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260220.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 Friday, February 20, 2026, Vol. 29, No. 37 Headlines A U S T R A L I A BEDFORD GROUP: HWLE Lawyers Advise McGrathNicol as Administrators BROADWATER ENGINEERING: Second Creditors' Meeting Set for Feb. 25 CORE TOUGHENED: First Creditors' Meeting Set for Feb. 24 DGU CO: First Creditors' Meeting Set for Feb. 24 EMPIRE R&B: Enters Voluntary Administration With AUD2 Million Debt KAROON ENERGY: Fitch Affirms 'B' IDR, Outlook Stable LA TROBE 2026-1: S&P Assigns B (sf) Rating to Class F Notes OTWAY RETREATS: First Creditors' Meeting Set for Feb. 24 SAREMACH PTY: First Creditors' Meeting Set for Feb. 24 WELLNESS SOLUTIONS: Enters Voluntary Liquidation C H I N A DATASEA INC: Reports $538,759 Q2 Net Loss, Going Concern Persists NAM TAI: Narrows Third Quarter 2025 Net Loss To $1.3 Million I N D I A GUPTA POWER: Jindal Power, Vedanta and Havells Among 22 Bidders HIMALAYAN HELI: CARE Keeps B+ Debt Rating in Not Cooperating HOTEL JALTARANG: CARE Keeps D Debt Rating in Not Cooperating JAGAT AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating KABRA TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating KALLAM TEXTILES: CARE Reaffirms D Ratings on LT/ST Bank Debts KHWAHISH MARKETING: CARE Keeps D Debt Ratings in Not Cooperating LAKSHMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating LIMTEX TEA: Insolvency Resolution Process Case Summary LML HOMES: CARE Lowers Rating on INR11cr LT Loan to B+ MAAGRITA EXPORTS: Insolvency Resolution Process Case Summary MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating MANGLAM AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category OMID ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating PADMAVATI GINNING: CARE Keeps D Debt Rating in Not Cooperating PAVAN TRADERS: CARE Keeps B- Debt Rating in Not Cooperating RADHE FOODS: CARE Keeps D Debt Rating in Not Cooperating Category RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating SATYAM COTTEX: CARE Keeps B- Debt Rating in Not Cooperating SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating SHREERAJ ROTO: CARE Keeps B- Debt Rating in Not Cooperating SHRUSHTI CONTECH: Insolvency Resolution Process Case Summary SUNPOWER SOLAR: Voluntary Liquidation Process Case Summary VAIBHAVLAXMI CLEAN: CARE Keeps D Debt Rating in Not Cooperating WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating Category J A P A N UNIVERSAL ENTERTAINMENT: Fitch Affirms 'B-' IDR, Outlook Negative M A L A Y S I A VANTRIS ENERGY: Targets PN17 Exit By FY2027 N E W Z E A L A N D CLASSIC MOTORS: Court to Hear Wind-Up Petition on March 6 FINN PLUMBING: Creditors' Proofs of Debt Due on March 18 FLETCHER BUILDING: First Half Net Loss Narrows to NZD11 Million LAKE RIDGE: Court to Hear Wind-Up Petition on March 9 P R FORESTRY: Creditors' Proofs of Debt Due on March 31 TECH VAULT: Creditors' Proofs of Debt Due on March 13 S I N G A P O R E ABA PRESTIGE: Court Enters Wind-Up Order AGV GALVANIZING: Court Enters Wind-Up Order GRACE OCEAN: Judge Allows Dali Manager's Bid to Limit Liability KENT RIDGE: Court Enters Wind-Up Order PLANET SMART: Creditors' Proofs of Debt Due on March 13 TENDCARE MEDICAL: Court Enters Wind-Up Order S O U T H K O R E A PIZZA HUT KOREA: To Transfer Operations to PE-Backed Entity - - - - - ================= A U S T R A L I A ================= BEDFORD GROUP: HWLE Lawyers Advise McGrathNicol as Administrators ----------------------------------------------------------------- HWLE Lawyers have advised McGrathNicol in their capacity as Administrators and Deed Administrators of the entities within the Bedford Group. On Feb. 3, 2026, the Deed Administrators of Bedford Services & Advisory Limited (Subject to Deed of Company Arrangement) (BSA) completed the transaction contemplated by the Deed of Company arrangement and The Disability Trust (as Proponent) became the sole member of BSA. This acquisition signals a significant milestone in the complex restructure of the entities within the Bedford Group. BSA provides disability employment services across South Australia and is the second-largest employer of people with a disability in Australia. The transaction secured the ongoing employment of more than 1,100 employees, including over 800 NDIS‑supported employees, allowing BSA to continue its role as a leading employer in the disability services sector. Wendy Jones (Partner) and Emmalee Pacillo (Special Counsel) led the restructure and were supported by Jamie Restas (Chair of Partners), Sam Pitman (Special Counsel) and Adele Brookes (Solicitor) from the Corporate team; Adam Ludlow (Partner), Nick Black (Special Counsel) and Austin Tavian (Law Graduate) from the Property team; Clare Raimondo (Partner) and Chris Morey (Special Counsel) from the Employment team; Timothy Stokes (Partner) and Connor Eglinton (Senior Associate) from the Tax team; and Daniel Kiley (Partner) and Bellarose Watts (Law Graduate) on the IP and IT aspects. Commenting on the deal, Wendy Jones said: "We are pleased to have supported McGrathNicol in achieving this important milestone and fantastic outcome which ensures the continued employment of people with disability across South Australia following a complex restructure process." About Bedford Group Bedford Group provides training, employment, and support to people living with disability. Matthew Caddy, Melissa Smith, Mark Knight and Robert Smith of McGrathNicol were appointed as voluntary administrators of The Bedford Group on Nov. 17, 2025. The entities within the group are: - Bedford Group Ltd; - Bedford Social Enterprises Holding Company Pty Ltd; - Bedford Social Enterprises Ltd; - Bedford Services and Advisory Ltd; - Cultivate Food and Beverage Pty Ltd; - Green Inclusive Enterprises Pty Ltd; and - Dovetail Advanced Manufacturing Pty Ltd BROADWATER ENGINEERING: Second Creditors' Meeting Set for Feb. 25 ----------------------------------------------------------------- A second meeting of creditors in the proceedings of Broadwater Engineering Pty Ltd has been set for Feb. 25, 2026, at 11:00 a.m. at the offices of Worrells, at Suite 5B, 55 Kembla Street, in Wollongong, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 24, 2026 at 5:00 p.m. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on Feb. 12, 2026. CORE TOUGHENED: First Creditors' Meeting Set for Feb. 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Core Toughened Pty Ltd atf Core Toughened Unit Trust will be held on Feb. 24, 2026, at 11:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 12, 2026. DGU CO: First Creditors' Meeting Set for Feb. 24 ------------------------------------------------ A first meeting of the creditors in the proceedings of DGU Co Pty Ltd will be held on Feb. 24, 2026, at 11:30 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 12, 2026. EMPIRE R&B: Enters Voluntary Administration With AUD2 Million Debt ------------------------------------------------------------------ The Courier Mail reports that a Gold Coast nightclub has entered voluntary administration after racking up more than AUD2 million in debts, including AUD580,000 owed in tax, while its Bentley-driving owner jetsets on luxury holidays. Christopher John Baskerville of Jirsch Sutherland was appointed as administrator of the company on Feb. 17, 2026. Empire R&B Nightclub is a popular nightlife venue in Surfers Paradise, Gold Coast, specializing in Hip-Hop and R&B music. KAROON ENERGY: Fitch Affirms 'B' IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings has affirmed the ratings of 13 oil and gas companies in the Asia-Pacific region following the 9 January 2026 update of its Corporate Rating Criteria and Sector Navigators - Addendum to the Corporate Rating Criteria. The criteria changes do not affect the companies' ratings and Outlooks. Key Rating Drivers See each issuer's press release for the full key ratings drivers: Bharat Petroleum Corporation Limited - "Fitch Affirms Bharat Petroleum at 'BBB-'; Outlook Stable", dated 24 September 2024 Binh Son Refining and Petrochemical Joint Stock Company - "Fitch Affirms Binh Son Refining and Petrochemical at 'BB+'/Stable", dated 22 August 2025 Hindustan Petroleum Corporate Limited - "Fitch Affirms Hindustan Petroleum at 'BBB-'; Outlook Stable", dated 6 October 2025 HPCL-Mittal Energy Limited - "Fitch Affirms HPCL-Mittal Energy at 'BB+'; Outlook Stable", dated 2 June 2025 Indian Oil Corporation Ltd - "Fitch Affirms Indian Oil Corporation at 'BBB-'; Outlook Stable", dated 26 June 2025 Karoon Energy Limited - "Fitch Affirms Karoon's IDR at 'B'; Outlook Stable", dated 22 April 2025 Oil and Natural Gas Corporation Limited - "Fitch Affirms Oil and Natural Gas Corporation at 'BBB-'; Outlook Stable", dated 11 July 2025 Oil India Limited - "Fitch Affirms Oil India Limited at 'BBB-'; Outlook Stable", dated 29 April 2025 Petroliam Nasional Berhad (PETRONAS) - "Fitch Affirms Malaysia's PETRONAS at 'BBB+'; Outlook Stable", dated 8 December 2025 PT Medco Energi Internasional Tbk - "Fitch Rates Medco Energi's Proposed Notes 'BB-'", dated 5 May 2025 PT Pertamina (Persero) - "Fitch Affirms Indonesia's Pertamina at 'BBB'; Outlook Stable", dated 14 May 2025 PT Pertamina Hulu Energi - "Fitch Rates Pertamina Hulu Energi's MTN Programme and Proposed Notes 'BBB'", dated 4 May 2025 Santos Limited - "Fitch Affirms Santos Limited at 'BBB'; Outlook Stable", dated 5 June 2025 Peer Analysis Refer to each issuer's press release. Fitch’s Key Rating-Case Assumptions Refer to each issuer's press release. Corporate Rating Tool Inputs and Scores Bharat Petroleum Corporation 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-, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb, higher), financial structure (bbb, moderate), and financial flexibility (a-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast financial year ending March 2026, 30% for the forecast financial year ending March 2027 and 40% for the forecast financial year ending March 2028. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach. Binh Son Refining and Petrochemical Joint Stock Company 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-, higher), diversification and asset quality (b, moderate), company operational characteristics (bb-, moderate), profitability (b+, moderate), financial structure (bb-, moderate), and financial flexibility (bbb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. Hindustan Petroleum Corporate 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 (bbb-, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb-, higher), financial structure (b+, moderate), and financial flexibility (bbb+, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. HPCL-Mittal Energy 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 (bb+, higher), company operational characteristics (bbb+, moderate), profitability (bbb-, moderate), financial structure (b, higher), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast financial year ending March 2026, 30% for the forecast financial year ending March 2027 and 40% for the forecast financial year ending March 2028. