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

                     A S I A   P A C I F I C

          Thursday, January 25, 2024, Vol. 27, No. 19

                           Headlines



A U S T R A L I A

ALPHA BUILDING: Collapses Into Liquidation Owing AUD3.5 Million
BODY CATALYST: Creditors Owed AUD8.5MM Vote on Founder's Proposal
CONTINENTAL COAL: Former Company Secretary Pleads Guilty to Charges
DB EQUIPMENT: First Creditors' Meeting Set for Jan. 31
JUST METAL: First Creditors' Meeting Set for Jan. 31

ONZUL PTY: First Creditors' Meeting Set for Feb. 1
TAPP GROUP: Second Creditors' Meeting Set for Jan. 29
XTECH TRADE: Second Creditors' Meeting Set for Jan. 30


C H I N A

DALIAN PRO: Super League Club to Close Due to 'Historical Debts'
REDSUN PROPERTIES: Parent Faces Liquidation Court Petition
SHENZHEN FOOTBALL: Club Disbands After Failing to Get License
TANTECH HOLDINGS: Inks Forbearance Agreement With Streeterville


I N D I A

AMRUT COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
CARMEL CASHEWS: CRISIL Keeps B+ Debt Rating in Not Cooperating
DASHMESH RICE: ICRA Keeps B Debt Rating in Not Cooperating
DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating

GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
GREENWORTH INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
GUDIMETLA SUNDARA: CRISIL Keeps D Debt Ratings in Not Cooperating
M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating

MAA EKADASHI: CRISIL Reaffirms B+ Rating on INR3cr Cash Credit
MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating
MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating
NAIK FROZEN: CRISIL Lowers Rating on INR33cr LT Loan to B+

NAIK SEAFOODS: CRISIL Lowers Rating on INR45cr Loan to B+
NEW ASIAN: ICRA Withdraws B+ Rating on INR22.80cr Term Loan
PANSARI STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
PETROMAR ENGINEERED: CRISIL Lowers Long/Short Term Ratings to D
PMR CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating

R.B. RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
RAM COMTRADE: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
VICON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating



N E W   Z E A L A N D

ALPINE POOLS: Blacklock Rose Appointed as Administrator
EDJ DEVELOP: Court to Hear Wind-Up Petition on March 8
LEFKADA LIMITED: Court to Hear Wind-Up Petition on Feb. 2
NORA CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 1
TOWN & COUNTRY: Court to Hear Wind-Up Petition on Feb. 5



S I N G A P O R E

ASIA GENESIS: Shuts Macro Fund After Huge Losses
BRAVO BUILDING: Creditors' Meeting Set for Feb. 7
INVESTWELL PTE: Creditors' Meeting Set for Feb. 5
LOGISTICS CONSTRUCTION: Court to Hear Judicial Mgt Bid on Feb. 6
MOLA MOLA: Court Enters Wind-Up Order

SWIMMING TEACHER: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: CBSL Keeps Policy Rates Steady to Tame Inflation


T H A I L A N D

THAILAND: SEC Tightens High-Yield Bond Scrutiny as Investment Drop

                           - - - - -


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

ALPHA BUILDING: Collapses Into Liquidation Owing AUD3.5 Million
---------------------------------------------------------------
News.com.au reports that another building company has collapsed,
leaving homeowners, tradies and staff in limbo with debts of AUD3.5
million.  

News.com.au can reveal that on Jan. 18, Alpha Building Group Pty
Ltd went into liquidation.

All staff have been sacked and 10 homeowners across the Greater
Melbourne area have been left with unfinished projects following
the company's demise.

Brent Morgan of insolvency firm Rogers Reidy, the appointed
liquidator, told news.com.au that more than 100 creditors are owed
AUD3.5 million.

About AUD2.5 million of that is from material costs while
sub-contractors are owed just under a million and consultants are
owed "a small amount" of between AUD15,000 to AUD20,000.

Three days before Alpha went bust, on January 15, news.com.au
understands that a staff member tried to attend their workplace but
were turned away as the company had ceased trading.

Blake*, a dad-of-three, has been left devastated by the news, with
fears his plans for a AUD1.8 million dream home have gone up in
smoke.

"Me and my wife have been saving for six years, we've just started
a new business, it's really come at a terrible time," the
39-year-old homeowner told news.com.au.

To date, the family have paid AUD350,000 to Alpha by way of
progress payments, causing him to lament "all we have to show for
it is a slab of concrete".

Looking back, Blake can see some signs that all was not right with
the builder.

Around Christmas time, Alpha Building Group informed customers they
would be returning from the end of year break on January 8.

But when Blake sent them an email once this period was up, he
received a bounce back saying they would be returning on January
22.

"There was sort of doubt in my mind (after that)," he said.

Blake said he had been emailing the construction firm for months
after paying them a progress claim in late November.

He said after the payment, no more work happened on his site.

The young dad, with three kids under the age of nine, also said in
the days leading up to the liquidation appointment, the company's
phone number became disconnected, news.com.au relays.

According to news.com.au, the liquidator, Mr. Morgan, said the
reasons behind Alpha's collapse "tells the story we've been hearing
for some time".

That includes rising costs of labour, increasing prices of
materials, onerous government taxes and a general lack of
profitability.

He said in June last year, Alpha had seven staff but this had
dwindled down to just one, aside from relatives of the directors,
by the time it went under, news.com.au relates.

The Victorian-based construction firm, headquartered in the
Melbourne suburb of Camberwell, has been a registered business for
nearly two decades, since 2005.


BODY CATALYST: Creditors Owed AUD8.5MM Vote on Founder's Proposal
-----------------------------------------------------------------
News.com.au reports that creditors have decided that what remains
of a limping beauty chain will remain in business as they seek to
recover a percentage of their debts.

Last month, news.com.au reported that Body Catalyst, a non-surgical
cosmetic medicine chain with clinics across NSW, Victoria and
Queensland, had gone into voluntary administration.

Then a week ago, news.com.au revealed that 26 clinics had collapsed
into liquidation, with just 16 remaining at the embattled group of
companies.

On Jan. 23, creditors held the fate of Body Catalyst in the palm of
their hand, deciding whether the remaining stores should continue
operating or whether they too should shut down permanently.

They voted on a Deed of Company Arrangement (DOCA), which is where
Body Catalyst founder and former CEO Samantha Barakat Light offered
to pay a certain amount of money to take the 16 stores out of
external administration, according to news.com.au.

Under the proposed DOCA, which has now been accepted, staff will
receive 100c for every dollar owed while unsecured creditors will
get 3.2c.

Body Catalyst owed AUD5.3 million to unsecured creditors and a
further AUD3.2 million owed to secured creditors, the
administrators told news.com.au. That comes in at a total of AUD8.5
million.

