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260218.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, February 18, 2026, Vol. 29, No. 35 Headlines A U S T R A L I A AEG MAINTENANCE: First Creditors' Meeting Set for Feb. 19 HAINES GROUP: First Creditors' Meeting Set for Feb. 23 HEALTHSCOPE: HMC Capital Lines Up New Operators for 11 Hospitals NASH PROJECT: First Creditors' Meeting Set for Feb. 23 PANORAMA AUTO 2024-1: Fitch Affirms 'BB-sf' Rating on Class F Notes REESCORP PTY: First Creditors' Meeting Set for Feb. 23 WALRUS & CO: First Creditors' Meeting Set for Feb. 23 C H I N A CHINA VANKE: Fitch Hikes LT Foreign & Local-Currency IDR to 'CC' COUNTRY GARDEN: HK Court Dismisses 2024 Petition to Wind Up Company LONGFOR GROUP: Fitch Affirms 'BB-' LT Issuer Default Rating H O N G K O N G CHRISTIAN ZHENG: Court Orders Scandal-Hit Association Liquidated LI & FUNG: Moody's Withdraws 'Ba2' Corporate Family Rating I N D I A ADARSH NOBLE: CARE Keeps D Debt Ratings in Not Cooperating Category BALAJI AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category BLAZE PROMOTERS: Liquidation Process Case Summary DPG SECURITIES: Voluntary Liquidation Process Case Summary GOODWILL TEA: CARE Keeps D Debt Rating in Not Cooperating Category GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating ISHAPE APPLIANCES: Insolvency Resolution Process Case Summary JAYPEE INFRATECH: NCLT Taps Panel to Assess Progress of Projects KRISHNA COTTON: CARE Keeps B- Debt Rating in Not Cooperating MAHAPRABHU RAM: CARE Keeps D Debt Ratings in Not Cooperating NICE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating OMKAR INFRATECH: CARE Keeps B- Debt Rating in Not Cooperating P. M. COT: CARE Keeps D Debt Rating in Not Cooperating Category PANDURANGA ENERGY: Insolvency Resolution Process Case Summary PARAS BHAVANI: CARE Keeps D Debt Ratings in Not Cooperating PARASHAR COKE: CARE Keeps D Debt Rating in Not Cooperating PIRAMAL FINANCE: S&P Upgrades LT ICR to 'BB', Outlook Stable POLYMATECH ELECTRONICS: Faces Insolvency Bid Over IN157cr Default PRIYA AGRO: CARE Keeps C Debt Rating in Not Cooperating Category PUNEET AUTO: CARE Lowers Rating on INR75cr LT Loan to B+ RAJARAMSEVAK MULTIPURPOSE: CARE Keeps D Rating in Not Cooperating RAKESH KUMAR: CARE Keeps D Debt Rating in Not Cooperating Category RAMESHWAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating S. S. KAMATH: CARE Keeps C Debt Rating in Not Cooperating Category SAIFY INTERIORS: CARE Keeps D Debt Ratings in Not Cooperating SEKAR CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating SHIVA OM: CARE Keeps B- Debt Rating in Not Cooperating Category SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating SHREE BADRI: Insolvency Resolution Process Case Summary SHUBH ALUMINUM: CARE Keeps C/A4 Debt Ratings in Not Cooperating SINHGAD TECHNICAL: CARE Keeps D Debt Ratings in Not Cooperating SWAMI DEVI: CARE Keeps C Debt Rating in Not Cooperating Category TIRUMALA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category VIKAS CHAIN: CARE Keeps B- Debt Ratings in Not Cooperating Category VIVIN LABORATORIES: Insolvency Resolution Process Case Summary N E W Z E A L A N D ANNIC DAIRIES: Creditors' Proofs of Debt Due on March 11 BIG DADDY'S: Owner Faces Fresh Allegations After Company's Collapse CHANCE VOIGHT: FMA Urges Release of Interim Liquidation Report GLASS AND WINDOW: Creditors' Proofs of Debt Due on March 17 NEW ERA: Court to Hear Wind-Up Petition on Feb. 24 NEW ZEALAND TRADE: Court to Hear Wind-Up Petition on Feb. 24 REOCO LIMITED: Creditors' Proofs of Debt Due on March 17 P A K I S T A N PAKISTAN WATER: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable S I N G A P O R E CARBOFULL CARBON: Court to Hear Wind-Up Petition on Feb. 27 CONSORT PTE: Court to Hear Wind-Up Petition on Feb. 27 MACH ACCESSORIES: Court Enters Wind-Up Order PROSPECT LOGISTICS: Court to Hear Wind-Up Petition on Feb. 27 WAROENG LABANA: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: Rehabilitation Court Issues Ultimatum to Company - - - - - ================= A U S T R A L I A ================= AEG MAINTENANCE: First Creditors' Meeting Set for Feb. 19 --------------------------------------------------------- A first meeting of the creditors in the proceedings of AEG Maintenance Pty Ltd will be held on Feb. 19, 2026, at 10:00 a.m. via virtual meeting only. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Feb. 11, 2026. HAINES GROUP: First Creditors' Meeting Set for Feb. 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of The Haines Group Pty Ltd as trustee for the Haines Group Trust (formerly trading as "Seafarer Boats") will be held on Feb. 23, 2026, at 10:00 a.m. at the offices of DVT Mcleods, at Level 5, 145 Eagle Street, in Brisbane, QLD. Jonathan Mcleod and Nick Keramos of DVT Mcleods were appointed as administrators of the company on Feb. 11, 2026. HEALTHSCOPE: HMC Capital Lines Up New Operators for 11 Hospitals ---------------------------------------------------------------- Michael Smith at The Australian Financial Review reports that property funds controlled by David Di Pilla's HMC Capital said they have lined up alternative hospital operators for the 11 Healthscope hospitals they own, signalling they will resist steep rent cuts under a proposal to turn the company into a not-for-profit entity. According to the Financial Review, HMC's managing director of real estate Sid Sharma was critical of Healthscope's receivers McGrathNicol, saying they had not yet provided any details of a deal dubbed PurposeCo. The deal agreed with the hospital operator's lenders earlier this month, would create a new organisation with 31 hospitals. "All we know about PurposeCo is what you guys have read in the paper," Mr. Sharma told an analysts' call on Feb. 17. He said investors were frustrated at the lack of detail and questioned whether the new model was even real, the Financial Review relays. He twice referred to Healthscope's lenders, which include London's Polus Capital Management and Dallas-based Canyon Partners, as "vulture hedge funds". "This process has frankly dragged out longer than most people have wanted," the Financial Review quotes Mr. Sharma as saying. "We would encourage that if PurposeCo is a bona fide proposal that is well progressed and well considered the receivers submit such proposal to us for consideration. "The receivers and their advisers are in an unusual situation, juggling the interests of these foreign vulture hedge funds while making sure that the health care system remains available to serve the communities." "A lot depends on whether this PurposeCo that has been spruiked in the papers is real or not." McGrathNicol said on February 8 it had reached a deal with Healthscope's lenders to turn the country's second-biggest private hospital operator into a not-for-profit entity in a deal designed to stave off hospital closures, the Financial Review recalls. Health Minister Mark Butler welcomed the announcement. However, the proposal met with a cool response from HMC and Healthscope's biggest landlord, Canada's Northwest Healthcare Properties, which owns 12 hospitals. Healthscope is expected to push for rent reductions of 20 per cent or more to make the plan viable. The Financial Review relates that HMC's listed HealthCo Healthcare & Wellness REIT and its unlisted Healthcare Fund, which reported first-half results on Feb. 17, said they were still willing to talk to Healthscope but had deals with "well capitalised" alternative operators on a state-by-state basis for all 11 hospitals, It said those alternative deals included rental incentives that would result in a 10 to 15 per cent near-term reduction to asset valuations. While Northwest had a deal with Catholic provider Calvary Health Care to operate its 12 hospitals - which was rejected by the receivers - it is unclear which alternative operators HMC is talking to, according to the Financial Review. Sources close to the sale process but not authorised to speak publicly said HMC had failed to come up with a concrete viable offer for its assets over the last 10 months, the Financial Review relays. The Financial Review relates that McGrathNicol partner Keith Crawford said the receivers wrote to HMC on February 6 inviting the company to discuss the not-for-profit plan. "Our plan is to secure the future of all 31 Healthscope hospitals – including the HMC portfolio. HMC have since accepted the receiver's invitation to meet, and we look forward to those discussions occurring," Mr. Crawford said in a statement on Feb. 17. The Financial Review says Northwest and HMC argue change-of-control clauses in their contracts mean they have the right to find alternative operators if Healthscope cannot pay its rent. However, investors said both sides were horse-trading and Healthscope had leverage because it owned the plant and equipment in hospitals which they could strip out and make life difficult for the landlords if they switched operators. "Heathscope own the plant and equipment so it is not just a matter of saying here is your termination notice. At the end of the day I think there will be a sensible deal because the cost of divorce will be too brutal," the Financial Review quotes David Kingston, an activist investor who runs K Capital and owns HealthCo shares, as saying. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26, 2025, to put the company into receivership, Sky News Australia said. NASH PROJECT: First Creditors' Meeting Set for Feb. 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Nash Project Management Pty Ltd will be held on Feb. 23, 2026, at 11:30 a.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on Feb. 11, 2026. PANORAMA AUTO 2024-1: Fitch Affirms 'BB-sf' Rating on Class F Notes ------------------------------------------------------------------- Fitch Ratings has upgraded five and affirmed seven classes of asset-backed floating-rate notes from Panorama Auto Trust 2024-1 and Panorama Auto Trust 2024-3. The Outlook is Positive on six notes and Stable on the remainder. The two transactions are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee. The upgrades were driven by the build-up of credit enhancement (CE), while the Positive Outlooks reflect the relevant notes' sensitivity to decreased defaults and increased recoveries against its expected increase in CE over the next 12 to 24 months. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2024-1 A AU3FN0085361 LT AAAsf Affirmed AAAsf B AU3FN0085379 LT AAAsf Upgrade AA+sf C AU3FN0085387 LT AAAsf Upgrade A+sf D AU3FN0085395 LT Asf Upgrade BBB+sf E AU3FN0085403 LT BB+sf Affirmed BB+sf F AU3FN0085411 LT BB-sf Affirmed BB-sf Panorama Auto Trust 2024-3 A AU3FN0091146 LT AAAsf Affirmed AAAsf B AU3FN0091153 LT AAAsf Upgrade AAsf C AU3FN0091161 LT AA+sf Upgrade Asf Commission Note AU3FN0091138 LT AAAsf Affirmed AAAsf D AU3FN0091179 LT BBBsf Affirmed BBBsf E AU3FN0091187 LT BBsf Affirmed BBsf KEY RATING DRIVERS Stable Asset Performance: Obligor default risk is a key assumption in its quantitative analysis. As of end-2025, 30+ day arrears stood at 1.6% for Panorama Auto Trust 2024-1 and 1.5% for Panorama Auto Trust 2024-3. This was in line with Fitch's 3Q25 ABS Performance Monitor index of 1.5%. Meanwhile, 60+ day arrears were 0.7% and 0.6%, respectively, which was below Fitch's of 0.8%. Fitch used the following weighted-average (WA) base-case remaining default rates (and 'AAAsf' multiples) in its analysis: Panorama 2024-1: 1.45% (7.50x) Panorama 2024-3: 1.63% (7.00x) The recovery base-case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and is 35.0% for non-EVs, with a 'AAAsf' recovery haircut of 50.0%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.1% in December 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% for both years. CE Supports Ratings: Structural features include liquidity facilities sized at 1.3% of the invested amount of the notes (other than the class G notes), which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was performed for both transactions and incorporates Fitch's default and recovery expectations, portfolio compositions and the build-up of CE. Both transactions have built up CE through sequential principal repayment since closing. Once the principal stepdown criteria are met, the transactions will switch to pro rata payments. During the pro rata period, the rated notes will benefit from some increase in CE as a percentage, since the class G notes' pro rata allocation will be redistributed among the rated notes. