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

                     A S I A   P A C I F I C

          Monday, January 20, 2025, Vol. 28, No. 14

                           Headlines



A U S T R A L I A

BARBERSINC ESPRESSO: Second Creditors' Meeting Set for Jan. 24
BULLETPROOF CUSTOMS: Second Creditors' Meeting Set for Jan. 23
CAR STACKERS: First Creditors' Meeting Set for Jan. 28
FOXVILLE PROJECTS: First Creditors' Meeting Set for Jan. 24
LOWE INDUSTRIES: First Creditors' Meeting Set for Jan. 23

NIGHTINGALE: Taps Restructuring Expert; Racks Up AUD500K in Debt
OPENN NEGOTIATION: Exits External Administration
STAR ENTERTAINMENT: Asks for Tax Reprieve from NSW, Queensland Govt


C H I N A

CHINA VANKE: Bonds Rebound from Lows as Focus Shifts to Local Note
FINGERTANGO: SFC, Hong Kong Stock Exchange Take Action vs. Company
LONGI GREEN: Predicts Loss of Up to CNY8.8 Billion in 2024


I N D I A

ANSAL HOUSING: Ind-Ra Keeps D Rating in NonCooperating
BABA JATADHARI: CARE Lowers Rating on INR4.76cr LT Loan to D
BALAVIGNA WEAVING: Ind-Ra Affirms BB+ Term Loan Rating
BALESHWAR KHARAGPUR: Ind-Ra Affirms D Bank Loan Rating
BCL BIO: Ind-Ra Assigns BB+ NonConvertible Debts Rating

BNH INFRA: Ind-Ra Cuts Bank Loan Rating to D
CAPITAL VENTURES: CARE Lowers Rating on INR24cr LT Loan to B-
CELMECH ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
DALKAN SHIPBREAKING: Ind-Ra Affirms BB- Rating, Outlook Stable
DHANDA BREEDING: CARE Keeps B- Debt Rating in Not Cooperating

GEOXA STEELS: CARE Keeps D Debt Rating in Not Cooperating Category
GIORDANO FASHIONS: Voluntary Liquidation Process Case Summary
GREEN MAPS: Ind-Ra Hikes Loan Rating to BB, Outlook Stable
GUJARAT HY-SPIN: CARE Keeps D Debt Ratings in Not Cooperating
HEAVY ENGINEERING: Ind-Ra Keeps D Rating in NonCooperating

HH IRON: Ind-Ra Withdraws BB Bank Loan Rating
HIM ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating Category
HOTEL JALTARANG: CARE Keeps D Debt Rating in Not Cooperating
HUHTAMAKI FOODSERVICE: CARE Keeps C Debt Rating in Not Cooperating
IIFL FINANCE: S&P Assigns 'B+' Rating to New Senior Secured Notes

J.B. GOLD: CARE Keeps D Debt Rating in Not Cooperating Category
KHIMJI FINSERVE: Ind-Ra Hikes Bank Loan Rating to BB
LANDMARK MOTELS: CRISIL Keeps B Debt Ratings in Not Cooperating
LIVA INVESTMENT: Voluntary Liquidation Process Case Summary
LOKMANGAL AGRO: CARE Keeps D Debt Rating in Not Cooperating

LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating
LONE FURROW: Ind-Ra Withdraws BB+ NonConvertible Debts Rating
MAA TARA: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
MULTICITY HOSPITALITIES: Insolvency Resolution Process Case Summary

NATIONAL STEEL: Ind-Ra Keeps D Loan Rating in NonCooperating
NEPTUNE LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating
OBAN FASHIONS: Insolvency Resolution Process Case Summary
ORIENT CRAFT: Ind-Ra Keeps D Loan Rating in NonCooperating
PADMAVATI GINNING: CARE Keeps D Debt Rating in Not Cooperating

PARAS STEEL: Ind-Ra Affirms BB- Bank Loan Rating
PHOSPHATE COMPANY: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
R M ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
RAGHUVANSHI COTTON: Insolvency Resolution Process Case Summary
RAJDHANI CRAFTS: Ind-Ra Cuts Bank Loan Rating to BB

RCI INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating
SADASHIB COLD: CRISIL Moves B+ Debt Ratings From Not Cooperating
SHIVAM CASTOR: CRISIL Keeps B Debt Rating in Not Cooperating
SHIVRAM SYNTHETICS: CARE Lowers Rating on INR10.00 LT Loan to D
SLYLANDRO POWER: CARE Keeps D Debt Rating in Not Cooperating

SRS LIMITED: Ind-Ra Keeps D Loan Rating in NonCooperating
SUPERFINE EXTRUSIONS: Insolvency Resolution Process Case Summary
SWASTIK COAL: Ind-Ra Keeps D Loan Rating in NonCooperating
TECHINDIA NIRMAN: Insolvency Resolution Process Case Summary
V. K. S. COMBINES: CRISIL Keeps B+ Debt Rating in Not Cooperating

VENKATRAMA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VIJAYKUMAR & CO: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating Category
ZENITH DRUGS: CRISIL Withdraws B+ Ratings on INR2.84cr Term Loan


N E W   Z E A L A N D

BROMMEL ROOFING: Court to Hear Wind-Up Petition on Feb. 4
GOLDENVIEW LIVE: Creditors' Proofs of Debt Due on Feb. 13
JIRAH'S CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 31
NZESH LIMITED: Court to Hear Wind-Up Petition on Feb. 20
TRANS-PACIFIC: Creditors' Proofs of Debt Due on Feb. 14

[*] NEW ZEALAND: Business Liquidations at the Highest in 10 Years


S I N G A P O R E

ALLCHEM PRODUCTS: Court Enters Wind-Up Order
BOUNTIFUL TREE: Court to Hear Wind-Up Petition on Jan. 31
ECO FAMILY: Court Enters Wind-Up Order
SHANG ANTIQUE: Court to Hear Wind-Up Petition on Jan. 31
USP GROUP: Receives Demand Letters Amid Judicial Management

VJAG HOLDINGS: Court Enters Wind-Up Order

                           - - - - -


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

BARBERSINC ESPRESSO: Second Creditors' Meeting Set for Jan. 24
--------------------------------------------------------------
A second meeting of creditors in the proceedings Of Barbersinc
Espresso Bar & Food Pty Ltd has been set for Jan. 24, 2025 at 10:30
a.m. virtually via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 23, 2025 at 5:00 p.m.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on Dec. 10, 2024.


BULLETPROOF CUSTOMS: Second Creditors' Meeting Set for Jan. 23
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Bulletproof
Customs Pty Ltd has been set for Jan. 23, 2025 at 10:00 a.m. via
Microsoft Teams virtual technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2025 at 5:00 p.m.

Declan Lane and Andrew Blundell of Cathro & Partners were appointed
as administrators of the company on Dec. 9, 2024.


CAR STACKERS: First Creditors' Meeting Set for Jan. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Car Stackers
International Pty Ltd will be held on Jan. 28, 2025 at 12:00 p.m.
virtually by video conference.

Shaun Matthews and Barry Wight of Cor Cordis were appointed as
administrators of the company on Jan. 15, 2025.


FOXVILLE PROJECTS: First Creditors' Meeting Set for Jan. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Foxville
Projects Group (NSW) Pty Ltd will be held on Jan. 24, 2025 at 11:00
a.m. at the offices of RSM Australia Partners at Level 13, 60
Castlereagh Street in Sydney and via teleconference.

Richard Stone and Brett Lord of RSM Australia Partners were
appointed as administrators of the company on Jan. 15, 2025.


LOWE INDUSTRIES: First Creditors' Meeting Set for Jan. 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Lowe
Industries Pty Ltd will be held on Jan. 23, 2025 at 1:30 p.m.
virtually by Zoom.

Nathan Deppeler and Con Kokkinos of Worrells were appointed as
administrators of the company on Jan. 13, 2025.


NIGHTINGALE: Taps Restructuring Expert; Racks Up AUD500K in Debt
----------------------------------------------------------------
The Sydney Morning Herald reports that not-for-profit development
group Nightingale has called in a restructuring expert to help it
broker a cents-in-the-dollar deal for its creditors, including the
Tax Office, as it tries to recover from a mass exodus from its
board in the second half of last year.

Nightingale, which is well known for its aim to revolutionise the
apartment industry by creating sustainable, small-footprint homes,
called in restructuring firm Rodgers Reidy in October to help it
work through its business problems, SMH recalls.

SMH says the restructure is not expected to have any impact on the
group's developments already under construction, which include
projects in Coburg and Brunswick.

The boutique developer, which includes a percentage of community
and affordable housing in its buildings, has completed 21 projects,
according to its website, including 15 developments in the
Brunswick area. It was also recently selected by the state
government to participate in the request-for-proposal process for
development of state-owned land near designated transport hubs.

The appointment of the restructuring practitioner came as the group
recorded an exodus of six directors between July and November last
year and the departure of its chief executive in September.

According to SMH, Nightingale executive director Toby Dean said the
group had used the simplified debt-restructuring program to reset
the business, which would continue with its planned projects.

"Nightingale Housing is committed to housing people in diverse,
sustainable and connected communities. We are continuing on our
mission to deliver much-needed housing, with a steady pipeline of
new homes alongside projects recently completed, under
construction, and in planning," SMH quotes Mr. Dean as saying. "As
a small not-for-profit organisation, we are constantly evolving to
meet the growing demand and changing market conditions. The
restructuring process in 2024 was a key step in preparing us for an
even stronger 2025."

Under the federal government's simplified debt-restructuring
program, small businesses with less than AUD1 million in
liabilities can appoint a restructuring expert - as opposed to an
administrator - to help them quickly resolve a company's financial
problem.

SMH relates that Mr. Dean said the board departures were part of
the restructuring process the company had gone through, and the
group's co-founder, Jeremy McLeod, was currently in the role of
managing director.

The media-savvy group also changed its structure in March,
establishing the Nightingale Foundation, a charitable organization,
and winding down the debtless Nightingale Housing via a voluntary
liquidation process.

SMH, citing documents filed with the corporate regulator, discloses
Nightingale racked up a AUD410,000 debt the Australian Taxation
Office and a AUD62,000 debt with the State Revenue Office.

Under the restructuring deal, those two creditors will receive a
payment equivalent to 30 cents in the dollar. The ATO voted to
support the restructuring plan, while the State Revenue Office
chose not to back the deal for creditors.


OPENN NEGOTIATION: Exits External Administration
------------------------------------------------
TipRanks reports that Openn Negotiation Ltd has successfully exited
external administration following the effectuation of a Deed of
Company Arrangement (DOCA), returning control to its directors.
This marks a significant step in the company's recovery, allowing
it to focus on its operational strategies and potentially improving
its standing and stakeholder confidence in the competitive real
estate technology sector.

Based in Claremont, Australia, Openn Negotiation Limited (ASX:OPN)
-- https://www.openn.com/en-au/ -- offers cloud-based software
platform to support real estate agents in selling property online
by facilitating the negotiation process, streamlining digital
contracting, and automating communication tools that enhances
property transactions.  

John Bumbak and Richard Tucker of KordaMentha were appointed
administrators of Openn Pty Ltd, Openn Tech Pty Ltd, Openn World
Pty Ltd, and Openn Negotiation Limited on May 23, 2024.


STAR ENTERTAINMENT: Asks for Tax Reprieve from NSW, Queensland Govt
-------------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment has
once again asked the NSW and Queensland governments for tax relief
as it nears collapse, burning through AUD50 million in a month and
calling in restructuring advisors to stave off administration.

The Financial Review relates that the company, which operates
casinos in Sydney, Brisbane and the Gold Coast, has also sought
safe harbour for its board, providing protection for its directors
should the business be trading insolvent.

Star warned two weeks ago that it had just AUD79 million left in
its bank account, having spent AUD108 million in the three months
to December 31.

According to the Financial Review, Star chief executive Steve
McCann confirmed that the board was running the company under safe
harbour provisions - which allows directors of a financially
distressed business room to turn it around without fear of
prosecution - which he said should "not come as any surprise".

The Financial Review says the company has been navigating a
precarious financial situation, with rich patrons staying away at
the same time as it has to pay big penalties for breaches of
anti-money laundering rules. It is also operating under
government-imposed managers in Sydney and in its Queensland
casinos.

Mr. McCann, in his first comments since the company's annual
meeting last year, declined to comment on discussions with the
state governments.