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' 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. Indian Oil Corporation Ltd Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb, higher), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb-, higher), financial structure (bb-, moderate), and financial flexibility (bbb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast financial year ending March 2026, 30% for the forecast financial year ending March 2027 and 40% for the forecast financial year ending March 2028. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach. Karoon Energy 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 (b-, higher), diversification and asset quality (b, moderate), company operational characteristics (b, higher), profitability (b, moderate), financial structure (aa, lower), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bbb' results in no adjustment. - The SCP is 'b'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Oil and Natural Gas Corporation 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 (a-, moderate), diversification and asset quality (bbb+, higher), company operational characteristics (aa, moderate), profitability (bbb+, moderate), financial structure (bbb+, higher), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year ended March 2025, 40% for the forecast financial year ending March 2026 and 40% for the forecast financial year ending March 2027. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' results in an adjustment of -1 notch. - The SCP is 'bbb'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach. Oil India 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+, moderate), diversification and asset quality (bb+, higher), company operational characteristics (bb, moderate), profitability (bb-, moderate), financial structure (bb, higher), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year ended March 2025, 40% for the forecast financial year ending March 2026 and 40% for the forecast financial year ending March 2027. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach. Petroliam Nasional Berhad (PETRONAS) Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (a+, moderate), diversification and asset quality (aa-, higher), company operational characteristics (aa, moderate), profitability (a+, moderate), financial structure (aa+, moderate), and financial flexibility (aa, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'a-' results in no adjustment. - The SCP is 'aa-'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach. PT Medco Energi Internasional Tbk 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, lower), market and competitive positioning (bb, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bb-, higher), profitability (bb, moderate), financial structure (bb-, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. PT Pertamina (Persero) 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-, moderate), company operational characteristics (bbb+, moderate), profitability (bbb+, moderate), financial structure (bb+, higher), and financial flexibility (bbb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026 and 70% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb-'. To derive the Long-Term IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach. PT Pertamina Hulu Energi (PHE) 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 (bb+, moderate), company operational characteristics (bbb+, higher), profitability (bbb, moderate), financial structure (a-, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026 and 70% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for both parent and subsidiary. Santos 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 (bbb-, higher), diversification and asset quality (bbb, higher), company operational characteristics (bb, moderate), profitability (bbb, moderate), financial structure (a-, moderate), and financial flexibility (a-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The governance impact assessment of 'Good' results in no adjustment. - The operating environment impact assessment of 'a+' 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'. Recovery Analysis See the press release for Karoon Energy Limited for its recovery analysis. RATING SENSITIVITIES Refer to each issuer's press release. Liquidity and Debt Structure Refer to each issuer's press release. Issuer Profile Refer to each issuer's press release. Summary of Financial Adjustments Refer to each issuer's press release. Sources of Information Refer to each issuer's press release. Public Ratings with Credit Linkage to other ratings Refer to each issuer's press release. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for HPCL-Mittal Energy Limited, Petroliam Nasional Berhad (PETRONAS), PT Pertamina (Persero) and Santos Limited. The Climate.VS for Bharat Petroleum Corporation Limited is 51 at 2035. The Climate.VS for Binh Son Refining and Petrochemical Joint Stock Company is 74 at 2035. The Climate.VS for Hindustan Petroleum Corporate Limited is 51 at 2035. The Climate.VS for Indian Oil Corporation Ltd is 50 at 2035. The Climate.VS for Karoon Energy Limited is 57 at 2035. The Climate.VS for Oil and Natural Gas Corporation Limited is 51 at 2035. The Climate.VS for Oil India Limited is 67 at 2035. The Climate.VS for PT Medco Energi Internasional Tbk is 51 at 2035. The Climate.VS for PT Pertamina Hulu Energi is 51 at 2035. The Climate.VS for Santos Limited is 50 at 2035. ESG Considerations Refer to each issuer's press release. RAC Disclosure Refer to each issuer's press release. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Medco Oak Tree Pte. Ltd. senior unsecured LT BB- Affirmed BB- PT Pertamina (Persero) LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Petroliam Nasional Berhad (PETRONAS) LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Karoon USA Finance Inc. senior secured LT B+ Affirmed RR3 B+ HPCL-Mittal Energy Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB Affirmed BB Oil India International Pte. Ltd. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Karoon Energy Limited LT IDR B Affirmed B ONGC Videsh Limited senior unsecured LT BBB- Affirmed BBB- Santos Finance Limited senior unsecured LT BBB Affirmed BBB Bharat Petroleum Corporation Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Oil India Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- BPRL International Singapore Pte. Ltd. senior unsecured LT BBB- Affirmed BBB- ONGC Videsh Vankorneft Pte Ltd. senior unsecured LT BBB- Affirmed BBB- Medco Bell Pte. Ltd. senior unsecured LT BB- Affirmed BB- Hindustan Petroleum Corporation Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- PT Pertamina Hulu Energi LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Medco Cypress Tree Pte. Ltd. senior unsecured LT BB- Affirmed BB- Medco Maple Tree Pte. Ltd. senior unsecured LT BB- Affirmed BB- Santos Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB PT Medco Energi Internasional Tbk LT IDR BB- Affirmed BB- Oil and Natural Gas Corporation Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Medco Laurel Tree Pte. Ltd. senior unsecured LT BB- Affirmed BB- Binh Son Refining and Petrochemical Joint Stock Company LT IDR BB+ Affirmed BB+ Indian Oil Corporation Ltd LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- LA TROBE 2026-1: S&P Assigns B (sf) Rating to Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its ratings to eight of the 10 classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2026-1. La Trobe Financial Capital Markets Trust 2026-1 is a securitization of nonconforming and prime residential mortgage loans originated by La Trobe Financial Services Pty Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. Our assessment of credit risk takes into account La Trobe Financial's underwriting standards and approval process, and La Trobe Financial's servicing quality. The transaction's cash flows can meet timely payment of interest and ultimate repayment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity reserve sized at 1.5% of the note balance funded by over issuance of notes, the principal draw function, the yield reserve, the retention amount built from excess spread before, and including, the call date, the amortization amount built from excess spread after the call date or upon a servicer default, and the provision of an extraordinary expense reserve. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P said, "We also have factored into our ratings the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "Our ratings also reflect the counterparty support provided by the Commonwealth Bank of Australia as the bank account provider. The transaction documents for the bank accounts include downgrade remedy language consistent with our counterparty criteria, that requires the replacement of the counterparty or other remedy, should our rating fall below the applicable level." Ratings Assigned La Trobe Financial Capital Markets Trust 2026-1 Class A1S, A$462.500 million: AAA (sf) Class A1L, A$562.500 million: AAA (sf) Class A2, A$125.000 million: AAA (sf) Class B, A$43.375 million: AA (sf) Class C, A$30.125 million: A (sf) Class D, A$13.500 million: BBB (sf) Class E, A$6.250 million: BB (sf) Class F, A$2.375 million: B (sf) Equity 1, A$3.750 million: Not rated Equity 2, A$0.625 million: Not rated OTWAY RETREATS: First Creditors' Meeting Set for Feb. 