---

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

                     A S I A   P A C I F I C

          Friday, January 3, 2025, Vol. 28, No. 3

                           Headlines



A U S T R A L I A

CHEMX MATERIALS: WA Insolvency Appointed as Administrators
FAR NORTHERN: Commences Wind-Up Proceedings
HIPURA PTY: WA Insolvency Appointed as Administrators
K.C. FERNANDO: Commences Wind-Up Proceedings
LADIES LEAGUE: Women's Sports Bar Closes After Five Months

PANORAMIC RESOURCES: Sale of Business to Zeta Resources Completes
PREMIER ENERGY: Second Creditors' Meeting Set for Jan. 10
RESHAPE LIFESCIENCES: Signs $5 Million Equity Purchase Agreement
[*] AUSTRALIA: ASIC Records 3,000+ Builder Insolvencies in 2024


C H I N A

CBAK ENERGY: Fails to Comply with Nasdaq's Minimum Bid Price Rule


I N D I A

AAA VEHICLEADES: CARE Keeps D Debt Rating in Not Cooperating
AES INDIA: Voluntary Liquidation Process Case Summary
AGRASEN TRADE: Liquidation Process Case Summary
ANGLE INFRASTRUCTURE: Insolvency Resolution Process Case Summary
BEARDSELL LIMITED: CRISIL Keeps B+ Debt Rating in Not Cooperating

BENARA AUTOMOTIVES: Liquidation Process Case Summary
BHALKESHWAR SUGARS: CRISIL Keeps D Ratings in Not Cooperating
BLACK ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE ARCADE: Liquidation Process Case Summary
BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category

BST INFRATECH: CARE Lowers Rating on INR14.50cr LT Loan to D
COLT NETWORK: Voluntary Liquidation Process Case Summary
GEMUS ENGINEERING: Liquidation Process Case Summary
GREENKEM ORGANICS: CARE Reaffirms D Rating on INR5.95cr LT/ST Loan
GSS QUICK: Voluntary Liquidation Process Case Summary

ID COMMS: Voluntary Liquidation Process Case Summary
IKF TECHNOLOGIES: Insolvency Resolution Process Case Summary
JVPD PROPERTIES: Insolvency Resolution Process Case Summary
KARVY DATA: CRISIL Keeps D Debt Ratings in Not Cooperating
KUSHAL KARYASHALA: CARE Keeps B- Debt Rating in Not Cooperating

MADHU BUSINESS: Voluntary Liquidation Process Case Summary
MERU CONSULTANTS: Voluntary Liquidation Process Case Summary
PLATINUM AAC: CARE Keeps D Debt Rating in Not Cooperating Category
QUALITY CARE DIALYSIS: Insolvency Resolution Process Case Summary
RAJARAMSEVAK MULTIPURPOSE: CARE Keeps D Rating in Not Cooperating

RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating
RICHU MAL: CARE Keeps C Debt Rating in Not Cooperating Category
SICAL LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHIVINAYAK CONSTRUCTION: ICRA Keeps B+ Rating in Not Coop.
SIMNA EXIM: Insolvency Resolution Process Case Summary

SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
SOHOM SHIPPING: Insolvency Resolution Process Case Summary
SUDRADH CONSTRUCTIONS: Insolvency Resolution Process Case Summary
SURYA VIKAS: ICRA Keeps D Debt Ratings in Not Cooperating
TENALI MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating

THRISSUR EXPRESSWAY: CARE Keeps D Debt Rating in Not Cooperating
TRUE VALUE: CARE Keeps D Debt Rating in Not Cooperating Category
U GOENKA: ICRA Keeps D Debt Ratings in Not Cooperating Category
UNITECH MERCANTILE: ICRA Keeps B- Debt Ratings in Not Cooperating
V.I.R FOODS: ICRA Keeps D Debt Ratings in Not Cooperating

VALLABH STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
VARDHAMAN COLLEGE: ICRA Keeps B+ Debt Rating in Not Cooperating
VEGGIECRAFT FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKATA NAGA: ICRA Keeps B+ Debt Ratings in Not Cooperating
VIJAY RAM TRADERS: Insolvency Resolution Process Case Summary

VISHWA (DWARAKA-OKHA): CARE Keeps D Rating in Not Cooperating
VOLTAIC POWER: ICRA Keeps B Issuer Rating in Not Cooperating


M A L A Y S I A

ECOBUILT HOLDINGS: Faces Trading Suspension from Jan. 9
PERMAJU INDUSTRIES: Proposes MYR258MM Share Capital Reduction


S I N G A P O R E

ACECOM TECHNOLOGIES: Commences Wind-Up Proceedings
JXG LOGISTICS: Court to Hear Wind-Up Petition on Jan. 10
SHINECO INC: Incurs $2.56MM Net Loss for Sept. 2024 Quarter
SINGNET SOLUTIONS: Court to Hear Wind-Up Petition on Jan. 10

                           - - - - -


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

CHEMX MATERIALS: WA Insolvency Appointed as Administrators
----------------------------------------------------------
Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions on
Jan. 2, 2025, were appointed as Administrators of Chemx Materials
Limited, trading as 'Chemx Materials' & 'Futurex Materials'.

The Administrators may be reached at:

          Clifford Rocke
          Jimmy Trpcevski
          WA Insolvency Solutions
          Suite 6.02
          Level 6, 109 St Georges Terrace
          Perth, WA 6000


FAR NORTHERN: Commences Wind-Up Proceedings
-------------------------------------------
Members of Far Northern Contractors Pty. Ltd. on Dec. 31, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Aaron Dominish
          Richard Albarran
          Cameron Shaw
          C-/ Hall Chadwick
          Level 11, 77 St Georges Terrace
          Perth, WA 6000


HIPURA PTY: WA Insolvency Appointed as Administrators
-----------------------------------------------------
Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions on
Jan. 2, 2025, were appointed as Administrators of Hipura Pty Ltd.

The Administrators may be reached at:

          Clifford Rocke
          Jimmy Trpcevski
          WA Insolvency Solutions
          Suite 6.02
          Level 6, 109 St Georges Terrace
          Perth, WA 6000


K.C. FERNANDO: Commences Wind-Up Proceedings
--------------------------------------------
Members of K.C. Fernando Pty Ltd on Jan. 2, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Jeremy Robert Abeyratne
          APL Insolvency
          Suite 12, Level 4, 150 Albert Road
          South Melbourne, VIC 3205


LADIES LEAGUE: Women's Sports Bar Closes After Five Months
----------------------------------------------------------
News.com.au reports that the first women's sports bar to open in
Australia has closed down just a few months after launching with
much fanfare.

According to news.com.au, the Ladies League opened at a prime spot
in Sydney's bustling Oxford Street in August but unfortunately
announced its closure soon afterwards, on New Year's Day.

News.com.au relates that the venue posted on social media on
Wednesday night [Jan. 1] that it was "with a heavy heart" they
would not be opening their doors again.

"As a women's sports bar we excelled," The Ladies League wrote,
adding that they had great turnouts at Matildas, Sydney FC and
grand final games.

"Unfortunately it is outside of live games that we felt the
struggle as much as many other hospitality venues in this economic
climate.

"We knew we had a fantastic product on offer but unfortunately as a
small business, we couldn't hold on any longer to try any new
approaches."

The Ladies League was founded and run by 34-year-old Rose Valente,
who also runs a digital only sports publication with the same
name.

Ms. Valente told media she drained her savings and even sold her
investment property to fund the bar, news.com.au relays.

She scored a prime spot in the heart of Darlinghurst, at a
two-storey, 80-seat venue which she decorated with a black and pink
colour scheme.

Banks weren't keen on extending her a loan - Ms. Valente has
previously said they found the venture "too risky" - but she
managed to fundraise from her loyal base of readers and others keen
on the novel concept, according to news.com.au.

Hundreds of fans spent money on foundation memberships to get their
names written on one of the upstairs walls, and at the same time
other fans sponsored particular areas of the bar - tables, benches,
and even toilet cubicles.

Matildas and Melbourne Victory midfielder Alex Chidiac contacted
Ms. Valente to offer support and ended up sponsoring a bench.

Meanwhile, an Instagram follower donated a signed Australian
women's cricket shirt.