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the servicer were comparable with those of other auto lenders. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Panorama Auto Trust 2024-1 Notes: A / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / Asf / BB+sf / BB-sf 10% WAFF increase: AAAsf / AAAsf / AAAsf / Asf / BB+sf / B+sf 25% WAFF increase: AAAsf / AAAsf / AA+sf / A-sf / BBsf / B+sf 50% WAFF increase: AAAsf / AAAsf / AAsf / BBBsf / B+sf / Bsf 10% WARR decrease: AAAsf / AAAsf / AAAsf / Asf /BB+sf / BB-sf 25% WARR decrease: AAAsf / AAAsf / AAAsf / Asf / BB+sf / B+sf 50% WARR decrease: AAAsf / AAAsf / AAAsf / A-sf / BBsf / B+sf 10% WAFF increase / 10% WARR decrease: AAAsf / AAAsf / AAAsf / A-sf / BBsf / B+sf 25% WAFF increase / 25% WARR decrease: AAAsf / AAAsf / AA+sf / BBB+sf / BB-sf / Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / AAAsf / A+sf / BBB-sf / Bsf / less than Bsf Panorama Auto Trust 2024-3 Notes: Commission / A / B / C / D / E Rating: AAAsf / AAAsf / AAAsf / AA+sf / BBB+sf / BBsf 10% WAFF increase: AAAsf / AAAsf / AAAsf / AA+sf / BBB+sf / BB-sf 25% WAFF increase: AAAsf / AAAsf / AAAsf / AAsf / BBBsf / B+sf 50% WAFF increase: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / Bsf 10% WARR decrease: AAAsf / AAAsf / AAAsf / AA+sf / BBB+sf / BB-sf 25% WARR decrease: AAAsf / AAAsf / AAAsf / AA+sf / BBBsf / BB-sf 50% WARR decrease: AAAsf / AAAsf / AAAsf / AA+sf / BBBsf / B+sf 10% WAFF increase / 10% WARR decrease: AAAsf / AAAsf / AAAsf / AA+sf / BBBsf / BB-sf 25% WAFF increase / 25% WARR decrease: AAAsf / AAAsf / AAAsf / AA-sf / BBB-sf / Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / AAAsf / AA+sf / Asf / BBsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The 'AAAsf' notes are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Panorama Auto Trust 2024-1 Notes: D/ E/ F Rating: Asf / BB+sf / BB-sf 10% WAFF decrease / 10% WARR increase: AA-sf / BBB-sf / BBsf Panorama Auto Trust 2024-3 Notes: C / D / E Rating: AA+sf / BBB+sf/ BBsf 10% WAFF decrease / 10% WARR increase: AAAsf / A-sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2024-1 and Panorama Auto Trust 2024-3, in which EVs comprised 18.9% and 18.6% of the pool, respectively, as of end-2025, each has an ESG Relevance Score of '4' for Energy Management. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The score is higher than the baseline score of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transactions was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining recovery assumptions. 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. REESCORP PTY: First Creditors' Meeting Set for Feb. 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Reescorp Pty Ltd will be held on Feb. 23, 2026, at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Feb. 11, 2026. WALRUS & CO: First Creditors' Meeting Set for Feb. 23 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Walrus & Co. Pty Ltd (trading as The Walrus) will be held on Feb. 23, 2026, at 11:00 a.m. via Microsoft Teams. Bradd William Morelli of Jirsch Sutherland was appointed as administrator of the company on Feb. 11, 2026. ========= C H I N A ========= CHINA VANKE: Fitch Hikes LT Foreign & Local-Currency IDR to 'CC' ---------------------------------------------------------------- Fitch Ratings has upgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'CC' from 'RD' following the completion of what Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. The IDRs reflect China Vanke's post-restructuring profile. Fitch has affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Fitch rates China Vanke and Vanke HK under its Parent and Subsidiary Linkage Rating Criteria. The companies' IDRs are the same, reflecting very high credit risk. Vanke HK is China Vanke's fully owned sole offshore financing platform. Key Rating Drivers Completion of DDE: In January 2026, China Vanke completed restructuring of CNY2 billion of bonds originally maturing on 15 December 2025, CNY3.7 billion of bonds originally maturing on 28 December 2025 and CNY1.1 billion of bonds that were puttable on 21 January 2026. The company repaid 40% of the principal of these onshore bonds and extended the maturity date of the remaining 60% by one year. China Vanke obtained CNY2.36 billion of loans from its largest shareholder, Shenzhen Metro Group Co. Ltd (SZMC), to partly fund the bond restructuring. Fitch considers these measures a DDE in accordance with its Corporate Rating Criteria. Fitch considers the extension of the maturity dates of the principal by one year as a material reduction in terms while the restructuring would allow the issuer to avoid an eventual probable default. Tight Liquidity; Large Maturities: Vanke will have CNY15 billion of capital market debt maturing from April to December 2026. China Vanke's reported cash fell to CNY60 billion by end-September 2025, from CNY69 billion at end-June 2025, and Fitch believes most of the cash balance may be restricted and not readily available for debt repayment. As such, China Vanke may not be able to repay its debt obligations without additional shareholder support. Negative FCF Persists: Fitch expects China Vanke's FCF, including potential asset disposal proceeds, to remain negative in 2025 and 2026, as Fitch expects sales to have fallen by 45% in 2025 and forecast a further 30% decline in 2026. China Vanke expects losses attributable to shareholders for 2025 to widen to CNY82 billion from CNY49.5 billion, due to a decline in development revenue recognition, low gross margins and provisions for asset and credit impairments. Rated on Standalone Basis: SZMC, wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission, is China Vanke's largest shareholder with a 27.18% stake. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake in China Vanke, does not control its board and does not consolidate China Vanke. Peer Analysis The IDRs on China Vanke and Vanke HK are driven by the high level of credit risks related to the repayment of its debt obligations. Fitch’s Key Rating-Case Assumptions - Sales to drop by 45% in 2025, 30% in 2026 and 15% in 2027 (1H25: 46% drop). - FCF outflow after asset disposal proceeds of CNY5 billion-10 billion in 2025-2027 (outflow of CNY9 billion in 1H25). - Trade and bills payables to drop by CNY45 billion in 2025, and by CNY35 billion in 2026 (CNY24 billion drop in 1H25). Corporate Rating Tool Inputs and Scores Fitch scored China Vanke as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Lower), Sector Characteristics (b+, Moderate), Market & Competitive Positioning (b+, Lower), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (ccc-, Higher), Profitability (ccc-, Moderate), Financial Structure (b, Lower), and Financial Flexibility (ccc-, Higher). - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'cc'. To derive the IDR: - No further adjustments made to the SCP, resulting in an IDR of 'CC' Fitch scored Vanke HK as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b, Lower), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (ccc+, Lower), Diversification and Asset Quality (b+, Lower), Company Operational Characteristics (ccc-, Higher), Profitability (ccc-, Moderate), Financial Structure (ccc-, Moderate), and Financial Flexibility (ccc-, Higher). - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'cc'. To derive the IDR: - No further adjustments made to the SCP, resulting in an IDR of 'CC' Recovery Analysis The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. The liquidation estimate reflects its view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors - Zero advance rate applied to net inventory. The onshore property projects are mostly co-owned with China Vanke. Fitch therefore believes the recovery prospect is unclear, as China Vanke is in financial distress. - 50% advance rate applied to Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY15 billion - 50% advance rate applied to property, plant and equipment, and investment properties, which are of insignificant value - Zero advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated presales deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables less available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0% - Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds - The allocation of value in the liability waterfall results in a Recovery Rating of 'RR5' for the offshore senior unsecured debt RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For China Vanke and Vanke HK: - Fitch would downgrade the IDR to 'C' if a default or default-like process has begun. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For China Vanke and Vanke HK: No positive rating action is anticipated in the near term, as Fitch believes a default or debt restructuring is probable. Liquidity and Debt Structure China Vanke reported CNY60 billion of cash at end-September 2025, including regulated pre-sale funds, against short-term debt of about CNY151 billion. The company will have about CNY15 billion of capital market debt maturing during April-December 2026. Issuer Profile China Vanke is one of China's 10 largest developers by contracted sales in 2024 and 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. 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 China Vanke and Vanke HK. ESG Considerations China Vanke Co., Ltd. has an ESG Relevance Score of '4' for Group Structure due to opaque funding arrangements for its development projects, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. China Vanke Co., Ltd. has an ESG Relevance Score of '4' for Financial Transparency due to the cessation of disclosure of its monthly sales data, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CC Affirmed CC senior unsecured LT C Affirmed RR5 C China Vanke Co., Ltd. LT IDR CC Upgrade RD LC LT IDR CC Upgrade RD COUNTRY GARDEN: HK Court Dismisses 2024 Petition to Wind Up Company ------------------------------------------------------------------- Reuters reports that Country Garden said on Feb. 16 that the Hong Kong High Court has dismissed the winding-up petition filed by Ever Credit against the property developer in 2024. Ever Credit Ltd, a unit of Hong Kong-listed Kingboard Holdings, filed the petition in February 2024 against Country Garden for non-payment of a $205 million loan, Reuters recalls. Reuters notes that the petition was filed a month after the now delisted China Evergrande Group, once one of China's top-selling property developers, was ordered to be liquidated by a Hong Kong court in a blow to Beijing's efforts to restore confidence in China's property sector. The court had previously adjourned the hearing on the winding-up petition at least five times since 2024. The slump in China's property sector is now in its fifth year, Reuters says. The sector, which once made up a quarter of China's gross domestic product, has been hit by slowing demand, with homebuyer sentiment also hurt by developers' defaults. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. LONGFOR GROUP: Fitch Affirms 'BB-' LT Issuer Default Rating ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of five Chinese homebuilders. These actions follow the updates to Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on 9 January 2026. The criteria changes do not affect the companies' ratings or Fitch's Outlooks on the ratings. Key Rating Drivers For full key rating drivers for each issuer, see the RACs listed below. China Overseas Land & Investment Limited "Fitch Affirms China Overseas Land at 'A-'; Outlook Stable", dated 10 September 2025 China Resources Land Ltd "Fitch Affirms China Resources Land at 'BBB+'; Outlook Stable", dated 6 August 2025 Yuexiu Property Company Limited "Fitch Revises Outlook on Yuexiu Property to Stable, Affirms at 'BBB-'", dated 4 June 2025 Beijing Capital Development Holding (Group) Co., Ltd. "Fitch Revises Outlook on Beijing Capital Development Holding to Stable; Affirms at 'BBB-'", dated 2 December 2025 Longfor Group Holdings Limited "Fitch Downgrades Longfor to 'BB-'; Outlook Negative", dated 26 June 2025 Peer Analysis Refer to the RAC for each issuer. Fitch’s Key Rating-Case Assumptions Refer to the RAC for each issuer. Corporate Rating Tool Inputs and Scores China Overseas Land & Investment Limited 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 (bbb+, higher), Diversification and Asset Quality (bbb, moderate), Company Operational Characteristics (bbb+, moderate), Profitability (bb+, moderate), Financial Structure (bbb+, higher), and Financial Flexibility (bbb+, moderate). - 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 Issuer Default Rating (IDR): - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria incorporates support from the ultimate parent, China State Construction Engineering Corporation Ltd (CSCEC, A-/Stable). Fitch expects the support from CSCEC to the issuer's immediate parent, China Overseas Holding Limited, to flow through to the issuer. China Resources Land Ltd 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+, moderate), Diversification and Asset Quality (bbb+, higher), Company Operational Characteristics (bbb+, moderate), Profitability (bbb, moderate), Financial Structure (bbb, moderate), and Financial Flexibility (bbb+, moderate). - 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: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+' Yuexiu Property Company Limited 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 (bb+, higher), Diversification and Asset Quality (bb, moderate), Company Operational Characteristics (bbb-, moderate), Profitability (b-, moderate), Financial Structure (bb, moderate), and Financial Flexibility (bbb, moderate). - The Governance assessment of 'good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom-up +2 approach. Beijing Capital Development Holding (Group) Co., Ltd. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, lower), Sector Characteristics (bb-, moderate), Market and Competitive Positioning (b, moderate), Diversification and Asset Quality (bb-, lower), Company Operational Characteristics (b, higher), Profitability (ccc+, moderate), Financial Structure (b-, moderate), and Financial Flexibility (bb-, higher). - 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: - Application of Fitch's Government-Related Entities Rating Criteria results in a bottom-up +5 approach. Longfor Group Holdings Limited 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 (bb-, moderate), Diversification and Asset Quality (bbb, moderate), Company Operational Characteristics (bb-, higher), Profitability (b-, moderate), Financial Structure (bb+, moderate), and Financial Flexibility (bb, higher). - The Governance assessment of 'good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Refer to the RAC for each issuer. Liquidity and Debt Structure Refer to the RAC for each issuer. Issuer Profile Refer to the RAC for each issuer. Public Ratings with Credit Linkage to other ratings Refer to the RAC for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for China Overseas Land & Investment Limited, China Resources Land Ltd, Yuexiu Property Company Limited, Beijing Capital Development Holding (Group) Co., Ltd. and Longfor Group Holdings Limited. ESG Considerations Refer to the RAC for each issuer. Entity/Debt Rating Prior ----------- ------ ----- China Overseas Land & Investment Limited LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- China Overseas Finance (Cayman) VI Limited senior unsecured LT A- Affirmed A- China Overseas Finance (Cayman) VIII Limited senior unsecured LT A- Affirmed A- China Overseas Finance (Cayman) III Limited senior unsecured LT A- Affirmed A- Westwood Group Holdings Limited senior unsecured LT BBB- Affirmed BBB- Longfor Group Holdings Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Bright Galaxy International Limited senior unsecured LT BBB- Affirmed BBB- China Overseas Finance (Cayman) VII Limited senior unsecured LT A- Affirmed A- Yuexiu Property Company Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- China Resources Land Ltd LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Beijing Capital Development Holding (Group) Co., Ltd. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- ================= H O N G K O N G ================= CHRISTIAN ZHENG: Court Orders Scandal-Hit Association Liquidated ---------------------------------------------------------------- Brian Wong at South China Morning Post reports that a Hong Kong court has ordered the liquidation of a scandal-plagued Christian charity for failing to repay HK$61 million (US$7.8 million) granted by the government to renovate a defunct boarding school for drug addicts. In a written judgment on Feb. 16, the High Court granted the Department of Justice's petition to wind up the Christian Zheng Sheng Association over the debts arising from a material change in board leadership after a high-profile fraud case came to light in 2024, the Post relates. The association is known for previously operating Christian Zheng Sheng College at Ha Keng on Lantau Island to help teenagers struggling with drug addiction or on probation orders. Established in 1985, the college for recovering drug addicts ceased operations in July 2024 after police arrested four directors and froze the non-profit association's assets over the alleged misappropriation of HK$50 million in donations, the Post notes. The Post says three other wanted directors - principal Alman Chan Siu-cheuk, founder Lam Hay-sing and Chan Yau-chi - have fled the city. According to the Post, the association replaced all of its directors after the police operation, violating a clause in a 2017 funding agreement for the college's renovation that required the charity's leadership to remain unchanged from the time it received financial help from the Beat Drugs Fund Association, a non-profit company governed by the Security Bureau. The Post relates that the fund demanded that the charity repay HK$59.25 million in public money, which amounted to HK$61.4 million including interest, but the NGO ignored repeated requests. In court, the charity and the government locked horns over the technicalities of presenting the petition, including whether the Department of Justice could lodge the application on the fund's behalf and whether there was an arguable case over the proper interpretation of the funding agreement. According to the Post, Deputy Judge Gary Lam Chin-ching ruled that while the government was not a party to the agreement, it was entitled to reclaim the money on behalf of the fund, which acted as its agent. Lam said the agreement clearly intended for the association to repay all sums received from the fund over the years in the event of default - not only the unspent balance - to ensure the charity would operate the college properly, the Post relays. The judge rejected the association's complaint that the government would gain an unfair "windfall", saying parties must be held to account under the clear wording of the agreement. He also found the association had no basis for arguing that the administration was acting in bad faith or irrationally in its effort to recover the funds. "Even assuming that the suspicion of fraud against several directors as mentioned above proved to be false, I am of the view that this would still be consistent with the premise that [the Beat Drugs Fund Association] formed the opinion as set out in the notice of termination [of the funding agreement] in good faith, not arbitrarily, not irrationally and not capriciously," the judge said. The Post adds that the court further ordered the association to pay HK$600,000 to the government as costs for engaging two barristers in the proceedings. LI & FUNG: Moody's Withdraws 'Ba2' Corporate Family Rating ---------------------------------------------------------- Moody's Ratings has withdrawn the following ratings of Li & Fung Limited, including its Ba2 corporate family rating, Ba2 senior unsecured bond ratings, and provisional (P)Ba2 senior unsecured medium-term note (MTN) programme rating. Moody's have also withdrawn its provisional (P)B1 preferred stock MTN programme rating and the B1 subordinated perpetual capital securities rating. Prior to the withdrawal, the outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because of inadequate information to monitor the rating(s), due to the issuer's decision to cease participation in the rating process. COMPANY PROFILE Founded in 1906, Li & Fung Limited is a global consumer product sourcing and trading company. It is based in Hong Kong SAR, China, and has an extensive global supply chain network that spans approximately 40 economies. ========= I N D I A ========= ADARSH NOBLE: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Adarsh Noble Corporation Limited (ANCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.75 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 20, 2024, placed the rating(s) of ANCL under the 'issuer non-cooperating' category as ANCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ANCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 5, 2025, November 15, 2025, November 25, 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 Adarsh Noble Corporation Limited (ANCL) was incorporated in 2006 by Bhubaneswar-based Mr. M. K. Acharya. Prior to setting up of ANCL, the promoters were engaged in construction business through a partnership firm, named A. P. Construction since 1997. ANCL is engaged in Engineering, Procurement and Construction (EPC) in the field of construction and maintenance of petrochemical storage tanks, equipment erection, etc. Majority contribution to revenue of the company is from public sector entities in the oil & gas sector and large players in the aluminium & steel sector. BALAJI AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sri Balaji Agro (SBA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.47 