The managing partners, Mr. D. Malla Reddy and Mr. P. Ravinder Reddy also serve as managing partners of othertextile units namely M/s Saritha Cotton Industries operating with 24 gins, four oil expellers and one pressing machine and M/s Sri Balaji Cotton Industries operating with 40 gins and one pressing unit. NEELKANTH REALTORS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Neelkanth Realtors Limited 101, Neelkanth Zen, Pokhran Road No. 2, Thane West, Jekegram, Thane, Maharashtra 400606 Insolvency Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 14, 2026 Insolvency professional: Arvind Kamdar Interim Resolution Professional: Arvind Kamdar 301-302, Poonam Pearl Next to Himachal Society Opposite New India Colony Andheri West, Mumbai Maharashtra, 400058 Last date for submission of claims: May 2, 2026 PAYTM PAYMENTS: India's Central Bank Cancels Bank's Licence ----------------------------------------------------------- The Reserve Bank of India (RBI) has, vide order dated April 24, 2026, cancelled the banking licence issued to Paytm Payments Bank Limited under Section 22(4) of the Banking Regulation Act, 1949 ('BR Act') effective from close of business on April 24, 2026. Consequently, Paytm Payments Bank Limited is prohibited from conducting the business of ‘banking' as defined in Section 5(b) or any additional business specified under Section 6 of the Banking Regulation Act, 1949 with immediate effect. RBI will make an application for winding up of the bank before the High Court. Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon winding up of the bank. The Reserve Bank cancelled the licence of the Paytm Payments Bank Limited as: i. The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors. Thus, the bank is not complying with Section 22 (3) (b) of the BR Act. ii. The general character of the management of the bank is prejudicial to the interest of depositors as also the public interest. Thus, the bank is not complying with provisions of Section 22 (3) (c) of the BR Act. iii. No useful purpose or public interest would be served by allowing the bank to continue as envisaged in Section 22 (3) (e) of the BR Act. iv. The bank failed to comply with the conditions stipulated in the Payments Bank license issued to it, thereby violating the provisions of Section 22 (3)(g) of the BR Act. Previously, the bank was directed to stop onboarding of new customers with effect from March 11, 2022. Thereafter, on January 31, 2024 and February 16, 2024, certain business restrictions were also imposed on the bank which, inter alia, disallowed any further deposits/credits/top-ups in existing customer accounts, prepaid instruments, wallets, etc. PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Pragati Glass & Industries Private Limited 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- 17.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 4.00 [ICRA]D; 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 Pragati Glass & Industries 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 Pragati Glass & Industries 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. Pragati Glass & Industries Private Limited was incorporated in 1982 by Mr. Dinesh Gupta to engage in the manufacturing of glass tableware and bottles. The company caters primarily to the cosmetics and perfumes industry with small presence in foods & beverages industry. Almost 60% of the company's sales are to the exports market while balance being towards the domestic market. Around 15-20% of its exports sales are deemed exports to SEZs. The company has its manufacturing facility located at Kosamba, Gujarat SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Sardar Cotton (SC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[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 Long-term- 0.80 [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 SC'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 SC, 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 as a partnership firm in 2012, Sardar Cotton (SC) is engaged in cotton ginning and pressing operations. The firm is managed by Mr. Pravin Patel along with 2 other partners with manufacturing facility located near Rajkot, Gujarat. The firm has 24 ginning machines and 1 pressing machine having a cumulative processing capacity to manufacture 100 bales per day with 12 hours of operations. The major raw material of the firm is Shankar-6 which is procured directly from the farmers located in Rajkot, and close by areas at market prices on cash payment basis. SEGURO FOUNDATIONS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Seguro Foundations and Structures Pvt Ltd. Building No. VII/710 E & E1, Mavelipuram, Thrikkakara Municipality, Ernakulam, Kerala 6820230 Insolvency Commencement Date: April 10, 2026 Court: National Company Law Tribunal, Kochi Bench Estimated date of closure of insolvency resolution process: October 7, 2026 Insolvency professional: Jossy Steephen Kattur Interim Resolution Professional: Jossy Steephen Kattur 16C, Skyline Imperial Gardens Stadium Link Road Kaloor, Ernakulam - 682025 Email: jossysk@gmail.com segurocirp2026@gmail.com Last date for submission of claims: April 27, 2026 SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term rating of Shyam Cottex in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.38 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Shyam Cottex'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 Shyam Cottex, 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 April 2014, Shyam Cottex is a partnership firm, engaged in the business of ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The manufacturing facility of the firm is located at Jivapar, (distt: Rajkot) and is currently equipped with 24 ginning machines and 1 pressing machine having a capacity to produce 250 cotton bales per day. The firm mainly deals in Shankar-6 type of raw cotton. SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Sonapur Herbal Centre Private Limited (SHCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.18 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.82 [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 SHCPL'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 SHCPL, 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 2000, SHCPL currently owns and operates a 20-room resort, "Spring Valley Resort" at Sonapur, Assam. The company is in the process of converting the existing resort into a four-star hotel cum-resortwith 60 rooms/cottages (including the existing 20 cottages). Currently, the resort also operates a multi-cuisin edining-cum-restobar, coffee shop, spa-cum-saloon, conference room, banquet hall and swimming pool, all within the same premises. ST. JOHNS: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of St. Johns Orthodox Church Society (Regd.) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [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 St. Johns Orthodox Church Society (Regd.)'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 St. Johns Orthodox Church Society (Regd.), 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. St. John's Orthodox Church Society is a charitable society registered under the Society Registration Act, Delhi. The society commenced operations of St. John's Model School, Mayur Vihar in 2003 and St. John's School, Greater Noida in 2017. St. John's Model School, Mayur Vihar is a co-educational, English medium school and follows the CBSE curriculum. The school is spread over an area of 836 square metres and has over 300+ students enrolled for AY2021-22 from LKG to class V. St. John's Model, Greater Noida commenced operations in 2017. The school is offering education for students from K-XII. It is spread over an area of 10,000 square metres and has over 1,600+ students enrolled for AY2021-22 from LKG to class XII. SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sunglow Suitings 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- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 15.73 [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 Sunglow Suitings 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 Sunglow Suitings 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. SSPL manufactures woven fabrics for suitings. It is promoted by Mr. Mahesh Hurkat, who has more than fifteen years of experience in the textile industry. The company has 64 looms installed at its weaving facility in Bhilwara, Rajasthan and has a production capacity of about 6.4 million meters of fabric per annum. SWARYU ENERGY: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Swaryu Energy Limited Marathon Futurex, 29th Floor Unit No. 2916 to 2918 A Wing, Mafatal Mills Compound NM Joshi Marg, Lower Panel Mumbai 400013 Delisle Road, Mumbai, Maharashtra, India, 400013 Insolvency Commencement Date: March 9, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 7, 2026 Insolvency professional: Mahesh Lakshmanadass Interim Resolution Professional: Mahesh Lakshmanadass 3/318/C5/11, Bhagya Residency Ramaiyan Kadu, Seelanaickenpatti, Salem 636201 Email: maheshtup@gmail.com cirpswaryuenergy@gmail.com Last date for submission of claims: March 23, 2026 TEAM ENGINEERS: ICRA Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Team Engineers Advance Technologies India. Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are 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- 1.25 [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 Team Engineers Advance Technologies India. Pvt. Ltd.'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 Team Engineers Advance Technologies India. 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. Team Engineers was incorporated as a partnership firm in 1980 and subsequently converted into a private limited company in August'2011 and named Team Engineers Advance Technologies India Private Limited (TEATIPL). TEATIPL is based out of Hyderabad and is an ISO 9001:2008 certified company. In the initial years, the firm was engaged in the business of developing emergency lighting systems for general and industrial applications. Since 1990s, the company has migrated to Digital Subscriber Line (DSL) based technologies and currently the firm has a product portfolio of 30 products which includes DSL modems, Ethernet over TDM converters, Ethernet over Fiber, Ethernet over DSL and other Ethernet access devices which are deployed for various telecommunication applications. VURUPA TRADING: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Vurupa Trading Private Limited No. 129/18, 14th Floor 1st Main, Opposite Ayyappa Temple SF Road, Wilson Garden Bangalore, Karnataka India, 560027 Insolvency Commencement Date: April 15, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 12, 2026 Insolvency professional: Ashish Anantray Shah Interim Resolution Professional: Ashish Anantray Shah 402, Shaival Plaza Near Gujarat College Ellisbridge, Ahmedabad 380006, Gujarat Email: ashish@ravics.com cirpvurupa@gmail.com Last date for submission of claims: April 29, 2026 YOGIJI DIGI: ICRA Withdraws B+ Rating on INR18cr LT Cash Credit --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Yogiji Digi Limited (Formerly Known as Digi Drives Private Limited) at the request of the company and based on the No Due certificate (NDC) received from its bankers. The Key Rating Drivers, Liquidity Position, Rating Sensitivities 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 Interchangeable COOPERATING; Withdrawn Limits Long Term- 18.00 [ICRA]B+(Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 4.50 [ICRA]B+(Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short Term- 12.50 [ICRA]A4; ISSUER NOT Non Fund COOPERATING; Withdrawn Based-Others Yogiji Digi Private Limited (Formerly Known as Digi Drives Private Limited) started a partnership business in 1993 and converted into a private limited company in 2018 by Mr. Samir Bansal and Mr. Navneet Gill. With close to 25 years in the business, DDPL has specialization in customized mechanical and electrical installations works. The company has specialization in designing, planning, engineering, customizing, manufacturing/ assembling and installation of machinery including cold rolling mills, pickling lines, acid regeneration plants, colour coating lines, slitting/cutting/cutting/cut to length and tension levelling lines, tube mills etc. In addition to the above, the company specializes in processing automation systems across industries including metal, power plants, paper & pulp, sugar, cables and wires, hospitality, industrial and commercial real estate among others. The company changed its name from Digi Drives Private Limited to Yogiji Diji Private Limited in 2022. Subsequently, the name was changed from Yogiji Diji Private Limited to Yogiji Diji Limited in 2025. =============== M A L A Y S I A =============== GOHL CAPITAL: Moody's Rates New USD Sub. Perpetual Securities 'Ba2' ------------------------------------------------------------------- Moody's Ratings has assigned a Ba2 rating to the proposed US dollar-denominated subordinated perpetual capital securities to be issued by GOHL Capital Holdings Limited (GOHL Capital Holdings), a wholly-owned financing subsidiary of Genting Overseas Holdings Limited (GOHL, Baa3 stable). GOHL is, in turn, a wholly-owned subsidiary of Genting Berhad (GENB, Baa3 stable). The perpetual securities will be unconditionally and irrevocably guaranteed by GOHL on a subordinated basis. The outlook on the ratings is stable. GOHL intends to use the net proceeds from the proposed perpetual securities primarily to fund its concurrent tender offer for its $1.5 billion senior unsecured US dollar notes due January 2027, issued under GOHL Capital Limited (GOHL Capital), its other wholly owned financing subsidiary. GOHL and GOHL Capital are supported by a keepwell deed entered into among GENB, GOHL, GOHL Capital, and the trustee of the guaranteed notes, while GOHL and GOHL Capital Holdings are supported by a separate keepwell deed among GENB, GOHL, GOHL Capital Holdings, and the trustee of the guaranteed perpetual securities. RATINGS RATIONALE -- Genting Overseas Holdings Limited The Ba2 rating assigned to GOHL's US dollar-denominated subordinated securities is two notches below GOHL's Baa3 rating, reflecting the subordinated nature of the instruments. The perpetual securities are senior only to common equity and rank behind both GOHL and GENB's senior debt obligations in terms of priority of claims. The subordinated securities are perpetual in nature and GOHL has the option to defer distributions on a cumulative basis. Moody's considers the perpetual securities as comprising debt and equity in equal proportions when assessing both GOHL and GENB's overall credit quality. The perpetual distributions are also equally split, and divided between interest charges and distributions. GOHL's Baa3 rating and stable outlook reflect its importance and linkage to GENB. GOHL's credit quality is capped by GENB, which can extract cash from GOHL and redeploy it within the group. GOHL has no other active businesses apart from its 53% holding in Genting Singapore Limited (GENS, Baa1 stable) and relies on dividends from GENS to service its interest expense. Based on Moody's assumptions that GOHL will maintain its shareholding in GENS and that GENS will continue to pay annual dividends of around SGD480 million from 2026, Moody's expects that, on a pro forma basis following the latest issuance and the refinancing of the $1.5 billion notes, GOHL's dividend income will cover approximately 1.5x of its total interest expense, including full coupon payments on the perpetual securities. Following completion of the proposed perpetual securities issuance, GOHL is expected to have excellent liquidity. As of December 31, 2025, GOHL had a standalone cash balance of around SGD400 million, compared with total balance-sheet debt of around SGD2.0 billion. Most of this debt comprises GOHL Capital Limited's $1.5 billion notes due in January 2027, which are expected to be refinanced using the net proceeds from the proposed perpetual securities. -- Genting Berhad GENB's Baa3 rating reflects its holding company status, including its full control of GOHL. The holding company generates most of its earnings and cash flow from Genting Malaysia Berhad (GENM) and GENS. GENB's credit quality is supported by its gaming operations in Singapore and Malaysia, which operate as a duopoly and monopoly, respectively. Furthermore, GENB benefits from a degree of geographic and business diversification. At the same time, GENB's rating is constrained by risks stemming from its expansion appetite. Although the company has a strong track record of execution, reliance on debt to fund any potential expansion projects or investments could exert downward pressure on its rating. Moody's base-case assumptions do not incorporate further debt-funded shares purchases of GENM. Despite the issuance of the perpetual securities and Moody's expectations of earnings growth, GENB's consolidated credit metrics are expected to remain weak over the next 12–18 months, with adjusted debt/EBITDA declining only to around 4.5x in 2027 from about 5.0x in 2025. Elevated capital spending will continue to constrain deleveraging, with annual requirements rising to MYR10–11 billion in 2026–27 from over MYR5 billion in 2025, weighing on free cash flow and limiting scope for meaningful debt reduction. A significant portion of the higher capital spending will be directed toward expansion