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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

          Wednesday, January 22, 2025, Vol. 28, No. 16

                           Headlines



A U S T R A L I A

CATCH.COM.AU: To Shut Down in April; Around 200 Jobs Affected
CBC WALL: First Creditors' Meeting Set for Jan. 29
ECOGENESIS VENTURES: First Creditors' Meeting Set for Jan. 29
GENETIC TECHNOLOGIES: Sale of AffinityDNA and EasyDNA  Completed
KURVED BY DESIGN: Second Creditors' Meeting Set for Feb. 3

LMIZ8 INVESTMENTS: First Creditors' Meeting Set for Jan. 30
ORANGE GAMING: BRI Ferrier Appointed as Administrator
VOW: Forced to Slash Staffing by Nearly a Third


C H I N A

CHINA VANKE: S&P Lowers Long-Term ICR to 'B-' on Weak Liquidity
COUNTRY GARDEN: Shares Up in Resumed Trade After Near 10-mo. Halt
RETO ECO-SOLUTIONS: Ever Best Disposes of Equity Stake
TAOPING INC: Issues $1.31M Convertible Note to Streeterville
ZHENRO PROPERTIES: Founder Faces Legal Compulsory Actions



H O N G   K O N G

NEW WORLD: Offers US$15BB for Loan Collateral as Stress Grows


I N D I A

DHANA JEWEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
EAST WEST: CRISIL Keeps D Debt Ratings in Not Cooperating
ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
FURNACE FABRICA: CRISIL Keeps D Debt Ratings in Not Cooperating
GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating

GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating
INDO LAMINATES: CRISIL Keeps D Debt Ratings in Not Cooperating
IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
L. R. D. FOODS: CRISIL Keeps B Debt Rating in Not Cooperating
MAA VINDHWASINI: CRISIL Keeps B+ Debt Rating in Not Cooperating

MANDAKINI PACHIMATLA: CARE Keeps D Debt Rating in Not Cooperating
MANJEET SINGH: CARE Keeps C Debt Ratings in Not Cooperating
MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
NADHI BIO: CARE Keeps D Debt Rating in Not Cooperating Category
NAVDEEP RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

NICE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
NORMANDY BREWERIES: CRISIL Keeps B+ Rating in Not Cooperating
PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
PAVANPUTRA SHEETGRAH: CARE Keeps B- Debt Rating in Not Cooperating
PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating

SANKAR COTTON: CARE Keeps D Debt Rating in Not Cooperating
SHAMSONS POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVALIK TRADING: CARE Keeps D Debt Rating in Not Cooperating
UNITECH INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating

VAGHASIYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
VAIDYA V: CARE Keeps B- Debt Rating in Not Cooperating Category
VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDANTA RESOURCES: Moody's Ups CFR to B1 & Sr. Unsec. Bonds to B2
YOGENDRA JAISWAL: CARE Keeps C Debt Rating in Not Cooperating



M A L A Y S I A

BINTAI KINDEN: Bursa Malaysia Approves Regularisation Plan


N E W   Z E A L A N D

KATRINA FISHING: Creditors' Proofs of Debt Due on Feb. 13
OLIVADO LIMITED: Court to Hear Wind-Up Petition on Feb. 5
ONE.TEL LIMITED: Court to Hear Wind-Up Petition on Feb. 27
PRO LOOK: Court to Hear Wind-Up Petition on Feb. 14
PROCLAIMS MANAGEMENT: Creditors' Proofs of Debt Due on Feb. 14

RMS CONTRACTING: Owes More Than NZD19MM, Receivers Report Shows
TUI TERRACES: In Liquidation; Owes Nearly NZD4.6MM in Taxes


S I N G A P O R E

JUBILEE REALTY: Creditors' Proofs of Debt Due on Feb. 17
KEPPEL TECHNOLOGY: Creditors' Proofs of Debt Due on Feb. 17
KHH ENGINEERING: Court Enters Wind-Up Order
OVERSEAS PACIFIC: Commences Wind-Up Proceedings
RIVERWALK PROMENADE: Creditors' Proofs of Debt Due on Feb. 17


                           - - - - -


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

CATCH.COM.AU: To Shut Down in April; Around 200 Jobs Affected
-------------------------------------------------------------
Jessica Yun at The Sydney Morning Herald reports that online
retailer Catch.com.au will be shut down in the coming months after
intensifying competition from Amazon, Shein and Temu led parent
company Wesfarmers, which also operates Kmart and Bunnings, to axe
the website it bought in 2019 to focus on its better-known
retailers.

According to SMH, nearly 200 jobs will be lost, while 100
e-commerce roles will be transferred to Kmart to leverage Catch's
warehouses after it closes in the fourth quarter of the 2025
financial year. The website will stop selling products on April
30.

SMH relates that Wesfarmers chief executive Rob Scott said Catch
had provided the wider group with better digital capabilities, and
its closure was in the best interest of shareholders.

"It allows us to eliminate losses," SMH quotes Mr. Scott as saying.
"There has been a significant increase in competitive intensity in
the Australian e-commerce sector, including from the entry and
expansion of international competitors, which has impacted Catch's
ability to generate satisfactory returns over the long term.

"Standalone, broad-based marketplaces require significant scale and
traffic to achieve profitability. International players are better
able to leverage their global scale, networks and technologies
compared to Australian-owned broad-based marketplaces."

Wesfarmers' other retail brands, which include Target, Officeworks
and Priceline, have a more scalable and cost-effective offering
than Catch as they have both physical and online stores, he added.

Catch's e-commerce warehouses in Moorebank, NSW and Truganina,
Victoria, will be transferred to discount giant Kmart, a move aimed
at improving the experience for customers and lifting efficiency,
SMH relays.

"Kmart Group can better utilise Catch's fulfilment centres, which
are currently less than 50 per cent utilised. The transition will
result in faster deliveries to customers at a lower unit cost while
relieving pressure on our busy stores," said Kmart managing
director Ian Bailey.

Wesfarmers purchased Catch.com.au in June 2019 for AUD230 million,
and revenue and profits have slumped since then. Catch's revenue in
the 2020 financial year was AUD364 million, but this figure had
fallen to AUD227 million for 2024. It is expected to report losses
before tax of AUD38-40 million for the first half of the 2025
financial year, SMH discloses.

SMH adds that Wesfarmers will incur one-off costs of AUD50– AUD60
million for the wind-down that will be recorded in its second-half
results. More details about the closure will be announced at the
company's strategy briefing in May.


CBC WALL: First Creditors' Meeting Set for Jan. 29
--------------------------------------------------
A first meeting of the creditors in the proceedings of CBC Wall
Systems Pty Ltd will be held on Jan. 29, 2025 at 11:00 a.m. at
Level 9, 66 Clarence Street, in Sydney, NSW and via Zoom.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Jan. 16, 2025.


ECOGENESIS VENTURES: First Creditors' Meeting Set for Jan. 29
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ecogenesis
Ventures Pty Limited will be held on Jan. 29, 2025 at 10:30 a.m.
via Microsoft Teams.

Andrew McCabe of Wexted Advisors was appointed as administrator of
the company on Jan. 17, 2025.


GENETIC TECHNOLOGIES: Sale of AffinityDNA and EasyDNA  Completed
----------------------------------------------------------------
Genetic Technologies Limited announced on Jan. 20, 2025, that the
company completed the sale of its AffinityDNA and EasyDNA
businesses to Endeavor DNA, Inc., on Jan. 18, 2025.  

The Administrators were appointed as voluntary administrators of
the Company on Nov. 20, 2024. The Administrators have since the
date of their appointment run a competitive sales process to find a
suitable buyer for the Businesses. As a result of this process,
Endeavor was selected as the preferred bidder and has ultimately
completed the purchase of the Businesses.

                        Transaction Details

Endeavor has agreed to pay the Company a cash purchase price of
approximately AUD525,000 (plus GST) which is inclusive of Endeavor
assuming the statutory employee entitlements for transferring
employees in Australia.

Under the terms of the ASA, Endeavor has acquired all of GTG's
right, title and interest in certain assets including the
intellectual property owned and used in the Businesses, certain
laboratory and reseller agreements and GTG's in-house CRM system.
Two of GTG's Australian employees involved in the Businesses will
transfer their employment to Endeavor.

