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260310.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, March 10, 2026, Vol. 29, No. 49 Headlines A U S T R A L I A CARLISLE COAST: First Creditors' Meeting Set for March 12 EQUATORIAL LAUNCH: Goes Into Liquidation, Owing NT Government AUD5M MENZIES CIVIL: Second Creditors' Meeting Set for March 12 NAMOUR TRANSPORT: First Creditors' Meeting Set for March 16 PACKCENTRE MARKETING: First Creditors' Meeting Set for March 13 PANORAMA AUTO 2026-1: Fitch Assigns BB(EXP)sf Rating to Cl. E Notes VIMWOOD AUSTRALIA: Second Creditors' Meeting Set for March 12 H O N G K O N G CONTEL TECHNOLOGY: Two Subsidiaries Face Winding-Up Petitions I N D I A 4TH APPLE: CRISIL Lowers Rating on INR12cr Proposed LT Loan to B B. R. ELASTICS: CRISIL Lowers Rating on INR13.75cr Cash Loan to D BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating C. P. INDUSTRIES: CRISIL Lowers Rating on INR5cr Cash Loan to D DHARMRAJ ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating GAJANANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating GEMSTONE GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating GVP INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating ISR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating JBS ENTERPISES: CRISIL Cuts Rating on INR5.5cr Cash Loan to C JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating KAPIL MUNI: CRISIL Keeps B- Debt Ratings in Not Cooperating KARVY FORDE: CRISIL Keeps C Debt Rating in Not Cooperating Category MAA KALIKA: CRISIL Keeps D Debt Ratings in Not Cooperating PINAKIN PLASTOFORMING: CARE Keeps D Ratings in Not Cooperating PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating RAGHAV SULZCON: CARE Keeps B- Debt Rating in Not Cooperating RAJALAKSHMY PACKAGING: CARE Keeps D Ratings in Not Cooperating RAVI TEJA: CARE Keeps D Debt Rating in Not Cooperating Category SENBO ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating TRUE VALUE: CARE Keeps D Debt Rating in Not Cooperating Category UNIVERSAL POLYSACK: CARE Keeps C Debt Rating in Not Cooperating V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating VIBRANT FAB: CARE Keeps D Debt Ratings in Not Cooperating Category I N D O N E S I A NICKEL INDUSTRIES: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable N E W Z E A L A N D COPAPA CONSTRUCTION: Court to Hear Wind-Up Petition on March 23 ENVIRONMENTAL AND CONSTRUCTION: Wind-Up Petition Hearing on Mar. 23 LONGEVITY CONSTRUCTION: Ordered to Pay Former Employee NZD230k TALISMAN TRADING: Creditors' Proofs of Debt Due on April 3 TCL MANAGEMENT: Creditors' Proofs of Debt Due on May 4 TEAK CONSTRUCTION: Owes NZD7.9MM to Creditors; Assets at NZD6.4MM TILE SCAPE: Commences Wind-Up Proceedings S I N G A P O R E CARBOFULL CARBON: Court Enters Wind-Up Order ETERNAL GLADE: Creditors' Proofs of Debt Due on April 6 FANSIPAN 2: Creditors' Proofs of Debt Due on April 6 HATTEN LAND: Seeks 180-Day Extension of Judicial Management MM2 ASIA: Mulls Share Placement, Rights Issue with PE Fund NUTRYFARM INTERNATIONAL: Inks Share-Linked Loans With Lenders RED PILL SOLUTIONS: Creditors' Proofs of Debt Due on April 5 UNION GLORY: Creditors' Proofs of Debt Due on March 20 S O U T H K O R E A SK ON: Lays Off Nearly 1,000 Workers at Georgia Battery Plant V I E T N A M NAM A BANK: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable VIETNAM ASIA: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= CARLISLE COAST: First Creditors' Meeting Set for March 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Carlisle Coast Developments Pty Ltd will be held on March 12, 2026, at 11:00 a.m. at the offices of Hogan Sprowles, at Level 1, 44 Pitt Street, in Sydney, NSW and via virtual facilities. Christian Sprowles of Hogan Sprowles was appointed as administrator of the company on March 2, 2026. EQUATORIAL LAUNCH: Goes Into Liquidation, Owing NT Government AUD5M ------------------------------------------------------------------- ABC News reports that a space start-up once billed as the future of Australia's rocket launch industry has collapsed into liquidation, still owing the Northern Territory government more than AUD5 million. According to the ABC, a notice issued by financial regulator the Australian Securities and Investments Commission (ASIC) last week confirmed Equatorial Launch Australia (ELA) would be wound up and Geoffrey Peter Granger appointed as liquidator. The ABC says ELA captured national attention in 2022 when it launched three NASA rockets from its Arnhem Space Centre launch pad in the Northern Territory, in a moment hailed by Prime Minister Anthony Albanese as "a new era" for the Australian space sector. The rockets marked Australia's first commercial launches in more than 25 years and spurred the company to lodge ambitious plans to expand to 14 launch pads with hopes of launching a rocket a week. But in 2024, ELA ceased operations in the NT. The company blamed delays and failed negotiations with the Northern Land Council over a proposed lease to expand its East Arnhem Land rocket launch base - claims the NLC rejected, the ABC relays. At the time, a spokesperson for the then-NT Labor government confirmed it had invested about AUD5 million in ELA and was "exploring legal options" in relation to its 5 per cent stake in the company. On March 4, Chief Minister Lia Finocchiaro said ELA's collapse was a "mess" the current Country Liberal Party (CLP) government would now need to work through, according to the ABC. "This has been a very disappointing chapter, where first [ELA] pulled out of the Northern Territory and now news around the liquidation," she said. "So we have to work back through and pick up the pieces of this mess that Labor left behind." The ABC relates that Trade, Business and Asian Relations Minister Robyn Cahill confirmed the NT government retained shares worth AUD5.44 million in ELA. A spokesperson for her office said the the government was "considering options related to our shareholding that are in the best interest of the Territory". ELA chief executive Michael Jones declined to comment. A spokesperson for ASIC said the liquidator had taken over ELA and would be settling accounts in an "orderly and fair way" to benefit creditors, the ABC adds. MENZIES CIVIL: Second Creditors' Meeting Set for March 12 --------------------------------------------------------- A second meeting of creditors in the proceedings of Menzies Civil Australia Pty Ltd has been set for March 12, 2026, at 11:30 a.m. at the offices of KPMG, at Level 8, 235 St Georges Terrace, in Perth, WA 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 March 11, 2026 at 4:00 p.m. Martin Bruce Jones and Matthew David Woods of KPMG were appointed as administrators of the company on Feb. 5, 2026. NAMOUR TRANSPORT: First Creditors' Meeting Set for March 16 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Namour Transport Pty Ltd as the Trustee for Namour Trust will be held on March 16, 2026, at 10:00 a.m. via virtual meeting technology. Francis Jude O'Neill of SV Partners was appointed as administrator of the company on March 4, 2026. PACKCENTRE MARKETING: First Creditors' Meeting Set for March 13 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Packcentre Marketing Services Pty. Ltd. will be held on March 13, 2026, at 2:00 a.m. via virtual meeting technology. Laurence Fitzgerald & Garth O'Connor-Price of William Buck were appointed as administrators of the company on March 5, 2026. PANORAMA AUTO 2026-1: Fitch Assigns BB(EXP)sf Rating to Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Panorama Auto Trust 2026-1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes will be issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2026-1. Entity/Debt Rating ----------- ------ Panorama Auto Trust 2026-1 Commission Note LT AAA(EXP)sf Expected Rating A LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 31 January 2026 cut-off date was AUD750 million. The pool consisted of 16,478 receivables with weighted-average (WA) seasoning of 2.6 months, WA remaining maturity of 54.7 months and an average contract balance of AUD45,515. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.2% (7.50x) Consumer loans: 3.0% (5.75x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.3% and the 'AAAsf' default multiple is 6.0x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.1% in January 2026. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% in both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise according to an amortisation schedule. Non-payments on the commission note under the schedule will not constitute a default event. