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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, February 17, 2026, Vol. 29, No. 34

                           Headlines



A U S T R A L I A

ALBEMARLE CORPORATION: To Shut Kemerton Lithium Refinery in WA
ARIS ZINC: First Creditors' Meeting Set for Feb. 20
BARBEQUES GALORE: First Creditors' Meeting Set for Feb. 24
BRIGHT'S TRANSPORT: First Creditors' Meeting Set for Feb. 23
IR4 PTY: First Creditors' Meeting Set for Feb. 23

TAHMOOR COAL: First Creditors' Meeting Set for Feb. 19
[] AUSTRALIA: Small Firms' Tax Debt Sparks Record Helpline Calls


C H I N A

CHINA OCEANWIDE: Reaches Chapter 11 Exit Deal with Creditors
RETO ECO-SOLUTIONS: Registers 454K Shares Under 2022 Incentive Plan
[] CHINA: State Firms Buy Foreclosed Properties to Slow Downturn


I N D I A

ASHASHREE FROZEN: CARE Keeps D Debt Rating in Not Cooperating
AXIS BANK: Fitch Affirms 'BB+' Long-Term IDR, Alters Outlook to Pos
BADRI KEDAR: CRISIL Lowers Rating on INR15cr Cash Loan to D
BELGAUM WIND: CRISIL Reaffirms B+ Rating on INR24.29cr Term Loan
BHAVANI WIRE: CARE Keeps B- Debt Ratings in Not Cooperating

BIOCON BIOLOGICS: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos.
ESKAY PROPERTIES: Insolvency Resolution Process Case Summary
FAIR DEAL: CARE Keeps C Debt Rating in Not Cooperating Category
G M P INFRASTRUCTURE: Insolvency Resolution Process Case Summary
JET AIRWAYS: To Sell 3 Boeing 777 Frames and 6 Engines for USD46MM

KAMESHWAR INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
KANAK GINNING: CARE Keeps C Debt Rating in Not Cooperating
KARMA RE-ROLLERS: CRISIL Cuts Rating on INR30cr Cash Loan to B
KEYA BUILDTECH: Insolvency Resolution Process Case Summary
LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating

LUXOR INTERNATIONAL: CRISIL Withdraws B+ Rating on INR2.25cr Loan
LUXOR WRITING: CRISIL Withdraws B+ Rating on INR55cr Cash Loan
MADHAV TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
MAHA ARC: Voluntary Liquidation Process Case Summary
MAITHAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating

MAMTA SEEDS: CARE Keeps C Debt Rating in Not Cooperating Category
METROWORLD TILES: CARE Keeps C Debt Rating in Not Cooperating
NILKANTH COTTON: CARE Keeps D Debt Rating in Not Cooperating
ORAVEL STAYS: Fitch Affirms 'B' IDR, Outlook Stable
PMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category

PRJC GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
RADHA KRISHNA: CRISIL Withdraws B Rating on INR5.85cr Cash Loan
SAHAR INDUSTRIES: Insolvency Resolution Process Case Summary
SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
SANAKA MATA: CRISIL Lowers Rating on INR50cr LT Loan to B

SHIVJI SINGLA: CRISIL Lowers Rating on INR3.5cr Loan to D
SHRISHTI TRADING: CRISIL Lowers Rating on INR10cr Loan to B
UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
UTOPIAN SUGARS: CARE Keeps D Debt Rating in Not Cooperating
VARDHAMAN OIL: CRISIL Assigns B+ Rating to INR20cr Cash Loan

WIND WORLD: Inox Green Offers INR600cr for O&M Unit


I N D O N E S I A

INDIKA ENERGY: Moody's Cuts CFR to B1, Alters Outlook to Stable


J A P A N

DENTSU GROUP: Posts Record JPY327.6 Billion Net Loss in 2025


N E W   Z E A L A N D

EASTERN FREIGHT: Creditors' Proofs of Debt Due on March 10
ELEMENT CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 19
JILLIAN DEVELOPMENT: Creditors' Proofs of Debt Due on March 27
ONE STOP: Commences Wind-Up Proceedings
SWITCH MANAGEMENT: Court to Hear Wind-Up Petition on Feb. 19



S I N G A P O R E

188ONE LIMITED: Creditors' Meeting Set for Feb. 26
BAN NEE: Court to Hear Wind-Up Petition on Feb. 27
FARSOIYA RECYCLERS: Placed in Interim Judicial Management
LIBERTY INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 27
MAXEON SOLAR: Landlord Sues Over Albuquerque Site Lease Exit

MAXEON SOLAR: Nets US$105MM From Aiko Patent License Settlement
SUPERFOOD KITCHEN: Commences Wind-Up Proceedings


S O U T H   K O R E A

HOMEPLUS CO: Nears Liquidation as Meritz Eyes Up to 20% Interest


V I E T N A M

AN BINH: Moody's Affirms 'B2' Deposit Rating, Alters Outlook to Pos
NAM A COMMERCIAL: Moody's Affirms 'B2' Bank Deposit, Issuer Ratings
VIET CAPITAL: Moody's Affirms 'B3' Bank Deposit & Issuer Ratings
VIETNAM NATIONAL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable

                           - - - - -


=================
A U S T R A L I A
=================

ALBEMARLE CORPORATION: To Shut Kemerton Lithium Refinery in WA
--------------------------------------------------------------
ABC News reports that about 275 jobs look set to be lost following
Albemarle Corporation's announcement of the immediate closure of
its lithium refinery at Kemerton, in Western Australia's South West
region.

The ABC relates that the company said recent lithium price rises
had not been enough to offset operating costs amid an extended
period of "price volatility".

"Idling operations at Kemerton was a difficult decision," the ABC
quotes Albemarle chair and chief executive Kent Masters as saying.

The multi-billion-dollar Kemerton refinery, 160 kilometres south,
of Perth opened in 2022.

It processes spodumene from the world's biggest hard-rock lithium
mine at the nearby town of Greenbushes.

According to the ABC, Albemarle told the New York Stock Exchange
its Train 1 processing line would be shut down immediately, which
followed a 2024 decision to mothball Train 2 and halt the
construction of additional processing lines.

The company said the decision would not impact its projected
production volumes for 2026 and that customer demand would be met
through alternative operations.

According to the ABC, WA secretary for the Australian Manufacturing
Workers' Union Steve McCartney said the job losses represented
squandered energy and industry expertise.

"Not only do those workers have to go off and find other
employment, there's millions of dollars worth of training
absolutely wasted," the report quotes Mr. McCartney as saying.
"Hopefully [workers] have the confidence to get back into these
projects, but I dare say if they've had a bad experience they won't
be back."

Mr. McCartney said the union's aim now was to secure a future for
industry workers, the ABC relays.

Albemarle Corporation is engaged in transforming essential
resources into critical ingredients for mobility, energy,
connectivity, and health.


ARIS ZINC: First Creditors' Meeting Set for Feb. 20
---------------------------------------------------
A first meeting of the creditors in the proceedings of Aris Zinc
Pty Ltd will be held on Feb. 20, 2026, at 11:00 a.m. via Microsoft
Teams.

Alan Walker of Asset Restructuring Group was appointed as
administrator of the company on Feb. 10, 2026.


BARBEQUES GALORE: First Creditors' Meeting Set for Feb. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Barbeques Galore Pty Limited;
     - Barbeques Galore (Aust) Pty Limited;
     - Barbeques Galore Services Pty Limited;
     - Bosmana Pty. Limited;
     - Cook-On Gas Products (Australia) Pty Ltd;
     - Cougar Leisure Products Pty Limited;
     - Douglas Manufacturing Pty Ltd;
     - G.L.G. Australia Pty Limited;
     - Galore Group Nominees Pty. Limited;
     - Galore Pty Limited;
     - Park-Tec Engineering Pty Ltd;
     - Pricotech Leisure Brands Pty Limited;
     - Redgun Pty Ltd;
     - The Galore Group (International) Pty Limited; and
     - Vilbrent Pty Ltd

will be held on Feb. 24, 2026, at 12:00 p.m. via Virtual meeting
facilities.

Philip Campbell Wilson, Lisa Gibb and Matthew James Byrnes of Grant
Thornton Australia Limited were appointed as administrators of the
company on Feb. 12, 2026.


BRIGHT'S TRANSPORT: First Creditors' Meeting Set for Feb. 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of R.G. & N.E.
Bright Pty. Ltd., trading as Bright's Transport, will be held on
Feb. 23, 2026, at 10:00 a.m. via Microsoft Teams Meeting.

Stephen Dixon of HM Advisory was appointed as administrator of the
company on Feb. 11, 2026.


IR4 PTY: First Creditors' Meeting Set for Feb. 23
-------------------------------------------------
A first meeting of the creditors in the proceedings of IR4 Pty Ltd
will be held on Feb. 23, 2026, at 11:00 a.m. via Microsoft Teams.

Stephen Earel and Darryl Kirk of Cor Cordis were appointed as
administrators of the company on Feb. 11, 2026.


TAHMOOR COAL: First Creditors' Meeting Set for Feb. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tahmoor Coal
Pty Ltd will be held on Feb. 19, 2026, at 2:00 p.m. via Video
Conferencing.

Joseph Hayes and Christopher Johnson of Wexted Advisors were
appointed as administrators of the company on Feb. 9, 2026.


[] AUSTRALIA: Small Firms' Tax Debt Sparks Record Helpline Calls
----------------------------------------------------------------
ABC News reports that debt helplines received an unprecedented
level of calls last year from small business owners struggling to
pay debts to the tax office.

The latest data, shared exclusively with ABC News, shows that calls
to the Small Business Debt Helpline for the 12 months ending
December 31, 2025, increased by 21 per cent on the prior year.

The helpline provided phone and chat assistance in 6,205 cases, the
majority of which involved small business owners struggling to pay
an alleged tax debt.

The Australian Taxation Office (ATO) told ABC News that total
collectable debt had reached a record high of more than AUD50
billion and that reducing unpaid tax owed to the government was one
of its key priorities.

"Taxpayers, including businesses, who repeatedly refuse to engage
and continue to ignore reminders to pay, can expect ATO actions to
escalate quickly," a spokeswoman said, notes the report.

She said the ATO had a range of powers to "assist with debt
recovery, including firmer and legal actions", and provided fresh
data showing an increase in their use, the ABC relays.

According to the ABC, the ATO's own data shows it is hitting people
more often with Director Penalty Notices that make them personally
liable for tax debts.

After a drop-off during the pandemic, the ATO has returned to using
garnishee notices that give it the authority to take money directly
from people's bank accounts.

It is also reporting business debts to credit agencies, which can
make it impossible for people to access credit, the ABC adds.




=========
C H I N A
=========

CHINA OCEANWIDE: Reaches Chapter 11 Exit Deal with Creditors
------------------------------------------------------------
MonEe Fields-White of Los Angeles Business Journal reports that
Oceanwide Plaza, the long considered downtown Los Angeles' most
infamous unfinished project, has secured a pivotal bankruptcy exit
agreement after years of stalled progress and courtroom battles.
The U.S. Bankruptcy Court approved the settlement in late January
2026, potentially paving the way for a long-awaited sale.

The $1.2 billion development, comprised of three high-rise towers
totaling approximately 2 million square feet, was started in 2015
by China Oceanwide Holdings Group. Construction halted in 2019 when
overseas capital restrictions imposed by Beijing left the developer
without funding. The project entered Chapter 11 proceedings in 2024
as financial and legal pressures mounted, according to report.

Over time, the skeletal structures overlooking Crypto.com Arena
became canvases for graffiti artists, earning the nickname
"Graffiti Towers." Beyond aesthetics, the property became
emblematic of downtown L.A.'s economic struggles following the
Covid-19 pandemic, including declining office demand and reduced
investment activity, the report relays.

The breakthrough agreement resolves disputes among major creditors
and contractors, including LA Downtown Investment and Lendlease
Construction Holdings. LA Downtown Investment is slated to receive
about $230 million under the settlement, with other creditors
holding substantial claims. The deal establishes a path toward
selling the property, a step city leaders have described as
critical, particularly with the 2028 Olympics approaching, the
report states.

                       About China Oceanwide

China Oceanwide Holdings Group Co., Ltd, operates as a holding
company. The Company through its subsidiaries operates financial
and insurance business, real estate development, hotel services,
property management, and other businesses. China Oceanwide Holdings
Group provides services worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in late
September 2023, a Chinese property investor that has struggled with
several US projects faces court-ordered liquidation as a Bermuda
court issued a winding-up order against the firm.

China Oceanwide Holdings disclosed the order in a filing on Sept.
25 with Hong Kong's stock exchange. Liquidators have been appointed
and the company's shares listed in the city have been suspended.

According to the South China Morning Post, the winding-up petition
was filed in June 2022 and involved US$175 million of loan
principal that the petitioner said was not paid, Oceanwide said at
the time. The financing involves a pledged New York property and
secured shares.



RETO ECO-SOLUTIONS: Registers 454K Shares Under 2022 Incentive Plan
-------------------------------------------------------------------
ReTo Eco-Solutions, Inc. filed a Registration Statement on Form S-8
with the U.S. Securities and Exchange Commission, relating to an
aggregate of 454,399 class A shares, no par value, as a result of
the share reserve increase and the automatic semi-annual increase
of share reserve under ReTo Eco-Solutions, Inc. 2022 Share
Incentive Plan, as amended at the Company's 2025 Annual General
Meeting of Shareholders held on December 23, 2025.

A full text copy of the Registration Statement is available at
https://tinyurl.com/y57pxm4b

                     About Reto Eco-Solutions

Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.

Irvine, California-based YCM CPA Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 8, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
reported a net loss of approximately $8.4 million and $16.1 million
for the years ended December 31, 2024 and 2023, respectively, and
the Company had a working deficit of approximately $2.6 million as
of December 31, 2024. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of June 30, 2025, the Company had $41.4 in total assets, $7.2
million in total liabilities, and $34.2 in total equity.


[] CHINA: State Firms Buy Foreclosed Properties to Slow Downturn
----------------------------------------------------------------
Reuters reports that Chinese state-owned companies are buying
foreclosed property projects, in a sign that long-promised
government efforts to reduce massive oversupply in the crisis-hit
housing sector are finally getting traction, albeit at a slow
pace.

According to Reuters, analysts said the involvement of state firms
may cushion the pace of further home price falls and ease the drag
that the property slump has had on China's economic growth since
2021.

But they said it could also prolong the process of the housing
market finding a bottom as distressed assets change hands at a deep
discounts instead of being fully written off.