The appointed administrators, Alan Walker and Glenn Livingstone of
insolvency firm WLP Restructuring, are now longer in charge of the
company, news.com.au says.

Control has reverted back to Samantha Barakat Light.

WLP Restructuring previously said they had brought forward the
meeting to liquidate the 26 stores so that creditors could focus on
those remaining.

"While this process led to the unfortunate but necessary closure of
clinics and related staff redundancies, the vote today creates a
viable path forward for the Group," Mr. Walker said in a statement
provided to news.com.au.

There are now only 16 stores left in business across NSW,
Queensland and Victoria.

Over in NSW, there still exists a Body Catalyst clinic in Armadale,
Bondi and Camden and also in Mosman, Mount Gravatt and Williamstown
over in Queensland.

Victoria has the highest concentration of Body Catalyst stores, in
Charlestown, Chermside, Doncaster, Geelong, Green Hills, Hampton,
Ivanhoe, Melbourne Central, Moonee Ponds, Mornington.

The remaining 85 staff have also retained their jobs due to
creditors voting on the DOCA, news.com.au adds.

Body Catalyst was founded in 2013 by Samantha Barakat Light, who
launched the enterprise with a single clinic in Bondi Junction.

The business initially focused on fat freezing, fat cavitation,
skin tightening, and cellulite treatments, but grew to provide
treatments like non-surgical facelifts and 'notox' facial sessions
for men and women.

CONTINENTAL COAL: Former Company Secretary Pleads Guilty to Charges
-------------------------------------------------------------------
Former company secretary of Continental Coal Limited (in
liquidation), Jane Rosemary Flegg, has pleaded guilty to three
criminal charges following ASIC's investigations into Continental
Coal and Citation Resources Limited.

On Jan. 17, 2024, Ms. Flegg pleaded guilty in the Stirling Gardens
Magistrates Court to:

   * one count of stealing approximately AUD2.2 million of
applicant funds from a Citation bank account.  

   * one count of forging and uttering a bank statement that
falsely showed AUD675,658 in a Citation bank account when there was
only AUD117.55 in the account; and

   * one count of authorising the giving of false or misleading
information to the ASX, where Continental Coal failed to disclose
its only income-generating asset had gone into administration and
another statement that said assets had been sold, when they had
not.

Ms. Flegg will be sentenced on March 7, 2024 at 10:00 a.m. in the
Supreme Court of Western Australia with bail renewed on the same
terms.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

As reported in the Troubled Company Reporter-Asia Pacific on May
31, 2016, following a successful application made by Australian
Securities and Investment Commission, the Federal Court of
Australia has made orders winding up publicly-listed company,
Continental Coal Limited (CCC), on just and equitable grounds and
appointing Mr. Robert Kirman of McGrathNicol, as official
liquidator of CCC.


DB EQUIPMENT: First Creditors' Meeting Set for Jan. 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of DB Equipment
Australia Pty Ltd will be held on Jan. 31, 2024 at 11:00 a.m. at
the offices of Setter Shepard at Level 2, 117 Clarence Street in
Sydney.

Adam Shepard of Setter Shepard was appointed as administrator of
the company on Jan. 18, 2024.


JUST METAL: First Creditors' Meeting Set for Jan. 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of Just Metal
Roofing Pty Ltd will be held on Jan. 31, 2024 at 12:00 p.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Jan. 18, 2024.


ONZUL PTY: First Creditors' Meeting Set for Feb. 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of Onzul Pty
Ltd will be held on Feb. 1, 2024 at 2:30 p.m. at 52/41-49 Norcal
Road, Nunawading in Victoria.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 19, 2024.


TAPP GROUP: Second Creditors' Meeting Set for Jan. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tapp Group
Limited has been set for Jan. 29, 2024 at 2:30 p.m. at the offices
of Kennedy Ryan Advisory at Level 4, 15 Queen Street in Melbourne.

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 Jan. 19, 2024 at 4:00 p.m.

Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on Dec. 13, 2023.


XTECH TRADE: Second Creditors' Meeting Set for Jan. 30
------------------------------------------------------
A second meeting of creditors in the proceedings of Xtech Trade Pty
Ltd has been set for Jan. 30, 2024 at 10:00 a.m. at the offices of
Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane and
via Microsoft Teams.

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 Jan. 29, 2024 at 4:00 p.m.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Oct. 18, 2023.




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

DALIAN PRO: Super League Club to Close Due to 'Historical Debts'
----------------------------------------------------------------
Malay Mail reports that Chinese Super League club Dalian Pro has
announced its dissolution with immediate effect after failing to be
granted a licence for the upcoming season.

The club finished 15th in the 16-team top flight of Chinese
football last season to avoid relegation to the second division but
will not participate in the new campaign when it kicks off later in
the year, Malay Mail notes.

"Despite the efforts of many parties, the club was unable to
operate normally due to historical debts that could not be resolved
and ultimately failed to pass the league admission for the 2024
season," Dalian said in a statement on Jan. 24.

"We would like to express our deepest gratitude to our friends from
all walks of life who have always cared about and supported the
club, and to the fans who have accompanied us through thick and
thin."

Malay Mail notes that Dalian, who were once coached by Rafa Benitez
and featured Marek Hamsik and Salomon Rondon among their former
players, are the latest club to close as China grapples with an
economic slowdown and the lingering impact of the Covid-19
pandemic.

Jiangsu FC shut their doors in 2021, just months after winning the
Chinese Super League title, while Guangzhou City, Wuhan Yangtze and
Hebei FC were all dissolved ahead of the 2023 season.

Malay Mail relates that the Chinese Super League previously
attracted some of the sport's leading talent, including World Cup
winning coaches Marcello Lippi and Luiz Felipe Scolari, who led
Guangzhou Evergrande to the Asian title in 2013 and 2015
respectively.

The country's clubs also competed with the world's wealthiest clubs
to acquire elite players, with Shanghai SIPG - now known as
Shanghai Port - signing Brazilian duo Oscar and Hulk for a combined
US$119.68 million in 2016.


REDSUN PROPERTIES: Parent Faces Liquidation Court Petition
----------------------------------------------------------
Bloomberg News reports that the parent of Redsun Properties Group
Ltd. has received a winding-up petition in a Hong Kong court,
joining a growing list of the country's distressed firms facing
legal threats in the city.

The court is scheduled to hold a hearing of the petition against
Hong Yang Group Co. on March 27, Bloomberg discloses citing the
city's judiciary website. Serica Agency Ltd. is the other involved
party in the case.

Hong Yang is the parent of Redsun Properties Group Holdings Ltd.,
which controls Hong Kong-listed Redsun Properties Group Ltd. Both
Hong Yang and Redsun Properties Group Holdings are the guarantors
of a defaulted US$275 million dollar bond that was originally due
in 2022, Bloomberg-compiled data show.