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider, liquidity facility provider or transaction account bank fall below a certain level. The class A to E notes will receive principal repayments pro rata upon satisfaction of step-down criteria. The percentage of credit enhancement provided by the G notes will increase as the A to E notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 55.2% of the portfolio by receivable value has balloon amounts payable at maturity, and this has been incorporated into the rating analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Note: Commission / A / B / C / D / E Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 10% WAFF increase: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 25% WAFF increase: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf 50% WAFF increase: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf 10% WARR decrease: AAAsf / AAAsf / AAsf / Asf / BBB-sf / BB-sf 25% WARR decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 50% WARR decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / B+sf 10% WAFF increase / 10% WARR decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 25% WAFF increase / 25% WARR decrease: AAAsf / AA+sf / Asf / BBBsf / BB+sf / Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E Expected Rating: AAsf / Asf / BBBsf / BBsf 10% WAFF decrease / 10% WARR increase: AA+sf / A+sf / BBB+sf / BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2026-1 has an ESG Relevance Score (RS) of '4' for Energy Management because EVs form 23.6% of the pool, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. VIMWOOD AUSTRALIA: Second Creditors' Meeting Set for March 12 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Vimwood Australia Pty. Limited and Australian Accessories Holdings Pty Limited has been set for March 12, 2026, at 2:00 p.m. via virtual meeting only. 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 March 11, 2026 at 12:00 p.m. Kate Conneely and Rahul Goyal of Cor Cordis were appointed as administrators of the company on Feb. 5, 2026. ================= H O N G K O N G ================= CONTEL TECHNOLOGY: Two Subsidiaries Face Winding-Up Petitions ------------------------------------------------------------- Minichart reports that two wholly-owned subsidiaries of Contel Technology Company Limited - Flyring Electronic Limited and IH Technology Limited - on Feb. 27 received winding-up petitions filed by Ms. Feng Tao in the High Court of Hong Kong. Minichart relates that the petitions allege that both subsidiaries are insolvent and unable to pay their debts. The alleged debts total US$550,000 for Flyring Electronic Limited and RMB14 million for IH Technology Limited, together with accrued interest, all arising from purported loan agreements. The hearing for the petitions is scheduled before a Master of the High Court on May 6, 2026, Minichart says. According to Minichart, the Company and its subsidiaries categorically deny the allegations and dispute the existence of the debts. Legal advice is being sought, and the Company intends to vigorously oppose and defend against the petitions. As of the date of this announcement, no winding-up order has been made by the High Court against either subsidiary, adds Minichart. Contel Technology Company Limited, an investment holding company, operates as a fabless semiconductor application solutions provider in Hong Kong and the People's Republic of China. The company offers fabless semiconductor application solutions specializing in the design, development, and provision of IC application solutions; and sells electronic components and integrated circuits (ICs) to consumer and industrial products. It also provides IC application solutions and value-added services in various categories, including mobile devices and smart charging, motor control, sensors and automation, light-emitting diode lighting, and radio frequency power. ========= I N D I A ========= 4TH APPLE: CRISIL Lowers Rating on INR12cr Proposed LT Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of 4th Apple Developers (4AD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 12 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with 4AD for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of 4AD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on 4AD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of 4AD revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. 4AD was started in April 2013 as a partnership firm. It develops real estate and is currently undertaking a residential project, 4th Apple Oak Residency, at Ghansoli. B. R. ELASTICS: CRISIL Lowers Rating on INR13.75cr Cash Loan to D ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of B. R. Elastics India Private Limited (BREPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.75 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Term Loan 0.50 Crisil D (Issuer Not COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Term Loan 0.70 Crisil D (Issuer Not COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BREPL for obtaining information through emails dated January 23, 2026, January 16, 2026 and November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned are viewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity' s credit quality. Crisil Ratings believes that rating action on BREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the rating to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in company accounts and clarity about the same from the management and bankers is continuing to remain awaited BREPL was set up as a proprietorship firm in 2000 and reconstituted as a private limited company in 2008. The company, based in Tirupur, manufactures varied types of elastic, including woven elastic, woven jacquard elastic, plain knitted elastic, fancy frill elastic, and lycra elastic. BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhai Kanhaiya Sewa Society (BKSS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.13 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.37 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BKSS for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BKSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BKSS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BKSS continues to be 'Crisil D/Crisil D Issuer not cooperating'. Formed in 1983, BKSS runs Radiant Institute of Engineering and Technology and Homeopathic Medical College and Hospital in Abohar, Punjab. The society is being currently chaired by Mr. Tara Singh Ji. C. P. INDUSTRIES: CRISIL Lowers Rating on INR5cr Cash Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of C. P. Industries (CPI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'Crisil C ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CPI for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CPI, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the rating on the bank facilities of CPI to 'Crisil D Issuer not cooperating' from 'Crisil C Issuer not cooperating' as there have been delays in repayments of interest and debt obligations. CPI, established in 1992 by Mr. Chironjilal Shivhare, manufactures and trades in mustard seeds, mustard oil, and mustard oil cake. The firm is based in Gwalior, Madhya Pradesh. DHARMRAJ ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dharmraj Aluminium Industries Private Limited (DAIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DAIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DAIPL continues to be 'Crisil D Issuer not cooperating'. DAIPL, incorporated in 2011, manufactures aluminium ingots. The company is currently promoted and managed by Mr. Vijay C Gujar and Mr. Bharat B Gujar. DAIPL has a manufacturing facility in Aurangabad (Maharashtra) with a capacity of 18,000 tonne per annum. GAJANANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Gajanana Traders (GT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 8.77 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GT for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GT continues to be 'Crisil D Issuer not cooperating'. Set up in 2012, GT is engaged in milling and processing of paddy into rice, rice bran, broken rice and husk. Its rice mill is located in East Godavari, Andhra Pradesh. The day to day operations are managed by Mr. Srinivas Maroju. GEMSTONE GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gemstone Glass Private Limited (GGPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Packing Credit 7.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.17 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 2.83 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with GGPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GGPL, incorporated in 2003, is a wholly-owned subsidiary of Trend SpA, Italy (Trend). The company manufactures glass and operates as a production hub for the group. With effect from April 1, 2013, another subsidiary of Trend, Pino Pvt Ltd, was merged with GGPL. GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goldenline Infrastructures Private Limited (GIPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 15 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GIPL continues to be 'Crisil D Issuer not cooperating'. GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The company is setting up a residential project, Aerens Golden Tulip, at Ajmer, Rajasthan. GVP INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of GVP Infra Projects Private Limited (GIPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 27.5 CRISIL D (Issuer Not Cooperating) Term Loan 22.