"You're simply putting your finger in a hole in the dam," said Sam
Radwan, chief executive of Enhance International, a Chicago-based
real estate consulting firm with Greater China operations, Reuters
relays.

A review of announcements on Alibaba's auction platform shows a
small portion of the foreclosed property tenders over the past year
have been won by state-owned firms across China, Reuters says.
Where revealed, the prices were 19%-43% below the estimated value
of the projects, some of which were still under construction.

Reuters could not determine the total number and the value of state
firm purchases, but analysts believe it is small for now and only
represents the start of a protracted effort to reduce a housing
inventory estimated at roughly 3,000 square kilometres, or almost
twice the size of Greater London.

Transactions include a CNY139.30 million ($20 million) purchase in
September of 37 apartments on the tropical southern island of
Hainan by Huzhou Chanfeng Enterprise Management Partnership, a firm
established in the same month and administered by an eastern
Chinese city, Reuters relays. Their estimated market value was
CNY248.7 million, according to the tender document.




=========
I N D I A
=========

ASHASHREE FROZEN: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashashree
Frozen foods Private Limited (AFFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.70       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 9, 2025, placed the rating(s) of AFFPL under the
'issuer non-cooperating' category as AFFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AFFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2025, December 5, 2025, December 15, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in December 2014, Ashashree Frozen Foods Private
Limited (AFFPL) was promoted by Shri Srikanta Kumar Khuntia and
Smt. Anupama Khuntia for setting up a dairy processing plant in
Odisha. AFFPL has already set up the dairy processing unit at
Hatibari, Sambalpur with a processing capacity of 45,000 litre of
milk per day. The commercial operation of the unit has started from
January 14, 2018. AFFPL procures from locally and sells its milk
products through distributors. The company has not availed
moratorium from its lender that could be availed as per RBI
circular.


AXIS BANK: Fitch Affirms 'BB+' Long-Term IDR, Alters Outlook to Pos
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Axis Bank Limited's
Long-Term Issuer Default Rating (IDR) to Positive, from Stable, and
affirmed the IDR at 'BB+'. Fitch has also upgraded the bank's
Viability Rating (VR) to 'bb+', from 'bb', and affirmed the
Government Support Rating (GSR) at 'bb+'.

The Outlook revision is underpinned by a change in Fitch's outlook
on the India banking-sector operating environment (OE) factor score
to positive from stable.

In addition, Fitch has upgraded the bank's Long-Term IDR (xgs) to
'BB+(xgs)' from 'BB(xgs)', and affirmed its Short-Term IDR (xgs) at
'B(xgs)', and simultaneously withdrawn both ratings. They are no
longer considered relevant to the agency's coverage, as the VR now
drives the Long-Term IDR.

Key Rating Drivers

Driven by VR, Backstopped by Support: Axis's Long-Term IDR is now
driven by its VR, which is at the same level as its GSR. The VR
upgrade is driven by improvements in the bank's financial profile,
including asset quality, capitalisation and profitability, which
Fitch expects to be sustained in an improving OE. 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 indicates the 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 close to those
observed when the score was last at 'bbb-' (in 2019). The outlook
is also supported by India's large and diversified economy and its
strong medium-term growth potential - consistent with Fitch's
forecast of GDP growth above 6% through the financial year ending
March 2027 (FY27).

Robust Domestic Footprint: Fitch expects Axis's profitable
franchise, strong capitalisation, lower concentration risk and
diversified income to underpin business and revenue generation
through the cycle, contingent on effective management of its risk
appetite. Axis has a large domestic franchise, particularly in
retail loans, as India's third-largest private bank. It also
benefits from stronger capitalisation than that of most peers,
lower portfolio concentration and a more diversified income mix.

Growth Appetite: The bank has stronger risk controls and pricing
than most peers, with significantly better asset quality, lower
earnings variability, reduced concentration risks and adequately
managed unsecured retail loan risks. However, the bank retains an
appetite to grow above the sector, so the positive outlook on the
bank's risk profile score reflects potential for a higher score if
Axis can effectively manage loan growth, as expected by Fitch,
without exposing the bank to meaningful deterioration in asset
quality, and the OE score is revised upward.

Resilient Asset Quality: Fitch has revised Axis's asset-quality
score to 'bb+' from 'bb', as Fitch expects its four-year average
impaired-loan ratio will remain below 2% through FY27 (9MFY26:
1.6%). The score also reflects the bank's improved loan
diversification, adequate specific loan-loss coverage of about 70%
(146% including other provisions), and its expectation of lower
near-term impaired-loan generation.

Solid Profitability: Fitch expects the bank's four-year average
operating profit/risk-weighted assets (OP/RWA) to settle around 3%
through FY28, similar to FY25 and after dipping in 2026 (9MFY26:
2.4%), with margins and credit costs similarly rebounding after a
brief dip recently, albeit partly offset by lower treasury gains.

Steady Capital Buffers: Axis's capitalisation and leverage score
reflects its sustained above-peer average capital buffers and lower
risks to capital due to stronger regulation and supervision. Fitch
estimates the bank's common equity Tier 1 (CET1) ratio (including
profits) was 15.8% in 9MFY26. Fitch expects capitalisation to
remain stable despite growth plans, supported by improved internal
capital generation.

Robust Funding Franchise: Fitch estimates Axis's loan/deposit ratio
(LDR) rose to 97% in 9MFY26 from 94% in FY25. The ratio may rise
slightly further in near term as the bank expands its deposit
franchise to support loan growth. The bank's funding and liquidity
remain unchanged, supported by a liquidity coverage ratio of 116%
at 9MFY26.

State Support Provides a Backstop: Fitch believes that support from
the government to Axis 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 of 'bb+', 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 Axis 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 Axis'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
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.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The banks medium-term note (MTN) programme was affirmed at the same
level as the Long-Term IDR, in line with Fitch's criteria, and the
rating simultaneously withdrawn.

Axis's Long-Term IDR (xgs) rating before the withdrawal had been
driven by its VR. The bank's Short-Term IDR (xgs), which is also
withdrawn, is in line with its Long-Term IDR (xgs) and the
short-term rating mapping outlined in Fitch's criteria. The senior
unsecured long-term ratings (xgs) were upgraded to 'BB+(xgs)' from
'BB(xgs)' - the same level as the Long-Term IDR (xgs) - and
simultaneously withdrawn.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

No longer relevant, as the 'xgs' ratings and MTN programme rating
have been withdrawn.

VR ADJUSTMENTS

The OE score of 'bb+' is above the 'b' category implied score due
to 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
   -----------                          ------           -----
Axis Bank Limited     LT IDR             BB+ Affirmed    BB+
                      ST IDR             B   Affirmed    B
                      Viability          bb+ Upgrade     bb
                      Government Support bb+ Affirmed    bb+
                      ST IDR (xgs)     B(xgs)Affirmed    B(xgs)
                      LT IDR (xgs)   BB+(xgs)Upgrade     BB(xgs)
                      LT IDR (xgs)       WD  Withdrawn
                      ST IDR (xgs)       WD  Withdrawn

   senior unsecured   LT                 BB+ Affirmed    BB+

   senior unsecured   LT                 WD  Withdrawn

   senior unsecured   LT (xgs)      BB+(xgs) Upgrade     BB(xgs)

   senior unsecured   LT (xgs)           WD  Withdrawn

BADRI KEDAR: CRISIL Lowers Rating on INR15cr Cash Loan to D
-----------------------------------------------------------
Crisil Ratings has downgraded its rating on Shree Badri Kedar Udyog
Private Limited (SBKUPL) to 'Crisil D/Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating.'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     Crisil B+/Stable ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with SBKUPL for
obtaining information through letter and email dated November 10,
2025 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 SBKUPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SBKUPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the best available information, Crisil Ratings has
downgraded its rating to 'Crisil D/Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating' as SBKUPL has defaulted
in the repayment of loans to banks as per National Company Law
Tribunal (NCLT) disclosure.

SBKUPL, incorporated in 2011 by Mr. Amit Sarawgi and based in
Ranchi (Jharkhand), trades in fabrics in the domestic market.
Initially, the company was in the civil construction business.
However, the promoters decided to discontinue the construction
business and entered the trading business later on.


BELGAUM WIND: CRISIL Reaffirms B+ Rating on INR24.29cr Term Loan
----------------------------------------------------------------
Crisil Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank loan facilities of Belgaum Wind Farms Private
Limited (BWFPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-
   Based Bank Limits     15.71      Crisil B+/Stable (Reaffirmed)

   Term Loan             24.29      Crisil B+/Stable (Reaffirmed)

The rating reflects the susceptibility of the company's operating
performance to variability in long-term wind speeds and modest debt
service coverage ratio (DSCR). These weaknesses are partially
offset by long-term revenue visibility on account of Power purchase
agreements (PPA).

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of BWFPL.

Key Rating Drivers –Weaknesses

* Modest Debt Service Coverage Ratio (DSCR): The company's DSCR is
modest, at 0.76 times for fiscal 2025. Although the company has a
debt service reserve account (DSRA) and has received an unsecured
loan (USL) infusion from its promoters, its modest DSCR remains a
concern. The DSCR is expected to average 1.3 times over the debt
tenure.

* Variability in Long-term Wind Speeds Impacting Renewable Energy
Generation: The company's cash flow is dependent on plant load
factor (PLF), which may vary as per wind patterns and climate.
Changes in weather conditions could result in a decline in PLF and
cash flow, making the company vulnerable to these factors.

Key Rating Drivers - Strengths

* Long-term Revenue Visibility on Account of Long-term PPA: The
company has a long-term power purchase agreement (PPA) with
Bangalore Electricity Supply Company Limited (BESCOM), providing
long-term revenue visibility. The PPA has a tariff rate of INR3.40
per unit, and the company has recorded an operating income of
INR11.52 Cr for fiscal 2025.

Liquidity: Poor

The company's liquidity profile is characterized by moderate net
cash accruals of INR6.37 Cr, which are insufficient to fully cover
repayment obligations of INR7.21 Cr for fiscal 2026. However,
liquidity was supported by a Debt Service Reserve Account (DSRA) of
INR2 Cr, maintained throughout fiscal 2025. Additionally, the
company had cash and cash equivalents of INR0.83 Cr as of March 31,
2025, and received a unsecured loan infusion of INR1.58 Cr in
fiscal 2025. Furthermore, working capital requirements were eased
due to faster collection of receivables from BESCOM, albeit with a
cash discount of around 1%, providing some respite to the company's
liquidity position

Outlook Stable

Crisil Ratings believes BWFPL will continue to benefit over the
medium term from its stable cash accruals backed by its PPA.

Rating sensitivity factors

Upward Factors:

* Improvement in average DSCR to over 1.05 times backed by
improvement in in-flows at higher than anticipated tariff or PLF%
* Improvement in liquidity backed by improved receivable cycle

Downward Factors:

* Significant degradation in PLF% leading to DSCR remaining below 1
time thus reduction in DSRA or other available liquidity with
company
* Unanticipated delays in receipts lead to cash flow mismatches and
poor liquidity

IEML is the holding company of the SPVs floated by Indian Energy
Limited (IEL), the ultimate holding company of the project SPVs, to
primarily focus on setting up and operating Wind farms projects in
India. Company is engaged in power generation through its wind-mill
farm (with a capacity of 24.8MW) in Gadag District in Karnataka.


BHAVANI WIRE: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Bhavani
Wire Industries (SBWI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of SBWI under the
'issuer non-cooperating' category as SBWI had failed to provide
information for monitoring of the rating agreed to in its Rating
Agreement. SBWI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Rating's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Vishakhapatnam based, Sri Bhavani Wire Industries (SBWI) is a
partnership firm, established in 2012 by Mr. K. Eswara Rao and Mr.
K. Naresh Kumar. Mr. K. Eswara Rao is the managing partner of the
firm and manages the day to day operations. The firm is engaged in
manufacturing of mild steel wires (MS Wires & GR Wires) and trades
in iron and steel rebars. SBWI's manufacturing facility has an
installed wire drawing capacity of around 4000 metric tons (MTS)
per annum.


BIOCON BIOLOGICS: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on India's Biocon Biologics
Limited's (BBL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to Positive, from Stable, and has affirmed the IDR at 'BB-'.
Fitch has also affirmed the 'BB' rating on BBL's USD800 million
secured notes issued by its subsidiary, Biocon Biologics Global
Plc.

BBL's rating is based on the credit profile of its stronger parent,
Biocon Limited (BL), under its Parent and Subsidiary Linkage Rating
Criteria. Fitch thinks BL has high strategic and operational
incentives to support its subsidiary.

The Positive Outlook reflects its expectation of a sustained
reduction in BL's financial leverage after it repaid liabilities
with proceeds from a recent equity issuance. Its forecast does not
incorporate further potential adverse developments related to US
tariffs or drug pricing policy, considering the evolving situation,
but any such developments - if sustained over the medium term -
could slow BL's deleveraging and affect its credit profile.

BBL's rating is backed by its position as a leading biosimilar
company globally, although it is small relative to global
pharmaceutical peers. Higher barriers to entry in the biosimilar
industry from larger R&D needs and a more complex and longer
approval cycle limit BBL's exposure to pricing pressure compared
with companies focused on small molecule generics. BL's 52.4% stake
in Syngene International Limited aids diversification, as the
subsidiary's contract research and manufacturing business has
stable margins and steady customer relationships.

Key Rating Drivers

Tariff Exposure: Escalating trade tensions or new tariffs in the
US, particularly those targeting non-branded pharmaceutical
imports, could pose additional risks to BL, although the announced
tariffs and policies do not have a significant impact. BBL derives
around 40% of its sales from the US, mostly from production sites
in India and Malaysia. BL's deleveraging steps since March 2025 may
help to cushion the potential negative impact should the risks
materialise.

Equity Issuance Aids Deleveraging: Fitch expects BL's EBITDA net
leverage, after proportional consolidation of Syngene and assuming
no US tariff impact, to fall below its positive rating threshold of
4.0x in the financial year ending March 2026 (FY26). Fitch earlier
projection was 4.8x following the December 2025 buyout of minority
shareholders at BBL.

The expectation is based on its forecast that BL's EBITDA will rise
by 12% in FY26 and that it mainly used the proceeds from its USD460
million January 2026 equity issuance to repay debt and other
structured instruments. BL aims to return leverage to below 3.0x,
after it rose from around 2.0x following its 2022 acquisition of
Viatris Inc.'s biosimilar business. Fitch expects BL to sustain
positive free cash generation in light of its prudent approach
towards growth investments following the completion of existing
projects and stable dividend payments.