Both NSW and Queensland have said they would not offer tax
concessions for Star, the Financial Review relays. Government
sources briefed on the discussions, but not authorised to comment
publicly about the matter, said both are instead preparing
contingency plans in the event Star falls into administration.

Star last year secured a AUD200 million debt facility, half of
which is yet to be released, to ease short-term pressures. The
second half of the loan is reliant on Star raising capital in other
forms, such as convertible notes.

Most of the company's longstanding major shareholders including
Perpetual and Wilson Asset Management have reduced or sold their
stakes.

Billionaire publican Bruce Mathieson, who owns 9.6 per cent of
Star, told The Australian last week that he would not give Star any
more money until a fine for breaches of counter-terrorism and
anti-money laundering laws was agreed with AUSTRAC. Star has
provisioned AUD150 million for the fine.

Star has appointed FTI Consulting as its safe harbour adviser. Safe
harbour changes the way Star's board runs the company, with
creditors getting more say in decisions. If it went to either of
the state governments for more help, for example, it would need the
approval of its lenders.

Safe harbour status does not prevent a company's board from calling
in administrators should it be unable to agree to a restructuring
with lenders and investors, the Financial Review notes. Star is
burning close to AUD50 million in cash a month, which suggests it
will need to secure a financial lifeline in the coming month.

                   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.




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

CHINA VANKE: Bonds Rebound from Lows as Focus Shifts to Local Note
------------------------------------------------------------------
Bloomberg News reports that China Vanke Co rebounded from record
lows in credit markets, as people familiar with the matter said the
distressed developer had previously told some creditors it had
enough cash prepared to repay a local note.

Bloomberg relates that the firm told some creditors prior to
turbulence in its bonds and shares on Jan. 16 that it had prepared
enough cash to repay a CNY3 billion (US$409.3 million) bond due on
Jan. 27, the people said.

Uncertainty continued to swirl about the whereabouts of the
company's top executive following an earlier local news report that
the property developer might be seized by state authorities,
Bloomberg says.

The builder's bonds erased losses in the afternoon in Hong Kong,
with its US dollar note due in May jumping US$0.066 to US$0.665 and
its securities due 2027 rising about US$0.04 from record lows
earlier in the day, Bloomberg relates. Trading in three local bonds
was halted after prices surged about 20 percent. The company's
shares were down 4.5 percent, paring losses after earlier tumbling
as much as 9 percent in Hong Kong to the lowest since September
last year.

According to Bloomberg, Vanke CEO Zhu Jiusheng earlier answered a
call from a Cailian reporter, several hours after the Economic
Observer reported he had been taken away by police. The report was
later deleted from the Chinese newspaper's Web site. Further
fueling uncertainty, Zhu promoted Vanke's rental apartment business
in a post on WeChat early on Jan. 16.

Distress has deepened in recent weeks at the builder, a household
name in China that had long been seen as more insulated from
property crises, because of its state backing through its largest
shareholder, Shenzhen Metro Group Co. Vanke's long-term corporate
family rating was downgraded deeper into junk territory earlier in
the day to B3 from B1 at Moody's, Bloomberg reports.

Bloomberg notes that Vanke has been in the spotlight since the
start of the year, as it faces a wall of debt repayments. The
company's home sales have been tanking, despite a flurry of support
for the property market last year. The firm was once seen as too
big to fail. However, Beijing has yet to signal its stance toward
the property giant as the property crisis enters its fifth year
after sparking record defaults.

Bloomberg adds that the Economic Observer also reported that a task
force sent by the local government of Shenzhen - where the
developer is based - had stepped in to run the company and that
Vanke might be taken over or restructured. The article also was
later deleted from the newspaper's Web site.

"China Vanke's possible state takeover - including its CEO's
detention, as reported by the Economic Observer - signals new
urgency in a drawn-out and costly property crisis that has shaken
the country's economy," Bloomberg Intelligence analyst Kristy Hung
said.

"Up next could be a management shake-up and a push to protect
homeowners over bondholders, with a bailout and cash injection both
less likely," Hung said.

Vanke did not immediately offer comments when contacted by
Bloomberg News.

The developer has US$4.9 billion in yuan and US dollar-denominated
bonds maturing or facing redemption options this year, its highest
annual amount ever, and the most for any Chinese developer this
year, Bloomberg data showed. Trading in the company's yuan bond
maturing in November 2027 was halted after it plunged 32 percent,
following similar actions on other securities in recent days.

Vanke has said it would make all efforts to deal with its public
debt obligations this year, adds Bloomberg.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific in early
December 2024, S&P Global Ratings lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'B+' from 'BB-', and its
long-term issuer credit rating on China Vanke's subsidiary, Vanke
Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'B' from 'B+'. S&P
also lowered the issue rating on Vanke HK's senior unsecured notes
to 'B' from 'B+'.

FINGERTANGO: SFC, Hong Kong Stock Exchange Take Action vs. Company
------------------------------------------------------------------
South China Morning Post reports that the Securities and Futures
Commission (SFC) and Hong Kong's stock exchange have taken
disciplinary action against FingerTango, a Chinese gaming company,
and its former directors for misconduct that resulted in more than
HK$660 million (US$85 million) in losses.

The Post relates that the former directors of FingerTango, a
Guangzhou-based mobile video gaming company, face disciplinary
actions for misconduct and breach of duty from the SFC and the
exchange over the misuse of listing proceeds after the company went
public in 2018.

According to the Post, investigations conducted by the SFC and
exchange found that the listing's proceeds were put into a
wealth-management product, which was not disclosed in a prospectus
at the time.

The former directors also approved loans to external parties, a
substantial portion of which went into default, resulting in losses
for FingerTango and its subsidiaries of more than HK$660 million,
they said.

The SFC is also seeking disqualification and compensation orders
from the Court of First Instance (CFI) for the same alleged
misconduct.

"Corporate directors, including independent non-executive
directors, tasked with the governance of a corporation, have the
obligation to oversee the activities of management and ensure that
adequate internal control policies and procedures are established
and operate effectively," the Post quotes Christopher Wilson, the
SFC's executive director of enforcement, as saying in a statement.

"Adopting a lax policy which would relieve directors from
overseeing important decisions is not an excuse to alleviate
directors' responsibility."

The Post says the SFC first initiated legal action with the CFI in
October 2023. It had found that at the time of the listing, eight
former directors - including independent non-executive directors -
had resolved to bypass board approval with regard to certain
investment decisions.

Shortly after its listing in 2018, the SFC said, FingerTango used
proceeds from its initial public offering to invest HK$450 million
in a fund without telling the board.

The company partially redeemed the fund in December 2019 and then
invested another HK$250 million in loan notes issued by a small
private company. Later, the company incurred a loss of about
HK$258.8 million, including accrued interest, from a default on the
2019 loan notes, the SFC said.

In addition, in May 2020 and March 2021, FingerTango and two of its
subsidiaries entered into 20 loan agreements with 15 borrowers, for
debt totalling more than HK$500 million, the Post recalls.

FingerTango subsequently suffered an impairment loss of around
HK$424 million, with over 80 per cent of the 2020 and 2021 loans in
default.

The directors' misconduct included failure to carry out proper
procedures and due diligence before entering into the loan
agreements, the SFC said.

The Post adds that the SFC alleges that the losses from the 2019
loan notes and 2020 and 2021 loans were attributable to duty
breaches by the former directors: Liu Jie, who was CEO and
chairman, Wang Zaicheng, Liu Zhangxi, Zhu Yanbin, Guo Jingdou and
Yao Minru.

The SFC said the former directors are liable to compensate the
company and its subsidiaries for the incurred losses, the Post
relays.

Liu Jie stepped down from his position in mid-December. A week ago,
the company appointed a new chairman, Chan Man-fung, and Li Nini is
the new CEO.


LONGI GREEN: Predicts Loss of Up to CNY8.8 Billion in 2024
----------------------------------------------------------
Yicai Global reports that Longi Green Energy Technology said the
Chinese solar panel giant expects to have swung into the red last
year with a net loss of as much as CNY8.8 billion (USD1.2 billion)
mainly due to intensifying competition.

Net loss was likely between CNY8.2 billion and CNY8.8 billion last
year, compared with a net profit of CNY10.8 billion (USD1.5
billion) in 2023, the Xi'an-based company said on Jan. 16, Yicai
relays. Investment losses from a stake in a silicon material
producer contributed to the temporary operational loss, it noted.

Longi saw a net loss of CNY6.5 billion in the nine months ended
Sept. 30, with the loss standing at CNY1.3 billion in the third
quarter, according to previous data. Based on these figures, its
loss was likely between CNY1.7 billion and CNY2.3 billion in the
last three months of the year, or up around 80 percent from a
quarter earlier, Yicai discloses.

Longi's shift from generating more than CNY10 billion in profit to
a loss exceeding CNY8 billion within a year was mainly because of
industry cycles and internal factors.

Management missteps in operations were the main reason for Longi's
significant loss in the third quarter, Chairman Zhong Baoshen said
on an earnings conference call, according to Yicai. In addition,
the firm shipped only 1.6 gigawatts to the US in the first three
quarters, a weak performance in this high-margin market, he added.

The initial mass production of Longi's first-generation back
contact cell modules faced bottlenecks, resulting in delivery
challenges, Zhong noted. However, subsequent technological
iterations to the second-generation modules further affected the
company's performance due to inventory impairment, he pointed out,
relays Yicai.

"2024 is the year with the most intense industry adjustment," Zhong
previously said. "The imbalance between capacity and demand in the
photovoltaic industry will not ease in 2025, but the disparity
between output and demand will certainly be alleviated.

The situation may vary for each company, but I believe the overall
operating situation in 2025 will improve compared to the average
level in the industry in 2024," Zhong, as cited by Yicai, noted.

                         About LONGi Green

LONGi Green Energy Technology Co., Ltd. manufactures solar energy
products. The Company produces monocrystalline silicon ingots,
monocrystalline silicon wafers, semiconductor materials, solar
cells, and other products. LONGi Green Energy Technology mainly
operates businesses in China.




=========
I N D I A
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ANSAL HOUSING: Ind-Ra Keeps D Rating in NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ansal Housing
Limited (Formerly Ansal Housing & Construction Limited)'s
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR1.4 bil. Fixed Deposit maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR750 mil  Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR716.3 mil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Ansal Housing Limited
(Formerly Ansal Housing & Construction Limited) while reviewing the
rating. Ind-Ra had consistently followed up with Ansal Housing
Limited (Formerly Ansal Housing & Construction Limited) over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Ansal Housing Limited
(Formerly Ansal Housing & Construction Limited) on the basis of
best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Ansal Housing Limited (Formerly Ansal Housing &
Construction Limited)'s credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in 1983, AHL operates a real estate business with a
key focus on northern India. The company primarily operates in
Delhi National Capital Region, Mumbai, and Tier II and Tier III
towns.

BABA JATADHARI: CARE Lowers Rating on INR4.76cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Baba Jatadhari Agro (India) Private
Limited (BJAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             4.76      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 2, 2024,
placed the rating(s) of BJAPL under the 'issuer non-cooperating'
category as BJAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BJAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 10, 2025 among others.

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

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

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

Analytical approach: Standalone

Outlook: Not applicable

Incorporated in 2011, Baba Jatadhari Agro India Private Limited
(BJAPL) is engaged in flour milling activities with its
manufacturing facility located at Abhirampur, Nischintapur Gram
Panchayat P.O & P.S. - Budge Budge, Dist-South 24 Parganas, West
Bengal. The company manufactures atta, moida, sooji, flakes etc.
with installed capacity of 102400 MTPA. BJAIPL commenced its
commercial operation from October 2016. Mrs. Chitra Rekha Shaw,
having around a decade of experience in the same line of
industry, looks after the overall management of the company with
adequate support from other directors and a team of experienced
personnel.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of BJAPL into ISSUER NOT
COOPERATING category vide press release dated December 25, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.

CRISIL has continued the rating assigned to the bank facilities of
BJAPL into ISSUER NOT COOPERATING category vide press release dated
January 9, 2025 on account of its inability to carry out a review
in the absence of requisite information from the
company.

ICRA has continued the rating assigned to the bank facilities of
BJAPL into ISSUER NOT COOPERATING category vide press release dated
July 5, 2024 on account of its inability to carry out a review in
the absence of requisite information from the company.