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GIPPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GIPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GIPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GIPPL continues to be 'Crisil D Issuer not cooperating'. GIPPL operates a 15 megawatt hydro power project in Udupi district in Karnataka. The operations of the company are managed by the promoter, Mr. G Venkateswara Rao. HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Horizon Leisure Hotels Private Limited (HLHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 27.17 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HLHPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HLHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HLHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HLHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated on November 9, 2009, HLHPL is Indore-based real estate developer Horizon group's first venture into the hospitality sector, which it operates through a tie-up with the Best Western group. The hotel began commercial operations in 2012-13 (refers to financial year, April 1 to March 31). INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of India Mega Agro Anaj Limited (IMAAL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 53.3 CRISIL D (Issuer Not Cooperating) Cash Credit 40 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 2.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Term Loan 3.54 CRISIL D (Issuer Not Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Term Loan 3.41 CRISIL D (Issuer Not Cooperating) Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IMAAL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IMAAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IMAAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IMAAL continues to be 'Crisil D Issuer not cooperating'. Incorporated in June 2010 and promoted by Mr. Ajaykumar Baheti, Mr. Radheshyam Maniyar, and their family, IMAAL is a mega food processing company that mills rice, flour, and pulses, processes cattle feed, and operates an oil mill and refinery. Operations at the solvent extraction plant and biscuit manufacturing unit commence its operation during the first-half of fiscal 2018. Manufacturing and processing units are located in Nanded, Maharashtra, spread over 50 acres. ISR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ISR Infra Private Limited (IIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 2.17 CRISIL D (Issuer Not Cooperating) Open Cash Credit 5 CRISIL D (Issuer Not Cooperating) Working Capital 0.83 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with IIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2010, IIPL undertakes civil projects such as construction of roads and bridges. Visakhapatnam, Andhra Pradesh-based IIPL is promoted by Mr Srinivas Rao and family. JBS ENTERPISES: CRISIL Cuts Rating on INR5.5cr Cash Loan to C ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of JBS Enterpises Limited (JBSEL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 29.5 Crisil A4 (Issuer Not Cooperating) Cash Credit 5.5 Crisil C (Issuer Not Cooperating; Revised from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JBSEL for obtaining information through letters and emails dated February 24, 2026 and October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JBSEL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on JBSEL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised its ratings on the bank facilities of JBSEL to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. based on publicly available information on the company delaying payments to a financial creditor, facilities of which are not rated by Crisil Ratings. JBSEL, incorporated in 1988 is managed by Mr Milind Thekedar. The company provides services such as operations and maintenance, erection, testing and commissioning for extra high voltage electrical sub stations and transmission lines. JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of JSR Mulbagal Tollways Private Limited (JSR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 24.7 CRISIL D (Issuer Not Cooperating) Term Loan 10 CRISIL D (Issuer Not Cooperating) Term Loan 25 CRISIL D (Issuer Not Cooperating) Term Loan 45.3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JSR for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JSR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSR continues to be 'Crisil D Issuer not cooperating'. JSR is a special purpose company promoted by JSR Constructions Private Limited for augmentation of National Highway No. 4 from km 216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal - AP/KNT border section in Karnataka under NHDP Phase III, by four-laning on design, build, finance, operate and transfer (DBFOT) on toll basis. JSR Constructions Private Limited has 70% shareholding in JSR with the remaining 30% being held by the directors of the company. KAPIL MUNI: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Kapil Muni Agro Foods (KMAF) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Fund- 1.94 CRISIL B-/Stable (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 11.06 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KMAF for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KMAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMAF continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2018, KMAF is engaged in cultivation and sales of fresh mushrooms. It is promoted by Mr. Manoj Kumar and its facility is located in Mainpuri. It sells its products under the brand name of Devyani Mushrooms. KARVY FORDE: CRISIL Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Karvy Forde Search Private Limited (KFSPL; part of the Karvy Data Management Services Ltd [KDMSL] group) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KFSPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KFSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KFSPL continues to be 'Crisil C Issuer not cooperating'. KFSPL, based in Hyderabad, provides recruitment and staffing solutions. MAA KALIKA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maa Kalika Bhandar (MKB) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Cash Credit 15.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MKB for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MKB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MKB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MKB continues to be 'Crisil D Issuer not cooperating'. The Maa Kalika group, promoted by the Odisha-based Jajodia family is primarily engaged in wholesale trading in of agro items such as sugar, pulses, and edible oil. Operations are primarily managed by Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia. PINAKIN PLASTOFORMING: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pinakin Plastoforming Limited (PPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of PPL under the 'issuer non-cooperating' category as PPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPL 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 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 Vadodara-based (Gujarat) PPL was incorporated in 2002 by Joshi family as a private limited company and changed its constitution to closely held limited company during February 2016. The operation of PPL is currently managed by Mr. Dinesh Joshi, Mr. Divyesh Joshi and Ms. Pratiksha Joshi. PPL is engaged into manufacturing Polypropylene (PP) Disposable plastic products such as disposable glass, cups etc. PFL is operating from its sole manufacturing unit located in Vadodara (Gujarat). PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Plazma Technologies Private Limited (PTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.63 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.80 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 February 10, 2025, placed the rating(s) of PTPL under the 'issuer non-cooperating' category as PTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' 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 1990, PTPL, formerly known as Plazma Cutting Equipment Private Limited is a Pune-based company, promoted by Mr Hughen Thomas and Mrs. Arundhati Thomas. The company is engaged in the manufacturing of plazma cutting tools and equipment. RAGHAV SULZCON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Raghav Sulzcon Private Limited (RSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of RSPL under the 'issuer non-cooperating' category as RSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSPL 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 Bhilwara (Rajasthan) based Raghav Sulzcon Private Limited (RSPL) was incorporated in 2000 by Mr. Rameshwar Lal Samdhani and Mr. Kapil Samdhani. RSPL is engaged in the business of manufacturing of grey fabrics and trading of finished fabrics. It also manufactures grey fabrics on job work basis for others. The company outsources the processing work required for the manufacturing of finished fabrics. The weaving unit of RSPL is located at Bhilwara, Rajasthan. RAJALAKSHMY PACKAGING: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajalakshmy Packaging Private Limited (RPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 30, 2024, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025, December 5, 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 Tamil Nadu based, Rajalakshmy Packaging Private Limited (RPPL) was established in 2008 as a Private Limited Company by Ms. S. Suresh Babu and his relatives. RPPL is engaged in the manufacturing of food and non-food grade flexible packaging. The company