works at Resorts World New York City (RWNYC), following the award of one of the three downstate New York City casino licenses in late 2025. GENB plans to invest around $1.3 billion over 2026–27, including a $500 million license fee, to convert RWNYC's existing video lottery terminal (VLT) facility into a permanent casino with approximately 4,780 slots and 530 table games by end-2026. RWNYC will be the only operating commercial casino in downstate New York City until additional licensees open, likely around 2030, providing GENB with a first-mover advantage and near-term earnings upside. Earnings contribution will increase once its operations ramp up. Based on prevailing gaming tax rates of 56% for slots and 30% for table games, Moody's estimates RWNYC could generate more than $400 million of EBITDA annually by 2027. GENB's standalone liquidity is excellent following the issuance of the proposed perpetual securities. Its liquidity is supported by fees and dividend income from its operating subsidiaries. The stable outlook reflects Moody's expectations that earnings will continue to improve at GENB's existing operations, that execution risk for its downstate NYC project remains minimal such that the project will be earnings accretive by the second half of 2026, supporting a recovery in credit metrics, and that the group will not undertake any additional debt-funded capital spending or investments over the next 12-18 months. -- Genting Singapore Limited GENS' Baa1 issuer rating reflects the company's 100% ownership of Resorts World at Sentosa Pte. Ltd., which operates the integrated resort Resorts World Sentosa (RWS), and incorporates Moody's expectations that GENS will continue to have full access to the cash flow of RWS. The rating also takes into account GENS' duopoly market position in Singapore, and its excellent liquidity and history of maintaining a net cash position. However, because of the links between GENS and its ultimate parent, GENB, GENS' rating will remain constrained at no more than two notches above that of GENB. The company is also exposed to an evolving regulatory environment in Singapore (Aaa stable) and geographic concentration risk because it generates most of its revenue from RWS. The stable rating outlook reflects Moody's expectations that GENS' earnings and cash flow will recover and that the company will maintain excellent liquidity while executing on its expansion plans. This rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, GENB, GENS, GOHL, GOHL Capital, and GOHL Capital Holdings remains exposed to a more adverse conflict scenario through the macro financial conditions transmission channel. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS -- Genting Overseas Holdings Limited Upward rating movement is unlikely, given GOHL's dependence on GENS and GENB. Moody's could downgrade GOHL if: there is protracted weakness in the cash flow generation of RWS, resulting in lower dividend payouts and in turn weaker cash inflows for GOHL to meet its obligations; there is a reduction of its ownership in GENS; and GENB's rating is downgraded. -- Genting Berhad A rating upgrade is unlikely over the next 12–18 months because GENB's planned substantial investments will keep credit metrics weak. Upward rating momentum could emerge over the longer term if GENB strengthens its credit metrics through earnings growth—supported by the successful ramp-up of its downstate NYC casino operations—and debt reduction, while preserving excellent liquidity. Specific indicators Moody's would consider to upgrade the rating include adjusted debt/EBITDA below 4.0x and retained cash flow/net debt above 25%, both on a sustained basis. Moody's could downgrade GENB's rating if its financial profile weakens because of further material debt-funded acquisitions or investments that result in weakening of credit metrics; there are signs of excessive cash leakage via aggressive cash dividends or investments in businesses outside the group; or the regulatory environments in which the company operates change significantly. Credit metrics indicative of a rating downgrade include debt/EBITDA failing to improve toward 4.5x and retained cash flow/net debt below 15%, both on a sustained basis. -- Genting Singapore Limited Upward rating movement is unlikely because GENS' rating will remain constrained at no more than two notches above that of GENB. ‘ Moody's could downgrade GENS' rating if there is a prolonged weakness in its operating performance, such that its earnings and credit metrics deteriorate; the company fails to maintain its 100% ownership of RWS; it increases its debt at Resorts World at Sentosa Pte. Ltd., resulting in structural subordination risk; its adjusted net debt/EBITDA exceeds 1.5x; or GENB's rating is downgraded. The principal methodology used in these ratings was Gaming published in September 2025. For GENB, its Baa3 rating is two notches above the scorecard-indicated outcome of Ba2. The difference reflects Moody's expectations that GENB's earnings will grow to support credit metrics improvement, as well as the company's diversified operations worldwide across different industries, long operating track record, and access to funding. For GOHL, GOHL Capital Holdings Limited, GOHL Capital Limited, and GENS, 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. Genting Berhad (GENB) is the investment holding and management company of a group of companies (collectively, The Genting Group) that engages in various businesses, including gaming, leisure and hospitality, property, plantations, power generation, oil and gas, life sciences and biotechnology activities. Its executive chairman, Tan Sri Lim Kok Thay, has a deemed interest of around 45% in GENB through Kien Huat Realty Sdn. Bhd. Genting Overseas Holdings Limited (GOHL) is an investment holding company that holds a 53% stake in GENS. GOHL is incorporated in the Isle of Man and is wholly owned by GENB. Genting Singapore Limited's (GENS) principal activities include the construction, development, and operation of integrated resorts and casinos. It is best known for its flagship project Resorts World Sentosa, one of the largest fully-integrated destination resorts in Southeast Asia. GENS listed on the Singapore Exchange in 2005. HO HUP: Withdraws Restraining Order as Debt Talks Progress ---------------------------------------------------------- The Malaysian Reserve reports that PN17-classified Ho Hup Construction Company Bhd has withdrawn its application for a restraining order against creditors, citing meaningful progress in negotiations with its lenders. The Malaysian Reserve relates that the group said the decision follows positive discussions with Malayan Banking Bhd and AmBank (M) Bhd, as it advances efforts to finalise a scheme of arrangement under its debt restructuring plan. According to The Malaysian Reserve, Maybank has agreed to hold its legal proceedings against the company in abeyance as talks continue, while AmBank, a secured creditor with exposure to stratified properties, had previously intervened in the restraining order application. Both lenders are expected to continue negotiations outside of court-supervised protection. Ho Hup said the withdrawal is not expected to have any material financial or operational impact, as the group continues to operate based on ongoing consensus with its creditors. The company remains focused on its regularisation plan to uplift its PN17 status and intends to convene creditors' meetings soon to seek formal approval for its restructuring scheme, marking a shift towards a more collaborative approach with lenders, adds The Malaysian Reserve. About Ho Hup Construction Based in Malaysia, Ho Hup Construction Company Berhad -- https://www.hohupgroup.com.my/ -- engages in foundation engineering, civil engineering, building contracting works and hire of plant and machinery. The Company operates in four segments: construction, which is engaged in foundation and civil engineering, building contracting works and engineering, procurement, construction and commissioning of pipeline system; property development, which includes the development of residential and commercial properties, manufacturing, which includes manufacturing and distribution of ready-mixed concrete, and other business segment, which represents hire of plant and machinery. The Company's subsidiaries include H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd. On April 18, 2025, Ho Hup Construction Co Bhd said it had been classified as a Practice Note 17 (PN17) issuer after its wholly-owned Bukit Jalil Development Sdn Bhd defaulted on MYR112.69 million in loan facilities, for which Ho Hup is the guarantor. ===================== N E W Z E A L A N D ===================== ATLAS HOLDINGS: Creditors' Proofs of Debt Due on May 22 ------------------------------------------------------- Creditors of Atlas Holdings Limited (formerly The Binnies Limited) are required to file their proofs of debt by May 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 14, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 BACKDOOR: Pulls Out of Timaru's CBD, Owner Plans Further Closures ----------------------------------------------------------------- The Press reports that Backdoor, a national retail chain, is pulling out of Timaru's CBD. The owner cited the rise of "offshore fast fashion websites" as a major factor in the decision and warned that further closures within the chain may follow. The Press relates that the store located at 218 Stafford St is currently holding a closing down sale. A New Zealand surf shop, Backdoor was part of a chain, with the Timaru store opening in 2022, at the time the fourth in the South Island. It has 24 stores nationally. CPS GROUP: Court to Hear Wind-Up Petition on April 30 ----------------------------------------------------- A petition to wind up the operations of CPS Group Limited will be heard before the High Court at Auckland on April 30, 2026, at 10:45 a.m. Changhe Group Limited filed the petition against the company on Feb. 10, 2026. The Petitioner's solicitor is: Xinan Zhang c/o Zhang Law Limited 1B/40 Mount Eden Road Mount Eden Auckland 1024 DIGISURE LIMITED: Court to Hear Wind-Up Petition on May 1 --------------------------------------------------------- A petition to wind up the operations of Digisure Limited will be heard before the High Court at Auckland on May 1, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 12, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 FACADE SOLUTIONS: Creditors' Proofs of Debt Due on June 3 --------------------------------------------------------- Creditors of Facade Solutions NZ Limited and Shorter Construction Limited are required to file their proofs of debt by June 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 14, 2026. The company commenced wind-up proceedings on April 21, 2026. The company's liquidators are: Keaton Pronk Steve Farquhar Iain McLennan c/o McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 JA PROPERTIES: Creditors' Proofs of Debt Due on May 29 ------------------------------------------------------ Creditors of JA Properties Limited and JH 2019 Limited are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2026. The company's liquidators are: Craig Sanson Stephen White Teneo New Zealand Suite 6.4, 1 Albert Street Auckland Central Auckland 1010 UFL GROUP: Placed in Liquidation With Debts of NZD1.58 Million -------------------------------------------------------------- NZ Herald reports that a New Zealand supplier of designer commercial furniture has gone into liquidation after 58 years in operation, with liquidators listing NZD1.58 million in unsecured creditor claims. UFL Group was founded in 1968 by Raymond Reesby under the name Nova Interiors and was an early provider of modernist furniture. ================= S I N G A P O R E ================= AC RENEWABLE: Creditors' Meetings Set for May 4 ----------------------------------------------- AC Renewable Resources Pte. Ltd. will hold a meeting for its creditors on May 4, 2026, at 11:00 a.m., at electronic means. Agenda of the meeting includes: a. to lay before the creditors a full Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims; b. to consider the nomination of the Liquidator for the Company and on the appointment of Mr. Alton Murray Chun-Wen Poon as the Liquidator of the Company pursuant to Section 167(1) of the Insolvency, Restructuring and Dissolution Act 2018. c. to consider the appointment of a Committee of Inspection pursuant to Section 169(1) of the Insolvency, Restructuring and Dissolution Act 2018; d. to resolve that the Liquidator be at liberty to appoint a Solicitor to assist him in his duties, if required; and e. to consider any other matter which may properly be brought before the meeting. Mr. Alton Murray Chun-Wen Poon was appointed as provisional liquidator of the Company on April 13, 2026. ENCHANT HOLDING: Creditors' Proofs of Debt Due on May 23 -------------------------------------------------------- Creditors of Enchant Holding Pte. Ltd. are required to file their proofs of debt by May 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2026. The company's liquidators are: Ang Huey Pueh Tee Lian Choy 105 Cecil Street #15-02 The Octagon Singapore 069534 MARIBANK SINGAPORE: Posts Wider Losses of SGD55.6MM in FY2025 ------------------------------------------------------------- The Business Times reports that digital bank MariBank Singapore on April 27 posted wider losses of SGD55.6 million in FY2025, from SGD51.3 million in FY2024, on higher allowances for credit and other losses. According to BT, net interest income grew to SGD30 million from SGD22.2 million previously. Non-interest income rose to SGD7.3 million in FY2025 from SGD2.3 million in the year before. Loans and advances to customers surged to SGD222.4 million in the financial year, from SGD103.7 million in the prior year. Total income for FY2025 was up at SGD37.4 million, from SGD24.4 million in FY2024. Total expenses rose only marginally to SGD72.5 million, from SGD71.4 million previously, BT discloses. Allowances for credit and other losses jumped to SGD20.5 million, from SGD4.4 million in the year before. For FY2025, MariBank Singapore also reported its financial statement with subsidiary MariBank Philippines for the first time. As a group, net interest income stood at SGD166 million, and non-interest income was SGD30.3 million. BT says the group's FY2025 allowances for credit and other losses stood at SGD133.4 million, while total expenses were SGD108.8 million. Losses for the group were slightly lower at SGD46.6 million, compared with those for MariBank Singapore. Loans and advances to customers for the group stood at SGD896.7 million for the financial year. MariBank is a wholly owned subsidiary of Sea Limited. PORCELAIN ORCHARD: First Creditors' Meeting Set for May 12 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Porcelain Orchard Pte Ltd and Porcelain Pte Ltd will be held on May 12, 2026, at 11:00 a.m. via video-conference and/or tele-conference. Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring were appointed as administrators of the company on April 15, 2026. SOCIAL SUMMER: Creditors' Meetings Set for May 6 ------------------------------------------------ Social Summer Kitchen Pte. Ltd. will hold a meeting for its creditors on May 6, 2026, at 11:00 a.m. via video conferencing (Microsoft Teams or Zoom). Agenda of the meeting includes: a. to lay before the creditors a full Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of Mr. Yiong Kok Kong, Licensed Insolvency Practitioner, of DKKY Corporate Advisory of 180 Cecil Street, Bangkok Bank Building, #12-04, Singapore 069546, as Liquidator of the Company for the purpose of such voluntary winding up and that the Liquidator's fees be based on his normal scale rates and disbursements incurred be paid out of the Company's assets; c. to consider and if deemed fit appoint a Committee of Inspection; and d. Any other business. Mr. Yiong Kok Kong of DKKY Corporate Advisory was appointed as provisional liquidator of the Company on April 17, 2026. WOORAILOORA PTE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Woorailoora Pte. Ltd. on April 16, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Jeremy Kong Ming Tat Oscar Kong Ming Fai TKNP Corporate Insolvencies 141 Cecil Street #10-01 Singapore 069541 =============== T H A I L A N D =============== [] Moody's Takes Action on 7 Thai Financial Institutions -------------------------------------------------------- Moody's Ratings has affirmed the ratings of seven Thai financial institutions and changed their outlooks to stable from negative. The seven Thai financial institutions are: - Bangkok Bank Public Company Limited (BBL), - Export-Import Bank of Thailand (EXIMT), - KASIKORNBANK Public Company Limited (KBank), - Krung Thai Bank Public Company Limited (KTB), - Siam Commercial Bank Public Company Limited (SCB), - SCB X Public Company Limited (SCBX) and - TMBThanachart Bank Public Company Limited (TTB). The rating action follows the affirmation of Government of Thailand's Baa1 rating and the change in outlook to stable from negative. The other Thai banks rated by us are not affected by this sovereign rating action. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=vtircG RATINGS RATIONALE The rating action follows the affirmation of Government of Thailand's Baa1 rating and change in outlook to stable from negative, which reflects Moody's assessments that downside risks from the US tariffs have diminished while those from the Middle East conflict are comparable to its similarly rated peers. The stable sovereign outlook also reflects Thailand's improving investment momentum and sizeable parliamentary majority in the latest governing coalition, which are positive to the country's growth prospect and fiscal position. The change in outlooks for BBL, EXIMT, KBank, KTB, SCB, SCBX and TTB reflects the change in outlook on the Government of Thailand's rating given that their deposit and issuer ratings, where applicable, benefit from government support uplift and/or are at the same level as the sovereign rating. ENTITY-SPECIFIC CONSIDERATIONS BBL The affirmation of BBL's Baa1 foreign-currency (FC) deposit rating, (P)Baa1 FC senior unsecured medium-term note (MTN) program rating and baa1 BCA reflects the bank's solid capital and credit reserves, as well as its strong funding and liquidity. These credit strengths mitigate asset risks arising from Thailand's slowing economic growth and the bank's sizable exposure to market risks. BBL's Baa1 FC deposit and (P)Baa1 FC senior unsecured MTN program ratings incorporate Moody's assumptions that the probability of support from the Government of Thailand will be very high in times of need, but they do not benefit from rating uplift because the bank's baa1 BCA is already at the same level as the sovereign rating. EXIMT The affirmation of EXIMT's Baa1 FC issuer rating, (P)Baa1 FC senior unsecured MTN program rating and ba3 BCA reflects the bank's adequate capitalization and large credit reserves relative to its problem loans which mitigate the risks from its weak asset quality and modest profitability. The BCA also considers the bank's good access to funding because of its policy role and strong linkages to the government, balanced by its weak liquidity. EXIMT's Baa1 ratings also incorporate Moody's classifications of the bank as a government-backed institution, based on its policy role and full ownership by the Government of Thailand. As a result, the bank's Baa1 ratings benefit from five notches of uplift from its ba3 BCA. KBank The affirmation of KBank's Baa1 local-currency (LC) and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa2 BCA reflects the bank's solid capital, strong funding and good profitability, which offset asset risks arising from its exposure to the heavily indebted Thai households and small- and medium-sized enterprises (SMEs). KBank's Baa1 deposit and (P)Baa1 senior unsecured MTN program ratings are one notch higher than the bank's baa2 BCA, based on Moody's assumptions that the probability of support from the Government of Thailand will be very high in times of need. KTB The affirmation of KTB's Baa1 LC and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa3 BCA reflects its strong capitalization and loan loss buffers, which mitigate asset risks arising from Thailand's slowing economic growth. The BCA also considers the bank's stable liquidity and strong deposit franchise, underpinned by its status as the largest state-owned commercial bank in Thailand. KTB's Baa1 deposit ratings are two notches higher than the bank's baa3 BCA, reflecting Moody's assumptions that the probability of support from the Government of Thailand will be very high in times of need. SCB and SCBX The affirmation of SCBX's Baa2 LC and FC issuer ratings, as well as SCB's Baa1 LC and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa2 BCA, reflects the group's solid capital, strong funding and good profitability. These credit strengths mitigate asset risks arising from its exposure to the heavily indebted Thai households and SMEs, including the riskier loans at its consumer finance subsidiaries. SCB's Baa1 deposit ratings and (P)Baa1 FC senior unsecured MTN program rating are one notch higher than the bank's baa2 BCA, reflecting Moody's assumptions of a very high probability of support from the Government of Thailand in times of need. SCBX's Baa2 issuer ratings are one notch lower than SCB's Baa1 deposit ratings, reflecting structural subordination risk and a moderate probability of government support for the holding company. TTB The affirmation of TTB's Baa1 FC deposit rating, (P)Baa1 FC senior unsecured MTN program rating and baa3 BCA reflects the bank's strong capitalization and loan loss buffers, which mitigate asset risks from its large exposure to the highly leveraged household sector in Thailand. The BCA also considers the bank's good liquidity and stable deposit franchise which largely consists of stickier retail deposits. TTB's Baa1 deposit rating is two notches higher than the bank's baa3 BCA, reflecting Moody's assumptions that the probability of support from the Government of Thailand will be very high in times of need. This rating action is based on a baseline scenario of a contained impact of the Middle East conflict on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that the credit profiles may be susceptible to a more adverse scenario in the conflict, reflecting their activities in a sector exposed to the macro-financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ENTITY-SPECIFIC CONSIDERATIONS BBL An upgrade of BBL's deposit rating, senior unsecured MTN program rating and BCA is unlikely because they are already at the same level as the Government of Thailand's rating and the latter's outlook is stable. Moody's could downgrade BBL's deposit and senior unsecured MTN program ratings if the bank's BCA is downgraded by more than two notches. BBL's BCA, as well as its subordinate and preferred stock non-cumulative MTN program ratings, could be downgraded if the bank's net income (NI)/ tangible assets (TA) ratio falls to below 0.8% with a significant decline in problem loan coverage ratio or a decrease in its tangible common equity (TCE)/ risk-weighted assets (RWA) ratio to below 16%, or if its less-stable funds ratio exceeds 22%. EXIMT An upgrade of EXIMT's ratings is unlikely given that they are already at the same level as Thailand's sovereign rating and the latter's outlook is stable. Moody's could upgrade EXIMT's BCA if the bank improves its key solvency metrics, with its problem loan ratio decreasing to below 3% and if the bank reduces its concentration in loans, while strengthening its TCE/RWA ratio to above 13%. An improvement in its core banking liquidity ratio will also be positive for the BCA. Moody's could downgrade EXIMT's ratings if the bank's BCA is downgraded or if Moody's assesses that government support for the bank has weakened. Downward pressure on the bank's BCA would develop if asset quality deteriorates; leading to a sustained weakening of capital and profitability, where its TCE/RWA ratio falls to below 11% and NI/TA ratio drops to below 0.5%. A significant increase in the bank's reliance on less-stable funding will also be negative for the BCA. KBank An upgrade of KBank's deposit and senior unsecured MTN program ratings is unlikely given that they are already at the same level as Government of Thailand's rating and the latter's outlook is stable. Moody's could downgrade KBank's deposit and senior unsecured MTN program ratings if the bank's BCA is downgraded by more than one notch. Moody's could downgrade KBank's BCA, as well as its subordinate and preferred stock non-cumulative MTN program ratings, if the bank's asset quality deteriorates substantially, its NI/ TA ratio decreases to below 0.8%, and its TCE/RWA ratio falls to below 16%. KTB An upgrade of KTB's deposit ratings is unlikely because they are already at the same level as the Government of Thailand's sovereign rating. KTB's BCA could be upgraded if asset quality risks moderate through a decline in its stock of restructured loans and net charge-offs while the bank maintains its TCE/RWA ratio at above 16%. Moody's could downgrade KTB's deposit ratings if the bank's BCA is downgraded by more than one notch. KTB's BCA, subordinate MTN and preferred stock non-cumulative MTN program ratings could be downgraded if its TCE/RWA ratio declines to below 12% and its NI/TA ratio declines to below 0.7%. A decline in the bank's core banking liquidity to below 9% of tangible assets would also be negative for the BCA. SCBX and SCB An upgrade of SCB's deposit and senior unsecured MTN program ratings is unlikely because they are already at the same level as the Government of Thailand's rating and the latter's outlook is stable. An upgrade of SCBX's ratings is also unlikely given structural subordination risk and a moderate probability of government support for the holding company. Moody's could downgrade SCB's deposit and senior unsecured MTN program ratings if SCB's BCA is downgraded by more than one notch. Moody's could downgrade SCBX's ratings if SCB's BCA is downgraded or if its double leverage ratio increases to above 115% with a substantial increase in liquidity risk. Moody's could downgrade SCB's BCA if the bank's asset quality deteriorates substantially, its NI/TA ratio decreases to below 0.8%, and its TCE/RWA ratio falls below 16%. TTB An upgrade of TTB's deposit rating is unlikely because it is already at the same level as the Government of Thailand's sovereign rating. TTB's BCA could be upgraded if asset quality risks moderate through a decline in its stock of restructured loans and net charge-offs while maintaining its TCE/RWA ratio at above 16%. Moody's could downgrade TTB's deposit ratings if the bank's BCA is downgraded by more than one notch. TTB's BCA and preferred stock non-cumulative MTN program rating could be downgraded if its TCE/RWA ratio declines to below 12% and its NI/TA ratio declines to below 0.7%. A decline in the bank's core banking liquidity buffers to below 9% of tangible assets would also be negative for the BCA. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. ENTITY-SPECIFIC CONSIDERATIONS For BBL, KBank and SCBX, 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. KTB's "Assigned BCA" of baa3 is set two notches below the "Financial Profile" initial score of baa1 to reflect the bank's asset risks from its restructured loans and vulnerability of its retail and SME segments to the deteriorating operating conditions in Thailand. TTB's "Assigned BCA" of baa3 is set two notches below the "Financial Profile" initial score of baa1 to reflect the bank's asset risks from its restructured loans and large exposure to the highly leveraged household sector. EXIMT's "Assigned BCA" of ba3 is set two notches below the "Financial Profile" initial score of ba1 to reflect the bank's asset risks from its restructured loans and highly concentrated loan book. Bangkok Bank Public Company Limited is headquartered in Bangkok with total assets of THB4.6 trillion as of December 31, 2025. Export-Import Bank of Thailand is headquartered in Bangkok with total assets of THB190.8 billion as of September 30, 2025. KASIKORNBANK Public Company Limited is headquartered in Bangkok with total assets of THB4.6 trillion as of December 31, 2025. Krung Thai Bank Public Company Limited is headquartered in Bangkok with total assets of THB3.9 trillion as of December 31, 2025. SCB X Public Company Limited, the holding company of Siam Commercial Bank Public Company Limited, is headquartered in Bangkok with total assets of THB3.5 trillion as of December 31, 2025. TMBThanachart Bank Public Company Limited is headquartered in Bangkok with total assets of THB1.7 trillion as of December 31, 2025. ============= V I E T N A M ============= HDBANK: Moody's Alters Outlook on 'B1' Deposit Rating to Positive ----------------------------------------------------------------- Moody's Ratings has affirmed Ho Chi Minh City Development JSC Bank's (HDBank) the B1 local currency (LC) and foreign currency (FC) long-term (LT) bank deposit and issuer ratings, as well as its b2 Baseline Credit Assessment (BCA) and Adjusted BCA. Moody's have also affirmed HDBank's Ba3 LT FC and LC Counterparty Risk Ratings (CRRs) and Ba3(cr) LT Counterparty Risk (CR) Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR Assessment. Moody's have also changed the outlook on the bank's ratings where applicable to positive from stable. RATINGS RATIONALE The change in HDBank's rating outlook to positive from stable reflects Moody's expectations that the bank's planned capital raise and strong profitability will strengthen its overall loss absorbing buffers against potential risks stemming from high loan growth. The bank's moderate liquidity buffers partially help mitigate its high reliance on short-term market funds. HDBank's B1 LT deposit and issuer ratings are one notch above its b2 BCA, reflecting Moody's expectations of a moderate probability of support from the Government of Vietnam (Ba2 stable) for the bank when needed. As of December 2025, HDBank's tangible common equity (TCE) as a percentage of risk-weighted assets (RWA) improved materially to 10.7%, from 8.7% a year earlier, driven by the conversion of convertible bonds to equity capital and RWA optimization. Moody's expects the bank's TCE ratio to be sustained above 11%, as planned capital raising and a prudent capital retention policy will help offset capital consumption due to strong loan growth. The bank plans to grow loans by around 30%–35% in 2026. Nonperforming loan (NPL) ratio deteriorated to 2.3% as of December 2025 from 1.9% a year earlier driven mainly because of new NPLs from individual borrowers for business and agricultural loans as well as small and medium-sized enterprise (SME) borrowers in the commerce sector. Moody's expects unseasoned risks from strong loan growth to persist, although the bank's focused client selection, tighter credit approval processes and increasing loan loss provisioning buffers help partially mitigate the risks. The bank's strong profitability is a key credit strength, with return on tangible assets (ROTA) averaging 1.8% over the 2021–2025 period. Moody's expects profitability to remain stable over the next 12–18 months, supported by strong asset yields from retail and SME lending, partly offset by higher credit costs as the bank continues to build loan-loss reserves. Moody's expects HDBank's funding structure to remain stable over the next 12-18 months, with the bank maintaining a high reliance on short-term market funding. HDBank's core banking liquidity buffer is moderate, with high quality liquid assets after Moody's standard haircuts representing around 11% of tangible banking assets as of December 31, 2025. Moody's expects the financial impact of HDBank's acquisition of Vikki Digital Bank Limited (Vikki Bank) to be limited. This reflects the absence of any planned capital support from HDBank and Moody's expectations that the central bank to continue to provide extraordinary support to Vikki Bank through special loans. However, any material increase in balance sheet linkages, including higher interbank lending, will be credit negative for HDBank given Vikki Bank's weak credit profile. This rating action also incorporates Moody's baseline assumption that the Middle East conflict will have a largely contained impact on energy markets, despite ongoing disruptions to oil supply, with limited damage to production or infrastructure. However, HDBank's credit profile could be more vulnerable under a more adverse scenario, given its exposure to sectors sensitive to energy prices, supply chain disruptions, and broader macro financial risk transmission, which could exert more pronounced pressure on its creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade HDBank's ratings and BCA if the bank successfully raises new equity capital, helping improve its TCE ratio to above 11% as anticipated, and maintain its profitability above 1.7% while its other key metrics remain broadly unchanged on a sustained basis. Given the positive outlook, a downgrade of HDBank's ratings is unlikely over the next 12-18 months. However, Moody's could change the rating outlook back to stable if capital improvement is not as anticipated or if the bank's balance sheet exposure to Vikki Bank increases materially. Moody's could downgrade HDBank's long-term ratings and assessments if its standalone credit strength weakens. HDBank's b2 BCA could be downgraded if its NPL ratio increases above 3%, leading to higher credit costs and a decrease in return on tangible assets below 0.8%, or if TCE/RWA declines below 7%. A weakening in HDBank's funding and liquidity will also strain the BCA and ratings. The principal methodology used in these ratings was Banks published in November 2025. HDBank's "Assigned BCA" of b2 is set two 2 notches below the "Financial Profile" initial score of ba3 to reflect unseasoned risks from above-industry-average loan growth over the past few years. Ho Chi Minh City Development JSC Bank, headquartered in Ho Chi Minh City, reported total assets of VND931 trillion as of December 31, 2025. SAIGON-HANOI COMMERCIAL: Moody's Affirms B1 Issuer Ratings ---------------------------------------------------------- Moody's Ratings has affirmed the B1 local (LC) and foreign (FC) currency long-term (LT) bank deposit and issuer ratings of Saigon – Hanoi Commercial Joint Stock Bank (SHB), as well as the bank's b2 Baseline Credit Assessment (BCA) and adjusted BCA. Moody's have also affirmed SHB's Ba3 LT FC and LC Counterparty Risk Ratings (CRR) and Ba3(cr) LT Counterparty Risk Assessment (CRA), NP short-term (ST) FC and LC CRR, ST FC and LC bank deposit ratings, ST FC and LC issuer ratings, NP(cr) ST CRA and (P)B1 FC senior unsecured medium-term note (MTN) programme rating. The rating outlooks