---

       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

          Thursday, January 23, 2025, Vol. 28, No. 17

                           Headlines



A U S T R A L I A

CATCH.COM.AU: Kogan Says it Tried Buying Catch Before Shutdown
GREENBANK PUMPS: Second Creditors' Meeting Set for Jan. 29
PELLA CONSTRUCTION: Second Creditors' Meeting Set for Jan. 29
PROCURET HOLDING: In Administration; Creditors' Meeting on Jan. 29
STAR ENTERTAINMENT: FTI Restructuring Specialists Meet With Lenders

STAR ENTERTAINMENT: Queensland Leaves Door Open for Lifeline
TEKT ASSET: Second Creditors' Meeting Set for Jan. 30
TELCO WORLD: Second Creditors' Meeting Set for Jan. 29
TRIPLE R: Second Creditors' Meeting Set for Jan. 30


C H I N A

CHINA VANKE: Moody's Lowers CFR to B3, Outlook Remains Negative
ICHIDO: Bankrupt Shanghai Bakery Reopens After Three Years
SUNAC CHINA: All Onshore Shareholders OK Restructuring Proposal


I N D I A

AMBIKA SUGARS: ICRA Withdraws D Rating on INR527.67cr LT Loan
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
BARWA ADDA: Ind-Ra Affirms D Term Loan Rating
BLUEPAL LABS: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
BUDDHA GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating

CLASSIC CORRUGATIONS: ICRA Cuts Rating on INR6.11cr Loan to D
DEEPAK WOOLLENS: Voluntary Liquidation Process Case Summary
DILIGENT MEDIA: ICRA Withdraws D Rating on INR250cr Bond
DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating
EUROFINS CLINICAL: Voluntary Liquidation Process Case Summary

FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
GANESHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
GO FIRST: NCLT Approves Liquidation of Budget Airline
GOLDSTAR HOUSING: Voluntary Liquidation Process Case Summary
GREENEARTH INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating

KARYAVATTOM SPORTS: Ind-Ra Affirms D Bank Loan Rating
KASHVI INTERNATIONAL: Ind-Ra Keeps BB+ Rating in NonCooperating
KEPL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
LOKMANGAL INFOTECH: Voluntary Liquidation Process Case Summary
MAGUS METALS: ICRA Keeps D Ratings in Not Cooperating Category

MANGALDEEP SUPERSTRUCTURES: CARE Keeps C Rating in Not Cooperating
MIDAS PETROCHEM: Ind-Ra Cuts Bank Loan Rating to D
MITTAL SOYA: Ind-Ra Moves BB- Loan Rating to NonCooperating
MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category
PAE LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category

PALAVI DEALERS: Liquidation Process Case Summary
PANCHAM JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating
PAVITHRA COTTON: CARE Keeps C Debt Rating in Not Cooperating
RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating
S.D. EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating

SABOO ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
SARVESH BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
SHAMSONS INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SHASHI CABLE: Ind-Ra Moves BB+ Loan Rating to NonCooperating
SIVAGURU SPINNING: Ind-Ra Moves BB Loan Rating to NonCooperating

SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category
SMILE INTERIORS: ICRA Keeps B Debt Rating in Not Cooperating
SRI ANANDA: Liquidation Process Case Summary
TEKZA CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category

VASAVI FOOD: ICRA Keeps B- Debt Ratings in Not Cooperating
VSRK CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

AISLEWORX GROUP: Court to Hear Wind-Up Petition on March 7
BOWEY'S POOL: Creditors' Proofs of Debt Due on Feb. 16
COMBINED HAULAGE: Creditors' Proofs of Debt Due on Feb. 16
NICHOLAS SKY: Waterstone Insolvency Appointed as Receivers
OLIVADO LIMITED: Seeka Joins High Court Case Against Oil Company

UBCO HOLDINGS: Grant Thornton Appointed as Receiver and Manager


S I N G A P O R E

BOLLYWOOD VEGGIES: Creditors' Proofs of Debt Due on Feb. 17
MILLENNIUM FORMWORK: Court to Hear Wind-Up Petition on Feb. 7
MIRACLE CONCEPT: Court to Hear Wind-Up Petition on Jan. 31
NSL TECHNOLOGY: Court Enters Wind-Up Order
TANGLIN RESIDENTIAL: Creditors' Proofs of Debt Due on Feb. 17



V I E T N A M

VIETNAM BANK: Moody's Affirms 'Ba2' LT Bank Deposit, Issuer Ratings

                           - - - - -


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

CATCH.COM.AU: Kogan Says it Tried Buying Catch Before Shutdown
--------------------------------------------------------------
David Adams at SmartCompany reports that Australian e-commerce
pioneer Ruslan Kogan claims his business attempted to buy long-time
competitor Catch from Wesfarmers, calling news of its closure a
"sad" end for the business.

Wesfarmers on Jan. 21 announced it will "wind down" the Catch
business, rolling its fulfilment centres into the Kmart Group while
dispersing its digital capabilities into its other retail
divisions.

Around 190 roles will be made redundant, with a further 100 moving
into the Kmart Group business.

Taking to LinkedIn, Mr. Kogan said the news was "bittersweet,"
SmartCompany relays.

"On one hand, we both launched in 2006 and they have been our
closest competitor with the biggest overlap for nearly two
decades," he said, notes the report. "On the other, it's sad to see
the end of an iconic and loved Australian brand that helped pioneer
Aussie eCommerce."

Kogan reached out to Wesfarmers "multiple times to try and acquire
and rescue Catch," Mr. Kogan claimed, notes SmartCompany. "We know
how to make an eCommerce business like that thrive in a sustainable
way . . . It's a shame they chose to shut it down."

Discussing the reasons behind the decision to wind down Catch,
Wesfarmers CEO Rob Scott said it is in the "best interests of
shareholders, as it allows us to eliminate losses," according to
SmartCompany.

Those operating losses, before tax, are projected to hit between
AUDD38 million and AUD40 million for the six months to December 31,
2024, SmartCompany discloses.

Responding to a comment on his LinkedIn post, positing that
Wesfarmers would be open to a deal rather than shuttering Catch,
Mr. Kogan said: "You'd think so."

SmartCompany has contacted Wesfarmers for comment.

GREENBANK PUMPS: Second Creditors' Meeting Set for Jan. 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Greenbank Pumps
and Irrigations Qld Pty Ltd has been set for Jan. 29, 2025 at 11:00
a.m. at the offices of Vincents at Level 34, 32 Turbot Street in
Brisbane and via virtual meeting technology.


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 28, 2024 at 5:00 p.m.

Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on Dec. 12, 2024.


PELLA CONSTRUCTION: Second Creditors' Meeting Set for Jan. 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Pella
Construction Pty Ltd has been set for Jan. 29, 2025 at 10:00 a.m.
via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 28, 2024 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Dec. 13, 2024.


PROCURET HOLDING: In Administration; Creditors' Meeting on Jan. 29
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Procuret
Holding Pty Limited, El Unicorn Pty Ltd, Procuret Operating Pty
Limited, Procuret Funding Pty Ltd, Procuret Funding No.2 Pty Ltd,
Procuret Funding No.3 Pty Limited, Procuret Funding No.4 Pty
Limited, Procuret Funding No.5 Pty Ltd and Procuret Security
Holding Pty Ltd will be held on Jan. 29, 2025 at 10:00 a.m. via
virtual meeting only.

Rajiv Goyal and Andrew McEvoy of Aston Chace Group were appointed
as administrators of the company on Jan. 16, 2025.

Sydney-based Procuret is a payments fintech. It enables suppliers
to offer payments in installments. They provide a buy now pay later
solution for business-to-business transactions.


STAR ENTERTAINMENT: FTI Restructuring Specialists Meet With Lenders
-------------------------------------------------------------------
The Australian Financial Review's Street Talk reports that Star
Entertainment Group's safe harbor adviser has begun preparing its
lender group for a potential voluntary administration, as the
embattled casino operator runs out of solutions to solve a
potentially terminal cash crunch.

Street Talk reveals that FTI Consulting's restructuring specialists
on Jan. 20 held a meeting via videolink with Star's biggest
lenders, running them through a detailed presentation that
attempted to offer a blueprint on the business's future.

                   About The Star Entertainment

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

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


STAR ENTERTAINMENT: Queensland Leaves Door Open for Lifeline
------------------------------------------------------------
News.com.au reports that the Queensland Premier has indicated Star
Entertainment selling assets is a way forward for the casino
operator that is facing collapse.

News.com.au relates that on Jan. 21, David Crisafulli was at pains
to say he would not comment on Star Entertainment's financial
viability.

But he did leave the door open for tax relief negotiations, while
suggesting another operator's name may well replace Star.

"I would suggest to you there's not a lot of workers who care what
the name of the company is. They just want a job and we have
exactly the same attitude," the report quotes Mr. Crisafulli as
saying. "If the operation can remain open, if whoever owns it is
able to then invest in the developments that were promised, and
were always part of the deal, that will create more jobs."

According to news.com.au, the jobs of 9,000 Star Entertainment
staff in NSW and Queensland are in the lurch as the company calls
on the state governments for a pause on gambling taxes.

On Jan. 20, Star Entertainment Group told the ASX there was "no
certainty" it could improve its financial position without help.

Steadily falling cash reserves leave little in the tank beyond late
February, the report notes.

