---

       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

          Wednesday, January 15, 2025, Vol. 28, No. 11

                           Headlines



A U S T R A L I A

FREEDOM CARE: Second Creditors' Meeting Set for Jan. 21
GLOBAL COMPANY: Second Creditors' Meeting Set for Jan. 22
LIVIN LOCAL: WA Insolvency Appointed as Administrators
STAR ENTERTAINMENT: Macau-Based Investor is 2nd-Biggest Shareholder
TAYLORLAND PTY: First Creditors' Meeting Set for Jan. 22

THINK BIG: First Creditors' Meeting Set for Jan. 22


C H I N A

COUNTRY GARDEN: Shareholders Aim to Convert US$1.1BB Loan to Shares
RETO ECO-SOLUTIONS: Sells Shares in HK-Based REIT for $80K
SHIMAO GROUP: Cuts Asking Price for Sheraton Hotel Complex by 30%
SUNAC CHINA: Can't Rule Out Second Offshore Debt Overhaul
[*] Bad-Debt Manager Sets Up US$2.7BB Fund to Aid Property Sector



I N D I A

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
AGENCY HOUSE: CRISIL Keeps B Debt Ratings in Not Cooperating
ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
ASPEN SHAVING: CRISIL Keeps D Debt Ratings in Not Cooperating
B. P. SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating

BALAMURUGAN AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
BAP CREATIONS: CRISIL Keeps B Debt Ratings in Not Cooperating
BEHALI TEA: CRISIL Keeps B Debt Ratings in Not Cooperating
CHAUDHARY JAI: CRISIL Keeps B Debt Ratings in Not Cooperating
DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating

EKTA DAIRY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
J.P.S. FOUNDATION: CRISIL Keeps B+ Debt Rating in Not Cooperating
JOMSONS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
JRT INDUSTRIES: CRISIL Cuts Rating on INR35cr Term Loan to B
K R ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating

KARVY RENEWABLE: CRISIL Keeps C Debt Rating in Not Cooperating
KAVERI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating
KUMAR JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LAXMI FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating

LOROM INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
MAAREWA SUGARS: CRISIL Keeps B Debt Ratings in Not Cooperating
MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
NIRUPAMA COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating

P. L. ASSOCIATES: CRISIL Keeps B Debt Ratings in Not Cooperating
PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating
RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
RUSHABHDEV INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
SUNITA IMPEX: CRISIL Lowers Long/Short Term Ratings to D



M A L A Y S I A

SAPURA ENERGY: Obtains Second Debt Restructuring Approval


N E W   Z E A L A N D

HIKANUI CAPITAL: Waterstone Insolvency Appointed as Receivers
NICHOLAS SKY: Waterstone Insolvency Appointed as Receivers
OMAHU COMMERCIALS: Waterstone Insolvency Appointed as Receivers
SUPA KARTS: Creditors' Proofs of Debt Due on Feb. 6
WESTMAN&CO LIMITED: Creditors' Proofs of Debt Due on Feb. 8



S I N G A P O R E

BRAVO BUILDING: Court Enters Wind-Up Order
FAITHFUL EMPIRE: Creditors' Proofs of Debt Due on Feb. 10
MAXEON SOLAR: Extends Term Sheets With TZE to Jan. 31
NPH ENGINEERING: Court Enters Wind-Up Order
PINNACLE INFOSYS: Court to Hear Wind-Up Petition on Jan. 24

TAN XIANG: Founder to Shut Chinese Restaurant With SGD1MM Loss
VEZ GROUP: Court to Hear Wind-Up Petition on Jan. 24


V I E T N A M

THUDUC HOUSE: Chairman Steps Down 1 Month After Stake Sale

                           - - - - -


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

FREEDOM CARE: Second Creditors' Meeting Set for Jan. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Freedom Care
Group Pty Ltd has been set for Jan. 21, 2025 at 11:30 a.m. via
teleconference.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 20, 2025, at 4:00 p.m.

Ian Niccol and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Dec. 5, 2024.


GLOBAL COMPANY: Second Creditors' Meeting Set for Jan. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Global Company
Service Pty Ltd has been set for Jan. 22, 2025, at 12:00 p.m. via
videoconference only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 21, 2025, at 5:00 p.m.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Dec. 6, 2024.


LIVIN LOCAL: WA Insolvency Appointed as Administrators
------------------------------------------------------
Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions on Jan.
14, 2025, were appointed as Administrators of Livin Local Group Pty
Ltd.

The Administrators may be reached at:

          Greg Prout
          Jimmy Trpcevski
          WA Insolvency Solutions
          GPO Box E241
          66 St Georges Terrace
          Perth, WA 6831


STAR ENTERTAINMENT: Macau-Based Investor is 2nd-Biggest Shareholder
-------------------------------------------------------------------
Reuters reports that a Macau-based individual has become the
second-biggest shareholder in Star Entertainment by building a
stake of more than 5.5% in the embattled Australian company, a
stock exchange filing showed on Jan. 13.

