---

       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

          Monday, January 6, 2025, Vol. 28, No. 4

                           Headlines



A U S T R A L I A

CHERMSIDE MB: Jeremy Abeyratne Appointed as Liquidator
JERVOIS GLOBAL: Plans Ch.11, $145M Recapitalization With Millstreet
JERVOIS GLOBAL: Signs Recapitalisation Agreement with Millstreet
KIDS AVALANCHE: Commences Wind-Up Proceedings
NJ CIVIL: Court to Hear Wind-Up Petition on Jan. 28

TRUE NORTH: Completes AUD53.44 Million Capital Raise
WALKABOUT RESOURCES: Executes Deed of Company Arrangement
WATCORP AUSTRALIA: Court to Hear Wind-Up Petition on Feb. 19
YKH CEMENT: Jarvis Archer Appointed as Liquidator


C H I N A

UXIN LIMITED: Appoints Chief Technology Officer


I N D I A

ADISHAKTI ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
ANNAPOORANI YARNS: ICRA Keeps D Debt Ratings in Not Cooperating
ARVEE LABORATORIES: CRISIL Keeps B- Rating in Not Cooperating
BARAMATI TOLLWAYS: ICRA Keeps D Debt Rating in Not Cooperating
BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating

CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
CLOUDTAIL INDIA: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
DEEPAK FASTENERS: CRISIL Keeps D Debt Ratings in Not Cooperating
IIFL FINANCE: Fitch Assigns 'B+' Rating on $1BB Secured Notes
LB COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category

LOKNETE HONOURABLE: CRISIL Cuts Rating on INR13cr LT Loan to D
MADHAVA HYTECH: ICRA Keeps D Debt Ratings in Not Cooperating
MAIL ORDER: ICRA Keeps D Debt Ratings in Not Cooperating Category
PAREKH ALUMINEX: CRISIL Keeps D Debt Ratings in Not Cooperating
RATHNAVEL SUBRAMANIAM: ICRA Keeps D Rating in Not Cooperating

SHAKUMBHRI PULP: CRISIL Keeps B Debt Ratings in Not Cooperating
SHANTI EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
SIVAKAME TRADING: CRISIL Reaffirms B Rating on INR6cr Term Loan
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating

SUPREME INFRA: ICRA Keeps B Debt Ratings in Not Cooperating
SWATHI COTTONS: CRISIL Lowers Rating on INR44cr Cash Loan to B+
U D DEVELOPERS: ICRA Keeps B Debt Rating in Not Cooperating
VELAMMAL MADURAI: CRISIL Assigns B+ Rating to INR125cr Cash Loan
WESTERN CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating

YR GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
[*] INDIA: Banks' Gross Bad Loan Ratio May Edge Up by March 2026


J A P A N

BENGAL: Akihabara Curry Restaurant Declares Bankruptcy


N E W   Z E A L A N D

GREENLEAF FRESH: Placed Into Voluntary Administration


P A K I S T A N

PAKISTAN: Imran Khan Admits Gov't Stabilised Bankrupting Economy


S I N G A P O R E

CTMETRIX PTE: Creditors' Meetings Set for Feb. 4
GARAGE NORTH: Court Enters Wind-Up Order
LIN FONG: Court to Hear Wind-Up Petition on Jan. 17
MARUYAMACHO PTE: Creditors' Proofs of Debt Due on Feb. 4


S O U T H   K O R E A

TERRAFORM LABS: Do Kwon Pleads Not Guilty to US Fraud Charges

                           - - - - -


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

CHERMSIDE MB: Jeremy Abeyratne Appointed as Liquidator
------------------------------------------------------
Jeremy Robert Abeyratne of APL Insolvency was appointed as
liquidator of Chermside MB Pty Ltd on Jan. 2, 2025.

The liquidator may be reached at:

          APL Insolvency
          Suite 12, Level 4
          150 Albert Road
          South Melbourne, Victoria 3205


JERVOIS GLOBAL: Plans Ch.11, $145M Recapitalization With Millstreet
-------------------------------------------------------------------
Jervois Global Limited has reached an agreement with Millstreet
Capital Management LLC, a leading alternative investment firm and
current lender to the Company, on a comprehensive proposed
recapitalisation that will strengthen the group's balance sheet and
provide US$145 million of new pre- and post-recapitalisation equity
capital to fund the business and certain growth initiatives,
including underpinning the restart of the Sao Miguel Paulista
nickel cobalt refinery in Brazil.

To effect the proposed recapitalisation in a timely and efficient
manner, Jervois and certain of its subsidiaries will commence a
prepackaged United States Chapter 11 procedure, expected to
commence in January 2025. Throughout the process, the Company is
expected to continue operations in the normal course, and
anticipates that its vendors, suppliers, customers and employees
will remain unaffected by the proposed recapitalisation. Millstreet
is expected to implement the recapitalisation in Australia by an
interconditional deed of company arrangement in respect of
Jervois.

Millstreet's intended Australian deed of company arrangement
proposal will be consistent with the recapitalisation plan under
the Chapter 11 Plan, which requires Jervois to dispose of its
material assets to a nominee of Millstreet, conditional on creditor
approvals required under the Corporations Act 2001 (Cth). As an
implementation condition, Jervois would seek Australian Securities
Exchange approval of its delisting.

Millstreet currently provides the secured Jervois Finland Working
Capital Facility, is the majority and controlling lender of the
12.5% US$100 million Idaho Cobalt Operations Senior Secured Bonds
and is the sole holder of the US$25 million convertible notes
issued by the Company.

Under the Restructuring Support Agreement between Jervois (and
certain of its subsidiaries) and Millstreet:

-- Millstreet will provide US$145 million of pre- and
post-recapitalisation new equity capital to recapitalise the
Jervois group business, including a US$70 million equity commitment
to underpin the SMP nickel cobalt refinery restart

-- Jervois will transfer the subsidiaries that operate the JFO, SMP
and ICO assets and the CN to a reorganised parent entity, and the
ICO Bonds and CN shall be converted into new equity interests in
the reorganised parent entity

-- The reorganised parent intends to operate all of its
subsidiaries with no interruption to business, continuing to
service its customers. This includes JFO where the Lender intends
to continue the existing US$150 million Facility for the group's
working capital requirements under amended terms

-- The recapitalisation is intended to be implemented in Australia
by Millstreet proposing a deed of company arrangement in respect of
Jervois once the Chapter 11 Plan has been confirmed

-- Post completion of the proposed recapitalisation, Jervois is
intended to be delisted (subject to the ASX agreeing to the
delisting) and wound up. As a result of the proposed
recapitalisation there is anticipated to be no return for the
current equity holders of the Company

-- The Company will confirm with the ASX that a waiver from any
requirement for shareholder approval under the ASX listing rules
will be granted

-- The RSA allows that the Directors of Jervois can comply with
their fiduciary duties and in those circumstances, potentially
terminate the RSA. Jervois has agreed to exclusivity arrangements
in the RSA which restrict it from soliciting, or encouraging any
alternative proposals, subject to certain customary exceptions

It is expected that the proposed recapitalisation will be completed
before 30 April 2025.

Jervois has undertaken significant diligence and negotiations with
third parties, stakeholders and Millstreet in relation to the
proposed recapitalisation of the Company's balance sheet extending
to potential partnerships including joint ventures, sale of its
assets and or injections of equity capital into either its assets
or the Company. Due to several factors including the current cobalt
price which is, in real terms, at all-time lows, these negotiations
have not resulted in a transaction that allows Jervois to
recapitalise its group balance sheet on terms more favourable than
those provided in the RSA.

With the proposed recapitalisation and Chapter 11 process, Jervois
will request that its ordinary shares be suspended from the ASX and
no longer trade on the TSX-V or United States OTC market pending
the outcome of the Chapter 11 Plan and associated implementation
steps.