NSW Premier Chris Minns has ruled out a lifeline, news.com.au
says.

"We've got funding requests right across NSW, from roads to
psychiatrists to nurses to the railways. I mean, I don't have money
for casinos, I'm sorry," Mr. Minns said recently.

However, the Queensland government is keeping the door open to
negotiations, which would affect 6,000 workers at the newly opened
Brisbane casino and the Gold Coast operation.

"Star's operations is not the focus of the Queensland government,"
Mr. Crisafulli said on Jan. 21, before treading a fine line between
free market ideals and the welfare of Queenslanders.

"I'm not on their board. I have no interest in whether or not they
are a viable entity. Whether they are or not. My concern is the
people who work for them.

"And whoever they work for today or tomorrow, whether it's the same
company or a different one, whether an administrator is there or
not, I just want that place to be opened and I want as many people
as possible to have a job."

News.com.au relates that while Mr. Crisafulli avoided making
comments on the liquidity of Star Entertainment, the company itself
sent a grim announcement to the local share market on Jan. 20.

In a statement, Star Entertainment said "in the absence of one or
more of these (liquidity) arrangements, there remains material
uncertainty as to the Group's ability to continue as a going
concern," news.com.au relays.

"Given the reduction in the Group's available cash as at 31
December 2024 and the Group's ongoing financial and liquidity
challenges, the Company and its directors continue to seek external
advice in respect of their duties, including the applicability of,
and the ongoing reliance on, the safe harbour provisions under the
Corporations Act," the statement reads. "While discussions continue
with respect to a range of different solutions, there is no
certainty that any of these negotiations will result in one or more
definitive arrangements that might materially increase the Group's
liquidity position."

                   About The Star Entertainment

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

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


TEKT ASSET: Second Creditors' Meeting Set for Jan. 30
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tekt Asset
Holdings Pty Ltd has been set for Jan. 30, 2025 at 10:00 a.m. via
Zoom videoconferencing at the offices of Jirsch Sutherland at Level
1, 14 Watt Street in Newcastle.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2024 at 4:00 p.m.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Jan. 6, 2025.


TELCO WORLD: Second Creditors' Meeting Set for Jan. 29
------------------------------------------------------
A second meeting of creditors in the proceedings of Telco World
Corp Pty Ltd has been set for Jan. 29, 2025 at 11:00 a.m. at the
offices of Jirsch Sutherland at Level 30, 140 William Street in
Melbourne and via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 28, 2024 at 11:00 a.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Dec. 12, 2024.


TRIPLE R: Second Creditors' Meeting Set for Jan. 30
---------------------------------------------------
A second meeting of creditors in the proceedings of Triple R
Corporation Pty Ltd has been set for Jan. 30, 2025 at 11:00 a.m. at
the offices of Nicols + Brien, Level 1, 310 Crown Street,
Wollongong and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 30, 2024 at 11:00 a.m.

Ryan Bradbruy of Nicols + Brien was appointed as administrator of
the company on Dec. 17, 2024.




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

CHINA VANKE: Moody's Lowers CFR to B3, Outlook Remains Negative
---------------------------------------------------------------
Moody's Ratings has downgraded the following ratings of China Vanke
Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong
Kong) Company Limited.

1. China Vanke's corporate family rating (CFR) to B3 from B1;

2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)Caa1 from   
(P)B2; and

3. Backed senior unsecured rating on the bonds issued by Vanke
Real Estate to Caa1 from B2.

The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.

Moody's have also maintained the negative outlooks of the
entities.

"The rating downgrades and negative outlook reflect China Vanke's
deteriorating liquidity profile amid the sluggish sales performance
and rising maturity over the next 6-12 months. The liquidity
management challenges and elevated refinancing risks will raise the
company's execution risks and exposure to market volatility." says
Roy Zhang, a Moody's Ratings Vice President and Senior Analyst.

"Although the company continues to maintain some funding access
through raising long-term secured financing from onshore banks, its
financial flexibility has eroded as more assets became encumbered,"
adds Zhang.

Moody's also note China Vanke's track record of refinancing from
diversified onshore banks with long-term tenor loans, which are
facilitated by its linkage to the Shenzhen municipal government
through its largest shareholder Shenzhen Metro Group Co., Ltd.

RATINGS RATIONALE

China Vanke's contract sales declined 35% to RMB246 billion in 2024
from RMB376 billion in 2023, in view of the slow recovery of
China's property sector despite the government's supportive
measures. Moody's expect the company's cash flow from operation
would be insufficient to help its deleveraging.

The company's debt maturity in 2025 is materially higher than that
in 2024. This includes both onshore and offshore bonds, which may
not be refinanced through their original funding channels.

To address the funding gap, China Vanke will need to rely on
securing new funding through secured bank loans, increasing
contract sales and assets disposal, all of which depend on market
conditions and carry execution risks.

The heightened liquidity risk is also indicated by its decreasing
unrestricted cash to short term debt ratio, which was down to 64%
at end September 2024, from 151% at the end of 2023.

Over the past 12 months, China Vanke has demonstrated some success
in raising new bank loans, though mostly on a secured basis, for
operating and refinancing needs. The company has fully repaid its
maturing offshore bonds of around RMB10.5 billion and onshore bonds
of RMB9.3 billion during the first nine months of the year.

Moody's believe China Vanke is likely to maintain its access to
secured bank loans, supported by its largest shareholder Shenzhen
Metro Group Co., Ltd.  However, the increasingly high reliance on
secured borrowings at the project level, which provided it with the
necessary liquidity to refinance its unsecured debt, will reduce
its financial flexibility.

The company's active disposal of assets could provide it with
alternative liquidity but disposals at discounts would lead to
economic losses and hurt the company's equity base. This is
reflected in the company's net loss of RMB17.9 billion during the
first nine months of 2024.

Moody's forecast China Vanke's contracted sales will decrease
another 10% year on year in 2025, because the company's controlled
investments in new projects to preserve liquidity would likely
constrain its future contracted sales.

Additionally, the company would have to offer discounts on certain
projects to strengthen sales in the downcycle, which will pressure
its profit margin.

As a result, China Vanke's credit metrics would weaken with
EBIT/interest dropping to 1.0x-1.5x over the next 1-2 years from
2.3x for the twelve months ended June 2024. Meanwhile, the
company's adjusted debt/EBITDA would rise to around 12x -13x from
8.2x over the same period.

China Vanke's liquidity is weak. Its RMB77 billions of unrestricted
cash as of September 30, 2024, together with its projected
operating cash flow and newly raised funding in the fourth quarter
of 2024, is not able to fully cover its committed land payments and
refinancing needs over the next 12-18 months.

The senior unsecured ratings on Vanke Real Estate's notes and MTN
program incorporate the company's standalone credit strength and a
one-notch uplift for parental support to reflect Moody's
expectation that China Vanke will provide financial support to
Vanke Real Estate when needed.

In terms of environmental, social, and governance (ESG) factors,
the rating action considers the company's elevated refinancing
risks and rapidly weakening financial metrics, resulting from
challenges in stabilizing business performance during the industry
downturn and managing liquidity. The governance risk has negatively
impacted the credit profile, leading to a revision of its
governance issuer profile score (IPS) to G-4 from G-3 and its
credit impact score (CIS) to CIS-4 from CIS-3.

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

China Vanke's ratings are unlikely to be upgraded because of the
negative outlook.

However, Moody's could return the outlook to stable if the company
improves its financial metrics, restores its access to unsecured
funding and builds an adequate and stable liquidity buffer.

Moody's could downgrade China Vanke's ratings if its liquidity and
refinancing risks heighten further.

The senior unsecured ratings of Vanke Real Estate could also be
downgraded if China Vanke's willingness or ability to extend
support weakens.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

China Vanke Co., Ltd. was founded in 1984 and started its real
estate operations in 1988. It is one of China's largest property
developers in terms of contracted sales. The company listed on the
Shenzhen Stock Exchange in 1991 and on the Hong Kong Stock Exchange
(HKSE) in 2014. Shenzhen Metro, which is wholly owned by the
State-owned Assets Supervision and Administration Commission of the
Shenzhen government, was China Vanke's largest shareholder with a
27.18% stake in the company as of September 30, 2024.

ICHIDO: Bankrupt Shanghai Bakery Reopens After Three Years
----------------------------------------------------------
Yicai Global reports that an iconic Shanghai bakery chain that went
out of business three years ago during the Covid-19 pandemic has
opened its first new store under new ownership.

According to Yicai, Ichido began trial operations at its new shop
in the city's Xuhui district on Jan. 21. But instead of selling
breads, pastries, and cookies, staff were seen handing out
e-coupons to customers in exchange for their old vouchers.

Ichido's main strategy in the past was to attract customers with
vouchers, Yicai notes. Since 2016, it had issued CNY50 million
(USD6.9 million) worth, with around CNY20 million unused, founder
Cai Bingrong said around the time it shuttered.

Founded in 1999, Ichido was well known for its wide array of bakery
products. By 2020, it had expanded to 135 stores across the city.
Like many businesses, it then struggled in the pandemic due to
lockdown measures and financial strains. Unable to pay wages and
its suppliers, the chain closed down in mid-2021.

Shanghai-based Xinfu Food, formed last June with registered capital
of CNY1 million (USD137,525), is the bakery's new owner after
taking over its trademark and management rights, according to
Yicai.