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Otway Retreats Pty Ltd will be held on Feb. 24, 2026, at 11:30 a.m. via Zoom. Scott Andersen and Nathan Deppeler of Worrells were appointed as administrators of the company on Feb. 12, 2026. SAREMACH PTY: First Creditors' Meeting Set for Feb. 24 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Saremach Pty Ltd atf Glass Machinery Rental Trust will be held on Feb. 24, 2026, at 10:30 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 12, 2026. WELLNESS SOLUTIONS: Enters Voluntary Liquidation ------------------------------------------------ Australasian Leisure Management reports that fitness and wellbeing industry entrepreneur Tony de Leede's Wellness Solutions Group has entered voluntary liquidation. The business - which offered wellness products including massage chairs, meditation pods and infrared saunas, along with Move123 virtual fitness videos and coworking spaces - made the move to voluntary liquidation on Feb. 13, Australasian Leisure Management relates. Mr. de Leede, best known as the founder of Fitness First Australia and Gold Coast retreats Gwinganna and EcoView, created Wellness Solutions in 2019 offering a range of unique brands and products that for clubs, gyms, facilities and studios to offer total body and mind wellbeing experiences. He also created the Club W concept, a 'third space' for women's wellness, which evolved into Wello Works. Offering access to hot desks, boardrooms, meditation pods, saunas, exercise rooms and meditation chairs, Wello Works opened in the Sydney suburb of Roseberry in March 2024. Facing what Australasian Leisure Management understands to have been rising rent costs, the space closed as of last month. On social media, the company stated it had "officially closed its doors" on Feb. 4, according to Australasian Leisure Management. In a statement, Mr. de Leede said his team made the decision to proceed with an "orderly wind-down" of Wellness Solutions after a strategic review, the report relays. He advised "the business had been progressively scaled back over recent years and was operating at a significantly reduced level. "Our wonderful staff have been supported throughout the process and all obligations have been met. "We're proud of what the small team has achieved." While the level of debts owed by Wellness Solutions is not known, Australasian Leisure Management understands that there are no staff entitlements outstanding or any debt to the Australian Taxation Office. Neither the Gwinganna or EcoView Retreats, along with resort Komune Bali, are in financial difficulty, although Gwinganna or EcoView are currently being offered for sale, Australasian Leisure Management notes. In 2024, Mr. de Leede was honoured for his career achievements with the presentation of the John Holsinger Lifetime Achievement Award by Beyond Activ. ========= C H I N A ========= DATASEA INC: Reports $538,759 Q2 Net Loss, Going Concern Persists ----------------------------------------------------------------- Datasea Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025. For the three months ended December 31, 2025 and 2024, the Company had a net loss of $538,759 million and $1.14 million, respectively. For the six months ended December 31, 2025 and 2024, the Company had a net loss of 739,785 and $3.10 million, respectively. For the six months ended December 31, 2025, revenue was $26.81 million, compared with $41.54 million in the same period last year. The Company had an accumulated deficit of approximately $45.27 million as of December 31, 2025, and cash flow from operating activities of approximately $1.54 million and $(1.59) million for the six months ended December 31, 2025 and 2024, respectively. The historical operating results including recurring losses from operations raise substantial doubt about the Company's ability to continue as a going concern. If deemed necessary, management could seek to raise additional funds by way of admitting strategic investors, or private or public offerings, or by seeking to obtain loans from banks or others, to support the Company's research and development, procurement, marketing and daily operation. While management of the Company believes in the viability of its strategy to generate sufficient revenues and its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern depends upon the Company's ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. If the Company is unable to raise additional funding to meet its working capital needs in the future, it may be forced to delay, reduce or cease its operations. A full text copy of the Company's Report is available at https://tinyurl.com/26m6cyvj About Datasea Headquartered in Beijing, People's Republic of China, Datasea Inc. -- http://www.dataseainc.com-- is a technology company incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries and operating entities located in Delaware, US, and China. The company provides acoustic business services (focusing on high-tech acoustic technologies and applications such as ultrasound, infrasound, and Schumann resonance), 5G application services (5G AI multimodal digital business), and other products and services to various corporate and individual customers. Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has suffered recurring losses from operations, negative working capital, and accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $8.64 million in total assets, $5.17 million in total liabilities, and a total stockholders' equity of $3.47 million. NAM TAI: Narrows Third Quarter 2025 Net Loss To $1.3 Million ------------------------------------------------------------ Nam Tai Property Inc. announced its unaudited results for the third quarter ended September 30, 2025. Revenue Revenue for the third quarter of 2025 was $9.7 million compared to $9.5 million in the third quarter of 2024. Revenue for the third quarter of 2025 mainly consisted of sales of property of $5.6 million from Nam Tai * Longxi, operating lease income of $2.6 million from Nam Tai Inno Park and Nam Tai Inno Valley, property service income of $0.8 million from Nam Tai Inno Park, and other revenue of $0.7 million. Revenue for the third quarter of 2024 mainly consisted of sales-type lease income of $4.7 million from Nam Tai Inno Park, operating lease income of $3.2 million from Nam Tai Inno Park, Nam Tai Inno Valley, and Wuxi, property service income of $0.9 million from Nam Tai Inno Park, and other revenue of $0.7 million. Gross Profit Gross profit for the third quarter of 2025 was $2.9 million compared to $5.6 million in the third quarter of 2024. Gross profit for the third quarter of 2025 was mainly derived from revenue of $9.7 million, offset by costs of $6.7 million. Gross profit for the third quarter of 2024 was mainly derived from revenue of $9.5 million, offset by costs of $3.9 million. General and administrative expenses General and administrative expenses for the third quarter of 2025 were $3.3 million compared to $7.1 million in the third quarter of 2024. General and administrative expenses for the third quarter of 2025 mainly consisted of staff costs of $1.9 million, PRC taxes and surcharges of $0.7 million, office expenses of $0.5 million, and professional service fees of $0.2 million. General and administrative expenses for the third quarter of 2024 mainly consisted of professional service fees of $3.8 million, staff costs of $2.2 million, PRC taxes and surcharges of $0.6 million, and office expenses of $0.4 million. Selling and marketing expenses Selling and marketing expenses for the third quarter of 2025 were $0.9 million compared to $0.4 million in the third quarter of 2024. Selling and marketing expenses for the third quarter of 2025 mainly consisted of staff costs of $0.4 million, marketing and commission fees of $0.3 million, and property management fees of $0.1 million. Selling and marketing expenses for the third quarter of 2024 mainly consisted of staff costs of $0.3 million, and marketing and commission fees of $0.1 million. Net Loss from Operations Net loss from operations for the third quarter of 2025 was $1.3 million compared to net loss from operations of $1.9 million for the third quarter of 2024. Net loss from operations for the third quarter of 2025 mainly consisted of gross profit of $2.9 million, offset by general and administrative expenses of $3.3 million, and selling and marketing expenses of $0.9 million. Net loss from operations for the third quarter of 2024 mainly consisted of gross profit of $5.6 million, offset by general and administrative expenses of $7.1 million, and selling and marketing expenses of $0.4 million. Consolidated Net Income (Loss) Consolidated net loss for the third quarter of 2025 was $1.9 million compared to consolidated net loss of $7.5 million for the third quarter of 2024. Consolidated net loss for the third quarter of 2025 mainly consisted of net loss from operations of $1.3 million and other net expenses of $1.1 million, offset in part by interest income of $0.02 million, and income tax benefits of $0.4 million. Consolidated net loss for the third quarter of 2024 mainly consisted of net loss from operations of $1.9 million and other net expenses of $2.1 million, and income tax expenses of $3.6 million, offset in part by interest income of $0.02 million. Cash and Cash Equivalents Cash and cash equivalents increased by $41.7 million from $26.9 million as of December 31, 2024 to $68.6 million as of September 30, 2025. The increase was primarily attributable to net cash provided by financing activities of $25.9 million, and net cash provided by investing activities of $15.7million. Restricted Cash Restricted cash decreased by $2.1 million from $6.4 million as of December 31, 2024 to $4.3 million as of September 30, 2025. The decrease was primarily due to the release of $1.9 million previously frozen under other restrictions. Real estate properties held for sale Real estate properties held for sale are stated at the lower of carrying amounts or fair value less selling costs. Real estate properties held for sale decreased by $16.0 million from $52.6 million as of December 31, 2024 to $36.6 million as of September 30, 2025. The decrease was mainly due to the handover of sold units at Nam Tai * Longxi during the first nine months of 2025. Real Estate Properties under Development, Net Real estate properties under development, net increased by $16.5 million from $191.5 million as of December 31, 2024 to $208.0 million as of September 30, 2025, which is primarily attributable to the construction of Nam Tai Technology Center. Real estate properties held for lease, net Real estate properties held for lease, net are recorded at cost less accumulated depreciation. R eal estate properties held for lease, net decreased by $1.7 million from $135.4 million as of December 31, 2024 to $133.7 million as of September 30, 2025, which was mainly due to depreciation for the first nine months of 2025. Accounts Payable Accounts payable increased by $3.6 million from $31.6 million as of December 31, 2024 to $35.2 million as of September 30, 2025. The increase was mainly due to the increase of $3.3 million arising from the construction of the Nam Tai Technology Center. Current Portion of Long-Term Bank Loans The current portion of long term bank loans decreased by $24.5 million from $27.9 million as of December 31, 2024 to $3.4 million as of September 30, 2025. The decrease was mainly due to loan repayments during the first nine months of 2025. Liquidity and Capital Resources As of September 30, 2025, the Company had a total cash and cash equivalents of $68.6 million. As of December 31, 2024, the Company had a total cash and cash equivalents of $26.9 million. A full text copy of the Company's Third Quarter News