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 December 5, 2024, placed the rating(s) of SBA under the 'issuer non-cooperating' category as SBA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 21, 2025, October 31, 2025, 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: Not applicable Sri Balaji Agro (SBA) was established in the year 2016 as a proprietorship concern by Mrs Chudi Lavanya. SBA is planning to set up cleaning and processing unit for pulses like Toor dal, Gram Dal, Moong Dal, Urid Dal and Masoor Dal. The expected date of start of commercial operation of the unit is July 2017. The total proposed cost for setting up the unit is INR3.80 crore which is proposed to be funded by promoter's capital of INR1.85 crore and remaining through long-term loan of INR1.95 crore. BLAZE PROMOTERS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Blaze Promoters Private Limited Regd. Office: 102, Antriksh Bhawan, 22, K.G. Marg, Connaught Place, New Delhi, Delhi, India, 110001 Principal office: Vatika Triangle, Seventh Floor, Sushant Lok, Phase-I, M.G. Road, Gurgaon, Haryana - 122002 Liquidation Commencement Date: February 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-II Liquidator: Rajiv Bajaj B-269, LOWER GROUND FLOOR, CHHATARPUR ENCLAVE, PHASE-2, NEW DELHI-110074 Email: rbajajip@gmail.com Email: liqblaze@gmail.com Last date for submission of claims: March 7, 2026 DPG SECURITIES: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: DPG Securities Private Limited 560 Ludhiana Stock Exchange, Feroze Gandhi Market Ludhiana, Punjab, India Liquidation Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Mast Ram 1st floor, SCO 35, Sector 20 C, Chandigarh-160020, CH Email: mrchechi@gmail.com Mobile No: +91 94172-64876 Last date for submission of claims: March 5, 2026 GOODWILL TEA: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Goodwill Tea and Industries Limited (GTIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 December 24, 2024, placed the rating(s) of GTIL under the 'issuer non-cooperating' category as GTIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 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 Goodwill Tea and Industries Limited (GTIL) was incorporated during 1919 by one Mundra family in West Bengal for setting up a business of green/CTC tea plantation, processing and sales. The company has a tea garden in Jalpaiguri, West Bengal, namely Bandiguri Tea Estate which spread over 966 acres of land and a tea manufacturing unit with installed capacity of 16,00,000 kgs per annum. The total green leaf harvested in the year FY19-20 is 44.17 Kg lakhs. Mr. Arun Kumar Mundra and Ms. Sunita Mundra are the promoters of the company with overall experience of more 30 and 20 years in the tea industry. They are supported by other three directors along with a team of experienced professional who are having long experience in similar line of business. GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Goraya Straw Board Mills Private Limited (GSBMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.10 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 January 13, 2025, placed the rating(s) of GSBMPL under the 'issuer non-cooperating' category as GSBMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSBMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 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 Goraya Straw Board Mills Pvt. Ltd. (GSBMPL) was originally formed on December 23, 1976 as a partnership concern, Goraya Straw Cardboard Mills, by the Goraya family. Later on, it was reconstituted as a private limited company in August 17, 1990. The company is engaged in manufacturing of paper boards which finds its application in the packaging industry. ISHAPE APPLIANCES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Ishape Appliances Private Limited 1/6 New Palasia Office Number 203 western, Indore, Madhya Pradesh, India - 452001 Insolvency Commencement Date: January 30, 2026 Estimated date of closure of insolvency resolution process: July 29, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Prabhat Jain LIG-212, E-7, Arera Colony, Near Union Bank, Stop No. 11, Bhopal – 462016 Email: ip.caprabhatjain@gmail.com 15, Tapti Appt, Near Roshanpura Sqr. Bhopal, MP462003 Email: cirp.ishape@gmail.com Last date for submission of claims: February 16, 2026 JAYPEE INFRATECH: NCLT Taps Panel to Assess Progress of Projects ---------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has appointed a two-member committee to evaluate the progress of construction across projects of Suraksha Group-controlled Jaypee Infratech Ltd (JIL) and submit a detailed status report to the tribunal. The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech was initiated on August 9, 2017. Suraksha Group's bid to acquire the company was approved by the insolvency tribunal on March 7, 2023, but homebuyers have raised concerns over significant delays in project completion, according to ET. A two-member Delhi-based principal bench of the NCLT noted the "anguish of homebuyers" and directed the committee to address their grievances. The tribunal's order followed applications and affidavits filed by the flatbuyers of Jaypee Infratech, ET relates. "Without prejudice to the contentions raised in this application and various reports, replies affidavit filed which in order to enable anguish of homebuyers' before us, in the interregnum, we are inclined to appoint former Members of NCLT PK Mohanty and Deepti Mukesh to undertake an exercise to assess the progress of construction of the projects in relation to the approved resolution plan dated March 7, 2023," the NCLT said. ET says the tribunal further instructed the committee to "give a complete, comprehensive report on the status and grievance, if any," and directed all parties involved "to cooperate with both the Members without demur." The matter is listed for the next hearing on April 1, 2026. The order, passed on Feb. 12, 2026, was issued by a bench comprising Justice Ramalingam Sudhakar (President) and Ravindra Chaturvedi (Member, Technical), ET notes. According to ET, the flatbuyers' association has repeatedly raised concerns regarding delays in project completion and compliance with obligations under the Resolution Plan approved by the NCLT. Under its final resolution plan, Mumbai-based Suraksha Group committed to completing around 20,000 homes across multiple stalled residential projects and offering possession to distressed homebuyers. The group officially took control of JIL on June 4, 2024, after the National Company Law Appellate Tribunal (NCLAT) upheld its bid. About Jaypee Infratech Jaypee Infratech Limited (JIL) is engaged in the real estate development. The Company's business segments include Yamuna Expressway Project and Healthcare. The Company's Yamuna Expressway Project is an integrated project, which inter alia includes construction of 165 kilometers long six lane access controlled expressway from Noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Company provides operation and maintenance of Yamuna Expressway for over 36 years, collection of toll and the rights for development of approximately 25 million square meters of land for residential, commercial, institutional, amusement and industrial purposes at over five land parcels along the expressway. The Healthcare business segment includes hospitals. The Company has commenced development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at Agra. JIL features in the Reserve Bank of India's first list of non-performing assets accounts and had debt exposure of over INR9,783 crore as of September 2017. The parent company, Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to various banks. On Aug. 8, 2017, the National Company Law Tribunal (NCLT), Allahabad bench accepted lender IDBI Bank's plea and classified JIL as an insolvent company. With this, the board of directors of the company remains suspended. Anuj Jain was appointed as Interim Resolution Professional (IRP) to manage the company's business. The IRP had invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida. In June 2021, the Committee of Creditors (CoC), which is made up of banks and homebuyers, gave the Suraksha group authorization to acquire JIL. In March 2023, the National Company Law Tribunal (NCLT) authorised the group's bid to acquire JIL and complete construction about 20,000 flats across various projects in the national capital region. KRISHNA COTTON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shree Krishna Cotton Industries (SKCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; 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 4, 2024, placed the rating(s) of SKCI under the 'issuer non-cooperating' category as SKCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKCI 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: Stable Kutch-based (Gujarat), SKCI was established as a partnership firm in April, 2012. It is currently managed by five partners and operates from its sole manufacturing plant located at Kutch with an installed capacity of 65,223 cotton bales per annum and 19,416 MTPA for cotton seeds as on March 31, 2020. SKCI has other associate concerns viz. Shreenathji Cotton Industries and Shreenath Oil Industries. Shreenathji Cotton Industries which was established in 2004 is engaged into manufacturing of cotton bales and cotton seeds, while Shreenath Oil Industries is engaged into processing of cotton seed for generation of oil. MAHAPRABHU RAM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Mahaprabhu Ram Mulkh Hi Tech Education Society (MRMHTES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.55 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 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 30, 2025, placed the rating(s) of MRMHTES under the 'issuer non-cooperating' category as MRMHTES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRMHTES continues to be noncooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 2026 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 Mahaprabhu Ram Mulkh Hi-Tech Educational Society (MRMHTES) got registered under the Society Registration Act-1860 in 2005 and is currently being managed by Mr Roshan Lal Jindal, Mrs Ritu Jindal, Mr Mukesh Jindal, Mrs. Tamanna Jindal, Mrs Saroj Garg, Mr Rajneesh Jindal and Mr Rohit Sharma as the trustees. The society was formed with an objective to provide higher education in the field of engineering, computer science and management. The society has established five separate colleges, namely, Shree Ram Mulkh Institute of Management and Technology, Shree Ram Mulkh Institute of Engineering and Technology, Shree Ram Mulkh College of Technical Education, Shree Ram Mulkh College of Education and Shree Birkha Ram College of Education. All the colleges of MRMH are in Village Kohra-Bhura (Bhurewala), Haryana. The different courses offered are duly approved by AICTE (All India Council of Technical Education). MRMH is also affiliated to Kurukshetra University, Kurukshetra (KUK). NICE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nice Projects Limited (NPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 44.00 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 January 13, 2025, placed the rating(s) of NPL under the 'issuer non-cooperating' category as NPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 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 