PANORAMIC RESOURCES: Sale of Business to Zeta Resources Completes
-----------------------------------------------------------------
Adam Orlando at Mining.com.au reports that the deed administrators
have completed the sale of Panoramic Resources to Zeta Resources
under the Deed of Company Arrangement (DOCA) terms previously
agreed by creditors.

According to Mining.com.au, FTI Consulting Senior Managing Daniel
Woodhouse said completing a sale of Panoramic was a considerable
achievement given the current nickel market conditions.

"When significant players in the nickel industry are placing their
operations on care and maintenance, completing a sale of Panoramic
to provide some return to creditors has been both challenging and
pleasing," Mining.com.au quotes Mr. Woodhouse as saying.

"Our focus now turns to receiving, assessing and paying
pre-appointment creditor claims as quickly and efficiently as we
can."

As a result of the sale completion, the companies are no longer
subject to external administration; control of the companies has
reverted to new directors as nominated by Zeta; and the Panoramic
Creditors Trust has now been established, with Hayden White,
Kathryn Warwick, and Daniel Woodhouse joint and several creditors'
trustees.

Claims that were incurred prior to Dec. 14, 2023, with the
exception of those not affected pursuant to section 444D of the Act
and those of Excluded Creditors, are released against the companies
and transferred to the trust, Mining.com.au relays. As a result,
pre-appointment creditors will no longer have a claim for payment,
however they are entitled to participate in distributions from the
Trust.

All parties holding shares in the company ceased to be a
shareholder on Dec. 24, 2024. No consideration is payable to the
former shareholders of Panoramic.

Former shareholders of Panoramic have been formally notified that
they no longer hold any shares in the capital of Panoramic.        


In January, the administrators in charge of Panoramic called a halt
to mining as the nickel price continued to plummet. About 350
workers and contractors lost their jobs when the company's Savannah
mine in Western Australia closed.

                     About Panoramic Resources

Panoramic Resources Limited -- https://panoramicresources.com/ --
is a mining company that explores for and mines copper, nickel, and
cobalt in the Kimberley region of Western Australia.

On Dec. 14, 2023, Daniel Woodhouse, Hayden White and Kate Warwick
of FTI Consulting were appointed as Joint and Several
Administrators of Panoramic Resources Limited and its subsidiaries,
Savannah Nickel Mines Pty Ltd and PAN Transport Pty Ltd.

The Administrators were subsequently appointed as Joint and Several
Administrators to Pindan Exploration Company Pty Ltd, a wholly
owned subsidiary of Panoramic, by a resolution of its Directors on
Jan. 15, 2024.

In August 2024, Panoramic was removed from Australian Securities
Exchange (ASX) official list, due to non-payment of listing fees.


PREMIER ENERGY: Second Creditors' Meeting Set for Jan. 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Premier Energy
Resources Pty Ltd has been set for Jan. 10, 2025 at 11:00 a.m. at
Level 1, 160 Pacific Highway in Charlestown.

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. 9, 2024 at 5:00 p.m.

Paul William Gidley of Shaw Gidley was appointed as administrator
of the company on Dec. 4, 2024.


RESHAPE LIFESCIENCES: Signs $5 Million Equity Purchase Agreement
----------------------------------------------------------------
ReShape Lifesciences Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 19, 2024, it
entered into an equity purchase agreement with a certain investor,
which provides that, upon the terms and subject to the conditions
and limitations set forth therein, the Company has the right, but
not the obligation, to sell to the Investor up to $5,000,000 of
shares of the Company's common stock from time to time over the
36-month term of the Purchase Agreement.

The price paid by the Investor for each share of Common Stock at
each closing shall be 93% of the daily volume-weighted average
price of the Common Stock ("VWAP") on the previous trading day
prior to such Closing; provided, that if 93% the lowest VWAP in the
four trading days following such Closing is lower than such Share
Price, then, as a "true-up", the Company shall issue additional
shares of Common Stock to the Investor so as to ensure that the
total number of shares received by the Investor is equal to the
number it would have received for the aggregate purchase price paid
at such Closing if the shares of Common Stock had been valued at
such lower number.
The Investor Shares shall be purchased at Closings that will occur
within one trading day of the date the Investor is deemed in
receipt of an issuance notice from the Company, so long as certain
conditions mutually agreed between the Investor and the Company,
are satisfied; provided, that, Investor Shares issued at any one
Closing shall not exceed (a) if the Issuance Notice is received
prior to 8 a.m. Eastern Standard Time, (i) 12.5% of the average
daily trading volume of the Common Stock multiplied by the VWAP for
that trading day of the Common Stock on the 10 trading days
immediately preceding the date of such Closing and (ii) a purchase
price of $500,000 and (b) otherwise, (a) the lower of (i) 7.5% of
the average Daily Value Traded of the Common Stock on the 10
trading days immediately preceding the date of such Closing and
(ii) a purchase price of $250,000.

Upon the execution of the Purchase Agreement, the Company issued to
the Investor 17,300 shares of Common Stock and a pre-funded warrant
to purchase 21,015 shares of Common Stock at an exercise price of
$0.001 per share, which together represents the fee for the
Investor's commitment to purchase shares of the Company's Common
Stock under the Purchase Agreement. The Investor has agreed not to
cause or engage, in any manner whatsoever, any direct or indirect
short selling or hedging of the Company's Common Stock. The
Purchase Agreement prohibits the Company from directing the
Investor to purchase any shares of Common Stock if those shares,
when aggregated with all other shares of Common Stock then
beneficially owned by the Investor (as calculated pursuant to
Section 13(d) of the Securities Exchange Act of 1934, as amended,
and Rule 13d-3 thereunder), would result in the Investor
beneficially owning more than 9.99% of the then total outstanding
shares of Common Stock.

Under applicable listing rules of the Nasdaq Capital Market, the
Company is prohibited from issuing to the Investor an aggregate
number of shares of Common Stock pursuant to the Purchase Agreement
if such shares would exceed 19.9% of the number of issued and
outstanding shares of Common Stock as of the effective date of the
Purchase Agreement, calculated in accordance with the applicable
Nasdaq rules, provided that the Exchange Cap will not apply (a) if
the Company's stockholders have approved issuances in excess of the
Exchange Cap in accordance with the Nasdaq rules or (b) solely to
the extent that (and only for so long as) the average price of the
Investor Shares sold under the Purchase Agreement equals or exceeds
the lower of (i) the Nasdaq Official Closing Price (as reflected on
nasdaq.com) immediately preceding the effective date; or (ii) the
average Nasdaq Official Closing Price for the five trading days
immediately preceding the effective date. In any event, the
Purchase Agreement specifically provides that the Company is not
required or permitted to issue, and the Investor is not required to
purchase, any shares of Common Stock under the Purchase Agreement
if the issuance would violate the rules or regulations of Nasdaq.

The Purchase Agreement may be terminated by (i) the Company at any
time, for any reason and without any payment or liability to the
Company upon five days written notice, or (ii) upon mutual written
consent of the Investor and Company. The Company may deliver
purchase notices under the Purchase Agreement, subject to market
conditions, and in light of the Company's capital needs, from time
to time and under the limitations contained in the Purchase
Agreement. Any proceeds that the Company receives under the
Purchase Agreement are expected to be used for working capital and
general corporate purposes, including expenses related to the
Company's previously announced proposed merger with Vyome
Therapeutics, Inc. and sale of substantially all of the Company's
assets to Ninjour Health International Limited, provided that under
the terms of the previously announced Securities Purchase
Agreement, dated Oct. 16, 2024, pursuant to which the Company
issued the Investor a senior secured convertible note in the
aggregate principal amount of $833,333.34, the Company must use 66%
of the net proceeds from any issuance of capital stock, including
under an equity line of credit, to prepay the amount the Company
owes to the Investor under the Note.

On Dec. 20, 2024, the Company filed a Registration Statement on
Form S-1 with the Securities and Exchange Commission relating to
the resale of the Investor Shares and the Commitment Shares. The
Company agreed to use its commercially reasonable efforts to have
the Registration Statement declared effective within 30 days of its
initial filing.

The Purchase Agreement contains customary representations and
warranties, covenants and indemnification provisions that the
parties made to, and solely for the benefit of, each other in the
context of all of the terms and conditions of such agreement and in
the context of the specific relationship between the parties
thereto. The provisions of the Purchase Agreement, including any
representations and warranties contained therein, are not for the
benefit of any party other than the parties thereto and are not
intended as documents for investors and the public to obtain
factual information about the current state of affairs of the
parties thereto. Rather, investors and the public should look to
other disclosures contained in the Company's annual, quarterly and
current reports the Company may file with the SEC.