According to Bloomberg, creditors frustrated by the prolonged
restructuring progress of some Chinese companies have increasingly
turned to Hong Kong courts to recoup their losses. At least three
Chinese developers or their units have received liquidation orders
from the city's courts.

The winding-up petition case number is HCCW 42/2024.

                       About Redsun Properties

Redsun Properties Group Limited engages in real estate development,
commercial properties and hotel operations in China.

The company was founded in 1996 and listed on the Hong Kong Stock
Exchange in July 2018.

As reported in the Troubled Company Reporter-Asia Pacific in late
September 2023, Moody's Investors Service has downgraded Redsun
Properties Group Limited's corporate family rating to Ca from Caa2
and the company's senior unsecured rating to C from Caa3, and
maintained the negative outlook.

"The downgrade of Redsun's ratings with a negative outlook reflects
the company's weak liquidity and Moody's expectation of weak
recovery prospects for the company's bondholders," says Cedric Lai,
a Moody's Vice President and Senior Analyst.

On Sept. 19, 2023, Redsun announced that the company does not
expect to repay its USD200 million senior notes due Sept. 20, 2023.
The non-payment of USD senior notes reflects the company's weak
liquidity and constrained financial flexibility. It could also
trigger repayment acceleration for its other debt obligations.


SHENZHEN FOOTBALL: Club Disbands After Failing to Get License
-------------------------------------------------------------
Yicai Global reports that Shenzhen Football Club, the team that won
the first Chinese Super League in 2004, said it has disbanded after
failing to secure a license for the new season because of debt.

"According to the list of debt-clearing clubs announced by the
Chinese Football Association, Shenzhen FC failed to pass the
professional league's admission for the 2024 season and cannot
continue to compete in the professional football league," the club
announced Jan. 23, notes the report.

According to Yicai, Shenzhen FC is the second CSL team to fold in
less than a week after Dalian Professional Football Club, once
owned by debt-laden real estate giant Dalian Wanda Group, announced
its dissolution on Jan. 17 due to debt issues. Another team,
Jiangsu Football Club, dissolved after winning the 2020 CSL
season.

Founded in 1994, Shenzhen FC finished at the bottom of the CSL last
season and was relegated to the second division. The club has debt
running into tens of millions of US dollars, mainly from unpaid
salaries and outstanding payments to suppliers, according to
insiders.

Players were paid in only four months of 2022, several noted, Yicai
relays. Most had only received about one-third of their contracted
remuneration as of the dissolution, with the longest period equal
to 20 months of salary, they added.

In 2016, heavily indebted Chinese developer Kaisa Group Holdings
became the largest shareholder of Shenzhen FC, and according to
some media reports, it has invested at least CNY6 billion (USD845
million) in the club.

Kaisa had a net loss of CNY7 billion in the first half of last
year, following losses of CNY12.7 billion (USD1.8 billion) in 2021
and CNY13 billion in 2022, Yicai discloses citing Shenzhen-based
firm's earnings report.

Kaisa's gearing ratio after pre-sales rose to 90 percent as of June
30, and its net debt ratio surged to 602 percent, Yicai discloses.
Its bank interest-bearing and other borrowings totaled CNY117.9
billion (USD16.4 billion), while its unrestricted cash and cash
equivalents were only CNY1.4 billion.

Foreign investors submitted a winding-up petition against Kaisa
last July, with a hearing scheduled for Feb. 6 this year.

TANTECH HOLDINGS: Inks Forbearance Agreement With Streeterville
---------------------------------------------------------------
Tantech Holdings Ltd disclosed in a Form 6-K Report filed with the
U.S Securities and Exchange Commission that the Company and
Streeterville Capital, LLC, a Utah limited liability, entered into
a Forbearance Agreement under which Streeterville agreed to
withdraw the December Redemption Notice and not to seek to enforce
any remedies under the convertible promissory note dated June 29,
2023, with respect to the December Redemption Notice. In exchange
for the forbearance, the Company agreed to pay to Streeterville a
forbearance fee equal to 10% of the outstanding balance of the
Note.

As previously reported, on June 29, 2023, Tantech Holdings Ltd
issued to Streeterville a convertible promissory note dated June
29, 2023 in the original principal amount of $2.16 million pursuant
to a securities purchase agreement dated June 29, 2023 between
Streeterville and Tantech Holdings Ltd. Under the Note,
Streeterville has the right to redeem the Note beginning forty-five
days from the Purchase Price Date of the Note. On December 29,
2023, Streeterville delivered a Redemption Notice that has not been
redeemed by Tantech Holdings Ltd.

Following the application of the Forbearance Fee, the total
remaining outstanding balance on the Note was $1,982,717.21. The
parties agreed that the Note shall remain in full force and effect
and, except with respect to the December Redemption Notice, the
Forbearance Agreement shall not operate as a waiver of or an
amendment to Streeterville's rights or remedies under the Note or
the Transaction Documents.

                          About Tantech

Tantech Holdings Ltd is a China-based developer and manufacturer of
bamboo-based charcoal products for industrial energy applications
and household cooking, heating, purification, agricultural and
cleaning uses. The Company operates its business through three
segments.



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

AMRUT COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Amrut Cotton Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         16.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.70       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Amrut Cotton Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 1994, ACI was started as a cotton trading concern.
In 2007, it had set-up its own new manufacturing unit for cotton
ginning with its plant located at Gondal, Gujarat. The plant is
currently equipped with 30 ginning machines with the installed
production capacity of 250 bales per day. In FY2017, the firm
diversified into processing groundnuts. From FY2017 onwards,
revenue from sale of cotton bales and peanuts will the major
revenue sources. The firm was promoted and managed by Mr. Suresh V
Senepara along with 8 family members, being partners, having a long
experience of more than a decade in cotton industry.


CARMEL CASHEWS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Carmel
Cashews (Carmel) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/            5         CRISIL B+/Stable (Issuer Not
   Overdraft facility                Cooperating)

   Packing Credit         20         CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Carmel for
obtaining information through letter and email dated December 12,
2023 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 Carmel, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Carmel is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Carmel continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Set up in 2004 as a partnership firm, Carmel processes raw cashew
nuts and sells cashew kernels. The firm is based in Kollam (Kerala)
and promoted by Mr C Yohannan and his family members.


DASHMESH RICE: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Dashmesh Rice Mills in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         30.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Dashmesh Rice Mills, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman
Sidana and his family members, primarily involved in milling of
basmati rice. The firm also converts semi-processed rice into
parboiled basmati rice. DRM's milling unit is based out of
Jalalabad, District in Punjab's Ferozpur, in close proximity to the
local grain market.


DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhruvtara
Agro and Allied Industries Private Limited (DAAIPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               4         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DAAIPL for
obtaining information through letter and email dated December 12,
2023 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 DAAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
DAAIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of DAAIPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2013 as a private limited company, DAAIPL processes
food items such as wheat flour, maida, and sooji. Mr Baban Phatke
is the promoter.


DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Digi Export
Venture Private Limited (DEVPL; a part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       8          CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting       2          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit in      6          CRISIL D (Issuer Not
   Foreign Currency                  Cooperating)

   Proposed Fund-         5          CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with DEVPL for
obtaining information through letter and email dated December 12,
2023 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 DEVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEVPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corporation LLP (Visual), DEVPL, Happy
Acoustics Pvt Ltd (Happy), 5Core, and Neha Exports (Neha). This is
because all these entities, collectively referred to as the Five
Core group, have common management, brand, customers, suppliers,
and strong operational synergies. Furthermore, 5Core is a wholly
owned subsidiary of FCEL.

DEVPL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations. Incorporated in 2002, FCEL is
listed on the National Stock Exchange Emerge platform since May
2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan).

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi


GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Golhar Ginning & Oil Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         4.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         4.10      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         1.15      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Golhar Ginning & Oil Pvt. Ltd. , ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Golhar Ginning & Oils Private Limited was incorporated in November
2012 and commenced business operations since December 2014. It is
in the business of ginning, pressing of cotton and crushing of
cotton seed oil. The factory is located in Hingaghat, Dist. Wardha
(Maharashtra). GGOPL is equipped with 24 ginning machines and 1
pressing machine to carry out operations. It is presently managed
by Mr. Damodar Golhar and Mr.Dhanraj Golhar.


GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gourav
Poultries India Private Limited (GPPL; part of the Rathi group)
continue to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.33      CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              12.12      CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GPPL for
obtaining information through letter and email dated December 12,
2023 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 GPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPPL continues to be 'CRISIL C Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of GPPL, Rathi Feeds India
Pvt. Ltd. (RFPL) and RHPL. This is because the companies,
collectively referred to as the Rathi group are in the same line
business, extend financial support to each other, and have a common
management.

                          About the Group

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60%
of feed processed by RFPL and sells the balance in the open market.
Its feed processing capacity is 200 tonne per day.


GREENWORTH INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Greenworth Infrastructures Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        10.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Greenworth Infrastructures Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Greenworth Infrastructures Private Limited (GIPL) is a Cochin based
construction company which was incorporated in 2010. It is promoted
by Mr. K.J. Paul, Mr. P.J. Jacob and Mr. P.J. George. The promoters
have more than five decades of collective experience in the
construction sector. Greenworth has a class 'A' registration with
the Kerala Public Works Department (PWD). The company primarily
undertakes road construction contracts but also have capabilities
to undertake building and bridge constructions.


GUDIMETLA SUNDARA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gudimetla
Sundara Rami Reddy & Co (GSRR) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GSRR for
obtaining information through letter and email dated December 12,
2023 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 GSRR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSRR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSRR continues to be 'CRISIL D Issuer Not Cooperating'.

Set up as a partnership firm in 1985, GSRR mills and processes
paddy into rice, and produces by-products such as broken rice,
bran, and husk. Its rice milling unit is in West Godavari (Andhra
Pradesh). Mr Gudimetla Rama Krishna, Mr Gudimetla Tulasi, Mr
Gudimetla Nagamani, and Mr Gudimetla Sundara Rami Reddy are the
partners.


M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M.P.S. Steel
Castings Private Limited (MPS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            23         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     47.01      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        25         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with MPS for
obtaining information through letter and email dated December 12,
2023 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 MPS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MPS was set up in in 1996 to manufacture sponge iron and mild-steel
ingots. Currently there are no commercial operations in MPS.


MAA EKADASHI: CRISIL Reaffirms B+ Rating on INR3cr Cash Credit
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank loan facilities of Maa Ekadashi Mini Modern Rice Mill
(MEMMRM).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3          CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     0.26       CRISIL B+/Stable (Reaffirmed)

   Term Loan             0.74       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations and
the susceptibility to climatic conditions and volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of the partners in the agricultural industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue was modest of INR6.5 crore in
Fiscal 2023, dropping from about 18 Cr a year back, in the
intensely competitive agricultural industry, thus limiting
operating flexibility. Going by about 7 Cr of turnover till
December 2023, MEMMRM is likely to cross 14-15 Cr of in current
fiscal.

* Susceptibility to climatic conditions and to volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and timely monsoon. Thus, the firm is exposed
to the risk of limited availability of its key raw material, paddy,
during a weak monsoon. Also, production may be impacted by pests or
crop infection, leading to higher unpredictability in production
and pricing of agricultural commodities and derived products.

* Modest capital structure: On account of reliance on external debt
and high creditors, total outside liabilities to tangible net worth
ratio was around 3.56, constrained by a low net worth of around 3.1
Cr as on March 2023. A modest networth and low accruals will
continue to constrain the financial risk profile of the firm over
the medium term.

Strength:

* Extensive experience of the partners: The partners have an
experience of over 30 years in the agricultural industry. This has
given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

Bank limit utilisation is low at around 93 percent for the past
twelve months ended September 2023.  Cash accrual is expected to be
over INR0.5 crore which is sufficient against minimal term debt
obligation over the medium term.

Outlook: Stable

CRISIL Ratings believes MEMMRM will continue to benefit from the
extensive experience of the partners.

Rating Sensitivity Factors

Upward factors:

* Sustainable growth in revenue by more than 20%, leading to cash
accrual of above INR1.00 crore, per fiscal
* Improvement in the working capital cycle.

Downward factors:

* Decline in revenue by more than 20% per fiscal, leading to lower
cash accrual below 20 lacs
* Major capital withdrawal by the partners

MEMMRM, established in 1998 and located near Kolkata, is owned and
managed by Mr Jitendra Mondal, Ms Chameli Mondal and Mr Deebas
Mondal. The firm processes rice, which it sells mainly to
wholesalers and brokers.


MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Maithan Ispat Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   NCD/Debt-        357.66      [ICRA]D; ISSUER NOT COOPERATING;
   Preference                   Rating continues to remain under
   Shares                       'Issuer Not Cooperating' category

As part of its process and in accordance with its rating agreement
with Maithan Ispat Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Maithan Ispat Limited (MIL) was set up in August 2003 by the
promoters of Maithan Group. Subsequently, on March 31, 2015, MESCO
Group took over MIL, and a consortium of bankers restructured the
debt facilities of MIL under the CDR scheme. At present, the
company is a subsidiary of Mideast Integrated Steels Ltd. (MISL,
the flagship company of MESCO Group), and is involved in
manufacturing of sponge iron and billets. The company has a
2*350-TPD sponge iron facility, a 210,000-MTPA billet production
unit and a 30-MW power production unit situated in Jajpur, Odisha.


MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mars
Therapeutics and Chemicals Limited (MTCL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.75       CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        0.55       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term     0.20       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        5.00       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with MTCL for
obtaining information through letter and email dated December 12,
2023 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 MTCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MTCL was originally set up as a private limited company by Mr P
Appa Rao and family in 1993; It manufactures pharmaceutical
formulations for the domestic market at its facility in
Secunderabad, Telangana.


MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mijan Imex
International Private Limited (MIIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               4.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MIIPL for
obtaining information through letter and email dated December 12,
2023 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 MIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIIPL continues to be 'CRISIL D Issuer Not Cooperating'.

MIIPL, incorporated in 2006 as a proprietorship concern by Mr
Masiar Atiar Rahaman, was reconstituted as a private-limited
company in 2011. The company trades in agro commodities, both in
the domestic and export markets.


NAIK FROZEN: CRISIL Lowers Rating on INR33cr LT Loan to B+
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Naik Frozen Foods Pvt Ltd (NFFPL; a part of the Naik
group) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Pre Shipment           33         CRISIL B+/Stable (Downgraded
   Packing Credit                    from 'CRISIL BB-/Stable')

The downgrade reflects the weakening of the group's liquidity
profile due to moderate cash accruals and high repayment
obligations due to increased dependence on debt obligations to fund
its working capital requirements. Further, the working capital
cycle has stretched, with inventory above 180 days and debtors at
68 days as on March 31, 2023 from 130 days and 54 days a year ago.
While steady growth in operational performance should support the
business risk profile, liquidity is expected to remain stretched
due to large working capital requirements and high repayment
obligations.

The rating reflects exposure to risks relating to demand-supply
imbalance, intense competition, fluctuations in raw material
prices, large working capital requirement and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoter in the seafood industry and
geographically diversified customer base.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of NFFPL and Naik Seafoods Pvt Ltd (NSFPL). This is
because these entities, together referred to herein as the Naik
group, have common management and significant business and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks relating to demand-supply imbalance and intense
competition: Seafood is a depleting commodity and tightened
regulations on fishing have made supply conditions more irregular.
The segment has also been affected by any adverse impact of changes
in climatic conditions, seasonal availability of seafood, diseases
as well as the rising prices of diesel, ice, fishing gear, boats
and trawlers. Hence, revenues have remained rangebound within
INR300-350 crores over the past three years ending fiscal 2023,
sustained growth in scale remains a key rating sensitivity factor.

* Susceptibility to fluctuations in raw material prices: Marine
products have a shelf life of more than a year and the group stocks
inventory based on price and market conditions. The prices depend
on the catch and availability during a particular period and thus,
the group remains exposed to fluctuations in product prices.
Furthermore, as a bulk of the revenue is generated from exports,
credit risk profile remains susceptible to volatility in foreign
exchange rates. Moreover, intense competition from other major
producer countries, limited value addition and partial pass on of
the increasing freight costs restricted the margin at 3.0-4.4% over
the three fiscals through March 2023.

* Large working capital requirement: Gross current assets increased
to 230 days as on March 31, 2023, from over 180 days as on March
31, 2022, driven by high inventory of 180 days and debtors of 68
days. The group needs to provide a moderate credit period to
customers. Inventory is huge due to the sizeable unsold inventory
driven by moderation in export demand. However, the working capital
is partially supported by creditors of 170 days received from
suppliers.

* Modest financial risk profile: Networth of the group stood
average at INR80 crore as on March 31, 2023, with gearing high at
1.59 times and total outside liabilities to adjusted networth ratio
at 3.15 times. Debt protection metrics were subdued, with interest
coverage ratio of 1.40 times and net cash accrual to adjusted debt
ratio of 0.03 times for fiscal 2023 and is expected to remain at
similar levels over the medium term.

Strengths:

* Extensive experience of the promoter and geographically
diversified customer base: The promoter has more than three decades
of experience in the seafood industry; his strong understanding of
market dynamics and healthy relationships with suppliers and
customers should continue to support the business. Clientele is
geographically well diversified as the Naik group derives more than
85% of its revenue through exports to the European Union, the US,
Japan, the Middle East and Southeast Asia.

Liquidity: Poor

The Naik group is expected to generate cash accrual of INR5.4-6.3
crore per annum for fiscals 2024 and 2025, against debt obligation
of INR2 crore and INR8 crore, respectively. Bank limit was utilised
at 80% on average for the 12 months through September 2023. Current
ratio stood at 1.11 times as on March 31, 2023, and total cash and
bank balances at INR41 crore, including around INR0.9 crore of free
cash balance.

Outlook: Stable

The Naik group will continue to benefit from the extensive
experience of its promoter and his established relationship with
clients.

Rating Sensitivity Factors

Upward factors

* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual above INR8.5 crore.
* Improvement in the working capital cycle, especially in the
inventory cycle.

Downward factors

* Decline in revenue and profitability, resulting in cash accrual
below INR4 crore.
* Large, debt-funded capital expenditure or a further stretch in
the working capital cycle.

                        About the Naik Group

NFFPL, established in 1996, processes and exports various types of
seafood products. It deals in different types of fish, shrimps and
squids and has facilities in Taloja, Mumbai.

NSFPL, incorporated in 1979, processes and exports various types of
seafood products. It deals in different types of fish and squids
and has facilities in Ratnagiri, Maharashtra.

Mr Nisar Naik manages the operations of the group.


NAIK SEAFOODS: CRISIL Lowers Rating on INR45cr Loan to B+
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Naik Seafoods Pvt Ltd (NSFPL; a part of the Naik group)
to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill            45        CRISIL B+/Stable (Downgraded
   Discounting                       from 'CRISIL BB-/Stable')

The downgrade reflects the weakening of the group's liquidity
profile due to moderate cash accruals and high repayment
obligations due to increased dependence on debt obligations to fund
its working capital requirements. Further, the working capital
cycle has stretched, with inventory above 180 days and debtors at
68 days as on March 31, 2023 from 130 days and 54 days a year ago.
While steady growth in operational performance should support the
business risk profile, liquidity is expected to remain stretched
due to large working capital requirements and high repayment
obligations.

The rating reflects exposure to risks relating to demand-supply
imbalance, intense competition, fluctuations in raw material
prices, large working capital requirement and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoter in the seafood industry and
geographically diversified customer base.

Analytical approach

CRISIL Ratings has combined the business and financial risk
profiles of NSFPL and Naik Frozen Foods Pvt Ltd (NFFPL). This is
because these entities, together referred to herein as the Naik
group, have common management and significant business and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks relating to demand-supply imbalance and intense
competition: Seafood is a depleting commodity and tightened
regulations on fishing have made supply conditions more irregular.
The segment has also been affected by any adverse impact of changes
in climatic conditions, seasonal availability of seafood, diseases
as well as the rising prices of diesel, ice, fishing gear, boats
and trawlers. Hence, revenues have remained rangebound within
INR300-350 crores over the past three years ending fiscal 2023,
sustained growth in scale remains a key rating sensitivity factor.