BALAVIGNA WEAVING: Ind-Ra Affirms BB+ Term Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Balavigna Weaving
Mills Private Limited's (BWMPL) debt facilities' ratings as
follows:

-- INR179.75 mil. Term loan due on March 30, 2030 affirmed with
     IND BB+/Stable rating; and

-- INR340 mil. Fund-based working capital limit affirmed with IND

     BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects BWMPL's continued medium scale of
operations,  sustained modest credit metrics and average EBITDA
margin in FY24. The revenue increased in FY24, is likely to grow
further in FY25, though the scale of operations would remain
medium. The EBITDA margin is likely to remain at similar levels in
FY25. The ratings remain supported by the promoters' experience of
20 years.

Detailed Description of Key Rating Drivers

Continued Medium Scale of Operations: BWMPL's revenue grew to
INR1,807.78 million in FY24 (FY23: INR1,549.33 million) due to
higher sales, driven by an improvement in the quality of
end-products and increased marketing initiatives. The scale of
operations continued to be medium. In FY25, Ind-Ra expects the
revenue to improve due to order in hand.

Credit Metrics Remain Modest: In FY24, despite an  increase in
interest costs to INR81.34 million (FY23: INR71.46 million),
BWMPL's interest coverage (operating EBITDA/gross interest
expenses) remained largely stable at 1.65x in FY24 (FY23: 1.66x)
due to a rise in EBITDA to INR133.87 million (INR118.91 million).
The net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 5.09x in FY24 (FY23: 4.46x) due to an increase in
the debt level to INR624.15 million (INR605.50 million). Ind-Ra
expects the credit metrics to improve in the near-to-medium term
due to scheduled repayments of term loans and a likely increase in
absolute EBITDA.

Average EBITDA Margin: The EBITDA margin dipped slightly to 7.41%
in FY24 (FY23: 7.67%) because of a rise in  raw material costs. The
return on capital employed was 12.7% in FY24 (FY23: 12.1%). In
FY25, Ind-Ra expects the EBITDA margin to remain at similar levels
due to similar operations.

Stretched Liquidity: BWMPL's average maximum utilization of the
fund-based limits was 94.49% during the 12 months ended November
2024. The company's net working capital cycle remained elongated
but improved to  103 days in FY24 (FY23: 118 days), owing to an
increase in the creditors days to 59 days (41 days).

Experienced Promoters: The ratings are supported by the promoters'
experience of more than two decades in the textile industry,
leading to established relationships with its customers as well as
suppliers.

Liquidity

Stretched: The cash flow from operations turned positive at
INR49.55 million in FY24 (FY23: negative INR43.02 million) due to
favorable changes in working capital. Consequently, the free cash
flow turned positive at INR9.32 million in FY24 (FY23: negative
INR67.03 million). The company has scheduled debt repayments of
INR48 million and INR57 million in FY25 and FY26, respectively.
BWMPL's average maximum utilization of the fund-based limits was
94.49% during the 12 months ended November 2024. The cash and cash
equivalents stood at INR27.66 million at FYE24 (FYE23: INR0.63
million). Furthermore, BWMPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the net leverage
remaining above 4.5x, and/or further pressure on the liquidity
position, could lead to a Negative Outlook.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
falling below 3.5x, and the liquidity profile, all on a sustained
basis, could lead to a positive rating action.

About the Company

Incorporated in 1995, BWMPL manufactures cotton, polyester, modal,
excel, slub, organic cotton, and lycra cotton fabrics. It has a
manufacturing facility located in Dindigul, Tamil Nadu.  S.
Krishnamoorthy, V. Ravikumar, M. Prabhu, S. Jeyaram and T.K.
Subramanian are the promoters of the company.

BALESHWAR KHARAGPUR: Ind-Ra Affirms D Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Baleshwar
Kharagpur Expressway Limited's (BKEL) bank loans rating as
follows:

-- INR3,936.2 bil. Senior project bank loans due on December 31,
     2026 affirmed with IND D rating.

Detailed Rationale of the Rating Action

The affirmation reflects continued default in debt servicing since
December 2018. BKEL is currently under National Company Law
Appellate Tribunal (NCLAT) moratorium and identified as Red –
Indian IL&FS Group Entities category company as per ruling dated 12
March 2020. Hence, no payment is being made to its lenders whether
secured or unsecured. In September 2024, INR2,643.3 million was
debited by term loan lenders from escrow account of the company.

The Supreme Court, on November 5, 2024, rejected Infrastructure
Leasing & Financial Services Limited's (IL&FS, 'IND D') appeal,
which argued that the NCLAT order violated the principle of
equitable distribution to all creditors. Any further orders passed
by the Supreme Court will be a key monitorable. As per management,
BKEL is undergoing due diligence. Sale process will involve getting
a final offer from investor and subsequent approval from the
NCLAT.

Detailed Description of Key Rating Drivers

Restriction on Debt Service: BKEL has been under the NCLAT
moratorium and identified as Red – Indian IL&FS Group Entities
category company as per ruling dated 12 March 2020. On 19 September
2024, the NCLAT issued an order to disburse 75% of the funds lying
in the company's escrow account as per the Escrow Agreement. The
balance amount is to be used for operation and maintenance payments
and other payments. Consequently, INR2,643.3 million was
distributed to term loan lenders on interim basis. On November 5,
2024, the Supreme Court rejected IL&FS's appeal, which argued that
the order violated the principle of equitable distribution to all
creditors. However, such repayment is subject to refund, in event
ultimately, it is found that the lenders were not entitled to the
extent of the amount received by them and to any further orders
passed by the Supreme Court. The ratings also factor in the lack of
clarity on the right of sponsor-infused unsecured loans to call an
event of default on BKEL.

Liquidity

Poor: BKEL's liquidity position is poor, reflected by the default
in the repayment of bank loans and continuing restriction on debt
service. As per management, the available cash balance from toll
collection as of September 30, 2024 was INR192.2 million and fixed
deposits was INR759.6 million. The company has collected toll
amounting to INR1,199 million during the 12 months ended July 2024.
            

About the Company

BKEL operates a 24-year concession project to construct and
maintain bridges/structures and repair the existing four-lane
highway from Baleshwar to Kharagpur of National Highway 60 in
Odisha and West Bengal. The project was awarded on a design, build,
finance, operate and transfer basis by the National Highways
Authority of India ('IND AAA'/Stable). BKEL was set up by IL&FS
Transportation Networks Limited (ITNL) (debt rated 'IND D).

BCL BIO: Ind-Ra Assigns BB+ NonConvertible Debts Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated BCL Bio Energy Pvt.
Ltd.'s (BCL Bio) bank facilities as follows:

-- INR250 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR156.20 mil. Proposed fund-based/non-fund-based working
     capital limit assigned with IND BB+/Stable/IND A4+ rating;
     and

-- INR233.80 mil. Term loan due on March 31, 2033 assigned with
     IND BB+/Stable rating.

Analytical Approach

While assigning the ratings, Ind-Ra has taken a standalone view of
BCL Bio and notched up the ratings to factor in the strong legal
and financial linkages with its associate company, Phoenix Overseas
Limited (POL; holds 29% stake in BCL Bio). The ratings also factor
in the corporate guarantee provided by POL for BCL Bio's term loan
and working capital facilities.

Detailed Rationale of the Rating Action

The ratings reflect BCL Bio's nascent stage of operations and POL's
high geographical concentration in Bangladesh. Ind-Ra believes the
current unrest in Bangladesh that may result in a slowdown in
operations at the group level. However, the ratings are supported
by the promoters' decade-long experience and strong group-level
support to ramp up the operations at BCL Bio. The ratings also
factor in POL's healthy liquidity and legal guarantee extended by
POL to BCL Bio.

Detailed Description of Key Rating Drivers

Nascent Stage of Operations: BCL Bio began operations in September
2024. The company is operating at 20% capacity and achieved a
turnover of INR100 million until December 2024. However, the
turnover is likely to increase from January 2025 with an increase
in capacity utilization. The company's debt repayments began in
July 2024 and is being serviced by POL and other group entities.
The ramping up of operations without any delay would remain a key
rating sensitivity.

High Geographical Concentration at POL: POL derives majority of its
revenue from the trading of poultry feed items and other staple
foods to Bangladesh. Until November 2024, POL generated INR2,400
million of revenue from Bangladesh; although about 30% yoy lower.
Furthermore, POL has been able to realize payments of about
INR2,800 million, thereby reducing the outstanding debtors to INR73
million as of November 2024 (FY24: INR473 million). The management
is focused on selling to customers, where payments are assured.
However, any major decision by Bangladesh's interim government
impacting the bilateral relations with India may jeopardize the
POL's future business.

Experienced Promoters: BCL Bio's promoters, Aparesh Nandi, Jayanta
Kumar Ghosh and Uday Narayan Singh, have over a decade of
experience in the trading of raw materials for poultry feed/animal
feed manufacturing industry through  POL. Over the years, POL's
experienced management has aided in achieving business growth.

Strong Group Entity Extending Legal and Financial Support: The
rating is supported by the legal/corporate guarantee provided by
POL to the company.  POL holds 29% stake in BCL. Other than common
management and corporate guarantee, POL is supporting debt
servicing of BCL Bio as the latter is in the nascent stage of
operations. POL's liquidity profile is strong with free cash of
more than INR500 million as of September 2024, aided by receipt of
INR293.1 million of proceeds from the initial public offering in
September 2024. Furthermore, POL revised its receivable policy on
account of the ongoing unrest in Bangladesh and only sells to
customers through letters of credit, where payments are assured and
promptly received. As a result, the receivable period reduced to
about 19 days in September 2024 (FY24: 32 days), thereby resulting
in accumulation of cash. Ind-Ra expects the group's strong
liquidity position to benefit the company in case of any
exigencies. In FY24, POL's revenue was INR5,483.74 million
(FY23:INR4,509.71 million), EBITDA margin was 2.22% (2.58%),
interest coverage was 2.39x (1.84x) and net leverage was 1.70x
(negative 0.10x).

Liquidity

Stretched: BCL Bio's average maximum utilization of the fund-based
limits was 72% during the two months ended October 2024.
Furthermore, the company has received an enhancement of INR170
million in December 2024, leading to an increase in the total
fund-based limits to INR250 million. POL's strong liquidity, along
with the high available free cash balance, provides cushion for
exigencies. The company has repayment obligations of INR13 million
and INR25.97 million in FY25 and FY26, respectively.

Rating Sensitivities

Negative: A delay in ramp up of operations and weakening of the
credit metrics and liquidity, and weakening of the linkages with
POL or any adverse change in POL's credit profile, would lead to a
negative rating action.

Positive: Successful ramp up of operations, along with a
substantial improvement in scale of operations and credit metrics
with the interest coverage exceeding 2.0x all on a sustained basis,
would lead to a positive rating action.

About the Company

Incorporated on May 3, 2021, BCL Bio was promoted by  BCPL Railway
Infrastructure Limited, POL and M/s SBRD Exports to set up a
300-tonnes per day rice bran oil extraction plant in West Bengal.
The company began production from September 2024 and is engaged in
the trading of de-oiled rice bran and crude rice bran oil.

BNH INFRA: Ind-Ra Cuts Bank Loan Rating to D
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BNH Infra
Projects (India) Pvt Ltd.'s bank facility ratings to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB/Stable (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating review, despite
continuous requests and follow-ups by the agency. The rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR230 mil. Fund-based working capital limit (long term/short
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

     and

-- INR285 mil. Term loan (Long term) due on August 31, 2026
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Detailed Rationale of the Rating Action

The downgrade reflects BIPPL's delays in debt servicing based on
the information available in the public domain. However, Ind-Ra has
not been able to ascertain the reason for the delays, as the
company has been non-cooperative. The ratings continue to be
maintained in non-cooperating category in accordance with Ind-Ra's
Guidelines on What Constitutes Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with BIPPL while reviewing the
ratings. Ind-Ra had consistently followed up with BIPPL over
emails, apart from phone calls. The issuer has also not been
submitting their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of BIPPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SEIPL has been
non-cooperative with the agency since March 8, 2024.

About the Company

BIPPL was incorporated in 2007 and commenced operations in 2019.
The company is based out of  Bangalore and is engaged in
subcontracting infrastructure work for Tata Projects Limited ('IND
AA'/Stable) and Larsen & Toubro Limited ('IND AAA'/Stable).