Pursuant to the ASA, the Company has granted Endeavor an option to
purchase all of the shares in each of its two subsidiaries that
employ staff involved in the conduct of the Businesses for a
nominal value. The option must be exercised by Endeavor within four
weeks of completion of the sale, after which the option will lapse.
If the option is exercised by Endeavor with respect to either
subsidiary, it will inherit the obligations of the subsidiary,
including with respect to outstanding employee leave entitlements,
alleviating any potential requirement for the Company to fund the
subsidiaries to pay such entitlements on redundancy or termination
of the employees.

During the option period, the subsidiaries will continue to service
the Businesses pursuant to a transitional services agreement
between the subsidiaries and Endeavor, ensuring business
continuity.

                            Integration

The Company will work with Endeavor, to ensure a smooth integration
of the Businesses post completion, including by complying with
their various post completion obligations under the ASA.

                       Administration Update

The total quantum of creditor claims is expected to exceed the
quantum of funds held and any potential future asset recoveries.
Accordingly, there is expected to be a shortfall to unsecured
creditors. The adjourned second meeting of creditors is due to be
held by Feb. 26, 2025 and at that meeting the future of the Company
will be resolved which may include either the Company entering into
Liquidation or resolving to execute a Deed of Company Arrangement
if one is proposed.

A further update shareholders will be provided following this
meeting.

                         Quotation Update

As announced on Dec. 17, 2024 the Company's ADSs were delisted from
quotation on Nasdaq. Trading of the Company's shares on the ASX
remains in suspension.

                  About Genetic Technologies Ltd.

Victoria, Australia-based Genetic Technologies Limited (ASX: GTG;
Nasdaq: GENE) is a diversified molecular diagnostics company. A
global leader in genomics-based tests in health, wellness, and
serious disease through its geneType and EasyDNA brands. GTG offers
cancer predictive testing and assessment tools to help physicians
to improve health outcomes for people around the world. The company
has a proprietary risk stratification platform that has been
developed over the past decade and integrates clinical and genetic
risk to deliver actionable outcomes to physicians and individuals.


KURVED BY DESIGN: Second Creditors' Meeting Set for Feb. 3
----------------------------------------------------------
A second meeting of creditors in the proceedings of Kurved By
Design Pty Ltd has been set for Feb. 3, 2025, at 3:00 p.m. at the
offices of B&T Advisory, Level 19, 144 Edward Street, in Brisbane,
Qld.

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 Feb. 3, 2025 at 10:00 a.m.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on Dec. 20, 2024.


LMIZ8 INVESTMENTS: First Creditors' Meeting Set for Jan. 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of LMIZ8
Investments Holdings Pty Ltd will be held on Jan. 30, 2025, at
11:00 a.m. at the offices of Hayes Advisory, Level 3, 84 Pitt
Street, in Sydney, NSW and virtually via Zoom.

Alan Hayes and Wayne Marshall of Hayes Advisory were appointed as
administrators of the company on Jan. 17, 2025.


ORANGE GAMING: BRI Ferrier Appointed as Administrator
-----------------------------------------------------
Peter Paul Krejci of BRI Ferrier on Jan. 20, 2025, was appointed as
Administrator of Orange Gaming Pty Ltd.

The Administrator may be reached at:

          Peter Paul Krejci
          BRI Ferrier
          Level 26
          25 Bligh Street
          Sydney, NSW 2000


VOW: Forced to Slash Staffing by Nearly a Third
-----------------------------------------------
Simon Thomsen at Startup Daily reports that Sydney cultivated meat
startup Vow, creator of the "woolly mammoth meatball", has been
forced to slash staffing by nearly a third, with 25 jobs being made
redundant as it seeks a new round of investment.

Vow has been developing lab-grown cell-based animal products being
served in high-end restaurants in Asia. It is still awaiting
regulatory approval to serve its products in Australia

In early 2024, Vow began serving Forged Parfait in Singapore, made
from Japanese quail cells, involving no live animals. In keeping
with the fowl liver theme, the startup launched Forged Gras, which
resembles the French delicacy foie gras (a fatty duck or goose
liver), again made from quail, in Hong Kong before Christmas. Foie
gras production is banned in many countries, including Australia,
because it involves force-feeding the fowl.

Vow was co-founded by former Cochlear design lead Tim Noakesmith
and George Peppou and in 2019 began producing lab-grown meat from
more than 50 species of animal cells, including water buffalo,
alpaca, kangaroo and fish, Startup Daily discloses.

According to Startup Daily, the biotech startup received a AUD7.7
million in a seed round backed by Square Peg, as well as Grok, the
family fund of Mike Cannon-Brookes, in early 2021, and then in
2022, AUD73.5 million in a Series A led by Blackbird and Prosperity
7 Ventures, with support from super fund Hostplus.

Startup Daily says Mr. Peppou, the CEO, told staff a "very
challenging funding environment" forced their hand on redundancies
as they hoped to finalise a fresh raise with enough runway to see
the business through to 2027.

The company has been awaiting regulatory approval to serve its
product in Australia, having applied back in 2023.

Food Standards Australia New Zealand (FSANZ) launched a second
round of public consultation on approving cultivated quail as a
food in November last year having previously approved it as safe to
eat, Startup Daily says.

StartUp Daily adds that the redundancy process began on Jan. 17 and
cofounder George Peppou said that after all they'd achieved when so
many had failed, it was "an incredibly difficult decision and it
truly hurt to make".

"Vow is pioneering success in an industry in which many companies
have already failed, with more than 200 companies founded, over
AUD3b invested and still only three with regulatory approvals  –
one of which is Vow - to sell anywhere in the world. That success
is predicated on solving three main challenges: scale, market
demand and market access," the report quotes Mr. Peppou as saying.

"Vow is the only company in the world to have solved the first two
of these challenges and is leading the world in market access.
However, given the complexity and novelty of the regulatory process
for cultured meat, it has taken far longer than initially expected
to secure regulatory approval in the markets which Vow has
targeted.

"This is not a criticism of the regulators, but rather an
acknowledgement of the care and thoroughness necessary to ensure
cultured meat is completely safe for human consumption and
regulated appropriately."

Mr. Peppou praised his departing team members, known as "Vowzers",
as "exceptionally talented, dedicated and hardworking individuals
who substantially contributed to the success of Vow".

"The reality is that in order for Vow to continue to grow and
thrive, we must get leaner and focus our entire efforts on
activities that put our products into more markets and onto more
consumers' plates," he said.

"This process is not a reflection on them, but rather what Vow
needs to achieve in the next two years. It is my sincere hope that
they all choose to stay in our startup ecosystem because I know
they are exactly the calibre of individuals who make groundbreaking
innovations possible, and I will do everything in my power to
support them to find new roles."

A Blackbird spokesperson said the remain confident in Vow's
roadmap, Startup Daily relays.

"Vow has an ambitious vision and has made meaningful strides in
creating a novel, delicious product that people love," they said.

"Like many companies operating in highly technical environments and
highly regulated markets, Vow has faced a challenging operating
environment as it scales its mission globally."




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

CHINA VANKE: S&P Lowers Long-Term ICR to 'B-' on Weak Liquidity
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China Vanke Co. Ltd. by two notches to 'B-' from 'B+' 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'. S&P placed all these ratings on CreditWatch with
negative implications.

S&P said, "We expect to resolve the CreditWatch as quickly as
practically possible once we have enough detail to assess China
Vanke's measures to manage liquidity. These could include, but are
not limited to, execution of noncore asset disposals and concrete
progress on cash collection, as well as progress in obtaining new
secured loans from financial institutions.

"We believe pressure on China Vanke's liquidity is rising as a wall
of bond maturities approaches and access to cash is weaker than we
previously expected. We estimate the company's parent-level cash
only increased moderately as of the end of 2024, from Chinese
renminbi (RMB) 1.1 billion as of Sept. 30, 2024, out of reported
consolidated unrestricted cash of RMB77.3 billion. This is because
a significant amount of its cash could be trapped at the project
level, particularly in presale escrow bank accounts. In our view,
tight regulations may cause a high level of China Vanke's cash to
remain in presale bank accounts in the next three to six months.

"Accordingly, we tightened the discount we apply to the company's
access to cash that is at the level of operational subsidiaries as
well as cash funds from operations (FFO) in the next 12 months. We
also revised our assessment of China Vanke's liquidity and that of
its sole offshore financing platform, Vanke HK, to weak from less
than adequate."

China Vanke's parent-level cash, one of its major liquidity
sources, fell significantly short of its bond maturity wall of more
than RMB36 billion equivalent in 2025 (onshore and offshore).