purchases raw materials like Linear Density Polyethylene (LDPE), Low Linear Density Poly Ethylene (LLDPE) and HighDensity Polyethylene (HDPE) from local suppliers located in and around Tamil Nadu. The company sells its finished product to the customers located in and around Tamil Nadu. RAVI TEJA: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ravi Teja Textiles (RTT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of RTT under the 'issuer non-cooperating' category as RTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RTT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 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 Ravi Teja Textiles (RTT) was established as a proprietorship concern by Mr. D. Sarveswara Rao in the year 1990. The firm is engaged in the trading of sarees and ladies dress materials. The firm has two showrooms, one located in Ongole while the other located in Piduguralla, Andhra Pradesh. While the showroom in Ongole has been operating since 1990, the new showroom in Piduguralla was started during the end of FY14. In FY15, RTT had a surplus of INR0.13 crore on a total operating income of INR12.60 crore, as against PAT and TOI of INR0.12 crore and INR8.46 crore, respectively, in FY14. SENBO ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Senbo Engineering Limited (SEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 42.68 CRISIL D (Issuer Not Cooperating) Bank Guarantee 87.32 CRISIL D (Issuer Not Cooperating) Bank Guarantee 24.68 CRISIL D (Issuer Not Cooperating) Cash Credit 95 CRISIL D (Issuer Not Cooperating) Cash Credit 23 CRISIL D (Issuer Not Cooperating) Proposed Long Term 7.32 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SEL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Started as a partnership firm in the 1960s by Mr. Kajal Sengupta in Kolkata, the firm was reconstituted as a private limited company in 1990 and incorporated as a public limited company in 2005. SEL undertakes designing, engineering, and consultancy work for civil, structural, and foundation engineering with specialisation in heavy construction, piling, and underground tunneling for metro work. Mr. Sengupta is the chairman and managing director of SEL. TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tapi Prestressed Products Limited (TPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 16 CRISIL D (Issuer Not Cooperating) Letter of credit 24 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Letter of 5.5 CRISIL D (Issuer Not Credit & Bank Cooperating) Guarantee Crisil Ratings has been consistently following up with TPPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a closely held public limited company in 1986 by Mr M K Kotecha, TPPL constructs and maintains bridges, dams, and buildings. It also undertakes irrigation works for several government and semi-government entities. TRUE VALUE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of True Value Homes (India) Private Limited (TVHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 26, 2024, placed the rating(s) of TVHPL under the 'issuer non-cooperating' category as TVHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TVHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 11, 2025, November 21, 2025, December 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Chennai-based True Value Homes (India) Private Limited (TVHPL), established in 1997, is engaged in the development and sale of residential and commercial real estate properties. UNIVERSAL POLYSACK: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Polysack (India) Private Limited (UPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.20 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of UPPL under the 'issuer non-cooperating' category as UPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UPPL 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 Beawar (Rajasthan) based UPPL, incorporated in February 2010, was promoted by Mr. Govind Goyal along with Ms. Indu Goyal. UPIPL was incorporated with an objective for manufacturing of woven sack bags at its sole manufacturing facility located at Beawar (Rajasthan). V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of V3S Infratech Limited (V3S) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 11.61 CRISIL D (Issuer Not Cooperating) Cash Credit 34.38 CRISIL D (Issuer Not Cooperating) Term Loan 7.01 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with V3S for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of V3S, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on V3S is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of V3S continues to be 'Crisil D/Crisil D Issuer not cooperating'. V3S was incorporated in 2003, promoted by the Kurele family. The company develops real estate commercial and residential projects and also undertakes construction activities. It is owned by Mr. Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife Mrs. Manjulata Kurele. VIBRANT FAB: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Vibrant Fab Private Limited (VFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 12.50 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 Ltd. (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of VFPL under the 'issuer non-cooperating' category as VFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VFPL 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 Incorporated in August 2011, Vibrant Fab Private Limited (VFPL) is engaged in manufacturing [since 2015] & wholesale trading [since inception] of fabrics and garments. VFPL procures its raw material (i.e. fabric, suits, salwar & sarees, dress materials) from Mumbai and Surat and manufactures the same as per requirements of its clients, the manufacturing activity is outsourced to various manufacturers located in Surat. ================= I N D O N E S I A ================= NICKEL INDUSTRIES: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Nickel Industries Limited's (NIC) Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. Fitch has also affirmed NIC's senior unsecured notes at 'B+' with a Recovery Rating of 'RR4'. The affirmation reflects its expectation that NIC's leverage will decline in 2026 supported by its major Excelsior Nickel HPAL Project (ENC). The project should generate sufficient EBITDA to offset the impact on leverage from its USD210 million guarantee to Sphere Corp. Fitch forecasts EBITDA leverage will decline below 3.5x in 2026—the level at which Fitch may consider taking negative rating action—although there is limited headroom in the rating for any further deviation from its forecasts. The Stable Outlook is supported by NIC's improving liquidity, which increased to USD357 million as of December 2025. This level appears sufficient to meet NIC's short-term debt amortisation of around USD100 million and the capital committed to the ENC acquisition, which has reduced to USD46 million following revision of the agreement with Shanghai Decent. Key Rating Drivers ENC Acquisition: Fitch treats NIC's USD210 million guarantee to Sphere as its debt that will increase EBITDA leverage by about 0.4x in 2026. However, NIC will assume an additional 10% interest in the ENC if Sphere defaults, which will reduce the overall impact on leverage. Fitch also expects NIC's free cash flow (FCF) to turn positive in 2026, which will improve NIC's deleveraging capacity, following a USD207 million reduction in NIC's commitments to acquire an additional interest in the ENC. Shanghai Decent has completed reducing its stake in the ENC by selling 10% of the project to Sphere and agreed to NIC's commitment to acquire an additional 2% share in ENC, down from a previously agreed 11%. NIC will make a final payment of USD46 million by 31 March 2026 (USD253 million previously). Post-transaction, NIC's ownership in ENC will be 46% while Shanghai Decent will have 44%, and Sphere 10%. NIC agreed to guarantee Sphere's USD210 million loan used to fund its ENC stake purchase. Leverage to Improve: Fitch estimates EBITDA leverage will improve to around 2.8x in 2026. Management guides first production at the ENC in 1H26, with a seven-month ramp-up to full capacity. The project will have flexibility to produce mixed hydroxide precipitate, nickel sulphate and nickel cathode, increasing NIC's ability to achieve higher blended prices by switching production to the commodity in highest demand. Fitch expects ENC to deliver incremental attributable EBITDA of around USD200 million annually on average in 2026-2029 under Fitch price assumptions. Fitch-calculated EBITDA leverage reached 6.1x in 2025, from 4.2x in 2024. The increase in leverage was largely due to soft nickel prices that reduced Fitch-calculated EBITDA to USD233 million from USD279 million in 2024. Strong Cost Position, Self-Sufficiency: NIC has a solid cash cost position at its nickel pig iron (NPI) facilities and benefits from ownership of power stations at the Angel Nickel Project (ANI) and Oracle Nickel Project (ONI). The company also integrates the Hengjaya and Sampala mines, with the capacity to increase self-sufficiency of nickel ore feedstock for NIC's high-pressure acid leach (HPAL) and rotary kiln-electric furnace (RKEF) operations to 100%. This level of integration supported NIC's EBITDA margin at an average of 15% over the past