Baked goods are expected to hit the shelves in early March, with
some of Ichido's signature products making a return, according to
an employee at the new store, Yicai relays. Home deliveries will
also be available via a WeChat mini-program, the person added.

The reopening of Ichido brings opportunities and challenges,
branding expert Zhan Junhao told Yicai. The brand enjoys a certain
level of recognition and a customer base, making it easier to gain
market acceptance compared with establishing an entirely new brand,
Zhan pointed out.

But reviving a brand that went out of business due to financial
issues involves overcoming a crisis of trust, restoring consumer
confidence, and adapting to changes in the market environment,
including the rise of competitors and shifts in consumer
preferences, Zhan also noted.


SUNAC CHINA: All Onshore Shareholders OK Restructuring Proposal
---------------------------------------------------------------
Reuters reports that Sunac China on Jan. 21 emerged as the first
embattled Chinese property developer to successfully cut down on
its onshore debt, after it said holders of all ten bonds had
accepted its restructuring proposal.

Reuters relates that the landmark deal enables Sunac, once one of
China's largest real estate developers, to deleverage its CNY15.4
billion (NZD2.11 billion) outstanding onshore debt by more than
half.

Reuters reported last week that Sunac had won support from nine of
the ten bondholders.

Sunac's restructuring is poised to open the floodgates for a flurry
of similar deals this year, with a recovery nowhere in sight for
China's struggling property sector, notes the report.

Logan Group and CIFI Holdings could be the other property
developers to revamp their onshore debt in 2025, Reuters says. A
source had told Reuters last month that much of CIFI's decision
would depend on Sunac's success in securing a deal.

Hit with a liquidity crisis since 2021, Chinese developers began
tackling the restructuring of offshore bonds in 2022. But for
politically sensitive onshore bonds, they have repeatedly extended
maturities, hoping for a pickup in cashflow, Reuters notes.

Beijing-based Sunac was also the first to complete a comprehensive
overhaul of its NZD9 billion offshore debt in November 2023.

Reuters says the onshore restructuring comes after the company was
hit with a liquidation suit earlier this month, stoking worries
over its ability to repay the restructured offshore debt.

Sunac has warned that the winding up petition could prompt other
creditors to demand immediate repayment of their loans.

                         About Sunac China

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

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

Creditors of Sunac China Ltd have approved its NZD9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.

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




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

AMBIKA SUGARS: ICRA Withdraws D Rating on INR527.67cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shree Ambika Sugars Limited, at the request of the company and
based on the No Due Certificate/Closure Certificate received from
its bankers. The Key Rating Drivers and their description,
Liquidity Position, Rating Sensitivities, Key Financial Indicators
have not been captured as the rated instruments are being
withdrawn.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         527.67      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Withdrawn
   Others                        

   Long-term-        34.63       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Term Loan                      

Shree Ambika Sugars Limited is a part of the Thiru Arooran Group
and was incorporated in 1988. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 11,500 TCD
of cane crushing capacity, 56 MW cogeneration unit and 60 KLPD
distillery. It also has 750 TPD sugar refinery.


BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Barasat Krishnagar
Expressways Limited (BKEL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        705.60     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

BKEL has been incorporated as a special purpose vehicle promoted by
Madhucon Infra Limited (MIL) and Madhucon Projects Limited (MPL) to
undertake the implementation of four-laning of Barasat to
Krishnanagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis.

BARWA ADDA: Ind-Ra Affirms D Term Loan Rating
---------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Barwa Adda
Expressway Limited's (BAEL) term loan rating as follows:

-- INR6,772.5 bil. (reduced from INR14.40 bil.) Term loan due on
     March 31, 2032 affirmed with IND D rating.

Detailed Rationale of the Rating Action

BAEL is facing liquidity concerns and is yet to demonstrate timely
debt servicing for three months post the implementation of the
resolution plan (RP). The company implemented the RP on December
24, 2024 with effect from April 1, 2021 and accordingly the lenders
have paid the dues at end-December 2024 in a timely manner. The
rating is also constrained by the ongoing capex, operations and
maintenance (O&M)-related concerns highlighted in independent
engineer's (IE) report, the company's limited financial flexibility
and inherent revenue risk in a toll project.

As part of the RP, BAEL was acquired by Roadstar Infra Investment
Trust (RIIT) from IL&FS Transport Network Limited (ITNL,'IND D') in
May 2024, paid past dues to the lenders and settled claims with the
National Highway Authority of India (NHAI; debt rated at 'IND
AAA'/Stable). However, the balance outlay for construction and
major maintenance of INR2,000 million during 4QFY25-FY26 and
INR2,760 million during FY26-FY28, constrains the project's
liquidity. Although the rating considers the current level of toll
collection, latest repayment schedule and approved support infusion
of INR417.4 million from RIIT, Ind-Ra expects constraints in BAEL's
ability to fund the project outlays on a timely basis. RIIT has
agreed for subordination of its debt to BAEL compared to
obligations to external lenders and has waived off the right to
call an event of default. However, BAEL has not committed support
to meet any future cashflow mismatches from RIIT under the
financing documents; although, RIIT has infused INR793 million and
committed to infuse INR417.4 million in relation to clearing the
premium dues to the NHAI. Toll collections for BAEL has grown at a
CAGR of 8.0% from FY18-FY24.

BAEL discontinued servicing the senior debt from 15 October 2018 on
account of the moratorium applied by the National Company Law
Appellate Tribunal. Also, BAEL's lower-than-expected toll
collection, premium payment obligations and high debt level led to
stress on liquidity. BAEL had right of way issues,
lower-than-expected toll collections post the commencement of toll
collection in April 2014, delayed toll collection in toll plaza 2
in October 2017 and non-disbursement of debt for meeting the
balance construction post the emerging of IL&FS related concerns.
According to the disclosure by IL&FS group, BAEL has been removed
from moratorium in 3QFY25.

Detailed Description of Key Rating Drivers

Pending Demonstration of Debt Serviceability: Post the
implementation of the RP in December 2024, BAEL serviced one
month's debt in a timely manner. While the company has created a
debt service reserve account and has internal liquidity, BAEL's
liquidity is assessed to be poor considering three months of
regular debt service is yet to be demonstrated, funding requirement
of the ongoing capex and an upcoming major maintenance, which could
together be more than the internal accruals.

Residual Completion Risk: The IE's report of November 2024 has
observations on completion of the remaining capex. A
longer-than-expected completion timeline could place the project at
risk of penalty, however, BAEL believes such penalty is unlikely as
right of way was delayed. BAEL achieved physical progress of 93.75%
as of November 2024 as per IE report. The main carriageway progress
is about 99%. Major balance works is in service road, fencing,
storm water drainage for service road and road furniture works.
BAEL has employed the contractor SkyLark  Constructions Private
Limited for road works and various local sub-contractors for other
works. The construction work, which stopped in FY18, restarted in
4QFY23. The total estimated capex was INR5,500 million, of which
about INR3,300 million has already been met. The balance will be
met through internal cash balance, cash flows, infusion from RIIT
of INR417.4 million and change in law compensation claim related to
Goods and Services Tax. However, the claims of INR800 million will
be submitted to the NHAI post completion of construction but the
timing of receipt is uncertain.

O&M related Concerns; Major Maintenance due in FY26-FY28:
Observations on maintenance deficiencies and balance capex works by
IE in their report for November 2024 is a concern. While management
has clarified that no penalty has been levied by the NHAI relating
to maintenance from FY23 till date, the presence of observations
indicates the risk of penalties and any other adverse impact as per
provisions of the concession agreement. The completion of capex and
timely addressing of maintenance-related observations are key
monitorable. A major maintenance at an estimated cost of INR2,760
million is planned during FY26-FY28. Management has represented
that the road quality is adequate based on the Road Quality Index
in report dated December 2023, and hence, provides flexibility in
the phasing of expenses during FY26-FY28. Major maintenance
progress is a critical monitorable.

Inherent Traffic Risk: Toll projects have inherent traffic related
risks. While the traffic growth of 7.6% yoy in 9MFY25 is
comfortable, the future growth depends on local industries,
commodity movement, among others.

Implementation of RP, Settlement of Past Dues with NHAI and
Reasonable Toll Growth: The implementation of RP has led to an
improvement in the company's debt metrics; although, near-term debt
service coverage ratio and liquidity are stretched. BAEL has been
taken over by RIIT as part of the RP. RIIT has four toll and two
annuity operational assets, including BAEL. RIIT has no debt in its
balance sheet and has a comfortable liquidity. BAEL has settled
claims with the NHAI through a settlement agreement dated September
30, 2024. Furthermore, BAEL has paid the entire premium due until
September 2024, along with interest for delay in premium payment in
October 2024. BAEL's toll revenue grew at a CAGR of 8% from FY18 to
FY24. The traffic composition has a considerable share of both
passenger vehicles and multi axle vehicles. The concession
agreement is valid until FY32 and BAEL has requested extension of
concession by four years, based on lower traffic compared to the
target traffic. Toll hike is defined as 3% plus 40% of Wholesale
Price Index.

Liquidity

Poor: BAEL's cashflows are constrained due to requirement for
completing the entire capex by FY25 and commencement of major
maintenance in FY26. While the concession agreement allows BAEL to
prioritize operating expenses and debt service before payments of
premium, management does not expect to delay premium payments.