Leading Position in Biosimilars: BBL's proven R&D record and
in-house manufacturing and commercialisation capabilities underpin
its competitive advantage, despite a moderate scale. It has the
third-largest share by volume for trastuzumab and second-largest
for both pegfilgrastim and insulin glargine in the US, with shares
in these products rising in recent years. BBL is also among the
top-five sellers of trastuzumab, pegfilgrastim, bevacizumab,
adalimumab and etanercept in Europe and holds robust market shares
in several products in emerging markets.

Healthy Pipeline: BBL's biosimilar pipeline of 20 assets targets
high-value opportunities. New launches and rising penetration,
particularly in the US, should support healthy sales growth,
despite some price erosion in existing products. BBL has expanded
its approved portfolio to eight biosimilars in the US, from six in
2025, and nine in Europe, underscoring its robust R&D record. BL's
pipeline of generic formulations includes high-growth
glucagon-like-peptide products, including liraglutide, for which it
was the first company to receive UK approval.

Rating Based on Parent's Profile: BBL's large financial
contribution and favourable long-term growth prospects underpin the
parent's high strategic incentive to support its subsidiary, as
reflected in regular financial support. Management and
decision-making are also integrated. Fitch believes the common
brand and synergies in R&D, compliance and manufacturing processes
drive significant avoidance costs, resulting in a high operational
incentive for BL to provide support. Fitch assesses BL's legal
incentive to support BBL as 'Low'.

Notes Rated Above IDR: The secured notes are unconditionally and
irrevocably guaranteed by BBL and some of its subsidiaries. The
notes are secured by a pledge of equity shares in BBL's
subsidiaries that hold intellectual property rights for key
biosimilar products. The collateral qualifies as a Category 2 first
lien, as defined in Fitch's Corporate Recovery Ratings and
Instrument Ratings Criteria, supporting a one-notch uplift from the
guarantor's rating: BBL's IDR.

No Constraint on Recovery Rating: Noteholders have recourse to a
guarantee by BBL, an Indian entity, but this does not subject the
notes to a cap on the Recovery Rating, as described under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria. Its view
reflects the flexibility noteholders have in enforcing the
collateral without having to pursue BBL's guarantee first. Fitch
believes the part of collateral that is not subject to completion
of any insolvency process in India is sufficient to warrant the
rating uplift.

Regulatory Risk: BBL has made considerable progress in resolving US
Food and Drug Administration issues since 2024, but its limited
production-facility diversification exposes it to above-average
risk from adverse regulatory actions that could hurt sales and
delay new product approvals. Any US policy shifts on drug pricing
could also adversely affect BL.

Peer Analysis

BL's focus on biosimilar drugs positions its business profile well
against pharmaceutical companies focused on small molecule
generics, considering the higher entry barriers and lower pricing
pressure. Nonetheless, BL has a smaller scale and narrower pipeline
than larger peers with a focus on specialty and branded drugs, such
as Teva Pharmaceutical Industries Limited (BB+/Stable) and Jazz
Pharmaceuticals Public Limited Company (BB/Stable).

Teva also benefits from wider business diversification and lower
leverage than BL, although it is exposed to persistent pricing
pressure in generic products and litigation costs. These factors
lead to BBL's two-notch lower IDR. Jazz's one-notch higher rating
than BBL factors in its stronger competitive position and margins,
backed by a focus on novel drugs, and lower financial leverage,
which is partly counterbalanced by Jazz's narrower geographic and
product diversification.

Hikma Pharmaceuticals PLC (BBB/Stable) is rated four notches above
BBL due to its larger size and robust position in the US generic
injectables market, with stronger profitability. Hikma also has
significantly lower leverage than BL.

BL has a similar scale as Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft (BB/Stable), and its leading market position
in key biosimilar products position it well against Grunenthal's
leading positions in the niche pain management category. BL also
has a better pipeline profile than Grunenthal, which remains
focused on selective acquisitions. Nonetheless, this is more than
offset by BL's higher leverage, justifying BBL's one-notch lower
rating.

Fitch’s Key Rating-Case Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- BL's consolidated revenue to increase by 10%-11% annually over
FY26 and FY27 on new product launches and ramp-up of existing
products

- BL's EBITDA margin to remain between 20% and 21% over FY26-FY27
(FY25: 20.1%);

- BL's capex to moderate to around 10% of sales over FY26-FY27 on
completion of ongoing expansion projects (FY25: 15%);

- Dividend payout to average below 25% of net income.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer using the agency's Corporate Rating Tool
(CRT) to produce a Standalone Credit Profile (SCP) of 'bb-' as
follows:

- Business and financial profile factors (assessment, relative
importance): Management (bb+, moderate), Sector Characteristics
(bbb, lower), Market and Competitive Positioning (bb-, higher),
Diversification and Asset Quality (bb+, moderate), Company
Operational Characteristics (bbb-, moderate), Profitability (bb-,
moderate), Financial Structure (bb-, higher) and Financial
Flexibility (bb, moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 33% weight for the historical year
FY25, 34% for the forecast year FY26 and 33% for the forecast year
FY27.

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance assessment of 'good' results in no adjustment.

- The Operating Environment assessment of 'bbb+' results in no
adjustment.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade

- More clarity on US policies related to drug pricing that, in
Fitch's view, will help BL sustain net EBITDA leverage (after
proportional consolidation of Syngene) below 4.0x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade

- The Outlook may be revised to Stable if, in Fitch's view, BL is
unlikely to meet the positive sensitivity.

Liquidity and Debt Structure

BL had ready cash (after proportional consolidation of Syngene) of
INR41.7 billion at end-March 2025, which adequately cover INR2.3
billion of remaining long-term debt maturities over FY26 after
excluding structured instruments that were repaid with proceeds of
equity issuances over FY26. BL also had INR34 billion in short-term
working capital debt at end-March 2025, which Fitch expects the
company to roll over in the normal course of business.

Remaining annual debt maturities over FY27 to FY29, after repayment
of structured instruments, are manageable, at less than INR9
billion. BL's annual debt maturities will exceed INR80 billion in
FY30, including the USD800 million bond due October 2029. Fitch
believes BL's improving leverage will support timely refinancing,
as its positive free cash generation is unlikely to fully cover
repayment obligations.

Issuer Profile

BBL is a vertically integrated manufacturer of biosimilar
medicines, with a presence across the value chain in key markets
globally.

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 BBL.

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
   -----------              ------           -----
Biocon Biologics
Limited               LT IDR BB- Affirmed    BB-

Biocon Biologics
Global Plc

   senior secured     LT     BB  Affirmed    BB

ESKAY PROPERTIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Eskay Properties Development Private Limited
        7, Biplabi Ambika
        Chakraborty Sarani,
        Kolkata, West Bengal,
        India, 700029

Insolvency Commencement Date: January 29, 2026

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 28, 2026

Insolvency professional: Manish Jain

Interim Resolution
Professional: Manish Jain
              2B, Grant Lane,
              Room No. 303, 3rd Floor,
              Bajranj Kunj,
              Kolkata - 700012
              Email: ipcamanishjain@gmail.com

              Room No. 602, 6th Floor,
              Mahavir Apartment, 2,
              Ashutosh Mukherjee Road,
              Near P. C. Chandra -
              Elgin Road Crossing,
              Kolkata - 700020
              Tel: (983) 024-8684/(858) 280-6221
              Email: cirp.ekayproperties@gmail.com
                     manishmahavir@gmail.com

Last date for
submission of claims: February 12, 2026/April 29, 2026

FAIR DEAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fair Deal
Cars Private Limited (FDCPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      70.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 19, 2024, placed the rating(s) of FDCPL under the
'issuer non-cooperating' category as FDCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. FDCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 4, 2025, November 14, 2025 and November 24, 2025
among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Incorporated in 2006, FDCPL is an authorised automobile dealer of
Maruti Suzuki India Limited (MSIL) at Delhi and Noida. The company
is owned and managed by Mr. Raju Aggarwal and his family members.
The company has three service stations and five showrooms (included
two Maruti premium car showrooms).


G M P INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: G M P Infrastructure Private Limited
        Plot No. 19/B,
        Silent Lake Valley,
        Road No. 51, Jubilee Hills,
        Hyderabad - 500033

Insolvency Commencement Date: February 5, 2026

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 4, 2026

Insolvency professional: Shri Sivanagaraja Taduvai

Interim Resolution
Professional: Shri Sivanagaraja Taduvai
              Plot No. 16 (11-20-18),
              Shop Cum Flat,
              Huda Complex Kothapet,
              Hyderabad, Telangana, 500035
              Email: tsnraja@gmail.com
                     irp@gmpinfra.cpm

Last date for
submission of claims:  February 18, 2026

JET AIRWAYS: To Sell 3 Boeing 777 Frames and 6 Engines for USD46MM
------------------------------------------------------------------
The Economic Times reports that grounded Jet Airways has executed
an agreement for the sale of three aircraft frames and six engines
to a Malta-based entity for USD46 million. Jet Airways flew for 25
years before stopping operations in April 2019 due to debt woes and
is currently undergoing a liquidation process.

In a filing to the BSE on Feb. 11, the airline said it has executed
the sale and purchase agreement and related documents for three
aircraft frames and six engines, ET relays.

The total value of the deal with Malta-based Ace Aviation is USD46
million, which translates to over INR417 crore at current exchange
rates.

Aircraft frame MSN 35159 - VT-JES, and engines ESN - 906336 and ESN
- 906364, will be sold for USD16 million, while aircraft frame MSN
35158 - VT-JEV, as well as engines ESN - 906353 and ESN -906298
will be sold for USD12.5 million, according to the filing.

Further, aircraft frame MSN 35162 - VT-JEM and engines ESN - 906351
and ESN - 906337 will be purchased by the Malta-based entity for
USD17.5 million, ET relays.

Generally, the aircraft frame refers to the basic body of an
aircraft without components.

According to ET, the once storied Jet Airways shuttered operations
in April 2019, following financial headwinds and subsequently,
lenders referred the ailing airline for resolution under the
Insolvency and Bankruptcy Code (IBC).

Under the insolvency resolution process, the winning bidder was
unable to implement the resolution plan due to multiple issues, and
after long-drawn legal proceedings, the Supreme Court, in November
2024, ordered the liquidation of the carrier, ET relates.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.

On Nov. 7, 2024, the Supreme Court ordered the liquidation of Jet
Airways, after finding a National Company Law Appellate Tribunal
(NCLAT) judgment was in flagrant disregard of the the top court's
January 2023 judgment.  According to The Economic Times, the top
court stated that the NCLAT disregarded the Court's January 2023
order by allowing the adjustment of a INR150 crore performance bank
guarantee (PBG) against an infusion requirement of INR350 crore
from the Jalan-Kalrock Consortium (JKC), Jet Airways' resolution
applicant.


KAMESHWAR INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kameshwar
Industries (KI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 4, 2024, placed the rating(s) of KI under the
'issuer non-cooperating' category as KI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 20, 2025, October 30, 2025, November 9, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Kadi based (Gujarat) KI was established in June, 2013 as a
partnership firm to carry on the business of cotton ginning and
pressing. It is currently managed by 6 partners and operates from
its sole manufacturing plant situated in Kadi, Gujarat with an
annual installed capacity of 66,00,000 Kg. of cotton bales and
1,25,00,000 Kg. of cotton seeds as on March 31, 2017. Partners
purchase raw material in bulk quantity from farmers locally.


KANAK GINNING: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanak
Ginning (KG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.77       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 20, 2025, placed the rating(s) of KG under the
'issuer non-cooperating' category as KG had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KG continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 6, 2025, December 16, 2025, December 26, 2025, among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

KG based out of Nagpur, Maharashtra is a proprietorship firm
established in January 2016. The entity is engaged in ginning and
pressing of cotton and extraction of oil from cotton seed. The
ginning and pressing unit and oil extraction unit is located at
Nagpur, Maharashtra.


KARMA RE-ROLLERS: CRISIL Cuts Rating on INR30cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Karma Re-Rollers Private Limited (KRRPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             30        Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'Crisil BBB/Stable')

Crisil Ratings has been consistently following up with KRRPL for
obtaining information through letters and emails dated January 6,
2026 and February 2, 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 KRRPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KRRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KRRPL migrated to be 'Crisil B/Stable Issuer not cooperating' from
'Crisil BBB/Stable.

KRRPL was incorporated in 2008 and is engaged in manufacturing of
Thermo-Mechanically Treated (TMT) Bars and allied. KRRPL's
manufacturing facility is located in Bhubaneshwar, Odisha. It's
promoted by Shri Rajesh Gadodia and managed by Shri Runvijay Singh
and Shri Sukhdev Singh Deanger. Shrishti Trading Corporation
Private Limited (STCPL) is engaged in trading of TMT and Billet
produced from Scan Steel or karma rerollers. It also supplies
billet to karma Rerollers. It also trades and laision for coal
supply.


KEYA BUILDTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Keya BuildTech LLP
        D/57 Silver Park,
        Karodiya Road, Vadodara,
        Gujarat, India, 390016

Insolvency Commencement Date: January 20, 2026

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 19, 2026

Insolvency professional: Punit Handa

Interim Resolution
Professional: Punit Handa
              Ground Floor, 1005,
              Sector 31-32A, Gurugram,
              Harnaya - 122001
              Email: punithanda@gmail.com
                     irpkeyabuildtech@gmail.com

Last date for
submission of claims: February 3, 2026

LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi
Traders (LT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of SLT under the
'issuer non-cooperating' category as SLT had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SLT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Sri Laxmi Traders (SLT) was set up as a proprietorship entity in
2006 by Mr Surendra Kumar Bhagat of Purnea District, Bihar. The
entity is engaged in wholesale trading of agro commodities like
maize, onion, paddy and potato which is procured from the local
farmers and sold in the states of Orissa, Gujarat, West Bengal,
Karnataka, etc. Mr Surendra Kumar Bhagat, the proprietor, having an
experience of 25 years in the agro-commodity business looks after
the overall affairs of the entity.


LUXOR INTERNATIONAL: CRISIL Withdraws B+ Rating on INR2.25cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Luxor International Private Limited (LIPL; a part of the Luxor
group), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit         40         Crisil A4/Issuer Not
   in Foreign Currency               Cooperating (Withdrawn)

   Proposed Long Term      2.25      Crisil B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

   Term Loan              27.75      Crisil B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with LIPL for
obtaining information through letter and email dated December 5,
2025 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-cooperation 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 LIPL. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on LIPL is consistent with 'Assessing Information Adequacy Risk”.
Based on the last available information, the rating on bank
facilities of LIPL continues to be 'Crisil B+/Stable/Crisil A4
Issuer Not Cooperating'.