Xingchun Wang, based in the world's biggest gambling hub of Macau,
has bought nearly 158.3 million Star shares between September and
Jan. 10, according to the filing.

That gives Wang a 5.52% stake in the company, based on its shares
outstanding as of Jan. 13, making Wang the second-biggest
shareholder in the company, according to LSEG data, Reuters
relays.

Reuters could not immediately contact Wang, while Star did not
immediately respond to a request for comment.

Star's stock took a beating last week, hitting record lows, after
the debt-laden company flagged liquidity concerns and said it would
be difficult to meet the requirements for the second drawdown of
its debt lifeline, Reuters notes. It rebounded 13.6% on Jan. 13.

According to Reuters, Star has already drawn down half of its
AUD200 million debt facility and its cash on hand had almost halved
in three months to AUD79 million at the end of December.

Investment Holdings, with a 9.6% stake, is the biggest shareholder
in Star.

Reuters adds that Star said both its constitution and deals agreed
with authorities in the states of Queensland and New South Wales
prohibit any one entity from owning a stake of over 10% in the
casino operator.  

                   About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.


TAYLORLAND PTY: First Creditors' Meeting Set for Jan. 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Taylorland
Pty Ltd will be held on Jan. 22, 2025 at 10:00 a.m. via Microsoft
Teams.

Dane Skinner of Raft Consulting was appointed as administrator of
the company on Jan. 13, 2025.


THINK BIG: First Creditors' Meeting Set for Jan. 22
---------------------------------------------------
A first meeting of the creditors in the proceedings of Think Big
Ventures Pty Ltd will be held on Jan. 22, 2025 at 10:00 a.m. at the
offices of Morton & Lee Insolvency at Level 10, 388 Queen St in
Brisbane and via virtual meeting technology.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of the company on Jan. 10, 2025.




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

COUNTRY GARDEN: Shareholders Aim to Convert US$1.1BB Loan to Shares
-------------------------------------------------------------------
The Standard reports that Country Garden's controlling shareholders
intend to convert half of a shareholder loan with a principal of
US$1.1 billion (HK$8.58 billion) into shares of Country Garden and
half into 60 percent of the shares in Forest City held by the
developer, according to mainland media.

The Standard relates that Forest City in Malaysia is co-developed
by Country Garden and Malaysian developer KPRJ and the Chinese
developer indirectly holds a 60 percent stake in the project.

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.

RETO ECO-SOLUTIONS: Sells Shares in HK-Based REIT for $80K
----------------------------------------------------------
ReTo Eco-Solutions, Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that it entered into a
Share Sale Agreement with Zhao Duan Wen, pursuant to which the
Company agreed to sell all of its shares in REIT Holdings (China)
Limited, a Hong Kong limited company and a wholly-owned subsidiary
of the Company, to the Buyer for a purchase price of US$80,000.

REIT Holdings is the holding company of multiple indirect
subsidiaries of the Company, which are engaged in the business of
manufacture and distribution of eco-friendly construction
materials, ecological restoration projects and software development
services and solutions utilizing Internet of Things technologies.
The board of directors of the Company approved the Divestures based
on considerations that these lines of business had experienced
significant losses over the years and that the Company plans to
focus on existing and new businesses that are more profitable and
promising. The terms of the Agreement, including the purchase
price, were negotiated based on an valuation report of a
third-party appraisal firm.

Pursuant to the Agreement, the Buyer shall bear any debts, claims
and liabilities of REIT Holdings existing or potentially contingent
prior to the closing of the Divestiture, or any default liabilities
arising out of the management of the business. The Buyer may not
make any claim under the Agreement, including for a breach of
warranty, unless full details of the claim have been notified to
the Company within 12 months from the Closing. The Agreement
contains customary representations, warranties and covenants by the
parties. The Company's total liability for any claims, subject to
exclusions, under the Agreement is limited to US$100,000.

The Divestiture closed on December 31, 2024. Following the
Divestiture, the Company will no longer be engaged in the business
of manufacture and distribution of eco-friendly construction
materials, ecological restoration projects and software development
services and solutions utilizing Internet of Things technologies
and will focus on research and production of environmental
protection technologies and equipment, application of new energy
technologies, research and development of artificial intelligence
(AI) technology, as well as development of products and solutions
of general health and wellness.

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of June 30, 2024, ReTo Eco-Solutions had $33,671,537 in total
assets, $19,894,564 in total liabilities, and $13,776,973 in total
shareholders' equity.

SHIMAO GROUP: Cuts Asking Price for Sheraton Hotel Complex by 30%
-----------------------------------------------------------------
Mingtiandi reports that Shimao Group is making a fresh attempt to
sell a Sheraton hotel complex near Hong Kong International Airport,
with market sources confirming to Mingtiandi that the defaulted
developer is seeking HK$4.5 billion ($580 million) for the
dual-branded property.