                     About ReShape Lifesciences

ReShape Lifesciences Inc. (Obalon Therapeutics, Inc.) is a weight
loss and metabolic health-solutions company, offering an integrated
portfolio of proven products and services that manage and treat
obesity and metabolic disease. The Company's primary operations are
in the following geographical areas: United States, Australia and
certain European and Middle Eastern countries. The Company's
current portfolio includes the Lap-Band Adjustable Gastric Banding
System, the Obalon Balloon System, and the Diabetes Bloc-Stim
Neuromodulation device, a technology under development as a new
treatment for type 2 diabetes mellitus. There has been no revenue
recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim
Neuromodulation as these products are still in the development
stage.

Irvine, California-based RSM US LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has suffered recurring
losses from operations and negative cash flows. The Company
currently does not generate revenue sufficient to offset operating
costs and anticipates such shortfalls to continue. This raises
substantial doubt about the Company's ability to continue as a
going concern.


[*] AUSTRALIA: ASIC Records 3,000+ Builder Insolvencies in 2024
---------------------------------------------------------------
News.com.au reports that the collapse of more than 3,000
construction firms has legal and building industry figures worried
about government plans to fix Australia's housing crisis with a new
home boom.

News.com.au relates that Australian Securities and Investments
Commission figures released on December 23 show 3,217 Aussie
construction firms went into administration in 2024, many leaving
families waiting on their dream home facing delays, added costs and
uncertainty.

The numbers have surged from 2,546 in the prior 12 months, the same
year volume builder Porter Davis became insolvent with more than
1,700 homes underway, news.com.au discloses.

There were just 1,793 construction firm failures in 2022.

According to news.com.au, Australian Builders Collective president
Phil Dwyer said with construction business insolvencies rising
those hoping to build a home in 2025 would need to be extra
vigilant as the government's plans to build 1.2 million new homes
by 2029 put more pressure on the sector.

Mr. Dwyer noted that when even a small a builder went into
administration, they often took a handful of subcontractors with
them - but bad operators often found a way to escape consequences,
news.com.au relays.

While some of the nation's biggest builders such as Metricon and
Simmonds last year reported bumper revenues, the insolvency data is
believed to be being led by smaller operators who have tried to
continue operating even while in worsening debt, the report says.

However even big players are calling time, with east coast
apartment developer Bensons Property Group entering voluntary
administration with more than $1.5 billion in projects underway -
though its chief executive Rick Curtis has noted they are working
to ensure sold homes are built.

News.com.au says Mr. Dwyer along with Kalus Kenny Intelex Lawyers'
principal Peter Lettieri have both warned families will need to
watch out for red flags before signing up with a builder in 2025.

Mr. Dwyer said buyers needed to research their builder before
signing up, and even if you were happy with your discussions with
them to ask to speak with past clients.

"You want to chat with the last couple of people they have built
for," news.com.au quotes Mr. Dwyer as saying.

"If they aren't willing to give you the last customer they have
built for, there's probably something wrong."




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

CBAK ENERGY: Fails to Comply with Nasdaq's Minimum Bid Price Rule
-----------------------------------------------------------------
CBAK Energy Technology, Inc., disclosed in a Form 8-K filed with
the Securities and Exchange Commission that on Dec. 26, 2024, it
received notice from the Listing Qualifications staff of The Nasdaq
Stock Market LLC notifying the Company that it is currently not in
compliance with the minimum bid price requirement set forth under
Nasdaq Listing Rule 5550(a)(2), which requires listed securities to
maintain a minimum bid price of US$1.00 per share. Nasdaq Listing
Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid
price requirement exists if the deficiency continues for a period
of 30 consecutive business days. Based on the closing bid price of
the Company's common stock for the 30 consecutive business days
from November 12 through Dec. 24, 2024, the Company no longer meets
the minimum bid price requirement. The Notice has no immediate
effect on the listing of the Company's common stock, which will
continue to trade uninterrupted on Nasdaq under the ticker "CBAT".


Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until June 24, 2025, to
regain compliance with Nasdaq's minimum bid price requirement. If
at any time during the Compliance Period, the closing bid price per
share of the Company's common stock is at least $1.00 for a minimum
of 10 consecutive business days, Nasdaq will provide the Company a
written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the
minimum bid price requirement by June 24, 2025, the Company may be
eligible for an additional 180 calendar day grace period. If the
Company does not qualify for the second compliance period or fails
to regain compliance during the second 180-day period, then Nasdaq
will notify the Company of its determination to delist the
Company's common stock, at which point the Company will have an
opportunity to appeal the delisting determination to a Hearings
Panel.

                   About CBAK Energy Technology

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.

CBAK Energy said in its Quarterly Report filed with the Securities
and Exchange Commission on Nov. 12, 2024, that, "As of September
30, 2024, we had an accumulated deficit of $118.1 million. We had
an accumulated deficit from recurring net losses incurred for the
prior years and significant short-term debt obligations maturing in
less than one year as of September 30, 2024. These factors raise
substantial doubts about our ability to continue as a going
concern."

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of December 31, 2023. All these factors raise substantial
doubt about its ability to continue as a going concern.




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

AAA VEHICLEADES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AAA
Vehicleades Private Limited (AVPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       94.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      17.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2023, placed the rating(s) of AVPL under the 'issuer
non-cooperating' category as AVPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 4, 2024,
November 14, 2024 and November 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

AAA Vehicleades Private Limited was incorporated as a private
limited company in 2008. It is a part of the Vehicleades Group of
Jammu & Kashmir, promoted by Mr. Devender Rana and Mrs. Gunjan
Rana. AVPL is an authorized dealer for the sale of passenger
vehicles of Maruti Suzuki India Ltd. The company is engaged in the
sale of passenger vehicles, servicing of vehicles, sale of spare
parts and sale of pre-owned cars, having its showrooms across Delhi
region.

Status of non-cooperation with previous CRA: ACUITE has continued
the ratings assigned to the bank facilities of AVPL into 'Issuer
not-cooperating' category vide press release dated June 25, 2024 on
account of non-availability of requisite information from the
company.

AES INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: AES India Energy Solutions Private Limited
        C-158, Fourth Floor, Suncity,
        Sector-54, Gurgaon,
        Haryana, India 122011

Liquidation Commencement Date: December 18, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Adarsh Sharma
            J-6A Kailash Colony,
            New Delhi - 110048
            Tel No: +919810074285
            Email: adarsh@adarshca.com
                   volliqaesiespl@gmail.com

Last date for
submission of claims: January 16, 2025


AGRASEN TRADE: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Agrasen Trade Merchants Private Limited
        C-Sh-23 Nirmal Nagar Chs. Ltd
        Mira Bhaindar Road, Sai Baba Nagar
        Mira Road East - 401104
        Maharashtra

Liquidation Commencement Date: December 9, 2024

Court: National Company Law Tribunal, Mumbai Bench IV

Liquidator: CA Manish Lalji Dawda
            205-A, 2nd Floor, Plot No 408,
            Hiren Light Industrial Estate,
            Bhagoji Keer Marg,
            Near Paradise Cinema,
            Mahim, Mumbai City,
            Maharashtra 400016
            Email: ip.dawdamanish@gmail.com
            Email: liquid.agrasentrade@gmail.com

Last date for
submission of claims: January 19, 2025


ANGLE INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Angle Infrastructure Private Limited
        Unit No. 201, Elegance Tower, Plot No. 8,
        Jasola New Friends Colony,
        South Delhi, New Delhi,
        Delhi, India, 110025

Insolvency Commencement Date: December 19, 2024

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: June 17, 2025

Insolvency professional: Sarvesh Kashyap

Interim Resolution
Professional:   Sarvesh Kashyap
                Kashyap & Associates   
                101, Nipun Plaza, Sector-1,
                (Near Max Hospital)
                Vaishali, Ghaziabad - 201019
                Email: sarvesh_dam@yahoo.com
                Mobile: 9818908851
                Email: anglecirp@gmail.com

Last date for
submission of claims: January 2, 2025


BEARDSELL LIMITED: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Beardsell
Limited (BSL) continues to remain in the 'Issuer Not Cooperating'
category.