two years, despite a 28% fall in nickel prices. Elevated Regulatory Risks: NIC's rating incorporates its exposure to higher-risk mining jurisdictions, less-stable regulations, progressively increasing mining costs through the delayed renewal of the Kerja dan Anggaran Biaya Indonesian mining licence and raised royalty rates. Fitch believes the changes would have a less material impact on companies like NIC due to its size and integration in downstream operations. However, the effect on NIC's credit profile could be greater if the impact of further regulatory reforms deviates from its expectations. Sole Counterparty Exposure: Tsingshan has a commitment to buy all of NIC's NPI production. It also has equity interest and provides technical oversight and ancillary services within the ecosystem in the Indonesia Morowali Industrial Park (IMIP), which contains the majority of NIC's assets, including the ENC project. The reliance on Tsingshan highlights NIC's concentration risk, but Fitch believes their interests are aligned. Financial Data Limitations: Tsingshan is a private company for which Fitch does not have detailed financial information. Still, Fitch believes the risk of Tsingshan not meeting its obligations to NIC is captured in the rating. This is supported by the Tsingshan group of companies being the world's largest stainless-steel producer and NIC being a critical part of its supply chain. However, Fitch believes NIC's reliance on Tsingshan may create contagion risk. Peer Analysis NIC's vertically integrated structure supports its strong cost position on the industry cost curve and high self-sufficiency, with around 60% of its nickel ore requirements mined internally. Its product mix is concentrated in NPI that is mostly used to produce stainless steel, but this is expected to improve over the medium term with the commissioning of the ENC project, which will produce nickel cathode and sulphate, along with cobalt. However, it also has a concentrated customer base, with a single offtaker for its NPI. This weakens NIC's business profile compared to its peers China Hongqiao Group Limited (BB+/Stable) and Cleveland-Cliffs Inc. (BB-/Stable), which have stronger diversification. NIC generated EBITDA of USD256 million on average in 2024-2025, which is larger than that of Algoma Steel Group Inc. (B/Stable), but significantly smaller than that of China Hongqiao, JSW Steel Limited (BB/Rating Watch Positive), and Eregli Demir ve Celik Fabrikalari T.A.S (BB-/Stable). However, NIC operates with strong margins, reducing volatility in its cashflows. NIC's financial profile weakened in 2025, driven by soft nickel prices and increased debt. However, its credit metrics remain comparable to JSW Steel's, which has also required large capex in a weak commodity price environment. Fitch also expects NIC's leverage to improve in 2026. Fitch's Key Rating-Case Assumptions Nickel spot prices of USD15,635 per tonne in 2026 and USD15,000 thereafter; Cobalt spot prices USD36,250 per tonne in 2026 , USD30,000 in 2027, and USD25,000 thereafter; NPI nickel equivalent price of around 75% to London Metal Exchange nickel prices on average in 2026-2029; Stable production of NPI at Ranger Nickel (RNI), ANI, ONI and Hengjaya Nickel (HNI) in 2026-2029; Capex on the ENC project of USD46 million in 2026, and first production in April 2026; Fitch-calculated EBITDA margin of between 17% and 23% in 2026-2029. Debt incorporates USD210 million guarantees and additional 10% in ENC earnings used as security for Sphere's loan Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb, lower), sector characteristics (bb, moderate), market and competitive positioning (b+, moderate), diversification and asset quality (b, higher), company operational characteristics (bb+, moderate), profitability (bbb+, lower), financial structure (b+, moderate), and financial flexibility (bb-, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+' Recovery Analysis The recovery analysis assumes NIC would be reorganised as a going concern in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. Its going-concern EBITDA estimate of USD450 million reflects its view of a sustainable, post-reorganisation EBITDA level on which Fitch bases the enterprise valuation, as well as the mid-cycle nickel price and stable lateritic nickel rotary kiln operations at HNI, RNI, ANI, ONI and the ENC commencing production in 2026. Fitch uses a multiple of 5x to estimate a value for NIC, because of its geographical concentration in Indonesia, and smaller operational scale compared with global peers. This is despite stronger growth prospects following ENC's production commencement. The going-concern enterprise value corresponds to a 'RR3' Recovery Rating for NIC's senior unsecured bonds after adjusting for administrative claims and secured credit facilities. Nevertheless, Fitch rates the senior unsecured notes at 'B+' and 'RR4', because NIC's operating assets are in Indonesia. Under its Country-Specific Treatment of Recovery Ratings Criteria, Indonesia is classified under the Group D of countries in terms of creditor friendliness and Recovery Ratings are subject to a cap at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A delay in the start of production at ENC, production underperformance, or other operational events resulting in EBITDA leverage remaining above 3.5x for a sustained period; - A decrease in EBITDA interest coverage to below 4.0x for a sustained period; - Weakened access to funding; - A weakening of Tsingshan's ability to make timely payments to NIC. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Its assessment of Governance remains at 'Some Deficiencies', but the company demonstrates an increase in production scale and improved customer diversification, alongside an improvement in EBITDA leverage to below 2.0x for a sustained period; or - Its assessment of Governance improves to 'Good' and the company demonstrates an increase in production scale and improved customer diversification, alongside an improvement in EBITDA leverage to below 2.5x for a sustained period. Liquidity and Debt Structure NIC's cash balance rose to USD357 million by end-December 2025 from USD145 million at end-June 2025. The improvement was driven by the placement of USD800 million of notes, with proceeds partly used for repayment of USD550 million of existing debt. This also helped to reduced debt amortisation payments for 2026 to around USD100 million, which are sufficiently covered by NIC's cash holdings. Issuer Profile NIC is a producer of Class 2 and Class 1 nickel, with four smelter assets and one mining asset in Indonesia. NIC's ownership interest in all four smelters, HNI, RNI, ANI and ONI, is 80%, with the remaining 20% owned by Shanghai Decent Investment Co., Ltd, a Tsingshan group company. NIC is progressing with the construction of the ENC, where the company's interest will be 46%. NIC also holds an 80% share in PT Hengjaya Mineralindo, a nickel and cobalt deposit in the Morowali area in Indonesia. 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 NIC. ESG Considerations Nickel Industries Limited has an ESG Relevance Score of '4' for Group Structure due to large related-party transactions with its major shareholder Tsingshan, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Nickel Industries Limited has an ESG Relevance Score of '4' for Governance Structure due to low visibility on NIC's sole counterparty Tsingshan, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Nickel Industries Limited LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ ===================== N E W Z E A L A N D ===================== COPAPA CONSTRUCTION: Court to Hear Wind-Up Petition on March 23 --------------------------------------------------------------- A petition to wind up the operations of Copapa Construction Limited will be heard before the High Court at Hamilton on March 23, 2026, at 10:00 a.m. James William Tito filed the petition against the company on Dec. 19, 2025. The Petitioner's solicitor is: Daniel Shore McCaw Lewis Limited Level 6 586 Victoria Street Hamilton 3204 ENVIRONMENTAL AND CONSTRUCTION: Wind-Up Petition Hearing on Mar. 23 ------------------------------------------------------------------- A petition to wind up the operations of Environmental And Construction Services Limited will be heard before the High Court at Hamilton on March 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 16, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton LONGEVITY CONSTRUCTION: Ordered to Pay Former Employee NZD230k -------------------------------------------------------------- Stuff.co.nz reports that a construction company and its sole director have been ordered to pay more than NZD230,000 to a former employee after failing to comply with earlier Employment Relations Authority (ERA) rulings that found his redundancy dismissal was both procedurally and substantively unjustified. In a compliance determination issued on February 23, the ERA directed Longevity Construction Limited and director Anthony Corin to pay outstanding remedies, penalties, interest and costs to former Construction Operational Manager Diederik van Heerden within 28 days, according to Stuff. Stuff relates that the latest order follows an April 16, 2025 determination which found Mr. van Heerden had