S&P said, "In addition, we believe the company will likely record
net operating cash outflow in the first quarter of 2025, as this is
historically a season for China Vanke to settle outstanding
payables. Coupled with our expectation of weakening contracted
sales, this will further drain Vanke's liquidity.

"We also revised our management and governance assessment on China
Vanke to negative from neutral because we believe the company has
not been satisfactorily managing its liquidity risk and its
management team failed to effectively respond to market concerns,
leading to a deterioration in its reputation and creditworthiness.

"We expect China Vanke to continue to dispose of noncore assets,
and this is subject to increasing execution risks. We assess
overall progress in disposing of noncore assets, in terms of value,
as on track so far. However, execution risks regarding timeliness
of cash collection are rising, in our view. In light of mounting
bond maturities in upcoming months, we believe it is essential that
China Vanke collect cash proceeds on time. Any delay in cash
collection would hurt its liquidity. We estimate the company could
receive RMB21.6 billion in proceeds over the 12 months to Sept. 30,
2025, from contracted asset disposals in 2023-2024 (including
return of land to the government).

"Maintaining solid relationships with financial institutions is
essential. We expect China Vanke to maintain its banking
relationships and be able to obtain asset-pledged bank borrowings
for debt refinancing. According to the company's public
announcements, it obtained asset-pledged borrowings in the past
three months from various banks totaling RMB5.26 billion, with
tenors of 10-30 years.

"In 2025, we expect China Vanke to obtain commercial property loans
of a similar amount to that obtained in 2024 (totaling RMB18.7
billion in the first nine months of 2024). That said, any delay in
obtaining such loans for reasons including but not limited to
negotiations with banks over valuation and loan-to-value ratio
could pose liquidity risk to China Vanke."

The company also has a significant balance of other borrowings,
which amounted to RMB42 billion as of June 30, 2024, mainly
consisting of borrowings from insurers. These are mainly long-tenor
borrowings with different put options embedded. It would be
important for China Vanke to keep a stable relationship with
insurers to refinance or roll over such debt; otherwise its
liquidity condition could deteriorate further. By S&P's estimate,
China Vanke has successfully rolled over most of such debt that was
puttable in the fourth quarter of 2024.

S&P said, "Although we do not rate China Vanke's onshore bonds,
because the company continues to increase secured borrowings, we
believe its onshore bonds could face rising subordination risk.

"We expect weakening contracted sales in 2025-2026, mainly due to a
depleting land bank. China Vanke's land acquisitions are likely to
remain restrained in the next 12 months as the company prioritizes
its liquidity needs. This will result in a lack of new quality
salable resources and therefore undermine its sales performance. We
expect the company's contracted sales to decline 25% to RMB183
billion in 2025 and a further 12% to RMB162 billion in 2026."

In 2024, China Vanke's contracted sales declined 34.6% to RMB246
billion. This was weaker than the 28% average decline for
contracted sales of China's top 100 developers, according to China
Real Estate Information Corp. In the same period, China Vanke
acquired 15 projects with an attributable land premium of RMB6.2
billion. This is significantly lower than its acquisition of 40
projects with an attributable land premium of RMB53 billion in
2023. S&P estimates the company obtained most of the 15 projects in
2024 in exchanges with the government of idled existing land bank
holdings and it did not need to pay cash.

S&P expects to resolve the CreditWatch negative placement as soon
as practicable when we have more detail about China Vanke's
measures to manage its liquidity in the face of its bond maturity
wall in 2025. Measures may include noncore asset disposals and
asset-pledged borrowings from banks for refinancing.

S&P may lower its ratings on China Vanke if its liquidity
deteriorates further and its financial commitments appear
unsustainable. This could happen if:

-- Deterioration occurs in the company's access to financing
channels, including its ability to pledge assets for new loans.
This could happen if China Vanke's relationship with banks and
insurers weakens;

-- It fails to execute its asset disposal plans or cash collection
from disposals experiences delay; or

-- The company's contracted sales, operating cashflow, and
profitability are weaker than S&P's expect;

-- S&P could lower the rating on Vanke HK if it downgrades China
Vanke. In addition, it may lower the rating on Vanke HK if China
Vanke's ability or willingness to support Vanke HK weakens.

S&P said, "China Vanke may be able to sustain its credit quality in
line with our 'B-' ratings if the company efficiently executes its
asset disposal plan and makes timely collections of cash proceeds
for liquidity use. China Vanke also has to maintain solid
relationships with banks and insurers and continue to obtain new
loans by pledging assets. At the same time, we would also expect
the company's contracted sales to stabilize."


COUNTRY GARDEN: Shares Up in Resumed Trade After Near 10-mo. Halt
-----------------------------------------------------------------
Reuters reports that shares of Country Garden jumped as much as 30%
in resumed trade on Jan. 21 following a nearly 10-month trading
suspension as it tries to advance debt restructuring negotiations
with its creditors.

According to Reuters, the stock had been suspended from trading
since April 2, 2024 pending the publication of its 2023 full-year
and 2024 interim financial reports after it defaulted on $11
billion of offshore bonds in late 2023.

That default deepened a debt crisis in the economically crucial
property sector that had also seen defaults by major peers
including China Evergrande Group.

Reutes says Country Garden is now in a restructuring process that
aims to cut its $16.4 billion of offshore debt by 70%.

It told a Hong Kong court on Jan. 20 in a liquidation hearing filed
by a creditor against the company that it expects to reach
restructuring terms with creditors next month, and was granted an
adjournment until May 26.

A trade resumption is useful to Country Garden's restructuring
negotiations as the plan includes a convertible bond option for
creditors, according to Reuters.

If Country Garden is able to get creditors' approval for the debt
revamp plan, that would help the developer push back against the
liquidation petition, Reuters relates.

A liquidation order against Country Garden would worsen the outlook
for China's crisis-hit property sector, which policymakers have yet
to revive successfully despite waves of stimulus measures since
2022.

Country Garden last week said it expected to post a narrower annual
loss in 2024 after reporting a record CNY178.4 billion ($24.33
billion) loss in its long-overdue 2023 results, Reuters relays.

"It is evident from the . . . results that the Group is carrying
out a business with a sufficient level of operations and assets of
sufficient value to support its operations, which warrants the
continued listing of the shares of the company," Country Garden
said in a filing on Jan. 21.

                        About Country Garden

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

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

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

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

RETO ECO-SOLUTIONS: Ever Best Disposes of Equity Stake
------------------------------------------------------
Ever Best Trading Corporation Limited and Shishu Jiang disclosed in
a Schedule 13G filing with the U.S. Securities and Exchange
Commission that as of October 29, 2024, they have disposed of their
equity ownership of ReTo Eco-Solutions, Inc. shares of common
stock.

The Troubled Company Reporter reported on December 24, 2024, that
Ever Best Trading Corporation Limited and Shishu Jiang disclosed in
a Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of August 30, 2024, they beneficially owned
980,616 shares of Class A Shares, par value US$0.10 per share, ReTo
Eco-Solutions, Inc, representing 5.1% of the 19,352,636 Class A
Shares outstanding as reported in Company's Registration Statement
on Form F-3, dated September 24, 2024, filed with the U.S.
Securities and Exchange Commission on September 24, 2024.

                     About ReTo Eco-Solutions

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

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

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

TAOPING INC: Issues $1.31M Convertible Note to Streeterville
------------------------------------------------------------
Taoping Inc. disclosed in a Form 6-K Report filed with the U.S.
Securities and Exchange Commission that it entered into a
Securities Purchase Agreement with Streeterville Capital, LLC, a
Utah limited liability company, pursuant to which the Company
issued an unsecured convertible promissory note with a 12-month
maturity to Investor.

The Convertible Note has the original principal amount of
$1,311,000 including the original issue discount of $96,000 and
Investor's legal and other transaction costs of $15,000.

Interest accrues on the outstanding balance of the Convertible Note
at 7% per annum. Upon the occurrence of a Trigger Even, Investor
may increase the outstanding balance payable under the Convertible
Note by 15% or 5%, depending on the nature of such event. If the
Company fails to cure the Trigger Event within the required five
trading days, the Triger Event will automatically become an event
of default and interest will accrue at the lesser of 22% per annum
or the maximum rate permitted by applicable law.

Pursuant to the terms of the Convertible Note and the Purchase
Agreement, the Company must obtain Investor's consent for certain
fundamental transactions such as consolidation, merger, disposition
of substantial assets, change of control, reorganization or
recapitalization. Any occurrence of such fundamental transaction
without Investor's prior written consent will be deemed a Trigger
Event.

