260216.mbx

260216.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, February 16, 2026, Vol. 29, No. 33 Headlines A U S T R A L I A BELL GROUP: Final Claims Deadline by Unidentified Bondholders Set BILLBOARD MEDIA: Administrators Still Seeking Offers for Business CIVX PTY: First Creditors' Meeting Set for Feb. 19 KEMBALI INVESTMENTS: First Creditors' Meeting Set for Feb. 19 MARLU TRANSPORT: First Creditors' Meeting Set for Feb. 19 OXMAN TRANSPORT: First Creditors' Meeting Set for Feb. 20 PULSE MARKETS: ASIC Cancels AFS Licence for Breaches of Duties REDZED TRUST 2023-2: Fitch Affirms 'BB-sf' Rating on Class F Notes STATEWIDE CRANES: First Creditors' Meeting Set for Feb. 18 C H I N A CORE AI HOLDINGS: Signs MOU With CSPM to Build AI-Ready Facilities WEST CHINA CEMENT: S&P Assigns 'B+' Final ICR, Outlook Stable YUEXIU REAL: Moody's Withdraws 'Ba3' Corporate Family Rating I N D I A AADYA MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating AB RICETECH: CRISIL Keeps B Debt Ratings in Not Cooperating ABHIRAJ CORPORATION: CRISIL Keeps D Ratings in Not Cooperating ABHUSHAN CREATIONS: CRISIL Keeps B+ Ratings in Not Cooperating AIR INDIA: India Fines Airline US$110,350 in Airbus Incident AKSA PAPER: Insolvency Resolution Process Case Summary ANGEL PROMOTERS: CRISIL Keeps C Debt Rating in Not Cooperating APIPL INDIA: Voluntary Liquidation Process Case Summary CARABAO FOODS: CRISIL Moves B+ Debt Ratings to Not Cooperating DARYA SHIPPING: ICRA Withdraws B+ Issuer Rating DECOLIGHT CERAMICS: Insolvency Resolution Process Case Summary DEV BRAJ: CRISIL Moves B+ Debt Rating to Not Cooperating Category DINDAYAL JALAN: ICRA Keeps B+ Debt Ratings in Not Cooperating DIPANKAR DEY: CRISIL Moves B+ Debt Ratings to Not Cooperating ICICI BANK: Fitch Alters Outlook on 'BB+' Long-Term IDR to Positive IRON TRIANGLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ISHAN EQUIPMENT: CRISIL Moves B- Debt Ratings to Not Cooperating JAGDAMBAY COTSPIN: ICRA Keeps B+ Debt Ratings in Not Cooperating JASSU CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating KALTHIA INFRA: ICRA Withdraws B+ Rating on INR147.86cr LT Loan MAHAMAYA CASHEW: ICRA Lowers Rating on INR9.50cr LT Loan to D MALWA AUTOMOBILES: ICRA Withdraws B+ Rating on INR13.60cr LT Loan MITTAL UDYOG: ICRA Keeps B+ Debt Rating in Not Cooperating MOHIB SHOES: Insolvency Resolution Process Case Summary OMID ENGINEERING: Liquidation Process Case Summary RAISEN MARKETING: Insolvency Resolution Process Case Summary RAMANA BUILDING: CRISIL Withdraws B+ Rating on INR2.5cr Loan SAINI EARTHMOVER: CRISIL Moves B+ Debt Ratings to Not Cooperating SIVA ENGINEERING: CRISIL Withdraws B- Rating on INR17cr Loan SUYASH FINOVEST: Insolvency Resolution Process Case Summary TRIMX SALONS: CRISIL Moves B+ Debt Ratings to Not Cooperating UNIMAX CHEMICALS: CRISIL Moves B Debt Ratings to Not Cooperating UNITECH COTSPIN: ICRA Withdraws B Rating on INR24.32cr Term Loan VIHITA CHEM: ICRA Lowers Rating on INR30cr LT Loan to D J A P A N KIOXIA HOLDINGS: Fitch Affirms 'BB+' IDR NISSAN MOTOR: Expects to Post JPY650BB Loss for Year Ended March M A L A Y S I A IREKA CORP: Seeks More Time for PN17 Regularisation Plan N E W Z E A L A N D MOMENTUM LIFE: A.M. Best Affirms B(Fair) FS Rating, Outlook Stable PA GROUP: Creditors' Proofs of Debt Due on April 3 PACIFIC STEELFIXING: Khov Jones Appointed as Receivers PLOCEUS BUILDING: Creditors' Proofs of Debt Due on March 20 SCULLYS LIMITED: Court to Hear Wind-Up Petition on Feb. 24 SKS PRIVATE: Court to Hear Wind-Up Petition on March 5 S I N G A P O R E CAPGEN HOLDINGS: Placed Under Judicial Management CREATIVE TECHNOLOGY: H1 Net loss Narrows to US$1.2 Million DERMATOLOGY & LASER: First Creditors' Meeting Set for Feb. 24 DISGUISE SYSTEMS: Creditors' Proofs of Debt Due on March 10 M2 MASSAGE: Court to Hear Wind-Up Petition on Feb. 27 WILLOW TREE: Court to Hear Wind-Up Petition on March 17 YUANTAI FUEL: High Court Enters Winding-Up Order - - - - - ================= A U S T R A L I A ================= BELL GROUP: Final Claims Deadline by Unidentified Bondholders Set ----------------------------------------------------------------- Bell Group N.V. (now deregistered) (the "Issuer") A$75,000,000 11 per cent. Guaranteed Convertible Subordinated Bonds due 1995 (CH0005575151) (the "1995 Bonds") A$175,000,000 10 per cent. Guaranteed Convertible Subordinated Bonds due 1997 (XS0000001247) (the "First 1997 Bonds") GBP75,000,000 5 per cent. Guaranteed Convertible Subordinated Bonds due 1997 (GB0040901711) (the "Second 1997 Bonds") (together, the "Bonds", and the holders of the Bonds, the "Bondholders") Unconditionally guaranteed on a subordinated basis by The Bell Group Ltd. (now deregistered) ("TBGL") This notice is given by Madison Pacific Trust Limited as trustee for the Bondholders (the "Trustee"). Reference is made to (i) the Trust Deeds dated 20 December 1985, 7 May 1987 and 14 July 1987 constituting the Bonds (as amended and supplemented from time to time, the "Trust Deeds") and (ii) deed polls dated 7 March 2024 and 8 April 2024 modifying the Trust Deeds (the "Deed Polls"), (iii) the Trustee's previous notices to the Bondholders (the "Trustee's Notices"), and (iv) the judgement issued by the High Court of Justice Chancery Division under citataion [2023]EWHC 2605 (Ch) a copy of which is available on: https://bailii.org/ew/cases/EWHC/Ch/2023/2605.html (the "Judgment") All terms and expressions used but not otherwise defined in this notice shall have the meanings given to them in the Trust Deeds or, the Deed Polls or the Trustee's Notices, as applicable. NOTICE IS HEREBY GIVEN that: A. End of Prescription Period and Final Deadline for Claims by Unidentified Bondholders Pursuant to the Judgment and the Deed Polls, Condition 9 of the Bonds states that "Bonds and Coupons will become void unless presented for payment within a period of two years from the Relevant Date therefor, as defined in Condition 8". Condition 8 of the Bonds defines "Relevant Date" as ". . . (ii) if all moneys then due for payment shall not have been paid to the Principal Paying Agent or the Trustee on or prior to such due date, the date on which all such moneys, or all such moneys that Trustee (in its sole discretion) determines it is ever reasonably likely to receive in respect of the Relevant Bonds or Coupons, shall have been so paid and notice to that effect shall have been duly published in accordance with Condition 13". Pursuant to the Judgement, the Court held that the prescription period for the Bonds with respect to which Bonds must be surrendered for payment under Condition 8 and Condition 9 of each Bond should run from the time the amendments made by the Deed Polls became effective,until the period of two years from such dates. Accordingly, Bondholders are hereby notified that the end of the prescription period: (i) for the Second 1997 Bonds is 6 March 2026; and (ii) for the 1995 Bonds and First 1997 Bonds is 7 April 2026 (together, the "Prescription Period End Dates"). The Trustee hereby invites the Bondholders whose Bonds are not held in the ICSDs AND who have not yet come forward and identified themselves to the Trustee (the "Unidentified Bondholders") to contact the Trustee urgently before 20 February 2026 in order that they are able to provide the information required in order to receive their share of the distributions under th Bonds. There is no guarantee that Bondholders who contact the Trustee after 20 February 2026 will be able to be paid at the same time as all other identified Bondolders. Following the Prescription Period End Dates, any remaining Unidentified Bondholders will lose all rights to claim any further amount in respect of the Bonds. B. Distribution to Bondholders Following the Prescription Period End Dates, the Trustee intends to make a further distribution of funds to the Bondholders. Details of this further distribution will be shared in due course. C. Presentation of Bonds Bondholders whose Bonds are currently held in the ICSDs need not take any further action in respect of the proposed further distribution. The Trustee will pay the relevant share of the distribution to the ICSDs for onward distribution to those Bondholders. Bondholders whose Bonds are not held in the ICSDs shoult note that they will be required to present their Bonds and re-verification of their Bonds may be required and they will not receive their share of the distribution until those steps have been completed. Bondholders whose Bonds are not held in the ICSDs will be requested to contact the Trustee on or after the proposed date of payments (which payment date shall be notified to the Bondholders in a separate notice), even if they have previously contacted the Trustee or verified their Bonds prior to the date of this notices. The above communication is made without prejudice to any and all of the Trustee's rights under the Trust Deeds, all of which are expressly reserved. The Trustee provides the information above for the information of Bondholders, but makes no representation as to the accuracy or completeness thereof and cannot accept any liability for any loss caused by any inaccuracy therein. The Trustee expresses no opinion as to the action (if any) that Bondholders should take in relation to the matters set out above. The Trustee makes no recommendations and gives no legal or investment advice herein or as to the Bonds generally. Bondholders should take and rely on their own independent legal, financial or other professional advice, and may not rely on advice or information provided to the Trustee, statements as to the legal position included in notices issued by the Trustee relating to the Bonds or otherwise or the views of the Trustee expressed herein or otherwise. ISIN numbers appearing herein have been included solely for the convenience of the Bondholders. The Trustee assumes no responsibility for the selection or use of such number and makes no representation as to the correctness of the numbers listed above. 6 February 2026 By the Trustee: Madison Pacific Trust Limited Unit 6B1, 6/F Bank of America Tower 12 Harcourt Road Hong Kong Email: agent@madisonpac.com BILLBOARD MEDIA: Administrators Still Seeking Offers for Business ----------------------------------------------------------------- Hafizah Osman at Sprinter reports that Hall Chadwick, the administrators for Billboard Media, are still seeking offers for the Melbourne-based wide format printer, which went into voluntary administration in December 2025. Hall Chadwick supervisor Jessie Low confirmed the following in a statement to Sprinter: "The administrators remain open to considering any further purchase offers in respect of the sale of Company's business and assets." Sprinter relates that Ms. Low also provided an update on the second creditors' meeting: "The second creditors' meeting was held on 22 January 2026 and was adjourned for up to 45 business days to allow sufficient time for the Director to put forward a Deed of Company Arrangement." Sprinter says Hall Chadwick advertised the business for sale at the end of December last year. In an advertisement published in The Age newspaper, Ms. Low offered Billboard Media for sale to interested parties. "Expressions of interest are being sought by the administrators for the purchase of a commercial printing business currently operating from premises located in Melbourne, Victoria," the advertisement stated, without identifying the name of the company. "The business remains trading under control of the administrators with the intention of selling it as a going concern." Ms. Low has invited interested companies to contact her by email: jlow@hallchadwick.com.au. The first creditors meeting for Billboard Media revealed the company owes creditors more than AUD7 million, Sprinter discloses. The largest creditor is the Australian Tax Office with the administrator estimating between AUD4 million and AUD5 million to be owed. Sprinter understands there was only one creditor physically present at the meeting in Sydney, with a further five creditors attending via Zoom. Sprinter also recently reported that Billboard Media competitors have been inundated with phone calls from previous clients of the business, following its placement into voluntary administration. About Billboard Media Founded 40 years ago, Billboard Media is a large-format printing company specialising in indoor and outdoor media, including billboards, banners, posters, cardboard, construction wraps and more. Richard Albarran and John Vouris from Hall Chadwick were appointed as joint administrators on Dec. 8, 2025. CIVX PTY: First Creditors' Meeting Set for Feb. 19 -------------------------------------------------- A first meeting of the creditors in the proceedings of CIVX Pty Ltd will be held on Feb. 19, 2026, at 10:00 a.m. via telephone conference facilities. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on Feb. 9, 2026. KEMBALI INVESTMENTS: First Creditors' Meeting Set for Feb. 19 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Kembali Investments Pty Ltd (as The Trustee For Kembali Investments Trust), trading as Broome Beach Resort, will be held on Feb. 19, 2026, at 10:00 a.m. via virtual meeting only. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Feb. 9, 2026. MARLU TRANSPORT: First Creditors' Meeting Set for Feb. 19 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Marlu Transport Solutions Pty Ltd, trading as Nighthawk Transport, will be held on Feb. 19, 2026, at 2:00 p.m. via virtual meeting. Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were appointed as administrators of the company on Feb. 9, 2026. OXMAN TRANSPORT: First Creditors' Meeting Set for Feb. 20 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Oxman Transport Pty Ltd will be held on Feb. 20, 2026, at 12:00 p.m. via virtual meeting only. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 10, 2026. PULSE MARKETS: ASIC Cancels AFS Licence for Breaches of Duties -------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of securities dealer Pulse Markets Pty Ltd, effective from Feb. 11, 2026. The licence was cancelled after ASIC found Pulse Markets had serious and sustained breaches of its duties under s912A of the Corporations Act 2001. These included Pulse's failure to adequately supervise its corporate authorised representatives (CARs) providing financial services under its AFS licence, increasing the risk they will not comply with financial services laws and put clients at risk of financial loss. ASIC found that Pulse Markets failed to comply with its obligations, including failure to: * maintain the competence required to provide the financial services it offered * take reasonable steps to ensure that its representatives comply with the financial services laws by failing to: - undertake appropriate due diligence prior to the appointment of its CARs - take adequate steps to monitor the websites and marketing of its CARs - maintain adequate compliance, breach and incident registers, and - maintain compliance manuals with accurate information about AFS licence authorisations * ensure adequate resources, including staffing, to provide the financial services covered by the licence and to carry out supervisory arrangements * prepare and lodge financial statements (being a balance sheet and a profit and loss statement) for financial years 2024 and 2025 * obtain an opinion by a registered company auditor regarding Pulse Market's compliance with the financial conditions on their licence for financial years 2024 and 2025 * pay its Industry Funding Levy for the 2023-2024 financial year. Pulse Markets may apply to the Administrative Review Tribunal (ART) for a review of ASIC's decision. Pulse Markets is a Queensland-based securities dealer and has held AFS licence number 220383 since June 7, 2002. The licence authorised Pulse Markets to provide financial product advice, deal in financial products and underwrite an issue of securities, for wholesale clients. REDZED TRUST 2023-2: Fitch Affirms 'BB-sf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed six note classes from RedZed Trust Series 2023-2. The Outlook is Stable. The transaction's mortgage-backed pass-through floating-rate notes are backed by a pool of first-ranking Australian conforming and non-conforming residential full and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2023-2. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust Series 2023-2 A AU3FN0079034 LT AAAsf Affirmed AAAsf B AU3FN0079042 LT AA+sf Affirmed AA+sf C AU3FN0079059 LT A+sf Affirmed A+sf D AU3FN0079067 LT BBBsf Affirmed BBBsf E AU3FN0079075 LT BBsf Affirmed BBsf F AU3FN0079083 LT BB-sf Affirmed BB-sf Transaction Summary The collateral pool has amortised to AUD154 million (from AUD500 million at closing) and consisted of 257 obligors with a weighted-average (WA) unindexed current loan/value ratio (LVR) of 62.9% as of 31 December 2025. KEY RATING DRIVERS Deteriorating Asset Performance: The 30+ day arrears as of end-2025 were 8.9%, higher than Fitch's 3Q25 non-conforming Dinkum RMBS Index of 4.53%. The 90+ day arrears were 3.7%, higher than the Dinkum 90+ day arrears of 1.87%. There have been two losses to date totalling AUD170,005. These were covered by excess spread. The 'AAAsf' WA foreclosure frequency (WAFF) of 20.4% is driven by the foreclosure frequency floor applied to loans in arrears, the WA unindexed current loan/value ratio of 62.9%, self-employed borrowers making up 95.1% of the pool, low documentation loans making up 88.9% and, under Fitch's methodology, non-conforming and investment loans comprising 11.2% and 42.5%, respectively. The 'AAAsf' WA recovery rate (WARR) of 63.2% is driven by the portfolio's WA indexed scheduled LVR of 57.6%. Sufficient Credit Enhancement: The transaction was eligible to switch to pro-rata principal payment from the August 2025 payment date but has paid sequentially on all but two payment dates as of the January 2026 payment date because the 90+ day arrears pro-rata trigger was breached. The prolonged period of sequential amortisation has increased credit enhancement to a level sufficient to offset the impact of elevated arrears in its analysis. In addition, house price growth since the transaction closed in July 2023 has increased borrower equity, providing additional buffers against potential losses should loans progress through to foreclosure. The transaction switched to paying pro rata in January 2026, as the principal step-down test was satisfied. The rated notes will continue to build-up credit enhancement in pro rata payment, as the class G1 and G2 notes do not amortise. Liquidity Risk Mitigated: Structural features include retention and amortisation amounts that redirect excess income to repay the notes' principal balances. The transaction has built up AUD500,000 in overcollateralisation through the retention ledger, which provides further credit enhancement. A liquidity facility sized at 1.5% of the invested note balance (excluding class G), with a floor of AUD750,000, is sufficient to mitigate payment interruption risk. Low Operational and Servicing Risk: RedZed was established in 2006 and is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.1% in December 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade sensitivities Unanticipated deterioration in the frequency of defaults and recoveries on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: Class A / B / C / D / E / F Current rating: AAAsf / AA+sf / A+sf / BBBsf / BBsf / BB-sf Increase defaults by 15%: AAAsf / AA+sf / Asf / BB+sf / B+sf / Bsf Increase defaults by 30%: AAAsf / AAsf / A-sf / BBsf / Bsf / Less than Bsf Reduce recoveries by 15%: AAAsf / AA+sf / A+sf / BBBsf / Less than Bsf / Less than Bsf Reduce recoveries by 30%: AAAsf / AA+sf / A+sf / BBsf / Less than Bsf / Less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AA+sf / A+sf / BBBsf / Less than Bsf / Less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AA+sf / AA-sf / A-sf / B+sf / Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade sensitivities are not relevant for the class A note, as it is already rated at the highest level on Fitch's scale. Upgrade sensitivities Notes: Class B / C / D / E / F Current rating: AA+sf / A+sf / BBBsf / BBsf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAAsf / Asf / BBB+sf / BB+sf The upgrade of the class F note under the 15% decrease in defaults and 15% increase in recoveries is constrained at 'BB+sf' by the large obligor concentration test. Prepayments to loans with the largest obligor exposure, which result in the notes passing Fitch's concentration test, could lead to positive rating action for notes, all else being equal. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. Prior to the transaction closing, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. 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. STATEWIDE CRANES: First Creditors' Meeting Set for Feb. 18 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Statewide Cranes Australia Pty. Ltd. will be held on Feb. 18, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW and via virtual meeting technology. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on Feb. 9, 2026. ========= C H I N A ========= CORE AI HOLDINGS: Signs MOU With CSPM to Build AI-Ready Facilities ------------------------------------------------------------------ Core AI Holdings, Inc. entered into a Memorandum of Understanding (MOU) with CSPM Resources SDN BHD, one of Malaysia's most experienced and respected data center developers, to pursue next-generation AI-ready data center opportunities in the region. "This partnership represents an important execution milestone in our global AI data center initiative," said Aitan Zacharin, CEO of Core AI Holdings, Inc. "Global hyperscalers are investing billions of dollars in Malaysia, including major commitments from Amazon Web Services, Oracle, Google, TikTok, and Microsoft, and partnering with CSPM positions Core AI to capitalize on the opportunities created by these investments. As hyperscalers increasingly require turnkey, AI-optimized facilities, CSPM stands out as one of the region's most experienced developers and trusted partners. We believe that by leveraging CSPM's technology, high level technical expertise, and deep industry and government relationships we will have an advantage in the market. Together, we see a compelling opportunity to capture a meaningful share of these multi-billion-dollar investments by repositioning existing facilities for the AI era." "We are proceeding to draft and negotiate definitive agreements to formalize our collaboration." Strategic Entry into a Rapidly Expanding Market Through the partnership Core AI and CSPM plan to identify existing edge computing data centers and retrofit and expand them into Tier 3 or Tier 4 AI-capable facilities. By leveraging existing facilities, power access and network connectivity, our collaboration is designed to significantly shorten development timelines, with operational readiness potentially achieved in approximately 12 months. Once upgraded, the facilities are expected to be operated as co-location assets or positioned for sale to hyperscalers seeking fully built, AI-ready infrastructure. Malaysia's data center market is projected to grow from $4 billion in 2024 to $13.6 billion by 2030, representing a compounded annual growth rate of 22.4%.1 Local Expertise and Structural Advantages CSPM has long been at the center of Malaysia's data center industry and is among a select group of developers capable of delivering complex, mission-critical facilities. The company has designed, built and supported data centers for global hyperscalers and cloud leaders and has played a foundational role in many of Malaysia's existing edge computing and high density AI data center facilities. CSPM's deep integration in the local ecosystem is a key differentiator for the joint venture. The company maintains longstanding relationships with government authorities, utilities and financial institutions, supporting access to additional energy allocations and streamlined regulatory approvals. "Malaysia has emerged as a leading destination for data center investment in Southeast Asia, driven by hyperscaler investment, strong infrastructure fundamentals and government support," said Bryan Tan, CEO of CSPM. "As demand shifts toward AI-intensive workloads, we see the need for AI-ready data centers is growing significantly. Many existing edge facilities are