Release is available at https://tinyurl.com/bdzmjp4k About Nam Tai Property Nam Tai Property Inc., a Company incorporated in the British Virgin Islands and governed by BVI law, owns certain subsidiaries, which own and operate commercial real estate projects across the People's Republic of China. Those subsidiaries currently maintain two industrial complex projects, with one in Guangming, Shenzhen and one in Bao'an, Shenzhen. In its report dated January 14, 2026, attached to the Company's Form 20-F, Singapore-based MRI Moores Rowland LLP, the Company's auditor since 2025, issued a going concern qualification noting that as of December 31, 2024, the Company had net current liabilities of approximately $9 million, which indicates the existence of a material uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $487.6 million in total assets, $303.2 million in total liabilities, and $184.4 million in total shareholders' equity. ========= I N D I A ========= GUPTA POWER: Jindal Power, Vedanta and Havells Among 22 Bidders --------------------------------------------------------------- The Economic Times reports that Jindal Power, Vedanta and Havells India are among 22 prospective bidders that have submitted expressions of interest (EoIs) to acquire debt-laden Gupta Power Infrastructure, which has admitted debtor claims of INR4,240 crore and is undergoing insolvency proceedings, people aware of the development told ET. The company, which is a manufacturer of cables, wire rods, and conductors, is being resolved under the corporate insolvency resolution process (CIRP). Other interested bidders include UltraTech Cement, Waaree Energies, Torrent Electricals and Himadri Speciality Chemical, Orissa Metaliks and ABCI Infrastructures, ET discloses. The deadline for submission of resolution plans is February 20. ET says some bidders have come as consortium partners. Engineering and manufacturing companies including Karamtara Engineering, Cabcon India, Transrail Lighting, Titagarh Rail Systems and JSK Industries have submitted EoIs. Non-banking finance company Authum Investment & Infrastructure is also among the applicants. Two investors have filed bids in their individual capacities, the people added. Gupta Power Infrastructure Limited was incorporated as Gupta Cables Pvt Ltd in 1961 to manufacture aluminium and alloy conductors and cables. Mr MK Gupta and his family members, based in Odisha, acquired the business in 1970 and renamed the company to GPIL in 2008. The company's product portfolio comprises a variety of cables, conductors, housing wires and recently added LED lights and OFCs. The company also has an EPC division, which undertakes turnkey power infrastructure projects. Wires are sold in the retail segment under the Rhino brand. GIPL has three manufacturing plants: in Khurda, Odisha; Kashipur, Uttarakhand; and Chennai. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the insolvency petition filed by a consortium of banks led by Canara Bank on Sept. 26, 2025, appointing Pradeep Kumar Kabra as the interim resolution professional (IRP). HIMALAYAN HELI: CARE Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Himalayan Heli Services Private Limited (HHSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.67 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of HHSPL under the 'issuer non-cooperating' category as HHSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HHSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025 and 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: Stable Himalayan Heli Services Pvt Ltd (HHSPL) was incorporated in July, 1998 and is engaged in the business of providing helitourism services. HHSPL is promoted by Mr. Harsh Vardhan Sharma, Mr. T. Wangchuk Shamshu and World Expeditions (India) Pvt. Ltd. (WEPL) which is engaged in the business of promotion of inbound adventure tourism and other allied tourism activities since 1987. The operations of HHSPL includes primarily of charter services like pilgrimage services flying, corporate charter, election flying, motion picture & film shooting, emergency rescue operations, and adventure tourism activities like Heliskiing, helitrekking, heli-biking, heli-safari etc and. The company also provides O&M Services for helicopters to other aviation companies. HOTEL JALTARANG: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hotel Jaltarang Private Limited (HJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.75 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 January 10, 2025, placed the rating(s) of HJPL under the 'issuer non-cooperating' category as HJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 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 Hotel Jaltarang Private Limited (HJPL) was incorporated in 1987 as a private limited company by Mr. Manek Harchandrai Vasandani, Mrs. Bindu Bijlani, Shri. Jayashri Bansi and the management was taken over in 2002 by Shetty family. Currently Mr. Madhukar Sanjeeva Shetty, Mr. Chandrakant Sanjeeva Shetty and Mr. Sharad Sanjeeva Shetty are the directors of the company. HJPL is engaged in providing hospitality services viz. restaurant in the name of Gajalee located at Juhu in Vile Parle West, Mumbai. JAGAT AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jagat Agrotech Private Limited (JAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.59 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 2, 2024, placed the rating(s) of JAPL under the 'issuer non-cooperating' category as JAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in May 2012, JAPL is promoted by Mr. Prahlad Rathi, Mr. Chetan Maheshwari & Mr. Haresh Maheshwari. During FY16, JAPL had implemented a green-filed project by setting up a rice processing unit with an installed capacity of 70,000 Metric Tonne Per Annum (MTPA) at Kheda, Gujarat. The cost of the project was INR19.00 crore (including the margin money for working capital of INR5.00 crore) which was funded through a term debt of INR4.47 crore and promoters' contribution of INR14.53 crore (including unsecured loans from promoters of INR8.00 crore). The company commenced the commercial production from October 2015. KABRA TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kabra Transport Private Limited (KTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 2, 2024, placed the rating(s) of KTPL under the 'issuer non-cooperating' category as KTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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 Jamshedpur (Jharkhand) based, Kabra Transport Private Limited (KTPL) was incorporated in November 2009. Since its inception, the company has been engaged in goods transportation services. KTPL participates in tender to secure its work contracts floated by large private players like Tata Steel Limited, Jindal Steel & Power Ltd. KALLAM TEXTILES: CARE Reaffirms D Ratings on LT/ST Bank Debts ------------------------------------------------------------- CARE Ratings has reaffirmed the ratings on certain bank facilities of Kallam Textiles Limited (KTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 154.14 CARE D Reaffirmed facilities Long-term/ 191.24 CARE D/CARE D Reaffirmed Short-term bank facilities Rationale and key rating drivers Ratings assigned to bank facilities of KTL considers delays and defaults in payment of interest and instalments of working capital and term loans as a result of poor liquidity due to cash flow mismatches. Rating sensitivities: Factors likely to lead to rating actions Positive factors: * Establishing a delay-free track record in debt servicing for a continuous period of over 90 days and improvement in liquidity. Negative factors: NA Analytical approach: Standalone Outlook: Not applicable Key weaknesses * Ongoing delays in debt servicing: The company has defaulted on interest and principal repayments to Indian Bank and Union Bank of India, with total outstanding dues of INR318.47 crore as on September 30, 2025. This includes interest on term loans and working capital loans of INR64.25 crore, overdue term loan instalments of INR103.37 crore, and working capital loans repayable on demand amounting to INR150.84 crore. Lenders have classified facilities as non-performing assets (NPAs) and initiated recovery proceedings under the SARFAESI Act, 2002, including taking possession of secured assets under Section 13(4) of the said Act and issuing auction notices. Recovery cases are pending before the Debts Recovery Tribunal (DRT), Visakhapatnam, and auction proceedings for sale of immovable properties offered as security are ongoing. Although the company applied for restructuring loans, the proposal remains under consideration, reflecting continued stress on liquidity and debt servicing ability. Pursuant to petitions filed by the Indian Bank, notices have been issued for taking physical possession of properties in Weaving and Spinning divisions. At the company's request, physical possession of these properties are presently kept pending. Liquidity: Poor The company has poor liquidity as a result of cash flow mismatches and cash losses leading to delays in debt servicing. The slowdown in textile sector, sluggish demand, low export orders, volatile cotton prices and low prices for finished goods and high fixed overheads such as power costs resulted in deterioration in the financial condition of the company, leading to cash losses in the last three years. Assumptions/Covenants: Not applicable Environment, social, and governance (ESG) risks: Not applicable Kallam Textiles Limited (KTL) (ISIN: INE629F01025) formerly known as Kallam Spinning Mills Ltd listed on Bombay Stock Exchange (BSE), was established in 1992 with its registered office at Guntur, Andhra Pradesh. KTL is an integrated cotton textile unit, with its own ginning, ring spinning, open end spinning, weaving and dyeing divisions. The spinning mill is at Guntur and the weaving division is in Addanki (Mandal), Prakasam district. It produces counts of yarn ranging from 20s to 80s. KHWAHISH MARKETING: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Khwahish Marketing Private Limited (KMPL) continue 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 Short Term Bank 1.00 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 23, 2025, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025 and December 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 KMPL was incorporated in 2004 and is currently being managed by Mr. Prashant Sharma. The company is engaged in the trading of iron and steel products such as hot rolled coils. LAKSHMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Lakshmi Agro Farms (SLAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.30 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 10, 2024, placed the