BAEL had cash and fixed deposit of INR81.0 million and INR1,620
million, respectively, on January 7, 2025. Fixed deposit includes
INR450 million of debt service reserve and INR410 million of lien
marked fixed deposit. The interest and principal obligations in
4QFY25 and FY26 are INR500 million and INR790 million,
respectively. The scheduled repayment is low in FY26 to enable part
funding of major maintenance.

BAEL has not shared RIIT's detailed financial projections and
ability to support BAEL in case of any temporary mismatches in cash
flows for BAEL. BAEL's new sponsor RIIT holds six project
subsidiaries, of which four including BAEL are toll assets and
other two are annuity assets. RIIT has approved infusion of
INR417.4 million in BAEL and has represented that the same will be
infused, when required by BAEL. According to BAEL, RIIT has a high
cash balance and expects to receive surplus from the subsidiaries
regularly and BAEL expects distribution to unit holders will start
after listing.

Any Other Information

The RP was implemented on December 24, 2024 and the lenders have
confirmed that there were no over dues as of December 26, 2024. The
lender feedback in January 2025 indicates that dues for
end-December 2024 were paid in a timely manner. The effective date
of RP, i.e., from when the terms of RP is applicable, is April 1,
2021. Following the RP implementation, debt includes:(i) INR9,000
million term loan (INR6,772.5 million outstanding as on December
31, 2024) towards senior lenders with one-year marginal cost of
lending rate linked interest rate; the repayment schedule for term
loan is from June 30, 2023 to March 31, 2032 on a quarterly basis;
(ii) INR2,363.9 million non-convertible debentures (NCDs;
INR2,361.5 million outstanding as on 31 December 2024) issued to
senior lenders, named NCD-I-A, with a coupon of 2% per annum; if
there is concession extension approved by the NHAI, internal rate
of requirement to meet will become 8% and the differential amount
to meet 8% internal rate of return is to be paid in FY35; principal
due in FY31 and FY32 (iii) INR1,329.17 million NCDs (INR1,327.8
million outstanding as on 31 December 2024) issued to RIIT named
NCD-I-B, with a coupon of 2% p.a.; if there is a concession
extension approved by the NHAI, the internal rate of requirement to
meet will become 8% and the differential amount to meet 8% IRR is
to be paid in FY35. Additionally, RIIT has waived right to call an
event of default in case of delay or non-payment of obligations
under NCD-I-B; principal due in FY31 and FY32; (iv) INR1,553.7
million NCD (INR1,552.1 million outstanding as on 31 December 2024)
issued to senior lenders, named NCD-C-1, with coupon of 2% p.a.
during FY24-FY26 and will increase to 8% p.a. from FY26. The
differential coupon between 2% p.a. and 8% p.a. during FY24-FY26
will be accumulated in the principal amount and paid during
FY27-FY32.

About the Company

BAEL has been granted a 20-year concession by the NHAI to widen the
Barwa-Adda-Panagarh section of National Highway-2 to 521.120km from
398.240km to six lanes including Panagarh Bypass in Jharkhand and
West Bengal on a design, build, fund, operate, and transfer basis.
BAEL shall pay an annual premium amount of INR420 million from the
appointed date in FY15 and an escalation of 5% thereafter.

BLUEPAL LABS: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Bluepal Labs Private
Limited's (BLPL) bank facilities as follows:

-- INR200 mil. Term loan due on April 30, 2032 assigned with IND
     BB-/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect BLPL's nascent stage of operations, cost and
time over-run risks and expected modest credit metrics. Ind-Ra
expects FY26 to be the first full year of operations for the
company. The scale of operations thus would be small with modest
credit metrics during the initial years of operations. The ratings,
however, is supported by the promoters' two decades of experience
in the pharmaceutical industry.

Detailed Description of Key Rating Drivers

Nascent Stage of Operations: The rating reflects BLPL's nascent
stage of operations in pharmaceutical manufacturing. The company's
facility is located at Kadechur industrial Area, Karnataka, where
majority of civil work is already completed and BLPL will start a
trial batch from end-January 2025. Ind-Ra does not expect the
company to commence operations in FY25. FY26 will be the first full
year of operations.

Cost and Time Over-run Risk: The rating also reflects the time &
cost overrun and funding risks associated with BLPL's proposed
manufacturing unit. The company is setting up a pharmaceutical
manufacturing unit with a total investment of project in  INR357.7
million, which is being funded through a term loan of INR205.9
million (57.6%) and promoter's investment as equity of INR151.8
million (42.4%). As of now, BLPL has incurred INR340.3 million for
the purchase of land & buildings, construction work and machinery.
The overall term loan of INR205.9 million sanctioned by the bank
had been utilized till December 2024. The total equity infused as
of December 2024 was INR134.4 million.

Likely Modest Credit Metrics: Ind-Ra expects that the debt service
coverage ratio and overall credit metrics to be weak during the
initial years of commencement of operations, before an improvement
could be seen in the ratios in line with the improvement in the
scale of operations.

Experienced Promoter: The rating is supported by BMPL's promoter's
two decades of experience in the diversified industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: BLPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The promoters intend to infuse INR151.8 million as
equity during November 2022 to January 2025. The company has
repayment obligations of INR17.2 million and INR29.4 million in
FY26 and FY27, respectively. The company plans to meet its working
capital requirements through the sanctioned fund-based working
capital limits of INR50  million.

Rating Sensitivities

Negative: Any delay in the commencement of operations, and
achieving stability in the operating performance post the
commencement of commercial operations, affecting the company's debt
servicing ability, could be negative for the ratings.

Positive: The timely commencement of operations and the subsequent
achievement of a stable operating profitability will be positive
for the ratings.

About the Company

BLPL was incorporated in 2020 for manufacturing and sale of
pharmaceutical intermediates and active pharmaceutical ingredients.
The company has proposed to manufacture three products namely
clopidogrel bisulphate, pantoprazole sodium, telmisartan. It is
setting up a 100TPA bulk drugs plant in Kadechur industrial Area,
Karnataka. The company is likely to commence operation from April
2025.

BUDDHA GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Buddha
Global Limited (BGL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     30.00       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 BGL under the 'issuer
non-cooperating' category as BGL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BGL 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

Buddha Global Limited (BGL) was incorporated on February 12, 2011.
The constitution of the company changed from Private Limited
Company to Limited company in November 2017. Its commercial
operations commenced in November, 2014. The company is being
currently managed by Mr. Tushar Jalan, Mr. Mool Chand Talreja, Mr
Anil Tekriwal and Mr. Deept Sarup Agarwal belonging to Buddha group
and Kamdhenu group. BGL is primarily engaged in the trading of
rice, wheat, pulses and other related food products. The company
commenced sale of rice during FY16.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of BGL into 'Issuer
not-cooperating' category vide press release dated February 13,
2024 on account of non-availability of requisite information from
the company.

CLASSIC CORRUGATIONS: ICRA Cuts Rating on INR6.11cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Classic
Corrugations Pvt. Ltd. (CCPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.11       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B(Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Long-term-         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B(Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category


   Long Term-         0.39       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B(Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

Rationale

Material event

The rating of Classic Corrugations Private Limited is downgraded
based on the notification received from the IBBI on corporate
insolvency of the entity.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on Aug. 2024. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Classic Corrugations Pvt. Ltd. (CCPL) was incorporated in April
2011 and started its commercial operations from July 2013 onwards.
The company is engaged in the business of manufacturing kraft paper
based corrugated boxes. CCPL has an installed capacity to process
~18000 MTPA of kraft paper at its sole manufacturing facility
located in Daskroi area near Ahmedabad, Gujarat. CCPL is a closely
held entity with the members of the Todi family being the key
stakeholders.


DEEPAK WOOLLENS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Deepak Woollens Private Limited
0/7, H.I.G., Choti Khajrani, Nanda Nagar,
        Indore, Madhya Pradesh, India 452011

Liquidation Commencement Date: December 28, 2024

Court: National Company Law Tribunal, Indore Bench

Liquidator: Navin Khandelwal
     206, Navneet Plaza, 5/2, Old Palasia,
            Indore, Madhya Pradesh-452018
            Email: liquidation.deepak@gmail.com
            Email: navink25@yhaoo.com

Last date for
submission of claims: January 27, 2025


DILIGENT MEDIA: ICRA Withdraws D Rating on INR250cr Bond
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the Non-Convertible
Debenture of Diligent Media Corporation Limited based on the
information received of its Instrument status on NSDL Website.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, have not been captured as the rated
instruments are being withdrawn.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Bonds/NCD/LTD       250.00     [ICRA]D; ISSUER NOT
                                  COOPERATING; Withdrawn

Established in May 2017, ZGL is promoted by Mr. Dilip Detroja along
with seven other partners. The firm commenced its commercial
operations from June 2018. It manufactures glazed vitrified tiles
and polished glazed vitrified tiles in size of 600mm x 600mm. The
firm's manufacturing facility is located at Morbi (Gujarat). ZGL
has an annual installed capacity of 40,500 MT of tiles per annum.


DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Disha Communications Private
Limited (DCPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.25       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.65       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1987, Disha Communications Private Limited (DCPL)
is a mid-sized advertising agency that has built a presence in
advertising and media planning business over the last 30 years.
Headquartered in Bangalore, it has presence in other major cities
like Chennai, Hyderabad, New Delhi and Mumbai as well as in tier ll
cities like Cochin, Jaipur, Meerut, Mathura and Hubli. DCPL has won
a number of awards over the years.