                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Fixed Deposits          4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with BSL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 BSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on fixed deposits of BSL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL Ratings has consolidated the business and financial risk
profile of BSL with subsidiaries Saideep Polytherm (SP) and Sarovar
Insulation Private Limited (SIPL) together referred to as Beardsell
group. BSL, SP and SIPL are engaged in similar line of business.
SIPL is a 100% subsidiary of BSL, while SP is 99.99% owned by BSL.

                         About the Group

Incorporated in 1936 in Chennai and currently promoted by the
Anumolu family, BSL manufactures polystyrene sheets and
prefabricated panels. Operations are managed by Mr. Bharat Anumolu.
The company is listed on the National Stock Exchange.

SIPL is 100% subsidiary of BSL and is based out of Coimbatore.
Company is engaged in manufacturing of Expanded Polystyrene
products majorly catering to engineering goods industry and sea
foods export industry.

SP is a Pune based partnership firm ('Controlled Entity') and is
engaged in the manufacturing of Expanded Polystyrene products
majorly catering to packaging industry.


BENARA AUTOMOTIVES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Benara Automotives Private Limited
        E-87, SITE C, UPSIDC Sikandra,
        Agra-282007, Uttar Pradesh, India

Liquidation Commencement Date: December 11, 2024

Court: National Company Law Tribunal, Allahabad Bench

Liquidator: Arun Chadha
            EB 184, Maya Enclave
            South West, Delhi 110064
            Email: chadharun@yahoo.com

Last date for
submission of claims: January 10, 2025


BHALKESHWAR SUGARS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhalkeshwar
Sugars Limited (BSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          18         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               12.5       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               43.5       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               28         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               38         CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital         24         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Working Capital          6         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Working Capital         12         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Working Capital         16         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Working Capital          2         CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with BSL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 BSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSL continues to be 'CRISIL D Issuer not cooperating'.

Incorporated in 2000, Karnataka-based BSL is promoted by Mr Prakash
Khandre. It manufactures sugar and has a cane crushing capacity of
about 2500 tonne per day (TPD) and a 14 megawatt co-generation
power plant. It is undertaking a debt-funded capital expenditure
plan to enhance the sugar crushing capacity up to 4000 TPD and
setting up distillery units with total capacity of 60 kilo litres
per day. Commercial operation of the distillery is expected to
commence from January 2018.


BLACK ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Black Energy
India Private Limited (BEIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             11         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility       9         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with BEIPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 BEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BEIPL continues to be 'CRISIL D Issuer not cooperating'.

BEIPL, incorporated in 2012, trades in coal. The company also owns
a washery in Bilaspur, Chhattisgarh. Mr. Sanjay Singh and Mr. Rohit
Singh are the directors. The operations are primarily managed by
Mr. Sanjay Singh.


BLUE ARCADE: Liquidation Process Case Summary
---------------------------------------------
Debtor: Blue Arcade Properties Private Limited
        Shop No. 3, Floor-0, A 1,
        Bhawani Maa CHS, N M Joshi Marg,
        Deepak Cinema, Delisle Road,
        Lower Parel, Mumbai 400013

Liquidation Commencement Date: December 17, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Girish Krishna Hingorani
            5C, Mehta Sadan,
            S H Parelkar Marg,
            Dadar, Mumbai 400028

Last date for
submission of claims: January 16, 2025


BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Blue Star
Construction Co. (BSCC; a part of the Blue Star group) continues to
be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              9         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with BSCC for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 BSCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSCC continues to be 'CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL Ratingshas combined the
business and financial risk profiles of BSCC and its group company,
Blue Star Building Materials Pvt Ltd (BSBMPL). That's because the
two entities, together referred to as the Blue Star group, have
strong financial and operational linkages and a common management.

The Blue Star group is promoted by Navi Mumbai-based Mr Pandurang
Thakur and family. BSCC, set up as a partnership firm in 1978,
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


BST INFRATECH: CARE Lowers Rating on INR14.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
BST Infratech Limited (BIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      145.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 25,
2024, placed the rating(s) of BIL under the 'issuer
non-cooperating' category as BIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 24, 2024
among others.

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

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

The ratings for BIL have been revised on account of
non-availability of requisite information. The ratings have been
revised on account of delays in debt servicing as recognized from
publicly available information.

Analytical approach: Standalone

Outlook: Not applicable

BIL, formerly Baba Strips & Tubes Limited, was incorporated in
March 2007 by Mr. Gopal Kumar Agarwal and Mr. Pradip Kumar Agarwal.
In February 2008, BIL started the commercial production with its
first rolling mill and tube mill for manufacturing of mild steel
(MS) strip and MS & GI pipes respectively. Over the years it
increased its capacity and diversified its product portfolio by
undertaking a number of capex plans. Currently, the company is
engaged in manufacturing of M.S. Strips/Structural (60,000 MTPA),
M.S/G.I pipes (96,000 MTPA), M.S. Bars & wire rods (60,000 MTPA),
M.S./G.I. Wires (24,000 MTPA), Tubular poles (10,000 MTPA), and
Transmission towers (24,000 MTPA). The company has also ventured
into the EPC of power transmission towers in FY17, post receipt of
vendor approval from Power Grid Corporation of India Ltd (PGCIL)
for supply of transmission tower products.


COLT NETWORK: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Colt Network Services India Private Limited
        Suite No. 20A, 2nd Floor,
        Gobind Mansion, H Block,
        Connaught Circus, Connaught Place,
        New Delhi - 110001

Liquidation Commencement Date: December 19, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Naveen Narang
            H-3/63, First Floor,
            Vikaspuri,
            New Delhi – 110018
            Email: nnarang.associates@gmail.com
            Phone: +91 98180 05476

Last date for
submission of claims: January 18, 2025


GEMUS ENGINEERING: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Gemus Engineering Ltd
        E/3/4 Gillander House 8, N S Road
        Kolkata 700001, West Bengal

Liquidation Commencement Date: December 17, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Rashmi Chhawchharia
            2A, Nandlal Jew Road
            Kolkata 700026, West Bengal
            Email: rashmi.chhawchharia@gmail.com

               - and -

            Annapurna Apartments
            Flat 1A, 12A
            Suhasini Ganguly Sarani
            Kolkata 700025
            Email: gemus.ibc@gmail.com
            Email: rashmi.chhawchharia@gmail.com

Last date for
submission of claims: January 16, 2025


GREENKEM ORGANICS: CARE Reaffirms D Rating on INR5.95cr LT/ST Loan
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Greenkem Organics Private Limited (GOPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            4.31       CARE D Reaffirmed
   Bank Facilities                  

   Long Term/           5.95       CARE D/CARE D Reaffirmed
   Short Term                      
   Bank Facilities                 
                                   
Rationale and key rating drivers

Ratings assigned to the facilities of GOPL, take into account
instances of the delays in servicing principal and interest
obligations on account of poor liquidity position.

Positive factors

* Establishing a delay free track record in debt servicing for at
least 90 days

Analytical approach: Standalone

Detailed description of key rating drivers:

Key weaknesses

* Delays in debt servicing: As per the information received from
the company (bank statements), instances of delays observed in the
debt servicing of the term loan (principal as well as interest)
latest in the month of October 2024.

Liquidity: Poor

Liquidity remained poor marked by on-going delays in repayment of
term debt obligation (both principal and interest). Also, GOPL
reported cash losses as against scheduled debt repayment obligation
of around 3.53 crore (including repayment obligation of GECL loan)
in FY24. It has low cash and bank balance of INR0.03 crore as on
March 31, 2024, and almost full fund-based working capital limit
utilization with some instances of overdraws for past 6 months
ended December 23, 2024.

Ahmedabad (Gujarat) based Greenkem Organics Private Limited (GOPL)
was incorporated in 2016 by Mr. Hanamant Bennur, Mr. Mahesh Ramani,
Mr. Ashokkumar Pati and Mr. Smit Patel. GOPL has recently commenced
commercial operations from September 2020 for manufacturing of Agro
Chemical Products (Herbicides, Fungicides, Insecticides and plant
growth regulators) with an installed capacity of 200 tonnes per
month as on March 31, 2024.