been unjustifiably dismissed and that the company had breached the Wages Protection Act 1983 by unlawfully deducting NZD3,000 from his final pay and failing to pay him for his last day of work. Mr. Van Heerden, who began employment in May 2023 after previously contracting to the company, was told on Jan. 30, 2024 that his role had been disestablished due to the closure of the renovations side of the business. He was required to work out four weeks' notice. According to Stuff, the Authority found he had not been given prior notice of the meeting, no information about a proposed restructure, and no opportunity to comment before the decision was made. The redundancy was presented as a "fait accompli". It held the company failed to comply with statutory good faith obligations and all four minimum procedural fairness requirements. Evidence showed renovation work made up about only 5% of Mr. van Heerden's duties, undermining the stated reason for redundancy. Mr. Van Heerden's wife, Elsje, worked at the company as a project assistant, the NZ Herald reported last year. She was told at the same January meeting that her job was gone, the outlet reported, but she managed to settle her own unjustified dismissal claim with the employer. In Mr. Van Heerden's case, the Authority found the company had not established a genuine commercial reason for disestablishing his role and had failed to properly consider redeployment options. An offer of an alternative site manager role was made and then withdrawn days later. The Authority found it was more likely than not the redundancy occurred after van Heerden questioned aspects of that offer. His dismissal was ruled both procedurally and substantively unjustified. Stuff says Mr. Van Heerden was awarded NZD166,153.85 in lost remuneration, NZD4984.62 in KiwiSaver contributions, and NZD35,000 in compensation for humiliation, loss of dignity and injury to feelings. The Authority recorded evidence that he had applied for hundreds of jobs without success, had sold family possessions to pay bills, exhausted credit and used inheritance funds for living costs. Penalties of NZD1,000 each were imposed on the company and Corin, with half payable to van Heerden and half to the Crown. Despite being ordered to pay NZD207,408.59 within 28 days of the April 2025 ruling, the company paid only NZD770.12 in wage arrears. In the February 2026 compliance ruling, the Authority found Longevity now owed Mr. van Heerden NZD220,161.24 including interest and costs, and ordered payment of NZD221,660.53 within 28 days, Stuff reports. Interest will continue to accrue on unpaid sums. Mr. Corin has been ordered to personally pay NZD8,436.31, including penalties, costs, interest and a contribution toward legal fees, and must also pay NZD500 to the Crown. According to Stuff, the Authority recorded that Longevity has no income and its only asset is a construction debt owed by a company in receivership. Mr. Corin told the Authority the company was unable to pay and would not be doing so, and indicated he would challenge the compliance determination. The Authority noted a challenge does not operate as a stay and enforcement action can be taken if payment is not made. Last year, a fundraiser was set up for Mr. van Heerden and his family, to help support the costs of the court proceedings, Stuff adds. TALISMAN TRADING: Creditors' Proofs of Debt Due on April 3 ---------------------------------------------------------- Creditors of Talisman Trading Limited (trading as Muffin Break North City) are required to file their proofs of debt by April 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 TCL MANAGEMENT: Creditors' Proofs of Debt Due on May 4 ------------------------------------------------------ Creditors of TCL Management Limited, TDL Limited, Teak Builders Limited, Teak Construction Group Limited and TGL 19 Limited are required to file their proofs of debt by May 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2026. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery & Insolvency (Auckland) PO Box 3678 Auckland 1140 TEAK CONSTRUCTION: Owes NZD7.9MM to Creditors; Assets at NZD6.4MM ----------------------------------------------------------------- NZ Herald reports that creditors of failed Auckland-headquartered Teak Construction Group are claiming NZD7.9 million in unpaid bills, although assets available have been put at NZD6.4 million. Max Key's MTK Capital is a creditor, the initials standing for Max Timothy Key, son of former Prime Minister Sir John Key. PKF Corporate Recovery was appointed as liquidator of the company on March 2. TILE SCAPE: Commences Wind-Up Proceedings ----------------------------------------- Members of Tile Scape Limited on Feb. 28, 2026, passed a resolution to voluntarily wind up the company's operations. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 ================= S I N G A P O R E ================= CARBOFULL CARBON: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 27, 2026, to wind up the operations of Carbofull Carbon And Process Equipment Pte Ltd. Integrity Machinery Engineering Co. Limited filed the petition against the company. The company's liquidator is: Mr. Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 ETERNAL GLADE: Creditors' Proofs of Debt Due on April 6 ------------------------------------------------------- Creditors of Eternal Glade Investment Pte. Ltd. are required to file their proofs of debt by April 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 27, 2026. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 FANSIPAN 2: Creditors' Proofs of Debt Due on April 6 ---------------------------------------------------- Creditors of Fansipan 2 Holdings Pte. Ltd. are required to file their proofs of debt by April 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 28, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HATTEN LAND: Seeks 180-Day Extension of Judicial Management ----------------------------------------------------------- TipRanks reports that Hatten Land Limited's judicial managers have applied to the High Court of Singapore to extend the company's judicial management for an additional 180 days from April 7, 2026, with the application scheduled for hearing on March 31, 2026. The process underscores the ongoing restructuring efforts and provides creditors and interested parties with a defined framework and timeline to voice support or objections, potentially shaping the company's path to financial recovery and future viability. According to TipRanks, the Court has set out procedural directions, including deadlines for filing affidavits, written submissions and attendance lists for parties wishing to be heard on the application. These steps formalise stakeholder participation in the restructuring process and may influence the court's decision on extending judicial management, affecting the rights and recovery prospects of creditors and other affected parties. About Hatten Land Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ -- operates as a property developer. The Company develops malls, hotels, and residential properties. Hatten Land serves customers in Singapore and Malaysia. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 18, 2024, Hatten Land has received approval from the Singapore High Court for the appointment of Deloitte & Touche's Tan Wei Cheong and Lim Loo Khoon as joint judicial Managers. As joint judicial managers, Tan and Lim are expected to manage the group's affairs, business and property, The Edge Singapore said. Hatten Land has received an extension for its judicial management order from the High Court of Singapore. The order, initially expired on Oct. 9, 2025, has been extended by 180 days to April 7, 2026. This extension provides the company with additional time to manage its affairs under judicial supervision. MM2 ASIA: Mulls Share Placement, Rights Issue with PE Fund ---------------------------------------------------------- The Business Times reports that entertainment group mm2 Asia is looking to work with a private equity fund to raise funds for its restructuring and working capital needs, the mainboard-listed group said on March 9. BT relates that the company aims to raise funds via a share placement and a rights issue, pursuant to a term sheet agreement it entered into on March 4 with a wholly owned subsidiary of Hildrics Asia Growth Fund VCC, a private equity fund that provides growth capital to mid-tier South-east Asian enterprises. Hildrics Asia in September entered into a placement deal to raise its stake in mm2 Asia's subsidiary Vividthree from 7.98 per cent to 29 per cent. BT says the term sheet will terminate on the 60th day from the date of signing, unless mutually extended by the parties in writing. The entertainment group said that it will not pursue equity funding transactions with other parties without Hildrics Asia's consent for a period of 60 days from the signing of the term sheet. The proposed transactions are part of mm2 Asia's overall restructuring, as the company aims to strengthen its capital base and improve its working capital position. "The board believes that the proposed transactions are in the best interests of the company and its shareholders as they will improve the company's financial position," stated mm2 Asia. Under the proposed