In 2023, Shimao had tried to sell the asset, comprising the 218-key
Sheraton Hong Kong Tung Chung Hotel and the 1,001-room Four Points
by Sheraton, at an asking price of HK$6.5 billion ($828 million).
The lodgings are being offered together with the property's T Bay
retail podium in an expression of interest exercise closing on 15
April, sole agent Savills announced on Jan. 12.

According to The Standard, Savills Greater China CEO Raymond Lee
linked the sale effort to the nearby Airport City megaproject,
which includes three Grade A office towers and the
under-construction 11 Skies mall with retail, dining and
entertainment facilities set to open in phases from the second half
of 2025.

"The development of Airport City will directly drive the demand for
hotel accommodations in the area," the report quotes Mr. Lee as
saying. "As the largest and highest-quality hotel asset in the
region, this property is expected to attract investors seeking
growth opportunities."

The waterfront Sheraton complex spans a total gross floor area of
610,000 square feet (56,671 square metres) and features 1,219 guest
rooms, making it the third-largest hotel property in Hong Kong by
room count, The Standard discloses citing Savills. The five-star
Sheraton Hong Kong Tung Chung touts a high-end experience, and the
Four Points by Sheraton caters to budget travellers.

For the prior marketing exercise launched in March 2023, Shimao
appointed JLL to sell the Marriott-operated property roughly 10
minutes by road from the gateway airport on Lantau Island, finding
no takers at the $828 million guide price.

A market source told Mingtiandi on Jan. 13 that the owners or
mortgagee banks in a distressed sale typically require several
serious marketing exercises before they are willing to take a
haircut, with buyers hard to find due to "extremely limited"
liquidity in the market.

In July 2023, Shimao announced a "definitive agreement" with
lenders to restructure the existing project loan facilities for the
Sheraton complex, The Standard recalls. The company said at the
time that the project might form part of an asset package as
supplemental credit enhancement for Shimao's debt restructuring
plan, which has yet to be completed.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific, Shimao
Group has missed the interest and principal payment of a US$1
billion offshore bond due on July 3, 2022.

SUNAC CHINA: Can't Rule Out Second Offshore Debt Overhaul
---------------------------------------------------------
Bloomberg News reports that defaulted property developer Sunac
China Holdings said it can't rule out a second offshore debt
restructuring as a prolonged property crisis dims its outlook and
it faces another court petition to wind up operations.

Bloomberg relates that the company "doesn't exclude seeking a more
comprehensive holistic offshore debt solution", given that current
market conditions are "significantly below" expectations when it
completed its first overhaul in 2023.

According to Bloomberg, the development signals renewed financial
stress for the Chinese developer, which first defaulted on a US
dollar bond in 2022 as the country's housing crisis escalated.
Investors have grown increasingly anxious about upcoming interest
payments amid sluggish sales, which sent its shares and US dollar
notes to their lowest levels in months last week.

Sunac said in the statement that it may not be able to pay some
offshore debt if the wind-up petition is successful. The developer
said it will oppose the petition "vigorously," Bloomberg relays.

"The petition may prompt other creditors of the group to demand
acceleration of payment," Sunac said. "The company expects that it
will not be able to meet other offshore payment obligations when
due or within the relevant grace periods."

China's private-sector developers have yet to escape a years-long
downturn in the property market as sales of new homes remain weak
even after a series of government stimulus measures, notes the
report. Country Garden Holdings, which for several years was
China's largest developer by sales, on Jan. 9 said that it proposed
new terms with key banks to slash debt by as much as US$11.6
billion and extend maturities by up to 11.5 years, Bloomberg
relays.

Sunac became one of China's first distressed developers to
restructure its offshore debt about a year and half after
defaulting on a US dollar bond, fuelling optimism that such deals
can be done.

Bloomberg notes that Sunac is trying to carry out a separate deal
to restructure about CNY15.5 billion of onshore bonds, aiming to
cut its yuan-denominated debt by more than half.

The wind-up petition represents a fresh headwind, Bloomberg says.
The request is related to its non-repayment on a US$30 million loan
it guaranteed, and was filed by China Cinda HK Asset Management. A
hearing is scheduled for March 19, according to the statement.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, 2023,
marking the first approval of such debt overhaul by a major Chinese
property developer.

Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023.   U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.

[*] Bad-Debt Manager Sets Up US$2.7BB Fund to Aid Property Sector
-----------------------------------------------------------------
Caixin Global reports that China Cinda Asset Management Co. Ltd.,
the state-owned bad asset manager, is launching a 20-billion-yuan
($2.7 billion) fund with its affiliates to come to the aid of
struggling real estate developers and rescue projects threatened by
the property downturn.

China Cinda is one of four national asset management companies
(AMC) created by Beijing in the late 1990s to dispose of the bad
loans that state-owned banks had amassed at the time, Caixin notes.
China Galaxy Asset Management Co. Ltd. won approval to become a
fifth national AMC in 2020.