rating(s) of SLAF under the 'issuer non-cooperating' category as SLAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 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 Andhra Pradesh based, Sri Lakshmi Ago Farm (SLAF) was established in the year 2005, as a proprietorship concern. Later in the year 2008, it was reconstituted to Partnership firm. The firm was promoted by Mr. Devireddy Siva Seshi Reddy and his wife Mrs. Devireddy Krishna Kumari. The firm is engaged in farming of egg, laying poultry birds (chickens), cull birds and their Manure. The firm sells its products like eggs and cull birds in Andhra Pradesh to retailers through own sales personnel. LIMTEX TEA: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Limtex Tea & Industries Limited 88A Sarat Bose Road, 4th Floor, R.K. Seva Pratisthan, Kolkata 700026, West Bengal 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: Mr. Sandip Mitra 53/C, Harish Mukherjee Road, Kolkata -700025 Email: sasoso@gmail.com Email: cirp.limtexteaindustries@gmail.com Last date for submission of claims: February 19, 2026 LML HOMES: CARE Lowers Rating on INR11cr LT Loan to B+ ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of LML Homes LLP (LHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B+; Stable; ISSUER NOT 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 17, 2024, placed the rating(s) of LHL under the 'issuer non-cooperating' category as LHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 2, 2025, November 12, 2025 and November 22, 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 LHL have been revised on account of non–availability of requisite information. Analytical approach: Standalone Outlook: Stable LML is a limited liability partnership firm established in the year 2016 by Mr. Suresh Chand Kothari with his other family members. The firm is engaged in the development of affordable residential real estate primarily in Chennai, Tamil Nadu. The firm currently has two ongoing projects with a saleable area of 2.83 lakh sq. ft. of which 83% of the area has been sold for a value of INR109 crore MAAGRITA EXPORTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: MAAGRITA EXPORTS LIMITED MDA Tower, Ground Floor, New No. 6, Old No.12, Appavu Gramani 1st Street, Raja Annamalaipuram, Chennai - 600028 Insolvency Commencement Date: January 29, 2026 Estimated date of closure of insolvency resolution process: July 28, 2026 Court: National Company Law Tribunal, Chennai Bench-I Insolvency Professional: Dr. S.R. SHRIRAAM SHEKHER Flat No.11, Prayag Apartments, 1st Floor, 8/15, Gandhi Nagar First Main Road, Adyar, Chennai 600020 Email: shekhershriraam@gmail.com Email: maagrita.cirp@gmail.com Last date for submission of claims: February 12, 2026 MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mandeep Industries (MI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 5, 2024, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MI 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 Upleta (Dist. Rajkot), Gujarat based M/s. Mandeep Industries (MI) was setup as a partnership firm in 1973 by members of the Talaviya family. MI is mainly engaged in groundnut processing which includes crushing of groundnuts to produce raw oil and oiled cake, solvent extraction of groundnut oiled cake to produce groundnut oil & de-oiled cake and refining of groundnut oil. Furthermore, MI is also engaged in opportunity-based trading of agro-commodity products including de-oiled rice bran (DORB) poultry feeds. MANGLAM AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manglam Agrotech Private Limited (MAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.52 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 2, 2024, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in March 2008, Manglam Agrotech Private Limited (MAPL) is promoted by Mr. Alok Khemka and Mrs. Madhumita Khemkha and is engaged in rice and wheat milling activities. The company has commenced the commercial operations of rice processing at its plant from February 2010 and wheat processing from January 2019. The rice milling and processing plant of the company is located at Bhadrak, Odisha. This apart, it has also added pulses processing into besan with an installed capacity of 10,000 tons per annum during FY21 but operation of the same is not yet started due to on-going covid pandemic leading to low demand of besan. The company procures paddy and wheat from local farmers and traders and after processing, the final products are sold to distributors/wholesalers in the state of Odisha, Tamil Nadu, Kerela, West Bengal etc. under its brand 'Manglam'. Brief Financials (INR crore) March 31, 2023 (A) March 31, 2024 (A) March 31, 2025. NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nagayya Makkimane Shetty (NMS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 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 10, 2024, placed the rating(s) of NMS under the 'issuer non-cooperating' category as NMS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NMS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 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 Karnataka based, Nagayya Makkimane Shetty (NMS) was established as a proprietorship firm in 2005 by Mr. Nagayya Makkimane Shetty. NMS is engaged in civil construction works like construction and improvements of roads and drainage works relating to Public Works Department (PWD), Directorate of Municipal Administration (DMA), Karnataka Power Corporation Limited (KPCL), City Municipal Council (CMC), Panchayatiraj Engineering, Department (PRED), and Mangaluru City Corporation (MCC) etc. in the Karnataka state. The firm purchases materials like cement, steel, metal and Tar from local suppliers located in and around Karnataka. NMS procures work orders through online government tender websites. OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Om Yarn Plus Private Limited (OYPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.25 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 23, 2025, placed the rating(s) of OYPPL under the 'issuer non-cooperating' category as OYPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OYPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 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 OYPPL was incorporated in the year 2002, by Mr Sanjiv Garg and Mr Sanjay Talwar. The company is engaged in the manufacturing of fabric for suiting, shirting and readymade garments for kids & gents at its manufacturing facility located at Ludhiana, Punjab. OMID ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of OMID Engineering Private Limited (OEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 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 22, 2025, placed the rating(s) of OEPL under the 'issuer non-cooperating' category as OEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable New Delhi-based OEPL, incorporated in October 1983, belongs to the 'Him Group of Companies' and is engaged in the manufacturing of LPG cylinders. The company was initially engaged in the job work activities of painting the cylinders manufactured by its sister concern, Him Cylinders Ltd. Subsequently, in July-2001, the company established a facility for manufacturing of LPG cylinders in the Una district of Himachal Pradesh. PADMAVATI GINNING: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Padmavati Ginning and Pressing Private Limited (PGPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 10, 2025, placed the rating(s) of PGPPL under the 'issuer non-cooperating' category as PGPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PGPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 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 Padmavati Ginning and Pressing Private Limited (PGPPL) was originally incorporated in 2000 by Mr. O. H. Agrawal, however, the control of the company was taken over by Mr. Shyam Sunder Goyal in August 2011. Post the takeover; the company resumed operations in November 2011. It is engaged in manufacturing of cotton bales through cotton ginning & pressing. The company operates 4 branches located in Maharashtra (Ralegaon, Bori, Parbhani and Tamsa) which does the work on job-work basis. The plant of the company is located in Dhule, Maharashtra. PAVAN TRADERS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pavan Traders (PT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.25 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 10, 2024, placed the rating(s) of PT under the 'issuer non-cooperating' category as PT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 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 Anantapur based (Andhra Pradesh), Pavan Traders (PT) was established in 2013 as a proprietorship firm by Mr. G. Prabhakar. PT is engaged in the processing and distribution of Bengal Gram. The firm purchases Bengal Gram from the farmers located in Andhra Pradesh and Karnataka. The firm engages into cleaning of mud, straw and distribute the final product to the customers (Dal Millers) located in Tamil Nadu, Karnataka, Kerala, Andhra Pradesh and Maharashtra. The firm has around 300 customers all over the India and 60 per cent of the revenue is being generated from Tamil Nadu state region only. The current installed capacity for processing of Bengal Gram is 60 tons per day. RADHE FOODS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Radhe Foods Product (SRFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.85 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 21, 2025, placed the rating(s) of SRFP under the 'issuer non-cooperating' category as SRFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, 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 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 Shri Radhe Foods Product (SRFP) is a proprietorship firm established by Mr. Gopal Agrawal in 2015.The firm is engaged in milling and processing of non-basmati rice. SRFP is operating from its sole manufacturing plant located at Gondia (Maharashtra). Further the firm is also engaged in sorting of rice at its plant. RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raghu Rama Renewable Energy Limited (RRREL) continues 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 18, 2024, placed the rating(s) of RRREL under the 'issuer non-cooperating' category as RRREL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRREL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025, 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). Analytical approach: Standalone Outlook: Not Applicable Raghu Rama Renewable Energy Limited (RRREL) was incorporated in 2001 and is a subsidiary of Ind-Barath Power Infra Limited (IBPIL) of the Ind-Barath Group. The company operates 18-MW Biomass-based power plant in Ramnad district of Tamil Nadu with the plant commencing operation from October 2004. The primary source of fuel is biomass such as Prosopis Juliflora shrubs combined with wood powder and matchbox waste. RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajeshree Cotex (RC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 18.