            About Jervois Global Limited

Jervois Global Limited (ASX:JRV) is a battery metals development
company with unique exposures to cobalt and nickel. The Company's
current asset suite includes a cobalt-copper development mine in
Idaho USA, a nickel-cobalt refinery in Sao Paulo Brazil, a
nickel-cobalt resource in NSW and exploration in Uganda.

JERVOIS GLOBAL: Signs Recapitalisation Agreement with Millstreet
----------------------------------------------------------------
Jervois Global Limited has reached an agreement with Millstreet
Capital Management LLC, a leading alternative investment firm and
current lender to the Company, on a comprehensive proposed
recapitalisation that will strengthen the group's balance sheet and
provide US$145 million of new pre- and post-recapitalisation equity
capital to fund the business and certain growth initiatives,
including underpinning the restart of the São Miguel Paulista
("SMP") nickel cobalt refinery in Brazil.  

To effect the proposed recapitalisation in a timely and efficient
manner, Jervois and certain of its subsidiaries will commence a
prepackaged United States ("U.S.") Chapter 11 procedure ("Chapter
11 Plan"), expected to commence in January 2025. Throughout the
process, the Company is expected to continue operations in the
normal course, and anticipates that its vendors, suppliers,
customers and employees will remain unaffected by the proposed
recapitalisation. Millstreet is expected to implement the
recapitalisation in Australia by an interconditional deed of
company arrangement in respect of Jervois.

Millstreet's intended Australian deed of company arrangement
proposal will be consistent with the recapitalisation plan under
the Chapter 11 Plan, which requires Jervois to dispose of its
material assets to a nominee of Millstreet, conditional on creditor
approvals required under the Corporations Act 2001 (Cth). As an
implementation condition, Jervois would seek Australian Securities
Exchange ("ASX") approval of its delisting.

Millstreet currently provides the secured Jervois Finland ("JFO")
Working Capital Facility, is the majority and controlling lender of
the 12.5% US$100 million Idaho Cobalt Operations ("ICO") Senior
Secured Bonds ("ICO Bonds") and is the sole holder of the US$25
million convertible notes ("CN") issued by the Company.

Under the Restructuring Support Agreement ("RSA") between Jervois
(and certain of its subsidiaries) and Millstreet:

     * Millstreet will provide US$145 million of pre- and
post-recapitalisation new equity capital to recapitalise the
Jervois group business, including a US$70 million equity commitment
to underpin the SMP nickel cobalt refinery restart

     * Jervois will transfer the subsidiaries that operate the JFO,
SMP and ICO assets and the CN to a reorganised parent entity, and
the ICO Bonds and CN shall be converted into new equity interests
in the reorganised parent entity

     * The reorganised parent intends to operate all of its
subsidiaries with no interruption to business, continuing to
service its customers. This includes JFO where the Lender intends
to continue the existing US$150 million Facility for the group's
working capital requirements under amended terms

     * The recapitalisation is intended to be implemented in
Australia by Millstreet proposing a deed of company arrangement in
respect of Jervois once the Chapter 11 Plan has been confirmed

     * Post completion of the proposed recapitalisation, Jervois is
intended to be delisted (subject to the ASX agreeing to the
delisting) and wound up. As a result of the proposed
recapitalisation there is anticipated to be no return for the
current equity holders of the Company

     * The Company will confirm with the ASX that a waiver from any
requirement for shareholder approval under the ASX listing rules
will be granted

     * The RSA allows that the Directors of Jervois can comply with
their fiduciary duties and in those circumstances, potentially
terminate the RSA. Jervois has agreed to exclusivity arrangements
in the RSA which restrict it from soliciting, or encouraging any
alternative proposals, subject to certain customary exceptions

It is expected that the proposed recapitalisation will be completed
before April 30, 2025.

Jervois has undertaken significant diligence and negotiations with
third parties, stakeholders and Millstreet in relation to the
proposed recapitalisation of the Company's balance sheet extending
to potential partnerships including joint ventures, sale of its
assets and or injections of equity capital into either its assets
or the Company. Due to several factors including the current cobalt
price which is, in real terms, at all-time lows, these negotiations
have not resulted in a transaction that allows Jervois to
recapitalise its group balance sheet on terms more favourable than
those provided in the RSA.

With the proposed recapitalisation and Chapter 11 process, Jervois
will request that its ordinary shares be suspended from the ASX and
no longer trade on the TSX-V or United States OTC market pending
the outcome of the Chapter 11 Plan and associated implementation
steps.

Based in Cremorne, Australia, Jervois Global Limited (ASX:JRV) --
https://jervoisglobal.com/ -- engages in the exploration,
development, and production of mineral properties. It explores for
cobalt, nickel, copper, and gold deposits. The company holds 100%
interest in the Idaho Cobalt Operations project located in the
state of Idaho, the United States; the São Miguel Paulista nickel
cobalt refinery in São Paulo, Brazil; and the Nico Young
nickel-cobalt deposits in New South Wales, Australia. It is also
involved in the mine construction, refining, and chemical and
powder production activities. The company was formerly known as
Jervois Mining Limited and changed its name to Jervois Global
Limited in August 2021.


KIDS AVALANCHE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Kids Avalanche Pty Ltd on Jan. 3, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Andrew Juzva
          G S Andrews Advisory
          22 Drummond Street
          Carlton, Victoria 3053


NJ CIVIL: Court to Hear Wind-Up Petition on Jan. 28
---------------------------------------------------
A petition to wind up the operations of NJ Civil Pty Ltd will be
heard before the Supreme Court of Queensland on Jan. 28, 2025, at
9:30 a.m.

Commonwealth Bank of Australia filed the petition against the
company on Dec. 11, 2024.

The Petitioner's solicitors are:

          Gadens Lawyers
          Level 11, 111 Eagle Street
          Brisbane, Queensland 4000


TRUE NORTH: Completes AUD53.44 Million Capital Raise
----------------------------------------------------
Adam Orlando at Mining.com.au reports that raise True North Copper
on Dec. 31, 2024 completed a conditional placement to raise AUD50.9
million, including a AUD300,000 drill-for-equity arrangement with
Mitchell Services (MSV).

Mining.com.au relates that the placement was partly underwritten by
Canaccord Genuity and Morgans Financial up to AUD50.3 million,
including the drill-for-equity arrangement with MSV.

As announced throughout December, True North has raised in total
about AUD53.44 million (before costs).

Paul Cronin is to be appointed non-executive Chairman of the
company. His commencement date will be from the date of the
company's readmission of its shares to trading on ASX.

According to Mining.com.au, the Deed of Company Arrangement (DOCA)
has now been effectuated as confirmed by the lodgement with the
Australian Securities and Investments Commission made by the former
deed administrator and full control of the company has passed to
the directors with newly appointed Cronin joining the existing
board Bevan Jones (Managing Director), Paul Frederiks (CFO and
Company Secretary) and Tim Dudley (non-executive Director).

By way of background, at a meeting of the company's creditors held
on November 18, creditors resolved that True North and its
subsidiary companies enter into a DOCA to recapitalise and
restructure its debts, Mining.com.au recalls. The DOCA was entered
into on the next day.

Mining.com.au says the terms of the DOCA contained, among other
things, a number of specific conditions that the company was
required to meet in order to effectuate the DOCA and to allow
reinstatement of its shares on the ASX.

Retirement of the previous secured debt facility, completion of the
capital raising and effectuation of the DOCA were key steps in the
path towards readmission of its shares to trading on ASX.

As Mining.com.au reported on November 25, Nebari Natural Resources
Credit Fund II has also agreed to convert part of its outstanding
debt owed by the company, totalling AUD3.9 million, into shares in
True North via a debt-to-equity conversion.