Crisil Ratings has withdrawn its ratings on the bank facilities of
LIPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.

                          About the Group

LIPL was established in 1980 by the late Mr D K Jain. The company
manufactures writing instruments, including ball, fountain, roller
and gel pens, highlighters, markers and colouring material, exports
products under its own brand 'Luxor' and undertakes contract
manufacturing for several brands worldwide.

LWIPL was set up in 1996 by the late Mr DK Jain, as a joint venture
between Luxor Pen Co and The Gillette Co USA; the latter's share
were brought by promoters and reconstituted as an independent
company in 2000. The company has a similar product portfolio as
LIPL and sells products under the Luxor brand, in the domestic
market. LWIPL is also licensed to manufacture and distribute
writing instruments for international brands such as Parker, Pilot,
and Waterman in India.

The group is currently managed by Ms. Pooja Jain, and manufacturing
facilities are located at Noida, Gurugram and Haridwar.


LUXOR WRITING: CRISIL Withdraws B+ Rating on INR55cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Luxor Writing Instruments Private Limited (LWIPL; a part of the
Luxor group), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            55         Crisil B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Term Loan     26.31      Crisil B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan              33.69      Crisil B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with LWIPL for
obtaining information through letter and email dated December 5,
2025 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-cooperation 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 LWIPL. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on LWIPL is consistent with 'Assessing Information Adequacy Risk'
Based on the last available information, the rating on bank
facilities of LWIPL continues to be 'Crisil B+/Stable Issuer Not
Cooperating'.

Crisil Ratings has withdrawn its rating on the bank facilities of
LWIPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in line
with Crisil Rating's policy on withdrawal of its rating on bank
loan facilities.

                          About the Group

LIPL was established in 1980 by the late Mr. D K Jain. The company
manufactures writing instruments, including ball, fountain, roller
and gel pens, highlighters, markers and colouring material, exports
products under its own brand 'Luxor' and undertakes contract
manufacturing for several brands worldwide.

LWIPL was set up in 1996 by the late Mr. DK Jain, as a joint
venture between Luxor Pen Co and The Gillette Co USA; the latter's
share were brought by promoters and reconstituted as an independent
company in 2000. The company has a similar product portfolio as
LIPL and sells products under the

Luxor brand, in the domestic market. LWIPL is also licensed to
manufacture and distribute writing instruments for international
brands such as Parker, Pilot, and Waterman in India.

The group is currently managed by Ms. Pooja Jain, and manufacturing
facilities are located at Noida, Gurugram and Haridwar.


MADHAV TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madhav
Textiles (MT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           7.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 27, 2024, placed the rating(s) of MT under the
'issuer non-cooperating' category as MT had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 13, 2025, October 23, 2025, November 2, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Surat (Gujarat) based MT was established in 2010 as a
proprietorship firm by Mr. Akhilesh Maheswari. MT is into the
business of trading of yarn (Viscose and Mono Filament) and
finished fabrics. MT is also doing job work of finished fabric
however proportion of the same is very small. MT imports its
material i.e. viscose yarn and mono filament yarn from China and
Korea and purchases finished fabric from the local market. These
materials are then being supplied to local weavers (in case of
yarn) and manufacturer of sarees and readymade garments (in case of
finished fabric).


MAHA ARC: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Maha Arc Limited
        Room no. 505, East Side,
        5th Floor Mantralaya,
        Mumbai City, Mumbai
        Maharashtra, India, 400032

Liquidation Commencement Date: February 4, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sunil Gajanan Nanal
            c/o KANJ and Co LLLP,
            Company Secretaries
            3-4, Aishwarya Sankul,
            17 G.A. Kulkani Path,
            Opposite Joshi's Railway Museum,
            Kothrud, Pune - 411038
            Tel: (020) 2546-6265
            Email: sunil.nanal@kanjcs.com

            Flat No. 8, Priyanjali,
            Lane No. 6, Dahanukar Colony,
            Kothrud, Pune - 411038

Last date for
submission of claims: March 6, 2026

MAITHAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maithan
Ispat Limited (MIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      576.37      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     131.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 19, 2024, placed the rating(s) of MIL under the
'issuer non-cooperating' category as MIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 4, 2025, November 14, 2025, November 24, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings 's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Maithan Ispat Ltd, was incorporated in August 2003, by Maithan
group for setting up an integrated steel plant comprising
manufacturing facilities like Sponge iron (capacity 2,30,000 TPA) &
billets (capacity 2,46,000 TPA), heavy section steel (capacity
3,76,000 TPA) and captive power plant of 30 MW, at Kalinganagar
Industrial Complex, Orissa. On March 31, 2015, MESCO group through
its group company Mideast Integrated Steels Ltd (MISL) acquired MIL
by taking 99.28% stake in the company.


MAMTA SEEDS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mamta
Seeds (MS) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 3, 2024, placed the rating(s) of MS under the
'issuer non-cooperating' category as MS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 19, 2025, October 29, 2025, November 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Established in March 2003, Indore-based (Madhya Pradesh) Mamta
Seeds (MS) is a proprietorship firm incorporated by Mr. Manohar
Singh Rathore, proprietor, looks after the overall operations of
the firm and has over a decade long experience in the industry. MS
is primarily engaged in the cleaning, processing, and marketing of
Soya bean and Wheat Seeds which are used by
farmers for sowing agriculture crops. MS sells certified seeds
under the brand name of 'Mamta'.


METROWORLD TILES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Metroworld
Tiles Private Limited (MTPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.54       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 5, 2024, placed the rating(s) of MTPL under the
'issuer non-cooperating' category as MTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 21, 2025, October 31, 2025 and November 10, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Morbi (Gujarat) based Metroworld Tiles Private Limited (MTPL), a
closely held private limited company, was incorporated in 2009 by
Mr. Dilip R. Patel and his family members. MTPL is a part of "Metro
Group" (MG), having presence in various segments of the ceramic
tiles industry. MTPL operates from its manufacturing facility
located in ceramic cluster of Morbi, Gujarat.


NILKANTH COTTON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nilkanth
Cotton Industries (NCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.32       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 3, 2024, placed the rating(s) of NCI under the
'issuer non-cooperating' category as NCI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NCI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 19, 2025, October 29, 2025, November 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Jangvad, Jasdan-based (Rajkot) NCI was established as a partnership
firm in 2014 by six partners. The partners of NCI include mainly Mr
Hareshbhai H Tadhani and Mr Chandubhai H Tadhani. The firm is
engaged into the activity of cotton ginning, bailing and cleaning.
The main products of NCI include cotton seeds, cotton bales, cotton
cake and cotton wash oil. The firm has an installed capacity of
18144 Metric Ton per annum for raw cotton processing and 2160
Metric Ton per annum for cotton seeds
processing as on March 31, 2016. The firm's manufacturing
facilities are equipped with 24 ginning machines, 1 pressing
machine and 5 expellers for crushing of cotton seeds. The firm
operated at 90% capacity utilization for the year ending on March
31, 2016. The firm has an established selling network for selling
the products outside Gujarat i.e. Tamil Nadu and Rajasthan.


ORAVEL STAYS: Fitch Affirms 'B' IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed seven APAC internet companies' ratings.
These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators - Addendum to the Corporate
Rating Criteria" on 9 January 2026. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Key Rating Drivers

VIE Structure Neutral: Under the updated criteria, the variable
interest entity (VIE) structures of Alibaba Group Holding Limited,
Baidu, Inc., Tencent Holdings Limited, Tencent Music Entertainment
Group (TME) and Weibo Corporation are neutral to their ratings
unless regulatory risk increases. VIE structures are the typical
mechanism for foreign investors to participate in Chinese sectors
that are subject to foreign ownership restrictions.

For each company's full key ratings drivers, see the rating action
commentaries listed below.

Alibaba Group Holding Limited

Fitch Affirms Alibaba at 'A'; Outlook Stable, published on 17
October 2025

Tencent Holdings Limited

Fitch Affirms Tencent at 'A'; Outlook Stable, published on 17
October 2025

Baidu, Inc.

Fitch Revises Outlook on Baidu to Negative; Affirms at 'A',
published on 1 September 2025

Tencent Music Entertainment Group

Fitch Affirms Tencent Music at 'A-'; Outlook Stable, published on
12 September 2025

Meituan

Fitch Assigns Meituan's Proposed US Dollar Notes 'BBB+' Rating,
published on 26 October 2025

Weibo Corporation

Fitch Affirms Weibo at 'BBB'; Outlook Stable, published on 16
October 2025

Oravel Stays Limited

Fitch Assigns Oravel Stays' USD825 Million Term Loan 'B'/'RR4'
Ratings, published on 4 December 2024

Peer Analysis

Alibaba

Alibaba's Standalone Credit Profile (SCP) of 'a' includes a
one-notch sovereign constraint, reflecting that its underlying
credit quality is capped by China's sovereign rating (A/Stable).
Its pre-sovereign-capped SCP of 'a+' is stronger than that of most
Chinese and global internet peers, such as Baidu, Meituan, Vipshop
Holdings Limited (BBB/Stable), and Expedia Group, Inc.
(BBB/Stable), but is the same as that of Tencent, whose credit
profile is underpinned by its leadership across multiple internet
segments and a resilient, diversified revenue mix. Alibaba's credit
profile is weaker than that of Amazon.com, Inc. (AA-/Stable), given
Amazon's larger scale and greater geographical diversification.

Tencent

Tencent's SCP of 'a' includes a one-notch sovereign constraint,
reflecting that its underlying credit quality is capped by China's
sovereign rating. Its pre-sovereign-capped SCP of 'a+' is stronger
than that of most Chinese and global internet peers, such as Baidu,
Meituan, Vipshop and Expedia, but is similar to that of Alibaba,
whose credit profile benefits from its leadership in China's
e-commerce and cloud service markets. Tencent's credit profile is
weaker than that of Amazon, given the US-based company's greater
scale and geographical diversification.

Baidu

Baidu faces greater risks than 'A' rated Chinese internet peers
from the ongoing AI transition, despite its leading position in
China's search engine market, strong AI capabilities, and large net
cash position.

Baidu's credit profile is stronger than that of internet peers such
as Vipshop, Meituan and Expedia, due mainly to Baidu's strong
position in China's search engine market. However, it is materially
weaker than Alibaba's and Tencent's pre-sovereign-capped SCPs of
'a+', as those companies are significantly larger, with more
diversified revenue streams and stronger cash generation. Alibaba's
and Tencent's final SCPs are constrained by the Chinese sovereign
rating.

Meituan, Oravel, TME and Weibo

Please see their previous rating action commentaries for details.

Fitch’s Key Rating-Case Assumptions

Refer to the most recent rating action commentary for each issuer.

Corporate Rating Tool Inputs and Scores

Alibaba

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 (aa-, higher),
diversification and asset quality (a+, moderate), company
operational characteristics (a-, moderate), profitability (bbb+,
moderate), financial structure (a+, higher), and financial
flexibility (aa-, lower).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
ended March 2025 (FY25), 20% for the forecast year FY26 and 60% for
the forecast year FY27.

- The governance assessment of 'Good' results in no adjustment.

- The operating environment assessment of 'bbb-' results in no
adjustment.

- The other risk element adjustment applies and results in an
adjustment of -1 notch due to the ratings being capped by the
Chinese sovereign rating.

- The SCP is 'a'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'A'.

Tencent

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 (aa-, higher),
diversification and asset quality (a+, moderate), company
operational characteristics (a-, moderate), profitability (aa,
moderate), financial structure (aa-, higher), and financial
flexibility (a+, lower).

- 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 other risk element adjustment applies and results in an
adjustment of -1 notch due to the ratings being capped by the
Chinese sovereign rating.

- The SCP is 'a'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'A'.

Baidu

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bbb-, lower), sector characteristics (bbb,
moderate), market and competitive positioning (a-, higher),
diversification and asset quality (a-, moderate), company
operational characteristics (a, moderate), profitability (bbb+,
moderate), financial structure (a, higher), and financial
flexibility (aa-, lower).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 40% for the forecast year
2026 and 20% for the forecast year 2027.

- The governance assessment of 'Good' results in no adjustment.

- The operating environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'a'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'A'.

TME

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bbb, lower), sector characteristics (bbb,
moderate), market and competitive positioning (a-, higher),
diversification and asset quality (bbb-, higher), company
operational characteristics (bbb+, moderate), profitability (a+,
moderate), financial structure (aa+, lower), and financial
flexibility (aa-, lower).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The governance impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'bbb-' results in
no adjustment.

- The SCP is 'bbb+'.

To derive the Long-Term IDR:

- Application of Fitch's Parent and Subsidiary Linkage Rating
Criteria results in a top-down -1 approach.

Meituan

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 (a, moderate), and financial
flexibility (a-, moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025 and 60% for the forecast year
2026.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

- The governance Impact assessment of 'Good' results in no
adjustment.

- The operating environment impact assessment of 'bbb-' results in
no adjustment.

- The SCP is 'bbb+'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB+'.

Weibo

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bbb, lower), sector characteristics (bb+,
moderate), market and competitive positioning (bbb-, higher),
diversification and asset quality (bb+, moderate), company
operational characteristics (a, lower), profitability (a, lower),
financial structure (a+, moderate), and financial flexibility
(bbb-, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The governance assessment of 'Good' results in no adjustment.

- The operating environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'bbb'.

To derive the Long-Term IDR:

- Application of Fitch's Parent and Subsidiary Linkage Rating
Criteria results in a consolidated profile +1 approach

Oravel

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+, lower), company operational
characteristics (bbb+, lower), profitability (bb+, lower),
financial structure (b-, moderate), and financial flexibility (b+,
higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical fiscal
year ended March 2025 (FY25), 20% for the forecast FY26, 40% for
the forecast FY27 and 20% for the forecast FY28.

- 'B+' to 'CC' considerations apply in its analysis and result in
an adjustment of -1 notch.

- The governance assessment of 'Good' results in no adjustment.

- The operating environment assessment of 'bbb' results in no
adjustment.

- The SCP is 'b'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'B'.

Recovery Analysis

See Oravel's most recent rating action commentary for its recovery
analysis.

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.

Summary of Financial Adjustments

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.