GSS QUICK: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: GSS Quick Garage India Private Limited
        No. 77, Old No. 43. Chamiers Road,
        R.A. Puram, Raja Annamalaipuram,
        Chennai-600028, Tamil Nadu, India

Liquidation Commencement Date: December 19, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: G Ramachandran
            F 10, Syndicate Residency, No. 3,
            Dr. Thomas First Street,
            off South Boag Road,
            T Nagar, Chennai - 600017
            Email: ramgcs@gmail.com
            Tel No.: 044-2432 1143

Last date for
submission of claims: January 18, 2025


ID COMMS: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: ID Comms Solutions Private Limited
        S-1, S/F Manish Global Mall Sector 22
        Dwarka, South West Delhi,
        India 110077

Liquidation Commencement Date: December 20, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Nitesh Kumar Sinha
            E-262, East of Kailash, South Delhi
            New Delhi, India 110065
            Email: info@csnitesh.com
            Tel: 9871500827

Last date for
submission of claims: January 19, 2025


IKF TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: IKF Technologies Limited
        3rd Floor, J-1/12, Block EP & GP,
        Sector-V, Salt Lake,
        Paraganas North, Kolkata,
        West Bengal, India 700091

Insolvency Commencement Date: December 13, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 11, 2025

Insolvency professional: Ashwani Rastogi

Interim Resolution
Professional: Ashwani Rastogi
              603, Laxmi Deep Building,
              Nirman Vihar Metro,
              Laxmi Nagar DC,
              New Delhi 110092
              Email: ashwani.rastogi.ca@gmail.com

                 -- and --

              D-71, Deen Dayal Nagar -I,
              Near Rama Book Depot,
              Moradabad, Uttar Pradesh – 244001
              Mail: ashwani.rastogi.ca@gmail.com

Last date for
submission of claims: January 1, 2025


JVPD PROPERTIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: JVPD Properties Private Limited
        501, 5th Floor, Prime Plaza
        Next to Asha Parekh Hospital
        S.V. Road, Santa Cruz, Mumbai – 400054

Insolvency Commencement Date: December 7, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 17, 2022

Insolvency professional: Kedar Parshuram Mulye

Interim Resolution
Professional: Kedar Parshuram Mulye
              1301, Chaitariya Residency,
              Jay Prakash Nagar,
              Road No 2 Goregaon East,
              Mumbai Suburban, Maharashtra 400063
              Email: kmulye@hotmail.com

Last date for
submission of claims: December 20, 2021


KARVY DATA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karvy Data
Management Services Limited (KDMSL; part of the KDMSL group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating      -           CRISIL D (ISSUER NOT
                                     COOPERATING)

   Short Term Rating     -           CRISIL D (ISSUER NOT
                                     COOPERATING)
  
   Non Convertible       22          CRISIL D (ISSUER NOT
   Debentures                        COOPERATING)

CRISIL Ratings has been consistently following up with KDMSL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 KDMSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KDMSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities and
non convertible debentures of KDMSL continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has taken a consolidated view
of KDMSL and its subsidiaries, Karvy Forde Search Pvt Ltd (Forde),
Karvy DigiKonnect Ltd (KDK), Karvy Innotech Ltd (KITL), Sciknow
Techno Solutions Ltd (STSL), Karvy Next Ltd (KNL), and Karvy
Renewable Energy Projects Ltd (KREPL). That's because of
operational synergies and inter-party transactions between these
entities, collectively referred to as the KDMSL group, common
management, and fungible cash flows. KDMSL has extended a letter of
comfort backing the bank lines of KREPL, STSL and Forde, and a
corporate guarantee for KDK.

KDMSL, incorporated in 2008, is a Hyderabad-based step-down
subsidiary of KSBL. KDMSL provides business and knowledge process
services; it started off as a pure-play back-office service
provider and added other verticals such as e-governance, banking,
telecom, and e-commerce. The company is an established player in
government mandates such as UIDAI's Aadhar, PAN card, NPR
Biometric, and E-TDS. It has established working relationships with
several key government departments and enjoys strong support from
KSBL.

KSBL is a part of the Hyderabad-based Karvy group of companies. The
key promoters of the group are Mr C Parthasarathy, Mr M S
Ramakrishna, and Mr M Yugandhar. KSBL undertakes equity broking,
depository operations, and distribution of financial products; and
provides advisory services and wealth management.


KUSHAL KARYASHALA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kushal
Karyashala (KK) continue to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      5.50        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of KK under the 'issuer non-cooperating'
category as KK had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 5, 2024, November 15,
2024, November 25, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Sonipat, Haryana based Kushal Karyashala was incorporated in 2002
by Mr. Vijay Mangla, Mr. Ankur Mangla and Mr. Ankit Mangla. The
firm is engaged in the manufacturing of phool brooms and handloom
pocha at its manufacturing facility located in Sonipat.

Status of non-cooperation with previous CRA: ACUITE has continued
the ratings assigned to the bank facilities of KK into 'Issuer
not-cooperating' category vide press release dated January 24, 2024
on account of non-availability of requisite information from the
company.

MADHU BUSINESS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Madhu Business Services Private Limited
        New No.17 (Old Ni,8A0 Bishop Wallers Avenue (West)
        Mylapore, Chennai- 600004

Liquidation Commencement Date: December 7, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Chitra Perinkulam Ragavan
            "Anurag", Old No 16,
            New No: 7 Appadurai Street,
            Seethamma Colony, Teynampet,
            Chennai - 600018, Tamilnadu
            Email: chitraprc@yahoo.com
            Mobile No: +919841080995

Last date for
submission of claims: January 6, 2025


MERU CONSULTANTS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Meru Consultants and Technologies Private Limited
        1 B Sharadha Apartment,
        9/3A Bakthavatchalam Salai
        Mylapore Chennai,
        Tamil Nadu - 600004

Liquidation Commencement Date: December 18, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Mathur Sabhapathy Viswanathan
            Plot No. 22, Vallalar Street
            Nilamangai Nagar
            Adambakkam, Chennai - 600088
            Tamil Nadu
            Email: msv8200@gmail.com
            Mobile: 98840 85514

Last date for
submission of claims: January 17, 2025


PLATINUM AAC: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platinum
AAC Blocks Private Limited (PABPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2023, placed the rating(s) of PABPL under the 'issuer
non-cooperating' category as PABPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PABPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 25, 2024, October 5, 2024, October 15, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Platinum AAC Block Private Limited (PABPL) was incorporated in
September 2012 to take up the business of manufacturing Aerated
Autoclaved Concrete (AAC) blocks. PABPL was initially promoted and
managed by Mr. Jitendra Jalawadia, Mr. Dilip Kadivar, Mr. Sanjay
Bhut Bhanubhai, Mr. Hasmukh Patel, Mr. Pragji Van and Mr. Vinay
Gandhi. Since May, 2017, four new promoters joined as directors
named Mr. Denis Kadivar, Mr. Ghanshyam Polar, Mr. Parth Gandhi &
Mr. Khimji Bhappa and Mr. Vinay Gandhi retired as a director during
November 2017 but continue to operate and manage day to day
operations of the company. PABPL is operating with its plant
location based in Village-Kherdi (Dadara and Nagar Haveli, Gujarat)
having total capacity of 1,50,000 cubic meters per annum as on
March 31, 2018. PABPL has commenced its operations from November
2017 after successful completion of its project.


QUALITY CARE DIALYSIS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Quality Care Dialysis Private Limited
        23 Rainbow, C S T Road,
        Vidyanagari, Mumbai,
        Maharashtra, India, 400098

Insolvency Commencement Date: December 6, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 18, 2025

Insolvency professional: Sapna Chourasia

Interim Resolution
Professional: Sapna Chourasia
              Jai Siyaram,
              Flat No.1, Plot No. 131,
              Blue Heaven Society, Sector - 12,
              Vashi, Navi Mumbai - 400703
              Email: sapna.chourasia@gmail.com

                         -- and --

              KDRA Insolvency Professionals Private Limited
              Unit # 207, 2nd Floor, Kshitij CHS Ltd,
              Near Azad Nagar Metro Station,
              Veera Desai Road,
              Andheri West, Mumbai - 400053
              Email: cirp.quality@gmail.com

Last date for
submission of claims: January 3, 2025


RAJARAMSEVAK MULTIPURPOSE: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Rajaramsevak Multipurpose Cold Storage Private Limited (RMCSPL)
continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.94       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2023, placed the rating(s) of RMCSPL under the 'issuer
non-cooperating' category as RMCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RMCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 25, 2024, October 5, 2024, October 15, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

RMCSPL was incorporated in February 2012 and presently managed by
Mr Raja Chakraborty, Mr Shyamal Kumar Dutta, Mrs Koyanta
Chakraborty and Mrs Rita Chakraborty. After remaining dormant for
around two years, it has commenced operations of cold storage
services and trading of potatoes from February 2014. The cold
storage facility of RMCSPL is located at Kamarhati, Barasat (West
Bengal) with aggregate storage capacity of 18300 metric ton.

RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ranchhod
Oil Mill Company (ROMC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 19,
2023, placed the rating(s) of ROMC under the 'issuer
non-cooperating' category as ROMC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ROMC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 3, 2024,
November 13, 2024 and November 23, 2024 among others.

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

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

Analytical approach: standalone

Outlook: Not Applicable

Established in 1997, Ranchhod Oil Mill Company (ROMC) is a
partnership firm formed by partners Mr. Jeram Gami and Mr. Bharat
Gami (with equal profit and loss sharing) for undertaking
processing and trading of agro-products like groundnut, cumin seed,
husk and sesame seed, etc. The firm generates majority of its
income from export to countries like Philippines, China, Gulf
countries etc. ROMC's sole processing facility is located in Keshod
region of Gujarat. The firm operates with installed processing
capacity of 37000 metric tonne per annum (MTPA).

RICHU MAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richu Mal
Bishan Sarup (RMBS) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 19,
2023, placed the rating(s) of RMBS under the 'issuer
non-cooperating' category as RMBS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RMBS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 3, 2024,
November 13, 2024 and November 23, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Richu Mal Bishan Sarup (RMBS) was established in 1961 as a
partnership firm by Mr. Richumal and Mr. Bisan Saroop. However, the
current active partners are Mr. Arun Gupta, Mr. Ashish Gupta and
Mr. Anurag Gupta. The firm is engaged in trading of food and food
products such as dry fruits, desi ghee, etc.


SICAL LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sical
Logistics Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D;ISSUER NOT COOPERATING /[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        300.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        526.01     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-          6.53     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term-        29.50     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        383.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating Continues to remain under
   Other                        'Issuer Not Cooperating'
                                Category

   Non-Convertible   100.00     [ICRA]D; ISSUER NOT COOPERATING;
   Debenture                    Rating continues to remain under
   Programme                    'Issuer Not Cooperating' category
  
As part of its process and in accordance with its rating agreement
with Sical Logistics 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 1955, Sical Logistics Limited (formerly South India
Corporation (Agencies) Limited) is into the business of multi-modal
logistics for bulk and containerized cargo port terminals, mining,
port handling, trucking and warehousing, retail logistics, ship
agency, container freight stations, container rail operations,
customhouse agency and offshore supply logistics.

The company was promoted by Mr. M.A.Chidambaram Chettiar (and his
son Mr. AC Muthiah) to provide ship and custom agency services
apart from the core activity of trading. Over the years, the
company entered into port handling, container terminal operations
(through JV) and logistics. In February 2006, name of the company
was changed to Sical Logistics Limited. Sical Logistics Ltd also
entered Mining and retail logistics segments in the last three to
four years which currently contribute major chunk of revenues for
the company.

SIDDHIVINAYAK CONSTRUCTION: ICRA Keeps B+ Rating in Not Coop.
-------------------------------------------------------------
ICRA has kept the Long-Term and Short -Term ratings for the Bank
Facility of Siddhivinayak Construction 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/          4.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating Continues to remain
   Others                          under issuer not cooperating
                                   category

   Long Term-          4.00        [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 Siddhivinayak Construction, 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.

Siddhivinayak Construction, established in July 2008, is involved
in the trading of bitumen. The company also undertakes small road
(construction) projects from PWD and other government entities.
These projects are mostly sub-contracted by the firm. The firm is
managed by Mr. Naresh Aidasani.



SIMNA EXIM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Simna Exim India Private Limited
        S-15 RICCO Industrial Area
        Bhilwara, Rajasthan, India 311001

Insolvency Commencement Date: December 18, 2024

Court: National Company Law Tribunal, Jalpur Bench

Estimated date of closure of
insolvency resolution process: June 16, 2025

Insolvency professional: Kamal Kumar Jain

Interim Resolution
Professional: Kamal Kumar Jain
              315-A, Road No. 2 Shanti Nagar,
              Gopalpura Byepass,
              Durgapura, Jaipur,
              Rajasthan - 302018
              Email: cakamajain07@gmail.com
              Email: cirp.seipl@gmail.com

Last date for
submission of claims: January 3, 2025


SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Singhal Strips Limited (SSL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        42.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with SSL, 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.

SSL was incorporated as a private limited company in 1988 and then
subsequently converted into a public limited company in 1992. The
company manufactures cold-rolled stainless-steel strips at its
factory in Rohtak, Haryana. With an installed capacity of 15,000
MT, SSL manufactures ultra- thin CR strips i.e. 0.5 mm to 1.50mm. A
part of revenue is also derived from trading of CR sheet/strips.
The company is also involved in job work, which includes the
reduction of thickness of coils and strips.


SOHOM SHIPPING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sohom Shipping Private Limited
        23A, Netaji Subhas Road,
        6th Floor, Room No. 2,
        Kolkata-700001,
        West Bengal, India

Insolvency Commencement Date: December 18, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 16, 2025

Insolvency professional: Sanjay Kumar Poddar

Interim Resolution
Professional:   Sanjay Kumar Poddar
                Todi Chamber 2
                Lal Bazar Street
                2nd Floor Room 201-203
                Kolkata 700001
                West Bengal
                Email: poddar.sanjay@gmail.com
                Email: Sohom.cirp@gmail.com

Last date for
submission of claims: January 1, 2025


SUDRADH CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Sudradh Constructions Pvt Ltd
        204, Chandra Mahal,
        Room No. 23, 2nd Floor,
        Thakurdwar, Mumbai 400002

Insolvency Commencement Date: August 21, 2024

Court: National Company Law Tribunal, Mumbai Bench V

Estimated date of closure of
insolvency resolution process: June 5, 2025

Insolvency professional: Anurag Kumar Sinha

Interim Resolution
Professional: Anurag Kumar Sinha
              Flat No. 3602, Redwood (Tower No. 7),
              Runwal Greens, Mulund-Goregaon Link Road,
              Bhandup (West), Mumbai City,
              Maharashtra, 400078
              Email: aksinhaip3@gmail.com
              Email: sudradhconstructionprivatelimi@gmail.com

Last date for
submission of claims: December 21, 2024


SURYA VIKAS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Surya Vikas Plywood Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term/         2.46      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Long-term-        27.54      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        20.00      [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 SVPL, 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.

Surya Vikas Plywood Limited (SVPL) is the flagship company of
Jitendra Kijriwal group, incorporated in 2002 to carry out the
business of manufacturing, processing, seasoning and trading of
wood and wood articles, such as plywood, block board, flush doors,
panel doors, shutter doors, resins, veneers, leafs, leaps,
packaging planks and other allied products. It has established its
laminates division in 2007. Manufacturing facility is located in
Yamuna Nagar, Haryana. The day-to-day operations look after by Mr.
Jitendra Kejriwal, a director of SVPL. He has more than two decades
of experience in wood industry. Mr. Kejriwal and his family have
been in timber/plywood business since 1973. He manages business
policies, strategic decision and business
development of SVPL.


TENALI MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Tenali Municipality (TNPL) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

As part of its process and in accordance with its rating agreement
with TNPL, 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.

Tenali Municipality (TNPL) was constituted as a municipality in
1909 and is governed by the Andhra Pradesh State Municipalities Act
1965 (Act). It manages the municipal services in Tenali city
covering an area of 16.63 sq. km. and serves a population of 1.65
lakh (as per Census 2011). Its main functions include water supply,
solid waste management and construction, repair and maintenance of
roads and streetlights in its area. The municipality is divided
into 40 municipal wards and is governed by an elected body
(council), while the Commissioner acts as the executive head
overseeing its everyday functioning.