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

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adi Wires
Private Limited (AWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.35        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              3.18        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AWPL for
obtaining information through letter and email dated December 9,
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 AWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AWPL continues to be 'CRISIL D Issuer not cooperating'.

Incorporated in 2006, Jharkhand-based AWPL manufactures binding
wires and wire nails, which are largely used in the construction
industry. The company is promoted and managed by Mr. Amit Sarawgi
and Mr. Rohit Jain.


AGENCY HOUSE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agency House
(A and N Islands) Private Limited (AHPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Electronic Dealer       8         CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 
                                     
CRISIL Ratings has been consistently following up with AHPL for
obtaining information through letter and email dated December 9,
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 AHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AHPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2003, as a proprietary concern by Mr Sharan Kumar Nanda,
and reconstituted as a private limited company in 2016, AHPL is an
authorised dealer for MSIL's cars. The company is based in Port
Blair in the Andaman and Nicobar Islands.


ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arun Polymers
(AP) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          0.15       CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             3.5        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        7.55       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Short Term     0.33       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Proposed Short Term     0.57       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   SME Credit              0.25       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2.4        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AP for
obtaining information through letter and email dated December 9,
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 AP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AP
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

AP is a partnership firm set up in 2000 by Mr. P. Thiyagarajan. The
firm manufactures PVC pipes.


ASPEN SHAVING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aspen Shaving
Products (ASP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      1           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        5           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        1.5         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with ASP for
obtaining information through letter and email dated December 9,
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 ASP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASP continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

ASP is a proprietorship firm of Mr Kasivi, who manages operations.
The firm is into manufacturing of DE blades with a plant near
Hyderabad. DE blades are cost-effective and commonly used in
shaving and hair cutting saloons.


B. P. SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. P. Spices
(BP) continue to be 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility       2        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BP for
obtaining information through letter and email dated December 9,
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 BP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of BP
continues to be 'CRISIL B/Stable Issuer not cooperating'.

Established in 2012 and based out of Unjha, Gujarat, BP Spices
repackages and trades cumin (Jeera) and fennel (saunf) seeds. Mr.
Pavan Kumar Patel and Mr. Brijesh Patel are the partners.


BALAMURUGAN AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balamurugan
Automobiles (BA; part of the Balamurugan Group) continues to be
'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL Ratings has been consistently following up with BA for
obtaining information through letter and email dated December 9,
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 BA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of BA
continues to be 'CRISIL B/Stable Issuer not cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Balamurugan Enterprises
(BE) and BA. This is because these entities together referred to as
the Balamurugan group, are in the same line of business, have
common promoters and have operational linkages.

Set up in 2008 and based in Vellore (Tamil Nadu; AP), BA is an
authorised dealer for TVS's two wheelers in Vellore district. BE,
set up in 1998, is also in a similar business. The group is
promoted by Mr. R. Sampath Kumar.


BAP CREATIONS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BAP Creations
Private Limited (BCPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      6        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with BCPL for
obtaining information through letter and email dated December 9,
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 BCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BCPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2011, BCPL trades in imported products, including
gift articles, glassware, crystal ware, and crockery products. The
company is owned and managed by Mr. M.L. Garg and family.


BEHALI TEA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Behali Tea
Company Private Limited (BTC) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash           1.5      CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Proposed Term Loan      2.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan               1.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BTC for
obtaining information through letter and email dated December 9,
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 BTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BTC continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2011, Assam-based BTC manufactures Assam CTC
(crush, tear, curl) loose tea, BOPSM CTC tea, and CTC black tea.
The company is promoted by Mr Lakhi Barali, Mr Tirap Gautam, and
others.


CHAUDHARY JAI: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chaudhary Jai
Ram Cold Storage Private Limited (CJR) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          3.1       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Overdraft Facility      1.9       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      4.7       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital         0.3       CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)


CRISIL Ratings has been consistently following up with CJR for
obtaining information through letter and email dated December 9,
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 CJR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CJR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CJR continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in December 2014, CJR is promoted by Mr Veerendra
Singh and Mr Gaurav Singh. It is engaged in providing cold storage
services to farmers for potatoes and perishable products.


DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deccan
Extrusions Private Limited (DEPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              6         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DEPL for
obtaining information through letter and email dated December 9,
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 DEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEPL continues to be 'CRISIL D Issuer not cooperating'.

Commenced commercial operations in 1989, DEPL manufactures
aluminium profiles. The product portfolio consists of various
aluminium profiles which are used as panels, channels and verticals
with their end usage in residential, construction, transport,
power, consumer goods and other industries. DEPL has its
manufacturing facility with an installed capacity of 5400 tonnes
per month (TPM) at Pondicherry.