After the Investor delivers the purchase price of the Convertible
Note to the Company, Investor, subject to certain restrictions, may
convert all or any part of the outstanding balance of the
Convertible Note, at a fixed conversion price of $3.00 per share,
into the Company's ordinary shares. In addition, subject to certain
restrictions, Investor may redeem all or any portion of the
Convertible Note, subject to a maximum amount of $300,000 per
month, into ordinary shares of the Company at a price equal to the
lesser of (i) $3.00, and (ii) 80% multiplied by the lowest daily
VWAP during the ten trading days immediately preceding the
applicable redemption, subject to a floor price of $0.10. Investor
also has the right, on any trading day and the following trading
day, that any intraday trade price of the ordinary shares is 10%
greater than the previous Measurement Period's Nasdaq Minimum
Price, to redeem all or any portion of the outstanding balance of
the Convertible Note into ordinary shares.



The Company is responsible for certain late fees equal to 2% of the
Conversion Share Value (as defined in the Convertible Note) with a
floor of $500 per day if it fails to deliver the ordinary shares
upon conversion or redemption pursuant to the terms of the
Convertible Note. The Company may prepay the outstanding balance of
the Convertible Note in cash equal to 120% multiplied by the
portion of the outstanding balance the Company elects to prepay.

On the same date, the transaction contemplated by the Purchase
Agreement was closed as all the closing conditions set forth
therein were satisfied. On January 13, 2025, the Company filed a
prospectus supplement (the "Prospectus Supplement") under the
registration statement on Form F-3 (File No. 333-262181), to
register up to 3,602,589 ordinary shares of the Company issuable
upon the conversion of the Convertible Note.

                           About Taoping

Taoping Inc. (f/k/a China Information Technology, Inc.), together
with its subsidiaries, is a provider of cloud-app technologies for
Smart City IoT platforms, digital advertising delivery, and other
internet-based information distribution systems in China. Its
Internet ecosystem enables all participants of the new media
community to efficiently promote branding, disseminate information,
and exchange resources. In addition, the Company provides a broad
portfolio of software and hardware with fully integrated solutions,
including Information Technology infrastructure, Internet-enabled
display technologies, and IoT platforms to customers in government,
education, residential community management, media, transportation,
and other private sectors.

London, United Kingdom-based PKF Littlejohn LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 25, 2024, citing that the Company's short-term
bank loans of $8.5 million which are repayable within one year and
the uncertainty about the availability of future financing raise
substantial doubt about the Company's ability to continue as a
going concern.


ZHENRO PROPERTIES: Founder Faces Legal Compulsory Actions
---------------------------------------------------------
South China Morning Post reports that the founder of Shanghai-based
developer Zhenro Properties Group has been placed under legal
compulsory measures, as the debt-laden home builders continue to
struggle through the country's long-running property-market
crisis.

The Post relates that Zhenro's actual controller, Ou Zongrong, is
facing legal compulsory actions "due to suspected illegal
activities", the developer's holding company said on Jan. 20. It
noted that "Ou does not currently hold any positions such as
director, supervisor or senior executive at the company".

The announcement came just days after Ou Guowei, the son of Ou
Zongrong, tendered his resignation as the developer's non-executive
director and member of the audit committee, the Post says. Before
that, on January 2, the developer said a restructuring support
agreement had expired when its final deadline passed on December
31.

The company defaulted in 2022, a little over a year after Chinese
authorities implemented a nationwide deleveraging campaign to rein
in debt in the country's property sector. As of end June 2024,
Zhenro had total liabilities of CNY123.4 billion (US$16.9 billion),
the Post discloses citing the company's interim report.

China Vanke, another cash-strapped developer backed by the Shenzhen
government, saw its CEO detained by the police last Thursday,
according to state media reports. The developer faces US$4.9
billion in onshore and offshore bonds that are maturing or facing
redemption options this year, and the Shenzhen government is in
talks to stabilise its operations, Bloomberg reported on Jan. 20.

Zhenro's total contracted sales stood at CNY739 million last
December, down 18 per cent year on year, the Post discloses. Its
total sales for the full year fell 56.4 per cent year on year to
CNY6.7 billion.

                      About Zhenro Properties

Zhenro Properties Group Limited is an investment holding company
principally engaged in the sale of properties. Along with its
subsidiaries, the Company provides sales of properties, property
leasing business, provision of commercial property management
services, and sales of goods and provision of design consultation
services.

As reported in the Troubled Company Reporter-Asia Pacific on early
October 2022, Moody's Investors Service has downgraded the
corporate family rating of Zhenro Properties Group Limited to Ca
from Caa2, and the company's senior unsecured ratings to C from
Caa3.  The outlook remains negative.

The TCR-AP reported in early April 2022, that Fitch Ratings has
downgraded Zhenro Properties Group Limited's Long-Term Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'C' on the
completion of an exchange offer and consent solicitation in
accordance with the agency's rating definitions.  Zhenro's senior
unsecured rating has been affirmed at 'C', with a revised Recovery
Rating of 'RR5' from 'RR4'.



=================
H O N G   K O N G
=================

NEW WORLD: Offers US$15BB for Loan Collateral as Stress Grows
-------------------------------------------------------------
Bloomberg News reports that New World Development has offered
properties valued at US$15 billion (HK$117 billion) as collateral
for loan refinancing, underscoring the increasingly onerous funding
conditions facing the billionaire Cheng family's Hong Kong real
estate empire.

Bloomberg relates that the developer has asked banks to provide a
three-year facility backed by some of New World's marquee
properties to refinance HK$58.1 billion of unsecured loans maturing
in 2025 and 2026, according to people familiar with the matter.
That would leave fewer assets available for unsecured bondholders,
who have dumped New World notes in recent days - sending some of
them to deeply distressed levels.

Controlled by the family of Hong Kong tycoon Henry Cheng Kar-shun,
New World has been embroiled in turmoil as investors question its
ability to cope with one of the highest debt burdens among the
city's developers, Bloomberg says. New World is on its third chief
executive in the span of two months as Cheng attempts to stabilize
the company known for some of Hong Kong's most high-profile
buildings.

According to Bloomberg, the company is offering to pledge
properties including its luxury serviced apartment K11 Artus,
office building K11 Atelier King's Road, as well as New World Tower
in Hong Kong's Central business district, as collateral for the
refinancing exercise, the people said, asking not to be identified
discussing private matters.

While the company said Jan. 20 that it isn't in talks for any
holistic debt restructuring, such a proposal, if successful, would
give it some breathing room as a wave of maturing loans looms.

Late last year, New World asked banks to postpone the due dates of
some bilateral facilities, a move that deepened concerns over its
ability to service its debt load, recalls Bloomberg.

                    About New World Development

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.




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

DHANA JEWEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhana Jewel
Craft (Dhana) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)*

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

Dhana is a proprietorship firm set up by Mr Cherussery Velayudhan
Raveendran. It manufactures jewellery at its unit in Thrissur,
Kerala. The firm supplies to major players including Jos Alukkas
Group, Francis Alukkas Group and Chungath Jewellery.

The firm is a part of Cherussery Group. The group company,
Cherussery Credits Private Limited (Cherussery; rated CRISIL
B/Stable) is engaged in financing business. Cherussery, a
non-deposit-taking NBFC licensed by the Reserve Bank of India,
provides gold loan, property loans, small business loan, and
international/domestic money transfer services.


EAST WEST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of East West
Combined Industries (EWCI) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting        9.02       CRISIL D (Issuer Not
   under Letter                       Cooperating)
   of Credit               
                                      
   Overdraft Facility      0.98       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Short Term     3          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones.


ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ellenabad
Steel Private Limited (ESPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not Applicable

ESPL an ISO 9001:2008 certified company was incorporated on July
27, 1994 by Mr. Shravan Garg and Mr. Lalit Jalan. The company is
engaged in manufacturing of Thermo Mechanical Treatment (TMT) bars,
Mild Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars
and such other steel rolled products and markets under the brand
name of 'Om Durga'.


FURNACE FABRICA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Furnace
Fabrica India Limited (FFIL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Short Term Rating        -         CRISIL D (ISSUER NOT
                                      COOPERATING)

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

FFIL was established in the 1970s by its current chairman, Dr Badri
Prasad, and managing director, Mr A Basheeruddin. The company
provides EPC (engineering, procurement, construction) services for
projects across industries, including oil refineries and steel
manufacturing plants. It has a technology tie-up with Outotec GmbH,
Germany (formerly, Lurgi Metallurgie GmbH), for building sulphuric
acid plants in India. It also has subsidiaries in Dubai and Zambia.
The company has a plant in Navi Mumbai, and has set up a new
manufacturing unit in Kandla, Gujarat, in the Kandla Special
Economic Zone. The unit commenced operations in November 2010 and
manufactures high-pressure vessels, heat exchangers, and waste-heat
boiler systems.


GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gaya
Railway Infra Private Limited (GRIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; 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 9,
2024, placed the rating(s) of GRIPL under the 'issuer
non-cooperating' category as GRIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GRIPL 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: Stable

Incorporated in November 19, 2014, GRIPL is a special purpose
vehicle (SPV) formed by SGR Ventures Private Limited (SGRVPL) for
construction and development of multi-functional complex at Gaya,
Bihar awarded by Rail Land Development Authority (RLDA) to be
operated on a build-operate-transfer (B-O-T).

GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goraya
Straw Board Mills Private Limited (GSBMPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.10       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 28,
2023, placed the rating(s) of GSBMPL under the 'issuer
non-cooperating' category as GSBMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GSBMPL 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 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

Goraya Straw Board Mills Pvt. Ltd. (GSBMPL) was originally formed
on December 23, 1976 as a partnership concern, Goraya Straw
Cardboard Mills, by the Goraya family. Later on, it was
reconstituted as a private limited company in August 17, 1990. The
company is engaged in manufacturing of paper boards which finds its
application in the packaging industry.

INDO LAMINATES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indo
Laminates Private Limited (ILPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit        5          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               9          CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 1985, ILPL manufactures laminates. It is based in
Delhi and its plant is in Bahadurgarh, Haryana. Its daily
operations are managed by Mr Rahul Goyal and Mr Subhash Goyal.


IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IUA Trust
(IUA) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Secured Overdraft
   Facility                0.5        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              22          CRISIL D (Issuer Not
                                      Cooperating)

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

IUA was set up in 2009 by members of the Dhingra family and
Maheshwari family to set up a recreational club cum sports centre
by the name of 'DD Club' at Delhi.


L. R. D. FOODS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of L. R. D. Foods
Private Limited (LRDFPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

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

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

L. R. D. Foods was incorporated in 1986 by Mr. Mangal Dass and
family. Later on in fiscal 2010 the firm is converted into LRDFPL
in 2018. The company is engaged in Rice processing and marketing of
more than 50 varieties of rice, and major varieties of rice sold by
the company are Sharbati, DP and broken rice of these varieties.
LRD takes the raw rice from the rice miller and after the process
it will sell to retailer.


MAA VINDHWASINI: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Maa Vindhwasini Mahila
Prashikshan Evam Samaj Sewa Sansthan (MVMPESSS) continues to be
'CRISIL B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

MVMPESSS, setup in 1993, is organized as a not-for-profit society.
The society is located in Deoria, Uttar Pradesh and is engaged in
various schemes operated by State and Central Govt. in Deoria and
surrounding areas. Some of the schemes include, Family counselling
centers under Central Social Welfare Board, Short Stay Homes, Child
home and adoption centre under Ministry of Woman & Child
Development Schemes, Old Age Homes under Social Welfare & Women
Welfare and other government mandated schemes.


MANDAKINI PACHIMATLA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mandakini
Pachimatla (MP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.25       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 2,
2024, placed the rating(s) of MP under the 'issuer non-cooperating'
category as MP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 17, 2024, November 27,
2024, December 7, 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

Andhra Pradesh based, Mandakini Pachimatla was established as a
proprietorship firm in the year 2016 and promoted by Ms. Mandakini
Pachimatla. The firm is engaged in providing ware house on lease
rental to Telangana State Civil Supplies Corporation Limited
(TSCSCL), Food Corporation of India (FCI) and Cotton Corporation of
India (CCI). The property is built on a total land area of 1.70
acres and comprises of 4 godowns, with aggregate storage capacity
of around 11000 MT, for food crops like rice, wheat, cotton etc.


MANJEET SINGH: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Manjeet
Singh Bhatia (MSB) continue to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term            22.00      CARE C; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Long Term/            7.00      CARE C; Stable/CARE A4; ISSUER
   Short Term                      NOT COOPERATING; Rating  
   Bank Facilities                 continues to remain under;
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 12,
2023, placed the rating(s) of MSB under the 'issuer
non-cooperating' category as MSB had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MSB continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 27, 2024,
November 6, 2024, November 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

Indore (Madhya Pradesh) based Manjeet Singh Bhatia (MSB) was
originally established as a proprietorship firm by Mr. Manjeet
Singh Bhatia in 2008 and subsequently reconstituted as a
partnership firm on April 1, 2019 as M/s Manjeet Singh Bhatia
(MSB). Mr. Manjeet Singh Bhatia, his wife Mrs. Puneet Kaur Bhatia
and D S Capital Markets Private Limited are the partners of
the firm. MSB is engaged into the business of retailing of alcohol
(IMFL and CL) through licensed liquor shops in the state of Madhya
Pradesh (MP). The firm enters into open tendering process every
year to avail license for the retailing of the liquor and depending
upon the allotment of shops during tendering, the number of shops
held by the entity varies every year. The entity operated 41 retail
shops during FY20 and received license for operating 58 retail
shops in FY21.

Status of non-cooperation with previous CRA: Brickwork has moved
the ratings assigned to the bank facilities of MSB to 'Issuer Not
Cooperating' category vide press release dated January 25, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maxout
Infrastructures Private Limited (MIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         5           CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee         7           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            5           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3           CRISIL D (Issuer Not
                                      Cooperating)

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

MIPL, incorporated in 2007, undertakes railway projects, and
develops roads, bridges, sewage water treatment plants, waste and
waste water treatment plants and works, mainly in North India. The
company is promoted and managed by Mr. Pramod Kumar Singh and his
brother Mr. Praveen Kumar Singh.


NADHI BIO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nadhi Bio
Products Private Limited (NBPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.04       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 2,
2024, placed the rating(s) of NBPPL under the 'issuer
non-cooperating' category as NBPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NBPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 17, 2024, November 27, 2024, December 7, 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

Nadhi Bio Products Private Limited (NBPPL) was incorporated on
September 2, 2009 and is promoted by Mr. B. Krishna Kanth (Managing
Director), Mr. Ajay Pinapati, Mr. D Srinivasulu, Mr. B Murali
Krishna Murthy, and Mr. Suresh Pinapati. Promoters of NBPPL are
technocrats with prior experience in the IT sector and have about a
decade of industry experience. NBPPL manufactures Extra Neutral
Alcohol (ENA) and Impure Spirit from maize, jowar, broken rice and
grain starch-based cereals in its manufacturing plant located at
Manopad Mandal, near Kurnool, Telangana. By-products from the plant
include Distillery Dry Grain Soluble (DDGS) and Distillery Wet
Grain Soluble (DWGS).


NAVDEEP RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Navdeep Rice
and Pulse Mill (NRPM) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Term Loan              0.73      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

NRPM, established in 1982, is a partnership firm promoted by Mr.
Sanat Patel and his family. It mills, polishes, and sorts
non-basmati rice and its facility is at Kheda in Gujarat.


NICE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nice
Projects Limited (NPL) continue to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


   Short Term Bank     44.00       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 29,
2023, placed the rating(s) of NPL under the 'issuer
non-cooperating' category as NPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NPL continues to be non-cooperative despite repeated requests for
submission of information through emails 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

New India Contractors & Engineers (NICE), a construction agency,
started its activities in 1988 as a proprietorship firm and was
later incorporated as Nice Projects Limited (NPL), on April 22,
2004. The company promoted by Mr. Sartaj Ali, an engineer by
profession, is engaged in construction works pertaining to
residential complexes, warehouses & allied buildings, industrial
structures, educational institutions, hospitals, heavy steel
fabrication and erection works etc., and has executed number of
projects.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of NPL under
Issuer Not Cooperating category vide press release dated December
5, 2023 on account of its inability to carry out a review in the
absence of the requisite information from the company.


NORMANDY BREWERIES: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Normandy
Breweries and Distilleries Private Limited (NBDL) continues to be
'CRISIL B+/Stable Issuer not cooperating'.

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

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

NBDL, based in Kerala, manufactures IMFL. The company is promoted
by Mr Joseph Peous, Mr Augustine Peous. NBDL manufactures brandy,
vodka, rum, and whisky under its own brands and sells it to KSBC.


PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patel
Education Society (PES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.73       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 December 11,
2023, placed the rating(s) of PES under the 'issuer
non-cooperating' category as PES had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PES continues to be non-cooperative despite repeated requests for
submission of information through emails dated October 26, 2024,
November 5, 2024, November 15, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Indore (Madhya Pradesh)–based PES was established as an
educational society in September, 2006 with an objective to impart
technical education by Mr. Rakesh Kumar Sharma, Mr. Shivnarayan
Sharma, Mrs. Sharda Sharma. PES manages five colleges namely B. M.
College of Technology, B. M. College of Management and Research, B.
M. College of Pharmaceutical Education and Research, Shri Bherulal
Pharmacy Institute and B.M. College of Professional Studies which
offers a range of undergraduate and postgraduate programmes in
Engineering, Pharmacy, Commerce, Computer Application and
Management.


PAVANPUTRA SHEETGRAH: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pavanputra
Sheetgrah Private Limited (PSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.65       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of PSPL under the 'issuer
non-cooperating' category as PSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PSPL 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 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

Hathras, Uttar Pradesh based Pavanputra Sheetgrah Private Limited
(PSPL) was incorporated in January, 2015 and started its commercial
operations in February, 2016. The company is currently managed by
Mr. Arvind Kumar, Mr. Anupam Kumar, Mr. Ashok Kumar, Mrs. Lata
Singh and Mr. Sudhir Kumar. The company is engaged in renting of
its cold storage facility for potatoes and vegetable. Bajrang
Sheetgrah Private Limited is an associate concern incorporated in
2006 engaged in the same line of business.


PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prakash
Steelage Limited (PSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      70.00      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 11,
2024, placed the rating(s) of PSL under the 'issuer
non-cooperating' category as PSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PSL continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 26, 2024,
December 6, 2024, 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: Not Applicable

PSL, incorporated on May 9, 1991, was converted into a public
limited company on August 12, 1997 and was listed in August 2010
[ISIN: INE696K01024]. PSL started its business with trading in the
stainless steel (SS) sheets, coils, plates and scrap. The company
now is engaged in the manufacturing of stainless steel (seamless
and welded) pipes and tubes and trades into stainless steel sheets
and coils. The company products are used in heat exchanger,
evaporators, heating elements, fluid piping, pumps, valves,
condensers and in many other instrumentation equipments. The
company exports its products to several countries, such as USA,
UAE, South Africa, European countries, Canada, Singapore, Saudi
Arabia, Turkey, Vietnam, etc.


SANKAR COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sankar
Cotton Traders (SCT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       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 2,
2024, placed the rating(s) of SCT under the 'issuer
non-cooperating' category as SCT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 17, 2024,
November 27, 2024, December 7, 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

Sankar Cotton Traders (SCT) was originally started as a propriety
concern in 2003 and Mr. Innamuri Basavaiah is the proprietor.
During the May 2014, SCT was in incorporated a partnership firm, by
Ms Innamuri Dhana Lakshmi w/o Mr. Innamuri Basavaiah as another
partner. The firm is engaged in manufacturing and processing of
Kappas into cotton lint. The firm has its facilities (9 ginners)
located at Guntur District of Andhra Pradesh.


SHAMSONS POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shamsons
Polymers Private Limited (SPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.87       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           0.38       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.25       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 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 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

Uttar Pradesh based, Shamsons Polymers Private Limited (SPPL) is a
private limited company incorporated on April 13, 1993 and is
currently being managed by Mr. Deepak Batra and Mr. Varun Batra.
The company is engaged in the manufacturing of footwear's like
sandals, slippers, school shoes, etc. at its manufacturing unit
located at Sahibabad, Ghaziabad. The company sells its products
under the brand name “OASIS” to the distributors spread all
over India and also through the tender based system to the
government schools. The customer of SPPL includes Bata India
Limited to whom the shoes are supplied under the brand name of
“Bata” itself. The company has associate concerns namely;
“Shamsons Industries”; established in 2005 engaged in similar
line of business.

Status of non-cooperation with previous CRA: ACUITE has continued
the ratings assigned to the bank facilities of SPPL into 'Issuer
not-cooperating' category vide press release dated April 10, 2024
on account of non-availability of requisite information from the
company.

SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Shandar
Snacks Private Limited (SSSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            1.75        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       1.50        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         8.75        CRISIL D (Issuer Not
                                      Cooperating)


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

Incorporated in May 2013, SSSPL manufactures ready-to-eat nachos in
six different flavours and sells 100 percent of its produce, under
the brand name 'Tastilo'. SSSPL has set-up a manufacturing facility
at Kashipur, Uttarakhand.


SHIVALIK TRADING: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Trading Company (STC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       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 11,
2023, placed the rating(s) of STC under the 'issuer
non-cooperating' category as STC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STC continues to be non-cooperative despite repeated requests for
submission of information through emails dated October 26, 2024,
November 5, 2024, November 15, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Mul-Chandrapur (Maharashtra) based Shivalik Trading Company (STC)
was formed in 2004 as a proprietorship concern by Mr. Deepesh Patel
for carrying out the business of trading rice. STC procures paddy
from local market and send the same to its associate concern -
Datta Rice Mill for milling work to produce rice. The firm sells
rice under its own brand name 'Aishwarya'.


UNITECH INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Unitech
International Limited (UIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     23.00       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 9,
2024, placed the rating(s) of UIL under the 'issuer
non-cooperating' category as UIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
UIL continues to be non-cooperative despite repeated requests for
submission of information through emails 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

Unitech International Limited (UIL) [ISIN: INE929K01011] was
incorporated as a public limited company in 1994 under the name of
Unitech Polypackaging Limited by Mr. Dhruv R Desai, Mr. Joseph
Kuriakose Mathoor, Mrs. Kirti Kantilal Mehta, Pankajbhai Harilal
Valia, Joseph Kuriakose Mathoor, Grace Jose Mathoor and Thomas
Joseph. UIL is engaged in trading of engineering polymers,
copolymers, compound polymer and ferrous and non-ferrous metals.
UIL sells its products in domestic market mainly to auto parts
manufacturing companies, surgical equipment manufacturing
companies, etc. and procures raw material from domestic market.


VAGHASIYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaghasiya
Exports (Vaghasiya) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Foreign Bill            2.75       CRISIL D (Issuer Not
   Discounting                        Cooperating)

   Packing Credit in       1.25       CRISIL D (Issuer Not
   Foreign Currency                   Cooperating)

   Proposed Short Term     6.00       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

Set up in 1994 in Mumbai as a partnership firm by Mr Mansukh Patel
and Mr Pankaj Mistry (equal partners), Vaghasiya cuts and polishes
imported rough diamonds (mainly white, in 0.1 cents-1 carat range),
which it export to Belgium, Hong Kong, and Israel. The firm
outsources its unit to associate concern in Dahisar, Maharashtra.


VAIDYA V: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vaidya V
And I Infrastructure Private Limited (VVIIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.10       CARE B-; 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 9,
2024, placed the rating(s) of VVIIPL under the 'issuer
non-cooperating' category as VVIIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VVIIPL 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: Stable

Vaidya V and I Infrastructure Private Limited (VVIIPL) was
established in the year 2006. However, the company started
commercial operations from January 2013 and was engaged in
installation of grill and gate. Later on, the company changed the
line of business and started manufacturing of Modular Table, Desk,
Bench and Modular Storage from April 2014 onwards. The
manufacturing facility of the company is located at Nagpur,
Maharashtra.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of VVIIPL under Issuer
Not Cooperating category vide press release dated April 15, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vashu Yarn
Mills India Private Limited (VYPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           9.32         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      1            CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             4.68         CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam, Tamil Nadu, has installed capacity of 18,000
spindles. The company also generates wind power, and has installed
capacity of 2.35 megawatt.


VEDANTA RESOURCES: Moody's Ups CFR to B1 & Sr. Unsec. Bonds to B2
-----------------------------------------------------------------
Moody's Ratings has upgraded Vedanta Resources Limited's (VRL)
corporate family rating to B1 from B2. Concurrently, Moody's have
upgraded to B2 from B3 the rating on the senior unsecured bonds
issued by VRL and VRL's wholly-owned subsidiary, Vedanta Resources
Finance II Plc, which are guaranteed by VRL.

Moody's have maintained the stable outlook on the entities.

Moody's have also assigned a B2 rating to VRL's proposed senior
unsecured bonds to be issued by Vedanta Resources Finance II Plc,
which are guaranteed by VRL. The bond proceeds will be used to
refinance existing notes.