                      About True North Copper

Based in Cairns, Australia, True North Copper Limited (ASX:TNC) --
https://truenorthcopper.com.au/ -- engages in mineral exploration
and development activities in Australia. The company primarily
explores for copper, cobalt, gold, and silver deposits. It holds
100% interests in the Cloncurry project located near Cloncurry,
Northwest Queensland; and Mount Oxide project located in North-West
Queensland, as well as the Bundarra project located in Central
Queensland.

On Oct. 21, 2024, the Directors of True North Copper Ltd appointed
Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary
Administrators of the below entities:

     * True North Copper Limited (ACN 119 421 868)
     * TNC Mining Pty Ltd (ACN 652 408 378)
     * CopperCorp Pty Ltd (ACN 649 946 305)
     * North West Copper Pty Ltd (ACN 661 786 956)
     * TNC Asset Holding Pty Ltd (ACN 652 599 687)


WALKABOUT RESOURCES: Executes Deed of Company Arrangement
---------------------------------------------------------
TipRanks reports that Walkabout Resources Ltd. and its subsidiaries
have executed a Deed of Company Arrangement following a successful
proposal from Gemcorp Fund I Limited, effectively averting
liquidation.

According to TipRanks, the company's future now hinges on ongoing
sales and recapitalization processes, as the administrators work to
address remaining asset sales and creditor claims.  The outcome
could significantly influence Walkabout's stock market performance
as it navigates through these restructuring efforts.

Based in West Perth, Australia, Walkabout Resources Ltd (ASX:WKT)
explores for and develops resources and energy assets in Tanzania,
Namibia, Scotland, and Northern Ireland. The company explores for
graphite, gold, zinc, lead, silver, nickel, copper, and other base
metals. Its flagship property is the Lindi Jumbo project located in
south-eastern Tanzania. The company was formerly known as Nimrodel
Resources Limited and changed its name to Walkabout Resources
Limited in April 2013.  

Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as
administrators of Walkabout Resources Ltd, Walkabout Australia Pty
Ltd and Reveal Resources Pty Ltd on Nov. 12, 2024.

Richard Tucker and Paul Pracilio of KordaMentha were also appointed
as Joint and Several Receivers of Walkabout Resources and the WKT
Subsidiaries on Nov. 12, 2024.


WATCORP AUSTRALIA: Court to Hear Wind-Up Petition on Feb. 19
------------------------------------------------------------
A petition to wind up the operations of Watcorp Australia Pty Ltd
will be heard before the Supreme Court of Victoria on Feb. 19,
2025, at 10:30 a.m.

EPH Queensland Pty Ltd filed the petition against the company on
Dec. 27, 2024.

The Petitioner's solicitors are:

          c/o Doherty & Colleagues Solicitors
          Level 13, 200 Queen Street
          Melbourne, Victoria 3000


YKH CEMENT: Jarvis Archer Appointed as Liquidator
-------------------------------------------------
Jarvis Archer of Business Reset was appointed as liquidator of YKH
Cement Rendering Pty Ltd on Jan. 3, 2025.

The liquidator may be reached at:

          Jarvis Archer
          Business Reset
          4/8 Kingfisher Drive
          Peregian Beach, Queensland 4573




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

UXIN LIMITED: Appoints Chief Technology Officer
-----------------------------------------------
Uxin Limited announced the appointment of Mr. Chengbin Li as the
Company's chief technology officer, effective Jan. 1, 2025.

"I am pleased to announce Mr. Li as our Chief Technology Officer.
Since joining Uxin in 2014, Mr. Li has been instrumental in
developing key products and driving automation and efficiency as
head of the product and technology center.  I am confident that
under his leadership, we will continue to innovate, grow, and
enhance user experiences," said Mr. Kun Dai, Founder, Chairman and
chief executive officer of Uxin.

Mr. Li is a seasoned technology leader with extensive experience in
leading technology teams and driving product and technology
development.  Mr. Li currently leads the Company's product and
technology center, overseeing software and hardware design and the
technical backend.  Since joining the Group in 2014, Mr. Li has
held various key roles leading product planning and R&D, including
general manager and vice president.  Before joining the Group, Mr.
Li held several product and technology related roles at Anbang
Insurance Group and iQIYI Sports.  Mr. Li holds a master's degree
in electronics and communication engineering from Peking
University.

                           About Uxin

Uxin is a China-based used car retailer, pioneering industry
transformation with advanced production, new retail experiences,
and digital empowerment.  The Company offers vehicles through a
reliable, one-stop, and hassle-free transaction experience.  Under
its omni-channel strategy, the Company is able to leverage its
pioneering online platform to serve customers nationwide and
establish market leadership in selected regions through offline
inspection and reconditioning centers.

Shanghai, the People's Republic of China-based
PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
July 31, 2024, citing that the Company has incurred net losses
since inception and, as of March 31, 2024, had an accumulated
deficit and net current liability and the Company incurred
operating cash outflow during the fiscal year ended March 31, 2024.
These events and conditions raise substantial doubt about its
ability to continue as a going concern.




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

ADISHAKTI ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Adishakti
Alloys Pvt Ltd 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-         7.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        14.45      [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 Adishakti Alloys Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Adishakti Alloys Pvt Ltd, incorporated in 1995, is involved in
manufacturing of aluminium alloy ingots and billets from recycled
aluminium scrap. AAPL's manufacturing facility is in West Bengal
and its products are used in power transmission, auto components
and other engineering units.


ANNAPOORANI YARNS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Annapoorani
Yarns 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-         7.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         3.39      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         0.71      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Annapoorani Yarns is primarily engaged in the trading of textile
yarn and fabric, for garments. The operations of the firm are
managed by Mr. R Jayachandran. The Entities product profile
includes 100% Cotton, Polyester and Blended Yarns, Melange Yarns
and Fabrics.


ARVEE LABORATORIES: CRISIL Keeps B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arvee Laboratories
(India) Limited (ALPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.50      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    4.44      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             4.06     CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL Ratings has been consistently following up with ALPL 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 ALPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ALPL continue to be 'CRISIL B-/Stable Issuer not cooperating'.

ALPL, incorporated in 2012, is promoted by Mr. Shalin Bharat
Chokshi and Mr. Sudhakarbhai Chhotabhai Patel. The company
manufactures polymer modifiers, drug intermediaries, and contrast
media intermediaries used in the textile, pharmaceutical,
fertiliser, and other industries. Its facility is in Ahmedabad,
Gujarat.


BARAMATI TOLLWAYS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Baramati Tollways Private
Limited (BTPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        36.17      [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 BTPL, 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.

Baramati Tollways Private Limited (BTPL), is a Special Purpose
Vehicle (SPV) set up by the MEP Infrastructure Group for the
purpose of toll collection, construction of a bridge on Build
Operate Transfer (BOT) basis and maintenance of roads at Baramati
City, Maharashtra, along with the development of a land piece at
Jalochi Grampanchayatss.


BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhai Kanhaiya
Sewa Society (BKSS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     1.50        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.13        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              5.37        CRISIL D (Issuer Not
                                      Cooperating)

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

Formed in 1983, BKSS runs Radiant Institute of Engineering and
Technology and Homeopathic Medical College and Hospital in Abohar,
Punjab. The society is being currently chaired by Mr. Tara Singh
Ji.


CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of Centric Steel Limited (CSL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [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 CSL, 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 1986, Centric Steel Limited (CSL) is promoted by
Kochar family and is engaged in the manufacturing of precision
tubes which find application in automobile, structural steel and
heavy engineering industries. The firm's manufacturing facility is
located at Taloja in Maharashtra and has an installed capacity of
~3 crore meters per annum.