THRISSUR EXPRESSWAY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thrissur
Expressway Limited (TEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      505.18      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 3,
2023, placed the rating(s) of TEL under the 'issuer
non-cooperating' category as TEL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TEL continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 18, 2024,
September 28, 2024, October 8, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Incorporated on April 8, 2009, Thrissur Expressway Ltd (TEL) is an
Special Purpose Vehicle [SPV, (incorporated as Thrissur Expressway
Private Limited and subsequently changed to public limited
company)] for the purpose of 6- laning of the
Vadakancherry-Thrissur section of NH-47 design change from km
236.135 to km 264.490 km (28.355 km length) in the state of Kerala
on Design-Build-Finance-Operate (DBFO) basis, under the Concession
Agreement (CA) from NHAI. NHAI has selected the consortium of KMC
Constructions Limited and China Railway 18th Bureau Group
Corporation Limited (CR18G) based on their bid for a positive grant
of INR243.99 crore to execute the project in the shareholding ratio
of 74:26 as the SPV for implementing the project. Subsequently, KMC
Group increased its stake in the project and also transferred its
share to its wholly owned subsidiary and road holding company viz.
KMC Infratech Limited (KMCIL). Currently, KMCIL hold around 90%
equity stake in TEL and CR18G holds the balance 10%.

TRUE VALUE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of True Value
Homes (India) Private Limited (TVHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2023, placed the rating(s) of TVHPL under the 'issuer
non-cooperating' category as TVHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TVHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 4, 2024, November 14, 2024 and November 24, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Chennai-based True Value Homes (India) Private Limited (TVHPL),
established in 1997, is engaged in the development and sale of
residential and commercial real estate properties.

U GOENKA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of U Goenka Sons Private Limited (UGSPL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D;
ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        27.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-         1.00      [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 UGSPL, 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.

U Goenka Sons Private Limited (UGSPL) is a trading house engaged in
trading of all types of pulses and beans. The company currently
caters to the domestic markets. The major products include green
peas, chick peas, toor daal, black matpe and yellow peas. The
company largely imports the agro products which are then sold in
the domestic market.


UNITECH MERCANTILE: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Unitech Mercantile Private
Limited (UMPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         12.00      [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 UMPL, 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 December 1996, UMPL is in the process of setting up
hotel cum commercial project on 0.98 acre of land at Sevoke Road,
Siliguri. The promoters have prior experience in the real estate
business. The three-star hotel would have a room inventory of 52
along with facilities like restaurants, bar, banquet hall. The
hotel is expected to start commercial operation by January 2017.


V.I.R FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of V.I.R
Foods Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         16.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with V.I.R Foods 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 the year 2005, V.I.R Foods Limited is a public
limited company involved in milling basmati and non-basmati rice.
The company's plant at Payal, Ludhiana (Punjab) has a milling
capacity of 15 tons/hour. The company sells its products under its
registered brand names "Nature Gold", and "Royal Taste of India".



VALLABH STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vallabh
Steels Limited (VSL; part of the Vallabh group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             39         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of credit        26.50      CRISIL D (Issuer Not
   & Bank Guarantee                   Cooperating)

   Proposed Long Term       4.80      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with VSL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 VSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
financial and business risk profiles of VSL and Vardhman Industries
Ltd (VIL). This is because the two companies, together referred to
as the Vallabh group, have a common management, integrated treasury
functions, and strong operational and financial linkages, and are
engaged in similar operations in the steel industry.

Incorporated in 1968, VSL manufactures cold rolled (CR) coils,
automotive (auto) rims, and electric resistance welded pipes. Most
of the company's revenue and profit is derived from the sale of CR
coils to local manufacturers of bicycles and auto ancillary units.



VARDHAMAN COLLEGE: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Vardhaman College of Engineering in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term         12.00       [ICRA]B+(Stable); 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 Vardhaman College Of Engineering, 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.

Vardhaman College of Engineering was started by Vardhaman
Educational society in the year 1999. Vardhaman Education Society
was incorporated in the year 1989 by 5 members. But in the year
2011, the trust members were revised and currently there are 9
members. Mr. T. Vijender Reddy is the chairman of Vardhaman
Educational Society since 2011. The society is involved in
providing technical education. The college is situated at Kacharam
(Village), Shamshabad (Mandal) Rangareddy
Dist, TS – 501218. The college is spread over an area of 14.6
acres with built-up area of 35332.36 square feet. The institution
offers both under-graduate and postgraduate courses namely B-Tech,
M-tech and MBA.

VEGGIECRAFT FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veggiecraft
Food Private Limited (VFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             1          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          7.5        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with VFPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/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 VFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VFPL continues to be 'CRISIL D Issuer not cooperating'.

VFPL, promoted by Mr Chander Prakash Chabra, Ms Karuna Rawat, Mr
Param Dhanot, and Mr Kunal Malik in 2014, harvests, processes,
stores, packs, and cans mushrooms, and has a dairy plant in
Mathura, Uttar Pradesh.


VENKATA NAGA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Venkata Naga
Lakshmi Paper Mills Private Limited (VNLPMPL) 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-           9.00       [ICRA] B+ (Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           0.68       [ICRA] B+ (Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          15.32       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     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 VNLPMPL, 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.

VNLPMPL was incorporated by Mr. V. Mangapathi Raju in 2003 and is
engaged in manufacturing of kraft paper. The company supplies kraft
paper, which is used in the manufacturing of cartons and packaging
of FMCG products, eggs, aqua food etc. At present, it has a
manufacturing unit with installed capacity of 21,000 MTPA in
Unguturu, West Godavari District.


VIJAY RAM TRADERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vijay Ram Traders Private Ltd.
        No. 310 Periya Koil Street Kottakuppam
        Manjalkaranai Uthukottai Taluk
        Periyapalayam Road, Thiruvallur District
        Chennai 600067

Insolvency Commencement Date: December 9, 2024

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: June 6, 2025

Insolvency professional: G. Mukundan

Interim Resolution
Professional: G. Mukundan
              29 A First Main Road,
              ERI Scheme, Mogappair,
              Chennai 600037
              Mobile: +91-9444123537
              Email: g.mukundan1955@gmail.com
              Email: vijayramtraderscirp@gmail.com

Last date for
submission of claims: January 2, 2025


VISHWA (DWARAKA-OKHA): CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwa
(dwarakA-Okha) Road Links Private Limited (VRLPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       80.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 13,
2023, placed the rating(s) of VRLPL under the 'issuer
non-cooperating' category as VRLPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VRLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 28, 2024, November 7, 2024, November 17, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Vishwa (Dwarka-Okha) Roads Links Private Limited (VRLPL) is a
Special Purpose Vehicle (SPV) promoted by Vishwa Infrastructures
and Services Private Limited (Vishwa), as a 100% subsidiary of
Vishwa. The SPV has been awarded the bid by the Roads and Buildings
Department, Government of Gujarat (R&BD, GOG), for development of
Dwarka – Mithapur – Okha Port from km 232.00 to km 262.20 (30.2
kms) on State Highway No 25 and the section Sikka Patia – Sikka
from km 22.20 to km 27.30 (5.1 km) on State Highway No 92 in
Gujarat on Design, Build, Finance, Operate and Transfer (DBFOT)
Annuity basis in the state of Gujarat. The aggregate cost of the
project is INR129.53 crore (increased from INR118.10 crore) and the
same is funded by debt from banks to the tune of INR100.96 crore
and balance equity by the promoters.


VOLTAIC POWER: ICRA Keeps B Issuer Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Issuer rating of Voltaic Power Private Limited
(VPPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Issuer Rating        -        [ICRA]B(Stable);ISSUER NOT
                                 COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with VPPL, 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.

Voltaic Power Private Limited (VPPL) was established in 2014 as a
partnership firm and later converted to a private limited company
in 2016. The company manufactures a wide range of AC street lights,
flood lights, solar inverters, heavy duty tubular batteries, LED
high bay lights, high mast poles, solar lanterns, etc. The company
also undertakes tender-based solar and electric lighting projects
across India. The tenders are floated through the e-procurement
system of the Government. The product profile of the company
comprises various products like solar and AC street lights, solar
panels, solar water heaters, solar water pumping systems and
installation and maintenance projects of the lights. It procures
solar panels, batteries, solar tubular poles and other raw
materials from various vendors. The company has undertaken projects
for entities like Uttarakhand Renewable Energy Development
Authority, NKG Infrastructure, Patanjali Renewable Energy Ltd, USHA
Shriram, etc. in FY2020.