EUROFINS CLINICAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Eurofins Clinical Diagnotics Bangalore Private Limited
540/1, 1st Floor, Doddenakundi Industrial Area 2,  
        Hoodi Whitefield, Bangalore, Karnataka 560048

Liquidation Commencement Date: December 31, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Kiran Pandey
     1005, 10th floor, Hemkunt House,
            6, Prasad Nagar, Rajendra Place,
            New Delhi-110008
            Email: liquidationecdbpl@gmail.com
            Contact No: +91 9810929590

Last date for
submission of claims: January 30, 2025

FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Finfoot
Lifestyle Private Limited (FLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.84       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2024, placed the rating(s) of FLPL under the 'issuer
non-cooperating' category as FLPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
FLPL 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

FLPL, incorporated in 2011 was promoted by Pathak family of Pune.
However, the company commenced its operations in March, 2016. The
company is engaged in manufacturing of grey fabric and cotton cloth
at its facility located at Kolhapur, Maharashtra.


GANESHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ganesha
International (GI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     13.00       CARE A4; 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 29,
2023, placed the rating(s) of GI under the 'issuer non-cooperating'
category as GI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GI continues to be
non-cooperative despite repeated requests for submission of
information through emails dated November 13, 2024, November 23,
2024, 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: Stable

Gurgaon-based (Haryana) Ganesha International (GI) is a
proprietorship firm established in 2007 by Mr Kinshuk Goel. In FY16
the firm commenced business of manufacturing of uniforms primarily
for the defence sector. The manufacturing facility is located in
Gurgaon, Haryana. GI obtains orders on tender basis from Director
General of Ordinances Services (DGOS).

GO FIRST: NCLT Approves Liquidation of Budget Airline
-----------------------------------------------------
Business Standard, citing Bar and Bench, reports that the National
Company Law Tribunal (NCLT) on Jan. 20 ordered the liquidation of
budget airline Go First Airways.

A Bench of NCLT, led by Judicial Member Mahendra Khandelwal and
Technical Member Dr Sanjeev Ranjan, granted the liquidation
petition filed by the airline's Committee of Creditors (CoC),
Business Standard relates.

Go First filed a voluntary plea under Section 10 of the Insolvency
and Bankruptcy Code (IBC) on May 2, 2023, requesting admission to
the Corporate Insolvency Resolution Process (CIRP). The NCLT
admitted the plea on May 10 last year and appointed a Resolution
Professional (RP) to oversee the airline's operations.
  
In response, the airline's lessors contested the decision before
the National Company Law Appellate Tribunal (NCLAT), arguing that
their assets had been unjustly retained under the moratorium
despite leases being terminated before the insolvency process.

On May 22, 2023, the NCLAT upheld the NCLT's ruling, instructing
the lessors to seek further clarification on the moratorium from
the NCLT.

Business Standard relates that the lessors then approached the
Delhi High Court, urging the Directorate General of Civil Aviation
(DGCA) to deregister their aircraft. Initially, the DGCA declined,
citing the moratorium. However, on Oct. 4, 2023, the Ministry of
Corporate Affairs clarified that Section 14(1) of the IBC would not
apply to transactions involving aircraft, engines, airframes, or
helicopters.

The DGCA subsequently filed an affidavit with the Delhi High Court,
confirming that the exemption would apply to pending cases but
postponed action on Go First's deregistration due to the ongoing
legal proceedings.

On April 26, 2024, the Delhi High Court directed the DGCA to
deregister Go First's fleet, a process completed by early May 2024,
Business Standard says. The lessors were assigned the
responsibility for maintenance and export of the deregistered
aircraft, according to Rule 32A of the Aircraft Rules.

With no operational aircraft and no feasible revival options, the
CoC decided to liquidate the airline in September 2024 and filed
the liquidation application, Business Standard notes. In October
2024, concerns arose regarding the appointment of the company's
Resolution Professional (RP) Shailendra Ajmera as the liquidator.
Consequently, the CoC appointed Dinkar Venkatasubramanian as the
new liquidator.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

As reported in the Troubled Company Reporter-Asia Pacific in early
August, Go First lenders have decided to liquidate the company's
assets after rejecting bids by interested suitors to revive the
bankrupt airline, two banking sources told Reuters.  Go First had
received two financial bids under the bankruptcy process.

GOLDSTAR HOUSING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Goldstar Housing Development Pvt. Ltd
46 College Road, Howrah West Bengal,
        India, 711103

Liquidation Commencement Date: December 24, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Mr. Anil Kumar Dubey
     Meridian Splendora, Tower-II, 4th floor,
            Flat No. 4f, 9A/1 Umakanta Sen Lane,
            Kolkata-700030
            Email: anil@mandaassociates.in
            Ph No: 9883039240

Last date for
submission of claims: January 23, 2025


GREENEARTH INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Greenearth Infraventures Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.40       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

The company "Greenearth Infraventures Pvt Ltd" belong to KN group
of Chattisgarh (C.G.) which has interests across several fields
including soya bean processing, flour milling, international
agrotrade and wind power generation. The group is majorly involved
in agriculture related industries. The group came into existence in
1930. This group is known for its rootsin Madhya Pradesh &
Chhatisgarh, and was started by Late Nemichand Shishrimal, an
industrialist and social worker. One of the interests of the group
is in Real estate development. Greenearth City, which is the first
project of the group, is a township spread over 42 acres of land
with which is being populated by over 250 families staying in the
township. Greenearth City is located in Amleshwar near Mahadeo Ghat
on the Raipur Patan Road. This township offers, 2 BHK/3 BHK flats
in four storied buildings, Independent ROW houses, Residential
Plots and in Commercial Centre Shops and Offices.

KARYAVATTOM SPORTS: Ind-Ra Affirms D Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating of
Karyavattom Sports Facilities Limited's (KSFL) bank loans at 'IND
D'.

The instrument-wise rating action is:

-- INR2.415 bil. Senior project bank loans (Long term) affirmed
     with IND D rating.

Detailed Rationale of the Rating Action

The affirmation reflects the continued delays in debt servicing by
KSFL since October 2018. KSFL is under moratorium by the National
Company Law Appellate Tribunal (NCLAT) and has been identified as
'Red – Indian IL&FS Group Entities' category company as per the
NCLAT's ruling dated March 12, 2020. Hence, it has not been making
payments to its lenders, whether secured or unsecured. The
monetization process is under litigation with the Kerala High
Court. Any orders passed by the court in this regard will be a key
monitorable.

Detailed Description of Key Rating Drivers

Restriction on debt service: KSFL has been under NCLAT's moratorium
since 2019 and it has been identified as a 'Red – Indian IL&FS
Group Entities' category company as per the tribunal's ruling dated
March 12, 2020.

Divestment Plans: As per the management, KSFL's monetization is
under litigation at the Kerala High Court between the successful
bidder and the government of Kerala.

Liquidity

Poor: KSFL's liquidity position is poor, as reflected by the
default in the repayment of bank loans and continued restriction on
debt servicing.  As per the management, the cash balance available
as of October 30, 2024 was INR152.4 million and fixed deposits was
INR4.3 million. Nil debt has been repaid post October 2018.

About the Company

KSFL is a special purpose vehicle sponsored by IL&FS Transportation
Networks Limited (debt rated 'IND D'). It was set up to develop a
multi-purpose greenfield stadium in Karyavattom,
Thiruvananthapuram, Kerala, on a design, build, operate and
transfer annuity basis. The project achieved the final completion
date on February 29, 2016.

KASHVI INTERNATIONAL: Ind-Ra Keeps BB+ Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kashvi
International Private Limited (KIPL) bank facilities' ratings in
the non-cooperating category and has simultaneously withdrawn the
same.

The detailed rating actions are:

-- INR150 mil. Term loan* due on March 31, 2024 maintained in
     non-cooperating category and withdrawn;

-- INR150 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR30 mil. Non-fund based working capital limits# maintained
     in non-cooperating category and withdrawn.

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

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with KIPL while reviewing the
ratings. Ind-Ra had consistently followed up with KIPL over emails,
apart from phone calls since June 2020. The issuer has also not
been submitting the monthly no default statement since June 2020.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of KIPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. KIPL has been
non-cooperative with the agency since June 2020.

About the Company

KIPL was incorporated in July 2007 by the Kashvi Group in Odisha.
The company manufactures sponge iron with an installed capacity of
90,000mtpa.

KEPL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Kepl
Engineering Private Limited (KEPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/          5.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating continues
   Unallocated                   to remain under 'Issuer Not
                                 Cooperating' category

ICRA has kept the Long-Term and Short-Term ratings of KEPL in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

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

Incorporated in February 2018, KEPL is an EPC contractor for
mechanical, electrical and civil work in sectors such as power,
petro-chemical, oil and gas, steel and cement in South India. The
company would undertake private projects and government projects
majorly as sub-contract works from other private players. The
management have significant average experience of more than 15
years in handling the current orders in hand.