CLOUDTAIL INDIA: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Cloudtail
India Pvt Ltd (Cloudtail) 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/         1,750        [ICRA]B+(Stable); ISSUER NOT
   Short Term-                     COOPERATING/[ICRA]A4; ISSUER
   Fund Based/                     NOT COOPERATING; Rating
   Non Fund                        Continues to remain under the
   Based-Others                    'Issuer Not Cooperating'
                                   category

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

Cloudtail India Private Limited (Cloudtail) is an online-retail
seller primarily operating on e-commerce marketplaces, including
Amazon.in. As per publicly available information, The Competition
Commission of India has granted its approval to Amazon Global to
acquire a majority stake in Prione Business Services (parent
company of Cloudtail). ICRA understands that the services of the
company are now being wound up and the company will not operate as
a seller on the e-marketplace once the shares are transferred to
Amazon.


DEEPAK FASTENERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak
Fasteners Limited (DFL) 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
   Debentures           390          CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with DFL 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 DFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities and
non convertible debentures of DFL continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DFL and its wholly owned
subsidiaries: Deepak Fasteners (Shannon) Ltd (DFSL), Deepak
Fasteners Australia Pty Ltd (DFA), and Deepak Fasteners (UK) Ltd
(DFUK). All the entities, collectively referred to as Deepak
Fasteners, are in the same business, and have significant
operational and financial linkages. DFL has provided corporate
guarantee for the debt of overseas subsidiaries. CRISIL has
moderately integrated the business and financial risk profiles of
Deepak Fasteners' associate company, Shree Ganesh Jewellers Ltd
(SGJL), which manufactures and trades in gold and diamond
jewellery, as DFL has provided corporate guarantee for SGJL's debt
and will extend support to SGJL, if required.

DFL, incorporated in 1958 and promoted by Mr Kailash Kalra, has
consolidated finishing capacity of 70,000 tonne per annum (tpa) of
fasteners at its facilities in Punjab, Himachal Pradesh, and Madhya
Pradesh. In fiscal 2009, DFL acquired the Unbrako brand from
Precision Castparts Corp (PCC), along with its intellectual
property rights, manufacturing facilities in Ireland, and workforce
and distribution network. In fiscal 2011, Banyan Tree Growth
Capital LLC and DEG-Deutsche infused INR70 crore into DFL in the
form of zero-coupon compulsorily convertible bonds for a 13% equity
stake (post conversion into equity). In fiscal 2014, DFL
commissioned a plant, with finishing capacity of 28,500 tpa, near
Bhopal.

DFUK and DFA commenced commercial operations in fiscals 2008 and
2009, respectively, and are the distribution arms. DFSL,
incorporated in fiscal 2009 after DFL acquired the Unbrako fastener
business from PCC, has a manufacturing and research facility in
Shannon, Ireland.


IIFL FINANCE: Fitch Assigns 'B+' Rating on $1BB Secured Notes
-------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating to India-based IIFL
Finance Limited's (B+/Stable) USD1 billion secured global
medium-term note (GMTN) programme.

The issuer has applied for the programme to be listed on the India
International Exchange (INX). Senior secured notes issued under the
programme will be secured by collateral that includes specified
assets and receivables of the issuer. Such notes will be subject to
maintenance-based covenants that require the issuer and its
principal subsidiaries to each meet regulatory capital requirements
and maintain net 90-day non-performing loan ratios equal to or less
than 5%, and require the issuer to maintain a security coverage
ratio, comprising standard assets, equal to or greater than 1.0x at
all times.

The net proceeds of any notes issued under the programme will be
used for on-lending and to support the company's growth in
accordance with the Reserve Bank of India's external commercial
borrowings framework.

Concurrently, Fitch is withdrawing the 'B+' rating on the issuer's
USD1 billion secured medium-term note programme dated 1 August
2019, as IIFL Finance is no longer issuing debt under that
programme and there is no Fitch-rated debt outstanding under that
programme.

Key Rating Drivers

IIFL Finance's secured GMTN programme is rated at the same level as
the company's Long-Term Foreign-Currency Issuer Default Rating
(IDR), in accordance with Fitch's rating criteria.

Senior secured notes issued under the GMTN programme will rank pari
passu with the issuer's other secured obligations, and Fitch
regards such notes as the issuer's primary debt class, such that
non-payment of the senior secured notes would best reflect the
uncured failure of the issuer. This is because most of IIFL
Finance's debt is secured.

The company can issue unsecured debt in the overseas market, but
such debt is likely to constitute a small portion of the company's
overall funding and thus cannot be viewed as its primary financial
obligation. The GMTN programme also allows for the issuance of
senior unsecured debt, but the assigned programme rating would not
relate to any senior unsecured debt issued under the programme.

The default or acceleration of any debt of the issuer or its
principal subsidiaries could constitute an event of default under
the GMTN programme. Fitch understands that IIFL Finance's
microfinance subsidiary has breached certain loan covenants due to
rising sector delinquencies. However, lenders have not taken
adverse action on this breach so far, and the issuer and its
principal subsidiaries continue to meet all their repayment
obligations.

For more information on IIFL Finance's key rating drivers and
rating sensitivities, please see Fitch Affirms IIFL Finance at
'B+'; Removes Rating Watch Negative; Outlook Stable, published on 4
November 2024.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Any negative action on IIFL Finance's Long-Term IDR would drive
corresponding action on the secured GMTN programme rating.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade of IIFL Finance's Long-Term IDR would result in similar
action on the secured GMTN programme rating.

ESG Considerations

IIFL Finance has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security, due to the recent
history of regulatory findings on the company's customer-related
practices in gold loans, which may pose lingering reputation risk
for IIFL Finance. This factor has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

IIFL Finance has an ESG Relevance Score of '4' for Management
Strategy, as Fitch believes the company's operations and franchise
remain sensitive to management's ability to maintain sound
implementation of internal controls and return the business to
adequate profitability now that sanctions have been lifted. This
factor has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.

IIFL Finance has an ESG Relevance Score of '4' for Governance
Structure, as the recent regulatory actions imply a record of gaps
in the oversight structure and management of compliance risks that
may continue to pose reputational risks for the company. This
factor has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
IIFL Finance Limited

   senior secured        LT B+  New Rating

   senior secured        LT WD  Withdrawn    B+


LB COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of LB Cotton Industries LLP in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING."

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        5.00        [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term-        5.00        [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 LB Cotton Industries LLP, 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.

Promoted by Mr. Dharmendra Pande and his four brothers in August
2011, LB Cotton commenced ginning and pressing activities in
October 2013, while the crushing activity commenced from December
2014. The firm's facility is in Dharmabad, Nanded (Maharashtra),
over a land area of about 2.30 hectares and is equipped with 24
double rolling ginning machines, one pressing machine and seven
expellers, with an installed production capacity of 240 bales per
day and a seed-crushing capacity of 850 quintals per day.


LOKNETE HONOURABLE: CRISIL Cuts Rating on INR13cr LT Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Loknete Honourable Hanmantrao Patil Charitable Trust
(LHPCT) to 'CRISIL D' from 'CRISIL B-/Stable'.  

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           3         CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan       13         CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Working      7         CRISIL D (Downgraded from
   Capital Facility                'CRISIL B-/Stable')


The rating is driven by delays in servicing working capital lines.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of LHPCT.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing: LHPCT has delayed in servicing of
interest in CC and account has remained overdrawn for continuous
period of more than 30 days.

* Modest scale of operations: LHPCT's scale of operations continues
to remain modest as reflected in estimated revenues of INR25-30
crores in fiscal 2024 (INR34 crores in fiscal 2023 which includes
spillover revenues). The modest scale of operations will continue
to render the trust susceptible to intense competition in the
sector and restrict its growth prospects in the medium term.