New India Contractors & Engineers (NICE), a construction agency, started its activities in 1988 as a proprietorship firm and was later incorporated as Nice Projects Limited (NPL), on April 22, 2004. The company promoted by Mr. Sartaj Ali, an engineer by profession, is engaged in construction works pertaining to residential complexes, warehouses & allied buildings, industrial structures, educational institutions, hospitals, heavy steel fabrication and erection works etc., and has executed number of projects. OMKAR INFRATECH: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Omkar Infratech Limited (OIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.28 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 January 9, 2025, placed the rating(s) of OIL under the 'issuer non-cooperating' category as OIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OIL 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: Stable Omkar Infratech Limited was established in April 2009 as a Public Limited Company at Bazpur (Uttarakhand); primarily being managed by Mr. Ankur Agrawal, Mr. Radheshyam Garg and Mr. Gagan Garg. OIL started its operations from 2013. The entity is mainly involved into crushing of riverbed material (RBM) stones to manufacture stones of various sizes like aggregates, grits, sand and dust from its sole manufacturing facilities situated at Bazpur, Uttarakhand. The final products manufactured by OIL find application in the construction of building, roads etc. P. M. COT: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P. M. Cot Fibers (PMCF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.11 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 December 5, 2024, placed the rating(s) of PMCF under the 'issuer non-cooperating' category as PMCF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMCF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 21, 2025, October 31, 2025, 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: Not applicable Barwani (Madhya Pradesh) based PMCF was formed in April 2014 as a partnership firm by three partners with unequal profit and loss sharing agreement between them to undertake green field project in the field cotton ginning & pressing of cotton bales and cotton seeds. PMCF operates from its sole manufacturing facility located in Barwani (Madhya Pradesh) with proposed installed capacity of 25,000 MTPA for cotton bales. PANDURANGA ENERGY: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: M/s Panduranga Energy Systems Private Limited Plot No. 19/B, Silent Lake Valley, Road No. 51, Jubilee Hills, Hyderabad-500033 Insolvency Commencement Date: February 5, 2026 Estimated date of closure of insolvency resolution process: August 4, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Shri Sivanagaraja Taduvai Plot No. 16 (11-20-18), Shop Cum Flat, Huda Complex, Kothapet Hyderabad, Telangana, 500035 Email: tsnraja@gmail.com Email: irp@pandurangaenergy.com Last date for submission of claims: February 18, 2026 PARAS BHAVANI: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Paras Bhavani Steel Private Limited (PBSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 22.00 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 December 19, 2024, placed the rating(s) of PBSPL under the 'issuer non-cooperating' category as PBSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PBSPL 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 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 October 2007, PBSPL is engaged in manufacturing of welded, seamless and stainless steel (SS) pipes at its manufacturing facilities located at Odhav and Rajpur (Kadi), near Ahmedabad in Gujarat. The company is promoted by Mr. Parasmal S. Bohra and his family members. The company manufactures a diversified range of steel rolled products like SS seamless tubes and pipes and caters to various industries including construction, automobile, textile, food processing and pharmaceuticals. PARASHAR COKE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Parashar Coke Private Limited (PCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 74.00 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 December 24, 2024, placed the rating(s) of PCPL under the 'issuer non-cooperating' category as PCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 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 Parashar Coke Private Limited (PCPL) was incorporated in 2006 by Mr. Mithilesh Pandey, Mr. Sanjay Kumar Shah (friend of Mr. Mithilesh Pandey) and Mr. Shiv Nandan Prasad Singh (relative of Mr. Mithilesh Pandey). PCPL has set up a LAMC facility in Saraikela, Jharkhand, having an installed capacity of 224,065 MTPA for coke and 4,573 MTPA for coke fines at a cost of INR115.47 crore. The project was funded at a debt-equity ratio of 1.78:1. PIRAMAL FINANCE: S&P Upgrades LT ICR to 'BB', Outlook Stable ------------------------------------------------------------ S&P Global Ratings raised its long-term issuer credit rating on Piramal Finance Ltd. to 'BB' from 'BB-'. The outlook is stable. At the same time, S&P affirmed its 'B' short-term issuer credit rating on the India-based lending company. S&P said, "The stable outlook on the long-term rating reflects our view that Piramal Finance's profitability and asset quality will improve in an orderly manner over the next 12-24 months. We also expect capital to remain strong and the company to gain market share. "We believe Piramal Finance Ltd.'s business and revenue should be more stable over the next 12-24 months, given a significant reduction in its legacy loan book; capitalization will likely be strong." Piramal Finance's creditworthiness should also benefit from a letter of support from an entity owned by persons related to its promoters. S&P upgraded Piramal Finance because it believes the company's business and revenue will become more stable, given a significant decline in legacy loans. The group's strong capitalization and ample liquidity buffers provide an additional layer of resilience. The company's creditworthiness should also benefit from a letter of support from an entity owned by persons related to its promoters. Piramal Finance appears well positioned for strong growth and market share gains. Its legacy book has significantly decreased, suggesting to us that the company is well-positioned to achieve Indian rupee (INR) 1.5 trillion in assets under management (AUM) by fiscal 2028 (ended March 31, 2028). Since 2020, Piramal Finance has streamlined its structure, run down its legacy loan book, and diversified its loan portfolio. The dominance of retail loans is increasing. S&P now expects the loan book to represent 85% of total AUM by fiscal 2026. The company's continuing transformation should further improve the granularity of its loan book and enhance business stability, in our view. S&P said, "We believe Piramal Finance's core profitability will improve over the next two years. We expect a return on assets (ROA) of about 2.3%-2.8% for fiscal 2026, largely due to one-off gains from the sale of stakes in Shriram group's life insurance business and Piramal Imaging. We expect the proceeds to be realized in the fourth quarter of fiscal 2026. ROA was about 0.5% in fiscal 2025. "We also project the company's ROA to reach about 2.3% in fiscal 2027 and 2.7% in fiscal 2028. We base our forecast on several factors, including normalization of credit losses as the legacy portfolio shrinks, a moderate improvement in net interest margins, and the company's ability to utilize sizable tax loss carryforwards to offset future profits. "The letter of support also benefits the stand-alone credit profile. While the letter is not an explicit or implicit guarantee, we see some funding benefits for Piramal Finance in terms of access to cheaper and more diverse funding options. We also expect the support to even be available during times of stress. "These standalone improvements along with the letter of support which will further enhance business stability and funding profile have led us to apply a one-notch uplift to our comparable rating assessment (CRA) when determining the stand-alone credit profile. Wholesale funding will predominate. Piramal Finance's funding costs remain higher than that of its peers. Given predominantly wholesale funding, the finance company sector remains highly sensitive to market confidence. Companies with strong corporate or bank parentage tend to have preferential access to funding. S&P also sees some lender concentration for the company. Piramal Finance's liquidity is adequate, in S&P'sview. The company has broadly matching assets and liabilities, and undrawn bank lines of about INR37.7 billion. Piramal Finance will likely maintain strong capitalization. S&P said, "We forecast the company will have a risk-adjusted capital (RAC) ratio of 13.5%-14.5% over fiscals 2027 and 2028. This would be down from 15.1% in fiscal 2026, and compares with about 15.5% as of March 31, 2025. The decline is despite above-average loan growth of about 25% for fiscal 2027 and 2028 amid broadly steady internal capital generation. Piramal Finance also has strong capital levels, which should cushion any losses that are higher than our expectation." Piramal Finance's asset quality reflects inherent risk from a weaker borrower profile. S&P said, "We expect the company's credit cost ratio to be 1.5%-1.7% over the next two years, compared with about 6.0% in fiscal 2024. This is comparable to several nonbanking financial company peers with a similar borrower profile. Our view is based on the loan book remaining concentrated in the real estate sector, or because loans are of recent vintage and yet to be tested through an adverse cycle. That said, we expect India's solid economic growth outlook to support asset quality over the next two years." S&P said, "The stable outlook on our long-term rating on Piramal Finance reflects our view that the company will continue to improve its profitability and asset quality in an orderly manner over the next 12 months. We also expect the company to gain market share over the period and its capital position to remain strong. "We could lower our ratings on Piramal Finance if believe the commitment to provide timely support is diminishing from an entity owned by persons related to the promoters. We could also lower the ratings if Piramal Finance's high-growth strategy encounters significant execution challenges, resulting in lower business stability or signs that its underwriting standards are weakening. "We do not see any upside to the ratings over the next 12 months. "That said, we could raise our ratings on Piramal Finance if the company further stabilizes its business and revenue, leading to profitable and sustainable market share gains comparable to larger peers' and its funding profile would align with its larger, rated peers that are backed by stronger parentage. However, an improvement in only one of these factors such as business position or funding profile could be counterbalanced by a reversal of the CRA notch adjustment." POLYMATECH ELECTRONICS: Faces Insolvency Bid Over IN157cr Default ----------------------------------------------------------------- ET Now reports that amid market reports regarding a potential initial public offering (IPO), the Chennai Bench of the National Company Law Tribunal (NCLT) has issued notice to Polymatech Electronics Limited over an insolvency petition alleging a default of INR157.20 