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 10, 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 26, 2025, November 5, 2025, November 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 RC is part of the Rajeshree group, formed in 2005. RC is a partnership firm promoted by seven partners with unequal share of profit among them. The key partners of RC are Mr. Nilesh Gandhi and Mr. Rajendra Kumar Mahajan. The firm is engaged in the ginning of raw cotton with processing of bales of cotton at its manufacturing facility at Jalgaon in Maharashtra. The Rajeshree group has other two entities, namely, M/s Rajeshree Fibers (rated: CARE D; Issuer not cooperating) and Rajeshree Industries India Private Limited (rated: CARE D; Issuer not cooperating). Both these entities are also involved in the business of cotton ginning and pressing. RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajeshree Industries India Private Limited (RIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long 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 10, 2024, placed the rating(s) of RIIPL under the 'issuer non-cooperating' category as RIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2011, RIIPL is primarily engaged in ginning and pressing of raw cotton at its manufacturing unit in Khargone, Madhya Pradesh. RIIPL is a part of Rajeshree Group, which also operates other cotton ginning and pressing units under partnership firm's M/s Rajeshree Cotex and M/s Rajeshree Fibers. RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rameshwaram Cotton Mills (RCM) continues 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 11, 2024, placed the rating(s) of RCM under the 'issuer non-cooperating' category as RCM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2025, November 6, 2025, November 16, 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 Aurangabad (Maharashtra) based Rameshwaram Cotton Mills (RCM) was incorporated in December 31, 2015 by Mr. Ravikumar Rameshwar Garg and Mr. Girdharilal Rameshwar Garg with an objective to set up green field project for cotton ginning and pressing at Melasangem, Andhra Pradesh. RCM envisaged total project cost of INR4.88 crore towards the project which was envisaged to be funded through term loan of INR3.25 crore and remaining of INR1.63 crore through unsecured loans and share capital. SATYAM COTTEX: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satyam Cottex (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.81 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 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: Not applicable Satyam Cottex (SC) was setup as a partnership firm in April 2013 by Mr. Mehul R. Sanghani, Mr. Ashok K. Bhagiya, Mr. Mansukhbhai V. Sanghani and Shri Bhaveshbhal G.Chandat, along with five other non-executive partners, based out of Rajkot, Gujarat. The firm is engaged in the business of cotton ginning and pressing to produce cotton bales and cotton seeds. The products are mainly used in the manufacturing of cotton yarn in the textile industry and oil extraction companies. The manufacturing unit of the firm is located at Tankara, Gujarat. The unit commenced commercial production from November 2013. SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shreeji Construction Company Vadodara (SCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 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 11, 2024, placed the rating(s) of SCC under the 'issuer non-cooperating' category as SCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2025, November 6, 2025, November 16, 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 Halol (Gujarat) based Shreeji Construction Co. (SCC) was established as a Partnership firm in 2014 by three partners i.e. Mr. Gopal Patel, Mr. Shreeji Patel and Mr. Chirag Patel. The firm is engaged into real estate activities. Currently, the firm is executing a commercial real estate project 'SHREEJI ARCADE' consisting of 270 shops at Halol, Pachamama. The construction of said project was started in October, 2014 with the total estimated cost of INR18.35 crore and the firm has incurred 83% of total estimated cost till May 31, 2018 and the rest will be incurred and project will be completed by March, 2019. The firm has been granted RERA registration under project registration no. PR/GJ/ PANCHMAHAL/HALOL/Others/ CAA02682/160518. SHREERAJ ROTO: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shreeraj Roto India Limited (SRIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.32 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of SRIL under the 'issuer non-cooperating' category as SRIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025 and 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: Stable Delhi based Shreeraj Roto India Limited (SRIL), public limited company (closely held), was incorporated in 2004 and is managed by Mr. Raj Kumar, Ms. Punam Raj and Ms. Kritika Raj. SRIL manufactures cylinders and printing roller for rotogravure printing. The company has its manufacturing facility located at Rohtak Road, Delhi. SHRUSHTI CONTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Shrushti Contech Private Limited S. No. 294/3, Bollavaram, Near Chowtapalli, Proddatur, YSR, District, Proddatur, Praddatur-516360, Andhra Pradesh Insolvency Commencement Date: February 6, 2026 Estimated date of closure of insolvency resolution process: August 5, 2026 (180 Days) Court: National Company Law Tribunal, Amaravati Bench Insolvency Professional: Maruti Venkata Subba Rao Poluri Flat No. A-505, H.No 14-20-677/1002 Vishnu Vistara Apartments, Bhagyanagar Colony Main Road, Madhapur, Hyderabad, Telangana, 50008 Email: cssubbarao@gmail.com Email: irp.shrushticontech2gmail.com Mobile: 9866684676 Last date for submission of claims: February 20, 2026 SUNPOWER SOLAR: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Sunflower Solar India Private Limited Level -2, Elegance Tower, Old Mathura Road, Jasola, South Delhi, New Delhi, Delhi, India, 110025 Liquidation Commencement Date: January 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ajay Rajendra Abad Sr. No 6/10/14, 7thFloor, Office No C-704, Vantage C, Opp Bavdhan Police Station, Bavdhan Khurd Pune-411021 Email: ipajayabad@outlook.com Telephone: +91 9890065176 Last date for submission of claims: February 11, 2026 VAIBHAVLAXMI CLEAN: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vaibhavlaxmi Clean Energy LLP (VCEL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 42.07 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 27, 2024, placed the rating(s) of VCEL under the 'issuer non-cooperating' category as VCEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 12, 2025, November 22, 2025 and December 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vaibhavlaxmi Clean Energy LLP (VCEL) is a Limited Liability Partnership (LLP) firm, incorporated in September 2010 and promoted by Mr. Sanjay Agarwal, Ms. Manjari Agarwal and M/s Power Private Limited (MPPL). During June 2011, VCEL set upwind power generation capacity of 14.4 MW including 8.4 MW at Ratlam, Madhya Pradesh (MP) and 6 MW at Tirunelveli, Tamil Nadu (TN). VCEL had entered into Power Purchase Agreements (PPAs) with M.P. Power Management Company Limited for the Madhya Pradesh project for a period of 25 years starting from July 2011 and with Tamil Nadu Generation and Distribution Corporation Limited for the Tamil Nadu project for a period of 20 years starting from August 2011. WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Womens Next Loungeries Limited (WNLL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 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 10, 2025, placed the rating(s) of WNLL under the 'issuer non-cooperating' category as WNLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WNLL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in December 2010 as Shiv Lingeries Private Limited by Mr Bhavesh Bhanushali, & Mrs Premila Bhanushali and subsequently converted to public limited company in 2012 with its name changed to Women's Next Loungeries Ltd. (WNLL) and listed with Bombay Stock Exchange in 2014. WNLL is engaged in the business of manufacturing of lingerie, loungerie, pajamas, t-shirts and night suits and trading of fabric. WNLL has manufacturing unit which is located at Bhiwandi, Thane. ========= J A P A N ========= UNIVERSAL ENTERTAINMENT: Fitch Affirms 'B-' IDR, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings of eight APAC gaming, lodging and leisure companies. These actions follow Fitch's updates to its Corporate Rating Criteria and 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 ratings drivers for each issuer, see the RACs listed below. Universal Entertainment Corporation "Fitch Revises Outlook on Universal Entertainment to Negative, Affirms 'B-' Rating", dated 28July 2025. Genting Berhad "Fitch Affirms Genting Group; Outlook Negative, Removes Rating Watch", dated 22 December 2025. Genting Malaysia Berhad "Fitch Affirms Genting Group; Outlook Negative, Removes Rating Watch", dated 22 December 2025. Genting New York LLC "Fitch Affirms Genting Group; Outlook Negative, Removes Rating Watch", dated 22 December 2025. Resorts World Las Vegas "Fitch Affirms Genting Group; Outlook Negative, Removes Rating Watch", dated 22 December 2025. Tabcorp Holdings Limited "Fitch Publishes Tabcorp's 'BBB-' Rating; Outlook Stable", dated 12 November 2025 SJM Holdings Limited "Fitch Revises Outlook on SJM Holdings to Negative; Affirms Ratings at 'BB-'", dated 12 September 2025 Jinjiang International Holdings Co. Ltd. "Fitch Affirms Jinjiang's IDR at 'BBB', Outlook Stable", dated 30 April 2025 Peer Analysis Refer to each issuer's RAC listed above for details. Fitch’s Key Rating-Case Assumptions Refer to each issuer's RAC listed above for details. Corporate Rating Tool Inputs and Scores Universal Entertainment Corporation 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 (b, moderate), sector characteristics (b+, moderate), market & competitive positioning (bb-, moderate), diversification and asset quality (b, moderate), company operational characteristics (bb-, lower), profitability (b-, higher), financial structure (b-, moderate), and financial flexibility (b-, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b-'. To derive the Long-Term Issuer Default Rating (IDR): - No further adjustments