for SHB where applicable remain stable. RATINGS RATIONALE The affirmation of SHB's B1 ratings is driven by Moody's expectations that the bank's stable profitability and improving capitalization will help mitigate risks associated with its very high real estate credit concentration. The bank's high reliance on short-term market funds and modest liquidity buffers constrain its credit profile. SHB's B1 LT deposit and issuer ratings are one notch above its b2 BCA, reflecting Moody's expectations of a moderate probability of support from the Government of Vietnam (Ba2 stable) for the bank when needed. SHB's gross nonperforming loan (NPL) ratio declined to 2.4% as of December 2025 from 2.9% a year earlier, supported by recoveries and write-offs of problem loans. However, credit exposure to real estate and construction remains significant and increased further, reflecting the banks' focus on residential, infrastructure and industrial property projects. As of December 2025, loans to real estate and construction accounted for 48% of gross loans, up from 36% a year earlier. While Moody's expects asset quality to gradually improve over the next 12-18 months, supported by a recovery in the real estate sector and the bank's enhanced efforts to reduce NPLs, its high sector exposure and rapid growth over the past few years pose significant concentration and unseasoned risks. Moody's expects SHB's tangible common equity (TCE) as a percentage of risk-weighted assets (RWA) to strengthen to around 10.5% from 9.2% as of December 2025, driven by the planned capital raise and the completion of the sale of its consumer finance subsidiary, SHBank Finance Company Limited, to Bank of Ayudhya Public Company Limited (A3 stable, baa2). Profitability remained adequate in 2025. Net income to tangible assets (NI/TA) was broadly stable at around 1.3%, as improvements in non-interest income, strong recoveries from previously written-off bad debts and well-managed cost efficiency offset net interest margin compression. Moody's expects the bank's profitability to remain stable over the next 12-18 months. Moody's expects SHB's funding structure to remain stable over the next 12-18 months, with the bank maintaining a high reliance on short-term market funding. Like other Moody's rated peers, the banks' liquidity buffer is modest, with high-quality liquid assets after Moody's standard haircuts representing around 5% of tangible banking assets as of December 31, 2025. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that SHB's credit profile may be susceptible to a more adverse scenario in the conflict, reflecting its activity in a sector exposed to the energy & supply chains and macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS SHB's ratings could be upgraded if the bank's standalone credit strength improves and leads to an upgrade of the BCA. Moody's could upgrade SHB's b2 BCA if its NPL ratio decreases below 2%, its TCE/ RWA increases to above 11% and its share of unencumbered high-quality liquid assets increases to more than 10% of its tangible banking assets on a sustained basis. The rating upgrade will also be subject to the bank significantly lowering its credit concentration to the real estate and construction sector. Moody's could downgrade SHB's BCA if loan concentration in real estate and construction continues to increase further or if its NPLs increase above 4%, leading to higher credit costs and a decrease in NI/TA to below 0.75%. A weakening in SHB's funding and liquidity will also be negative for the bank's BCA. Moody's could downgrade SHB's ratings if Moody's assess that government support for the bank has weakened. The principal methodology used in these ratings was Banks published in November 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. Saigon – Hanoi Commercial Joint Stock Bank, headquartered in Hanoi, reported total assets of VND893 trillion as of December 31, 2025. VIETCREDIT GENERAL: Fitch Assigns B- LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned Hanoi-based VietCredit General Finance Joint Stock Company a Long-Term Issuer Default Rating (IDR) of 'B-' with a Stable Outlook. Fitch has also assigned a Short-Term IDR of 'B'. VietCredit is one of the 16 finance companies supervised by the State Bank of Vietnam. It primarily offers unsecured financing to underbanked retail borrowers and SMEs, and has been focusing on a digital underwriting and distribution model since 2024. VietCredit is publicly traded on the Unlisted Public Company Market. Key Rating Drivers Standalone Profile Underpins Ratings: VietCredit's ratings reflect its limited track record under its refreshed business model, concentration in unsecured lending to borrowers with relatively limited credit histories, heightened seasoning risk from rapid loan growth, moderately high leverage, and asset-liability repricing and rollover risks stemming from a reliance on shorter-tenor funding. Partly offsetting these factors are the company's improving distribution reach and profitability, supported by high loan yields and partnerships with external digital platforms. Evolving Business Model: VietCredit's revamped product and distribution strategy has yielded early gains, as seen in its rapid loan growth and satisfactory profitability in 2025. It has narrowed the asset-size gap with the four largest local finance companies over the past two years. Nonetheless, Fitch believes its market share still lags that of leading incumbents, and the credit profile is constrained by the untested nature of its business model. Seasoning Risk; Untested Underwriting: The company's focus on unsecured lending to customer segments with less-developed credit histories, together with its high growth strategy, increases its exposure to downside risks. Management targets to expand the loan book significantly over the next two years, following 136% yoy growth in 2025. Such rapid growth raises asset-quality risk as the portfolio seasons, particularly as the credit scoring model has a relatively limited performance history. Lower Delinquencies: The impaired loan ratio fell sharply to 6.3% in 2024 and 6.9% by end-2025, lower than many larger peers and below the 18.5% ratio at end-2023 before a strategy revamp. This was aided by the expanding loan base. Fitch expects rapid loan growth to help contain the non-performing loan ratio to a single-digit range in the near term. Nonetheless, the metric is likely to remain volatile and sensitive to economic cycles, based on the borrower profile and the consumer-finance sector's broad-based deterioration in 2023 amid slower economic growth and higher inflation. Improved Earnings: VietCredit's pretax profit/average assets rose to 10.1% in 2025, comparing favourably with those of larger peers, from a net loss in 2024 and 0.3%-1.2% in 2020-2023. The turnaround was driven by a sharp decline in impairment and operating costs, supported by rapid loan growth and a shift towards a digitalised business model with a leaner headcount and more streamlined processes. Operating expenses declined to 5% of average assets in 2025, from 9%-10% in 2020-2023. The more efficient cost structure provides some capacity to absorb higher credit costs as the portfolio seasons, which could help sustain profitability above historical levels, provided macroeconomic conditions remain broadly steady and the company manages asset quality adequately across its significantly enlarged portfolio. Moderately High Leverage: The debt/tangible equity ratio moderated to 7.4x by end-2025 from 7.7x at end-2024 as capital accretion outpaced debt growth. Management targets a more significant deleveraging over the next two years, but this depends on a further improvement in profitability, which is subject to execution uncertainty, or a potential capital injection. A continued strategy of rapid growth would also consume capital if profitability narrows. Asset-Liability Tenor Mismatch: Funding is predominantly short term, with 96% of total funding at end-2025 having a remaining maturity of one year or below (end-2024: 97%). This results in material negative asset-liability tenor gaps, leaving the company exposed to refinancing and repricing risks. VietCredit's established lender relationships and wide lending yields on unsecured consumer credit partly mitigate these risks. However, Fitch believes its funding stability still lags that of larger, bank-backed peers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A deterioration in macroeconomic conditions that puts significant pressure on operating performance and/or heightens refinancing risk. - Significant asset-quality underperformance that results in operating losses and threatens regulatory capital or other prudential buffers. - Adverse regulatory changes that materially undermine the viability of VietCredit's business model. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A more established record of underwriting performance that demonstrates VietCredit's ability to operate resiliently through the cycle and supports the sustainability of its business model. - High single-digit pretax ROAA on a sustained basis. - A debt/tangible equity ratio maintained around or below current levels. - Improved asset-liability tenor matching through a higher share of longer-term funding. ADJUSTMENTS The funding, liquidity and coverage score has been assigned above the implied score due to the following adjustment reason: funding flexibility (positive). Date of Relevant Committee 06 April 2026 ESG Considerations VietCredit has an ESG Relevance Score of '4' for Governance Structure to reflect the heightened influence of key individuals in management, due to the importance of their expertise and leadership at this stage of the company's business development. Fitch views the key individuals as central to VietCredit's business-model refresh and believes their expertise will remain crucial to its continued development in the near to medium term. 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 ----------- ------ VietCredit General Finance Joint Stock Company LT IDR B- New Rating ST IDR B New Rating VIETNAM INT'L: Moody's Affirms Ba3 Bank Deposit & Issuer Ratings ---------------------------------------------------------------- Moody's Ratings has affirmed Vietnam International Commercial Joint Stock Bank's (VIB) Ba3 long-term (LT) foreign currency (FC) and local currency (LC) bank deposit and issuer ratings. Moody's have also affirmed the bank's b1 Baseline Credit Assessment (BCA) and Adjusted BCA. At the same time, Moody's have affirmed VIB's Ba3 LT FC and LC Counterparty Risk Ratings (CRR) and its Ba3(cr) LT Counterparty Risk (CR) Assessment, and affirmed its Not Prime (NP) short-term (ST) FC and LC CRRs, ST FC and LC bank deposit ratings, ST FC and LC issuer ratings, and NP(cr) ST CR Assessment. Moody's have changed the outlook on VIB's ratings where applicable to stable from negative to reflect broad stabilization in loan quality and capital. RATINGS RATIONALE The affirmation of VIB's BCA and ratings with a stable outlook is driven by Moody's expectations that the bank's moderating asset risks and capital raising plan will support its solvency. The Ba3 ratings also consider the bank's high reliance on short-term wholesale funding and low liquidity. VIB's Ba3 LT deposit and issuer ratings are one notch above its b1 BCA, reflecting Moody's assessments of a moderate probability of support from the Government of Vietnam (Ba2 stable), considering the bank's modest market share of 2% of system deposits as of December 2025, and the central bank's track record of providing support to troubled banks in the form of liquidity and regulatory forbearance. Moody's expects asset risks to remain stable in 2026-27, supported by Vietnam's strong economic outlook. VIB's asset risks decreased in 2025, with the gross nonperforming loan (NPL) ratio declining to 3.0% as of December 2025 from 3.5% a year earlier, underpinned by the bank's strategic shift toward higher quality corporate customers. At the same time, the bank remains retail focused, with retail loans accounting for 70% of gross loans as of December 2025. This contributes to a more granular and diversified loan portfolio, reducing vulnerability to sharp asset quality deterioration from large corporate exposures. VIB's tangible common equity (TCE) as a percentage of risk-weighted assets (RWA) declined to 9.7% as of December 2025 from 10.4% a year earlier, driven by weakened profitability and cash dividends. Moody's expects TCE/RWA to improve to around 9.5%-10% over the next 12-18 months, supported by slower credit growth and a planned capital raising. VIB's annualized return on tangible assets (ROTA) declined to 1.3% in 2025 from 1.5% a year earlier, driven by net interest margin (NIM) compression as the bank increased its lower-yielding corporate exposures. Moody's expects the bank's profitability to improve slightly, supported by gradually improving NIM and stable net credit costs given improving asset quality and recoveries of written off loans. Funding and liquidity will remain a relative weakness for the rating. Moody's expects VIB's funding structure to remain modest yet stable in 2026-27, because of its high reliance on short-term market funding. Similarly, VIB's core banking liquidity will remain low amid a very low level of cash and unencumbered government securities. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that VIB's credit profile may be susceptible to a more adverse scenario in the conflict, reflecting its activity in a sector exposed to the energy & supply chains and macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade VIB's ratings if the bank's TCE/RWA improves to above 13.5%, its profitability rises to above 2.0%, and the bank improves its less stable funds ratio to below 25% on a sustained basis, with other credit fundamentals remaining unchanged. Moody's could downgrade VIB's ratings if its BCA is downgraded. Downward pressure on the bank's BCA would develop if the bank's TCE/RWA declines to below 9.0%, or its net income/tangible assets ratio declines to below 1% on a sustained basis. A weakened funding structure or a lower stock of unencumbered high-quality liquid assets of below 5% will also be negative for BCA. A downgrade of VIB's deposit and issuer ratings is also likely if Moody's assess that government support for the bank has weakened. The principal methodology used in these ratings was Banks published in November 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. Vietnam International Commercial Joint Stock Bank (VIB) is headquartered in Ho Chi Minh City and reported total assets of VND556 trillion as of December 31, 2025. =============== X X X X X X X X =============== SHIPBUY INC: HHPI Sues over Stolen Copyrighted Programming Codes ---------------------------------------------------------------- Help Half Plus, Inc., a California corporation, doing business as Shipshaving, that is engaged in the development and provision of order management system (OMS) and warehouse management system (WMS) software and related services, filed a copyright infringement lawsuit against Shipbuy, Inc., a California corporation; Zhaolu Wu, an individual, and Does 1 – 10. Plaintiff claims to be the designer/developer of programming codes titled as "Shipping Rate & Label Creation", which was registered for copyright protection effective March 13, 2026, under Registration No. TX-9-575-184, "Carriers Integration", registered on the same date under Registration No. TX-9-575-123, "Channels Integration" and "Order Processing" (both applications are pending). The programming codes are developed to fit various functional purposes and implemented in different modules that are run on computer systems, including over the Internet and via online platforms that may be called "clouds" in today's language. Plaintiff alleges that Defendant WU was employed by Plaintiff in or around May, 2022, serving as the Chief Technology Officer (CTO). As a consequence of his employment, Defendant WU had access to Plaintiff's overall programming codes, various trade secret information, including, but not limited to, client information, webpage design, interface style, and workflow processes, service account information, such as DHL account, etc. On or around July 30, 2022, Defendant Wu terminated his employment with Plaintiff and set up his own Shipbuy business, located at 17870 Castleton Street, #255, Industry, California 91748. On information and belief, Shipbuy and Wu either duplicated or made adaptations of the programming codes without authorization from Plaintiff, resulting in at least substantially similar codes that benefit Shipbuy's business operations. Plaintiff also claims that Shipbuy and Wu are therefore liable for copyright infringement for the sets of codes. Plaintiff is entitled to damages, statutory or actual damages, in an amount to be proven at trial. The case is styled, Help Half Plus, Inc., a California corporation, doing business as Shipshaving v. Shipbuy, Inc., a California corporation; Zhaolu Wu, et al., (C.D. Calif., April 2, 2026), the Hon. Stephanie S. Christensen presiding. Help Half Plus, Inc., a California corporation, doing business as Shipshaving, is presented by: Jen-Feng Lee, Esq. Kenneth K. Tanji, Jr., Esq. LT Pacific Law Group, LLP 17800 Castleton Street, #560 City of Industry, CA 91748 Tel: 626-810-7200 Fax: 626-810-7300 Email: jflee@ltpacificlaw.com ktanji@ltpacificlaw.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***