CAPITAL VENTURES: CARE Lowers Rating on INR24cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Capital Ventures Private Limited (CVPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     24.00       CARE B-; Issuer Not Cooperating;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  and Downgraded from CARE B;  
                                  stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 22,
2023, placed the rating(s) of CVPL under the 'issuer
non-cooperating' category as CVPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 6, 2024,
November 16, 2024, November 26, 2024 among others.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further it also considers leveraged capital
structure marked by high overall debt coupled with operational
losses during FY22 and FY23.

Analytical approach: Standalone

Outlook: Stable

Capital Ventures Pvt. Ltd. (CVPL), incorporated in 2013, is a
closely held company engaged in trading of FMCG (fast moving
consumer goods) products which include personal care and home care
products, spices, beverages, snacks and dietary supplements etc.
Further, the company is involved in the trading (export) of rice
under its brand name, "Parliament".


CELMECH ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Celmech
Engineering Private Limited (CEPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                         Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4.5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

Set up in 2015, CEPL does civil construction works for kerala
government based projects. Its operations are managed Mr. K.
Ramachandran, Managing director of the company.


DALKAN SHIPBREAKING: Ind-Ra Affirms BB- Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Dalkan
Shipbreaking Limited's (DSBL) bank facilities' ratings as follows:

-- INR950 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating;

-- INR125 mil. Fund-based working capital limit* affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR10.906 mil. Term loan due on November 30, 2026 affirmed
     with IND BB-/Stable rating.

*Fund-based limit is a sublimit of the non-fund-based limit

Analytical Approach

Ind-Ra has fully consolidated DSBL, Vijay Kumar & Co (debt rated at
'IND BB-'/Stable) and Paras Steel Corporation (debt rated at 'IND
BB-'/Stable), jointly referred to as the Bhupatrai Chimanlal group
hereafter, while arriving at the ratings. This is in view of the
strong strategic and operational ties among them and a common
management.

Detailed Rationale of the Rating Action

The affirmation reflects the group's continued small scale of
operations, and modest EBITDA margins and credit metrics in FY24.
However, the ratings remain supported from the locational advantage
of the shipping yard and over three decades of experience of the
promoters in the shipping industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: The group's revenue was
INR1,898.70 million in FY24 (FY23: INR1,843.25 million) and EBITDA
was INR82.78 million (INR41.59 million). In FY24, the revenue
improved slightly on account of favorable market conditions. Till
1HFY25, the group booked revenue of INR878.91 million. However,
Ind-Ra expects the revenue to decline slightly in FY25 considering
lower YTD revenue and inventory in hand.

EBITDA Margins Remain Modest: The group's EBITDA margins increased
to 4.36% in FY24 (FY23: 2.26%) and return on capital employed to
6.90% (6.20%). In FY24, the EBITDA margins improved on account of
increased demand and other operating income of INR17.20 million in
FY24 (FY23: nil). The company report EBITDA margins of 2.47% in
1HFY25. However, Ind-Ra expects the EBITDA margins to decline
slightly in FY25 considering the 1HFY25 performance.

Sustained Modest Credit Metrics: On a consolidated basis, the
interest coverage (operating EBITDA/gross interest expenses)
improved to 1.54x in FY24 (FY23: 1.49x) owing to an increase  in
the EBITDA to INR94.78 million (INR41.59 million), despite an
increase in the gross interest expenses to INR53.81 million
(INR27.87 million). However, the net leverage (total adjusted net
debt/operating EBITDAR) deteriorated 3.83x in FY24 (FY23: 0.65x)
due to an increase in the total debt to INR1,347.65 million
(INR678.45 million). Ind-Ra expects the credit metrics to
deteriorate slightly owing to the likely decline in the EBITDA.

Experienced Promoters: The group's promoters have over three
decades of experience in the shipbreaking industry. This has
facilitated the group to establish strong relationships with its
customers as well as suppliers.

Locational Advantage: The ratings continue to be supported by the
favorable location of the shipbreaking yard. It is located in the
Alang-Sosiya belt in Gujarat, which is one of the world's largest
shipbreaking clusters and constitutes almost 90% of India's
shipbreaking activity.

Liquidity

Stretched: The group does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations deteriorated further to
negative INR705.59 million in FY24 (FY23: negative INR344.74
million) on account of unfavorable changes in working capital.
Consequently, the free cash flow deteriorated to negative INR710.94
million (FY23: negative INR355.28 million) in the absence of capex.
The net working capital cycle elongated to 190 days in FY24 (FY23:
99 days) mainly on account of an increase in the inventory holding
period to 235 days (158 days) and receivable period to 70 days (29
days). The group's average maximum utilization of the fund-based
limits was 58.18% during the six months ended September 2024; the
non-fund-based limits remained unutilized. The group has debt
repayment obligations of INR6.3 million and INR6.3 million in FY25
and FY26, respectively. The cash and cash equivalents stood at
INR2.91 million at FYE24 (FYE23: INR118.59 million).

Rating Sensitivities

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics, all on a
consolidated and sustained basis, would be negative for the
ratings.

Positive: An improvement in the scale of operations and liquidity
position, leading to an improvement in the credit metrics with the
interest coverage exceeding 2.0x, all on a consolidated and
sustained basis, will be positive for the ratings.

Any Other Information

Standalone Performance: On a standalone basis, DSBL's revenue was
INR563.75 million in FY24 (FY23: INR735.31 million) and EBITDA was
INR19.21 million (INR36.77 million). The EBITDA margins remained
modest at 3.41% in FY24 (FY23: 5%) with a return on capital
employed of 4% (10%). The credit metrics are modest with interest
coverage of 2.16x in FY24 (FY23: 4.15x) and net leverage of 4.10x
(0.31x).

The standalone and consolidated figures do not include outstanding
unsecured term loans and interest on the same. The repayment of
these unsecured loans, which are advanced by the promoters and
related parties, is not specified and bear an interest of 7% per
annum. However, such interest payment is not cumulative and DSBL
may postpone the payment of interest.

About the Company

DSBL was incorporated in 1994 to carry out ship recycling
activities. The company operates from the Alang Ship Breaking Yard
in Bhavnagar, Gujarat.

DHANDA BREEDING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanda
Breeding Farm Private Limited continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      6.64       CARE B-; Issuer Not Cooperating;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 22,
2023, placed the rating(s) of DBFPL under the 'issuer
non-cooperating' category as DBFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DBFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 6, 2024, November 16, 2024, November 26, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Dhanda Breeding Farm Private Limited (DBFPL) was incorporated in
2003 as a private limited company by Mr. Devvert Dhanda and his
wife, Mrs. Raj Bala. DBF is engaged in poultry farming business at
its poultry farm located in Jind, Haryana.

GEOXA STEELS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geoxa
Steels Private Limited (GSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2023, placed the rating(s) of GSPL under the 'issuer
non-cooperating' category as GSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 11, 2024,
November 21, 2024, December 1, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2012, GSPL is engaged in the manufacturing of
stainless-steel pipes at its manufacturing facility located at
Ludhiana, Punjab. The company started its operations in Aug-2013.
The products manufactured by the company are sold under the brand
name "Geoxa" to dealers and wholesalers situated in Punjab.


GIORDANO FASHIONS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Giordano Fashions (India) Private Limited
        Workafella, 37, TTK Road Alwarpet,
        Chennai, Tamil Nadu, India, 600018

Liquidation Commencement Date: January 8, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Kondisetty Kumar Dushyantha
            #337, Ashoka Pillar, 5th Floor,
            3rd Cross Jayanagar I Block,
            Bangalore 560011
            Email: dushyanthak@gmail.com
            Tel No.: 080 26560400

Last date for
submission of claims: February 8, 2025


GREEN MAPS: Ind-Ra Hikes Loan Rating to BB, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Green Maps Farms's
Bank Facilities to 'IND BB' from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR238 mil. Term loan due on June 30, 2031 upgraded with IND
     BB/Stable rating; and

-- INR34.80 mil. Cash credit assigned with IND BB/Stable/IND A4+
     rating.

Detailed Rationale of the Rating Action

The upgrade reflects Ind-Ra's expectation of an improvement in
GMF's scale of operations and credit metrics in FY25 as it would be
the first full year of operations for the company. The ratings are,
however, constrained by modest EBIDTA margins and stretched
liquidity. The ratings are supported by the promoters' experience
of nearly a decade in hydroponic farming segment.

Detailed Description of Key Rating Drivers

Modest EBITDA Margin: In FY24, the EBITDA margin was 23.71%, with a
return on capital employed of 1.6%. In FY25, Ind-Ra expects the
EBITDA margins to stay at similar levels due to similar nature of
operations.

Lack of Track Record: The ratings reflect the absence of any track
record, as the company started operations in February 2024.

Small Scale of Operations; Revenue to Grow in FY25: Ind-Ra expects
the revenue of GMF, which commenced operations in February 2024, to
grow considerably in FY25 as it would be the first full year of
operations, with the presence of an offtake agreement providing
revenue visibility. GMF has entered into a contract with a group
company, Nutrifresh Farm Tech India Private Limited (NFFTIPL),
wherein GMF will sell its entire produce to NFFTIPL. In FY24, GMF
generated INR20.6 million of revenue, with an EBITDA of INR4.89
million. In 8MFY25, GMF generated revenue of INR177 million, with
EBITDA of INR40 million.

Credit Metrics Likely to Improve: In FY25, despite capex, Ind-Ra
expects the credit metrics to improve owing to an increase in
EBITDA. In FY24, company's interest coverage (operating
EBITDA/gross interest expense) stood at 1.1x and the net leverage
(total adjusted debt/operating EBITDA) stood at 52x. GMF incurred
capex of INR337 million over FY23-FY25, (INR170 million in FY23,
INR126 million in FY24, INR41 million in FY25), which was funded
through term loan of INR238 million and the rest through equity
infusions from partners.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly a decade in the farming industry, which has
helped the company establish strong relationships with customers as
well as suppliers.

Liquidity

Stretched: The cash flow from operations stood at a negative INR5
million in FY24, and the free cash flow stood at a negative INR130
million due to the capex incurred by the company. GMF's average
maximum utilization of the fund-based limits was 66.32% during the
nine months ended November 2024. The net working capital cycle
stood at 68 days in FY24. The company provides credit period of 60
days to its customers and receives credit period of around five
days from its suppliers. The inventory holding period ranges
between 100-120 days. GMF has debt repayment obligations of INR20.4
million and INR24 million in FY25 and FY26, respectively. The cash
and cash equivalents stood at INR0.33 million at FYE24 (FYE23:
INR1.4 million). Furthermore, GMF does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or EBITDA margins or
any deterioration in the liquidity position or the credit metrics
or non-extension of contract between GMF and NFFTIPL, all on a
sustained basis, would lead to a negative rating action.

Positive: An improvement in the scale of operations with an
increase in the EBITDA margin, along with an improvement in the
liquidity position, with the net leverage falling below 4.0x, all
on a sustained basis, will be positive for the ratings.

About the Company

Incorporated in June 2022, GMF, a partnership firm based in Mumbai,
is involved in growing, procuring and aggregating hydroponically
grown produce on its 15 acres of land situated at Waravadi, Pune.
GMF commenced operations in February 2024.

GUJARAT HY-SPIN: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gujarat
Hy-Spin Limited (GHSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.77      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            2.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating moved to
   Bank Facilities                 ISSUER NOT COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 15,
2023, placed the rating(s) of GHSL under the 'issuer
non-cooperating' category as GHSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GHSL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 30, 2024,
November 9, 2024 and November 19, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

GHSL (CIN: L17110GJ2011PLC063898) (ISIN Number: INE578V01013) was
incorporated as a private limited company on February 1, 2011, by
Mr. Maganbhai Parvadia and Mr. Chandulal Parvadia, and converted to
limited company in February 2017. GHSL has two group concerns
namely Gujarat Ginning & Oil Industry and Paras Cotton. The former
is engaged in cotton ginning, pressing, and crushing of oil seeds
while the latter carries out trading of cotton seeds and cotton
bales. GHSL has a spinning mill with an installed capacity of
17,952 spindles or 3,582 MTPA as on March 31, 2017, for
manufacturing of cotton yarn having combed counts yarn of 30 at its
Gondal plant (Gujarat). GHSL started commercial production from
December 2013.