made to the SCP, resulting in an IDR of 'B-'. Genting Berhad Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb, higher), diversification and asset quality (bbb, higher), company operational characteristics (bbb-, moderate), profitability (bbb, moderate), financial structure (bb, moderate), and financial flexibility (bbb, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the Long-Term IDR: - No further adjustments made to the SCP, resulting in an IDR of 'BBB'. Genting Malaysia Berhad 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, lower), market and competitive positioning (bbb, higher), diversification and asset quality (bb+, moderate), company operational characteristics (bbb-, moderate), profitability (bb+, moderate), financial structure (b+, moderate), and financial flexibility (bbb-, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bbb-'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach, resulting in an IDR of 'BBB'. Genting New York LLC 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 (b+, moderate), market and competitive positioning (b+, moderate), diversification and asset quality (b+, higher), company operational characteristics (bb, moderate), profitability (b, moderate), financial structure (bb+, moderate), and financial flexibility (bbb, lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a top-down -1 approach, resulting in an IDR of 'BBB-'. Resorts World Las Vegas 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 (b+, higher), market and competitive positioning (b+, moderate), diversification and asset quality (b+, moderate), company operational characteristics (bb-, moderate), profitability (b, moderate), financial structure (ccc-, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a top-down -1 approach, resulting in an IDR of 'BBB-'. Tabcorp 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 (bbb-, higher), market and competitive positioning (bbb, moderate), diversification and asset quality (bb, moderate), company operational characteristics (bbb, lower), profitability (bb, moderate), financial structure (bbb+, moderate), and financial flexibility (a-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' 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-'. SJM 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-, higher), diversification and asset quality (b+, moderate), company operational characteristics (bb, lower), profitability (bbb-, moderate), financial structure (b, higher), and financial flexibility (bb+, higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Jinjiang International Holdings Co, 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 (bb+, moderate), market & competitive positioning (bbb+, higher), diversification and asset quality (bbb+, moderate), company operational characteristics (bb+, moderate), profitability (ccc+, lower), financial structure (ccc-, moderate), and financial flexibility (bb+, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - 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 Government-Related Entities Rating Criteria results in a bottom-up +4 approach, resulting in an IDR of 'BBB'. Recovery Analysis Please refer to Universal Entertainment's RAC for its recovery analysis. RATING SENSITIVITIES Refer to each issuer's RAC listed above for details. Liquidity and Debt Structure Refer to each issuer's RAC listed above for details. Issuer Profile Refer to each issuer's RAC listed above for details. Summary of Financial Adjustments Refer to each issuer's RAC listed above for details. Sources of Information Refer to each issuer's RAC listed above for details. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING Public Ratings with Credit Linkage to other ratings Refer to each issuer's RAC listed above for details. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for Universal Entertainment Corporation and SJM Holdings Limited are 50 and 69, respectively, in 2035. The results of its Climate.VS screener did not indicate an elevated risk for Genting Berhad, Genting Malaysia Berhad, Genting New York LLC, Resorts World Las Vegas LLC, Tabcorp Holdings Limited and Jinjiang International Holdings Co, Ltd. ESG Considerations Refer to each issuer's RAC listed above for details. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Genting Malaysia Berhad LT IDR BBB Affirmed BBB Tabcorp Finance Pty Limited senior unsecured LT BBB- Affirmed BBB- GENNY Capital Inc. senior unsecured LT BBB- Affirmed BBB- Tabcorp Holdings Limited LT IDR BBB- Affirmed BBB- Genting Overseas Holdings Limited LT IDR BBB Affirmed BBB GOHL Capital Limited senior unsecured LT BBB Affirmed BBB GENM Capital Labuan Limited senior unsecured LT BBB Affirmed BBB Resorts World Las Vegas LLC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- senior secured LT BBB- Affirmed BBB- SJM Holdings Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Universal Entertainment Corporation LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- Genting New York LLC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- RWLV Capital Inc senior unsecured LT BBB- Affirmed BBB- Champion Path Holdings Limited senior unsecured LT BB- Affirmed BB- SJM International Limited senior unsecured LT BB- Affirmed BB- Jinjiang International Holdings Co, Ltd. LT IDR BBB Affirmed BBB Genting Berhad LT IDR BBB Affirmed BBB =============== M A L A Y S I A =============== VANTRIS ENERGY: Targets PN17 Exit By FY2027 ------------------------------------------- The Exchange Asia reports that Vantris Energy Bhd, formerly known as Sapura Energy, is shifting its strategy from chasing large-scale contracts to focusing on profitability and cash flow as it works towards exiting PN17 status by the financial year ending Jan. 31, 2027. Once Malaysia's largest integrated oil and gas services group, the company had pursued complex EPCIC projects that boosted revenue but weakened margins. Combined with heavy borrowings, legacy losses, and an industry downturn, this led to financial distress and its PN17 classification, according to the report. Under group CEO Muhammad Zamri Jusoh, who took office in January 2025, the company has adopted a more disciplined approach, the Exchange Asia relates. "We are now very selective. The most important things are margins and cash flows," the Exchange Asia quotes Zamri as saying. According to the Exchange Asia, a comprehensive restructuring completed in September 2025 reduced borrowings from MYR10.8 billion to MYR5.6 billion, including MYR784.3 million in debt forgiveness. Annual debt servicing costs fell sharply from over MYR800 million to about MYR250 million. Banks converted part of their debt into equity instruments, resulting in creditors holding about 40% of the company post-restructuring. The turnaround was further supported by MYR1.1 billion in fresh funding via redeemable convertible loan stocks from Malaysia Development Holding Sdn Bhd, owned by the Ministry of Finance Inc. If fully converted, the funding vehicle could become the largest shareholder with a 35.92% stake. Meanwhile, existing shareholders such as ASNB and the Shamsuddin brothers saw their stakes diluted. Following the restructuring, Vantris paid MYR1.1 billion to over 1,400 local vendors, fulfilling earlier commitments and helping rebuild trust within its ecosystem. As at Oct 31, 2025, the group's order book stood at MYR6.3 billion, mainly from drilling (47%), engineering and construction (29%), and operations and maintenance (24%). Recent contract wins worth MYR1.4 billion from PETRONAS have lifted the order book above MYR7 billion, providing earnings visibility for the next three years. The group is also shifting focus closer to home, reducing exposure to the western hemisphere to 12%, while 88% of its MYR28.9 billion tender book is now in the Asia-Pacific region. Despite improvements, Vantris remains under PN17 and currently has no access to working capital or bank guarantee facilities, requiring it to self-fund operations. To exit PN17, the group must record two consecutive profitable quarters. Management is targeting a PN17 exit by FY2027, the report relays. "We are watching our business like a hawk. No room for error," Zamri said, notes the report. The group continues to divest non-core assets to strengthen liquidity, including the recent US$30.5 million sale of its stake in an Indian joint venture. Looking ahead, Zamri remains cautiously optimistic about the oil and gas sector, citing sustained investment by major oil companies despite market volatility, the Exchange Asia adds. About Vantris Energy Vantris Energy Bhd, formerly known as Sapura Energy Berhad, engages in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Vantris Energy announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. The company has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== CLASSIC MOTORS: Court to Hear Wind-Up Petition on March 6 --------------------------------------------------------- A petition to wind up the operations of Classic Motors Limited will be heard before the High Court at Auckland on March 6, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 18, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 FINN PLUMBING: Creditors' Proofs of Debt Due on March 18 -------------------------------------------------------- Creditors of Finn Plumbing Limited are required to file their proofs of debt by March 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 FLETCHER BUILDING: First Half Net Loss Narrows to NZD11 Million --------------------------------------------------------------- Capital Brief reports that Fletcher Building reported a half-year net loss of NZD11 million, citing margin pressures and subdued market conditions across New Zealand and Australia. The building manufacturing company's half-year net loss narrowed from a net loss of NZD134 million a year prior, Capital Brief discloses. Revenue came in at NZD2.8 billion, missing analysts' estimates of NZD3.5 billion, while earnings before interest and tax (EBIT) was NZD138 million. Net cash from operating activities was NZD156 million, up from NZD87 million the prior corresponding period. Capital Brief says the company did not declare a dividend. According to Capital Brief, Fletcher CEO Andrew Reding said the profit decline was driven by lower volumes in New Zealand's residential and civil markets alongside competitive pressures. He said market conditions are expected to remain challenging in the near term, with a more meaningful recovery not anticipated until 2027. About Fletcher Building Headquartered in Auckland, New Zealand, Fletcher Building Limited (NZX:FBU) -- https://fletcherbuilding.com/ -- together with its subsidiaries, manufactures and distributes building products in New Zealand, Australia, and internationally. It