crore. ET Now relates that the petition, filed under the Insolvency and Bankruptcy Code (IBC) by operational creditors, seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against the company. According to the report, the creditors have alleged that Polymatech failed to clear advisory fees and honour certain equity commitments despite repeated assurances and partial payments. Submissions before the tribunal indicate that while portions of the outstanding amount were acknowledged and part-payments were made, the balance dues remain unpaid. The petitioners were represented by Senior Advocate P.V. Balasubramaniam along with Advocates Aditya Bharat Manubarwala and Amogh Simha, ET Now discloses. They informed the tribunal that a statutory demand notice was issued in January 2025, and that no formal reply was received within the stipulated period. The petitioners further contended that the company's partial payments constitute acknowledgment of liability under applicable law. According to ET Now, Advocate Roshan appeared on behalf of Polymatech Electronics Limited and accepted notice for the corporate debtor. Following preliminary submissions, the NCLT issued notice in the matter and listed it for further hearing on March 26, 2026. If admitted, the plea could result in the appointment of an Interim Resolution Professional and the commencement of CIRP, potentially impacting management control, operational continuity, and stakeholder interests, ET Now notes. The matter is now slated for further consideration on the scheduled date. India-based Polymatech Electronics Limited manufactures semiconductor chips. The Company offers micro controllers, wireless, logic, memory chip, and LED chips. PRIYA AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Priya Agro Farms (SPAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; 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 December 4, 2024, placed the rating(s) of SPAF under the 'issuer non-cooperating' category as SPAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPAF 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 Sri Priya Agro Farms (SPAF) was established in the year 2006 and promoted by Mr. Bommareddy Gokul Kumar Reddy (Managing Partner) and Mrs. Bommareddy Aruna Kumari (Partner). The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their Manure. The firm sells its products like eggs and cull birds in West Bengal, Bhopal, Assam, Orissa to retailers through own sales personnel and through some dealers. The firm mainly buys chicks (small chickens) and raw materials for feeding of birds like rice broken, maize, sunflower oilcake, shell grit, minerals and soya from local traders. PUNEET AUTO: CARE Lowers Rating on INR75cr LT Loan to B+ -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Puneet Auto Sales Private Limited (PASPL), as: Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long Term 75.00 CARE B+; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 18, 2024, placed the rating(s) of PASPL under the 'issuer non-cooperating' category as PASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025 and November 23, 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). The ratings assigned to bank facilities of PASPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Puneet Auto Sales Private Limited was incorporated on Jan. 13, 2021 and started its operations from March 10, 2022. This company was a part of Puneet Automobiles Private Limited which was incorporated in April 15, 2004. Puneet Automobiles Private Limited is an authorised dealer of Tata Motors and has two segments, Passenger vehicles and commercial vehicles. Because of the increasing scale of operations and GST compliances, managing the company has become complex, hence, the management of Puneet Automobiles Private Limited decided to Create 2 additional companies for better management and decision making. It was decided that the older company (Puneet automobiles private limited) will deal only in Commercial vehicle segment. The Passenger vehicles segments will be looked after by two new companies; Puneet Auto Sales Private Limited and Puneet Cars Private limited. RAJARAMSEVAK MULTIPURPOSE: CARE Keeps D Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajaramsevak Multipurpose Cold Storage Private Limited (RMCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.20 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 26, 2024, placed the rating(s) of RMCSPL under the 'issuer non-cooperating' category as RMCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 11, 2025, November 21, 2025, December 1, 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 RMCSPL was incorporated in February 2012 and presently managed by Mr Raja Chakraborty, Mr Shyamal Kumar Dutta, Mrs. Koyanta Chakraborty and Mrs Rita Chakraborty. After remaining dormant for around two years, it has commenced operations of cold storage services and trading of potatoes from February 2014. The cold storage facility of RMCSPL is located at Kamarhati, Barasat (West Bengal) with aggregate storage capacity of 18300 metric ton. RAKESH KUMAR: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rakesh Kumar Gupta Rice Mills Private Limited (RKGRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 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 December 19, 2024, placed the rating(s) of RKGRMPL under the 'issuer non-cooperating' category as RKGRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RKGRMPL 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 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 Rakesh Kumar Gupta Rice Mill Pvt. Ltd. (RKGRMPL) was incorporated in November, 2005 by Gupta family of Patna, Bihar. The company is engaged in the processing and milling of rice. The milling unit of the company is located at Patna, Bihar with processing capacity of 57,600 Metric Tonne Per Annum (MTPA). RKGRMPL procures paddy from farmers & local agents and sells its products through the wholesalers and distributors across 9 states in India and Nepal. RAMESHWAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rameshwar Cottex (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.54 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 December 6, 2024, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 22, 2025, November 1, 2025, November 11, 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 Rajkot (Gujarat) based RC is a partnership firm promoted by Mr. Pravin L Nakum, Mr. Kailash L Nakum and Mrs. Manjula K Nakum in August 2015. The Firm is engaged in cotton ginning and pressing to produce cotton bales and cotton seeds and also trading of raw cotton. Firm has also started Oil milling from April 2018. The manufacturing unit of the firm is located at Rajkot (Gujarat) and operates with an installed capacity of 54 Metric Tonnes per day as on March 31, 2018. S. S. KAMATH: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of S. S. Kamath (SSK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 CARE C; 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 December 3, 2024, placed the rating(s) of SSK under the 'issuer non-cooperating' category as SSK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSK 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: Stable Karnataka based, S. S. Kamath (SSK) was established in the year 2016 as a proprietorship firm by Mr. Sidharth Kamath. The firm is engaged in processing of raw cashew nut into cashew kernels. The firm procures raw material (raw cashew nuts) domestically from farmers and traders in the states Kerala, Karnataka, Goa and Andhra Pradesh. SAIFY INTERIORS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saify Interiors (SI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 5.50 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 January 9, 2025, placed the rating(s) of SI under the 'issuer non-cooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI 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 Saify Interiors was established as a partnership firm in 1979 now being partnered by Mohd. Javed and Mohd. Shakeel Saify. The firm is engaged in providing interior designing services which involves furniture and fixture fittings. The firm has also inhouse manufacturing of furniture items. SEKAR CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sekar Constructions (SC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.78 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 CARE A4; 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 December 5, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 21, 2025, October 31, 2025, 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 Sekar Constructions (SC) is a partnership firm established in the year 1994 by Mr. E. Sekar along with his wife, Mrs. S. Sasikala. The profit-sharing ratio is 60% and 40% respectively. The firm is the “AA” class category of civil contractor engaged in building constructions including civil, electrical and mechanical works for Tamil Nadu State Government, Government of India, State Government/Central Government Undertakings, Educational Institutions, and other private contracts. Further, SC also manufactures concrete blocks required for building construction which are captively consumed. The firm employs around 400 staff including 150 labourers and balance being skilled and semi-skilled employees which includes engineers. The projects and the contracts for Government projects are awarded through tendering & bidding while for the private parties, the firm enters into contracts. The registered office of the firm is located in Kanchipuram, Tamil Nadu. SHIVA OM: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiva Om Agro Industries (SOAI) 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 December 4, 2024, placed the rating(s) of SOAI under the 'issuer non-cooperating' category as SOAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOAI 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: Stable Gulbarga based, Shiva Om Agro Industries (SOAI) was established in the year 2016 by Mr. Kiran Kumar S Chincholi as a proprietorship firm. The firm has set up a processing unit with the latest elevator technology sortex machine for pulses such as Toor dal, Gram Dal, Moong Dal, Urid Dal and Masoor Dal. SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shradha Agencies Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.00 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 December 12, 2024, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 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 Shradha Agencies Pvt. Ltd. (SAPL) which was originally incorporated as a sole proprietorship firm in 1992 by the name of Shradha Agencies was later reconstituted as a private limited company in 1996. It is a part of the Shradha group of Kolkata which has been promoted by Late Dr. C. L. Arora during early 1970 with primary interest into trading and logistics. Currently, the company is being managed by Shri Rajeev Arora (son of Late Dr. C. L. Arora). The company currently functions as a distributor of FMCG products, Mobile handsets and accessories, Pens and Safety Matches across the state of West Bengal (WB). SHREE BADRI: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Shree Badri Kedar Udyog Private Limited Shop No.206, 2nd Floor, Samriddhi Square, Kishoreganj, Ranchi-834001, Jharkhand Insolvency Commencement Date: February 5, 2026 Estimated date of closure of insolvency resolution process: August 4, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Rachna Jhunjhunwala Siddha Weston, 9 Weston Street, Suite No 134, Kolkata, West Bengal,700013 Email: egress.rac@gmail.com Email: ibc.shbadri@gmail.com Last date for submission of claims: February 19, 2026 SHUBH ALUMINUM: CARE Keeps C/A4 Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shubh Aluminium Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/Short- 14.00 CARE C; Stable/CARE A4 term Bank 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 January 9, 2025, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL 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: Stable Udaipur-based (Rajasthan) Shubh Aluminum Private Limited (SAPL) was incorporated in 2012 by 'Motawat family' along with Mr. Ashok Agarwal. SAPL commenced its commercial operation from September, 2015 onwards and is primarily engaged in trading of Iron & Steel, Aluminium scrap, Polyester Yarn and PET bottles. SINHGAD TECHNICAL: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sinhgad Technical Education Society (STES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 426.