* Stretched Working Capital: The working capital cycle of the trust
is stretched as highlighted by the gross current assets (GCA) days
of 624 days as on March 31, 2023 which is expected to remain at
around 750- 800 days as on March 31,2023. Receivables include
tuition fees receivable from students. Receivables have remained
high on account of delayed collection of fees from students owing
to their modest background. The working capital cycle is expected
to remain stretched over the medium term and the timely receivable
of tuition fees from the students would be a key monitorable.

* Exposure to Intense Competition and susceptibility of Operating
performance to government regulations: Establishment and operations
of educational institutions are regulated by various governmental
and quasi-governmental agencies, such as the University Grants
Commission (UGC), MCI, AICTE, CBSE, universities, state governments
etc. Each body has detailed procedures for granting permission to
set up institutions, and approvals need to be renewed every three
or five years. Any non-compliance will result in cancellation of
affiliation, license etc. leading to loss of reputation for the
college and revenue for the trust. Furthermore, presence of many
educational institutes offering similar courses exposes the trust
to significant risk of competition from other universities and
institutes in Maharashtra. However, the trust has a healthy
occupancy ratio of around 78% in fiscal 2023 and sustained
improvement in the same remains a key rating sensitivity factor for
the medium term.

Strengths:

* Established presence in the education services sector along with
diversified product offerings: Backed by long standing presence of
over three decades in the educations sector, LHCPT has established
its presence, primarily in the Maharashtra region. Further, the
trust offers diverse courses including nursery to higher education
and graduate and post graduate courses. With over 25 institutes
under its umbrella, the trust has been able to achieve revenue
growth from INR10 crores in fiscal 2020 to an estimated INR25-30
crores in fiscal 2024. The established brand in the education
services sector as well as diversified product offerings should
continue to support revenue growth over the medium term.

* Healthy networth: Backed by frequent equity infusions and healthy
profitability, the net worth is healthy at around INR126 crores as
on March 31,2023 which is expected to remain at around 125-130
crores as on March 31,2024. Networth is expected to remain healthy
backed by stable profitability over the medium term.

Liquidity: Poor

The trust has availed the CC limits of INR3 crores which were
almost fully utilized over last 6 months for the period ending
November 2024.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least more than 90
days.
* Improvement in the financial and liquidity risk profiles.

LHPCT, Vita was founded in the year 1995. The trust runs multiple
educational institutes such as primary and secondary schools,
degree and diploma engineering college, arts and commerce colleges
in Vita, Sangli. While the schools are affiliated to the Central
Board of Secondary Education (CBSE), the colleges are affiliated to
Shivaji University and Babasaheb Ambedkar University Technology.


MADHAVA HYTECH: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept Long-Term and Short-Term ratings of Madhava Hytech
Infrastructures (India) Private Limited (MHIIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term/         5.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Long-term-         4.00      [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 MHIIPL, 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.

Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family members.
The company is involved in the construction of roads, bridges, and
railway tracks in states like Andhra Pradesh, Karnataka, Tamil
Nadu, and North-eastern states. MHIIPL was incorporated post the
demerger of Madhava Hytech Engineers Pvt. Ltd. (MHEPL) with effect
from April 1, 2009. MHEPL was incorporated by Mr. Madhava Rao
(father of Mr. K. Pradeep Kumar). He has over 30 years of
experience in the construction industry. As per the court decision
on demerger, MHIPL and MHEPL would continue to retain the
registrations and credentials of MHEPL.


MAIL ORDER: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of Mail Order Solutions (India)
Private Limited (MOS) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        22.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         5.50      [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 MOS, 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 2004, MOS is engaged in providing integrated
marketing communication services to clients, largely direct
marketing companies, for the purpose of sending direct mails to a
targeted group of customers. MOS' services include printing and
distribution of mail packs (promotional inserts, corporate
communications, etc) for direct marketing, which requires concept
development, creative designing, pre-press activities, print
production personalization, mailing, distribution and fulfillment.
MOS manages all aspects of print projects from concept creation to
delivery in one place. It has presence across all product
categories –bills, catalogues, periodicals, promotional inserts,
and corporate communications for printing, personalization and
distribution. Besides integrated service portfolio, MOS also
benefits from the significant investment undertaken by it for
building the in-house capacities and software purchase development,
in addition to network building. It also has license arrangements
with logistics service providers like La Poste, Royal Mail and
Swiss Post International for mail delivery.

PAREKH ALUMINEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parekh
Aluminex Limited (PAL) 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
   Debentures           125          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

Incorporated in 1994, PAL manufactures aluminium foil containers
(AFC), lids, covers, and allied products used in packaging food
items. Manufacturing units are in Dadra and Nagar Haveli. In 2005,
PAL acquired a Singapore-based company to enter the Southeast Asian
markets. In 2008, its units acquired export oriented-unit status.
The company entered the retail space with two brands, PAL and ME
Foil, in fiscal 2011. It has annual production capacities of 688
crore pieces of AFC, 3.96 crore pieces of foil roll, and 179 crore
pieces of foil lids.


RATHNAVEL SUBRAMANIAM: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Rathnavel Subramaniam
Educational Trust (RVS) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        84.00      [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 RVS, 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.

RVS was established in 1983 as a non-profit, charitable trust under
the Indian Trusts Act 1882. Its educational institutes are centered
in Sulur & Kannamapalaym in Coimbatore and in Dindigul. With an
established track record of over 30 years in the education sector
and its experienced trustees, RVS Educational Trust operates a
range of educational institutions starting from schools to higher
educational institutions. The trust's diversified income streams
are agricultural, women hostel and interest. It currently has two
trustees, with Dr. Kuppusamy as its current chairman.


SHAKUMBHRI PULP: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shakumbhri
Pulp and Paper Mills Limited (SSAMPL) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.9        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Long Term Loan         0.7        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with SSAMPL 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 SSAMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSAMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SSAMPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2015 and promoted and managed by Mr D.Mayilsamy,
SSAMPL refines coconut oil.

Prior to fiscal 2018, the operations were carried under two
different firm, Sri Sampoorani Amma Mills and Shrika Oil
Industries. SSAMPL took over the business from the above mentioned
entities from fiscal 2018.


SHANTI EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Shanti Educational Trust in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         7.10      [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 Shanti Educational Trust, 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.

Shanti Educational Trust (SET) was established in 2010 as a trust
in Patna, Bihar. The trust has started a school as a franchisee of
G. D. Goenka Public School and AY2013-14 was the first year of
operation for the school. Currently, the school conducts classes
from Nursery to standard IX.


SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Simola Tiles
LLP (STL) 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-        21.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        42.26      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         7.74      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

STL was established as a limited liability partnership firm in July
2016 by Mr. Kamalshil Shirvi and eight other partners. The firm has
been manufacturing glazed vitrified tiles from December 2017. The
manufacturing unit is located at Morbi, Gujarat, with an installed
capacity to produce 8000 boxes per day. It manufactures large as
well as medium-sized glazed vitrified tiles in dimensions
–1200mmX1200mm, 1200mmX2400, 800mmX1600mm, 800mmX800mm,
800mmX2400mm and 900mmX1800mm. The firm is managed by Mr. Kamlashil
Shirvi, who has more than five years' experience, while Mr. Rajesh
Shirvi and Mr. Harish Shirvi have an experience of more than a
decade in the ceramic industry via their association with other
ceramic entities involved in similar business.

SIVAKAME TRADING: CRISIL Reaffirms B Rating on INR6cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Sivakame Trading Company (STC) at 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B/Stable (Reaffirmed)
   Cash Term Loan          1        CRISIL B/Stable (Reaffirmed)

CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of STC.

The rating continues to reflect the firm's small scale of
operations, exposure to competition and below-average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the promoter in agricultural commodities
trading.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profile of STC.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations and exposure to competition: A subdued
scale is reflected in revenue of INR41.30 crore in fiscal 2024. The
firm also operates in the highly competitive ago-commodities
industry, which has numerous organized and unorganized players
leading to intense competition.