* Susceptibility to fluctuations in raw material prices: Marine
products have a shelf life of more than a year and the group stocks
inventory based on price and market conditions. The prices depend
on the catch and availability during a particular period and thus,
the group remains exposed to fluctuations in product prices.
Furthermore, as a bulk of the revenue is generated from exports,
credit risk profile remains susceptible to volatility in foreign
exchange rates. Moreover, intense competition from other major
producer countries, limited value addition and partial pass on of
the increasing freight costs restricted the margin at 3.0-4.4% over
the three fiscals through March 2023.

* Large working capital requirement: Gross current assets increased
to 230 days as on March 31, 2023, from over 180 days as on March
31, 2022, driven by high inventory of 180 days and debtors of 68
days. The group needs to provide a moderate credit period to
customers. Inventory is huge due to the sizeable unsold inventory
driven by moderation in export demand. However, the working capital
is partially supported by creditors of 170 days received from
suppliers.

* Modest financial risk profile: Networth of the group stood
average at INR80 crore as on March 31, 2023, with gearing high at
1.59 times and total outside liabilities to adjusted networth ratio
at 3.15 times. Debt protection metrics were subdued, with interest
coverage ratio of 1.40 times and net cash accrual to adjusted debt
ratio of 0.03 times for fiscal 2023 and is expected to remain at
similar levels over the medium term.

Strengths:

* Extensive experience of the promoter and geographically
diversified customer base: The promoter has more than three decades
of experience in the seafood industry; his strong understanding of
market dynamics and healthy relationships with suppliers and
customers should continue to support the business. Clientele is
geographically well diversified as the Naik group derives more than
85% of its revenue through exports to the European Union, the US,
Japan, the Middle East and Southeast Asia.

Liquidity: Poor

The Naik group is expected to generate cash accrual of INR5.4-6.3
crore per annum for fiscals 2024 and 2025, against debt obligation
of INR2 crore and INR8 crore, respectively. Bank limit was utilised
at 80% on average for the 12 months through September 2023. Current
ratio stood at 1.11 times as on March 31, 2023, and total cash and
bank balances at INR41 crore, including around INR0.9 crore of free
cash balance.

Outlook: Stable

The Naik group will continue to benefit from the extensive
experience of its promoter and his established relationship with
clients.

Rating Sensitivity Factors

Upward factors

* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual above INR8.5 crore.
* Improvement in the working capital cycle, especially in the
inventory cycle.

Downward factors

* Decline in revenue and profitability, resulting in cash accrual
below INR4 crore.
* Large, debt-funded capital expenditure or a further stretch in
the working capital cycle.

                        About the Naik group

NSFPL, incorporated in 1979, processes and exports various types of
seafood products. It deals in different types of fish and squids
and has facilities in Ratnagiri, Maharashtra.

NFFPL, established in 1996, processes and exports various types of
seafood products. It deals in different types of fish, shrimps and
squids and has facilities in Taloja, Mumbai.

Mr. Nisar Naik manages the operations of the group.


NEW ASIAN: ICRA Withdraws B+ Rating on INR22.80cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
New Asian Infrastructure Development Private Limited (NAIDPL), at
the request of the company and based on the No objection
certificate (NOC) received from the bankers, and in accordance with
ICRA's policy on withdrawal of ratings. ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           22.80      [ICRA]B+ (Stable); withdrawn

   Unallocated Limits   6.70      [ICRA]B+ (Stable); withdrawn

NAIDPL is a closely held company established in 2005 by Mr. Syed
Abdur Rasheed and his sons, Mr. Syed Abdur Umair and Mr. Syed Abdur
Zubair. The company has developed a 7-MW hydropower project at
Nilwande village in the Ahmednagar district of Maharashtra, on a
build-operate-transfer (BOT) basis. The unit commenced operations
from November-December 2015. The company has entered into a PPA
with MSEDCL for 13 years from the commercial operations date
(COD).

The group company, New Asian Construction Company (NACC),
undertakes the construction of dams, power houses, pump houses,
canals and bridges. NAIDPL also executes some of the work orders of
NACC; however, the proportion of the same remains low.


PANSARI STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Pansari Steels
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ; ISSUER NOT
COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term         (6.00)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
   Others                         to remain under issuer not
                                  cooperating category

   Short Term-         2.00       [ICRA]A4 ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Pansari Steels Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Pansari Steels Private Ltd (PSPL) was established in the year 1991
and is engaged in trading of iron and steel. Around 60% of the
volumes are accounted by imports. The company is currently managed
by Mr. Vishwanath Pansari.


PETROMAR ENGINEERED: CRISIL Lowers Long/Short Term Ratings to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of
Petromar Engineered Solutions Private Limited (PESPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.  The downgrade
reflects delay in servicing of term loan on account of weak
liquidity.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')
  
   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4+')

The ratings reflect delay in debt servicing of PESPL and its large
working capital requirement and modest scale of operations. These
weaknesses are partially offset by the extensive experience of the
promoters in the industrial machinery and consumables industry.

Analytical Approach

Unsecured loans (INR12.16 crore as on March 31, 2023) extended by
the promoters have been treated as 75% equity and 25% debt as these
interest-free loans are expected to be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in Debt Servicing: Stretched liquidity has resulted in a
delay in servicing debt. The company's cash credit limit is also
overutilized however regularized within 30 days.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 406 days as on March 31, 2023, driven by high
debtors of 139 days and huge inventory of 281 days. Long credit
period is offered to customers due to the project nature of
business; inventory remains substantial and comprises
work-in-progress of 139-176 days. The working capital is partially
supported by credit extended by suppliers (111 days). The working
capital cycle may remain stretched over the medium term.

* Modest scale of operations: The industrial machinery and
consumables industry is highly fragmented and the consequent
intense competition may continue to constrain scalability, pricing
power and profitability.

Strengths:

* Extensive experience of promoters: The promoters have over 45
years of experience in designing & fabrication of various
filtration/separation systems used in oil & gas, petroleum,
emission fuels and aviation industries. Their expertise and strong
understanding of market dynamics enabled them to achieve
certifications from American Society of Mechanical Engineers,
resulting in PESPL becoming one of the approved vendors of major
oil and petrochemical companies. Company is estimated to register
revenue of ~INR26 crores for FY23.

Liquidity: Poor

Liquidity is poor with modest net cash accruals and highly utilized
bank lines. There have been delays in servicing of EMI of working
capital term loan (GECL) by the company. Unsecured loan from
promoters as on March 2023 is INR12.16 crore supports liquidity.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement in operating performance

PESPL was incorporated in 1986 by Mr Salim Shaikh and Mr Mukesh
Kaura. The company designs and fabricates various
filtration/separation systems used in oil & gas, petroleum,
emission fuels and aviation industries for their onshore and
offshore platforms. Its manufacturing facility is in Maharashtra
Industrial Development Corporation, Murbad (Thane, Maharashtra).