LOKMANGAL INFOTECH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Lokmangal Infotech Private Limited
H/3 Palm Acres Mulund (East), Mumbai,
        Maharashtra, India, 400081

Liquidation Commencement Date: December 28, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Anagha Anasingaraju
     1-2, Aishwarya Sankul,
            17 G.A. Kulkarni Path,
            Opp. Joshi's Railway Museum
            Kothrud, Pune-411038
            Email: rp.anagha@kanjcs.com
            Telephone: 020-25466265/25461561

Last date for
submission of claims: January 27, 2025

MAGUS METALS: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Magus Metals Private Limited
(MMPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         1.90       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        1.10       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Magus Metals Private Limited (MMPL) was started as R.R. Metals
Private Limited in the year 1990. Later in the year 2001, the name
of the company was changed as Magus Metals Private Limited. From
inception, the company is into manufacturing of non ferrous metals
from the scrap generated by smelters like Hindustan Zinc limited
and Binani Zinc Limited. The company manufactures cadmium, zinc
sulphate, copper cathode and zinc ingots. The factory is situated
at Chotuppal, Nalgonda Dist, Telangana.


MANGALDEEP SUPERSTRUCTURES: CARE Keeps C Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mangaldeep
Superstructures Private Limited (MSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.50       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 22,
2023, placed the rating(s) of MSPL under the 'issuer
non-cooperating' category as MSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 6, 2024,
November 16, 2024 and November 26, 2024 among others.

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

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

The ratings for MSPL have been revised on account of
non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Jodhpur based (Rajasthan) Mangaldeep Superstructures Private
Limited (MSPL) was originally incorporated in 2000 in the name of
Indian Craft Gallery Com Private Limited (ICGPL). However, it
started its operations since 2013 and subsequently changed the name
of company to its current name, MSPL. The company is registered as
an "AA class" approved contractor from Rajasthan Housing Board
(RHB) in May, 2014. MSPL executes contracts for both private and
government players. Also, the Company is engaged in trading of the
construction material which includes Bajri, Cement, Iron rods, etc
and also supplies to its group companies, engaged in the real
estate business.

MIDAS PETROCHEM: Ind-Ra Cuts Bank Loan Rating to D
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Midas Petrochem
Private Limited's (MPPL) bank facilities to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+/Negative (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating review despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating.

The detailed rating action is:

-- INR150 mil. Fund-based working capital limit (Long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

NOTE: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MPPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. MPPL has been
non-cooperative with the agency since October 23, 2017.

About the Company

MPPL was established in 2012 and imports and trades raw material
for commodity plastics such as polypropylene, polyethylene and poly
vinyl chloride.

MITTAL SOYA: Ind-Ra Moves BB- Loan Rating to NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Mittal Soya Protein Private Limited's (MSPPL) bank facilities' to
Negative from Stable and has simultaneously migrated the ratings to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR18 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating;

-- INR390 mil. Cash credit Outlook revised to Negative and
     migrated to non-cooperating category with IND BB-/Negative
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR250 mil. Fund-based working capital limit Outlook revised
     to Negative and migrated to non-cooperating category with IND

     BB-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR90 mil. Term loan due on December 31, 2028 Outlook revised
     to Negative and migrated to non-cooperating category with IND

     BB-/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The migration of ratings to the non-cooperating category and
Outlook revision to Negative are in accordance with Ind-Ra's
policy, Guidelines on What Constitutes Non-Cooperation. The
Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with MSPPL while reviewing the
ratings. Ind-Ra had consistently followed up with MSPPL over emails
starting November 4, 2024, apart from phone calls. The issuer has
submitted the no default statement until November 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MSPPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. MSPPL has been
non-cooperative with the agency since November 4, 2024.

About the Company

Established in December 2020, Madhya Pradesh-based MSPPL processes
soya seeds to produce crude soya oil and de-oiled cake. The company
has a daily processing capacity of 700MTShrey Mittal is the
promoter.

MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       60.00      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 28,
2023, placed the rating(s) of MMUPL under the 'issuer
non-cooperating' category as MMUPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MMUPL 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

Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is
promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr.
Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj.
MMUPL was an authorized dealer of Sale & Service of Maruti Suzuki
India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has
entered into an agreement with Hyundai Motor India Limited (HMIL)
as its authorized dealer. The group has an integrated mode of
operations, functioning in various verticals of auto dealership
business to provide one stop shop solution to its customers. It has
service stations, spare parts distribution and vehicle finance
which provide the customer with complete solution at single point.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of MMUPL into Issuer Not
Cooperating category vide press release dated March 20, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


PAE LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of PAE
Limited (PAE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           5.00       CARE D/CARE D; ISSUER NOT  
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE had, vide its press release dated October 26, 2023, placed the
rating(s) of PAE under the 'issuer noncooperating' category as PAE
had failed to provide information for monitoring of the rating. PAE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 10, 2024, September 20, 2024 and
September 30, 2024. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which, however, in CARE'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).

Detailed description of the key rating drivers

At the time of last rating on October 26, 2023, the following were
the rating strengths and weaknesses (updated for the information
available from registrar of companies (ROC) and stock exchange
filings):

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Ongoing delay in debt servicing: There have been ongoing delays
in debt servicing and the account has been classified as NPA.

* Weak financial performance: PAE's total operating income stood
very negligible and reported operating loss of INR0.75 crore during
FY23 (PY: operating loss of INR0.72 crore). However, the company
has earned profit after tax of INR6.43 crore in FY23 on the back of
exceptional income from profit on sale of assets of INR 6.34 crore
and non-operating income of INR0.96 crore mainly towards sundry
liabilities write off. Nevertheless, tangible networth base has
continued to remain eroded due to net loss incurred during past
which led to leveraged capital structure and weak debt coverage
indicators.

Key strengths

* Experienced promoters: The promoters of the company have
experience of more than five decades of operations in automotive
and industrial battery segment and their close association with the
Premier group in the past.

Incorporated in 1950 as a distributor of auto electric components,
PAE Ltd. (PAE) is presently operational in two segments viz. Power
products and Auto components. In its power products segment, PAE is
engaged in marketing and distribution of lead storage batteries
(for automotive and industrial application) and power backup
systems; while in the Auto component segment it operates as a
distributor of automotive parts. Additionally, the company has
forayed into solar energy space through its various subsidiaries
which are engaged in developing, marketing and distribution of
solar panels and operates 2 solar power plants of 1 MW each.

PALAVI DEALERS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Palavi Dealers Pvt. Ltd
Great Social Building,
        2nd floor 60 Sir P M Road,
        Mumbai, Maharashtra-40001

Liquidation Commencement Date: November 27, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Umesh Balaram Sonkar
     10, Om Shanti CHS,
            Plot No. 8/10/12 RD, No. 4,
            Sector -11, New Panvel-410206
            Email: rosonkar1603@gmail.com
            Mobile No: 7874447169

            - and -

            Office No.25, 3rd Floor,
            146-B, Chikhal House, Princess Street
            Kalbadevi, Mumbai-400002
            Email: palavi.liquidation@gmail.com

Last date for
submission of claims: January 7, 2025


PANCHAM JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pancham
Jewellers Private Limited (PJPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      26.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of PJPL under the 'issuer
non-cooperating' category as PJPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PJPL 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
Pancham Jewellers Pvt Ltd (PJPL) was incorporated by Mr. Pankul
Aggarwal in 2005. The company is engaged in the business of
manufacturing and trading of gold jewellery, diamond/precious
stones, gold bars/coins etc., since the commencement of its
operations in 2005. The company sells jewellery and precious stones
to wholesale customers through its manufacturing unit located at
Rajpura (Punjab), where it manufactures jewellery and does casting
work.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of PJPL into Issuer Not
Cooperating category vide press release dated May 8, 2024 on
account of its inability to carry out a review in the absence of
requisite information.

PAVITHRA COTTON: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Pavithra Cotton Mills Private Limited (SPCPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       16.45       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 21,
2023, placed the rating(s) of SPCMPL under the 'issuer
non-cooperating' category as SPCMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPCMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 5, 2024, November 15, 2024 and November 25, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Sri Pavithra Cotton Mills Private Limited (SPCMPL) was established
in 1994 as a partnership firm under the name 'Pavithra Textiles'
promoted by Mr. Karunakaran in Coimbatore, Tamil Nadu. The firm is
engaged in the manufacturing of yarn with the installed capacity of
9,000 spindles.


RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Riddhi
Siddhi Cold Storage Private Limited (RSCSPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.21      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 28,
2023, placed the rating(s) of RSCSPL under the 'issuer
non-cooperating' category as RSCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RSCSPL 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

Riddhi Siddhi Cold Storage Pvt Ltd (RSCSPL) was incorporated in
August 2015 by one Mr Raja Chakraborty and Ms. K Chakraborty from
Kolkata to set-up a cold storage and potato trading business.
Afterwards the company started to install the cold storage service
at Shamuktala in Alipourduar district of West Bengal. During March
2016 the company started weighbridge service at the site and during
June 2016 the commercial operation of cold storage service and
trading activities of potato has been started with an installed
capacity of 27,500 MTPA. The day-to-day affairs of the company are
looked after by Mr. Raja Chakraborty (Director) with adequate
support from other director- Ms. K Chakraborty (wife of Mr Raja
Chakraborty) and a team of experienced personnel.