===============
M A L A Y S I A
===============

ECOBUILT HOLDINGS: Faces Trading Suspension from Jan. 9
-------------------------------------------------------
Anis Hazim at The Edge Malaysia reports that Ecobuilt Holdings Bhd
has until Jan. 8 to submit its annual report for the financial
financial year ended Aug. 31, 2024, failing which the trading of
its securities will be suspended the following day (Jan. 9).

The Edge relates that the loss-making construction cum property
firm has failed to submit the annual report - including its annual
audited financial statements, as well as the auditors' and
directors' reports - to Bursa Malaysia Securities Bhd, for public
release within the stipulated timeframe on Dec. 31, 2024.

Pursuant to Bursa Securities' Main Market listings requirements,
trading in Ecobuilt's securities will be suspended if the company
fails to issue the 2024 annual report within five market days, that
is by Jan. 8, according to an exchange filing on Jan. 2.

"In the event that Ecobuilt is unable to submit the outstanding
annual report 2024 on or before Jan. 8, 2025, trading in the
company's securities will be suspended with effect from 9am, [on]
Thursday, Jan. 9, 2025, until further notice," it said.

The group may also face the risk of delisting if it fails to issue
outstanding financial statements within six months of the deadline,
the report relays.

According to The Edge, Ecobuilt previously said that the delay in
issuing the annual report is mainly due to the additional time
required for the external auditors to complete their audit of the
financial statements for the year ended Aug. 31, 2024.


"The company expects to issue and submit its annual report 2024,
together with its financial statements, on or before Jan. 7, 2025,"
it said in the previous filing.

Last year, trading in Ecobuilt was suspended for a month, from Aug.
9 to Sept. 25, due to a set aside winding-up petition filed against
the company by S-Form System Formwork (M) Sdn Bhd.

The company has been loss-making since FY2022, The Edge notes. For
the three months ended Aug. 31, 2024, Ecobuilt posted a net loss of
MYR42.07 million, on the back of MYR86.49 million in revenue.

The group attributed the loss to the provision of liquidated
damages of MYR15.84 million, bad debt write-offs of MYR3.10
million, and a provision for an expected credit loss allowance of
MYR14.68 million, The Edge discloses.

There is no comparative for the latest quarter under review, as the
company has changed its financial year end to Aug. 31, from May
31.

On a quarter-on-quarter basis, the group posted a net loss,
compared to a net profit of MYR2 million in three months ended May
31, 2024, while revenue more than doubled from MYR32.31 million,
The Edge adds.

                      About Ecobuilt Holdings

Ecobuilt Holdings Bhd is a Malaysia-based investment holding
company, which is engaged in the provision of management services
to its subsidiaries. The Company operates through the General
Construction Work segment. The Company engages primarily in civil
engineering, building contracting and construction as well as
property development. The Company's projects include Damai Suria,
which consisting of service apartments, shop offices and retail
lots; Platinum OUG Residence is a serviced apartment, which is
located at Kampung Muhibbah, Bukit OUG, Kuala Lumpur; The Shore is
a luxury mixed-use commercial hub located at Kota Kinabalu, Sabah,
and H2O. The Company's subsidiaries include Eko Bina Sdn. Bhd., and
Rexallent Construction Sdn. Bhd.


PERMAJU INDUSTRIES: Proposes MYR258MM Share Capital Reduction
-------------------------------------------------------------
The Malaysian Reserve reports that Permaju Industries Bhd has
proposed a share capital reduction to eliminate up to MYR258
million of its accumulated losses.

This reduction aims to improve the company's credibility with
stakeholders, it said in a filing on Dec. 31.

As of Sept. 30, 2024, Permaju's accumulated losses stood at
MYR263.23 million, and after the reduction, a retained net loss of
MYR5.35 million will remain, The Malaysian Reserve discloses.

According to The Malaysian Reserve, Permaju's issued share capital
is MYR446.51 million, consisting of 1.96 billion ordinary shares,
along with 739.33 million outstanding irredeemable convertible
preference shares (ICPS) and 93.54 million warrants.

The distributor of Volkswagen and Ford vehicles has been reporting
losses for the past four years, with a net loss of MYR18.19 million
in FY2023, The Malaysian Reserve says.

For Q3 2024, it reported a net loss of MYR6.52 million, down from a
net profit of MYR1.54 million the previous year, mainly due to
lower Ford vehicle sales, higher plantation costs, and impairment
of receivables.

The proposed share capital reduction requires shareholder approval
at the upcoming AGM and is expected to be completed in Q2 2025, the
report notes.

                     About Permaju Industries

Permaju Industries Berhad is an investment holding company, which
is engaged in the provision of management services. Its business
activities include automobile distribution and retailing of the
ford franchises and provision of related support services; leasing
and selling of premium electrical vehicles (EVs); property
development, and plantation. Its segments include Timber,
Automotive, Property, EV Division, and Other. Timber segment is
engaged in the sale of timber logs and related timber products and
holding of timber concessions and tree plantations. Automotive
segment is engaged in the sale and distribution of motor vehicles
and provision of related services. Property segment is engaged in
the development and construction of property. EV Division is
engaged in the rental of luxury EV motor vehicles. Other segment is
involved in the group-level corporate services and investment
holding activity. Its subsidiaries include Capital Intertrade Sdn.
Bhd. and Cergaz Autohaus Sdn. Bhd.




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

ACECOM TECHNOLOGIES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Acecom Technologies Pte. Ltd. on Dec. 13, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          RSM SG Corporate Advisory
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


JXG LOGISTICS: Court to Hear Wind-Up Petition on Jan. 10
--------------------------------------------------------
A petition to wind up the operations of JXG Logistics (S) Pte. Ltd.
(formerly known as GPA Logistics (S) Pte. Ltd.) will be heard
before the High Court of Singapore on Jan. 10, 2025, at 10:00 a.m.


Bigfoot Meats Ptd. Ltd. (formerly known as S.P.M Frozen Food Pte.
Ltd.) filed the petition against the company on Dec. 20, 2024.

The Petitioner's solicitors are:

          Gomez & Vasu LLC
          12 Eu Tong Sen Street
          #07-167, Soho 2 @ Central
          Singapore 059819


SHINECO INC: Incurs $2.56MM Net Loss for Sept. 2024 Quarter
-----------------------------------------------------------
Shineco, Inc., filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $2.56
million on $2.17 million of revenue for the three months ended
Sept. 30, 2024, compared to net income of $5.34 million on $1.65
million of revenue for the three months ended Sept. 30, 2023 .

As of Sept. 30, 2024, the Company had $93.81 million in total
assets, $50.48 million in total liabilities, and $43.33 million in
total equity.

The Company had recurring net losses from continuing operations of
US$2.6 million and US$3.5 million, and continuing cash outflow of
US$2.1 million and US$1.3 million from operating activities for the
three months ended Sept. 30, 2024 and 2023, respectively.  As of
Sept. 30, 2024 and June 30, 2024, the Company had accumulated a
deficit of US$56.4 million and US$54.3 million, and as of Sept. 30,
2024, the Company had negative working capital of US$7.3 million.

Shineco said, "The Company's management believes these factors
raise substantial doubt about the Company's ability to continue as
a going concern for the next twelve months.  In assessing the
Company's going concern, the Company's management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments.  The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations.  Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company.  The continuation of the Company as a
going concern through the next twelve months is dependent on the
continued financial support from its stockholders."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1300734/000149315224045825/form10-q.htm

                         About Shineco Inc.

Shineco, Inc. is a holding company incorporated in Delaware.  As a
holding company with no material operations of its own, the Company
conducts its operations through its subsidiaries and in the two
years ended June 30, 2023 and 2024, through the VIEs and
subsidiaries.  The Company's shares of common stock currently
listed on the Nasdaq Capital Markets are shares of its Delaware
holding company.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively.  As of June 30, 2024
and 2023, the Company had accumulated deficit of US$54.3 million
and US$ 31.7 million, respectively, and as of June 30, 2024 and
2023, the Company had negative working capital of US$6.7 million
and US28.9 million, respectively.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


SINGNET SOLUTIONS: Court to Hear Wind-Up Petition on Jan. 10
------------------------------------------------------------
A petition to wind up the operations of Singnet Solutions Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 10, 2025,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Dec. 18,
2024.

The Petitioner's solicitors are:

          Kelvin Chia Partnership
          1 Harbourfront Avenue
          #14-01, Keppel Bay Tower
          Singapore 098632



                           *********


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 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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