PMR CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of PMR
Construction Company in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/
[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        15.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Aditya Hi-Tech Cold Storage, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

About the company PMR was incorporated as a partnership firm in
2002 by Mr. PM Alavi Haiji and his sons. Mr. Haji is a Class 'A'
(PWD) civil contractor in Kerala and has more than four decades of
experience in the contracting industry. The firm undertakes civil
government contracts involving construction of roads, bridges and
buildings. However, in the last few years the firm had been
primarily involved with construction and repair of roads in
Kerala.


R.B. RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of R.B. Rice Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        16.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with R.B. Rice Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based in Fazilka, Ferozepur, Punjab with an
installed capacity of 4 tons/hr. The firm purchases paddy from the
local markets in and around Jalalabad. The firm is also involved in
the export of rice to countries such as Iran, the UAE and Iraq.


RAM COMTRADE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ram
Comtrade Private Limited (SRCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.75        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.25        CRISIL D (Issuer Not
                                     Cooperating)

   Inland/Import         7.50        CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

CRISIL Ratings has been consistently following up with SRCPL for
obtaining information through letter and email dated December 13,
2023 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 SRCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2012, SRCPL trades in construction materials, such
as steel, cement and other materials such as jute, electrical items
and sanitaryware. The company is based in Ranchi, Jharkhand, and
carries out its business in the state. Mr Abhishek Agarwal and Mr
Prakash Sarawgi, who has over two decades of experience in trading
construction materials, are the promoters of the company.


RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ram
Industries (Harij) (RI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.25        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letter and email dated December 13,
2023 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 RI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'CRISIL D Issuer Not Cooperating'.

RI, formed in 2007, is promoted by Patan, Gujarat-based Mr Jaydev
Thakkar and his family members. The firm gins cotton.


RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rathi Feeds
India Private Limited (RFPL; part of the Rathi group) continue to
be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.45       CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.75       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              2.80       CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letter and email dated December 12,
2023 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 RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFPL continues to be 'CRISIL C Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of RFPL, RHPL, and Gourav
Poultries India Pvt Ltd (GPPL). This is because the companies,
collectively referred to as the Rathi group are in the same line of
business, extend financial support to each other, and have a common
management.

                          About the Group

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60%
of feed processed by RFPL and sells the balance in the open market.
Its feed processing capacity is 200 tonne per day.


VICON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Vicon Ceramic Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.96       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         1.60       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Vicon Ceramic Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in June 2013, Vicon Ceramic Private Limited (VCPL)
manufactures wall tiles and parking tiles. The manufacturing
facility of the company is located at Morbi, Gujarat, having an
installed capacity to manufacture 54,000 Metric Tons of tiles. VCPL
is promoted and managed by Mr. Amarshi Detroja and other directors
associated with Coral Group and Somany Ceramic Limited (SCL),
having extensive experience of more than two decades in the ceramic
industry. SCL acquired 26% stake in VCPL in January 2014 and
currently off-takes VCPL's majority production.




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

ALPINE POOLS: Blacklock Rose Appointed as Administrator
-------------------------------------------------------
Benjamin Francis and Garry Whimp of Blacklock Rose Limited were
appointed as administrators of Alpine Pools NZ Limited and Hawkes
Bay Earthworks Limited on Jan. 22, 2024.

The administrators may be reached at:

          c/- Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142

EDJ DEVELOP: Court to Hear Wind-Up Petition on March 8
------------------------------------------------------
A petition to wind up the operations of EDJ Develop Limited will be
heard before the High Court at Auckland on March 8, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 5, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


LEFKADA LIMITED: Court to Hear Wind-Up Petition on Feb. 2
---------------------------------------------------------
A petition to wind up the operations of Lefkada Limited will be
heard before the High Court at Christchurch on Feb. 2, 2024, at
10:00 a.m.

Briden Holdings Partnership filed the petition against the company
on Nov. 6, 2023.

The Petitioner's solicitors are:

          Josh Taylor
          Brent McDonald
          Wynn Williams, Lawyers
          Level 5, Wynn Williams House
          47 Hereford Street
          Christchurch 8013


NORA CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 1
-----------------------------------------------------------
A petition to wind up the operations of Nora Construction Limited
will be heard before the High Court at Auckland on Feb. 1, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 2, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


TOWN & COUNTRY: Court to Hear Wind-Up Petition on Feb. 5
--------------------------------------------------------
A petition to wind up the operations of Town & Country Consulting
Limited will be heard before the High Court at Whangarei on Feb. 5,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 4, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




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

ASIA GENESIS: Shuts Macro Fund After Huge Losses
------------------------------------------------
Bloomberg News reports that Singapore hedge fund Asia Genesis Asset
Management is closing its macro fund after wrong-way bets on
Chinese and Japanese stocks inflicted "unprecedented" losses.

Chua Soon Hock's Asia Genesis Macro Fund declined 18.8% in the
first weeks of January, according to a letter sent to investors
seen by Bloomberg News. The fund is returning money to investors
after losses on long Hong Kong and China equities positions as well
as short Nikkei bets, according to the letter.

"I have reached the stage whereby my confidence as a trader is
lost," chief investment officer Chua wrote in the letter.

Asia Genesis, which managed US$330.2 million (HK$2.58 billion) at
the start of the year, didn't immediately respond to a request for
comment, Bloomberg notes.

Bloomberg adds that Mr. Chua said the fund made a "big mistake" in
trying to pick the bottom of benchmark Hong Kong indexes.

Asia Genesis Asset Management's line of business includes issuing
shares, managing investment funds, and mutual fund sales.


BRAVO BUILDING: Creditors' Meeting Set for Feb. 7
-------------------------------------------------
Bravo Building Construction Pte. Ltd. will hold a meeting for its
creditors on Feb. 7, 2024, at 10:00 a.m. at 6A Shenton Way, #04-01
to #04-09, OUE Downtown Gallery, in Singapore.

Agenda of the meeting includes:

   a. to consider and if thought fit, to appoint the Interim
      Judicial Manager to be chairperson of the meeting;

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

   c. to resolve and vote whether to place the Company under the
      judicial management of a judicial manager; and

   d. in the event that the requisite statutory majority of
      creditors vote to place the Company under the judicial
      management of a judicial manager, to confirm the appointment

      of Mr. Farooq Ahmad Mann as judicial manager.

The company's Interim Judicial Manager may be reached at:

          Farooq Ahmad Mann
          M/s Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


INVESTWELL PTE: Creditors' Meeting Set for Feb. 5
-------------------------------------------------
Investwell Pte Ltd will hold a meeting for its creditors on Feb. 5,
2024, at 11:30 a.m. via Zoom (deemed venue: 50 Havelock Road,
#02-767 Singapore 160050).