HEAVY ENGINEERING: Ind-Ra Keeps D Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Heavy
Engineering Corporation Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR2.0 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.88 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Heavy Engineering
Corporation Limited while reviewing the rating. Ind-Ra had
consistently followed up with Heavy Engineering Corporation Limited
over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Heavy Engineering
Corporation Limited on the basis of best available information and
is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect Heavy Engineering
Corporation Limited's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Heavy Engineering Corporation was set up in 1958 in Ranchi under
the Ministry of Heavy Industries and Public Enterprises. The
company manufactures capital goods/spare parts for companies from
the steel, mining, engineering, defense, railways and other
sectors. It also executes turn-key projects, from concept to
commissioning.

HH IRON: Ind-Ra Withdraws BB Bank Loan Rating
---------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings on HH
Iron and Steel Private Limited's (HHISPL) bank facilities as
follows:

-- The 'IND BB/Stable/IND A4+' rating on the INR750 mil. Fund-
     based working capital limit is withdrawn; and

-- The 'IND BB/Stable' rating on the INR80 mil. Term loan due on

     March 31, 2028 is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificates from the lenders and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.

About the Company

HHISPL is an authorized distributor for JSW Steel Limited ('IND
AA'/Stable) and JSW Steel Coated Products Limited in three
districts of Tamil Nadu, namely Coimbatore, Erode, and Nilgiris,
for the trading of steel products. HHISPL also has a solar plant
with an installed capacity of 4MW in FY23.

HHISPL was incorporated on 6 April 2018 in Coimbatore, Tamil Nadu,
and is a part of the Hindustan group, a family concern, and
includes other entities viz., Hindustan Hardware, Hindustan Steel
Corporation and Hindustan Textiles.

HIM ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Him Alloys
and Steels Private Limited (HASPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      56.19       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2023, placed the rating(s) of HASPL under the 'issuer
non-cooperating' category as HASPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HASPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 11, 2024, November 21, 2024, December 1, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

HASPL was incorporated by Mr. Ashok Raja and his brother Mr. S.S.
Raja on October 27, 2004. The company is engaged in the
manufacturing of TMT bars. The company sources steel scrap from
Delhi, Gujarat and Punjab whereas it sells its finished product viz
TMT bars under the brand name of "Kamdhenu", a well-known brand for
TMT bars in Northern India owned by Kamdhenu Ispat Limited.


HOTEL JALTARANG: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hotel
Jaltarang Private Limited (HJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of HJPL under the 'issuer
non-cooperating' category as HJPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HJPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 19, 2024,
November 29, 2024 and December 9, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Hotel Jaltarang Private Limited (HJPL) was incorporated in 1987 as
a private limited company by Mr. Manek Harchandrai Vasandani, Mrs.
Bindu Bijlani, Shri. Jayashri Bansi and the management was taken
over in 2002 by Shetty family. Currently Mr. Madhukar Sanjeeva
Shetty, Mr. Chandrakant Sanjeeva Shetty and Mr. Sharad Sanjeeva
Shetty are the directors of the company. HJPL is engaged in
providing hospitality services viz. restaurant in the name of
Gajalee located at Juhu in Vile Parle West, Mumbai.


HUHTAMAKI FOODSERVICE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Huhtamaki
Foodservice Packaging India Private Limited (HFPIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of HFPIPL under the 'issuer
non-cooperating' category as HFPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HFPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2024, December 06, 2024 and December 16, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Huhtamaki Foodservice Packaging India Pvt. Ltd (erstwhile known as
Valpack Solutions Private Limited (VSPL), incorporated in 2012 by
Mr. Vaibhav Garg and Mr. Param Gandhi, is engaged in the
manufacturing of paper products such as cups, buckets and lids
which find its applications in Food & beverages (F&B), FMCG,
Hospitality and other industries. HFP has its manufacturing
facility located at Bhiwandi, Maharashtra.


IIFL FINANCE: S&P Assigns 'B+' Rating to New Senior Secured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to U.S.
dollar-denominated senior secured notes that IIFL Finance Ltd.
proposes to issue. The issuance is a drawdown from IIFL's US$1
billion global medium-term notes program. The rating is subject to
its review of the final issuance documentation.

S&P equalizes the rating on the notes with the long-term issuer
credit rating on IIFL (B+/Stable/B). The proposed notes will
constitute direct, secured, and unconditional obligations of IIFL,
and shall at all times rank equally with all other secured
obligations of the India-based finance company.

The notes are secured by a first ranking pari passu charge over all
rights, titles, interest, benefits, claims, and demands (both
present and future) over receivables/assets, including the issuer's
accounts, operating cash flows, current assets, book debts, loans
and advances, and receivables, subject to conditions. This excludes
certain assets that may have an exclusive charge.

IIFL must ensure that the notes are at least 100% covered by
assets, excluding assets classified as nonperforming. The notes
also have a change of control put option at 101% of the nominal
amount.

IIFL, and each of its principal subsidiaries, must maintain a net
nonperforming asset ratio of 5% or less and capital adequacy ratios
above the regulatory minimum.


J.B. GOLD: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J.B. Gold
Private Limited (JGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2023, placed the rating(s) of JGPL under the 'issuer
non-cooperating' category as JGPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 11, 2024,
November 21, 2024, December 1, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Delhi-based JB Gold Private Limited (JGPL) was incorporated in 2011
as a private limited company by Mr. Rajnish Gupta and his wife Ms
Nisha Gupta. JGPL is engaged in the wholesale trading of gold
jewellery, diamond jewellery and loose cut & polished diamonds,
registered office being at Karol Bagh, Delhi. The company also
started in-house manufacturing of gold & diamond jewellery in FY14
under its own brand name 'Kiyan'.


KHIMJI FINSERVE: Ind-Ra Hikes Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Khimji Finserve
Private Limited's (KFPL) bank loan rating to 'IND BB' from 'IND
BB-' with a Stable Outlook as follows:

-- INR180 mil. Bank loan upgraded with IND BB/Stable rating.

Detailed Rationale of the Rating Action

The upgrade reflects KFPL's recent capital infusions in FY24 and
1HFY25, which has aided its capital buffers, with tier 1 capital of
45% in 1HFY25, and provided visibility on near-term growth plans.
The ratings are also supported by comfortable asset quality and
experienced promoters. However, the ratings remain constrained by
KFPL's small scale of operations, modest profitability and low
funding flexibility.

Detailed Description of Key Rating Drivers

Small Scale of Operations; High Geographical Concentration: The
company operates in the loan against gold finance segment, and had
assets under management (AUM) of INR299.8 million at 1HFYE25
(FYE24: INR243 million, FYE22: INR87 million). It provides loans
against gold for an average ticket size of INR0.1 million with an
average tenor of six-to-12 months. Hence, the disbursement momentum
remains critical for loan book growth. Since KFPL is in the
evolution stage, scale remains a critical factor for achieving
operational efficiencies, along with the execution of consistent
and scalable policies. Considering the existing scale of
operations, the company has adequate systems and processes in place
to carry out its day-to-day operations.

The rating further remains constrained by high geographical
concentration risk, as all of the company's branches are located in
Odisha. Nonetheless, the low-ticket size of its loans mitigates the
credit risk to a certain extent. KFPL is planning to increase the
number of branches to 45 by end-FY25 (1HFY25: 15); the company
plans to open some of these branches in Andhra Pradesh and
Hyderabad to reduce the geographic concentration risk.

Low Funding Flexibility: The rating continues to factor in KFPL's
skewed funding profile and its yet-to-be-established diversified
liability profile. At 1HFYE25, the company's borrowings were mainly
cash credit facilities from the State Bank of India ('IND
AAA'/Stable), which constituted around 76% of the total borrowings,
while term loans promoters accounted for around 24%. The loans from
promoters are unsecured in nature with zero interest charges; as
per the management, these loans are expected to be converted into
equity in the near term. Also, as per the management, KFPL's
promoters will be infusing capital of INR150 million in 4QFY25 and
INR250 million by end-FY26 to support its planned expansion. The
agency believes diversification of the funding profile by securing
new sources is critical for the company's loan book growth.

Modest Profitability: KFPL's operating expenses are on the higher
side, as the scale of the operations has been low. The  operating
expenses increased to INR29.3 million in 1HFY25 (FY24: INR24.54
million), owing to the requisite investments being made in
branches, personnel and IT. Operating expense to average assets was
16% in 1HFY25 as against 10.8% in FY24. Its credit cost was nil in
1HFY25 (FYY24: 0.2%). The return on asset under management (1HFY25:
0.6%; FY24: 0.3%) is yet to stabilize, with a profit after tax of
INR1.6 million in 1HFY25 (FY24: INR0.59 million; FY23: loss of
INR23 million). The agency opines KFPL's profitability would
benefit from its operating leverage over the medium term as the
operations scale up further with rationalization of operating
expenses for expansion.

Stable Asset Quality: KFPL extends gold loans with a tenor of up to
12 months with bullet principal repayments, while interest accrues
on a monthly basis. The average loan-to-value ratio of the overall
book was 70% in 1HFY25, with a maximum cap of 75%. The gross
non-performing assets were nil in 1HFY25 (FY24: 0.01%; FY23: nil)
Although the borrower class is vulnerable, the ultimate credit loss
is limited due to the capping of the loan-to-value (LTV) at 75%, as
per regulatory requirements, at the time of disbursements and the
liquid nature of the collateral. Being in the gold loan business,
KFPL's credit cost is modest. KFPL maintains a risk filter, wherein
a resolution is initiated if the principal-plus-interest reaches
90% of the collateral value, leading to a notice to the borrower.
The management plans to recover the delayed dues via auctions; the
company has not yet conducted any gold auctions to date. The agency
believes maintaining of adequate LTV buffers and timely auctions
and recoveries will be critical for KFPL to sustain its stable
asset quality.  

Adequate Capitalization: At 1HFYE25, KFPL's capital adequacy ratio
stood at 45% (FY24: 44%, FY23:54%), along with leverage
(debt/tangible net worth) of 1.5x in 1HFY25 (FY24: 1.6x; FY23:
0.9x). The promoters infused INR29.6 million in 1HFY25 (FY24:
INR65.67 million) and plan to further infuse INR150 million in
4QFY25, which will help keep the leverage at a comfortable level.
The management intends to cap the leverage at 5.0x levels over the
medium term.

Part of Larger Khimji Group: The ratings are supported by KFPL
being a part of the large Khimji group, which has enabled the
company to raise funding from State Bank of India at competitive
rate. KFPL benefits from the strength of the brand name, as the
Khimji group is a renowned jewelry brand in the state of Odisha.
This also enables the company to market its gold loan products in
the group's jewelry shops, and thus, it has been able to acquire
customers at lower costs.

Liquidity

Adequate:  As per the ALM statement as of September 30, 2024, KFPL
had cumulative surplus (as a percentage of its total assets) of 11%
in the less-than-one-year bucket and had cash equivalents of
INR0.29 million and unutilized cash credit of INR19 million.

Rating Sensitivities

Negative: The following factors could, individually or
collectively, lead to a negative rating action:

-- a significant dilution in capital buffers due to losses

-- deterioration in the asset quality (gross non-performing assets
above 3%)

-- deterioration in the liquidity position

Positive: Significant expansion of franchise along with
demonstrated steady state operational performance, ability to
mobilize debt funding and improvement in profitability could lead
to a positive rating action.

About the Company

KFPL is a registered non-banking financial company headquartered in
Khorda, Odisha. The company commenced operations in September
2022, and it has fifteen branches in Odisha. KFPL is a part of the
Khimji group, which was incorporated in 1936, with Khimji Jewellers
('IND BBB+'/Stable) being their primary business. The group is also
involved in the dealership of automobiles, real estate and hotels.
KFPL's promoters acquired Vee Gee Credit Capital Private Limited in
2022, and post a complete change of management, the company was
renamed as KFPL.

LANDMARK MOTELS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Landmark
Motels and Travels Private Limited (LMTPL) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan       4.5        CRISIL B/Stable (Issuer Not
                                   Cooperating)

   Rupee Term Loan     17.0        CRISIL B/Stable (Issuer Not
                                   Cooperating)

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

Incorporated in 2001, LMTPL is in the business of running hotels.
The name of the hotel is Hotel Le Grande which is managed by
Mohammed Sait, Davis Paul, Sabas Rodrigues and Gull Hassan Sait.