EKTA DAIRY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ekta Dairy
Private Limited (EDPL) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash           3.5       CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with EDPL for
obtaining information through letter and email dated December 9,
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 EDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
EDPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2007 and promoted by Mr Narendra Kumar Sacchan,
EDPL processes milk and its byproducts. The company's plant,
located in Fatehpur (Uttar Pradesh), processes 0.25 million litres
of milk per day. EDPL also does jobwork for Gujarat Co-operative
Milk Marketing Federation Ltd and other companies.


J.P.S. FOUNDATION: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J.P.S.
Foundation (JPSF) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with JPSF for
obtaining information through letter and email dated December 9,
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 JPSF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPSF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JPSF continues to be 'CRISIL B+/Stable Issuer not cooperating'.

JPSF, set up in 1986 and registered in 1992, functions as a
not-for-profit society. Based in Lucknow, the society implements
various schemes, operated by the state and central government in
Unnao, Raebareli and surrounding areas.


JOMSONS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jomsons
Enterprises (India) Private Limited (JE; part of the Jomsons group)
continue to be 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          9.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JE for
obtaining information through letter and email dated December 9,
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 JE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of JE
continues to be 'CRISIL B/Stable Issuer not cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of JE and Bestin Plast (BP).
This is because both the entities, together referred to as the
Jomsons group, are in the same line of business, have operational
and financial linkages, and are managed by the same promoter.

The Jomsons group trades in PVC panel profiles and is venturing
into customised printing in 3D texture on doors, ceilings, floors,
and other surfaces. JE, formerly known as Jomsons Plastics, was
established in 2011 and BP in 1993. Both entities, based in
Thrissur (Kerala), are managed by Mr Bestin Joy.


JRT INDUSTRIES: CRISIL Cuts Rating on INR35cr Term Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of JRT
Industries LLP (JRT) to 'CRISIL B/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Term Loan      35       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan                5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with JRT for
obtaining information through letter and email dated December 9,
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 JRT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JRT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JRT revised to 'CRISIL B/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

JRT, formed in December 2018, set up a unit for manufacturing
asbestos cement corrugated sheets and non-asbestos flat sheets with
capacity of 80,000 tonne per annum at Kamrup in Assam. It commenced
commercial operations from April 2022. The firm is owned and
managed by Mr Deepak Kayal, Ms Kriti Agarwal, Mr Ravi Agarwal and
Ms Ritu Kayal.


K R ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of K R
Enterprises (KRE) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KRE for
obtaining information through letter and email dated December 9,
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 KRE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KRE continues to be 'CRISIL B/Stable Issuer not cooperating'.

KRE was set up in 2008 as a partnership between Mr Kailash Malhotra
and Mr Vivek Malhotra. The Jamshedpur based firm trades in iron and
steel scrape.


KARVY RENEWABLE: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karvy
Renewable Energy Projects Limited (KREPL; a part of the Karvy Data
Management Services Ltd (KDMSL) group) continues to be 'CRISIL C
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        12.15       CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KREPL for
obtaining information through letter and email dated December 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KDMSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KDMSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KDMSL continues to be 'CRISIL C Issuer not cooperating'.

Incorporated in 2016, Hyderabad-based KREPL provides EPC solutions
for solar projects.

Incorporated in 2008, KDMSL, headquartered in Hyderabad, is a
step-down subsidiary of Karvy Stock Broking Ltd (KSBL). It provides
business and knowledge process services. The company started off as
a pure-play back office service provider and added other verticals,
such as e-governance, banking, telecom, and e-commerce. The company
is a strong player in government mandates, such as UIDAI's Aadhaar,
PAN card, NPR Biometric, and E-TDS. It has established healthy
working relationships with several key government departments and
enjoys strong support from the Karvy group.


KAVERI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaveri Cotton
Industries (KCI) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan         1.54     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     1.46     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL Ratings has been consistently following up with KCI for
obtaining information through letter and email dated December 9,
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 KCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KCI continues to be 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2011 as a partnership firm, KCI gins and presses raw
cotton and sells cotton lint and cotton seeds. It is promoted by Dr
V Satish, Mr K Ramakrishna Rao, Mr V Anjaneyulu, and Mr S Srinivas
Rao along with their family members.


KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of
Kizhakkebhagathu Rice Mills (KRM) continues to be 'CRISIL C Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Open Cash Credit        6          CRISIL C (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KRM for
obtaining information through letter and email dated December 9,
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 KRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KRM continues to be 'CRISIL C Issuer not cooperating'.

Set up in 1997, KRM mills and processes paddy into rice, rice bran,
broken rice and husk. It has an installed paddy milling capacity of
5 tonnes per hour (tph). Its rice mill is located at Muvattupuzha,
Kerala. Its operations are managed by Mr. Dinu Kurien.



KUMAR JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kumar
Jewellers (KJ) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term      5         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KJ for
obtaining information through letter and email dated December 9,
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 KJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KJ
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

Based in Nellore, Tamil Nadu, KJ retails gold jewellery. The firm
was established by Mr Sukumar D Vas a proprietary concern in 1992
and reconstituted as a partnership firm in February 2016 when his
brothers also joined the business.