* Below-average financial risk profile: The financial risk profile
is below average, as indicated by modest net worth of INR0.99 crore
with the total outside liabilities to tangible net worth (TOLTNW)
ratio of 4.97 times as on March 31, 2024. The debt protection
metrics are average, as reflected in interest coverage ratio of
1.26 times in fiscal 2024. The financial risk profile is expected
to be at similar levels in the near term.

Strength:

* Extensive experience of the partners: The promoter, Mr.
Govindarajan Perumal, has experience of more than three decades in
the agro-commodities industry, which will continue to benefit STC
over the medium term.

Liquidity: Stretched

Bank limit utilization is moderate at around 78.19 percent for the
past twelve months ended Aug 24. Cash accruals are expected to be
around INR0.5-0.7 crore, which is sufficient against term debt
obligation of INR0.2-0.3 crore over the medium term.

Current ratio is at 1.03 times on March 31, 2024

Outlook: Stable

CRISIL Ratings believes STC will maintain its credit profile, as
indicated by the promoter's experience in the agro-commodities
business.

Rating sensitivity factors

Upward factors

* Sustained increase in scale of operations by over 20% with
profitability margin of 4.5-5% leading to higher cash accrual of
INR1 crore.  
* Improvement in capital structure

Downward factors

* Decline in revenue by 20% with lesser profit margin at 3.5%
leading to lower cash accrual.
* Further deterioration in capital structure

STC is a partnership firm established in 1986 by Mr. Govindarajan
Perumal in Virudhunagar, Tamil Nadu. It is an importer of green
peas and pulses from countries such as Canada and Australia. It is
involved in the wholesale trading of these commodities.


SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of SKM Industries
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-         1.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         9.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term-        5.25      [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 SKM Industries, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in the year 2007 by Kikani family, SKM Industries is a
partnership firm engaged in manufacturing and export of steel cable
drums. The firm also manufactures various railway products like
break beam, straps, bracket, body side panel etc. which find their
end application in manufacturing of Railway boogies. The firm has a
manufacturing facility in 2 Umbergaon, Gujarat.

SUPREME INFRA: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of Supreme Infra Products in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); 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-          6.00        [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 SIP, 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.

Set up in March-2015, Supreme Infra Products (SIP) is engaged in
manufacturing of ready-mix concrete (RMC) and Fly-Ash bricks. The
manufacturing facility, spread over 4.31 hectares of land, is
located in Butibori, Nagpur district. The RMC facility has an
installed capacity of 432 meters per day while the brick
manufacturing facility has an installed capacity of 90,000 units
per day. Apart from fly-ash bricks, the unit can also be used for
manufacturing paver blocks, concrete doors and wood panel. The
manufacturing unit will also cater to in-house consumption for
other group concerns.


SWATHI COTTONS: CRISIL Lowers Rating on INR44cr Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Swathi Cottons Pvt Ltd (SCPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            44        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility      7.29     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan               1.66     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan               3.55     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the decline in the firm's liquidity with low
cash accrual and fully utilized bank lines. Operating performance
has weakened in the first half of fiscal 2025 due to muted demand,
nevertheless operating income of Rs150-155 crore is expected to be
registered for the full year. Working capital cycle has remained
stretched with high inventory levels, leading to full utilization
of bank lines. A steady increase in revenue and operating margin
leading to improvement in cash accrual will remain key
monitorable.

The ratings reflect SCPL's exposure to intense competition and
volatility in raw material prices, and large working capital
requirement. These weaknesses are partially offset by the
promoters' extensive experience.

Analytical approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SCPL

Key rating drivers and detailed description

Weaknesses:

* Exposure to intense competition and volatility in raw material
prices: The price of the major raw material, cotton seed, is
volatile. Because of intense competition, low value-addition and
the commoditised nature of products, the company has low bargaining
power. Also, fluctuation in input prices may adversely impact on
the operating margin.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 138-232 days in the three fiscals through 2024
driven by large inventory of 108-168 days because of seasonality in
the availability of raw material. GCAs are expected to be at
similar levels over the medium term.

Strength:

* Extensive experience of the promoters: The promoters' experience
of over three decades in the cottonseed oil industry, strong
understanding of local market dynamics and healthy relationships
with customers and suppliers will continue to support the
business.

Liquidity: Stretched

Bank limit utilisation averaged 98.42% for the 12 months ended
November 2024. Expected cash accrual of INR1.10-1.25 crore in
fiscal 2025 will be insufficient to cover term debt obligation of
INR2.99 crore. Cash accrual is expected at INR2.2-3.10 crore per
annum against yearly term debt obligation of INR0.90-1.30 crore
over the medium term. Current ratio was moderate at 1.14 times as
on March 31, 2024. The promoters are likely to extend support in
the form of equity and unsecured loans to meet the working capital
requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes SCPL will continue to benefit from the
extensive experience of its promoters.

Rating sensitivity factors

Upward factors:

* Significant increase in revenue and operating margin resulting in
cash accrual above INR2 crore
* Improvement in the financial risk profile

Downward factors:

* Lower-than-expected revenue or operating margin resulting in
subdued net cash accrual
* Weakening of the financial risk profile owing to debt-funded
capital expenditure, with gearing above 3 times or interest
coverage ratio below 1 time

Incorporated in 1998 by Mr Prathipati Pulla Rao and Mr Boggavarapu
Ankamma Rao, SCPL is engaged in the extraction and refining of
cottonseed oil. Also, the company trades in raw cotton and yarn,
which contribute to around 10% of revenue. It is based in Guntur,
Andhra Pradesh.


U D DEVELOPERS: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of U D Developers LLP in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         32.50       [ICRA]B (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

As part of its process and in accordance with its rating agreement
with U D Developers LLP, 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 D Developers LLP, a limited liability partnership (LLP) firm, has
Mr. Sunil Giridharlal Mittal and Mr. Dilip Dwarkaprasad Mittal as
designated partners. The firm is developing a commercial-cum-retail
building, named One Place, at Wanwadi, Pune. The project has a
total saleable area of around 86,133 sq ft. The project has units
in the range of 300 to 3,000 sq ft and include commodity shops,
showrooms, restaurants, recreational club, banquet, clinics,
professional consultants, tours and travels and training
institutes.


VELAMMAL MADURAI: CRISIL Assigns B+ Rating to INR125cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Velammal Madurai Educational Trust
(VMET).

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/          125        CRISIL B+/Stable (Assigned)
   Overdraft
   facility     

   Long Term Loan         25.69     CRISIL B+/Stable (Assigned)    


   Long Term Loan          9.31     CRISIL B+/Stable (Assigned)    


The rating reflects the exposure to risks stemming from stringent
regulations and concentration in geographical reach. These
weaknesses are partially offset by the long track record of
presence in Madurai and the extensive experience of the management,
which ensure healthy enrolment levels, the diversified revenue
profile and the healthy financial risk profile of the trust

Analytical approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of VMET.

Key rating drivers & detailed description

Weaknesses:

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), Medical Council of India, All
India Council for Technical Education, the Central Board for
Secondary Education, universities, state governments etc. Each body
has detailed procedures to grant permission for setting up
institutions and approvals need to be renewed every three or five
years. Any non-compliance will result in cancellation of the
affiliation or license, leading to a loss of reputation for the
college and revenue for the trust.

* Susceptibility to geographical concentration risk in revenue
profile: VMET faces high geographic concentration risk as it
operates mainly within Madurai (Tamil Nadu). Any slowdown in the
region due to socio-political factors could adversely affect the
financial and business performance.

Strengths:

* Long track record of presence in Madurai, along with extensive
experience of the management, yielding healthy enrolment levels:
Operations are managed by Mr MV Muthuramalingam, along with his
three sons. Presence of over three decades in the education
services industry has helped the management gain strong
understanding of market dynamics and build a healthy brand image of
Velammal, thereby ensuring adequate occupancy levels in colleges
and hospitals.