Public Ratings with Credit Linkage to other ratings

Alibaba's and Tencent's ratings are capped by China's sovereign
rating - this is the 'other risk elements' adjustment that leads to
Alibaba's and Tencent's ratings being one notch lower than they
would be otherwise.

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 Alibaba, Baidu, Meituan, Oravel, Tencent, TME and Weibo.

ESG Considerations

Refer to the most recent rating action commentary for each issuer.

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Weibo Corporation    LT IDR    BBB  Affirmed              BBB
                     LC LT IDR BBB  Affirmed              BBB

Oravel Stays
Singapore Pte
Limited

   senior secured    LT        B    Affirmed   RR4        B

Oravel Stays
Limited              LT IDR    B    Affirmed              B
                     LC LT IDR B    Affirmed              B

Meituan              LT IDR    BBB+ Affirmed              BBB+

   senior
   unsecured         LT        BBB+ Affirmed              BBB+

Alibaba Group
Holding Limited      LT IDR    A    Affirmed              A
                     LC LT IDR A    Affirmed              A

   senior
   unsecured         LT        A    Affirmed              A

Baidu, Inc.          LT IDR    A    Affirmed              A
                     LC LT IDR A    Affirmed              A
                 
   senior
   unsecured         LT        A    Affirmed              A

Tencent Holdings
Limited              LT IDR    A    Affirmed              A
                     LC LT IDR A    Affirmed              A

   senior
   unsecured         LT        A    Affirmed              A

Tencent Music
Entertainment
Group                LT IDR    A-   Affirmed              A-
                     LC LT IDR A-   Affirmed              A-

   senior
   unsecured         LT        A-   Affirmed              A-

PMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PMT
Machines Limited (PML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      428.27      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 9, 2025, placed the rating(s) of PML under the
'issuer non-cooperating' category as PML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2025, December 5, 2025, December 15, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

PMT Machines Ltd (PML) was incorporated on September 8, 1961 as
Traub India Pvt Ltd, promoted by TRAUB, a leading German Machine
Tool Company with a major shareholding of 70%, along with Mr D. L.
Shah. In 1979, TRAUB divested its entire stake in favour of Mr D.
L. Shah. Later on, in September 1989, it became deemed public
limited company and was renamed as PMT Machines Ltd. Subsequently
in 1994, Mr D. L. Shah sold the company to the Sandesara group. It
is one of the oldest machine tools producers in India. It
specializes in production of metal-working machine tools. Sterling
Biotech Ltd (SBL) is the flagship company of the Vadodara based
Sandesara group. It is mainly engaged in the manufacturing of
pharmaceutical grade gelatin which has wide range of applications
such as capsules, tablets, etc.


PRJC GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PRJC Group
of Industries (PRJC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of PGOI under the
'issuer non-cooperating' category as PGOI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PGOI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Consolidated financials of the proprietor
Chikaru Brahma).

Outlook: Not Applicable

PRJC was established as a proprietorship firm by Mr Chikaru Brahma
in 2017. The firm crushes stone at its facility in Chirang, Assam.
The proprietor also runs a hotel under a separate proprietorship
firm named Hotel Himalaya situated in Bongaigaon, Assam. Further,
Mr. Chikaru Brahma is also engaged in poultry and fishery farming.
Around 70% of the revenue is derived from stone crushing.


RADHA KRISHNA: CRISIL Withdraws B Rating on INR5.85cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Radha Krishna Firayalal & Co (RKFC), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.85        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             0.65        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with RKFC for
obtaining information through letter and email dated November 10,
2025 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-cooperation 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 RKFC. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on RKFC is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of RKFC continues to be 'Crisil B/Stable Issuer Not
Cooperating'.

Crisil Ratings has withdrawn its rating on the bank facilities of
RKFC on the request of the company and after receiving no objection
certificate from the bank. The rating action is in line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.

RKFC is a partnership firm formed by Mr. Jayant Munjal and his wife
Mrs. Sonica Munjal. The firm runs a store in the name of 'Firayalal
Nxt' which was operational from May, 2014. It is a 3 storeyed store
built in an area of 16,000 Sq. ft. Firayalal store deals in
readymade garments, jewellery, toys, bags, pillows, blankets, etc.
It is located in Argora Chowk, Ranchi.


SAHAR INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sahar Industries LLP
        Block No. 91, Paikee 1 (B),
        Opposite Bharat Petroleum,
        N.H. 8, Moje-Moti Naroli,
        Taluka-Mangrol,
        Kim, Surat - 394110

        Block No. 91/1/B and Block No. 100,      
        Hissa 1/2, Moti Naroli,
        Opposite Bharat Petrolium,  
        Tal-Mangrol, Surat
        Gujarat - 394110

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: Rathin Amishbhai Majmudar

Interim Resolution
Professional: Rathin Amishbhai Majmudar
              604, Scarlet Gateway,
              Opposite Rivera Antilia,
              Corporate Road,
              Near Prahladnagar Garden,
              Ahmedabad - 380015
              Tel: (997) 471-7070
              Email: info@carathin.com
                     cirp.sahar@gmail.com

Last date for
submission of claims: February 17, 2026

SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sahara
Hospitality Limited (SHL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      506.74      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 9, 2025, placed the rating(s) of SHL under the
'issuer non-cooperating' category as SHL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SHL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2025, December 5, 2025, December 15, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

SHL operates Sahara Star Hotel in Mumbai, the construction of which
was planned in three phases. Phase-I of the project was completed
in October 2007 wherein 223 rooms and 9 specialty restaurants
outlets where constructed. Phase II and III includes construction
of 209 rooms (186 rooms in phase-II and remaining in phase-III),
new restaurants, banquets and conference facilities, meeting rooms,
swimming pool (4100 sq ft), internationally branded salon, preview
theatre, gymnasium, health clubs, squash and badminton courts, a
5-floor tower with banquet hall, business centres, night clubs,
event hall (25 ft height), entertainment zone and pent house etc.


SANAKA MATA: CRISIL Lowers Rating on INR50cr LT Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Sanaka Mata Poultries Private Limited (SMPPL), as:


                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       50         Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'Crisil BB-/Stable')

Crisil Ratings has been consistently following up with SMPPL for
obtaining information through letters and emails dated January 6,
2026 and February 2, 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 SMPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of SMPPL to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BB-/Stable'.

Incorporated in December 2017 by Mr Milan Nandi and Mrs Pinky
Nandi, SMPPL manufactures poultry feed and egg farming with
capacity of 11,00,000 birds for broilers in Dulia, Paschim
Medinipur in West Bengal. The company is undertaking capex for
setting up a biogas and organic fertilizer unit.


SHIVJI SINGLA: CRISIL Lowers Rating on INR3.5cr Loan to D
---------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Shivji Singla and Sons (SSAS), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.56        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit           2           Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING')

   Overdraft Facility    3.5         Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil A4 ISSUER NOT
                                     COOPERATING')

   Term Loan             0.07        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan             0.37        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with SSAS for
obtaining information through letter and email dated April 4, 2025,
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 SSAS, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the publicly available information, Crisil understands that the
trust had irregularity in its account conduct. Hence, the ratings
on bank facilities of SSAS have been downgraded to 'Crisil D/Crisil
D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer
not cooperating'.

SSAS is a Haryana-based partnership firm of Mr. Shiv Ji Singla,
Ashish Singla, Mr. Manish Singla, Mrs. Anushka Singla, Smt. Saroj
Rani and Mr. Sanjay Kumar set up in 2000. The firm undertakes civil
construction work, primarily for irrigation projects and building
works in Rajasthan, Haryana, and Punjab.


SHRISHTI TRADING: CRISIL Lowers Rating on INR10cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Shrishti Trading Corporation Private Limited (STCPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'Crisil BBB/Stable')

Crisil Ratings has been consistently following up with STCPL for
obtaining information through letters and emails dated January 6,
2026 and February 2, 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 STCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on STCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
STCPL migrated to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BBB/Stable.

Karma Re-Rollers Private Limited (KRRPL) was incorporated in 2008
and is engaged in manufacturing and trading of Thermo-Mechanically
Treated (TMT) Bars and allied. KRRPL's manufacturing facility is
located in Bhubaneshwar, Odisha with an installled capacity of
60,000 MTPA It's promoted by Shri Rajesh Gadodia and managed by
Shri Runvijay Singh and Shri Sukhdev Singh Deanger. STCPL is
engaged in trading of TMT, billet and other iron and steel
products. It also trades and laision for coal supply.


UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures
(NCDs) of Unishire Urbanscape Pvt Ltd (UUPL; part of the Unishire
Urbanscape group) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Non Convertible       126.0        CRISIL D (Issuer Not
   Debentures-LT                      Cooperating)

Crisil Ratings has been following up with UUPL for getting
information through letter and email, dated December 12, 2025.
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 UUPL. This restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on UUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on the non-convertible
debentures (NCDs) of UUPL continues to be 'Crisil D Issuer Not
Cooperating'.

Incorporated in February 2011, UUPL develops real estate in
Bengaluru and is a part of the Unishire group.


UTOPIAN SUGARS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Utopian
Sugars Limited (USL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      136.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 9, 2025, placed the rating(s) of USL under the
'issuer non-cooperating' category as USL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. USL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2025, December 5, 2025, December 15, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

USL was incorporated in March, 2010 as a closely held limited
company to undertake manufacturing of sugar and sugar related
products at Taluka Mangalwedha in Solapur, Maharashtra. USL is
promoted by Mr. Umesh P. Paricharak as Chairman and his brother Mr.
Uttam V. Patil as Managing Director (MD) having industry experience
of over two decades.


VARDHAMAN OIL: CRISIL Assigns B+ Rating to INR20cr Cash Loan
------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the
long term bank facilities of Vardhaman Oil Industries (VOI).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             20        Crisil B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       5        Crisil B+/Stable (Assigned)


The ratings reflect VOI's modest scale of operations, low operating
margin due to the trading nature of business and weak financial
profile. These weaknesses are partially offset by the extensive
industry experience of the proprietor and moderate working capital
cycle.

Analytical approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of VOI.



Unsecured loans of INR1.83 crore extended by the proprietor as on
March 31, 2025, have been treated as 75% equity and 25% debt. This
is because these loans bear no interest and are expected to be
retained in the business over the medium term.

Key Rating Drivers - Weaknesses

* Subdued operating margin and vulnerability to volatile raw
material prices: Edible oil prices, which are highly volatile, are
dependent on the monsoon and production of soyabeans, sunflowers,
and other crops. Additionally, global demand-supply dynamics drive
edible oil prices, impacting the operating margin of marginal
players such as VOI. Operating margin, modest at 2.25-2.4% in the
three fiscals through 2025. Exposure to volatility in raw material
prices is partly mitigated by order-backed inventory and prudent
hedging policies.

* Modest scale of operations and intense competition: Despite
increase in revenue to INR84.73 crore in fiscal 2025 from INR73.92
crore in fiscal 2022, scale is modest. This restricts bargaining
power with customers and suppliers. The edible oil trading industry
is fragmented and hence competitive. The small players cater to
regional demand to save on transportation costs. Intense market
competition may continue to constrain pricing power, scalability
and profitability.

* Weak financial risk profile: Financial risk profile is average
marked by total outside liabilities to adjusted networth (TOL/ANW)
ratio of 3.4 times as on March 31, 2025. Debt protection measures
have also been weak in the past due to high gearing and low
accruals from operations, with interest coverage of 1.13 times for
fiscal 2025. Significant borrowings should keep debt protection
measures at similar levels over the medium term.

Key Rating Drivers - Strengths  

* Extensive industry experience of the proprietor: The proprietor's
experience of over three decades in the trading industry, in-depth
understanding of market dynamics and healthy relationships with
suppliers and customers should support the business. Also,
operating under its own brand name of Vardhaman's 24 Karat, 22
Karat, etc has helped the firm to establish its presence in
Ahilyanagar, Jalna, Nashik, Baramati districts of Maharashtra.

* Moderate working capital cycle: Gross current assets (GCAs) were
at 103-117 days over the three fiscals through 2025. It extends
modest credit of 30 days to customers. Furthermore, it maintains
moderate inventory of 60 days.

Liquidity Stretched

Bank limit utilisation averaged 90.38% for the 12 months ended
December 2025. Expected cash accrual of INR0.5-0.7 crore is
sufficient against term debt obligation of INR0.1-0.2 crore over
the medium term. Current ratio was moderate at 1.32 times as on
March 31, 2025. Need-based funding support from the proprietor is
expected to continue. Cash and bank balance was moderate around
INR2.06 crore as on March 31, 2025.

Outlook Stable

Crisil Ratings believes VOI will continue to benefit from
experience of the management to mitigate the inherent risk in the
trading business.

Rating sensitivity factors

Upward factors

* Continuous revenue growth and sustenance of adequate margins,
leading to net cash accrual of INR1 crore or more.
* Improvement in the financial risk profile and liquidity.

Downward factors

* Significant decline in revenue and operating margin leading to
lower net cash accrual
* Stretch in receivables or pile-up of inventory adversely affects
liquidity with BLU of 100%.

VOI, set up as a proprietorship firm in 2001, is engaged in the
trading of edible oil. VOI is engaged in repacking edible oil in
consumer ready packs. Its facility is at Shrirampur, Ahmednagar
district (Maharashtra) with total capacity of 50 tonne per day.

VOI is owned and managed by Gendmal Amarchand Marlecha
(proprietor).


WIND WORLD: Inox Green Offers INR600cr for O&M Unit
---------------------------------------------------
The Economic Times reports that Inox Green Energy has bid
INR550-600 crore for Wind World India's green energy operation and
maintenance (O&M) portfolio in a court-driven bidding process, said
people familiar with the matter. The bid is yet to be approved by
the NCLT.

In January, Inox Clean Energy, which is into solar and wind power
generation and solar cell manufacturing, raised $330 million from a
group of investors including the California Public Employees
Retirement System (CalPERS) at $5.5 billion valuation, according to
ET. Inox Clean Energy is privately-held.

Wind World (India) Infrastructure designs, manufactures, and
installs wind energy solutions, including wind turbine generators
(WTGs) and infrastructure like access roads and substations.  The
company is a subsidiary of Wind World India Limited.

As reported Troubled Company Reporter-Asia Pacific in late 2025,
the Mumbai bench of the National Company Law Tribunal (NCLT) has
ordered the initiation of the corporate insolvency resolution
process (CIRP) against Wind World (India) Infrastructure following
an application filed by IDBI Bank.  The tribunal also appointed
Megha Agrawal as the interim resolution professional (IRP) for the
company.