strategically located but were not designed to meet the power, cooling and redundancy requirements of modern AI workloads. We believe there is a significant opportunity to upgrade and repurpose existing assets rather than pursue slower, more capital-intensive greenfield developments. We selected Core AI as a partner for its AI-focused data center strategy, and disciplined investment approach, to collaborate on pursuing AI data center opportunities in Malaysia. By combining Core AI's strategic vision with our local expertise and relationships, we can provide fast, flexible and connected solutions while capturing a meaningful share of this high-growth market." About CSPM Resources SDN BHD CSPM System Engineering SDN BHD is a leading system integrator in Malaysia, delivering cost-effective, high-quality integration solutions and exceptional service to its customers. The company specializes in environmental monitoring and power management for data centers, supporting AI-driven infrastructure, and integrates innovative, economical solutions for managing information across buildings, universities, hospitals, industries, transportation systems and data centers. With decades of experience, CSPM has become a trusted partner for hyperscalers and enterprise clients seeking reliable, mission-critical infrastructure solutions. Dow Jones, Microsoft, AT&T, Intel, and many others across financial services, government, manufacturing, telecom, and other technology sectors. About Core AI Holdings Core AI Holdings, Inc. (f/k/a Siyata Mobile Inc.) -- http://www.coregaming.co/-- is focused on developing a portfolio of AI-focused businesses with next-generation technologies. Through its subsidiary, Core Gaming, it operates a leading global AI driven mobile games development and publishing business. The company creates entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Since its launch Core Gaming has developed and co-developed over 2,200 games, driven over 800 million downloads, and generated a global footprint of over 40 million users from over 140 countries. Core AI's mission is to harness the power of artificial intelligence to build transformative and scalable offerings across multiple verticals. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $20.2 million in total assets, $4.8 million in total liabilities, and $15.4 million in total equity. WEST CHINA CEMENT: S&P Assigns 'B+' Final ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'B+' final issuer credit rating to West China Cement Ltd. (WCC). Also, S&P assigned its 'B' issue credit rating to the company's newly issued US$400 million notes due 2028, and US$300 million notes due 2029. S&P said, "The stable outlook on the issuer credit rating reflects our expectation that WCC will maintain its size and moderate geographic diversification over the next one to two years, and keep its ratio of debt to EBITDA below 4x. "Since we assigned our preliminary rating in November 2025, WCC has issued new notes to refinance existing notes maturing in 2026. This has met the conditions of our preliminary ratings. "We finalized our ratings on WCC after the company issued two U.S. dollar-denominated senior unsecured notes, and repaid the majority of its US$600 million notes due July 2026. The company has tendered US$548 million of its US$600 million in notes due 2026 and will repay the remaining US$52 million on March 6, 2026. "WCC has met the conditions of our preliminary ratings, involving successful issuance of U.S. dollar-denominated notes with a maturity of three years or more to repay its existing notes maturing in 2026. "The structure of the refinancing slightly differed from our previous base-case assumptions. Accordingly, we have updated our assumptions, and the key credit metrics are still commensurate with the current rating. "Our previous assumption was that WCC would repay the 2026 notes with a US$400 million senior unsecured note issuance and US$200 million in cash. Instead, the company issued two new senior unsecured notes since November 2025: US$400 million three-year notes and US$300 million notes maturing in 3.75 years. "The stable rating outlook reflects our expectation that WCC will remain a small to midsized cement producer with diversified operations in China and Africa over the next one to two years. "The outlook also reflects our view that the company's increased overseas production will drive earnings and cash flow, which should be sufficient to cover capital expenditure (capex) for the period. Therefore, the company's debt-to-EBITDA ratio will likely improve to 3.0x-4.0x over the next two years. "We also expect WCC to manage execution and operational risks for its overseas projects over the next two years. "We may lower the rating if WCC's debt-to-EBITDA ratio remains above 4.0x for a sustained period. This could happen if operating conditions deteriorate such that cement prices and the company's sales volume are significantly lower than we expect or if the company pursues more aggressive, debt-funded expansion than we anticipate. "We may downgrade WCC if its liquidity weakens. This could result from weaker funds from operations, higher working capital needs, or greater capital spending or acquisitions than we expect. "We could lower the rating if the company generates insufficient cash flow denominated in U.S. dollars to service its U.S. dollar debt obligations. "We may raise the rating if WCC's operating performance improves such that its debt-to-EBITDA ratio stays below 3.0x while the weighted-average debt maturity remains longer than two years over a sustained period. This would also depend on the company maintaining a track record of stable operations at both existing and new plants, along with smooth repatriation of dividends from its overseas operations." Additionally, S&P may raise the rating if WCC's liquidity is adequate on a sustainable basis. YUEXIU REAL: Moody's Withdraws 'Ba3' Corporate Family Rating ------------------------------------------------------------ Moody's Ratings has withdrawn the Ba3 corporate family rating of Yuexiu Real Estate Investment Trust (REIT). At the same time, Moody's have withdrawn the (P)Ba3 backed senior unsecured rating on Yuexiu REIT MTN Company Limited's medium-term note (MTN) program. The outlook was stable prior to the withdrawal. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) for Moody's own business reasons. COMPANY PROFILE Yuexiu REIT is a listed REIT in Hong Kong SAR, China with a property portfolio located entirely in China. ========= I N D I A ========= AADYA MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aadya Motor Car Company Private Limited (AMCCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 41 CRISIL D (Issuer Not Cooperating) Cash Credit 41.75 CRISIL D (Issuer Not Cooperating) Cash Credit 74 CRISIL D (Issuer Not Cooperating) Proposed Long Term 13.26 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) Term Loan 31.99 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AMCCPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AMCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMCCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AMCCPL, set up in 2009 by Mr. V Ramananand Rao, is an authorised dealer for Audi cars in Mumbai. The company, with trade name, Audi Mumbai West, operates one showroom in Andheri, Mumbai. AB RICETECH: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of AB Ricetech Private Limited (ABRPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 2 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Proposed Term Loan 5.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ABRPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABRPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in the year 2016, ABRPL is setting up a par boiled rice mill with a capacity of 8tph. It is promoted by Bibha Jaiswal and Sumit Kumar. ABHIRAJ CORPORATION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Abhiraj Corporation (AC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.05 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AC for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AC continues to be 'Crisil D Issuer not cooperating'. Set up in 2013 as a partnership firm, Ichalkaranji, Maharashtra-based AC trades in yarn. Its operations are managed by Mr Prathamesh Dhamane along with the partners Mr Ashok Jathar and Mr Vijay Jadhav. ABHUSHAN CREATIONS: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Abhushan Creations Private Limited (ACPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.95 Crisil B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.05 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ACPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2014, ACPL is engaged into trading of gold jewellery. The company have commenced its operation from April 2017 onwards. It is based out in Mumbai. AIR INDIA: India Fines Airline US$110,350 in Airbus Incident ------------------------------------------------------------ Aditya Kalra at Reuters reports that India's civil aviation watchdog has fined Air India US$110,350 for flying an Airbus plane eight times without an airworthiness permit, saying the lapse has further eroded public trust in the country's second-biggest airline, a confidential order showed. An Airbus A320 flew passengers between New Delhi, Bengaluru, Mumbai and Hyderabad on November 24 and November 25 without the mandatory Airworthiness Review Certificate, or ARC, a key permit issued annually by the regulator after a plane passes safety and compliance checks, Reuters relates. Air India's own internal investigation into the incident, which Reuters reported in December, found "systemic failures", with the airline, which also admitted there was an urgent need to improve compliance culture at the carrier. A confidential penalty order issued by Indian authorities on Feb. 5 to Air India CEO Campbell Wilson said the incident had "further eroded public confidence and adversely impacted the safety compliance of the organization," Reuters relates. "The accountable manager on behalf of Air India is found blameworthy for the above lapses," joint director general of civil aviation Maneesh Kumar wrote in the order, referring to Mr. Wilson. Air India did not respond to Reuters queries. According to Reuters, the airline has been asked to deposit 10 million Indian rupees, or US$110,339, within 30 days. Air India suffered its worst disaster when a Boeing Dreamliner crashed moments after take-off in June last year, killing 260 people, Reuters notes. The Airbus incident investigation by Air India also blamed pilots, saying those who flew the eight flights did not comply with standard operating procedures before taking off, Reuters has reported. Air India, which is owned by India's Tata Group and Singapore Airlines, has also received warnings from the watchdog for running planes without checking emergency equipment as well as other audit lapses, adds Reuters. About Air India Air India Ltd -- http://www.airindia.com/-- offers passenger and cargo air transportation services. It operates a wide range of aircraft under three categories, namely, wide body, narrow body Air India Express, and Alliance Air. Air India also offers cargo handling and accommodation services. The company serves domestic and international destinations in Asia-Pacific, Europe, Africa, the Middle East, and North America. The company also provides aircraft maintenance and engineering support services. Air India is owned by the Tata Group (74.9%) and Singapore Airlines (25.1%). Air India reported consolidated annual net losses of INR10,859 crore, INR4,444 crore and INR11,387 crore for the financial years 2025, 2024 and 2023, respectively. AKSA PAPER: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Aksa Paper Mills Private Limited Survey No. 334/PI, 315/6, Morai Industrial Park, Village-Morai, Ta, l-Pardi, Valsad, Vapi, Gujarat, India, 396191 Insolvency Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: August 2, 2026 Insolvency professional: Sunil Kumar Kabra Interim Resolution Professional: Sunil Kumar Kabra 3rd Floor, Reegus Business Centre, New Citylight Road, Above Mercedes Benz Showroom, Bharthana-Vesu, Surat - 395007 Email: jlnusco@gmail.com ip.apmpl@gmail.com Last date for submission of claims: February 19, 2026 ANGEL PROMOTERS: CRISIL Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Angel Promoters Private Limited (APPL) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with APPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APPL continues to be 'Crisil C Issuer not cooperating'. Established in 2006 in Sahibabad, Uttar Pradesh (UP), by Mr. DB Jain and his son, Mr. Abhishek Jain, APPL is engaged in real estate development and has currently undertaken a hotel-cum-banquet halls project in Sahibabad, which is expected to commence operations in 2016-17. The company completed a group housing project,Angel Mercury, in Indirapuram, UP, in 2012. APIPL INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: APIPL India Advisors Private Limited Suite No. 09, 17th Level, 11th Floor, Altimus, Pandurang Budhkar Road, Worli, Mumbai, Mumbai, Maharashtra, India, 400018 Liquidation Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: VIVEK G GAGGAR B-1101, Evoke, Arkade Art, Vinay Nagar, Mira Road East, Maharashtra, Thane- 401107 Email: vivek.gaggar@nvrandco.com Contact No: +91 8097566838 Email: apiplvolliq@gmail.com Last date for submission of claims: March 5, 2026 CARABAO FOODS: CRISIL Moves B+ Debt Ratings to Not Cooperating -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Carabao Foods Private Limited (CFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 50 Crisil B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 40 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with CFPL for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of CFPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from CFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on CFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CFPL migrated to 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2021, CFPL has recently set up a modern buffalo abattoir, meat processing and rendering unit with blast freeze and plate freezing facility in Nuh district in Mewat, Haryana, with installed capacity of 210 metric tonne of meat per day. The plant was commissioned in July 2025. CFPL is owned and managed by Mr Mohammad Asfand Akhtar and Ms Amina. DARYA SHIPPING: ICRA Withdraws B+ Issuer Rating ----------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Darya Shipping Private Limited, at the request of the company and in accordance with ICRA's policy on withdrawal of rating. 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. The Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating 0.00 [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Withdrawn Darya Shipping Private Limited (DSPL), incorporated in 2017, is a shipping solutions company. DSPL has experience in outsourced management of maritime assets, as well as, technical, workforce and commercial support services. DSPL provides various of customized solutions to ship owners and operators, across the world. DECOLIGHT CERAMICS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Decolight Ceramics Limited B/h. Romer Ceramic, Old Ghuntu Road, At Ghuntu, Morbi, Gujarat - 363642 Insolvency Commencement Date: January 1, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Vikash Gautamchand Jain Interim Resolution Professional: Vikash Gautamchand Jain VCAN Resolve IPE LLP 204, Wall Street-1, Near Gujarat College, Ellisbridge, Ahmedabad - 380006 Gujarat, India Email: ca.vikasjain2@gmail.com cirp.decolight@gmail.com Last date for submission of claims: January 26, 2026 DEV BRAJ: CRISIL Moves B+ Debt Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Dev Braj Construction Private Limited (DBCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Bank 5 Crisil A4 (ISSUER NOT Guarantee COOPERATING; Rating Migrated) Proposed Working 5 Crisil B+/Stable (ISSUER NOT Capital Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with DBCPL for obtaining NDS through letters / emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of DBCPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from DBCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on DBCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DBCPL migrated to 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. DBCPL was incorporated in 2020, it is located in Bhiwani (Haryana). DBCPL undertakes construction and engineering work majorly for railways. DINDAYAL JALAN: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Dindayal Jalan Textiles Ltd (DJTL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.00 [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 DJTL'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 DJTL, 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. Dindayal Jalan Textiles Limited (DJTL), incorporated in 1993, is wholesaler of textile products with its operations centred in Varanasi, Uttar Pradesh. The company is a part of the Dindayal Jalan group, which is involved in the textile trading business for more than four decades. DJTL was a wholesaler and retailer till FY2014, with trading of handloom, fabric, readymade garments, hosiery etc accounting for a major portion of its sales. The retail operations of the company were discontinued from April, 2014 onwards, and were shifted to the newly-formed group company Dindayal Jalan Retails Pvt Ltd. The company has 150,000 square feet space on the outskirts of Varanasi, which serves as a warehouse and a display centre. This store is well connected to the National Highway with Varanasi and other major cities of Uttar Pradesh and Bihar. DIPANKAR DEY: CRISIL Moves B+ Debt Ratings to Not Cooperating ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Dipankar Dey (DD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.8 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 1 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working 3.7 Crisil B+/Stable (ISSUER NOT Capital Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with DD for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of DD to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from DD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on DD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DD migrated to 'Crisil B+/Stable Issuer not cooperating'. Set up in 2010, DD undertakes civil construction works, such as construction of buildings and allied works. ICICI BANK: Fitch Alters Outlook on 'BB+' Long-Term IDR to Positive ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on ICICI Bank Limited's (ICICI) Long-Term Issuer Default Rating (IDR) to Positive, from Stable, and affirmed the rating at 'BB+'. Fitch has also affirmed the bank's Viability Rating (VR) and the Government Support Rating (GSR) at 'bb+'. The Outlook revision is underpinned by the change in Fitch's outlook on the Indian banking-sector operating environment (OE) factor score to positive from stable. Key Rating Drivers Driven by VR, Backstopped by Support: ICICI Bank's Long-Term IDR is driven by its VR, which is at the same level as its GSR. Fitch also has positive outlooks on most other rating factor scores, which mirror the outlook on the OE and reflect the potential for higher scores if the OE score is revised upward. Improving Operating Environment: Fitch has revised the outlook on Indian banks' OE score to positive from stable, reflecting its expectations of reduced sector risks due to enhanced regulations and supervision by the Reserve Bank of India. The positive outlook on the OE score indicates potential for an upward revision if Fitch assesses the sector's strengthened regulatory regime and improved financial performance as sustainable, with several key financial metrics near levels when the score was last at 'bbb-' (in 2019). The outlook is also supported by India's large and diversified economy and strong medium-term growth potential - consistent with Fitch's forecast of GDP growth above 6% through the financial year ending March 2027 (FY27). Broad Domestic Presence: Fitch expects ICICI's large franchise, strong market position and diversified income to underpin business and revenue generation through the cycle. ICICI is India's second-largest private bank, with strong positions across key business segments, including retail banking. Its diversified income base supports above-peer average profitability and capitalisation. Lower Concentration, Growth Focus: ICICI has lower portfolio concentration than most peers, with better asset quality, less earnings variability and controlled unsecured retail loan risks. The positive outlook on its risk profile score reflects potential for the score's upward revision if the bank continues to effectively manage risks as it expands, without exposing itself to meaningful deterioration in asset quality, and the OE score is revised upward. Improved Portfolio Quality: Fitch has revised ICICI's asset-quality score to 'bb+' from 'bb', as Fitch expects its impaired-loan ratio will remain below 2% through FY28 (9MFY26: 1.5%). The score also reflects lower concentration risks, adequate specific loan-loss coverage of about 76% (167% including other provisions, as per Fitch's estimate), and its expectation of sustained lower impaired-loan generation. Strong Profitability: Fitch expects ICICI's operating profit/risk-weighted assets to remain close to 3.5% through FY28 (9MFY26: 3.7%). This is primarily supported by stable margins and fee income growth despite some normalisation due to higher credit costs and lower treasury gains. Capitalisation Better than Peer Average: ICICI's capitalisation and leverage score is underpinned by its sustained above-peer average capital buffers and better capital flexibility. Fitch estimates the bank's common equity tier 1 ratio (including profit) was 16.8% in 9MFY26. Fitch expects it to remain broadly stable to FY28, supported by internal capital generation, despite above-peer average loan growth. Robust Funding Franchise: Fitch expects ICICI's loan/deposit ratio to rise slightly while it aims to balance loan and deposit growth. Its funding and liquidity score remains unchanged and continues to be bolstered by a strong deposit franchise. Retail deposits dominate, with low-cost deposits around 40%. The liquidity coverage ratio of 125% and net stable funding ratio of 124% as of 9MFY26 indicate solid liquidity. State Support Provides a Backstop: Fitch believes that support from the Indian government to ICICI is likely to be forthcoming in times of stress, considering the bank's systemic importance and sizeable market share. This underpins the bank's GSR, which is one notch below the sovereign rating (BBB-/Stable). Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Fitch may revise the Outlook on the IDR back to Stable if the OE outlook is revised to stable. The Long-Term IDR would be downgraded if both the GSR and VR were downgraded. The GSR could be downgraded if Fitch believes the sovereign's support for ICICI has weakened, which would be reflected in negative action on India's sovereign rating or reduced propensity to extend timely support. Fitch does not expect the VR to be downgraded in the near term, given the improving OE. Nevertheless, it is possible if Fitch assesses the bank's risk profile to have weakened materially and becomes more of a binding constraint on ICICI's financial profile and loss-absorption buffers, increasing the risk of materially weaker financial metrics. The Short-Term IDR is mapped to the bank's Long-Term IDR, in line with Fitch's criteria. The Short-Term IDR could be downgraded if the Long-Term IDR were downgraded by multiple notches to below the 'B' category, which Fitch views as unlikely. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action on the IDR could occur if there is a similar upgrade in either the GSR or VR. A VR upgrade is likely if Fitch revises the bank's OE score to 'bbb-'. A higher OE score would imply lower system risks and would most likely lead to most other rating factor scores being revised upwards into the same category, in line with the implied scores under Fitch's Bank Rating Criteria, provided the bank maintains a generally steady performance. A sovereign rating upgrade could lead to an upgrade in the bank's GSR if it coincided with a strengthening of the sovereign's ability and, more importantly, propensity to support the bank, in Fitch's view. VR ADJUSTMENTS The OE score of 'bb+' is above the 'b' category implied score for the following adjustment reasons: size and structure of economy (positive), and economic performance (positive). The business profile score of 'bb+' is below the implied category score of 'bbb' for the following adjustment reason: business model (negative). The funding and liquidity score of 'bbb-' is above the implied category score of 'bb' for the following reason: deposit structure (positive). Sources of Information 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 ----------- ------ ----- ICICI Bank Limited LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support bb+ Affirmed bb+ IRON TRIANGLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Iron Triangle Limited (ITL) 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- 54.79 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 112.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 530.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short-term 106.40 [ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating continues remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ITL'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 Iron Triangle 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. Iron Triangle Limited (ITL) was established as Backbone Enterprise Limited (BEL) in 1991 as a partnership firm nameBackbone Enterprise by Mr. Kishore Viramgama, Mr. Bhupendrakumar Panchani, and Mr. Bhovan Rangani in Rajkot (Gujarat). It was reconstituted as a public limited company in July 2002. Backbone Enterprise Limited was renamed Iron Triangle Limited in January 2017. Iron Triangle Limited is primarily engaged as an EPC contractor with presence in roads, railways, building, sewerage treatment, dams and water distribution. Its major clients include National Highways Authority of India (NHAI), MORTH, Rail Vikas Nigam Limited, Ircon International Limited, Gandhinagar Smart City Development Limited etcAntique Arts Exports is involved in manufacturing and exports of awide range of hand-tuffed and hand knotted carpets, shaggy rugsrugs, durries and other floor coverings. The main product line of the firm is hand tuffed and hand knotted carpets which command a high realization in the export market. ISHAN EQUIPMENT: CRISIL Moves B- Debt Ratings to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Shree Ishan Equipment Private Limited (SIEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Bank Guarantee 30.5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 23.5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- Based Bank Limits 6 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SIEPL for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SIEPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from SIEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SIEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIEPL migrated to 'Crisil B-/Stable/Crisil A4 Issuer not cooperating'. SIEPL, formerly known as Ishan Equipments Pvt Ltd, was incorporated in 1996 by Mr Ashwin K Panchal and his family members. The company is engaged in the design, supply, installation and commissioning of process plants and other equipment, catering to the needs of chemical, petrochemicals and related industries. It has two manufacturing units in Vadodara, Gujarat. JAGDAMBAY COTSPIN: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Jagdambay Cotspin Limited (JCL) in the 'Issuer Not Cooperating' category. The ratings are 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 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 The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding JCL'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 JCL, 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. Jagdambay Cotspin Limited (JCL) was incorporated in the year 2003 by Mr. Vijay Garg and his family members. The company was engaged in the manufacturing of cotton yarn (counts of 20) having installed capacity of 1200 rotors at Samana (District Patiala) - Punjab. Samana is a hub for open-end yarn manufacturing with 20-30 small scale units based locally. In Jan-2013, the Bansal family acquired majority stake in the company. Since Jan-2013, the new promoters were in the process of upgrading the manufacturing facilities by replacing the existing plant and machinery with the new plant & machineries at a total cost of Rs.21.6 crore in Debt-Equity ratio of 2.26:1. The old facility was having the installed capacity of 1,200 rotors while the new facility has 2,688 rotors which can produce 4,220 MT of cotton yarn at count of 20s. Production at the facility was proposed to restart from July-2013. It got delayed by around 2 months and started from September-2013. JASSU CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Jassu Construction Company (JCC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.5 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 1.5 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Bank Guarantee 4 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working Capital Facility 4 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with JCC for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of JCC to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from JCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on JCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JCC migrated to 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. JCC is engaged in civil construction works, such as construction of roads and bridges & electrification works. KALTHIA INFRA: ICRA Withdraws B+ Rating on INR147.86cr LT Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Kalthia Infra Projects Private Limited, at the request of the company and based on the No Due Certificate/Closure Certificate received from its lenders and 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- 147.86 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Kalthi aInfra Projects Private Limited (KIPPL) is a wholly owned subsidiary of KECL. KIPPL is an SPV formed to undertake the four/two-laning (with paved shoulders) of the Gadu–Porbandar section of NH-8E in Gujarat through a private public partnership (PPP) model on a hybrid annuity model (HAM).The construction of the project started in September 2017 and was completed in July 2020.model on a hybrid annuity model (HAM).The construction of the project started in September 2017. MAHAMAYA CASHEW: ICRA Lowers Rating on INR9.50cr LT Loan to D ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Mahamaya Cashew Industries, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The ratings of Mahamaya Cashew Industries have been downgraded based on client‑confirmed information, reflecting delays in debt repayment as reported on publicly accessible platforms. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in November 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Mahamaya Cashew Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2014, Mahamaya Cashew Industries is a partnership firm engaged in the processing of raw cashew nuts (RCN) to cashew kernels. MCI started operations from June 2015 onwards at its manufacturing unit in Hosanagara, Karnataka with an installed capacity of 6 MT per day. The promoters have close to four decades of experience in cashew industry and have served as partners in the sister concerns Mangalore Cashew Industries (established in 1977), Mangala Cashew Industries (established in 1985) and Mahalaxmi Cashew Industries (established in 1996) prior to the establishment of Mahamaya Cashew Industries. The firm sources its RCN requirements from suppliers located in the international market through imports from Benin, Tanzania and Indonesia. Currently, the sales are almost entirely made to their sister concerns. MALWA AUTOMOBILES: ICRA Withdraws B+ Rating on INR13.60cr LT Loan ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Malwa Automobiles Private Limited at the request of the company and 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 have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Incorporated in 1997, Malwa Automobiles Pvt. Ltd. (MAPL(T)) operates as an authorized Tata Motors dealership with showroom at Rohini (Delhi) and a workshop facility at Jahangirpuri (Delhi). In addition to the automobile dealership business, the company also has a HPCL fuel pump located in Kundli, Haryana. The promoters of the company are highly experienced in the field of automobiles and have been engaged in automobiles related business for the past 50 years. MITTAL UDYOG: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Mittal Udyog Indore Pvt. Ltd. (MUIPL) 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- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short-Term (6.50) [ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding MUIPL'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 MUIPL, 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 2008, MUIPL is engaged in the manufacturing of aluminium utensils, circles and sheets. The manufacturing unit of the company, located at Pitampur, Madhya Pradesh, has an installed capacity of ~200 metric tons per month. The company is a part of Mittal Group, which was established in 1950 and is owned and managed by the Mittal family. Initially the group was engaged in trading of metals; later, it ventured into the manufacturing of aluminium utensils through the establishment of a partnership firm 'Mittal Udyog' at Indore. MOHIB SHOES: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Mohib Shoes Private Limited 18 Sami Street Periamet, Chennai, CHENNAI Tamil Nadu, India, 600003 Insolvency Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: July 28, 2026 Insolvency professional: Shri. Nagalingam Muthiah Interim Resolution Professional: Shri. Nagalingam Muthiah No. 41, Third Floor, Silingi Building, Greams Road, Thousand Lights, Chennai - 600006 Tel: (978) 905-5123 Email: ip.soundararajamills@gmail.com Last date for submission of claims: February 12, 2026 OMID ENGINEERING: Liquidation Process Case Summary -------------------------------------------------- Debtor: M/s. Omid Engineering Private Limited Plot No. 1-4, Industrial Area Amb, NA Himachal Pradesh, India 177203 Liquidation Commencement Date: January 22, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Mr. Rajesh Srivastava A3/302, Tower 3, Silver City Purvanchal, Sector 93, Noida, Uttar Pradesh-201304 Email: rajesh1701@gmail.com Email: cirp.omid@gmail.com Last date for submission of claims: February 21, 2026 RAISEN MARKETING: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Raisen Marketing Private Limited G-II, 119 A, Gulmohar Colony, Bhopal, Madhya Pradesh, India, 462039 Insolvency Commencement Date: January 1, 2026 Estimated date of closure of insolvency resolution process: July 29, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Amrish Kumar Chourasia 102, Vyanktesh Vihar, Near Aradhana Nagar, Chhota Bangarda, Indore, Madhya Pradesh 452005 Email: amrishchourasia@gmail.com B-107, Prakrati Corporate, 18/2, YN Road, Near Malwa Mill Square, Indore-452003 (M.P.) India Email: cirp.raisenmarketing@gmail.com Last date for submission of claims: February 16, 2026 RAMANA BUILDING: CRISIL Withdraws B+ Rating on INR2.5cr Loan ------------------------------------------------------------ Crisil Ratings has downgraded its ratings on the bank facilities of Sri Ramana Building Constructions Pvt Ltd (SRBCPL) to 'Crisil B+/Stable/Crisil A4' from 'Crisil BB-/Stable/Crisil A4+' and simultaneously withdrawn the ratings on the request of the company and on receipt of no objection certificate from the bank. The rating action is in line with the Crisil Ratings policy on withdrawal of ratings on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 Crisil A4 (Downgraded from 'Crisil A4+'; Rating Withdrawn) Secured Overdraft 2.5 Crisil B+/Stable (Downgraded Facility from 'Crisil BB-/Stable'; Rating Withdrawn) The rating downgrade reflects the higher utilisation of bank lines, at an average of 98% for the last twelve months ended December 25 indicating stretch in liquidity on account of higher working capital cycle and dip in margins, which have strained the accruals. The ratings reflect the extensive experience of SRBCPL's promoters in the civil construction industry and its healthy financial risk profile. These strengths are partially offset by susceptibility to tender-based operations, working capital-intensive operations and modest networth. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SRBCPL. Key Rating Drivers - Weaknesses * Susceptibility to tender-based operations: Revenue and operating profitability entirely depend on the ability to win tenders. Also, entities in this segment face intense competition, thus requiring aggressive bidding to get contracts, which restricts the operating margin to a moderate level. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability margin through operating efficiency becomes critical. * Working capital-intensive operations: Gross current assets (GCAs) were at 233-214 days over the three fiscals ended March 31, 2025. The company's intensive working capital cycle is reflected in its GCAs of 233 days as on March 31, 2025. Its large working capital requirement arises from its stretched receivables and large inventory on account of project work in progress. The company is required to extend long credit period. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: The promoters have experience of over three decades in the civil construction industry, which enables them to secure orders. This has given them an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers. * Comfortable gearing and debt protection metrices: SRBCPL's capital structure has been healthy due to lower reliance on external funds, yielding gearing of 0.35 time and low total outside liabilities to adjusted networth (TOLANW) ratio of 0.46 time, as on March 31, 2025. SRBCPL's debt protection metrics have also been healthy owing to leverage and healthy operating profitability. The interest coverage and net cash accrual to total debt (NCATD) ratios were 6.80 times and 0.37 time, respectively, in fiscal 2025. SRBCPL's debt protection metrics are expected to remain at similar levels over the medium term. Liquidity Poor Bank limit utilisation was high at 98% average for the last twelve months ended December 25. Annual cash accrual is expected to be over Rs 1.7-2 crore against yearly term debt obligation of Rs 0.50-0.60 crore over the medium term, and will cushion liquidity of the company. The current ratio was healthy at 4.21 times as on March 31, 2025. Low gearing and moderate networth support the financial flexibility of the company and provide the financial cushion in case of any adverse condition or downturn in the business. Outlook Stable Crisil Ratings believes SRBCPL will continue to benefit from the extensive experience of its promoters and established relationships with clients. Rating sensitivity factors Upward Factors: * Significant growth in turnover and maintaining operating margins above 9-10% * Improvement in the liquidity profile, with adequate bank line cushion of atleast 10-15% Downward Factors: * Decline in revenues or operating profitability leading to net cash accruals of less than Rs.1.5 crores * Large debt-funded capital expenditure or further stretch in the working capital cycle resulting in strain in liquidity SRBCPL was incorporated in 2010 in Ramanathapuram, Tamil Nadu. SRBCPL is engaged in civil construction works, mainly construction of building, structures, roads and allied works. SRBCPL is owned and managed by Mr Krishnan Gandhi and Mrs Gandhi Murugeswari, who have three decades of experience in this business. SAINI EARTHMOVER: CRISIL Moves B+ Debt Ratings to Not Cooperating ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Saini Earthmover Private Limited (SEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Electronic Dealer 4.75 Crisil B+/Stable (ISSUER NOT Financing Scheme COOPERATING; Rating Migrated) (e-DFS) Proposed Working 6.5 Crisil B+/Stable (ISSUER NOT Capital Facility COOPERATING; Rating Migrated) Working Capital 1.5 Crisil B+/Stable (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SEPL for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SEPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SEPL migrated to 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2006 by Mr Amrik Singh Saini and Ms Navdeep Kaur, SEPL is an authorised dealer of earth-moving equipment, spare parts and lubricants of JCB India Ltd. The company has seven branches, showrooms and service centres across West Bengal, covering major markets such as Kharagpur, Haldia, Rajarhat, Arambag, Diamond Harbour, Princep Street and Krishnanagar. SIVA ENGINEERING: CRISIL Withdraws B- Rating on INR17cr Loan ------------------------------------------------------------ Crisil Ratings has upgraded its ratings on the bank facilities of Siva Engineering Company (SEC) to 'Crisil B-/Stable/Crisil A4' from 'Crisil D/Crisil D' and subsequently withdrawn the ratings at the request of the firm and on receipt of no-objection certificates from bankers. This rating action is in line with the Crisil Ratings policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 Crisil A4 (Upgraded from 'Crisil D'; Rating Withdrawn) Long Term Loan 1.01 Crisil B-/Stable (Upgraded from 'Crisil D'; Rating Withdrawn) Proposed Fund- 7.33 Crisil B-/Stable (Upgraded Based Bank Limits from 'Crisil D'; Rating Withdrawn) Secured Overdraft 17 Crisil B-/Stable (Upgraded Facility from 'Crisil D'; Rating Withdrawn) The upgrade considers the track record of timely debt servicing for over 90 days, aided by better liquidity. The ratings reflect modest scale of operations and weak financial risk profile of the firm. These weaknesses are partially offset by the extensive experience of the partners in the civil construction business. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SEC. Unsecured loan (Rs 2.7 crore as on March 31, 2025) extended by the partners has been treated as debt because the loan needs to be repaid in the next few fiscals. Key rating drivers - Weaknesses * Modest scale of operations: The civil construction segment is highly fragmented and the consequent intense competition may continue to constrain scalability, pricing power and profitability. Though business performance will improve due to a comfortable order book, the small scale may continue to restrict operating flexibility. Revenue is estimated at Rs 119 crore for fiscal 2025. * Weak financial risk profile: Networth stood low at INR11 crore, gearing high at 2.5 times and total outside liabilities to tangible networth ratio at 3.8 times as on March 31, 2025. The capital structure is expected to improve over the medium term, in the absence of any major debt addition. Interest cover is projected to be subdued at 1.5-2.0 times over the medium term. Key rating drivers - Strengths * Extensive experience of the partners: The partners have more than four decades of experience in the civil construction business. Their strong understanding of market dynamics and healthy relations with customers and suppliers should continue to support the business. Liquidity Poor Bank limit utilisation stood high at 94.7% on average for the 12 months through October 2025. Cash accrual is expected at INR1.2-1.4 crore per annum, insufficient to meet the yearly debt obligation of INR1.4-1.5 crore over the medium term. Current ratio stood at 2.23 times on March 31, 2025. Liquidity should remain partially supported by the timely infusion of unsecured loans by the partners. Outlook Stable SEC will continue to benefit from the extensive experience of the partners and their established relation with clients. Rating Sensitivity Factors Upward Factors * Revenue growth of 20% and steady increase in the operating margin, resulting in higher-than-expected net cash accrual * Improvement in financial and liquidity risk profiles Downward Factors * Revenue reducing by 25% and further decline in profitability, * leading to insufficient net cash accrual to repayment obligation * Large, debt-funded capital expenditure, deteriorating the financial risk profile Set up in 1978 as a partnership firm by Mr R Muthuswamy and Mr Siva Subramaniam, SEC constructs bridges, buildings and water-treatment plants in Tamil Nadu. SUYASH FINOVEST: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Suyash Finovest Private Limited Dewandighi, Mirzapur, Bardhaman West Bengal-713102 Insolvency Commencement Date: January 13, 2026 Estimated date of closure of insolvency resolution process: July 12, 2026 (180 Days) Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Abhit Kumar Singh Abhit Singh & Associates 289 G T Road, Vishnu Vatika Block-4, Flat 1A, Belur Howrah-711202 Email: cirp.suyashfinovest@gmail.com abhit1981@hotmail.com Last date for submission of claims: January 27, 2026 TRIMX SALONS: CRISIL Moves B+ Debt Ratings to Not Cooperating ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Trimx Salons Private Limited (TSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.64 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 13.11 Crisil B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with TSPL for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of TSPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from TSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on TSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TSPL migrated to 'Crisil B+/Stable Issuer not cooperating'. TSPL was incorporated in 2019. The company offers hair and skin solutions and operates 35 men's salons across Hyderabad, Telangana. Operations are managed by Ms Gayathri Krishnan and Ms Aruna Rapeti. UNIMAX CHEMICALS: CRISIL Moves B Debt Ratings to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Unimax Chemicals Private Limited (UCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 10 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Packing Credit 6 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with UCPL for obtaining NDS through letters/emails dated November 28, 2025, December 31, 2025 and January 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated January 27, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of UCPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from UCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on UCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UCPL Incorporated in 1985 by Mr Suresh Shah, UCPL manufactures bulk drugs at its facility in Boisar, Maharashtra. The company derives 90% of its revenue from erythromycin and the balance from azithromycin. Mr Piyush Shah and his family members manage operations. UNITECH COTSPIN: ICRA Withdraws B Rating on INR24.32cr Term Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Unitech Cotspin Limited., at the request of the company and based on the No dues Certificate received from its lender. 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- 24.32 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Short Term- 1.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Incorporated in 2007, UCL was promoted by Mr. Manubhai Patel and Mr. Hasmukh Patel. However, in May 2011 it was taken over by the present promoters Mr. Mahesh Patel, Mr. Narendra Patel and Mr. Pravin Khut having vast experience in textile industry. The company is involved in the manufacture of cotton yarn in counts ranging between 24's to 40's. VIHITA CHEM: ICRA Lowers Rating on INR30cr LT Loan to D ------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Vihita Chem Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based- Downgraded from [ICRA]BB Working capital (stable); ISSUER NOT COOPERATING and continues under ISSUER NOT COOPERATING on Info Long term- 23.57 [ICRA]D; ISSUER NOT COOPERATING; Fund based- Downgraded from [ICRA]BB Term loan (stable); ISSUER NOT COOPERATING and continues under ISSUER NOT COOPERATING on Info Long term/ 1.00 [ICRA]D; ISSUER NOT Short term- COOPERATING/[ICRA]D; ISSUER NOT Non fund COOPERATING; Downgraded from Based-CEL [ICRA]BB (stable)/[ICRA]A4; ISSUER NOT COOPERATING and continues under ISSUER NOT COOPERATING on Info Long term/ 0.43 [ICRA]D; ISSUER NOT Short term- COOPERATING/[ICRA]D; ISSUER NOT Unallocated COOPERATING/[ICRA]D; ISSUER NOT Limits COOPERATING; Downgraded from [ICRA]BB (stable)/[ICRA]A4; ISSUER NOT COOPERATING and continues under ISSUER NOT COOPERATING on Info Rationale Material Event The ratings of Vihita Chem Private Limited have been downgraded based on lender information reflecting delays in debt repayment. Impact of Material Event The rating is based on limited information on the entity's performance since the time it was last rated in February 2025. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Vihita Chem Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but 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. Vihita Chem Private Limited, incorporated in 1990, manufactures chemical intermediaries. The company's products find application in flavours, fragrances and pharmaceuticals. The company operates through two manufacturing units at Ankleshwar in Gujarat. Both are multi-product units with a total capacity of 250 kilolitres. The existing capacity will further be utilised to produce import substitute products that will be used in the pharmaceutical and cosmetics industries. ========= J A P A N ========= KIOXIA HOLDINGS: Fitch Affirms 'BB+' IDR ---------------------------------------- Fitch Ratings has affirmed the ratings of nine Asia-Pacific technology hardware and semiconductor companies following the 9 January 2026 update of the agency's "Corporate Rating Criteria" and "Sector Navigators - Addendum to the Corporate Rating Criteria". The companies' ratings and Fitch's Outlooks are unaffected by the criteria changes. Key Rating Drivers For each company's full key ratings drivers, see the rating action commentaries listed below. ASE Technology Holding Co., Ltd. and Advanced Semiconductor Engineering, Inc. Fitch Revises Outlook on ASE Technology to Stable; Affirms at 'BBB', published 10 December 2025 Kioxia Holdings Corporation Fitch Rates Kioxia's Proposed US Dollar Notes 'BB+', published 14 July 2025 LG Electronics Inc. Fitch Affirms LG Electronics at 'BBB'; Outlook Stable, published 25 March 2025 Nanya Technology Corporation Fitch Downgrades Nanya Technology to 'BB+'; Outlook Stable, published 2 May 2025 Renesas Electronics Corporation Fitch Revises Outlook on Renesas to Negative; Affirms at 'BBB', published 11 July 2025 SK hynix Inc. Fitch Assigns SK hynix's Proposed USD Notes 'BBB' Rating, published 2 September 2025 United Microelectronics Corporation Fitch Revises Outlook on UMC to Stable; Affirms at 'BBB+', published 16 June 2025 Xiaomi Corporation and Xiaomi Best Time International Limited Fitch Upgrades Xiaomi to 'BBB+'; Outlook Stable, published 4 December 2025 Peer Analysis Refer to the most recent rating action commentary for each issuer. Fitch's Key Rating-Case Assumptions Refer to the most recent rating action commentary for each issuer. Corporate Rating Tool Inputs and Scores ASE Technology Holding Co., Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 25% for the forecast year 2025, 30% for the forecast year 2026, 25% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Kioxia Holdings Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical financial year ended March 2024 (FY24), 20% for the historical financial year FY25, 20% for the forecast financial year FY26, 20% for the forecast financial year FY27 and 20% for the forecast financial year FY28. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. LG Electronics Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bbb+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Nanya Technology Corporation 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 (bb, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 40% for the forecast year 2025, 20% for the forecast year 2026, 15% for the forecast year 2027 and 15% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom-up +2 approach. Renesas Electronics Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a+, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 15% weight for the historical year 2024, 35% for the forecast year 2025, 35% for the forecast year 2026 and 15% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. SK hynix Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Higher), Market & Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2023, 20% for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. United Microelectronics Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Higher), Financial Structure (aa, Lower), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 15% weight for the historical year 2024, 35% for the forecast year 2025, 35% for the forecast year 2026 and 15% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+'. Xiaomi Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (aa, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+'. RATING SENSITIVITIES Refer to the most recent rating action commentary for each issuer. Liquidity and Debt Structure Refer to the most recent rating action commentary for each issuer. Issuer Profile Refer to the most recent rating action commentary for each issuer. Sources of Information Refer to the most recent rating action commentary for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for ASE Technology Holding Co., Ltd., Kioxia Holdings Corporation, LG Electronics Inc., Nanya Technology Corporation, Renesas Electronics Corporation, SK hynix Inc., United Microelectronics Corporation or Xiaomi Corporation. ESG Considerations Refer to the most recent rating action commentary for each issuer. Entity/Debt Rating Prior ----------- ------ ----- Xiaomi Best Time International Limited senior unsecured LT BBB+ Affirmed BBB+ Kioxia Holdings Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ United Microelectronics Corporation LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 LC LT IDR BBB+ Affirmed BBB+ SK hynix Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB ASE Technology Holding Co., Ltd. LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 Nanya Technology Corporation LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Renesas Electronics Corporation LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Advanced Semiconductor Engineering, Inc. LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 senior unsecured LT BBB Affirmed BBB LG Electronics Inc. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Xiaomi Corporation LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ NISSAN MOTOR: Expects to Post JPY650BB Loss for Year Ended March ---------------------------------------------------------------- Daniel Leussink at Reuters reports that Nissan Motor sharply trimmed its outlook for a full-year loss on Feb. 12 and reported a surprise profit in the third quarter, as the struggling Japanese automaker's turnaround appears to be gaining traction. Nissan is fighting to right itself after years of turmoil. Under CEO Ivan Espinosa it has laid out a sweeping turnaround plan that includes reducing its global manufacturing footprint and cutting its workforce by 15%. It remains in talks to collaborate with rival Honda, which has been clobbered by restructuring costs of its own. The two carmakers last year walked away from merger talks that would have created a $60 billion automotive powerhouse. According to Reuters, Mr. Espinosa told an earnings briefing that Nissan remained committed to fiscal discipline. The latest discussions with Honda were mostly focused on how the two manufacturers could cooperate in North America, Mr. Espinosa said. Both automakers have been badly hit by U.S. tariffs under President Donald Trump. Nissan now expects an operating loss of JPY60 billion ($390 million) for the year to the end of March, compared with its previous forecast for a JPY275 billion shortfall, Reuters discloses. In the final quarter, it is likely to report a loss in its core business alongside tax-related accounting and restructuring charges, CFO Jeremie Papin said, adding the outlook implies a JPY50 billion operating loss for the quarter. Reuerts adds that the company reported a 44% fall in operating profit to JPY17.5 billion for the October-December quarter, reflecting strong headwinds from U.S. tariffs. That was, however, better than the JPY81 billion loss forecast by six analysts in a survey by LSEG. Nissan also said it expected to book a net loss of JPY650 billion for the financial year ending March, which would mark the second year it ended in the red following a JPY670.9 billion for the 2024 fiscal year, Reuters relays. Mr. Espinosa said it was unfortunate, but also expected, the company will record a net loss due to its restructuring. "We have to reset the clock of the company," he said. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 20, 2025, S&P Global Ratings lowered its long-term ratings on Nissan Motor Co. Ltd. and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. The TCR-AP reported in mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== IREKA CORP: Seeks More Time for PN17 Regularisation Plan -------------------------------------------------------- NST Online reports that Ireka Corp Bhd has applied for a further six-month extension to submit its regularisation plan to Bursa Malaysia Securities Bhd. In a filing with Bursa Malaysia on Feb. 13, the company said its principal adviser, Kenanga Investment Bank Bhd, had submitted the application to extend the deadline until Aug. 31, 2026, NST relates. The extension will allow Kenanga to work with Ireka's new leadership to formulate a more comprehensive regularisation plan, the company said. It added that the plan is intended to address the issues that caused the company to trigger the prescribed criteria under Practice Note 17 of Bursa's Main Market Listing Requirements, according to NST. On Feb. 12, Ireka announced the appointment of Kenanga as its principal adviser to undertake the formulation and submission of the regularisation plan, NST discloses. The company said it will announce the outcome of the application once a decision is received from Bursa. About Ireka Corp. Malaysia-based Ireka Corporation Berhad is an investment holding company which provides civil, structural, and building construction. The Company, through its subsidiaries, also provides earthworks and leases construction plant and machinery. Ireka also operates online international auction trade and provides venture capital fund to internet, e-commerce, and related technology based companies. Ireka Corp Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements. In a filing with Bursa Malaysia on March 1, 2022, the construction and property developer said it had triggered the prescribed criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia Securities Bhd had rejected its application to extend the relief period, which ended on Feb. 26, 2022. Ireka first triggered the criteria for PN17 under Bursa's Main Market Listing Requirements in August 2020, after its auditor highlighted a material uncertainty relating to its ability to continue as a going concern based on its audited financial statements for the financial year ended March 31, 2020 (FY2020). Its shareholders' equity as of end-FY2020 had also fallen to MYR77.51 million or 42.67% of its MYR181.29 million share capital, which was below the required 50% threshold. ===================== N E W Z E A L A N D ===================== MOMENTUM LIFE: A.M. Best Affirms B(Fair) FS Rating, Outlook Stable ------------------------------------------------------------------ AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of Momentum Life Limited (Momentum Life) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Momentum Life's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). In addition, the ratings factor in the neutral impact from the company's 100% owners, DCG Invest Limited (DCG), a New Zealand domiciled investment holding company. The ratings have been removed from under review with negative implications as AM Best has completed its analysis and assessment of Momentum Life's post-acquisition details and business plans. The acquisition of Momentum Life by DCG closed in July 2025. AM Best assesses Momentum Life's risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), and expects it to remain at this level over the medium term. Following a post-acquisition capital injection, the company's regulatory solvency position