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 16.45 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 STES under the 'issuer non-cooperating' category as STES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STES 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 Sinhgad Technical Education Society (STES) was registered under the Societies Registration Act, 1860 in August 1993. It is also registered under the Bombay Public Trust Act, 1950. STES manages higher education colleges and pre-primary, primary and secondary schools. These schools and colleges provide full time courses in the fields of Engineering, Management, Pharmacy, Architecture, Gemology and Jewelry Designing, etc. SWAMI DEVI: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Swami Devi Dyal HI-Tech Education Academy (SDDHEA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 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 January 21, 2025, placed the rating(s) of SDDHEA under the 'issuer non-cooperating' category as SDDHEA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDDHEA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025 and December 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'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 SDDHEA got registered under the Society registration Act-1860 in August 2000. The society was established by Mr. M.L Jindal (President), Mr Ashok Jindal (Vice- President) and Mr Amit Jindal (General Secretary) and is providing higher education in the field of Dental Sciences, Computer Applications, Nursing, Management, Law, Pharmacy, Hotel Management and Education. The society is running twelve separate institutions under Swami Devi Dyal Group of Professional Institutions in Panchkula, Haryana. TIRUMALA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Tirumala Agro Industries (STAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 December 9, 2024, placed the rating(s) of STAI under the 'issuer non-cooperating' category as STAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 25, 2025, November 4, 2025, November 14, 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 Karnataka based, Shree Tirumala Agro Industries (STAI) was established in the year 2011 as a partnership firm. The rice milling unit of the firm is located at Raichur, Karnataka with the area covering two acres. The main raw material, paddy, is purchased from the local farmers located in and around Raichur. The firm sells the rice majorly in the state of Karnataka. The rice milling unit of the firm has an installed capacity of 4 metric ton of rice per day. VIKAS CHAIN: CARE Keeps B- Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vikas Chain and Jewellery Private Limited (VCJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long Term 11.75 CARE B-; Stable; ISSUER NOT Bank 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 VCJPL under the 'issuer non-cooperating' category as VCJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCJPL 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 Delhi based Vikas Chain & Jewellery Private Limited (VCJPL) was incorporated in 1994 and is currently being managed by Mr. Dinesh Verma and Mr. Sulish Verma. The company is engaged in the business of trading of gold jewellery, diamond studded jewellery and precious and semi-precious stones studded jewellery and has its showrooms located in Karol Bagh and Chandni Chowk, Delhi by the name of Vikas Chain & Jewellery. VIVIN LABORATORIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Vivin Laboratories Private Limited 2A & 3A, New MLA & MPs Colony, Road No. 10C, Jubilee Hills, Hyderabad, Telangana, India-500033 Insolvency Commencement Date: February 5, 2026 Estimated date of closure of insolvency resolution process: August 4, 2026 (180 Days) Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Chillale Rajesh B-725, Western Plaza, O.U, Colony, H.S. Darga, Hyderabad 500 008 Telangana Email: chillalerajesh@yahoo.co.in Email: vivin.cirp@gmail.com Last date for submission of claims: February 20, 2026 ===================== N E W Z E A L A N D ===================== ANNIC DAIRIES: Creditors' Proofs of Debt Due on March 11 -------------------------------------------------------- Creditors of Annic Dairies Limited are required to file their proofs of debt by March 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 11, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 BIG DADDY'S: Owner Faces Fresh Allegations After Company's Collapse ------------------------------------------------------------------- Jake Kenny at Stuff.co.nz reports that a company related to Hardeep Singh, owner of Big Daddy's Ltd, is facing a Labour Inspectorate complaint, while another man claims he lost everything after getting into business with him. According to Stuff, Mr. Singh once stood atop a liquor store empire of close to a dozen booze shops, an Indian grocer, pub and restaurant. But lately, Mr. Singh's business endeavours have slowly wilted away. His crown jewel Big Daddy's Ltd is in liquidation. Stuff says the controversial businessman sold three of the company's stores shortly before it failed - sales that are being scrutinised by its liquidator - who will consider if they should be overturned. The former Big Daddy's flagship store on Blenheim Rd is tied to another company run by Mr. Singh and has survived. It has recently rebranded to a Black Bull Liquor. Now, there are fresh claims involving the Christchurch booze boss that will have an air of familiarity to him. Stuff understands a company related to Mr. Singh, Karman Enterprises Ltd, is facing a complaint to the Labour Inspectorate related to the alleged underpayment of staff. Gauvarajot Kaur (Mr. Singh's wife, who also goes by Sonia Singh) is the company's sole director. She, her husband, a third party and a trust owned by the trio are the company's shareholders. Mr. Singh himself was a listed director, but was removed in December of last year. Stuff understands that the company is involved with the running of a Christchurch restaurant, and that the complaint relates to the employment of two chefs who are on work visas from India. Labour Inspectorate manager Jeanie Borsboom said the inspectorate was unable to comment on any recent complaints that may have been received, Stuff adds. She confirmed that three complaints relating to Karman Enterprises Ltd were previously received in 2013, 2015 and 2019. CHANCE VOIGHT: FMA Urges Release of Interim Liquidation Report -------------------------------------------------------------- The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - confirms that it continues to seek orders in the High Court to place the following entities into liquidation: * Chance Voight Investment Corporation Limited * Chance Voight Investment Partners Limited * CVI Partners Mortgage Fund Limited * CVI Partners Mortgage Income Fund Limited * CVI Securities Limited * CVI Financial Limited Pending the Court's decision on the liquidation application, all of the above entities remain in interim liquidation under the control of PricewaterhouseCoopers (PwC). The first call in the High Court for the liquidation application is scheduled for Feb. 19, 2026. At the first call, the FMA intends to ask the Court to schedule a hearing at the earliest convenient date after April 20, 2026 to determine its application to place the companies in liquidation. The FMA has also asked the High Court to release PwC's interim liquidation report, which is currently subject to a suppression order. The FMA considers there is strong public interest in the report being made available to investors and the wider public, subject to any redactions considered necessary by PwC (including for the purpose of protecting commercially sensitive material). The Court may also determine the application for release of the PwC report at the first call on Feb. 19, 2026. The Court will confirm a hearing date for the FMA's liquidation application in due course. About Chance Voight Chance Voight provided financial services, investments (including property investments), and other financial products. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 16, 2025, the Financial Markets Authority (FMA) said it is investigating Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group. Following the FMA seeking appointment of interim liquidators over six Chance Voight entities, the Court has appointed Malcolm Hollis, John Fisk and Lara Bennett of PwC New Zealand as interim liquidators over the 6 entities with effect from Dec. 10, 2025. The interim liquidation comprises the following entities: - Chance Voight Investment Corporation Limited - Chance Voight Investment Partners Limited - CVI Securities Limited - CVI Financial Limited - CVI Partners Mortgage Fund Limited - CVI Partners Mortgage Income Fund Limited GLASS AND WINDOW: Creditors' Proofs of Debt Due on March 17 ----------------------------------------------------------- Creditors of Glass and Window Solutions Limited, Face Investments Limited and Glass Solutions New Zealand Limited are required to file their proofs of debt by March 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 9, 2026. The company's liquidator is: Geoff Falloon Biz Rescue Limited PO Box 27 Nelson 7040 NEW ERA: Court to Hear Wind-Up Petition on Feb. 24 -------------------------------------------------- A petition to wind up the operations of New Era Construction Limited will be heard before the High Court at Wellington on Feb. 24, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 17, 2025. The Petitioner's solicitor is: Claudia Elizabeth Mazuecos Inland Revenue, Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 NEW ZEALAND TRADE: Court to Hear Wind-Up Petition on Feb. 24 ------------------------------------------------------------ A petition to wind up the operations of New Zealand Trade Centre Limited will be heard before the High Court at Auckland on Feb. 24, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 21, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 REOCO LIMITED: Creditors' Proofs of Debt Due on March 17 -------------------------------------------------------- Creditors of Reoco Limited are required to file their proofs of debt by March 17, 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: Amanda-Jane Atkins CA Business Advisory Ltd 470 Parnell Road Parnell Auckland 1052 =============== P A K I S T A N =============== PAKISTAN WATER: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Pakistan Water and Power Development Authority's (WAPDA) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. Fitch has concurrently affirmed the rating on WAPDA's senior unsecured bond at 'B-', equalised with WAPDA's IDR. Fitch deems WAPDA a government-related entity (GRE) based on its belief of a high likelihood of exceptional government support for the company, if required. Fitch does not assign a Standalone Credit Profile to WAPDA, which is established under a special statute, as it has close operational and administrative linkage to the government and is mandated to develop water and power resources in Pakistan. The government exercises strong influence over WAPDA's corporate governance and debt, which can be transferred to the government with its approval, according to the Pakistan Water and Power Development Authority Act. KEY RATING DRIVERS Support Score Assessment 'Virtually certain' Fitch believes extraordinary support from the Pakistan sovereign (B-/Stable) to WAPDA would be 'Virtually Certain' in case of need, reflecting a maximum support score of 60 under Fitch's GRE criteria. This reflects a combination of responsibility and incentive to support factor assessments. Responsibility to Support Decision Making and Oversight 'Very Strong' WAPDA's decision-making and oversight are assessed as 'Very Strong', reflecting tight government control over its governance, strategy, and operations. WAPDA, established to manage Pakistan's water and power resources, operates under the WAPDA Act, which requires government approval for budgets, projects, financing plans, and major operational decisions. The federal government appoints WAPDA's senior management, closely monitors its financial performance, and exercises influence over tariffs and investment priorities, underscoring its policy-driven mandate. Precedents of Support 'Very Strong' Precedents of government support for WAPDA are 'Very Strong', evident from consistent financial, operational, and policy backing. The government has provided substantial support through grants, re-lent loans and debt guarantees, with a significant portion of WAPDA's adjusted debt guaranteed by or ultimately incurred with the government. The WAPDA Act provides the legal basis for government assumption of its liabilities after approval, reinforcing its expectation of continued support amid large, capital-intensive hydropower development plans. Incentives to Support Preservation of Government Policy Role 'Very Strong' WAPDA plays a central role in preserving Pakistan's water and energy security, which means a default would materially impair the government's policy objectives. WAPDA accounts for most of Pakistan's hydroelectricity generation as the country's largest hydropower producer and undertakes nationally critical functions such as flood control and water supply. Its expanding hydropower capacity is integral to reducing reliance on imported thermal fuels and stabilising energy costs, making its role difficult to substitute in the short to medium term. Contagion Risk 'Very Strong' WAPDA is a high-profile GRE with significant borrowings and sustained funding from multilateral development institutions, reflecting its strategic importance and close sovereign linkage. A default could impair Pakistan's access to external financing and raise funding costs for other GREs, particularly in the energy sector. This creates a strong incentive for the government to provide timely and exceptional support to WAPDA. Financial Performance WAPDA's operating performance in the financial year ended June 2025 (FY25) reflects the resilience of its cost-plus regulatory framework and sovereign linkage, with recovering profitability and a rapidly expanding asset base, driven by large, strategic hydropower projects. Revenue rose 57% to PKR114.6 billion and operating profit 105% to PKR71.4 billion, supported by tariff mechanics, although net profit declined 22% to PKR60.4 billion on a regulatory deferral uplift. Cash flow conversion weakened as receivables from Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) and regulatory deferrals increased, dampening liquidity and increasing reliance on government-related funding. These pressures are sector driven, stemming from Pakistan's circular debt dynamics, planning gaps, and underutilised capacity, rather than WAPDA's standalone performance, with the credit profile remaining closely linked to the government's capacity and willingness to support the sector. Liquidity is supported by sizeable cash and short‑term investments, regulatory deferrals recognised for future recovery, and continued access to government, banking and multilateral funding. Nonetheless, elevated receivables from CPPA‑G, tariff‑lag effects, foreign-exchange‑linked obligations and rising capex cash calls will narrow rating headroom if sector‑wide delays persist, making proactive refinancing and buffered liquidity critical to sustaining credit strength. Debt Ratings The senior unsecured bond rating is equalised with the entity's IDR. Peer Analysis WAPDA is benchmarked against a mix of infrastructure project finance and utility peers. Similar to most peers, its responsibility to support assessment is 'Very Strong' due to state ownership and direct government influence over strategy and operations, unlike listed utilities such as Korea Electric Power Corporation (AA-/Stable), which are more independent from the government. WAPDA's reliance on government guarantees and direct lending aligns it with entities such as Hydro-Quebec (AA-/Stable) and, to a lesser extent, British Columbia Hydro and Power Authority (AA+/Negative). Peers like Electricity Generating Authority of Thailand (BBB+/Negative) benefit from monopoly positions in transmission, while WAPDA's strategic importance to Pakistan's energy policy is comparable due to its dominant role in hydropower generation, underpinning its strong government support expectations. Issuer Profile WAPDA is a hydroelectric power generation company wholly owned by the state. It was set up to integrate the development of the country's water and power resources. It made up 88% of the country's hydroelectric installed capacity and 20% of total capacity as of FY25. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrade of the Pakistan sovereign rating. - Deterioration in the support score to 42.5 or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrade of the Pakistan sovereign rating. ESG Considerations Fitch does not provide ESG relevance scores for WAPDA. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Public Ratings with Credit Linkage to other ratings WAPDA's ratings are credit-linked to the Pakistan sovereign's ratings. Entity/Debt Rating Prior ----------- ------ ----- Pakistan Water and Power Development Authority LT IDR B- Affirmed B- LC LT IDR B- Affirmed B- senior unsecured LT B- Affirmed B- ================= S I N G A P O R E ================= CARBOFULL CARBON: Court to Hear Wind-Up Petition on Feb. 27 ----------------------------------------------------------- A petition to wind up the operations of Carbofull Carbon and Process Equipment Pte. Ltd. will be heard before the High Court of Singapore on Feb. 27, 2026, at 10:00 a.m. Integrity Machinery Engineering Co. Limited filed the petition against the company on Feb. 3, 2026. The Petitioner's solicitors are: K&L Gates Straits Law LLC 9 Raffles Place #32-00 Republic Plaza Singapore 048619 CONSORT PTE: Court to Hear Wind-Up Petition on Feb. 27 ------------------------------------------------------ A petition to wind up the operations of Consort 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 Feb. 27, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 MACH ACCESSORIES: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 6, 2026, to wind up the operations of Mach Accessories (S) Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PROSPECT LOGISTICS: Court to Hear Wind-Up Petition on Feb. 27 ------------------------------------------------------------- A petition to wind up the operations of Prospect Logistics Pte. Ltd. will be heard before the High Court of Singapore on Feb. 27, 2026, at 10:00 a.m. Sin Trans Engineering filed the petition against the company on Feb. 3, 2026. The Petitioner's solicitors are: GKS Law LLC 114 Lavender Street #09-88, CT Hub 2 Singapore 338729 WAROENG LABANA: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Jan. 30, 2026, to wind up the operations of Waroeng Labana Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Rehabilitation Court Issues Ultimatum to Company ------------------------------------------------------------- Pulse reports that the Seoul Bankruptcy Court has issued an ultimatum to South Korean discount store Homeplus Co., demanding an official position on whether its rehabilitation process should continue. Pulse relates that the court's move comes as negotiations among creditors over the company's submitted rehabilitation plan have made little progress. According to court and retail industry sources on Feb. 12, the Seoul Bankruptcy Court sent an official notice to stakeholders, including Homeplus' major shareholder MBK Partners, creditor groups, and labor unions, requesting their opinions on whether the rehabilitation process should proceed by Feb. 13. Pulse says the court is reportedly of the view that the structural innovation-type rehabilitation plan submitted by Homeplus is effectively unfeasible. In particular, the company has yet to secure the KRW300 billion ($208.1 million) in debtor-in-possession financing it requested as the first step of its recovery plan. Earlier, Homeplus proposed a plan under which MBK, the Korea Development Bank, and Meritz Financial Group would each contribute KRW100 billion, raising a total of KRW300 billion in emergency funds. However, the proposal failed to secure sufficient support, making execution unlikely, Pulse notes. According to Pulse, the court has also demanded that if Homeplus intends to continue rehabilitation, it must present a detailed financing plan along with a new candidate for third-party administrator, suggesting that recovery under the current management structure is deemed difficult. MBK Partners stated on Feb. 12 that it would fulfill its promised commitment of KRW100 billion and consider replacing the company's administrator. Meanwhile, the labor union in Homeplus is pushing for the court to appoint United Asset Management Corp, a quasi-public restructuring specialist, as a new third-party administrator, Pulse reports. Under this proposal, UAMCO would acquire Homeplus and pursue a government-led sale. Industry insiders warn that even if UAMCO were to acquire the company, immediate operating funds would still be required, Pulse relays. "Without securing the KRW300 billion emergency funding, it would be impossible to continue operating Homeplus," Pulse quotes an industry source as saying. "Liquidation cannot be ruled out." Pulse adds that the court plans to review opinions submitted by creditors and make a final decision on whether to continue the rehabilitation process before March 4, the deadline for approving Homeplus' rehabilitation plan. 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. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***