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


S.D. EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of S.D. Education Trust (SDET)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          6.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2012, S.D. Education Trust (SDET) is a single asset
trust which runs and operates 'Shanti Asiatic School' in Jaipur,
Rajasthan. The school is located on a land parcel of 2.3 acres in a
housing project 'Suncity Township' in Jaipur, Rajasthan. The
aforementioned land was purchased by Navsarjan Projects Pvt. Ltd (a
company floated by trustees of SDET) from Suncity Projects Pvt.
Ltd, which was subsequently given on lease to SDET, with lease
rentals amounting to Rs 9 lac per annum. Shanti Asiatic is a
Gujarat based chain of schools promoted by the Chiripal group,
which is also one of the trustee members of SD Education Trust.


SABOO ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saboo
Engineers Private Limited (SEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term/           12.00       CARE C; Stable/CARE A4;
   Short Term                       ISSUER NOT COOPERATING;
   Bank Facilities                  Rating continues to remain
                                    Under ISSUER NOT COOPERATING
                                    category

   Short Term            6.00       CARE A4; ISSUER NOT
   Bank 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 22,
2023, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 6, 2024,
November 16, 2024, November 26, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable
Jodhpur based Saboo Engineers Private Limited (SEPL) was
incorporated in 1999 by Mr. Shreegopal Saboo along with his family
members. SEPL is engaged in the business of carrying out turnkey
projects including cement plants, rotary kiln plants, sponge iron
plants, mineral processing plant, coal mill, solar plants etc. The
company undertakes work for layout design, civil
construction, engineering, machinery installation, commissioning,
operation & maintenance after project handling.


SARVESH BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarvesh
Builders (India) Private Limited (SBIPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     130.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE has been seeking information from SBIPL to monitor the ratings
vide e-mail communication dated January 7, 2025 & January 8, 2025,
among others and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE'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: Combined.

SBIPL has invested money into real estate project in group company
namely 'Renuka Realtors' wherein SBIPL holds 99% stake.

Detailed description of the key rating drivers

At the time of last rating on January 23, 2024, the following were
the rating strengths and weaknesses.

Key Weaknesses

* Ongoing delays in servicing of debt: The rating has been
reaffirmed on account of the ongoing delays in debt servicing of
the company. The date of redemption for the NCD's was 30-09-2022,
however, there were delays and the term of NCD's have been
increased as per last interaction with Debenture Trustee.

Incorporated in 2010, Sarvesh Builders (India) Pvt. Ltd. [SBIPL –
part of Ruparel group] is a special purpose vehicle created for
real estate development of residential building situated at Sewree,
Mumbai. The operation of the company is looked after by Mr. Amit
Ruparel & Mr. Milind Ruparel. The company has availed development
rights from M/s Renuka Realtors (part of Ruparel group –
established in April 7, 2005) for redevelopment project known as
Shree Balaji SRA Co-op. Housing Society Limited under slum
rehabilitation authority. SBIPL is a majority partner (99%
partnership interest) in M/s Renuka Realtors. The re-development
project named 'Ruparel Jewel' is a proposed 48 storey tower in the
Sewree location with 239,466 lsf of saleable area. The development
is proposed to comprise of 2 & 3 BHKs with select penthouses and
duplexes. The project was expected to be completed by December 2022
(as per RERA). The total estimated cost of the project has been
revised to INR370.82 crore which is expected to be funded by
promoter funds of INR23 crore, NCD of INR130 crore and balance
through customer advances.

Ruparel group is a Mumbai based real estate developer. The group
has around 15 years of experience in developing real estate
projects in Mumbai and Navi Mumbai region. The group has completed
five projects with a total built-up area of 3.63 lakh square ft.
and currently has multiple ongoing projects located across various
prime locations in Mumbai.


SHAMSONS INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shamsons
Industries (SI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           0.55       CARE D/CARE D; ISSUER NOT  
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.50       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 SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SI 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

Uttar Pradesh based, Shamsons Industries (SI) was established as a
partnership firm in the year 2005 and commenced its operations from
2008. The firm is currently being managed by Mr. Deepak Batra and
Mr. Varun Batra sharing profit and losses equally. The firm is
engaged in the manufacturing of all types of sports shoes at its
manufacturing unit located at Sahibabad, Ghaziabad with an
installed capacity of 12, 00,000 pairs per annum per shift as on
March 31, 2021. The firm sells its products under the brand name
namely "STINN" to the distributors spread all over India. The firm
has one associate concern namely; "Shamsons Polymers Private
limited"; incorporated in 1993 engaged in similar line of
business.

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


SHASHI CABLE: Ind-Ra Moves BB+ Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Shashi Cables Limited's (SCL) bank facilities' ratings to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB+'/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR210 mil. Fund-based working capital limit Outlook revised
     to Negative and migrated to non-cooperating category with IND

     BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR200 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR47.11 mil. Term loan due on March 31, 2027 Outlook revised
     to Negative and migrated to non-cooperating category with IND

     BB+/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SCL while reviewing the
ratings. Ind-Ra had consistently followed up with SCL over emails
starting October 3, 2024, apart from phone calls. The issuer has
submitted no default statement until October 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SCL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SCL has been
non-cooperative with the agency since October 3, 2024.

About the Company

SCL was incorporated in June 1981 having its registered office in
Lucknow, Uttar Pradesh. The company manufactures aluminum and
copper conductors for overhead transmission and distributes
electricity.

SIVAGURU SPINNING: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Sivaguru Spinning Mills Private Limited's (SSMPL) bank facilities
to Negative from Stable and migrated the rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR300 mil. Fund-based working capital limit Outlook revised
     to Negative and migrated to non-cooperating category with IND

     BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR130 mil. Term loan due on March 31, 2028 Outlook revised to

     Negative and migrated to non-cooperating category with IND
     BB/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation. The ratings have
been migrated to the non-cooperating category in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SSMPL while reviewing the
ratings. Ind-Ra had consistently followed up with SSMPL  over
emails, apart from phone calls. However, the issuer has been
submitting its monthly no default statement till October 2024.

Limitations regarding Information Availability

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

About the Company

SSMPL, established in 2010, is based in Coimbatore, Tamil Nadu.
Sivakumar is the promoter of the company and has more than two
decades of experience in the spinning industry. The company
manufactures cotton and cotton blended yarns of different counts.

SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sln Cnc Tech
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]C; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          4.50       [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term          1.16       [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         2.59       [ICRA]C/[ICRA]A4; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Short Term-        1.00       [ICRA]A4 ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Short Term-        0.75       [ICRA]A4 ISSUER NOT
   Non Fund Based                COOPERATING; Rating continues
   Others                        to remain under 'Issuer Not
                                 Cooperating' category

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

SLN CNC Tech Pvt. Ltd., incorporated in the year 2008. It is
promoted by a team of members having varied background. Manufacture
precession components using most of the engineering materials to
the highest industry standards in our modern CNC machining
facility, along with the ability to assure quality of complex
fabricated assemblies. The company specializes in manufacturing of
aluminium, stainless steel, titanium, nimonic, inconel and cobalt
alloy products. It has a manufacturing facility located in Peenya
Industrial Estate with total area of 21000 sq. ft. The company
caters to customers in segments like aviation, automotive, space,
defence, power generation and telecommunication.

SMILE INTERIORS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Smile Interiors Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2009, Smile Interiors Pvt. Ltd. is engaged in the
manufacturing and exports of handicraft items. The company has its
manufacturing facility at Jaipur, Rajasthan, with a capacity to
manufacture about 3,00,000 units of wooden and iron articles.The
product profile majorly comprises of decorative wooden items made
up of combination of wood, brass, iron and
wooden furniture such as dinner tables, cabinets, stools and sofas
and iron articles such as lamps, chairs, watches etc. The company
exports the handicrafts items to US, UAE and European markets.


SRI ANANDA: Liquidation Process Case Summary
--------------------------------------------
Debtor: M/s. Sri Ananda Lakshmi Narasimha
Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd.
930/3A, Velivennu Road, Samisragudem Village,
        Nidadavole Mandal, Andhra Pradesh India-534302

Liquidation Commencement Date: December 19, 2024

Court: National Company Law Tribunal, Amaravati Bench

Liquidator: Mr. Nadasa Kumar
            Global Insolvency Professionals Private Limited
     8-2-248/A/5/16, Plot No. 717, Road No. 2,
            Journalist Colony Banjara Hills, Hyderabad-500 034
            Email: anandalakshmiliq@gmail.com

Last date for
submission of claims: January 18, 2025

TEKZA CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Tekza Ceramic
LLP in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

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

   Long-term-         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Established in March 2018, as a limited liability partnership firm,
Tekza Ceramic LLP commenced commercial production in March 2019.
Its product profile comprises vitrified parking tiles of 300 X 300
mm. Tekza's manufacturing unit is located at Morbi, the ceramic
tile manufacturing hub of Gujarat and is equipped to manufacture
68040 metric tons (MT) of tiles per
annum.


UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Uma Rani
Agrotech Private Limited (URAPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         2.25      [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         3.15      [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term-        0.25      [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

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

Established in 2010, URAPL is engaged in milling of par boiled
rice; and has an installed production capacity of 28,800 MTPA of
rice. The rice mill started commercial production from February
2014. The company's rice milling facility is located in the Birbhum
district of West Bengal.


VASAVI FOOD: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Vasavi Food Processing
Industries (VFPI) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         3.12       [ICRA]B- (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-         4.00       [ICRA]B- (Stable); ISSUER NOT
   Fund based-                   COOPERATING; Ratings continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-         2.88       [ICRA]B- (Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Vasavi Food Processing Industries (VFPI) was founded in August 2014
as partnership firm by Mr. M. Narsaiah and his family members. The
firm is engaged in the milling of paddy to produce raw and boiled
rice with an installed capacity of 4 tons per hour. The plant is in
Nizamabad district in Telangana.