operates through Building Products, Distribution, Concrete, Residential and Development, Construction, and Australia segments. Fletcher Building reported annual net losses of NZD419 million for the year ended June 30, 2025 and NZD227 million for the year ended June 30, 2024. LAKE RIDGE: Court to Hear Wind-Up Petition on March 9 ----------------------------------------------------- A petition to wind up the operations of Lake Ridge Farms Limited will be heard before the High Court at Whangarei on March 9, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 7, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 P R FORESTRY: Creditors' Proofs of Debt Due on March 31 ------------------------------------------------------- Creditors of P R Forestry Limited are required to file their proofs of debt by March 31, 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: Wendy Somerville Malcolm Hollis PwC PwC Waikato PO Box 191 Hamilton 3240 TECH VAULT: Creditors' Proofs of Debt Due on March 13 ----------------------------------------------------- Creditors of Tech Vault Enterprises Limited, Bedi Transport Limited, A K Haulage Limited and Nama Property Airfield Limited are required to file their proofs of debt by March 13, 2026, to be included in the company's dividend distribution. Tech Vault Enterprises commenced wind-up proceedings on Feb. 5, 2026. Bedi Transport and A K Haulage commenced wind-up proceedings on Feb. 9, 2026. Nama Property Airfield commenced wind-up proceedings on Feb. 11, 2026. The company's liquidators are: Pritesh Patel Patel & Co. PO Box 23296 Manukau City Auckland 2241 ================= S I N G A P O R E ================= ABA PRESTIGE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Jan. 30, 2026, to wind up the operations of ABA Prestige Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Dev Kumar Harish Nandwani Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 AGV GALVANIZING: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Dec. 12, 2025, to wind up the operations of AGV Galvanizing (Singapore) Pte. Ltd. The company's liquidators are: Dev Kumar Harish Nandwani Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GRACE OCEAN: Judge Allows Dali Manager's Bid to Limit Liability --------------------------------------------------------------- Andrew G. Simpson at Insurance Journal reports that a federal judge has allowed the manager of the cargo ship Dali involved in the tragic collapse of Baltimore's Francis Scott Key Bridge in March 2024 to proceed for now with its claims under an 1851 maritime law that limits liability for shipowners. According to Insurance Journal, the state of Maryland and wrongful death claimants had sought to prevent Synergy Marine from invoking the Shipowners' Limitation of Liability Act on the basis that Synergy does not meet the requirements as an owner of the ship and thus is not entitled to limited liability protection granted by the law. Under the maritime law, a shipowner's liability for a maritime loss or mishap is limited to the value of the ship and her pending freight if the mishap occurred without the privity of knowledge of the owner. The stipulated value of the Dali is $43.7 million. Insurance Journal relates that the state and attorneys for wrongful death claimants argued that the law applies only to actual owners of vessels and that Grace Ocean Private Limited was and is the owner of the cargo ship Dali, while Synergy was only the manager and thus not eligible under the law. Insurance Journal says the filing sought dismissal of Synergy's petition only; it did not address Grace Ocean's petition for protection under the act to limit its liability. U.S. District Court judge James K. Bredar rejected the state's bid to have Synergy's claim dismissed at this point and will allow proceedings to continue, according to Insurance Journal. He found that while there are facts to indicate Synergy is not an owner, there are also facts that suggest it could be considered an owner and thus dismissal would not be appropriate at this time. According to the state's filing, Synergy was not an owner because there was never a "complete transfer of possession, command, and navigation of the vessel" by owner Grace Ocean to Synergy, Insurance Journal relays. The state contends that Synergy was not responsible for the vessel's navigation, did not employ the crew, was subject to daily oversight by the owner, had no financial responsibility for the vessel's operation, had no financial exposure for claims and does not provide insurance for the vessel. For its part, Synergy maintains that its documents show that it had assumed all responsibility for the ship from the owner Grace Ocean and that Grace Ocean relied solely on it for the daily oversight and control of the ship, Insurance Journal relates. The fact that it is an additional insured on Grace Ocean's insurance policies supports its position that its control over the ship was sufficiently substantial to expose it to a shipowner's risk of liability, according to the manager. Insurance Journal says the court found that there are competing and undisputed facts surrounding Synergy's financial responsibility, relationship with the crew, and how much operational control Synergy had over the ship. These factual disputes are material and thus the court refused to rule against Synergy at this point. Insurance Journal notes that Grace Ocean and Synergy have claimed that the collapse of the bridge was "not due to any fault, neglect, or want of care" on their part or on the part of the vessel or any parties for whose acts they may be responsible. Grace Ocean and Synergy maintain that they shouldn't be held liable for any loss or damage from the disaster. But if they are held liable, their liability should be limited under the maritime law to no more than the value of the ship and its cargo after the crash, or $43.7 million, Insurance Journal relays. Before the crash, the value of the ship was about $90 million. Insurance Journal adds that the state and wrongful death claimants want the court to hold both Grace Ocean and Synergy fully accountable for alleged negligence, mismanagement, and incompetence. Grace Ocean Private and Synergy Marine have themselves sued Hyundai Heavy Industries, the company that built their vessel, alleging negligence in the design of a critical switchboard on the ship, according to Insurance Journal. In November, the National Transportation Safety Board (NTSB) issued a report finding that a loose wire in the ship's electrical system caused a breaker to unexpectedly open. That in turn triggered a sequence of events that led to two vessel blackouts and a loss of both propulsion and steering near the 2.37-mile-long Key Bridge. Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. KENT RIDGE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Feb. 6, 2026, to wind up the operations of Kent Ridge Healthcare Singapore Private Limited. Singapore Emergency Medical Assistance Private Limited filed the petition against the company. The company's liquidator is: Ms. Oon Su Sun c/o Finova Advisory 182 Cecil Street, #23-02 Frasers Tower Singapore 069547 PLANET SMART: Creditors' Proofs of Debt Due on March 13 ------------------------------------------------------- Creditors of Planet Smart Services Pte. Ltd. are required to file their proofs of debt by March 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 6, 2026. The company's liquidators are: Goh Wee Teck Ng Kian Kiat c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 TENDCARE MEDICAL: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 5, 2026, to wind up the operations of Tendcare Medical Group Holdings Pte. Ltd (formerly known as Tian Jian Hua Xia Medical Group Holdings Pte. Ltd.) (In Judicial Management). The company's liquidator is: Joshua James Taylor Alvarez & Marsal (SE Asia) 10 Collyer Quay, #17-01/06 Ocean Financial Centre Singapore 049315 ===================== S O U T H K O R E A ===================== PIZZA HUT KOREA: To Transfer Operations to PE-Backed Entity ----------------------------------------------------------- No Kyung-min at The Korea Herald reports that Pizza Hut's Korean unit, currently under court-led rehabilitation, is moving to sell its business rights to a newly formed private-equity-backed vehicle in a bid to preserve the brand while containing its debt burden. According to The Korea Herald, industry sources said on Feb. 13 that local private equity firms Kclavis Investment and Winter Gold have formed a new entity, PH Korea, to acquire the operating rights of Pizza Hut's Korean business for KRW11 billion ($7.6 million). The deal followed a court-supervised process enabling the transfer of core assets ahead of final restructuring approval. Under the plan, the existing unit will use the sale proceeds to repay creditors and then enter liquidation, with PH Korea taking over the franchise network and company-operated stores, the report relates. Of the sale proceeds, roughly KRW7 billion is expected to be distributed to rehabilitation creditors after priority claims are settled. That would allow creditors to recover about 13 percent of their claims, compared with less than 4 percent if no business transfer had occurred, The Korea Herald relays. The Korea Herald relates that the move comes more than a year after Pizza Hut Korea filed for court-led rehabilitation in November 2024, citing a prolonged dispute with franchisees and mounting financial strain. Pressure intensified after the Supreme Court finalized a ruling ordering the company to return KRW21.5 billion in so-called "margin franchise fees," undisclosed markups on supplies sold to franchisees. The decision pushed total rehabilitation claims to about KRW61.5 billion, the report notes. According to The Korea Herald, industry insiders said PH Korea's creation underscores the financial reality that carving out the brand and operating assets from the existing entity had become the only viable restructuring path. "This is about remaking the franchise model," said one industry official. "The brand's fate will now largely hinge on maintaining strong relationships with franchisees." The Korea Herald says PH Korea plans to overhaul its profit structure, logistics and marketing while streamlining franchise agreements to stabilize operations, with no store closures or large-scale layoffs planned. Pizza Hut Korea said it will submit creditor feedback from a recent meeting to the court, adds The Korea Herald. The restructuring will proceed subject to court approval of the asset transfer, confirmation of the rehabilitation plan and a creditors' meeting before the deal is finalized. ********* 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. 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