Agenda of the meeting includes:

   a. to lay a full statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to nominate Liquidator(s) or confirm the nomination of
      Liquidator(s) by member(s);

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.

Lau Chin Huat and Yeo Boon Keong of Technic Inter-Asia were
appointed as Joint and Several Provisional Liquidators of the
company on Jan. 16, 2024.


LOGISTICS CONSTRUCTION: Court to Hear Judicial Mgt Bid on Feb. 6
----------------------------------------------------------------
A petition to place the operations of Logistics Construction Pte
Ltd under Judicial Management will be heard before the High Court
of Singapore on Feb. 6, 2024, at 10:00 a.m.

The application was filed on Nov. 17, 2023.

Ms. Ellyn Tan Huixian of Mazars Consulting has been nominated as
the Judicial Manager.


MOLA MOLA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Jan. 12, 2024, to
wind up the operations of Mola Mola Aquatic Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


SWIMMING TEACHER: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Jan. 12, 2024, to
wind up the operations of Swimming Teacher Institute Asia Pte.
Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778




=================
S R I   L A N K A
=================

SRI LANKA: CBSL Keeps Policy Rates Steady to Tame Inflation
-----------------------------------------------------------
Reuters reports that Sri Lanka's central bank kept interest rates
steady on Jan. 23, in line with market expectations, forgoing a
rate cut as a new tax threatened upward pressure on expenses and
fuelled concerns about inflation.

The Central Bank of Sri Lanka (CBSL) maintained the Standing
Deposit Facility Rate at 9% and the Standing Lending Facility Rate
at 10%, as predicted in a Reuters poll.

According to Reuters, the central bank said the decision was aimed
at maintaining inflation at the targeted level of 5% over the
medium term, while enabling the economy to reach its potential.

"The Board took note of the effects of the recent developments in
taxation and supply-side factors that are likely to pose upside
pressures on inflation in the near term," it said in a statement,
adding that any such uptick in consumer prices this year was
expected to be short-lived.

Reuters says the central bank slashed interest rates by 650 basis
points last year as Sri Lanka's economy began a painful recovery
from its worst financial crisis in more than seven decades, helped
by a bailout by the International Monetary Fund (IMF).

Improvements in the economy need to be translated into improved
living conditions for Sri Lankans, the IMF said last week, wrapping
up a technical staff visit to the country.

At the start of 2024, the island nation raised its value added tax
(VAT) to 18% from 15% to meet revenue targets under the four-year
$2.9 billion IMF programme, Reuters states.

That could spark a renewed rise in Sri Lanka's key inflation rate,
which had eased to 4% at the end of 2023 from a high of 70% in
September 2022.

According to Reuters, Sri Lanka could see inflation spike to "just
under 7% in January" due to tax and short-term vegetable price
increases, CBSL Govenor Nandalal Weerasinghe told reporters.

"But inflation will trend down and return to the 4%-6% band
targeted by the central bank. The uptick in inflation will remain
for the first couple of months at about 6%."

The inflation spikes are likely to be short lived as the central
bank does not see demand pressure building up in the economy,
Weerasinghe added.

"The uptick in inflation is rightly explained as caused by
transitory factors of weather impacts on food prices and tax
changes. And they find the rate cuts already done as sufficient to
cause interest rates to ease further in the current context,"
Reuters quotes Thilina Panduwawala, head of research at Frontier
Research, as saying.

Past monetary policy easing measures and a decline in the risk
premium on government securities have created further space for
market lending interest rates to decline, the central bank said.

Sri Lanka will need to secure agreements with creditors in the next
few months to get past the second review of the IMF programme, due
in the first half of 2024. The country's total external debt is
$36.4 billion, according to the latest data released by the finance
ministry, Reuters relays.

Sri Lanka is also pushing forward with its debt restructuring talks
with commercial creditors who hold about $12 billion in
international sovereign bonds in an effort to reach an agreement
ahead of the IMF's second review expected to be completed by around
June, Weerasinghe, as cited by Reuters, said.

Reuters adds that Frontier Research's Panduwawala expects the
central bank to forgo any further easing for the time being "unless
there are some visible delays on external debt restructuring".

"Rates of government securities will keep coming down, especially
in the short term and risk premia will keep adjusting down with the
improvements in the fiscal position and completion of external debt
restructuring," said Udeeshan Jonas, chief strategist at equity
research firm CAL Group.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.




===============
T H A I L A N D
===============

THAILAND: SEC Tightens High-Yield Bond Scrutiny as Investment Drop
------------------------------------------------------------------
Bloomberg News reports that Thailand's Securities and Exchange
Commission (SEC) is stepping up supervision of high-yield bonds to
boost payment safeguards and investor confidence after several
recent defaults and a major accounting scandal rocked the market
for speculative debt, a senior official said.

Bloomberg relates that the SEC is now proactively contacting
companies as soon as information or news emerges that the regulator
views as potentially affecting the ability to service high-yield
debt, secretary-general Pornanong Budsaratragoon said. Previously,
the agency was less active in contacting executives, though it
regularly reached out to bond issuers at least three months before
their notes expired, she said.

Demand for high-yield debt in Thailand has waned after a series of
payment delays and corporate scandals, including one related to
Stark. These sparked calls by investors for more market supervision
and monitoring. Thai financial authorities are prepared to
implement "appropriate measures" to manage distressed fixed-income
debt, the Finance Ministry said earlier this month.

"We are trying to prevent any more big surprises that could catch
us off guard," Bloomberg quotes Ms. Pornanong as saying at her
office. "Tightening our monitoring efforts should provide more
early warning signals on some companies with payment trouble."

Thailand's corporate bond sales may drop for a second straight year
partly because of concerns related to rising defaults, according to
the Thai Bond Market Association (TBMA), Bloomberg relays.
Investors have become more cautious about subscribing to bonds
sales of high-risk companies after a series of missed payments, the
trade group said.

Italian-Thai Development on Jan. 17 won bondholders' approval to
extend the maturity dates for most of its outstanding bonds by
another two years amid a liquidity crunch, but the engineering firm
had to schedule another meeting because the vote on one tranche
lacked a quorum.

JKN Global Group, a media company that owns the Miss Universe
beauty pageant brand, in November petitioned a court for debt
restructuring, two months after announcing its inability to fully
honour its bond repayments.

According to Bloomberg, Ms. Pornanong said the SEC, as part of its
monitoring boost, will put additional attention on bonds of
companies with no credit rating or low grades by requiring more
disclosure on financial data, such as cash flow and other ratios.
The new requirements are expected to be implemented in the next few
months, she said.

The slump in high-yield corporate bond sales was a key reason for
the 19% decline in total domestic debt sales in 2023, according to
data compiled by the TBMA. Companies with junk ratings or no credit
assessments sold THB92 billion of bonds last year, a 29% drop from
a record THB130 billion in 2022, the data show.



                           *********


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 2024.  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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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