LIVA INVESTMENT: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Liva Investment Limited
        Zydus Corporate Park, Scheme No. 63,
        Survey No. 536 Khoraj (Gandhinagar),
        Nr. Vaishnodevi Circle, Ahmedabad,
        Gujarat, India, 382481

Liquidation Commencement Date: January 6, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Trupalkumar Patel
            C/505, The First B/H ITC Narmada
            Nr. Keshav Baug Party Plot
            Vastrapur, Ahmadabad 380015
            Email: trupal.ip@gmail.com

Last date for
submission of claims: February 4, 2025


LOKMANGAL AGRO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lokmangal
Agro Industries Limited (LAIL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      110.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2023, placed the rating(s) of LAIL under the 'issuer
non-cooperating' category as LAIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LAIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 11, 2024,
November 21, 2024 and December 1, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

LAIL was incorporated in year 1998 to undertake sugar and sugar
related production by Mr. Subhash Deshmukh (Founder) and Mr. Mahesh
Deshmukh (Executive Director). The sugar factory of LAIL is located
in Solapur (Maharashtra).

LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lokmangal
Mauli Industries Limited (LMIL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      210.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 29,
2023, placed the rating(s) of LMIL under the 'issuer
non-cooperating' category as LMIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LMIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 13, 2024,
November 23, 2024 and December 3, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

LMIL was incorporated in August 2007 to undertake sugar and sugar
related production by Mr. Subhash Deshmukh (Founder chairman) and
Mr. Ravikant Patil (Managing Director). To mitigate the seasonal
and cyclical nature of sugar industry, LMIL has also installed
Cogeneration unit of 30 Megawatt (MW). The partially integrated
sugar factory of LMIL is located at Post Khed, Taluka Lohara.


LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lokmangal
Sugar Ethenol & COGeneration Industries Limited (LSECIL) continue
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      174.71      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 29,
2023, placed the rating(s) of LSECIL under the 'issuer
non-cooperating' category as LSECIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LSECIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 13, 2024, November 23, 2024 and December 3, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Lokmangal Sugar Ethanol & Cogeneration Industries Limited (LSECL),
was incorporated in year 2003 to undertake sugar and sugar related
production.


LONE FURROW: Ind-Ra Withdraws BB+ NonConvertible Debts Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lone Furrow
Investments Private Limited's (LF) non-convertible debentures'
rating as follows:

-- The 'IND BB+/Negative' rating on the INR3.5 mil. Non-
     convertible debentures is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no dues certificate from the debenture trustee and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.

About the Company

Incorporated in FY21, LF is a special purpose vehicle fully owned
by Gangadi Madhukar Reddy, founder promoter of Medplus through
Gangadi Investments Private Limited. LF holds 14.46% stake in
Medplus. The company does not have any operations of its own.

MAA TARA: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maa Tara Rice
Mill (MTRM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            11.25      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MTRM for
obtaining information through letter and email dated January 3,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of MTRM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.

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

Established in 1997 as a partnership firm, MTRM mills rice in the
South 24 Parganas district of West Bengal, with installed capacity
of 80,000 tonne per annum. Mr. Aditya Shaw, Mr. Chandrajeet Shaw
and Ms. Radhika Shaw are partners in the firm.


MULTICITY HOSPITALITIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Multicity Hospitalities LLP
        417/1, Khasra No.375, Village Gadai Pur
        Opposite Gurudwara Govind Sadan,
        South Delhi, New Delhi 110030

Insolvency Commencement Date: December 18, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 3, 2025

Insolvency professional: Shailesh Chandra Ojha

Interim Resolution
Professional: Shailesh Chandra Ojha
              Flat-101, UGF, Plot 28A-2BB
              Nr. Gurudwara, Sevak Park Extn
              Dwarka More, New Delhi 110059
              Email: ipscojha@gmail.com

              -- and --

              E-701, Design Arch eHomes
              Surajpur Site "C", Greater Noida,
              Gautam Budh Nagar (UP) - 201306
              Email: cirp.multicity@gmail.com

Last date for
submission of claims: January 19, 2025


NATIONAL STEEL: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained National Steel
and Agro Industries Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR2.006 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR11.995 bil. Non-Fund Based Working Capital Limit maintained

     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR89.4 mil. Term loan due on April 1, 2019 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)   
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with National Steel and Agro
Industries Limited while reviewing the rating. Ind-Ra had
consistently followed up with National Steel and Agro Industries
Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of National Steel and Agro
Industries Limited on the basis of best available information and
is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect National Steel and
Agro Industries Limited's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

National Steel and Agro Industries manufactures cold-rolled sheet
(capacity: 300,000 metric tons per annum (mtpa)), galvanized plain
and corrugated sheets (330,000mtpa) and color-coated sheets and
coils (170,000mtpa) at its plant in the Dhar district of Madhya
Pradesh. Moreover, it trades agro and steel products, and has a
captive 6MW gas-based power plant.

NEPTUNE LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neptune
Laminates Private Limited (NLPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             2         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               4.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

NLPL, incorporated in 2013, is promoted by the Veraval,
Gujarat-based Limbani family and others. It manufactures laminates
and started commercial production in January 2015.


OBAN FASHIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Oban Fashions Private Limited
        102, VIP Plaza, B-7,
        Veera Industrial Estate
        Off Andheri Link Road,
        Andheri (West), Mumbai,
        Maharashtra, India, 400053

Insolvency Commencement Date: January 7, 2025

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Sanjay Ramdas Mahajan

Interim Resolution
Professional: Sanjay Ramdas Mahajan
            3/3, Mohanlal Mansion,
            Bhandarkar Road, Matunga Central,
            Mumbai 400019
            Email: sanjayrmahajan@hotmail.com

                -- and --

            Orion Resolution and Turnaround Private Limited
            811, Meadows Sahar Plaza
            Sub Plot A Bldg No, 6 AK Road
            Next to Kohinoor Continental, Mumbai 400093
            Email: cirp.obanfashion@gmail.com

Last date for
submission of claims: February 6, 2025


ORIENT CRAFT: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Orient Craft
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR300 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.80 bil. Term loan due on December 31, 2025 Maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Orient Craft Limited while
reviewing the rating. Ind-Ra had consistently followed up with
Orient Craft Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Orient Craft Limited on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Orient Craft Limited's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in 1978, OCL manufactures and exports woven and
knitted readymade garments, primarily for women and children. It
has 26 facilities across Delhi National Capital Region, Rajasthan
and Jharkhand.

PADMAVATI GINNING: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Padmavati
Ginning and Pressing Private Limited (PGPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 09,
2024, placed the rating(s) of PGPPL under the 'issuer
non-cooperating' category as PGPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PGPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 24, 2024, December 4, 2024 and December 14, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Padmavati Ginning and Pressing Private Limited (PGPPL) was
originally incorporated in 2000 by Mr. O. H. Agrawal, however, the
control of the company was taken over by Mr. Shyam Sunder Goyal in
August 2011. Post the takeover; the company resumed operations in
November 2011. It is engaged in manufacturing of cotton bales
through cotton ginning & pressing. The company operates 4 branches
located in Maharashtra (Ralegaon, Bori, Parbhani and Tamsa) which
does the work on job-work basis. The plant of the company is
located in Dhule, Maharashtra.


PARAS STEEL: Ind-Ra Affirms BB- Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Paras Steel
Corporation's (PSC) bank facilities' ratings as follows:

-- INR50 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable/IND A4+ rating;

-- INR430 mil. Non-fund-based working capital limit affirmed with

     IND A4+ rating; and

-- INR10.05 mil. Term loan due on November 30, 2027 affirmed with

     IND BB-/Stable rating.

Analytical Approach

Ind-Ra has fully consolidated PSC, Vijay Kumar & Co (debt rated at
'IND BB-'/Stable) and Dalkan Ship Breaking Limited (debt rated at
'IND BB-'/Stable), jointly referred to as the Bhupatrai Chimanlal
group hereafter, while arriving at the ratings. This is in view of
the strong strategic and operational ties among them and a common
management.

Detailed Rationale of the Rating Action

The affirmation reflects the group's continued small scale of
operations, and modest EBITDA margins and credit metrics in FY24.
However, the ratings remain supported by the locational advantage
of the shipping yard and over three decades of experience of the
promoters in the shipping industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: The group's revenue was
INR1,898.70 million in FY24 (FY23: INR1,843.25 million) and EBITDA
was INR82.78 million (INR41.59 million). In FY24, the revenue
improved slightly on account of favorable market conditions. Till
1HFY25, the group booked revenue of INR878.91 million. However,
Ind-Ra expects the revenue to decline slightly considering lower
YTD revenue and inventory in hand.

Continued Modest EBITDA Margins: The group's EBITDA margins
increased to 4.36% in FY24 (FY23: 2.26%) and return on capital
employed to 6.90% (6.20%). In FY24, the EBITDA margins improved on
account of increased demand and other operating income of INR17.20
million in FY24 (FY23: nil). The company report EBITDA margins of
2.47% in 1HFY25. However, Ind-Ra expects the EBITDA margins to
decline slightly in FY25 considering the 1HFY25 performance.

Continued Modest Credit Metrics: On a consolidated basis, the
interest coverage (operating EBITDA/gross interest expenses)
improved to 1.54x in FY24 (FY23: 1.49x) owing to an increase  in
the EBITDA to INR94.78 million (INR41.59 million), despite an
increase in the gross interest expenses to INR53.81 million
(INR27.87 million). However, the net leverage (total adjusted net
debt/operating EBITDAR) deteriorated 3.83x in FY24 (FY23: 0.65x)
due to an increase in the total debt to INR1,347.65 million
(INR678.45 million). Ind-Ra expects the credit metrics to
deteriorate slightly considering the likely decline in the EBITDA.

Experienced Promoters: The group's promoters have over three
decades of experience in the shipbreaking industry. This has
facilitated the group to establish strong relationships with its
customers as well as suppliers.

Locational Advantage: The ratings continue to be supported by the
favorable location of the shipbreaking yard. It is located in the
Alang-Sosiya belt in Gujarat, which is one of the world's largest
shipbreaking clusters and constitutes almost 90% of India's
shipbreaking activity.

Liquidity

Stretched: The group does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations deteriorated further to
negative INR705.59 million in FY24 (FY23: negative INR344.74
million) on account of unfavorable changes in working capital.
Consequently, the free cash flow deteriorated to negative INR710.94
million (FY23: negative INR355.28 million) in the absence of capex.
The net working capital cycle elongated to 190 days in FY24 (FY23:
99 days) mainly on account of an increase in the inventory holding
period to 235 days (158 days) and receivable period to 70 days (29
days). The group's average maximum utilization of the fund-based
limits was 58.18% during the six months ended September 2024; the
non-fund-based limits remained unutilized. The group has debt
repayment obligations of INR6.3 million and INR6.3 million in FY25
and FY26, respectively. The cash and cash equivalents stood at
INR2.91 million at FYE24 (FYE23: INR118.59 million).

Rating Sensitivities

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics, all on a
consolidated and sustained basis, would be negative for the
ratings.

Positive: An improvement in the scale of operations and liquidity
position, leading to an improvement in the credit metrics with the
interest coverage exceeding 2.0x, all on a consolidated and
sustained basis, will be positive for the ratings.

Any Other Information

Standalone Performance: On a standalone basis, PSC's revenue was
INR391.16 million in FY24 (FY23: INR235.43 million) and EBITDA was
INR10.86 million (INR9.88 million). The EBITDA margins remained
modest at 2.78% in FY24 (FY23: 4.20%) with a return on capital
employed of 4% (6.30%). The credit metrics were modest with
interest coverage of 1.35x in FY24 (FY23: 1.42x) and net leverage
of 9.58x (negative 0.47x) excluding unsecured loans from promoters
and related parties.

The standalone and consolidated figures do not include outstanding
unsecured term loans and interest on the same. The repayment of
these unsecured loans, which are advanced by the promoters and
related parties, is not specified and bear an interest of 7% per
annum. However, such interest payment is not cumulative and PSC may
postpone the payment of interest.

About the Company

PSC was established in 1998 as a proprietorship concern of
Jaysukhlal Shah to carry out ship-recycling activities. The firm
operates from the Alang Ship Breaking Yard in Bhavnagar, Gujarat.