LAXMI FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi Feeds
and Farms (LFF) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Secured Overdraft       5         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with LFF for
obtaining information through letter and email dated December 9,
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 LFF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LFF continues to be 'CRISIL B/Stable Issuer not cooperating'.

LFF, set up in 2017, manufactures poultry feed in Udupi district,
Karnataka. Mr. Mahesh Udupa and his family members manage the
operations.


LOROM INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lorom India
Corporation Private Limited (LICPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         1          CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with LICPL for
obtaining information through letter and email dated December 9,
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 LICPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LICPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

LICPL was set up in 2008, as a wholly-owned subsidiary of LICL, a
Taiwanese company incorporated in 1988. LICPL is engaged in
designing, engineering, and manufacturing of cable assemblies, wire
harnesses and electronic assemblies, and the daily operations are
managed by Mr Tenzin Tsering.


MAAREWA SUGARS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MaaRewa
Sugars Private Limited (MRSPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               3.98      CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               6.9       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               5.75      CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts     15.00      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MRSPL for
obtaining information through letter and email dated December 9,
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 MRSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MRSPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

MRSPL was incorporated in 2015, and manufactures sugar with
capacity of 1,500 TCD in Narmadanagar, Madhya Pradesh. It also has
2.5 MW bagasse-based captive power generation capacity.


MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahesh Dyeing
and Printing Mills Private Limited (MDPMPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          5.10       CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Long Term   0.18       CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

   Rupee Term Loan      4.72       CRISIL D (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with MDPMPL for
obtaining information through letter and email dated December 9,
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 MDPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MDPMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of MDPMPL continues to be 'CRISIL D Issuer not
cooperating'.

MDPMPL, incorporated in 1997 at Surat (Gujarat), dyes and processes
fabrics, catering mainly to textile players in Surat. Mr
Nandkishore Rathi and family are the promoters.


MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mogals
Educational and Charitable Trust (MECT) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        16         CRISIL D (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with MECT for
obtaining information through letter and email dated December 9,
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 MECT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MECT continues to be 'CRISIL D Issuer not cooperating'.

MECT, based in Nagercoil (Tamil Nadu), was established in 2004 by
Mr Mohamed Eakieem. The trust offers undergraduate, graduate, and
post-graduate courses in engineering, and teacher training courses
through MET College of Education, MET Engineering College, and MET
Teacher Training College.



NIRUPAMA COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nirupama Cold
Storage Private Limited (NCSPL) continue to be 'CRISIL B+/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-          1.74     CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating)

   Working Capital         1.31     CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with NCSPL for
obtaining information through letter and email dated December 9,
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 NCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NCSPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.

NCSPL, incorporated in 1997, provides cold storage facility to the
potato farmers and traders in Bankura (West Bengal); the facility
has an installed capacity of 2,15,000 quintals per annum. Mr Bidyut
Kumar Mal, Mr Ranjan Kumar Mal, Mr Joydeb Mal, Mr Shyama, Mr Baran
Chattaraj, and Mr Sunil Kumar Mal are the directors.


P. L. ASSOCIATES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. L.
Associates (PL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Foreign Letter         5         CRISIL B/Stable (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with PL for
obtaining information through letter and email dated December 9,
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 PL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PL
continues to be 'CRISIL B/Stable Issuer not cooperating'.

PL, set up in 2010 in Gandhidham, is promoted by Mr Salabh Kumar
Agarwal. It processes and trades in pine wood logs and lumbers.


PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pradhama
Multi Speciality Hospitals & Research Institute Limited (PMSHRIL)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            1.75       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            0.75       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.75       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        15          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        10          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PMSHRIL for
obtaining information through letter and email dated December 9,
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 PMSHRIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PMSHRIL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PMSHRIL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2014, PMSHRIL is setting up a 593-bed
multi-specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started
commercial operations in July, 2017.


RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Renganayagi
Varatharaj College of Engineering (RVCE) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan           20        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with RVCE for
obtaining information through letter and email dated December 9,
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 RVCE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RVCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RVCE continues to be 'CRISIL D Issuer not cooperating'.

RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by
the KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunelveli, and accredited to
All-India Council for Technical Education. The college is managed
by Chairman Mr V Kesavan, Secretary Mr V Ragavan, and
correspondent, Ms Brindha J Ragavan.


RUSHABHDEV INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rushabhdev
Infraprojects Private Limited (RIPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         56        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letter and email dated December 9,
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 RIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RIPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in April 2011 and promoted by Mr Jignesh Shah, Mr Amit
Benani, and Mr Ketan Benani, RIPL develops residential and
commercial real estate projects in Ahmedabad.