VSRK CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of VSRK Constructions (VSRKC) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

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

VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Ch. Venkateswara Rao. The
firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is engaged
in the business of constructing roads, bridges, etc primarily in
Telangana and Andhra Pradesh. The firm is having
an outstanding order book of INR68.91 crore (1.87 times FY2017
revenues) as on July 31, 2017 and order book comprises projects
mostly from Roads and Buildings and Panchayat Raj departments of
Andhra Pradesh and Telangana.



YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Yogindera
Worsted Limited (YWL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      66.18       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short 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 10,
2024, placed the rating(s) of YWL under the 'issuer
non-cooperating' category as YWL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
YWL 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

Incorporated in 1997, Yogindera Worsted Limited (YWL) was promoted
by Mr.Ajay Kumar Gupta and his family members in collaboration with
Punjab State Industrial Development Corporation Limited (PSIDCL).
It was subsequently acquired by the 'Shiva' group in 2007. The
product profile of YWL was also changed from predyed
worsted/acrowool yarn to include other varieties of yarns like
dyed/white worsted woolen yarn, acrowoolen yarn, acrylic yarn,
polyester yarn, fancy yarn, hand knitting yarn, melange yarns,
space dyed/printed yarns, knitted cloth, etc. The company operates
from its manufacturing facility in Bathinda, Punjab.




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

AISLEWORX GROUP: Court to Hear Wind-Up Petition on March 7
----------------------------------------------------------
A petition to wind up the operations of Aisleworx Group Limited
will be heard before the High Court at Auckland on March 7, 2025,
at 10:45 a.m.

Tompkins Wake filed the petition against the company on Dec. 3,
2024.

The Petitioner's solicitor is:

          Morgan Brady
          Tompkins Wake
          Level 8, Westpac House
          430 Victoria Street
          Hamilton


BOWEY'S POOL: Creditors' Proofs of Debt Due on Feb. 16
------------------------------------------------------
Creditors of Bowey's Pool Lounge Limited are required to file their
proofs of debt by Feb. 16, 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:


          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


COMBINED HAULAGE: Creditors' Proofs of Debt Due on Feb. 16
----------------------------------------------------------
Creditors of Combined Haulage Limited required to file their proofs
of debt by Feb. 16, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 16, 2025.

The company's liquidator is:

          Rhys Cain
          c/- PO Box 20113
          Christchurch 8053


NICHOLAS SKY: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------
Damien Mitchell Grant and Adam Stevenson Botterill of Waterstone
Insolvency on Jan. 21, 2025 were appointed as receivers and
managers of Nicholas Sky Ashurst and Kate Elizabeth West.

The receivers and managers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


OLIVADO LIMITED: Seeka Joins High Court Case Against Oil Company
----------------------------------------------------------------
The New Zealand Herald reports that one of the New Zealand's
biggest agribusinesses is joining court proceedings against oil
company Olivado Limited.

According to the Herald, Seeka chief executive Michael Franks said
his company was "particularly exercised" about the case.

Far North Avocado Suppliers, in liquidation itself, has applied to
have Olivado liquidated at the High Court at Whangarei next month.

The Herald relates that Seeka has joined the action against Olivado
and requested lawyers take urgent action to place the company into
liquidation.

Mr. Franks told the Herald that Seeka had serious concerns.

"Placing the company into liquidation will preserve the assets and
maximise the potential returns to all creditors, without the risk
of a fire sale at reduced values to the detriment of unsecured
creditors."

Mr. Franks said packaging company Enpac was owed about NZD78,000,
while the figures for Far North and Seeka were about NZD260,000 and
NZD350,000 respectively, the Herald relays.

Seeka was added as a supporting creditor in the case.

Liquidator Gary Whimp on Jan. 22 said he had not heard from Olivado
shareholder and director Gary Hannam this year.

The Herald approached Mr. Hannam last week and called Olivado again
on Jan. 22 but there was no answer.

Olivado products include almond, avocado, coconut, macadamia and
olive oil.

Olivado grew after chef Chris Nathan advertised in the Herald for
people to invest in his Kerikeri operation but Nathan is no longer
involved in the company and has not been for 17 years.


UBCO HOLDINGS: Grant Thornton Appointed as Receiver and Manager
---------------------------------------------------------------
Stephen Speers Keen and David Ian Ruscoe of Grant Thornton New
Zealand on Jan. 17, 2025 were appointed as receivers and managers
of Ubco Holdings Limited and Ubco Limited.

The receivers and managers may be reached at:

          Grant Thornton New Zealand Limited
          PO Box 1961
          Auckland 1140




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

BOLLYWOOD VEGGIES: Creditors' Proofs of Debt Due on Feb. 17
-----------------------------------------------------------
Creditors of Bollywood Veggies 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. 13, 2025.

The company's liquidator is:

          Lim Yau Wen
          7500A Beach Road #11-320
          The Plaza, Singapore 199591


MILLENNIUM FORMWORK: Court to Hear Wind-Up Petition on Feb. 7
-------------------------------------------------------------
A petition to wind up the operations of Millennium Formwork &
Scaffolding Pte. Ltd. will be heard before the High Court of
Singapore on Feb. 7, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 13, 2025.

The Petitioner's solicitors are:

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


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

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

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


NSL TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Jan. 10, 2025, to
wind up the operations of NSL Technology Resources (S) Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

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


TANGLIN RESIDENTIAL: Creditors' Proofs of Debt Due on Feb. 17
-------------------------------------------------------------
Creditors of Tanglin Residential 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
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778





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

VIETNAM BANK: Moody's Affirms 'Ba2' LT Bank Deposit, Issuer Ratings
-------------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 local (LC) and foreign (FC)
currency long-term (LT) bank deposit and issuer ratings of Vietnam
Bank for Agriculture and Rural Development (Agribank), as well as
the bank's b2 Baseline Credit Assessment (BCA) and adjusted BCA.

Moody's have also affirmed Agribank's Ba2 LT FC and LC Counterparty
Risk Ratings (CRR) and Ba2(cr) LT Counterparty Risk Assessment
(CRA), NP short-term (ST) FC and LC CRR, ST FC and LC bank deposit
ratings, ST FC and LC issuer ratings and NP(cr) ST CRA.

The rating outlooks for Agribank, where applicable, are stable.

RATINGS RATIONALE

The affirmation of Agribank's Ba2 ratings and b2 BCA reflects
Moody's expectation that the bank's credit profile will remain
stable over the next 12 to 18 months, supported by its stable asset
quality and strong funding. However, the bank's low capital and
profitability are key credit weaknesses. The bank's Ba2 ratings are
three notches above its b2 BCA considering a very high likelihood
of government support, based on the bank's 100% government
ownership and systemic importance.

At the end of June 2024, Agribank's nonperforming loans (NPL) ratio
was 1.8%, broadly stable from a year earlier. While asset quality
will be under pressure as some borrowers are affected by Typhoon
Yagi, Moody's expect the bank to maintain its practice of writing
off new NPLs and maintain a stable NPL ratio. Agribank's loan loss
reserves as a percentage of problem loans of 116% as of June 2024
is higher than most rated banks and provides some cushion against
rising NPLs. However, Moody's expect this ratio to moderate over
the next 12 to 18 months as asset quality deteriorates.

The bank's low capital and profitability will remain as key credit
weaknesses. While Agribank's tangible common equity as a percentage
of risk weighted assets has improved due to the implementation of
Circular 22, the bank's capital is modest compared to peers on a
nominal leverage basis. In the first half of 2024, net income as a
percentage of tangible assets was at 1%, modestly lower than 1.1%
for the same period a year earlier. Moody's expect profitability to
moderate in the next 12 to 18 months because of net interest margin
compression.

Agribank has low reliance on market funds. As of June 2024, market
funds-to-tangible assets ratio was low at 1.8%, reflecting the
bank's strong funding structure, underpinned by its status as a
state-owned bank. At the same time, high-quality liquid assets such
as cash, balances with central bank and government securities,
accounted for just 9% of its total assets as of June 2024,
providing limited buffer in times of need.

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

An upgrade of Agribank's long-term ratings is unlikely because they
are at the same level as the Vietnam's Ba2 sovereign rating.
However, Moody's could upgrade the bank's b2 BCA, if (a) its
TCE/RWA improves to more than 7.5% while maintaining a nominal
leverage comparable to peers and (b) return on tangible assets
increases to more than 0.9% on a sustained basis without materially
lowering its loan loss provisions, accompanied by an improvement in
earnings quality.

Moody's would downgrade Agribank's ratings and BCA if its NPLs
increase above 3%, leading to higher credit costs and a decrease in
return on tangible assets below 0.5% or if the bank's tangible
common equity to risk weighted assets ratio declines below 5%.

Moody's would also downgrade Agribank's deposit and issuer ratings
if Moody's assess that government support for the bank has
weakened.

The principal methodology used in these ratings was Banks published
in November 2024.

Vietnam Bank for Agriculture and Rural Development, headquartered
in Hanoi, reported total assets of VND2,082 trillion as of June 30,
2024.


                           *********


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

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

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

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

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



                *** End of Transmission ***