* Diversified revenue profile aiding scale and sustainability:
Being an established player in the education services industry,
with a track record spanning over three decades, VMET operates on a
healthy scale. It runs a 150-seat medical college with a 2,100-bed
hospital, a nursing college, an allied health sciences college and
a trade centre in Madurai, Tamil Nadu. The diversified revenue
profile mitigates the impact of slowdown in any particular
segment.

* Healthy financial risk profile: Capital structure is aided by
lower reliance on external debt, as reflected in gearing of 0.57
time and total outside liabilities to adjusted networth (TOL/ANW)
ratio of 0.63 time as on March 31, 2024. Debt protection metrics
have also been healthy, aided by leverage and healthy
profitability. Interest coverage and net cash accrual to total debt
ratios stood at 5.53 times and 0.26 time, respectively, for fiscal
2024, and are likely to remain stable over the medium term.
Financial discipline maintained by the trust is a key monitorable.

Liquidity: Stretched

Bank limit utilisation was moderate, averaging around 87.21% for
the 12 months ended October 31, 2024.  Expected cash accrual of
over INR60 crore should suffice to cover the term debt obligation
of INR14 crore to INR32 crore over the medium term. Cash and bank
balance was moderate around INR41.27 crore as on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes VMET will continue to benefit from its
established position and the extensive experience of its management
in the education services sector. The trust will maintain a healthy
financial risk profile, backed by adequate cash accrual and prudent
financing of capital expenditure.

Rating sensitivity factors

Upward factors:

* Growth in revenue by 10% and steady profitability, leading to
higher-than-expected net cash accrual
* Improvement in liquidity.

Downward factors:

* Decline in revenue or operating margin to less than 15%, causing
a dip in cash accrual
* Weakening of liquidity

Set in 1993, VMET operates a 150-seat medical college, with a
2,100-bed hospital, a nursing college, an allied health sciences
college and a trade centre in Madurai, Tamil Nadu. The Velammal
Medical College Hospital & Research Institute (VMCH), commenced
operations in 2013-14. It also operates a mega convention centre,
named Ida Scudder Auditorium on Ring Road. Operations are managed
by Mr MV Muthuramalingam – the chairman, along with his three
sons, Mr MVM Velmurugan, Mr MVM Velmohan and Mr MVM Sasikumar.


WESTERN CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term rating of Western Construction Co.
(Gujarat) LLP (WCC) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."

                       Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          140.00      [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 WCC, 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.

WCC has been into the business of development of commercial
projects and is a part of the Western Group which has completed 14
residential and commercial projects in Surat till date with a total
saleable area of 54.66 lakh sq. ft. till date. WCC has its
registered office located in Surat, Gujarat.The firm is developing
a commercial project, viz., Ashirwad Textile Market located at
Dhumbal, Surat (Gujarat). The complex will comprise 296 offices cum
warehouses in three towers of four floors each. The total super
built up area of the project will be 8,73,050 sq. ft.


YR GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of YR General Trading HK Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          20.50       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   Non-fund Based                  to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with YR General Trading HK 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.

YR General Trading HK Limited was established in 2014 by Mr.
Chanakya Dhanda and Mr. Prafulla Bhat, who have extensive
experience in the electronics industry. The company is incorporated
in Hong Kong with a limited liability status. YRGT is a wholesale
trader of electronic goods to the markets of Hong Kong, Dubai
Singapore and Nepal. YRGT offers a wide range of consumer
electronic products, such as phones, cameras, computers, electronic
accessories, as well as home and kitchen appliances. To some
extent, the company also trades various metals and metal scraps
based on global demand.


[*] INDIA: Banks' Gross Bad Loan Ratio May Edge Up by March 2026
----------------------------------------------------------------
Reuters reports that Indian banks' gross bad loan ratio may rise
from a 12-year low if risks emanating from credit quality, interest
rates and geopolitics play out, a report published by the central
bank on Dec. 30, 2024, showed.

Gross bad loan ratio is the proportion of bad assets to total
loans.

This key measure could rise to 3% by the end of March 2026 from a
12-year low of 2.6% in September 2024 for 46 banks under the
so-called baseline scenario, the Reserve Bank of India (RBI) said
in the Financial Stability Report, Reuters relays.

The bad loan ratio could rise to 5% and 5.3% under two separate
high-risk scenarios, it said.

While the aggregate capital ratios of banks may reduce, no lender
will fall short of the minimum capital requirement of 9% even in
adverse cases, the RBI said.

Reuters says the Financial Stability Report, published twice a year
by the central bank, includes contributions from all financial
sector regulators.

Indian banks' asset quality has improved over the last few years
due to recoveries and write-offs of legacy bad loans, and curtailed
growth of bad assets. Banks have also shored up their capital
positions.

Over the last year, the RBI has warned the financial sector against
"all forms of exuberance", tightened rules for credit card and
personal loans, made it more expensive for non-banking finance
companies to borrow from banks and imposed business restrictions on
non-compliant lenders, according to Reuters.

It also wants lenders to adopt strong risk management and
governance frameworks and to raise more capital.

On the whole, banks' asset quality parameters have improved and
their capital levels remain robust, the central bank said.

The Indian financial system is expected to remain sound and
vibrant, supported by further improvement in balance sheets and
strong buffers, the RBI said.

"Although net interest margins have narrowed, banks' return on
equity and return on assets have improved," it said.

Reuters adds that the balance sheets of non-banking finance
companies have strengthened, the RBI said, with stress tests
indicating that even under a high-risk scenario, their capital
requirements would remain much above the minimum needed level.




=========
J A P A N
=========

BENGAL: Akihabara Curry Restaurant Declares Bankruptcy
------------------------------------------------------
SoraNews24 reports that for all its focus on the newest anime and
latest electronics, Tokyo's Akihabara neighborhood also has a lot
of local history. Sadly, a tasty piece of that history is
disappearing, with the news that an Akihabara curry restaurant
that's been in business for 50 years will be filing for
bankruptcy.

According to SoraNews24, Bengal was officially founded in 1973 and
started serving customers at its Akihabara curry restaurant in
1974, while also operating as a spice wholesaler. It was in
business for so long that eventually the owners of the building
that Bengal was a tenant in decided to demolish the structure, so
Bengal ended up relocating to another location in the
neighborhood.

However, things haven't gone well for Bengal since the move,
SoraNews24 relates. The new location is larger than the old one,
and with that came higher rent, as well as higher labor costs as
the restaurant expanded its staff post-move. Then came the
pandemic, which hit Bengal hard. Though the company's restaurant
sales have been slowly recovering, the rebound hasn't been swift or
substantial enough to offset the company's losses, and its spice
wholesale business hasn't bounced back in any significant way.

Since November 30, the shutter has been closed at Bengal's
entrance, with a written notice posted that says "Due to
circumstances, we will be temporarily closed today." It now looks
like the "temporary" part of that is going to become "permanent,"
as on December 18, Bengal received authorization from Tokyo
District Court to begin bankruptcy proceedings, SoraNews24
reports.

SoraNews24, citing the filing, discloses that Bengal has JPY40
million in debt owed to 19 different creditors, and with so much
money due to so many different people, it's unlikely that a
settlement that saves the restaurant, in its current form, is going
to be worked out.

It's a disheartening turn of events for fans of curry in general
and Bengal in particular, but there is, perhaps, a small ray of
hope in that Bengal's bankruptcy doesn't seem to have been the
result of people not liking the restaurant's curry, SoraNews24
says. Instead, it looks like the problem was a combination of an
overly ambitious expansion, the widespread restaurant industry
downturn of an unexpected global pandemic, and an over-reliance on
strong performance from its spice wholesale operations.