=================
I N D O N E S I A
=================

INDIKA ENERGY: Moody's Cuts CFR to B1, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings has downgraded to B1 from Ba3 the corporate family
rating of Indika Energy Tbk (P.T.) (Indika). At the same time,
Moody's have also downgraded the rating on Indika's $455 million
senior secured notes due in May 2029 to B1 from Ba3.

The outlook has been revised to stable from negative.

"The downgrade reflects Indika's already strained credit metrics,
which will deteriorate further because of the increase budgeted
capital spending at the Awak Mas gold project amid still subdued
thermal coal prices," says Anthony Prayugo, a Moody's Ratings
analyst.

"While sustained high gold prices will support sizable earnings
once operations begin, the company currently has limited headroom
to absorb further debt at its previous rating level," adds
Prayugo.

RATINGS RATIONALE

Moody's estimates the latest budgeted capital spending at Awak Mas
has increased by around $100 million–$150 million, lifting total
project costs to up to $567 million, which Moody's expects Indika
to fund largely through additional debt. As a result,
Moody's-adjusted debt is likely to rise to about $1.4 billion in
2026, from $1.1 billion in 2025, while capital spending increases
to around $380 million, including roughly $300 million for Awak
Mas.

Indika attributes the higher capital spending budget partly to
delays in land acquisition during 2025, which require the company
to accelerate construction to meet its targeted completion by end
2026. To support smooth operations once production begins, the
company is upgrading worker camps and building all weather access
roads, which will further increase spending. Costs are also rising
because contractors are demanding higher payments for equipment and
procurement amid stronger gold prices.

Awak Mas was approximately 50% complete as of December 2025, and
trial production is expected to begin by end 2026. With an initial
all-in-sustaining cost of around $1,150/ounce (oz), and assuming
gold price of $3,000/oz, Moody's expects Awak Mas will be able to
generate around $130 million of EBITDA once annual production ramps
up to around 100,000 oz.

However, until Awak Mas starts to meaningfully contribute to
earnings, Indika's credit quality will remain anchored by its
91%-owned subsidiary, Kideco Jaya Agung (P.T.) (Kideco), whose
earnings will remain constrained amid soft thermal coal price
environment. That said, the company retains the ability to adjust
its strip ratio throughout the cycle, which should help mitigate
the impact of weaker coal prices.

Assuming an average selling price of around $51 per metric ton of
thermal coal in 2026, Moody's expects Indika's EBITDA to remain
roughly flat compared to its 2025 level at around $200 million.

With higher debt and still subdued coal earnings, Moody's expects
Indika's leverage, as measured by Moody's adjusted debt/EBITDA, to
increase to around 7.0x in December 2026 from an estimated 6.0x in
December 2025. Earnings will improve once Awak Mas fully starts
commercial operations in early 2027; however, the large increase in
debt means leverage is likely to improve towards 4.0x only sometime
in 2027.

Moody's projections do not incorporate potential policy risks,
including possible changes to Indonesia's mining regulations such
as introduction of coal export levy, which could further pressure
the company's earnings.

Indika will maintain adequate liquidity over the next 12-18 months,
with its cash balance, undrawn committed credit facilities, and
projected operating cash flow sufficient to meet its planned cash
needs during this period.

However, the increase in budgeted Awak Mas capital spending will
reduce Indika's covenant headroom, particularly in relation to net
debt/EBITDA not exceeding 3.75x in 2026, absent meaningful earnings
upside or asset divestments. Nevertheless, the company has
previously obtained covenant relaxations or waivers when needed.
Continued compliance with covenants, and the timely securing of
waivers ahead of any potential breaches, will therefore remain
critical.

OUTLOOK

The stable outlook reflects Moody's expectations that the execution
risk for its gold mine will be reduced going forward such that the
project will be earnings accretive by 2027, supporting a recovery
in credit metrics, and that the company will continue to maintain
adequate liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating momentum could emerge once Awak Mas begins
production, ramps up, and contributes to materially higher earnings
and debt reduction that support a sustained improvement in Indika's
credit metrics while maintaining adequate liquidity over the next
12-18 months.

Specific upgrade triggers include Moody's adjusted debt/EBITDA
below 4.0x and Moody's adjusted EBIT/interest above 2.0x, both on a
sustained basis.

On the other hand, downward ratings pressure would emerge if (1)
Indika's gold mine faces further delays or cost overruns; (2) its
internal cash sources are insufficient to meet its cash needs over
the subsequent 12-18 months; or (3) the company engages in
aggressive investments or shareholder distributions.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA maintained above 4.5x or adjusted
EBIT/interest falling below 1.5x, after the commencement of gold
mine operations.

The principal methodology used in these ratings was Mining
published in April 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Indika Energy Tbk (P.T.) is an Indonesian firm with investments
primarily within the energy value chain. Its principal investment
is a 91% stake in Kideco Jaya Agung (P.T.), one of Indonesia's
largest coal producers. Indika is listed on the Indonesian Stock
Exchange with a market capitalization of around IDR18.9 trillion
($1.1 billion) as of February 11, 2026.



=========
J A P A N
=========

DENTSU GROUP: Posts Record JPY327.6 Billion Net Loss in 2025
------------------------------------------------------------
Japan Today reports that Dentsu Group Inc on Feb. 13 logged a
record net loss of JPY327.60 billion ($2.13 billion) for the year
to December 2025 on the poor performance of its overseas
businesses, staying in the red for the third straight year.

Japan Today relates that the net loss greatly exceeded the JPY52.90
billion loss previously forecast, due to an impairment loss of
JPY310.1 billion related to its overseas operations, the company
said. It paid no dividend for the first time.

According to Japan Today, Dentsu Group said Deputy Global Chief
Operations Officer Takeshi Sano, 55, will replace Hiroshi Igarashi,
65, as president and global chief executive officer, effective
March 27.

For the current year through December, Dentsu Group expects to
return to the black, estimating JPY69.70 billion in net profit. The
company said the possibility of booking an additional impairment
loss in 2026 was minimal, adding it included the roughly JPY30
billion sale of its former headquarters in its forecast, Japan
Today relays.

Japan Today adds that Dentsu Group said it is considering
downsizing, withdrawing from and selling part of its global
business, and cutting its 3,400-strong workforce by 2,100 people.
It also plans to disclose its strategy for "accelerating
transformation" early this fiscal year.

Dentsu Group Inc. provides comprehensive advertising services. The
Company offers marketing, event planning, event promotion,
advertising planning, and other services. Dentsu Group also
provides information services.




=====================
N E W   Z E A L A N D
=====================

EASTERN FREIGHT: Creditors' Proofs of Debt Due on March 10
----------------------------------------------------------
Creditors of Eastern Freight Te Aroha Limited 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. 10, 2026.

The company's liquidators are:

         Gareth Russel Hoole
         Raymond Paul Cox
         Ecovis KGA Limited
         Level 2, 5–7 Kingdon Street
         Newmarket
         Auckland 1023


ELEMENT CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 19
---------------------------------------------------------------
A petition to wind up the operations of Element Construction
Limited will be heard before the High Court at Christchurch on Feb.
19, 2026, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 24, 2026.

The Petitioner's solicitor is:

          Derick Lotz
          Inland Revenue
          663 Colombo Street
          Christchurch Central
          Christchurch


JILLIAN DEVELOPMENT: Creditors' Proofs of Debt Due on March 27
--------------------------------------------------------------
Creditors of Jillian Development Limited and Tasty & Spicy Food
Limited are required to file their proofs of debt by March 27,
2026, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2026.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Epsom, Auckland 1051


ONE STOP: Commences Wind-Up Proceedings
---------------------------------------
Members of One Stop Decor Limited on Feb. 10, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163



SWITCH MANAGEMENT: Court to Hear Wind-Up Petition on Feb. 19
------------------------------------------------------------
A petition to wind up the operations of Switch Management Limited
will be heard before the High Court at Christchurch on Feb. 19,
2026, at 10:00 a.m.

Addington Raceway Limited filed the petition against the company on
Dec. 19, 2026.

The Petitioner's solicitor is:

          Tyler James Brown
          75 Jack Hinton Drive
          Addington
          Christchurch 8024




=================
S I N G A P O R E
=================

188ONE LIMITED: Creditors' Meeting Set for Feb. 26
--------------------------------------------------
188ONE LIMITED will hold a meeting for its creditors on Feb. 26,
2026, at 11:00 a.m., via video conferencing (Microsoft Teams or
Zoom).

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to confirm the appointment of liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.

Yiong Kok Kong of DKKY Corporate Advisory was appointed as
provisional liquidator of the Company on Feb. 5, 2026.

The company's liquidator is:

          Yiong Kok Kong  
          DKKY Corporate Advisory
          180 Cecil Street, #12-04
          Singapore 069546


BAN NEE: Court to Hear Wind-Up Petition on Feb. 27
--------------------------------------------------
A petition to wind up the operations of Ban Nee Chen 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. 29, 2026.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


FARSOIYA RECYCLERS: Placed in Interim Judicial Management
---------------------------------------------------------
James Alexio and Karnjote Singh s/o Jamal Singh of Kroll Pte
Limited on Jan. 28, 2026, were appointed as interim judicial
managers of Farsoiya Recyclers Pte Ltd.

The interim judicial managers may be reached at:

          James Alexio
          Karnjote Singh s/o Jamal Singh
          Kroll Pte Limited
          1 Raffles Place, #29-01
          One Raffles Place Tower 1
          Singapore 048616


LIBERTY INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 27
-------------------------------------------------------------
A petition to wind up the operations of Liberty Industries Holdings
Pte. Ltd. will be heard before the High Court of Singapore on Feb.
27, 2026, at 10:00 a.m.

Aqcel Synergies (Hong Kong) Limited filed the petition against the
company on Jan. 21, 2026.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


MAXEON SOLAR: Landlord Sues Over Albuquerque Site Lease Exit
------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a regulatory filing
that in November 2025, Maxeon Americas Manufacturing, LLC, an
entity organized under the laws of Delaware, U.S.A., and a wholly
owned subsidiary of the Company, provided notice of surrender and
abandonment of its lease on the brownfield site in Albuquerque, New
Mexico, a decision which further supports the Company's ongoing
strategic restructuring of its business portfolio.

In January 2026, the landlord of the Site initiated legal action
against Maxeon Americas and the Company in the Second Judicial
District of the New Mexico Courts, alleging breach of contract and
guaranty, seeking damages in the amount of the rent due until the
end of the term of lease, which expires on November 30, 2029. The
Company is considering its options in responding to this legal
action.

The Company remains focused on establishing alternative
manufacturing and supply chains, including through collaborations
with strategic partners for manufacturing in the U.S. To that end,
the Company has entered into a non-exclusive module purchasing
agreement with a third party for modules assembled in the U.S.
using cells based on Maxeon's "back contact" solar cell
architecture technology, in which both the positive and negative
electrical contacts are located on the back side of the solar cell.


The Company has been selling these modules assembled by the third
party in the U.S. through its distribution partners. As previously
disclosed, Maxeon continues to evaluate the impact of the One Big
Beautiful Bill Act on its business and remains focused on finding
solutions responsive to the current economic environment resulting
from among other factors, the U.S. trade and tariff policy and
recently enacted legislation such as OBBBA.

The Company's legal action at the U.S. Court of International Trade
to contest U.S. Customs & Border Protection's decision to deny
entry to certain detained shipments of Maxeon 3, Maxeon 6, and
Performance 6 solar panels, as well as our broad strategic
restructuring of the Company's business portfolio intended to focus
the Company exclusively on the sales to the U.S. market, are both
ongoing.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.

As of June 30, 2025, the Company had $186.31 million in total
assets, $507.96 million in total liabilities, and $ 21.65 million
in net deficit.

MAXEON SOLAR: Nets US$105MM From Aiko Patent License Settlement
---------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a regulatory filing
that its subsidiary, Maxeon Solar Pte. Ltd., has been involved in a
number of patent infringement cases, patent nullity actions, and
other legal disputes against Shanghai Aiko Solar Energy Co., Ltd.

On February 5, 2026, MSPL entered into a Patent License Agreement
with Aiko, pursuant to which the parties have agreed to settle the
Litigation.  

As part of the settlement, Aiko will license, on a nonexclusive,
non-transferable, non-assignable, non-sublicensable, on an "as-is"
basis, MSPL's patents related to "back contact" solar cell
architecture technology, in which both the positive and negative
electrical contacts are located on the back side of the solar cell,
for use in Aiko's products which may be sold worldwide except
within the United States of America.

Such license would not extend to any entities subsequently acquired
by Aiko nor will it extend to Licensed Products manufactured by any
third party on Aiko's behalf. In the event of a change of control
of Aiko, the license granted will remain in effect but will be
limited to the Licensed Products in Aiko's facilities at the time
of the change of control event. The Agreement is set to expire at
the end of five years from the Execution Date.

In the event that the Agreement is terminated due to a material
breach by Aiko, all unpaid fees shall become immediately due and
payable, including a compensatory fee which Aiko is required to pay
to MSPL. In consideration for the license and releases granted
under the Agreement, Aiko is required to pay Maxeon during the
Term, exclusive of tax, fees in a total aggregate amount of
approximately US$236 million.

The aggregate net amount received by Maxeon shall be approximately
US$105 million which is derived from the Total License Fee less
deductions for legal fees related to our litigation activities and
other amounts due to the licensing agent. The Total License Fee is
payable in six installments of varying amounts over the Term. The
Legal Expenses will be fully deducted from the installments payable
in 2026, as a result Maxeon will receive the lowest amount of net
license fees in 2026 over course of the Term.

In the Agreement, fees payable are denominated in Chinese Yuan
(CNY). The value of the Total License Fee is derived from
converting CNY to USD at a rate of 1 CNY = US$0.14.

Pursuant to the Agreement, MSPL has agreed to withdraw or otherwise
terminate all pending Litigation and Aiko has agreed to withdraw or
otherwise terminate all pending opposition, nullity and/or
revocation proceedings relating to the Licensed Patents and
Licensed Products, in each case within 10 calendar days following
payment of the first scheduled installment of the Total License
Fee.

On the day immediately following such payment, MSPL is required to
submit the application of withdrawal for a specified Litigation
matter. If the aggregate fees paid by Aiko reach a specified
threshold, and Aiko has been duly, timely and fully performing
their obligations under the Agreement up and until the date when
such Threshold is reached, MSPL will release Aiko from any and all
claims arising from sales of Licensed Products manufactured and
sold by Aiko within the Licensed Territory prior to the Execution
Date. Aiko has also agreed not to challenge or continue to
challenge the validity of any of MSPL's BC Patents in the Licensed
Territory.