SUNITA IMPEX: CRISIL Lowers Long/Short Term Ratings to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Sunita Impex Private Limited (SIPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating' based on publicly available information.'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating       -        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated December 13,
2023, January 7, 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 SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the best available information, CRISIL Ratings has
downgraded its ratings on the bank facilities of SIPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating' based on publicly available information.'
as the company has defaulted in the debt obligations to bank and
clarity about the same from the management and bankers is awaited.

SIPL was set up in 1974 as a partnership, M/s Sunita Textile &
Engineer, between Mr Mahavir Sonika and Mr Shushil Kumar Sonika. It
was reconstituted into a private-limited company of the current
name in 1991. Initially, the company traded in textile machinery;
it later diversified into trading of machinery and spare parts,
ranging from food processing, pharmaceutical to printing and
packaging machinery. The company then ventured into manufacturing
and export of readymade garments with its facility at Marathahalli
(Karnataka).




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

SAPURA ENERGY: Obtains Second Debt Restructuring Approval
---------------------------------------------------------
The Malaysian Reserve reports that Sapura Energy Bhd has made
significant progress in its debt restructuring journey, with
confirmation from the Corporate Debt Restructuring Committee (CDRC)
on Jan. 11, 2025, that at least 75% of its multi-currency financing
(MCF) financiers have approved additional terms for its proposed
restructuring scheme (PRS).

This approval, known as the second approval-in-principle (AIP),
brings the company one step closer to regularising its financial
position, the report relates.

The Malaysian Reserve says the negotiations between Sapura Energy
and the MCF financiers, which have been ongoing since September
2022, have been facilitated by the CDRC.

The company received the first AIP in December 2023, following
which it made adjustments to the PRS based on progress in resolving
contingent claims through the proof-of-debt process.

With the second AIP in place, Sapura Energy is now able to proceed
with court-convened meetings involving the relevant creditor
classes, the report states.

Additionally, the approval opens the door to potential financial
support from a White Knight investor.

Interim chairman Shahin Farouque Jammal Ahmad commented, "With this
positive development, Sapura Energy is another step closer to
regularising our financial position and emerging from our status as
a Practice Note 17 company," The Malaysian Reserve relays.

                        About Sapura Energy

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.

Sapura Energy Bhd announced on May 31, 2022, that it has been
classified as a PN17 listed issuer due to going concerns on its
shareholders' equity position less than 50% of its share capital.

Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50% of its share capital of
MYR10.9 billion.




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

HIKANUI CAPITAL: Waterstone Insolvency Appointed as Receivers
-------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Dec.
18, 2025, were appointed as receivers and managers of Hikanui
Capital Limited.

The receivers and managers may be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland 1140


NICHOLAS SKY: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Dec.
19, 2025, were appointed as receivers and managers of Nicholas Sky
Ashurst And Kate Elizabeth West.

The receivers and managers may be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland 1140


OMAHU COMMERCIALS: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Dec.
18, 2024, were appointed as receivers and managers of Omahu
Commercials Limited.

The receivers and managers may be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland 1140


SUPA KARTS: Creditors' Proofs of Debt Due on Feb. 6
---------------------------------------------------
Creditors of Supa Karts (2016) Limited are required to file their
proofs of debt by Feb. 6, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 6, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


WESTMAN&CO LIMITED: Creditors' Proofs of Debt Due on Feb. 8
-----------------------------------------------------------
Creditors of Westman&Co Limited are required to file their proofs
of debt by Feb. 8, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 8, 2025.

The company's liquidator is:

          Rhys Cain
          Westman&Co Limited
          c/- PO Box 20113
          Christchurch 8053




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

BRAVO BUILDING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of Bravo Building Construction Pte. Ltd.

The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company.

The company's liquidators are:

          Aw Eng Hai
          Kon Yin Tong of
          M/s Foo Kon Tan LLP
          1 Raffles Place
          #04-61 One Raffles Place Tower 2
          Singapore 048616


FAITHFUL EMPIRE: Creditors' Proofs of Debt Due on Feb. 10
---------------------------------------------------------
Creditors of Faithful Empire Company Pte. Ltd. are required to file
their proofs of debt by Feb. 10, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2024.

The company's liquidators are:

          Lim Soh Yen
          Loh Li Er Lydia
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413



MAXEON SOLAR: Extends Term Sheets With TZE to Jan. 31
-----------------------------------------------------
As previously announced, on November 26, 2024, Maxeon Solar
Technologies Ltd. disclosed the signing of two partially binding
term sheets with TCL Zhonghuan Renewable Energy Technology Co Ltd.
and its subsidiaries, the Company's controlling shareholder
(collectively, "TZE"), in connection with certain potential
transactions.