improved from its prior negative position to 117% as of September 2025. Partially offsetting balance sheet strength factors include Momentum Life's small absolute capital base, which increases its sensitivity to stress scenarios, as well as its high reliance on third-party reinsurance for risk transfer and upfront commission financing; however, this risk is partially mitigated by the high credit quality of the reinsurance counterparty. AM Best assesses Momentum Life's operating performance as marginal. The revision of the operating performance assessment to marginal from adequate reflects the sustained pressure on the company's underwriting results, with it recording a loss before tax in the last three consecutive fiscal years (2023 – 2025), as well as for the first half of fiscal-year 2026. Momentum Life's earnings have been constrained by its high expense ratio relative to its small premium base and muted growth in recent periods. Prospectively, AM Best expects that Momentum Life's underwriting performance will improve, as the new management team executes its strategic business plan and achieves greater economies of scale, while managing expenses. Nonetheless, AM Best views there to be a high level of execution risk stemming from the company's growth strategy, given the highly competitive nature of the New Zealand life insurance market. AM Best views Momentum's Life business profile as limited, reflecting its small scale of operations as well as its concentration of business in New Zealand's life insurance sector. The products offered by Momentum Life include guaranteed acceptance funeral insurance and fully underwritten term life insurance products, which have a low risk profile. Momentum Life benefits from good control over its underwriting and sales practices, with all products distributed through its wholly owned subsidiary. Prospectively, the company plans to expand its distribution network to include intermediated channels. Momentum Life's ERM is assessed as marginal. Negative solvency margins and underwriting losses in recent periods have highlighted weaknesses in the company's risk management capabilities. Following the change in ownership, these shortfalls are being addressed by management, with a formal review of the company's risk management framework and policy, which is expected to be completed in fiscal-year 2026. Over the medium term, AM Best expects continual development of the company's risk management framework and capabilities to support its increasing operational scale. PA GROUP: Creditors' Proofs of Debt Due on April 3 -------------------------------------------------- Creditors of PA Group Limited, PA Retail Limited, PA Retail CBD Limited, PA Retail Grey Lynn Limited and PA Service 2018 Limited are required to file their proofs of debt by April 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 4, 2026. The company's liquidators are: Stephen White Janet Sprosen c/o PwC PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 PACIFIC STEELFIXING: Khov Jones Appointed as Receivers ------------------------------------------------------ Steven Khov and Kieran Jones of Khov Jones on Feb. 11, 2026, were appointed as receivers and managers of Pacific Steelfixing Limited, Andrea Dunn and Ngatokoono Sai Wichman. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 PLOCEUS BUILDING: Creditors' Proofs of Debt Due on March 20 ----------------------------------------------------------- Creditors of Ploceus Building Limited, Eco IT Hub Limited (trading as Eco IT Hub), Hortifresh Coolstores Limited, Omega Homes Limited, N P Dobbe Maintenance Limited and One Asbestos Limited (trading as One Asbestos) are required to file their proofs of debt by March 20, 2026, to be included in the company's dividend distribution. Ploceus Building commenced wind-up proceedings on Feb. 2, 2026. Eco IT Hub commenced wind-up proceedings on Feb. 3, 2026. Hortifresh Coolstores, Omega Homes and N P Dobbe Maintenance commenced wind-up proceedings on Feb. 5, 2026. One Asbestos Limited commenced wind-up proceedings on Feb. 9, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 SCULLYS LIMITED: Court to Hear Wind-Up Petition on Feb. 24 ---------------------------------------------------------- A petition to wind up the operations of Scullys Limited will be heard before the High Court at Auckland on Feb. 24, 2026, at 9:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 21, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SKS PRIVATE: Court to Hear Wind-Up Petition on March 5 ------------------------------------------------------ A petition to wind up the operations of SKS Private Limited will be heard before the High Court at Christchurch on March 5, 2026, at 10:00 a.m. TMC Trailers Limited filed the petition against the company on Dec. 17, 2025. The Petitioner's solicitor is: Scott Gerald Wilson Duncan Cotterill Level 2, Duncan Cotterill Plaza 148 Victoria Street Christchurch 8013 ================= S I N G A P O R E ================= CAPGEN HOLDINGS: Placed Under Judicial Management ------------------------------------------------- The High Court of Singapore entered an order on Feb. 4, 2026, to place Capgen Holdings Pte Ltd under judicial management. The company's Judicial Manager is: Jason Aleksander Kardachi 1 Raffles Place #29-01, One Raffles Place Tower 1 Singapore 048616 CREATIVE TECHNOLOGY: H1 Net loss Narrows to US$1.2 Million ---------------------------------------------------------- The Business Times reports that Creative Technology posted a net loss of US$1.2 million for the six months ended Dec. 31, 2025, narrowing from a loss of US$6.1 million in the year-ago period. BT relates that the home-grown electronics company attributed the improvement to lower payroll and related expenses following a restructuring exercise undertaken in FY2025, which resulted in a leaner and more efficient cost structure, it said in a bourse filing on Feb. 12. The latest loss included interest income of US$200,000 and other net gains of US$100,000. According to BT, Creative has not recorded a full-year profit since FY2016. Its restructuring involved cutting its workforce by 14 per cent last March. Net sales for the first half of FY2026 fell 9 per cent to US$34.2 million, from US$37.4 million a year earlier, BT discloses. The decline was mainly due to trade and geopolitical tensions, as well as the company's efforts to streamline its product offerings and improve gross margins. The lower revenue was partially offset by a 19 per cent reduction in total expenses to US$11.7 million compared with the corresponding period in FY2025. Research and development (R&D) expenses fell 52 per cent year on year, largely due to lower headcount following the restructuring exercise aimed at sharpening the company's R&D focus. Looking ahead, Creative expects revenue in the next half year to be lower in line with its historical seasonal trends and anticipates reporting an operating loss for the period, BT relays. BT adds that the company said market conditions are expected to remain challenging amid "adverse macroeconomic environment arising from the uncertain US trade policies and ongoing geopolitical tensions that led to cautious consumer demand". About Creative Technology Creative Technology Ltd (SGX:CTL), together with its subsidiaries, designs, manufactures, and distributes digital entertainment products worldwide. The company offers digitized sound and video boards, computers, and related multimedia and personal digital entertainment products. It also provides headphones, gaming headsets, speakers, sound cards, sound blasters, work solutions, webcams, adapters and accessories, audio products, and others. In addition, the company offers multimedia solutions for personal computers products. It markets its products and solutions to consumers and system integrators through a distribution network, including traditional marketing channels, original equipment manufacturers, and the Internet. Creative Technology posted three consecutive annual net losses of US$16.71 million, US$10.83 million and US$10.44 million for the year ended June 30, 2023, 2024 and 2025, respectively. DERMATOLOGY & LASER: First Creditors' Meeting Set for Feb. 24 ------------------------------------------------------------- Dermatology & Laser Specialist Clinic Pte. Ltd. will hold a first meeting for its creditors on Feb. 24, 2026, at 10:30 a.m., via video-conference and/or teleconference. Agenda of the meeting includes: a. to present a statement on the company's affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims; b. to consider the nomination of the Liquidators or to confirm the appointment of Liquidators nominated by the company; c. to authorise the Liquidators to be at liberty to exercise all or any of the powers conferred on them pursuant to the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018), including but not limited to the powers to appoint solicitors and to compromise debts and claims; and d. any other business. The provisional liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 DISGUISE SYSTEMS: Creditors' Proofs of Debt Due on March 10 ----------------------------------------------------------- Creditors of Disguise Systems Singapore Pte. Ltd. are required to file their proofs of debt by March 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 3, 2026. The company's liquidator is: Yiong Kok Kong c/o 600 North Bridge Road #23-01 Parkview Square Singapore 188778 M2 MASSAGE: Court to Hear Wind-Up Petition on Feb. 27 ----------------------------------------------------- A petition to wind up the operations of M2 Massage Pte. Ltd. will be heard before the High Court of Singapore on Feb. 27, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Jan. 30, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 WILLOW TREE: Court to Hear Wind-Up Petition on March 17 ------------------------------------------------------- A petition to wind up the operations of Willow Tree Resources Pte. Ltd. will be heard before the High Court of Singapore on March 17, 2026, at 10:00 a.m. Envy Asset Management Pte. Ltd., Envy Global Trading Pte. Ltd. as well as Bob Yap Cheng Ghee, Tay Puay Cheng and Toh Ai Ling filed the petition against the company on Jan. 22, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 YUANTAI FUEL: High Court Enters Winding-Up Order ------------------------------------------------ The Business Times reports that the High Court granted a winding-up order against local bunker firm Yuantai Fuel Trading on Feb. 13. This is the latest development arising from the liquidation of collapsed oil trading giant Hin Leong Trading. BT relates that the application, filed on Jan. 15 by Hin Leong's court-appointed liquidators from PwC, follows a landmark 2024 civil judgement in which Hin Leong founder Lim Oon Kuin – better known as OK Lim – and his children were ordered to pay US$3.5 billion to liquidators and top creditor HSBC. During the Friday morning hearing [Feb. 13], Yuantai Fuel Trading did not raise any objections to the winding-up order. According to BT, Justice Kwek Mean Luck ruled in favour of appointing Lai Seng Kwoon of Reliance 3P Advisory as the liquidator of Yuantai. The judge noted that due to the various insolvencies arising from the Hin Leong case, the decision to appoint an alternative liquidator was made to avoid a conflict of interest. In 2023, The Business Times reported that Yuantai Fuel Trading was mentioned during Mr. Lim's cross-examination over his role in the company. Prosecutors had questioned Mr. Lim on his involvement in certain trades between Hin Leong and Yuantai Fuel Trading, as well as physical fuel trading and delivery firm Daxin Marine, in 2018 and 2019. Based on Yuantai's Accounting and Corporate Regulatory Authority filings from 2023, the group's director and majority shareholder is Tan Aik Hock, who also currently serves as chief executive of Daxin Marine, BT discloses. BT says the winding-up of Yuantai is one of several legal actions initiated by Hin Leong's liquidators, represented by Drew & Napier, to recoup losses for a pool of over 20 bank creditors - led by HSBC – following the 2020 collapse of the oil empire. ********* 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 ***