The Agreement provides that in the event of Aiko's bankruptcy or
admission in writing of its inability to pay its debt, the entire
unpaid balance of the Total License Fee will become immediately due
and payable by Aiko without further notice. The Agreement provides
that in the event of a breach of certain confidentiality and press
release provisions, and on Aiko's part, reporting obligations and
notice and audit requirements in the event of a change of control,
the non-violating party will be entitled to indemnity and a
compensatory fee. MSPL retains the right to assign or transfer the
BC patents provided such transfer does not affect Aiko's rights
under the Agreement.

On the Execution Date, Aiko delivered to the MSPL a guaranty
executed by the Chairman of Aiko in his individual capacity for the
benefit of MSPL pursuant to which, the Guarantor has guaranteed in
full the performance of all of Aiko's obligations, duties,
liabilities and undertakings under the Agreement as if the
Guarantor were the sole principal obligor under the Agreement.  

The Agreement is governed under the laws of Hong Kong.  Any
dispute, controversy, or claim arising out of or related to the
Agreement will first be resolved through friendly consultation and
if such consultation fails, any party has the right to submit the
dispute to the Hong Kong International Arbitration Centre (HKIAC)
for arbitration in accordance with the HKIAC Administered
Arbitration Rules in force when the notice of arbitration is
submitted.

The description of the Agreement contained herein does not purport
to be complete and is qualified in its entirety by reference to the
Agreement, which the Company intends to file as an exhibit to its
Annual Report on Form 20-F for the year ended December 31, 2025.

The Agreement contains representations, warranties, covenants and
agreements, which were made only for purposes of such agreements
and as of specified dates. The representations and warranties in
the Agreement reflect negotiations between the parties to the
Agreement and are not intended as statements of fact to be relied
upon by stockholders, or any individual or other entity other than
the parties. In particular, the representations, warranties,
covenants and agreements in the Agreement may be subject to
limitations agreed by the parties and have been made for purposes
of allocating risk among the parties rather than establishing
matters of fact. In addition, the parties may apply standards of
materiality in a way that is different from what may be viewed as
material by investors.

As such, the representations and warranties in the Agreement may
not describe the actual state of affairs at the date they were made
or at any other time and you should not rely on them as statements
of fact. Moreover, information concerning the subject matter of the
representations and warranties may change after the date of the
Agreement, and unless required by applicable law, the Company
undertakes no obligation to update such information.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.

As of June 30, 2025, the Company had $186.31 million in total
assets, $507.96 million in total liabilities, and $ 21.65 million
in net deficit.

SUPERFOOD KITCHEN: Commences Wind-Up Proceedings
------------------------------------------------
Members of Superfood Kitchen Pte. Ltd. on Feb. 6, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Ng Hoe Kiat Keith
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591




=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: Nears Liquidation as Meritz Eyes Up to 20% Interest
----------------------------------------------------------------
ChosunBiz reports that with Homeplus Co. standing at a crossroads
between rehabilitation and liquidation, it has been found that, if
bankruptcy becomes a reality, Meritz Financial Group as the senior
secured creditor could receive interest approaching 20% per year.
However, industry officials noted that this represents what is
"technically possible" under contractual clauses and insolvency
procedures, and the actual recovery will depend on the price at
which the real estate pledged as collateral is sold.

According to the investment banking (IB) industry on Feb. 11, under
its loan agreement with Homeplus Co., Meritz can receive interest
of up to 20% per year in the event of arrears, ChosunBiz relays.
Collecting 20% interest becomes more likely if Homeplus Co.
ultimately fails at corporate rehabilitation and moves into
liquidation.

Previously, the total amount of rehabilitation claims Meritz filed
with the Seoul Bankruptcy Court was KRW1.3028 trillion, ChosunBiz
discloses. That figure adds KRW86.1 billion of unpaid interest to
1.2166 trillion won of outstanding loans. The KRW86.1 billion is
the remainder after deducting KRW20.8 billion that exceeds the
statutory maximum rate (20% per year) from the unpaid interest
aggregates of KRW106.9 billion corresponding to the early repayment
internal rate of return (IRR) standard (11.5%–13%). In other
words, interest in arrears can be collected within the statutory
ceiling of 20% per year.

In bankruptcy proceedings, distributions are made as collateral
assets are realized (sold), ChosunBiz states. Under the trust
structure, the holder of the first-priority beneficial interest is
entitled, within the collateral value, to recover principal as well
as interest and interest in arrears within the statutory limits.

By contrast, rehabilitation proceedings restructure repayment terms
through a court-approved rehabilitation plan. In such cases, the
interest and interest-in-arrears items are often reduced, deferred,
or recalculated at a low rate in the plan. According to the
industry, Meritz was also said to have considered adjustments
rather than insisting on full collection of interest and interest
in arrears during the rehabilitation phase, ChosunBiz relays.

An IB industry official said, "In bankruptcy, the issue is how much
cash you recover through collateral realization, whereas in
rehabilitation, maturities and interest structures are readjusted
with creditor consent on the premise of maintaining going-concern
value, so the timing and method of recovery may differ."

Homeplus Co. is currently pursuing a plan to secure KRW600 billion
in short-term liquidity to avoid liquidation, but the likelihood of
success is said to be low, according to ChosunBiz.

ChosunBiz relates that the industry said MBK Partners, the largest
shareholder of Homeplus Co., is pursuing a plan to raise a total of
KRW300 billion in DIP financing and sell Homeplus Express for about
KRW300 billion to secure a total of KRW600 billion. About six
strategic investors (SI) are reportedly interested in Homeplus
Express, and there is a strong chance of informally receiving
letters of intent (LOIs) from bidders at the end of this month.

The problem, however, is the lack of time, ChosunBiz notes. Some
view the point at which Homeplus Co.'s inventory runs out as the
time of liquidation. Homeplus Co.'s current inventory is only about
KRW200 billion. It is also said that deliveries may be cut off
around the Lunar New Year holiday, making liquidation more likely.
In retail, when purchasing stops, product gaps lead to lower sales,
cash flow worsens, and purchasing capacity declines again.

                         About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.   



=============
V I E T N A M
=============

AN BINH: Moody's Affirms 'B2' Deposit Rating, Alters Outlook to Pos
-------------------------------------------------------------------
Moody's Ratings has affirmed the B2 local (LC) and foreign (FC)
currency long-term (LT) bank deposit and issuer ratings of An Binh
Commercial Joint Stock Bank (ABBank), as well as the bank's b3
Baseline Credit Assessment (BCA) and adjusted BCA.

Moody's have also affirmed ABBank's B1 LT FC and LC Counterparty
Risk Ratings (CRR) and B1(cr) LT Counterparty Risk Assessment
(CRA), NP short-term (ST) FC and LC CRR, ST FC and LC bank deposit
ratings, ST FC and LC issuer ratings and NP(cr) ST CRA.

Moody's have also changed the outlook on the bank's ratings to
positive from stable, where applicable, reflecting Moody's
expectations that a successful capital raising in 2026 will improve
the bank's credit profile.

RATINGS RATIONALE

The change in ABBank's rating outlook to positive from stable
reflects a moderate improvement in its asset quality and
profitability while the banks' planned capital raise will
strengthen its overall loss absorbing buffers. The bank's high
reliance on short-term market funds and modest liquidity buffers
constrain its overall credit profile.

ABBank's B2 LT deposit and issuer ratings are one notch above its
b3 BCA, reflecting Moody's expectations of a moderate probability
of support from the Government of Vietnam (Ba2 stable) for the bank
when needed.

Moody's expects ABBank's tangible common equity as a percentage of
risk-weighted assets (TCE ratio) to strengthen to around 11% from
9.2% as of September 2025 because of the planned capital raise.

ABBank's problem loan ratio, which includes nonperforming loans
(NPL) and gross Vietnam Asset Management Company (VAMC) bonds,
decreased to 2.0% as of December 31, 2025 from 7.5% as of December
2024, driven by significant recoveries of its problem loans. Risk
of new NPL formation is lower as special mention loans declined to
0.8% of gross loans from 1.4% over the same period. Nevertheless,
Moody's expects the bank's asset quality to remain weaker than
similarly rated Vietnamese peers because of high single-name
concentration and low provision coverage.

The bank's profitability improved with annualized net income /
tangible assets (ROTA) of 1.3% in 2025 from 0.3% in 2024, driven by
bad debt recoveries. Nevertheless, further improvement to ROTA over
the next 12-18 months will be unlikely due to higher funding costs
given tighter funding conditions.

Moody's expects ABBank's funding structure to remain stable over
the next 12-18 months, with the bank maintaining a high reliance on
short-term market funding. ABBank's core banking liquidity buffers
remained moderate, with high quality liquid assets after Moody's
standard haircuts representing around 13% of tangible banking
assets as of 30 June 2025.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade ABBank's ratings and BCA if the bank
successfully raises new equity capital, helping improve its TCE
ratio to above 10% as anticipated, while maintaining its asset
quality and profitability.

Given the positive outlook, a downgrade of ABBank's ratings is
unlikely over the next 12-18 months. Nevertheless, Moody's could
stabilize the outlook if capital improvement is not as anticipated.
Moody's would downgrade ABB's ratings and BCA if its TCE ratio
declines below 7.5% or if the bank becomes unprofitable. A
deterioration in the bank's asset quality or funding structure or
weakened liquidity will also be negative for the BCA.

ABBank's deposit and issuer ratings could also be downgraded if
Moody's assesses that the government support for the bank has
weakened.

The principal methodology used in these ratings was Banks published
in November 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

An Binh Commercial Joint Stock Bank (ABBank), headquartered in
Hanoi, reported total assets of VND220 trillion as of December 31,
2025.

NAM A COMMERCIAL: Moody's Affirms 'B2' Bank Deposit, Issuer Ratings
-------------------------------------------------------------------
Moody's Ratings has affirmed the B2 local (LC) and foreign (FC)
currency long-term (LT) bank deposit and issuer ratings of Nam A
Commercial Joint Stock Bank (Nam A Bank), as well as the bank's b3
Baseline Credit Assessment (BCA) and adjusted BCA.

Moody's have also affirmed Nam A Bank's B1 LT FC and LC
Counterparty Risk Ratings (CRR) and B1(cr) LT Counterparty Risk
Assessment (CRA), NP short-term (ST) FC and LC CRR, ST FC and LC
bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST
CRA.

Moody's have changed the outlook on Nam A Bank's ratings to
positive from stable, as applicable, reflecting Moody's
expectations that improvement in the bank's asset quality and
capital will help improve its credit profile over the next 12-18
months.

RATINGS RATIONALE

The change in Nam A Bank's rating outlook to positive from stable
reflects Moody's expectations its asset quality will continue to
gradually improve, while its stable profitability and earnings
retention will support capital accumulation and strengthen its
overall loss absorbing buffers. Despite these improvements, the
bank's increasing reliance on short-term market funds and moderate
liquidity buffers will continue to constrain its overall credit
profile.

Nam A Bank's B2 LT deposit and issuer ratings are one notch above
its b3 BCA, reflecting Moody's expectations of a moderate
probability of support from the Government of Vietnam (Ba2 stable)
for the bank when needed.

Nam A Bank's problem loan ratio improved to 2.2% as of December
2025 from 2.3% as of December 2024 driven by improvements in asset
quality of retail borrowers. While the bank has sizeable exposure
to the real estate sector, Moody's expects asset quality to improve
for the sector as the Vietnamese government rolled out several
regulatory changes to aid the sector's recovery. At the same time,
Vietnam's strong economic momentum will further support
improvements in the bank's asset quality.

Nam A Bank's capitalization, though weak, will gradually improve to
around 7.5% supported by earnings retention and slower loan growth.
The bank's tangible common equity as a percentage of risk-weighted
assets (TCE ratio) declined to 7.2% as of September 30, 2025 from
8.0% as of December 31, 2024 driven by rapid asset expansion and
weaker internal capital generation. While the bank's net income /
tangible assets (ROTA) declined to 1.0% in 2025 from 1.5% the year
earlier as the bank shifted more of the balance sheet toward
interbank lending, it remains in line with similarly rated peers.

Moody's expects Nam A Bank's funding structure to remain stable
over the next 12-18 months, with the bank maintaining a high
reliance on short-term market funding. Nam A Bank's core banking
liquidity buffers is moderate, with high quality liquid assets
after Moody's standard haircuts representing around 8% of tangible
banking assets as of December 31, 2025.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Nam A Bank's ratings and BCA if its ROTA
remains above 1%, and its TCE ratio improves above 8% on a
sustained basis.

Given the positive outlook, a downgrade of Nam A Bank's ratings is
unlikely over the next 12-18 months. Nevertheless, Moody's could
stabilize the outlook if capital improvement is not as anticipated.
Moody's would downgrade Nam A Bank's ratings and BCA if there is a
significant deterioration in its financial fundamentals.
Specifically, if the bank's NPL ratio increases above 3%, or its
adjusted TCE ratio declines below 6.5% on a sustained basis.

Nam A Bank's deposit and issuer ratings could also be downgraded if
Moody's assesses that the government support for the bank has
weakened.

The principal methodology used in these ratings was Banks published
in November 2025.

Nam A Bank's BCA of b3 is two notches lower than the
scorecard-indicated outcome of b1. This difference notably reflects
Nam A Bank's modest capitalization and high earnings volatility.

Nam A Commercial Joint Stock Bank (Nam A Bank), headquartered in Ho
Chi Minh City, reported total assets of VND418 trillion as of
December 31, 2025.

VIET CAPITAL: Moody's Affirms 'B3' Bank Deposit & Issuer Ratings
----------------------------------------------------------------
Moody's Ratings has affirmed the B3 local (LC) and foreign (FC)
currency long-term (LT) bank deposit and issuer ratings of Viet
Capital Commercial Joint Stock Bank (BVBank), as well as the bank's
b3 Baseline Credit Assessment (BCA) and adjusted BCA.

Moody's have also affirmed BVBank's B2 LT FC and LC Counterparty
Risk Ratings (CRR) and B2(cr) LT Counterparty Risk Assessment
(CRA), NP short-term (ST) FC and LC CRR, ST FC and LC bank deposit
ratings, ST FC and LC issuer ratings and NP(cr) ST CRA.

The rating outlooks for BVBank, where applicable, remain stable.