Pursuant to their respective terms, each Term Sheet would
automatically terminate at 11:59 pm C.S.T on December 31, 2024. On
December 31, 2024, Maxeon and TZE executed an "Extension of
Termination Date" document with respect to each Term Sheet,
pursuant to which both parties agreed to extend the Termination
Date with effect from 11.59 pm C.S.T. on December 31, 2024, such
that each Term Sheet will now automatically terminate on 11:59 pm
C.S.T. on January 31, 2025. Except for the New Termination Date,
the Term Sheets will otherwise continue in full force and effect in
accordance with their respective terms.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

NPH ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Dec. 27, 2024, to
wind up the operations of NPH Engineering Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


PINNACLE INFOSYS: Court to Hear Wind-Up Petition on Jan. 24
-----------------------------------------------------------
A petition to wind up the operations of Pinnacle Infosys Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 24, 2025,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 3, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


TAN XIANG: Founder to Shut Chinese Restaurant With SGD1MM Loss
---------------------------------------------------------------
Jan Lee at The Straits Times reports that actor and F&B
entrepreneur Ben Yeo is shutting down the high-end modern Chinese
restaurant he founded, Tan Xiang Yuan, after two years. The
46-year-old Mediacorp artiste had incurred more than SGD1 million
in losses from the venture.

Mr. Yeo told Chinese-language news outlet Lianhe Zaobao in an
interview on Jan. 3: "In business, you either make a profit or
you've failed. From a business perspective, anything that doesn't
make money, you have to know when to stop the bleeding. Shutting
down is how we're stopping the bleeding."

The Straits Times relates that the restaurant, which opened in
November 2022, is in a two-storey conservation house in Dickson
Road. It was founded by Mr. Yeo, celebrity chef Cao Yong and other
business partners, and it offers dishes like seafood steamboat and
Peking duck.

Mr. Yeo owns several other F&B establishments, like zi char hawker
stall Charcoal Fish Head Steamboat Restaurant in Kallang and a wet
market-themed kopitiam Tan Xiang Chai Chee in Chai Chee Lane.

He said his biggest mistake in running Tan Xiang Yuan was spending
some SGD800,000 on renovations, which made it difficult for the
restaurant to turn a profit, the Straits Times relates. The actor,
who has starred in Channel 8 series like Mind Matters (2018) and
Your World In Mine (2022), said he did not anticipate renovation
costs to be so high.

"Because the restaurant is housed in an old, conserved building,
there were a lot of regulations to adhere to. Some of our
renovations were not approved, so we had to redo them. It cost us a
lot of money, and a lot of the expenditure was unexpected. But we
had already started on the renovations at that point, so we
couldn't just stop," the report quotes Mr. Yeo as saying.

He added that he felt bad for the restaurant's employees.

"The restaurant's day-to-day way of working is quite different from
the fish head steamboat zi char stall. I'm trying to find vacancies
for them in other F&B establishments. They told me not to stress
out about it and said they can look for jobs on their own. I feel
sad about having to let them go."

Tan Xiang Yuan's last day of operations will be Feb. 12, the final
day of the traditional 15-day Lunar New Year celebrations. Mr. Yeo
said he had originally planned to shutter the restaurant on Dec.
31, but the restaurant had introduced its Lunar New Year menu in
November and it is nearly full for the festive period.

"We've been given a lot of support by our patrons, so we shall
celebrate our last festive season in Tan Xiang Yuan with them," he
said, notes the report.

Following news of the closure, Mr. Yeo posted a photo of himself
standing in front of the restaurant. He thanked everyone for their
concern and hoped people will continue to support his other F&B
ventures, the Straits Times adds.


VEZ GROUP: Court to Hear Wind-Up Petition on Jan. 24
----------------------------------------------------
A petition to wind up the operations of VEZ Group Pte. Ltd.
(formerly known as Elizabeth-Zion Asia Pacific Pte. Ltd.) will be
heard before the High Court of Singapore on Jan. 24, 2025, at 10:00
a.m.

DBS Bank Ltd filed the petition against the company on Dec. 30,
2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937




=============
V I E T N A M
=============

THUDUC HOUSE: Chairman Steps Down 1 Month After Stake Sale
----------------------------------------------------------
VnExpress reports that Chairman of property developer Thuduc House,
Nguyen Quang Nghia, has resigned a month after he sold almost his
entire stake in the company.

VnExpress says Nghia resigned on Jan. 13 for personal reasons. He
had sold 20.7 million shares to bring his stake to 0.05% from
18.4%.

The 47-year-old had taken over in August 2023.

His resignation means all board members and the CEO of the company
have resigned since last year even as it continues to face
challenges after its former general director and some key personnel
were arrested in 2021 for allegedly falsifying tax documents to
appropriate money, according to VnExpress.

Since 2020 the company has been posting losses except for 2022 when
it posted a marginal profit.

As of the third quarter last year, it had accumulated losses of
VND755 billion (US$30 million), VnExpress discloses.

Thuduc House engages in the real estate business in Vietnam. Its
real estate projects include new urban areas, medium- and high-end
apartments, commercial centers, resorts, and hotels. The company
also produces, processes, and supplies pure ice and bottled pure
water under the DAB brand. In addition, it engages in real estate
brokerage and commodity trading.  



                           *********


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
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