PHOSPHATE COMPANY: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained The Phosphate
Company Limited's (TPCL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR55.80 mil. Term loan* due on November 30, 2026 maintained
     in non-cooperating category and withdrawn;

-- INR355 mil. Non-fund-based capital limits** maintained in non-
     cooperating category and withdrawn; and

-- INR250 mil. Fund-based capital limits* maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)' before
being withdrawn

**Maintained 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with TPCL while reviewing the
ratings. Ind-Ra had consistently followed up with TPCL over emails,
apart from phone calls since June 2024. The issuer has submitted
the monthly no default statement until November 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of TPCL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. TPCL has been
non-cooperative with the agency since June 7, 2024.

About the Company

Incorporated in February 1949, TPCL is one of the oldest single
super phosphate manufacturing units in eastern India. It was
founded by the Bangur and Khaitan families, who are accredited with
industrialization in eastern India. The company has an installed
capacity of 112,800 metric tons for manufacturing fertilizers.

R M ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R M
Enterprise (RME) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 7,
2023, placed the rating(s) of RME under the 'issuer
non-cooperating' category as RME had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RME continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 22, 2024,
November 1, 2024, November 11, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Surat (Gujarat) based, RME was established as a partnership firm in
2015. RME is currently executing a residential with 3 BHK 51 flats
at Surat named 'Kusum Heights' which comprises of 13 floors
involving development of 1895.16 Square Feet area. The project
implementation commenced in October 2015 and till April 2017, RME
has incurred the total cost of INR8.81 crore (45% of total project
cost) out of the total cost of INR19.43 crore. RME has received
approvals for land and other relevant clearances for the project.


RAGHUVANSHI COTTON: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Raghuvanshi Cotton Ginning and Pressing Private Limited
        Sur No. 34, Movia Paddhatital,
        Paddhari District
        Rajkot - 360110, Gujarat

Insolvency Commencement Date: January 6, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Rajeev Ranjan Singh

Interim Resolution
Professional: Rajeev Ranjan Singh
              Truvisory Insolvency Professionals Pvt. Ltd.
              410, 4th Floor, Bluerose Industrial Estate,
              Near Metro Mall and Tata Power Petrol Pump
              Western Express Highway,
              Borivali East - 400066 Mumbai
              Email Id: contactanshulgupta@gmail.com

              -- and --

              332-333, 3rd Floor, Somdutt Chamber-II,
              Bhikaji Cama Place, New Delhi-110066
              Email Id: ibc.raghuvanshi@gmail.com

Last date for
submission of claims: January 20, 2025


RAJDHANI CRAFTS: Ind-Ra Cuts Bank Loan Rating to BB
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rajdhani Crafts
Industries Private Limited's long-term bank loan rating to 'IND BB'
from 'IND BB+' with a Stable Outlook and affirmed its short-term
rating as follows:

-- INR110 mil. Term loan due on March 31, 2031 downgraded with
     IND BB/Stable rating; and

-- INR440 mil. Fund-based working capital limit Long-term rating
     downgraded; short-term rating affirmed with IND BB/Stable/IND

     A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects a decline in RCIPL's revenue and EBITDA
margins in FY24, leading to deterioration in the credit metrics.
The ratings remain constrained by the company's small scale of
operations, modest EBITDA margins and credit metrics, customer
concentration risk and stretched liquidity.

However, Ind-Ra expects RCIPL's revenue to improve in FY25 based on
the revenue of INR556 million for 7MFY25 and the company's
unexecuted order book of INR429 million.  The agency also expects
the EBITDA margin to improve in FY25 due to better absorption of
fixed costs but the credit metrics to remain at similar levels.
However, the ratings are supported by promoters' more than one
decade of experience in the manufacturing of furniture.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: RCIPL's revenue declined to
INR800 million in FY24 (FY23: INR1,118 million) and  EBITDA to
INR62 million (INR96 million),  because of lower demand for
furniture in the target international markets. However, Ind-Ra
expects the revenue to improve in FY25 as indicated by revenue of
INR556 million for 7MFY25 and the company's unexecuted order book
of INR429 million at end-November 2024, to be executed by March
2025.

Sustained Modest EBITDA Margins: The EBITDA margins were modest at
7.86% in FY24 (FY23: 8.60%) with a return on capital employed of
1.2% (4.4%). The decline in margins in FY24 was due to the decrease
in revenue, leading to a lower absorption of fixed costs. However,
in FY25, Ind-Ra expects the EBITDA margins to improve due to better
absorption of fixed costs.

Modest Credit Metrics: RCIPL's interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.65x in FY24 (FY23:
3.42x) and net leverage (adjusted net debt/operating EBITDAR) to
10.42 (5.8x). This was due to an increase in the finance costs to
INR38 million in FY24 (FY23: INR28 million) and an increase in the
debt to INR656 million (INR558 million). Ind-Ra expects the credit
metrics to stay at similar levels in FY25 due to the similar nature
of operations and the absence of planned capex during the year.

Customer Concentration Risk: The company's single-largest customer
Habufa Meubelen accounted for 76.3% of the company's revenue in
FY24 (FY23: 70%).

Stretched Liquidity: Please refer to the 'liquidity' section.

Experienced Promoters: The company's promoters have more than one
decade of experience in the manufacturing of furniture with
long-term relationship with Habufa Meubelen.

Liquidity

Stretched: RCIPL's average maximum utilization of the fund-based
limits was 95.84% during the 12 months ended November 2024. The
cash flow from operations turned negative at INR74 million in FY24
(FY23: INR36 million) due to unfavorable changes in working
capital. Consequently, the free cash flow declined further to
negative INR90 million in FY24 (FY23: negative INR23 million). The
net working capital cycle was stretched and elongated further to
705 days in FY24 (FY23: 322 days), on account of an increase in the
inventory holding period. The company provides 30-60 days of credit
period to its customers and receives 30-60 days of credit period
from its suppliers. The inventory holding period is 300-500 days.
RCIPL has debt repayment obligations of INR45 million and INR37
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR0.6 million at FYE24 (FYE23: INR0.23
million).  Furthermore, RCIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: A decrease in the scale of operations or operating
profitability or deterioration in the overall credit metrics or the
liquidity profile, and failure to reduce customer concentration
risk, all on a sustained basis, could lead to a negative rating
action.

Positive: An increase in the scale of operations and operating
profitability, along with an improvement in the overall credit
metrics, and the liquidity profile, with the interest coverage
increasing above 2.4x, all on a sustained basis, could lead to a
positive rating action.

About the Company

Incorporated on December 23, 2009, RCIPL manufactures wooden
furniture and handicraft items at its plant in Jaipur, Rajasthan.
It exports furniture to the US, Canada and the Netherlands.

RCI INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RCI Industries &
Technologies Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR1.01 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR250 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR1.090 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR500 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RCI Industries &
Technologies Limited while reviewing the rating. Ind-Ra had
consistently followed up with RCI Industries & Technologies Limited
over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of RCI Industries &
Technologies Limited on the basis of best available information and
is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect RCI Industries &
Technologies Limited's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in 1992, RCI is listed on the BSE Ltd. The company
manufactures copper wires (24,000 million tons (mt) capacity),
copper/brass strips (15,000mt capacity) and Tin solder strips/bars
(1,200mt capacity). Its items include annealed copper wire, bunched
copper wires ropes and copper ingots.

SADASHIB COLD: CRISIL Moves B+ Debt Ratings From Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of SCSPL
to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Cash Credit           0.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating migrated)

   Proposed Long Term    2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating migrated)

CRISIL Ratings has been consistently following up with SCSPL for
obtaining information through letter and email dated December 4,
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 SCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SCSPL to 'CRISIL B+/Stable Issuer not
cooperating'.

SCSPL, incorporated in 2009 by Mr. Dilip Kumar Pratihar, Mr. Hari
Sadan Nadan, Mr. Chittaranjan Kundu and Mr. Sujoy Kumar Khan,
provides a cold storage facility for potato farmers. The storage
facility at West Medinipur in West Bengal has installed capacity of
148,980 quintal per annum.


SHIVAM CASTOR: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shivam Castor
Products Private Limited (SCPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             19        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2011, SCPPL manufactures castor oil and de-oiled
cake using raw castor seeds. The manufacturing facility is in
Vijapur, near Mehasana (Gujarat).


SHIVRAM SYNTHETICS: CARE Lowers Rating on INR10.00 LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shivram Synthetics Private Limited (SSPL), as:


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            10.00      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of SSPL under the 'issuer
non-cooperating' category as SSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 12, 2024,
November 22, 2024, December 2, 2024 and January 9, 2025 among
others.

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision further considers the ongoing
delays in debt servicing as recognized from publicly available
information i.e., CIBIL filings.

Analytical approach: Standalone

Outlook: Not Applicable

Bhilwara (Rajasthan) based Shivram Synthetics Private Limited
(SSPL) was initially formed by Mr. Manoj Kumar Chandak and Mr.
Navneet Mehta in 2008. Subsequently, there are changes in the
promoters and in 2014, Mr. Prashant Surolia and Mr. Pradeep Surolia
took over the directorship of the company and assumed its current
name. SSPL is engaged in the business of manufacturing of grey
fabrics and trading of finished fabrics as well. The company
outsources the processing work required for the manufacturing of
finished fabrics.


SLYLANDRO POWER: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Power
Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.37      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 8,
2023, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 23, 2024,
November 2, 2024, November 12, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Slylandro Power Private Limited (SPPL) was incorporated on October
28, 2014 promoted by Mr. K Prasad Rao and Veera Raghava. The
company has commissioned 2.42MW solar power project at Kakarla(V),
Marripudi(M), Prakasam District, Andhra Pradesh. The commercial
operations of the company has been started in June 2018. Initially,
SPPL has entered into power purchase agreement with Mangal
Industries Limited (MIL) and Chida Spinning Mills Private Limited
in November 2018. Subsequently agreement with Chida Spinning Mills
Private Limited got cancelled in October 2019. The company has
Agreement-in-Principle with Hindustan Coca-Cola Beverages Private
Limited.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of SPPL into
Issuer Not Cooperating category vide press release dated August 21,
2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.


SRS LIMITED: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SRS Limited's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR3.50 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR4.750 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR2.250 bil. Term Deposit maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SRS Limited while reviewing
the rating. Ind-Ra had consistently followed up with SRS Limited
over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of SRS Limited on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect SRS Limited's credit strength. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in ‘Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

SRS was incorporated in 2000 as SRS Commercial Company Limited. It
was renamed SRS Limited in 2009. The company has three business
verticals: jewelry, retail and multiplex. SRS is engaged in the
manufacture, retail and wholesale of gold and diamond jewelry. It
also operates a chain of modern format retail stores and a chain of
cinemas across north India. The company owns a shopping mall in
Faridabad, apart from various restaurants and food courts.

SUPERFINE EXTRUSIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Superfine Extrusions Private Limited
        Gat No 53 B, Bhalwani 17th KM Stone,
        Tal-Parner, Parner Mh 414103

Insolvency Commencement Date: January 7, 2025

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Jitendra Palande

Interim Resolution
Professional: Jitendra Palande
              Office No. 411, 4th Floor,
              Kakade Bizz Icon, Pune 411 016
              Email Id: jitendra@7crllp.com
              Email Id: cirp.extrusion@gmail.com

Last date for
submission of claims: January 23, 2025


SWASTIK COAL: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swastik Coal
Corporation Pvt. Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR290 mil. Bank Loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR425 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR3.035 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Swastik Coal Corporation
Pvt. Ltd. while reviewing the rating. Ind-Ra had consistently
followed up with Swastik Coal Corporation Pvt. Ltd. over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Swastik Coal Corporation
Pvt. Ltd. on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Swastik Coal Corporation Pvt.
Ltd.'s credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Indore-based SCCPL, the flagship company of Swastik Group, is
engaged in coal import and trading. The company is promoted by
Hitesh Bindal and Vishnu Bindal.

TECHINDIA NIRMAN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Techindia Nirman Limited
        Nath House Nath Road, Aurangabad,
        Maharashtra, India 431005

Insolvency Commencement Date: January 2, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 1, 2025

Insolvency professional: Vallabh Narayandas Sawana

Interim Resolution
Professional: Vallabh N Sawana
              Building No. 11, Flat No. 505
              Regency Sarvam, Ganesh Mandir Road
              Titwala (EAST), Kalyan District
              Thane-421605
              Email: vallabhsawana@gmail.com
              Email: cirp.techindia@gmail.com

Last date for
submission of claims: January 21, 2025

V. K. S. COMBINES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V. K. S.
Combines (VKSC) 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 VKSC 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 VKSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VKSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VKSC continues to be 'CRISIL B+/Stable Issuer not cooperating'.