RATINGS RATIONALE

The affirmation of BVBank's B3 rating and b3 BCA reflects Moody's
expectations that the bank's credit profile will remain stable over
the next 12 to 18 months, underpinned by improvements in asset
quality and capitalization. These strengths are balanced against
persistently weak profitability. The BCA further factors in the
bank's high reliance on short-term market funds and modest
liquidity buffers.

BVBank's B3 LT deposit and issuer ratings are in line with its b3
BCA, reflecting Moody's expectations of a low probability of
support from the Government of Vietnam (Ba2 stable) for the bank
when needed considering its small deposit market share of 0.4% as
of September 2025.

BVBank's problem loan ratio, which includes nonperforming loans
(NPL) and gross Vietnam Asset Management Company (VAMC) bonds,
decreased to 4.9% as of December 31, 2025 from 5.6% as of December
2024, driven by recovery of its problem assets. Risk of new NPL
formation is lower as special mention loan ratio declined to 1.1%
from 1.3% over the same period. Nevertheless, Moody's expects the
bank's asset quality to remain weaker than similarly rated
Vietnamese peers because of high single-name concentration and very
low provision coverage of 29% of problem loans as of December 31,
2025.

BVBank's capitalization improved with its tangible common equity as
a percentage of risk-weighted assets (TCE ratio) increasing to 8.4%
as of June 30, 2025 from 7.7% as of December 2024 as the bank
raised capital via share issuance and optimized its RWA. Moody's
expects the bank's TCE ratio to remain around 9% over the next
12-18 months. The bank's planned capital raising should support
loan growth, while internal capital generation is likely to remain
modest given its low profitability.

The bank's profitability remained low with net income / tangible
assets (ROTA) of 0.3% in 2025, unchanged compared to the level in
2024. The bank's net interest margin is lower than rated peers in
Vietnam constrained by high cost of funds given its small deposit
franchise.

Moody's expects BVBank's funding structure to remain stable over
the next 12-18 months, with the bank maintaining a high reliance on
short-term market funding. BVBank's core banking liquidity buffers
remained moderate, with high quality liquid assets after Moody's
standard haircuts representing around 8.7% of tangible banking
assets as of June 30, 2025.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade BVBank's ratings and BCA if the bank manages
to diversify its loan portfolio while maintaining a stable problem
loan ratio; strengthens its capital, such that its TCE ratio
exceeds 10%; and sustainably increases its profitability, with ROTA
remaining consistently above 0.5%.

Moody's could downgrade BVBank's ratings and BCA if its liquidity
or funding structure weakens. A downgrade is also likely if its
asset quality weaken, its TCE ratio falls below 7% or its
regulatory capital ratios decline significantly.

The principal methodology used in these ratings was Banks published
in November 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Viet Capital Commercial Joint Stock Bank (BVBank), headquartered in
Hanoi, reported total assets of VND133 trillion as of December 31,
2025.

VIETNAM NATIONAL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 natural resources
companies in the Asia-Pacific region and maintained one on Rating
Watch Positive.

The actions follow the 9 January 2026 update of its Corporate
Rating Criteria and Sector Navigators - Addendum to the Corporate
Rating Criteria. The criteria changes did not affect the companies'
ratings and the Outlooks.

Key Rating Drivers

See each issuer's press release for the full key ratings drivers:

InfraBuild Australia Pty Ltd. - Fitch Upgrades InfraBuild
Australia's IDR to 'CCC', dated 1 August 2025

JSW Steel Limited - Fitch Places JSW Steel's 'BB' Rating on Rating
Watch Positive, dated 6 January 2026

Nufarm Limited - Fitch Downgrades Nufarm to 'BB-'; Removes Rating
Watch Negative; Outlook Stable, dated 30 November 2025

PTT Exploration and Production Public Company Limited - Fitch
Revises Outlook on Thailand's PTT and PTTEP to Negative; Affirms at
'BBB+, dated 29 September 2025

PTT Global Chemical Public Company Limited - Fitch Downgrades PTT
Global Chemical to 'BBB-/AA-(tha)'; Outlook Stable, dated 8 April
2025

PTT Public Company Limited - Fitch Revises Outlook on Thailand's
PTT and PTTEP to Negative; Affirms at 'BBB+', dated 29 September
2025

Reliance Industries Ltd - Fitch Affirms Reliance Industries'
Ratings; Outlook Stable, dated 1 September 2025

SD Guthrie Berhad - Fitch Affirms SD Guthrie at 'BBB'; Outlook
Stable, dated 3 September 2025

Tata Chemicals Limited - Fitch Affirms Tata Chemicals at 'BB+';
Outlook Stable, dated 27 February 2025

UltraTech Cement Limited - Fitch Affirms UltraTech's Ratings at
'BBB-'; Outlook Stable, dated 18 November 2025

UPL Corporation Limited - Fitch Revises Outlook on UPL Corp to
Stable from Negative; Affirms at 'BB', dated 4 June 2025

Vietnam National Industry - Energy Group - Fitch Affirms Vietnam
National Industry - Energy Group at 'BB+'; Outlook Stable, dated 14
October 2025

Peer Analysis

Refer to each issuer's press release.

Fitch's Key Rating-Case Assumptions

Refer to each issuer's press release.

Corporate Rating Tool Inputs and Scores

InfraBuild Australia Pty Ltd.

Fitch scores the issuer using the agency's Corporate Rating Tool
(CRT) to produce a 'ccc' Standalone Credit Profile (SCP) as
follows:

- Business and financial profile factors (assessment, relative
importance): Management (b-, Moderate), Sector Characteristics
(bbb, Lower), Market & Competitive Positioning (b-, Moderate),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (ccc,
Moderate), Financial Structure (ccc-, Higher), and Financial
Flexibility (ccc, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year ending June 2025, 40% for the forecast year ending June 2026
and 40% for the forecast year ending June 2027.

- 'B+' to 'CC' considerations apply in its analysis and result in
no adjustment.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'CCC'.

JSW Steel Limited

Fitch scores the issuer using the agency's CRT to produce a 'bb'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market & Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb+, Higher), Profitability (bb-,
Moderate), Financial Structure (bb-, Higher), and Financial
Flexibility (bb, Moderate).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb+' results in no
adjustment.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB', on Rating Watch Positive.

Nufarm Limited

Fitch scores the issuer using the agency's CRT to produce a 'bb-'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Moderate), Sector Characteristics
(bb+, Moderate), Market & Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bb-,
Moderate), Financial Structure (b+, Higher), and Financial
Flexibility (bb, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 25% for the forecast year 2026, 25% for the forecast year
2027, 20% for the forecast year 2028 and 20% for the forecast year
2029.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a+' results in no
adjustment.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB-'.

PTT Exploration and Production Public Company Limited

Fitch scores the issuer using the agency's CRT to produce a 'bbb'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb-, Higher), Profitability (bbb,
Moderate), Financial Structure (aa+, Lower), 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 estimated 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.

To derive the IDR:

- Application of Fitch's Parent and Subsidiary Linkage Rating
Criteria results in an equalised approach, resulting in an IDR of
'BBB+'.

PTT Global Chemical Public Company Limited

Fitch scores the issuer using the agency's CRT to produce a 'bb'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb+,
Moderate), Market & Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bb+, Higher), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb,
Moderate), Financial Structure (b+, Higher), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 20% for the estimated year 2025, 20% for the forecast year
2026, 25% for the forecast year 2027 and 25% for the forecast year
2028.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb+' results in no
adjustment.

To derive the IDR:

- Application of Fitch's Parent and Subsidiary Linkage Rating
Criteria results in a bottom-up + 2 approach, resulting in an IDR
of 'BBB-'.

PTT Public Company Limited

Fitch scores the issuer using the agency's CRT to produce a 'bbb+'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market & Competitive Positioning (bbb+, Higher),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (a-,
Higher), Financial Structure (bbb, Moderate), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the estimated 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.

To derive the IDR:

- Application of Fitch's Government-Related Entities Rating
Criteria results in a constrained approach, at an IDR of 'BBB+'.

Reliance Industries Ltd

Fitch scores the issuer using the agency's CRT to produce a 'bbb+'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (a-,
Moderate), Market & Competitive Positioning (a-, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb,
Higher), Financial Structure (a, Moderate), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the estimated year
2025, 40% for the forecast year 2026 and 40% for the forecast year
2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

To derive the IDR:

- Country Ceiling considerations apply and result in an adjustment
of -1 notch, resulting in an IDR of 'BBB'.

SD Guthrie Berhad

Fitch scores the issuer using the agency's CRT to produce a 'bbb'
SCP as follows:

- 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 (bb-, Moderate), Profitability (b+,
Lower), Financial Structure (bbb, Moderate), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 20% for the estimated year 2025, 30% for the forecast year
2026 and 40% for the forecast year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb+' results in no
adjustment.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB'.

Tata Chemicals Limited

Fitch scores the issuer using the agency's CRT to produce a 'bb+'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market & Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bbb-, Higher), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb,
Moderate), Financial Structure (bb-, Moderate), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% weight for the estimated year
2025, 30% for the forecast year 2026 and 40% for the forecast year
2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a-' results in no
adjustment.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB+'.

UltraTech Cement Limited

Fitch scores the issuer using the agency's CRT to produce a 'bbb-'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb+,
Moderate), Market & Competitive Positioning (bbb+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bb,
Moderate), Financial Structure (bbb-, Moderate), and Financial
Flexibility (bbb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
financial year ending March 2025, 40% for the forecast financial
year ending March 2026 and 40% for the forecast financial year
ending March 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb+' results in no
adjustment.

To derive the IDR:

- The IDR of 'BBB-' is based on the company's SCP. Application of
Fitch's Parent and Subsidiary Linkage Rating Criteria allows the
company to be rated higher than the consolidated profile of its
parent, Grasim Industries Limited.

UPL Corporation Limited

Fitch scores the issuer using the agency's CRT to produce the
consolidated profile of the parent, UPL Limited:

- 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 (b+, Higher), and Financial
Flexibility (bb, Moderate).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

- The parent consolidated profile is 'bb'.

To derive the IDR:

- Application of Fitch's Parent and Subsidiary Linkage Rating
Criteria results in an equalised approach with an IDR of 'BB'.
Fitch deems UPL Corporation Limited to have a weaker credit profile
than the parent's consolidated profile.

Vietnam National Industry - Energy Group

Fitch scores the issuer using the agency's CRT to produce the 'bb+'
SCP as follows:

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb+, Moderate), Market & Competitive Positioning (a-, Moderate),
Diversification and Asset Quality (bb+, Higher), Company
Operational Characteristics (bbb-, Moderate), Profitability (b,
Moderate), Financial Structure (bb, 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 'bb' results in no
adjustment.

To derive the IDR:

- Application of Fitch's Government-Related Entities Rating
Criteria results in a standalone approach, as the company's SCP is
at the same level as Vietnam's sovereign rating (BB+/Stable).

Recovery Analysis

See the press release for InfraBuild Australia Pty Ltd. for its
recovery analysis.

RATING SENSITIVITIES

Refer to each issuer's press release.

Liquidity and Debt Structure

Refer to each issuer's press release.

Issuer Profile

Refer to each issuer's press release.

Summary of Financial Adjustments

Refer to each issuer's press release.

Sources of Information

Refer to each issuer's press release.

Public Ratings with Credit Linkage to other ratings

Refer to each issuer's press release.

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 InfraBuild Australia Pty Ltd., Nufarm Limited, PTT Global
Chemical Public Company Limited, PTT Public Company Limited,
Reliance Industries Ltd, SD Guthrie Berhad, Tata Chemicals Limited,
UPL Corporation Limited or Vietnam National Industry - Energy
Group.

The Climate.VS for JSW Steel Limited is 56 at 2035.

The Climate.VS for PTT Exploration and Production Public Company
Limited is 50 at 2035.

The Climate.VS for UltraTech Cement Limited is 50 at 2035.

ESG Considerations

Refer to each issuer's press release.

RAC Disclosure

Refer to each issuer's press release.

   Entity/Debt                  Rating           Recovery   Prior
   -----------                  ------           --------   -----
Vietnam National
Industry - Energy
Group                  LT IDR    BB+  Affirmed              BB+

   senior unsecured    LT        BB+  Affirmed              BB+

Nufarm Australia
Limited

   senior unsecured    LT        BB-  Affirmed              BB-

Nufarm Americas Inc.

   senior unsecured    LT        BB-  Affirmed              BB-

PTT Global Chemical
Public Company
Limited                LT IDR    BBB- Affirmed              BBB-

   senior unsecured    LT        BBB- Affirmed              BBB-

SD Guthrie
Global Berhad

   senior
   unsecured           LT        BBB  Affirmed             BBB

Reliance
Industries Ltd         LT IDR    BBB  Affirmed             BBB
                       LC LT IDR BBB+ Affirmed             BBB+

Tata Chemicals
Limited                LT IDR    BB+  Affirmed             BB+
  
PTTEP Treasury
Center Company
Limited

   senior
   unsecured           LT        BBB+ Affirmed             BBB+

UPL Corporation
Limited                LT IDR    BB   Affirmed             BB

   senior unsecured    LT        BB   Affirmed             BB

PTT Public
Company Limited        LT IDR    BBB+ Affirmed             BBB+
                       ST IDR    F1   Affirmed             F1
                       LC LT IDR BBB+ Affirmed             BBB+

InfraBuild
Australia Pty Ltd.     LT IDR    CCC  Affirmed             CCC

   senior secured      LT        B-   Affirmed   RR2       B-

Nufarm Limited         LT IDR    BB-  Affirmed             BB-

UltraTech Cement
Limited                LT IDR    BBB- Affirmed             BBB-
                       LC LT IDR BBB- Affirmed             BBB-

   senior unsecured    LT        BBB- Affirmed             BBB-

JSW Steel Limited      LT IDR BB Rating Watch Maintained   BB

   senior unsecured    LT     BB Rating Watch Maintained   BB

PTT Exploration and
Production Public
Company Limited        LT IDR    BBB+ Affirmed             BBB+

   senior unsecured    LT        BBB+ Affirmed             BBB+

SD Guthrie Berhad      LT IDR    BBB  Affirmed             BBB

   senior unsecured    LT        BBB  Affirmed             BBB

GC Treasury Center
Company Limited

   senior unsecured    LT        BBB- Affirmed             BBB-

   subordinated        LT        BB   Affirmed             BB

Periama
Holdings, LLC

   senior unsecured    LT     BB Rating Watch Maintained   BB


                           *********


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.



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