placement, Hildrics Asia will invest and subscribe for new ordinary shares with an aggregate consideration of SGD15 million, BT relays. The proceeds from this are intended to fund mm2 Asia's restructuring and working capital. According to BT, the proposed rights issue is intended to raise up to SGD10 million, which will be fully underwritten by Hildrics Asia. Proceeds from the rights issue, after deducting expenses, will be used to finance mm2 Asia's working capital needs. The proposed transactions are subject to the fulfilment of various conditions, mm2 Asia said. These conditions include approvals from creditors, requisite judicial and regulatory approvals – including the grant of a whitewash waiver by the Securities Industry Council - and, if required, the approval of shareholders. This comes as the company continued to receive payment demands from creditors after it sought a High Court moratorium on Nov. 10, to prohibit winding-up resolutions from being passed for a four-month period, BT notes. The board said then that mm2 Asia is unable to demonstrate that it can continue as a going concern. Subsequently, its unit mm2 Entertainment received a SGD6.3 million payment demand on Dec. 28, BT recalls. This concerned alleged arrears linked to investment agreements for movie productions and a refundable deposit for a television series. The unit on Jan. 5 received a payment demand for SGD200,000, relating to the alleged non-payment of the amount, alongside interest and legal costs. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. NUTRYFARM INTERNATIONAL: Inks Share-Linked Loans With Lenders ------------------------------------------------------------- TipRanks reports that NutryFarm International has disclosed that during its period under judicial management, the company, its judicial manager and AI Nova Pte. Ltd. entered into eight loan agreements with various lenders. These loans, extended to AI Nova, carry interest and include provisions allowing repayment through the issuance of NutryFarm shares, effectively creating a potential debt-for-equity mechanism. TipRanks relates that key agreements detailed in the announcement include facilities ranging from USD500,000 to USD5 million, with tenors of one to two years and staggered repayment schedules between 2026 and 2027. The structure of these loans suggests an effort to secure medium-term funding for the group while preserving cash via possible equity settlement, which may impact NutryFarm's future capital structure and shareholder dilution depending on how many lenders opt for share repayment, TipRanks says. About NutryFarm NutryFarm International Limited (SGX:AZT) operates as a holding company. The Company, through its subsidiaries, manufactures and develops nutritional and herbal supplement products. As reported in the Troubled Company Reporter-Asia Pacific on June 30, 2022, the High Court of Singapore has granted an application to place Nutryfarm International under judicial management. Chan Yee Hong of Nexia TS Risk Advisory has been appointed as the company's judicial manager. According to The Business Times, the application for judicial management was filed by Nutryfarm's creditor, Corpbond IV Ltd, on May 10, 2022, following a spate of legal events regarding Nutryfarm's loans owed to Corpbond. RED PILL SOLUTIONS: Creditors' Proofs of Debt Due on April 5 ------------------------------------------------------------ Creditors of Red Pill Solutions Pte. Ltd. are required to file their proofs of debt by April 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2026. The company's liquidator is: R Rahul Raj c/o 17 Phillip Street #05-02 Grand Building Singapore 048695 UNION GLORY: Creditors' Proofs of Debt Due on March 20 ------------------------------------------------------ Creditors of Union Glory Corporation Pte. Ltd. are required to file their proofs of debt by March 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 25, 2026. The company's liquidator is: Karnjote Singh S/O Jarmal Singh c/o 1 Raffles Place #29-01 Raffles Place Tower 1 Singapore 048616 ===================== S O U T H K O R E A ===================== SK ON: Lays Off Nearly 1,000 Workers at Georgia Battery Plant ------------------------------------------------------------- Yonhap News Agency reports that SK On Co., a major South Korean battery manufacturer, has laid off nearly 1,000 workers at its U.S. battery plant in Georgia amid slowing electric vehicle (EV) demand, a company filing showed on March 7. SK Battery America Inc., SK On's U.S. unit, dismissed 968 employees at its battery manufacturing facility in Commerce, Georgia, Yonhap discloses citing a Worker Adjustment and Retraining Notification (WARN) notice posted on a Georgia state website. The layoffs reportedly account for about 37 percent of the plant's total workforce of around 2,500 employees. According to Yonhap, the company said the workforce reduction was part of restructuring efforts prompted by slowing EV sales and changing market conditions. The decision was also made to adjust operations while maintaining its commitment to the state of Georgia and efforts to build a strong U.S. supply chain for advanced battery manufacturing. Yonhap says the Georgia plant has been supplying EV batteries to automakers including Germany's Volkswagen and South Korea's Hyundai Motor. It also supplied batteries for Ford Motor's F-150 Lightning electric pickup truck, though profitability was affected after Ford canceled production plans for the model. SK On is currently building a second battery plant in Georgia to supply batteries to Hyundai Motor, with production scheduled to begin in the first half of this year, Yonhap notes. Another plant in Tennessee is expected to begin production in 2028. SK On Co., Ltd. develops and produces automobile batteries. The Company also distributes crude, unleaded oil, diesel, and other petroleum products. ============= V I E T N A M ============= NAM A BANK: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Nam A Commercial Joint Stock Bank (Nam A Bank) at 'B+'. The Outlook on the IDRs is Stable. Fitch has also affirmed the Viability Rating (VR) at 'b+' and Government Support Rating (GSR) at 'b+'. Key Rating Drivers VR-Driven Ratings: Nam A Bank's Long-Term IDRs are underpinned by its VR, which reflects its standalone credit strengths. The ratings consider its modest, albeit growing, banking franchise and risk-adjusted returns that are higher than the small-bank peer average. This is counterbalanced by thin capitalisation relative to risks in the operating environment and a heightened risk profile indicated by its rapid asset growth in recent years. Favourable Economic Environment: Vietnam's GDP grew by 8.0% in 2025, buoyed by robust export performance, making it one of the fastest-growing economies in the region. Fitch expects growth to moderate as frontloading of exports tapers off but to remain above 6% over the next two years, and for banking business prospects to remain robust. Impairment risks should be manageable in a supportive economic environment, although its sustained rapid credit growth is likely to increase already high system leverage and may amplify asset-quality risks in the event of an economic shock. Evolving Strategy; Modest Franchise: The bank's balance sheet grew significantly in 2025, driven by a sharp increase in its interbank portfolio of assets and liabilities amid efforts to gain market share. This reflects its growth-oriented, evolving strategy that drives its assessment of its business profile in the near to medium term. Its competitive position in lending to non-bank customers and funding franchise remains largely unchanged despite rapid asset growth, as evident from the higher funding costs than local large banks and modest market share of around 1% of system loans and deposits. Steady Loan Quality: Nam A Bank's non-performing loan (NPL) ratio was broadly steady at 2.2% at end-2025, from 2.3% at end-2024. Fitch has maintained its asset-quality score at 'b+'/stable. Its assessment also considers the bank's tolerance for risks in credit underwriting and penchant for rapid loan growth, which is a common feature among many Vietnamese banks. Credit and liquidity risks from its large portfolio of interbank assets are manageable, but the bank has become more vulnerable to lumpy impairment and withdrawal risks should its main counterparty banks default. Strategy Affects Profitability: Nam A Bank's net interest margin compressed in 2025 as the share of lower-yielding interbank assets in its balance sheet increased sharply. Fitch expects margins to remain under pressure as the bank continues to grow interbank assets faster than its loan book. This will, however, be offset by a decline in credit costs and sustained cost discipline, to result in a modest recovery in its operating profit/risk-weighted assets ratio over the next 12-18 months. Capitalisation Revised to Stable: Capitalisation and leverage are a rating weakness for Nam A Bank, as the recent aggressive balance-sheet expansion has resulted in a material decline in its core capital buffers. Fitch has revised the outlook on the score to stable from positive to reflect the recent development and its expectation that capital accrual is likely to be limited over the next 12 months, in view of the bank's plans for rapid growth in loans and interbank assets. Higher Reliance on Wholesale Funding: Nam A Bank has higher reliance on pricier time deposits and wholesale funding relative to its larger peers, and the share of such funding has increased, making the bank more vulnerable to sudden changes in liquidity conditions. Nevertheless, most of its interbank borrowings are largely matched to interbank assets with similar maturities, and its loan-to-deposit ratio also remains unchanged yoy at 96% as at end-2025. As such, Fitch has maintained its funding and liquidity score at 'b+'/stable. Government Support Backstop: The GSR takes into account the Vietnamese authorities' high propensity to support the banking sector, counterbalanced against the large size of the banking system relative to GDP, as well as Nam A Bank's limited systemic importance. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDRs will only be downgraded if there was a simultaneous downgrade of both the VR and the GSR. The VR may be downgraded if Fitch perceives a significant deterioration in the bank's risk profile and asset quality, such as the NPL ratio rising to and staying at around 5%, or a considerable shift towards lending to higher-risk customer segments and products. The VR may also be downgraded if its liquidity profile were to deteriorate meaningfully, such as when Fitch sees greater liquidity mismatch in its interbank portfolio across tenors or if the bank were to significantly increase its reliance on shorter-dated wholesale funding. The GSR may be downgraded if the sovereign rating was downgraded, or if Fitch believes that the sovereign's propensity to provide support to Nam A Bank has diminished materially. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch will upgrade the IDR if the VR or the GSR was upgraded. The VR may be upgraded if the bank's financial performance improves materially, as reflected in the following metrics: - The NPL ratio improving to less than 1.5% on a sustained basis, accompanied by the loan-loss coverage ratio rising to around 100%; - The Fitch Core Capital ratio rising to and staying above 10%. The GSR may be upgraded if the sovereign rating was upgraded, or if Nam A Bank's systemic importance grows, such as its deposit market share increasing to at least 2%. VR ADJUSTMENTS The operating environment score of 'bb' is above the 'b' category implied score due to the following adjustment reason: economic performance (positive). The business profile score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: market position (negative). The asset-quality score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: underwriting standards and growth (negative). The funding and liquidity score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: deposit structure (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Nam A Commercial Joint Stock Bank LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ LC ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support b+ Affirmed b+ VIETNAM ASIA: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Vietnam Asia Commercial Joint Stock Bank (VietABank) at 'B+'. The Outlook on the IDR is Stable. At the same time, the agency has also affirmed its Viability Rating (VR) at 'b+' and Government Support Rating (GSR) at 'b+'. Key Rating Drivers Standalone Profile Underpins Rating: The Long-Term IDR of VietABank is driven by its VR, which is at the same level as its GSR. The VR factors in recent improvements in its asset quality and profitability, which Fitch expects to remain broadly steady over the next 12-18 months on a supportive economic environment. The ratings also consider the bank's modest banking franchise in Vietnam, which constrains its pricing power and makes it more reliant on price sensitive funding than its larger peers. The bank also has relatively thin capital buffers, though Fitch expects an improvement after a planned capital raising exercise. Favourable Economic Environment: Vietnam's GDP grew by 8.0% in 2025, buoyed by robust export performance, making it one of the fastest-growing economies in Asia. Fitch expects growth to moderate as the export front-loading effect tapers off, though it will remain robust at more than 6% over the next two years to keep banking business volumes intact. Impairment risks should also be manageable amid the supportive environment, although sustained rapid credit growth is likely to increase the already high system leverage that may amplify asset quality risks in the event of an economic downturn. Modest Banking Presence: VietABank holds a less than 1% market share in system deposits and loans. Its modest market position puts the bank at a disadvantage when competing for loans and deposits against its larger peers, as indicated in its above-average funding costs over the years. It primarily targets smaller business borrowers, with retail loans comprising only about 5% of total loans at end-2025. NPL Ratio Benefits from Write-Offs: VietABank's non-performing loan (NPL) ratio improved to 1.3% by end-2025 (end-2024: 1.4%) amid sustained write-offs and a favourable operating environment. The ratio is among the lowest in its peer group. Its assessment of the bank's asset quality and risk profile also considers loan portfolio concentration risks and its rapid loan growth, which has contributed to a lower reported NPL ratio over the past few years, in line with that of many smaller Vietnamese banks. Profitability to Moderate: VietABank's risk-adjusted returns improved, helped by a widening net interest margin and better cost control. The net interest margin was buoyed by higher lending yields in 4Q25 that more than offset the rise in funding costs. However, Fitch expects margins to normalise at lower levels in the next few quarters amid sustained funding cost pressures, resulting in a moderation in the bank's risk-adjusted profitability. Capitalisation to Improve: Fitch has maintained the positive outlook on the bank's capitalisation and leverage score as Fitch expects VietABank's capital ratio to be boosted by about 2-2.5pp when it completes its planned rights issue. This would allow the bank to accelerate its growth in the coming years, which would likely outpace internal capital generation and result in a gradual decline in capitalisation. Reliant on Price-Sensitive Deposits: Its assessment of the bank's funding and liquidity profile considers its high reliance on price-sensitive deposits to fund its assets. This is a common structural feature of many smaller Vietnamese banks. The bank' s liquidity position, however, remains adequate, reflected in its loan-to-deposit ratio of 87% at end-2025. Government Support: Fitch believes there is a modest likelihood of state support for VietABank, if needed. This factors in the authorities' high propensity to support the banking sector in general, which is offset by the large size of Vietnam's banking system relative to the economy and VietABank's limited systemic importance. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade VietABank's Long-Term IDRs will only be downgraded if both the VR and the GSR were downgraded. The VR may be downgraded if Fitch perceives a significant deterioration in the bank's risk profile and asset quality, such as if there is a sharp increase in credit growth or single-borrower concentration, or if the NPL ratio rises to and stays around 5%. The VR may also be downgraded if Fitch sees a material deterioration in its liquidity profile. The GSR may be downgraded if the sovereign rating is downgraded, or if Fitch believes that the State Bank of Vietnam's propensity to provide support to VietABank has diminished materially. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch may upgrade the IDR if the VR or the GSR is upgraded. The VR may be upgraded if the bank demonstrates its ability to grow its business franchise sustainably while maintaining commensurate financial performance. For example, an improved net interest margin that is not accompanied by significantly higher credit risks could reflect stronger pricing power and a more established market position that leads us to have a more positive assessment of the business profile. Sustained improvements in profitability coupled with stronger capitalisation can lead to an upgrade of the VR over the medium term. The GSR may be upgraded if the sovereign rating is upgraded, or if VietABank's systemic importance grows, as reflected in a deposit market share that is at least 2%. Such a large increase in market share is unlikely to occur in the near term. VR ADJUSTMENTS The operating environment score of 'bb' is above the 'b' category implied score due to the following adjustment reason: economic performance (positive). The asset quality score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: underwriting standards and growth (negative). The funding and liquidity score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: deposit structure (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vietnam Asia Commercial Joint Stock Bank LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ LC ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support b+ Affirmed b+ ********* 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. 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