Considering that curry itself remains extremely popular in Japan,
both with locals and inbound foreign tourists (of which Akihabara
has no shortage), perhaps there's a chance for Bengal to come back
with a new, more modestly sized Akihabara eatery, without the spice
wholesale side business, relates SoraNews24.

For now, though, it looks like the end of Bengal's 50-year run of
serving up curry in Akihabara, in yet another reminder that if
there's a restaurant you love, it's important to support it,
SoraNews24 adds.




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

GREENLEAF FRESH: Placed Into Voluntary Administration
-----------------------------------------------------
Radio New Zealand reports that Hamilton business Greenleaf Fresh is
being put into voluntary administration, after what it said were
"recent financial challenges" affecting the company's operations.

Greenleaf Fresh is behind Greengrower, a vertical farm operation
that received NZD3.5 million in public funding last year for
research.

RNZ relates that the grant from the Ministry of Primary Industries
(MPI) under the Sustainable Food and Fibres Futures programme was
to allow the business to focus on ongoing research and development
for new crops and varietal development, according to media reports
at the time.

The business and its shareholders reportedly put nearly NZD5.3
million into the project.

According to RNZ, MPI director of investment programmes Steve Penno
said it would work with the administrators to "fully evaluate the
implications of the company going into voluntary administration".

"Project funding payments will be suspended, until the evaluation
is complete."

Government duty minister Nicola Grigg said it was not something she
could comment on.

Grant Thornton Advisory Services, handling the administration, said
the process would aim to protect the interest of employees and
creditors while working toward a future for the business, RNZ
adds.




===============
P A K I S T A N
===============

PAKISTAN: Imran Khan Admits Gov't Stabilised Bankrupting Economy
----------------------------------------------------------------
The Express Tribune reports that Imran Khan, founding chairman of
the Pakistan Tehreek-e-Insaf (PTI), has acknowledged that the
current government has managed to stabilise Pakistan's struggling
economy, which was on the verge of collapse.

While speaking to the media from Rawalpindi's Adiala Jail, Imran
stated, "The government has successfully prevented the economy from
becoming bankrupt," the Express Tribune relays.

When questioned by journalists about whether he was conceding that
the government had improved the economy, Imran responded, "The
economy has been stabilised, and it has been saved from bankruptcy,
but it has not seen growth yet."

Meanwhile, a delegation from PTI's negotiation committee arrived at
Adiala Jail to meet with Imran Khan, the Express Tribune reports.

The committee will brief him on the progress made during the first
round of talks, sources confirmed.

The Express Tribune relates that the delegation includes key PTI
leaders such as Omar Ayub, Sahibzada Hamid Raza, Allama Nasir
Abbas, and Khyber-Pakhtunkhwa Chief Minister Ali Amin Gandapur.

Gandapur's vehicle was allowed entry into the jail premises for the
meeting.

                          About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3.  Concurrently, the outlook for
Government of Pakistan is changed to positive from stable.  In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable.  In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.




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

CTMETRIX PTE: Creditors' Meetings Set for Feb. 4
------------------------------------------------
Ctmetrix Pte. Ltd. will hold a meeting for its creditors on Feb. 4,
2025, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to present a Statement of the Company's affairs showing in
      respect of assets the method and manner in which the
      valuation of the assets was arrived at, together with a list

      of the creditors and the estimated amount of the claims;

   b. to consider the nomination of the Liquidators for the
      Company and on the appointment of Mr. Lam Zi Yang and
      Mr. Tan Jun Zhang, Solomon as the Liquidators of the
      Company;

   c. to consider the appointment of a Committee of Inspection;
      and

   d. to consider any other matter which may properly be brought
      before the meeting.


GARAGE NORTH: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 20, 2024, to
wind up the operations of Garage North Asia Holdings Pte. Ltd.

Ledgen Singapore Pte. Ltd. filed the petition against the company.

The company's liquidator is:

          Farooq A. Mann
          c/o Mann and Associates PAC
          3 Shenton Way #03-06C
          Shenton House
          Singapore 068805


LIN FONG: Court to Hear Wind-Up Petition on Jan. 17
---------------------------------------------------
A petition to wind up the operations of LIN FONG Pte. Ltd. will be
heard before the High Court of Singapore on Jan. 17, 2025, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 23, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


MARUYAMACHO PTE: Creditors' Proofs of Debt Due on Feb. 4
--------------------------------------------------------
Creditors of Maruyamacho Pte. Ltd. are required to file their
proofs of debt by Feb. 4, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 27, 2024.

The company's liquidator is:

          Chek Khai Juat
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: Do Kwon Pleads Not Guilty to US Fraud Charges
-------------------------------------------------------------
Reuters reports that Do Kwon, the South Korean cryptocurrency
entrepreneur behind two digital currencies that lost an estimated
$40 billion in 2022, pleaded not guilty on Jan. 2 to U.S. criminal
fraud charges after being extradited from Montenegro last week.

Reuters relates that federal prosecutors in Manhattan on Jan. 2
unsealed a nine-count indictment charging Kwon, who co-founded
Singapore-based Terraform Labs and developed the TerraUSD and Luna
currencies, with securities fraud, wire fraud, commodities fraud
and money laundering conspiracy.

Kwon, 33, wore an olive green long-sleeved shirt and black
sweatpants as his lawyer Andrew Chesley entered the plea at a
hearing before U.S. Magistrate Judge Robert Lehrburger in Manhattan
federal court.

Reuters says the judge ordered Kwon detained after Mr. Chesley said
he would not seek bail at this time. Kwon took a copy of the
79-page indictment with him as U.S. marshals led him out of the
courtroom. He is expected back in court on Jan. 8.

Kwon had agreed last June to pay an $80 million civil fine and be
banned from crypto transactions as part of a $4.55 billion
settlement that he and Terraform reached with the U.S. Securities
and Exchange Commission.

In Jan. 2's indictment, the Manhattan U.S. Attorney's office
alleged Kwon misled investors in 2021 about TerraUSD, a so-called
stablecoin designed to maintain a value of $1, according to
Reuters.

Kwon allegedly told investors a computer algorithm known as "Terra
Protocol" had restored the coin's value when it slipped below its
peg in May 2021, when in fact he arranged for a high-frequency
trading firm to secretly buy millions of dollars of the token to
artificially prop up its price.

Reuters relates that prosecutors said that false claim and others
drove retail and institutional investors to buy Terraform products
and boost the value of Luna, a more traditional token developed by
Kwon that fluctuated in value but was closely linked to TerraUSD,
to $50 billion by the spring of 2022.

"Much of this growth followed Kwon's brazen deceptions about
Terraform and its technology," the indictment said.

When TerraUSD's value began sliding again in May 2022, the trading
firm warned that propping it up "wasn't so simple this time,"
according to the indictment.

TerraUSD and Luna crashed that month, dragging down the value of
other cryptocurrencies, including bitcoin, and caused wider havoc
in the crypto market.

Prosecutors did not identify the trading firm, Reuters notes. SEC
lawyers said in their civil case that Jump Trading had propped up
TerraUSD in May 2021.

In a trial on the SEC claims, a federal jury in Manhattan found
Kwon and Terraform liable last April for defrauding cryptocurrency
investors, Reuters states.

Terraform's lawyer had said in closing arguments that the company
and Kwon had been truthful about their products and how they
worked, even when they failed.

Kwon did not attend that trial because he had been detained in
Montenegro since March 2023 on forgery charges. He was handed over
to U.S. law enforcement officers on Dec. 31 at an airport in
Podgorica, the capital of Montenegro.

                        About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money/ -- is a
startup that created Terra, a blockchain protocol and payment
platform used for algorithmic stablecoins.  It was co-founded by Do
Kwon and Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01 Guoco Tower
     Singapore 078881



                           *********


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,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***