The rating upgrade and assignment of the proposed senior unsecured
bonds ratings are dependent upon the successful completion of the
bond issuances and repayment of existing notes. A failure of
meeting these conditions will pressure the ratings.

"The rating upgrade reflects a significant reduction in VRL's
refinancing risks following the proposed US dollar bonds and $300
million in syndicated bank facilities, which will be used for
refinancing existing debt. This gives VRL an extended and
well-laddered debt maturity profile, with the next bond maturity of
$300 million in June 2028" says Nidhi Dhruv, Moody's Ratings Vice
President and Senior Credit Officer.

"The bond issuances in quick succession also solidifies Vedanta's
access to capital markets and demonstrate increasing investor
confidence in the company. The recent transactions underscore
management's proactive approach to liability management, which
positively impacts Moody's assessment of Vedanta's governance
scores" adds Dhruv, who is also Moody's lead analyst for VRL.

RATINGS RATIONALE

The proceeds from the notes will finance the redemption, at par
value, of the company's remaining $460 million December 2028 notes
and a tender offer for its $600 million April 2026 notes at 100.5%.
Upon repayment, the company will have successfully retired all
high-interest (13.875%) notes.

Moody's does not consider the latest transaction as a distressed
exchange because (1) it does not serve as a means to avoid default,
given the bonds are due more than one year from now; and (2) it
does not result in an economic loss for investors because the bonds
are offered to be repurchased at their full value or more.

VRL's recent liability management initiatives - which encompass
debt reduction and refinancing using proceeds from newly issued
bonds, dividends received from subsidiaries and proceeds from the
sale of stakes in subsidiaries - have led to significant debt
reduction and extension of debt maturity profile at the holding
company. Debt at VRL's holding company level reduced to $4.8
billion as of September 2024 from $9.1 billion as of March 2022.

Lower debt at VRL holding company also results in reduced reliance
on dividends from the operating companies. Moody's expects the
Holdco to receive dividends of $700 million - $800 million going
forward, a reduction from $1.5 billion for the fiscal year ended
March 31, 2024. Despite reducing dividends, Moody's expect the
coverage ratio of dividends and management fees from operating
companies to interest expense at the holding company will remain
over 2x.

The company's B1 CFR reflects its large-scale and diversified
low-cost operations; exposure to a wide range of commodities such
as zinc, aluminum, iron ore, oil and gas, steel and power; strong
position in key markets, enabling it to command a pricing premium;
and history of relative margin stability through commodity cycles.
These strengths are counterbalanced by its complex organizational
structure, with the company owning less than 100% of its key
operating subsidiaries, and its historically weak financial
management and liquidity.

Moody's forecasts for VRL are based on Moody's price sensitivities
for metals ($0.90-$1.10 per pound (lb) for aluminum, $0.95-$1.25/lb
for zinc and $18-$22 per ounce for silver). As for oil and gas,
Moody's forecasts are based on a crude oil assumption of $55-$75
per barrel. These price sensitivities will translate into
consolidated adjusted EBITDA of $5.3 billion-$5.4 billion and cash
flow from operations of $2.8 billion-$3.0 billion for FY2024-25 and
FY2025-26. Meanwhile, the company's annual capital expenditure of
$2.5 billion will likely require it to raise some additional
borrowings, especially since the operating companies will need to
continue to pay annual cash dividends of $1.4 billion-$1.6 billion
(including minority interests).

VRL's senior unsecured bonds are rated B2, one notch lower than the
B1 CFR, reflecting Moody's view that bondholders are in a weaker
position relative to the operating subsidiaries' creditors. The
one-notch differential reflects the structural subordination of the
holding company's bondholders to creditors at the rest of the
group. Furthermore, majority of the debt at the operating companies
is secured. Moody's estimate the operating company's claims are
around 75% of total consolidated claims as of March 2024, with the
remaining claims distributed across VRL and its intermediate
holding companies that have a direct shareholding in VDL.

OUTLOOK

The rating outlook is stable, reflecting Moody's expectation that
VRL's credit profile will remain commensurate for its B1 rating and
the company will continue to address its debt maturities in a
timely manner.

LIQUIDITY

VRL is a pure holding company with operations held at various
subsidiaries and step-down subsidiaries. Its cash sources comprise
dividends and management fees for the use of the Vedanta brand from
its subsidiaries. Following the planned notes issuance, VRL's cash
sources should be largely sufficient to cover its interest and debt
servicing needs through September 2026.

VRL has demonstrated a track record of upstreaming dividends from
its operating subsidiaries. Even so, liquidity at its operating
subsidiaries has, over the past few years, thinned substantially.
As of September 2024, its operating subsidiaries held $2.6 billion
in cash, down from $4.2 billion at March 2022.

Liquidity at VRL's subsidiaries will remain weak as cash flows are
used for dividends requiring them to continue borrowing to fund
their capital expenditure, as well as roll over debt and retain
their reliance on short-term working capital facilities.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Vedanta's governance risk considerations (G-4) largely reflect its
concentrated ultimate ownership by Volcan Investments Ltd, weak
consolidated liquidity, and historically aggressive financial risk
management practices. However, there have been significant
improvements in recent months as the company has proactively
managed its liabilities.

Vedanta's CIS-4 reflects Moody's views that ESG attributes are
overall considered to have negatively impacted VRL's current
ratings, which is mainly driven by the company's exposure to
environmental (E-5), social (S-5) and governance (G-4)
considerations.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade VRL's ratings if its financial metrics remain
strong, including (1) adjusted debt/EBITDA staying below 4.0x; and
(2) EBIT/interest coverage above 2.5x on a sustained basis. A
reduction in overall gross debt, coupled with a consistent record
of proactive refinancing and effective liquidity management at the
consolidated and Holdco levels, will be essential for an upgrade.

While unlikely over the next 12months, downward ratings pressure
could emerge if commodity prices soften substantially and reduce
VRL's EBITDA and free cash flow generation, resulting in a
sustained weakening of its credit metrics, such that adjusted
debt/EBITDA above 4.5x or EBIT/interest coverage below 1.5x on a
sustained basis. Any difficulties encountered by the Holdco in
accessing cash flows from the opcos, or a reduction below 1.5x in
the coverage ratio of opcos dividend plus management fees to Holdco
interest, will also result in a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in October 2021.

COMPANY PROFILE

Vedanta Resources Limited (VRL) is headquartered in London and is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Limited (VDL), a 56.4%-owned
subsidiary. Through VRL's various operating subsidiaries, the group
produces oil and gas, zinc, lead, silver, aluminum, iron ore, steel
and power. In September 2023, VDL announced its demerger into six
separate listed entities, subject to the relevant approvals. Its
shareholders will receive one share in each of the six companies
upon completion of the demerger, while VDL and the six companies
will have the same shareholding; i.e. VRL will hold a 56.4% stake
in VDL and the six new companies.

VRL delisted from the London Stock Exchange in October 2018 and is
now wholly owned by Volcan Investments Ltd. VRL's founder and
chairman Anil Agarwal and his family are Volcan's key shareholders.
For the 12 months ended September 2024, VRL generated revenues of
$17.2 billion and an adjusted EBITDA of $5.2 billion.


YOGENDRA JAISWAL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Yogendra
Jaiswal (YJ) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; 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 December 8,
2023, placed the rating(s) of YJ under the 'issuer non-cooperating'
category as YJ had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. YJ 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: Stable
Indore (Madhya Pradesh) based YJ was formed in 2010. The firm is
engaged in the retailing of country made and Indian Made Foreign
Liquor (IMFL) in Madhya Pradesh. The shops are allotted in Madhya
Pradesh by the state government through a competitive bidding
process for a period of one year. However, the firm had not license
for any shop for FY19 and FY20.




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

BINTAI KINDEN: Bursa Malaysia Approves Regularisation Plan
----------------------------------------------------------
NST Online reports that Bursa Malaysia has granted approval for
Bintai Kinden Corporation Bhd's regularisation plan, designed to
restore the company's financial health and remove its Practice Note
17 (PN17) status.

According to NST Online, the proposed regularisation plan entails
the issuance of 244 million new shares through a private placement,
up to 146.4 million shares under a granting of options scheme, and
additional shares amounting to 15 per cent of the company's issued
shares through an employees' share option scheme (ESOS).

NST Online says the regularisation plan will enable the company to
stabilise its financial foundation, retain and motivate key
personnel through the ESOS, and meet the public shareholding spread
requirement in compliance with Bursa Securities' guidelines.

These measures are expected to position the company as a stronger,
more resilient player in the market while creating sustainable
value for its stakeholders.