VKSC was set up in 2002 by Mr. Satheesh V K. The firm is currently
engaged in distributors of photographic materials in South India
based at Kozhikode, Kerala.


VENKATRAMA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkatrama Agro Tech (SVAT) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             2         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            18         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Set up in 2011, SVAT mills and processes paddy into rice, rice
bran, broken rice, and husk. It is promoted by Mr. Padmakar
Choudary and family.


VIJAYKUMAR & CO: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vijaykumar & Co.'s
(VKC) bank facilities' ratings as follows:

-- INR100 mil. Fund-based working capital limit* affirmed with
     IND BB-/Stable/IND A4+ rating;

-- INR750 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating; and

-- INR12.60 mil. Term loan due on November 30, 2026 affirmed with

     IND BB-/Stable rating.

*Fund-based limit is a sublimit of the non-fund-based limit

Analytical Approach

Ind-Ra has fully consolidated VKC, Dalkan Ship Breaking Limited
(debt rated at 'IND BB-'/Stable) and Paras Steel Corporation (debt
rated at 'IND BB-'/Stable), jointly referred to as the Bhupatrai
Chimanlal group hereafter, while arriving at the ratings. This is
in view of the strong strategic and operational ties among them and
a common management.

Detailed Rationale of the Rating Action

The affirmation reflects the group's continued small scale of
operations, and modest EBITDA margins and credit metrics in FY24.
However, the ratings remain supported from the locational advantage
of the shipping yard and over three decades of experience of the
promoters in the shipping industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: The group's revenue was
INR1,898.70 million in FY24 (FY23: INR1,843.25 million) and EBITDA
was INR82.78 million (INR41.59 million). In FY24, the revenue
improved slightly on account of favorable market conditions. Till
1HFY25, the group booked revenue of INR878.91 million. However,
Ind-Ra expects the revenue to decline slightly in FY25 considering
lower YTD revenue and inventory in hand.

Continued Modest EBITDA Margins: The group's EBITDA margins
increased to 4.36% in FY24 (FY23: 2.26%) and return on capital
employed to 6.90% (6.20%). In FY24, the EBITDA margins improved on
account of increased demand and other operating income of INR17.20
million in FY24 (FY23: nil). The company report EBITDA margins of
2.47% in 1HFY25. However, Ind-Ra expects the EBITDA margins to
decline slightly in FY25 considering the 1HFY25 performance .

Continued Modest Credit Metrics: On a consolidated basis, the
interest coverage (operating EBITDA/gross interest expenses)
improved to 1.54x in FY24 (FY23: 1.49x) owing to an increase  in
the EBITDA to INR94.78 million (INR41.59 million), despite an
increase in the gross interest expenses to INR53.81 million
(INR27.87 million). However, the net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 3.83x in FY24 (FY23: 0.65x)
due to an increase in the total debt to INR1,347.65 million
(INR678.45 million). Ind-Ra expects the credit metrics to
deteriorate slightly on account of the likely decline in the
EBITDA.

Experienced Promoters: The group's promoters have over three
decades of experience in the shipbreaking industry. This has
facilitated the group to establish strong relationships with its
customers as well as suppliers.

Locational Advantage: The ratings continue to be supported by the
favorable location of the shipbreaking yard. It is located in the
Alang-Sosiya belt in Gujarat, which is one of the world's largest
shipbreaking clusters and constitutes almost 90% of India's
shipbreaking activity.

Liquidity

Stretched: The group does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations deteriorated further to
negative INR705.59 million in FY24 (FY23: negative INR344.74
million) on account of unfavorable changes in working capital.
Consequently, the free cash flow deteriorated to negative INR710.94
million (FY23: negative INR355.28 million) in the absence of capex.
The net working capital cycle elongated to 190 days in FY24 (FY23:
99 days) mainly on account of an increase in the inventory holding
period to 235 days (158 days) and receivable period to 70 days (29
days). The group's average maximum utilization of the fund-based
limits was 58.18% during the six months ended September 2024; the
non-fund-based limits remained unutilized. The group has debt
repayment obligations of INR6.3 million and INR6.3 million in FY25
and FY26, respectively. The cash and cash equivalents stood at
INR2.91 million at FYE24 (FYE23: INR118.59 million).

Rating Sensitivities

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics, all on a
consolidated and sustained basis, would be negative for the
ratings.

Positive: An improvement in the scale of operations and liquidity
position, leading to an improvement in the credit metrics with the
interest coverage exceeding 2.0x, all on a consolidated and
sustained basis, will be positive for the ratings.

Any Other Information

Standalone Performance: On a standalone basis, VKC's revenue was
INR943.79 million in FY24 (FY23: INR872.51 million) and EBITDA was
INR62.81 million (INR4.59 million). The EBITDA margins turned
healthy at 6.66% in FY24 (FY23: 0.53%) with a return on capital
employed of 13.7% (2.90%). The credit metrics were modest with
interest coverage of 1.72x in FY24 (FY23: 0.45x) and net leverage
of 2.13x (4.47x) excluding unsecured loans from promoters and
related parties.

The standalone and consolidated figures do not include outstanding
unsecured term loans and interest on the same. The repayment of
these unsecured loans, which are advanced by the promoters and
related parties, is not specified and bear an interest of 7% per
annum. However, such interest payment is not cumulative and VKC may
postpone the payment of interest.

About the Company

VKC was established in 1994 as a proprietorship concern to carry
out ship recycling activities. It was subsequently converted into a
partnership firm. The firm operates from the Alang ship breaking
yard in Bhavnagar, Gujarat.

WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Womens Next
Loungeries Limited (WNLL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of WNLL under the 'issuer
non-cooperating' category as WNLL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
WNLL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024 and December 14, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in December 2010 as Shiv Lingeries Private Limited by
Mr. Bhavesh Bhanushali, & Mrs Premila Bhanushali and subsequently
converted to public limited company in 2012 with its name changed
to Women's Next Loungeries Ltd. (WNLL) and listed with Bombay Stock
Exchange in 2014. WNLL is engaged in the business of manufacturing
of lingerie, loungerie, pajamas, t-shirts and night suits and
trading of fabric. WNLL has manufacturing unit which is located at
Bhiwandi, Thane.

Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of WNLL into Issuer Not
Cooperating category vide press release dated November 13, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

ZENITH DRUGS: CRISIL Withdraws B+ Ratings on INR2.84cr Term Loan
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zenith Drugs
Private Limited (ZDPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          2.45       CRISIL B+/Stable (Issuer Not
                                   Cooperating/Withdrawn)

   Term Loan            2.84       CRISIL B+/Stable (Issuer Not
                                   Cooperating/Withdrawn)

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
ZDPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

Incorporated in 2000, ZDPL manufactures and markets pharmaceutical
products. Mr. Sandeep Bhardwaj, Mr. Bhupesh Soni and Mr. Ajay
Dasundhi are the promoters.




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

BROMMEL ROOFING: Court to Hear Wind-Up Petition on Feb. 4
---------------------------------------------------------
A petition to wind up the operations of Brommel Roofing Limited
will be heard before the High Court at Wellington on Feb. 4, 2025,
at 10:00 a.m.

Z Energy Limited filed the petition against the company on Nov. 29,
2024.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          c/- Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011


GOLDENVIEW LIVE: Creditors' Proofs of Debt Due on Feb. 13
---------------------------------------------------------
Creditors of Goldenview Live Limited are required to file their
proofs of debt by Feb. 13, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


JIRAH'S CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 31
--------------------------------------------------------------
Creditors of Jirah's Construction Limited are required to file
their proofs of debt by Jan. 31, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 4, 2025.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


NZESH LIMITED: Court to Hear Wind-Up Petition on Feb. 20
--------------------------------------------------------
A petition to wind up the operations of Nzesh Limited will be heard
before the High Court at Auckland/Tamaki Makaurau on Feb. 20, 2025,
at 10:45 a.m.

Lane Neave filed the petition against the company on Nov. 13,
2024.

The Petitioner's solicitor is:

          James Cochrane
          Lane Neave Lawyers
          Level 8 Vero Centre
          48 Shortland Street
          Auckland


TRANS-PACIFIC: Creditors' Proofs of Debt Due on Feb. 14
-------------------------------------------------------
Creditors of Trans-Pacific Marine Limited are required to file
their proofs of debt by Feb. 14, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 14, 2025.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery
          PO Box 3678
          Auckland 1140


[*] NEW ZEALAND: Business Liquidations at the Highest in 10 Years
-----------------------------------------------------------------
1News reports that business liquidations have hit a 10-year high
with 2500 companies folding last year, marking the highest annual
figure since 2014 amid challenging conditions for construction and
retail.

According to 1News, the figure represents an increase of nearly 700
liquidations compared to 2023, while receiverships also climbed to
their highest level since 2012, with 186 companies entering
receivership - up by 84 from the previous year.

Liquidation and receivership numbers have been trending upward
since the pandemic.

1News says Retail NZ chief executive Carolyn Young highlighted the
severity of the situation facing retailers, saying it had
anecdotally been the toughest period in decades for some.

"We've spoken to a number of retailers over the Christmas break and
a number of them have said it's been the toughest year ever that
they've had and they've been working retail 20, 25, or 30 years,"
the report quotes Mr. Young as saying.

"Businesses don't want to close and they don't want to go into
liquidation, so they are doing everything they can to stay
relevant, and to stay available, and to be open.

"We do know that the good times will come back.

"And they will return - it is a cycle - but it's how you get
there."

Notable recent casualties include Baby City, which has seen several
stores remain open into the new year after new management purchased
the company's stock, 1News adds.

Meanwhile, hospitality businesses have been particularly affected,
with the sector featuring prominently in last year's liquidation
data.

According to 1News, Hospitality NZ chief executive Steve Armitage
said operators were banking on a busy summer, ahead of quieter
winter months.

"They'll be hoping they can drive enough revenue, enough foot
traffic through the doors to keep things going through that."

The sector had also been hoping for more international visitors,
with tourist numbers previously only at about 85% of pre-2019
figures, Mr. Armitage said.

1News adds Mr. Young said growing consumer confidence this year
depended on two key factors.

"We really need to see job security and reduced expenditure for
core items for consumers and if we can get that, then we'll be
good."




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

ALLCHEM PRODUCTS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of Allchem Products Pte. Ltd.

Oversea-Chinese Banking filed the petition against the company.

The company's liquidators are:

          Becker Matthew Stuart
          Lim Loo Khoon
          Deloitte & Touche LLP
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


BOUNTIFUL TREE: Court to Hear Wind-Up Petition on Jan. 31
---------------------------------------------------------
A petition to wind up the operations of Bountiful Tree Holdings
Pte. Ltd. will be heard before the High Court of Singapore on Jan.
31, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 9, 2025.

The Petitioner's solicitors are:

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


ECO FAMILY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of Eco Family Mart 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


SHANG ANTIQUE: Court to Hear Wind-Up Petition on Jan. 31
--------------------------------------------------------
A petition to wind up the operations of Shang Antique Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 31, 2025,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 9, 2025.

The Petitioner's solicitors are:

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


USP GROUP: Receives Demand Letters Amid Judicial Management
-----------------------------------------------------------
TipRanks reports that USP Group Limited, which is under judicial
management, has received demand letters from United Overseas Bank
Limited. The letters, issued to USP Group and its subsidiaries,
demand repayment of significant sums by Feb. 5, 2025, TipRanks
says. The demand highlights financial obligations involving banking
facilities and guarantees, with potential implications for the
company's operations, including the continuation of its trading
suspension.

USP Group Limited provides oil blending and property development
services. The Company, through its subsidiaries, offers the
blending and distribution of diesel and engine oils as well as
provides property holding, development, management and related
services for the residential and commercial sectors throughout
Singapore.

As reported in the Troubled Company Reporter-Asia Pacific on June
17, 2024, the High Court of Singapore entered an order on June 11,
2024, to place USP Group Limited under Judicial Management.  The
company's Judicial Manager is Tan Wei Cheong.


VJAG HOLDINGS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of VJAG Holdings 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



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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