"The approval of our proposed regularisation plan is a pivotal
moment for Bintai Kinden, as it allows us to move forward with a
clear strategy for financial recovery and growth. This plan
strengthens our balance sheet, enhances shareholder value, and
provides a foundation for long-term stability," the report quotes
managing director cum chief executive officer Datuk Tay Chor Han as
saying in a statement.

The regularisation plan is expected to position Bintai Kinden as a
stronger, more resilient market player while creating sustainable
value for its stakeholders.

                        About Bintai Kinden

Bintai Kinden Corp. Bhd. engages in the provision of mechanical and
electrical engineering services, and facilities management services
through its subsidiaries. It operates through the following
segments: Specialized Mechanical and Electrical Engineering
Services; Turnkey, Infrastructure, Civil, and Structural;
Concession Arrangement; and Investment Holding and Others.

Kinden Corporation has been classified as an affected listed issuer
under Practice Note 17 (PN17) of the Main Market Listing
Requirements of Bursa Malaysia.  The company's PN17 classification
came after MBSB Bank Bhd (MBSB) on March 29, 2023, issued a notice
of termination to Bintai Kinden as the corporate guarantor and its
wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM),
as the borrower in respect of MYR109 million in Islamic banking
facilities in which it has defaulted on.

The company had submitted the proposed regularisation plan to Bursa
Securities on Oct. 4, 2024.




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

KATRINA FISHING: Creditors' Proofs of Debt Due on Feb. 13
---------------------------------------------------------
Creditors of Katrina Fishing Company Limited are required to file
their proofs of debt by Feb. 13, 2025, to be included in the
company's dividend distribution.

Gareth Russel Hoole and Raymond Paul Cox of Ecovis KGA Limited were
appointed joint and several liquidators of the company on Jan. 13,
2025.

The liquidators can be reached at:

          Gareth Russel Hoole
          Raymond Paul Cox
          Ecovis KGA Limited, Chartered Accountants
          Level 2, 5–7 Kingdon Street
          Newmarket
          Auckland 1023


OLIVADO LIMITED: Court to Hear Wind-Up Petition on Feb. 5
---------------------------------------------------------
A petition to wind up the operations of Olivado Limited will be
heard before the High Court at Whangarei on Feb. 5, 2025, at 10:00
a.m.

Far North Avocado Suppliers Limited filed the petition against the
company on Nov. 28, 2024.

The Petitioner's solicitor is:

          Chen Jiang
          Tompkins Wake
          Level 17
          Shortland & Fort Building
          88 Shortland Street
          Auckland Central 1010


ONE.TEL LIMITED: Court to Hear Wind-Up Petition on Feb. 27
----------------------------------------------------------
A petition to wind up the operations of One.Tel Limited will be
heard before the High Court at Auckland on Feb. 27, 2025, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 19, 2024.

The Petitioner's solicitor is:

          Vanessa Shirley Young
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PRO LOOK: Court to Hear Wind-Up Petition on Feb. 14
---------------------------------------------------
A petition to wind up the operations of Pro Look Limited will be
heard before the High Court at Auckland on Feb. 14, 2025, at 10:00
a.m.

Young Investors Limited filed the petition against the company on
Nov. 6, 2024.

The Petitioner's solicitor is:

          Eddie Taia
          Franklin Law
          Level 2
          1 Wesley Street
          Pukekohe, Auckland


PROCLAIMS MANAGEMENT: Creditors' Proofs of Debt Due on Feb. 14
--------------------------------------------------------------
Creditors of Proclaims Management 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 liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


RMS CONTRACTING: Owes More Than NZD19MM, Receivers Report Shows
---------------------------------------------------------------
Radio New Zealand reports that businesses linked to a troubled
civil construction company owe more than NZD19 million - mostly to
BNZ - according to the first receivers report.

RMS Contracting and related entities TW Group and TW Civil were
placed in receivership in November last year.

TW Group was the ultimate shareholding company, owned by Fred
Witton and Ross Troughton, who were also the directors, and had a
registered office in Hamilton.

Andrew McKay and Rees Logan of BDO were appointed joint and several
receivers and managers of the companies, RNZ discloses.

According to RNZ, BDO said following a construction industry
downturn, the companies' work dried up, made worse by the fact they
bought a large amount of equipment and machinery on finance.

"With cash flow constraints and low utilisation of a significant
amount of equipment and machinery, the companies were reliant on
the ongoing support of the bank (BNZ) to continue trading," BDO
said.

It said the directors asked the bank to appoint receivers to the
companies.

The BDO report showed TW Civil had almost NZD12.2 million in
liabilities, with NZD11.4 million owed to BNZ, RNZ discloses.

RMS Contracting had just over NZD6 million in liabilities, with
about NZD1.6 million owed to BNZ.

TW Group had NZD982,000 in liabilities, which was an unsecured loan
from shareholders.

The entities also owed NZD526,000 to Inland Revenue in payroll and
GST taxes and NZD217,000 to staff in unpaid holiday pay.

RNZ relates that BDO said the companies' primary assets included
civil machinery and motor vehicles, and the receivers were
collecting the assets to sell.

The assets would likely be placed on the market in the next two
months, but BDO did not disclose the value of specific assets in
order to obtain the best price, RNZ adds.


TUI TERRACES: In Liquidation; Owes Nearly NZD4.6MM in Taxes
-----------------------------------------------------------
Radio New Zealand reports that an entity linked to troubled
Auckland property group Du Val went into liquidation owing nearly
NZD4.6 million in taxes to Inland Revenue.

Tui Terraces Limited Partnership was formed in April 2019 to build
a townhouse development in Auckland, with both stages of the
project completed prior to liquidation in October 2023.

In their third report released on Dec. 20, 2024, liquidators Iain
Shephard and Jessica Kellow of BDO Wellington, said the Tui
Terraces' assets comprised NZD6.7 million in loans made to related
entities prior to liquidation, RNZ discloses.

According to RNZ, BDO said the maturity dates of the loans were in
December 2024 and December 2025, and said the book value of the
loans "should be sufficient to clear all known liabilities".

But complicating the matter was the appointment of statutory
managers for many entities in the Du Val Group by the High Court
last year, after it was initially placed in receivership by the
Financial Markets Authority.

John Fisk, Stephen White and Lara Bennett of PwC were appointed
statutory managers.

RNZ relates that BDO said the appointment of statutory managers had
an impact on the collectability of the loans.

"We await further information from the statutory managers as to the
assets and liabilities of the various debtors," BDO said in the Tui
Terraces report.

The liquidators also received NZD2,616 held in Tui Terraces' bank
account.

Twenty associated limited partnerships and 46 subsidiaries in the
Du Val Group were placed into statutory management in September
2024, but Tui Terraces was not listed in the names of those under
statutory management, RNZ notes.

The group was placed into statutory management as authorities
became increasingly concerned about its "significant liabilities",
with investors owed close to NZD240 million.

                         About Du Val Group

Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.

As reported in the Troubled Company Reporter-Asia Pacific, the
Financial Markets Authority on Aug. 21, 2024, confirmed that the
Governor-General, on the advice of the Minister of Commerce and
Consumer Affairs given in accordance with a recommendation from the
FMA, declared a number of entities within the Du Val group be
placed in statutory management under the terms of the Corporations
(Investigation and Management) Act 1989 (the Corporations Act).

Statutory management for these entities was announced by the
Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.




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

JUBILEE REALTY: Creditors' Proofs of Debt Due on Feb. 17
--------------------------------------------------------
Creditors of Jubilee Realty Pte. Ltd. are required to file their
proofs of debt by Feb. 17, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 9, 2025.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


KEPPEL TECHNOLOGY: Creditors' Proofs of Debt Due on Feb. 17
-----------------------------------------------------------
Creditors of Keppel Technology and Innovation Pte. Ltd. are
required to file their proofs of debt by Feb. 17, 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:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


KHH ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of KHH Engineering Enterprise Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


OVERSEAS PACIFIC: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Overseas Pacific International Holding (Ptd.) Ltd on
Jan. 13, 2025, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

          Ms. Chin Moy Yin
          101 Upper Cross Street
          #05-24 People's Park Centre
          Singapore 058357


RIVERWALK PROMENADE: Creditors' Proofs of Debt Due on Feb. 17
-------------------------------------------------------------
Creditors of Riverwalk Promenade Pte. Ltd. are required to file
their proofs of debt by Feb. 17, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 9, 2025.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



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

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

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

This material is copyrighted and any commercial use, resale or
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