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

                     A S I A   P A C I F I C

          Monday, January 27, 2025, Vol. 28, No. 19

                           Headlines



A U S T R A L I A

BOD SCIENCE: Finalizes Sale of Key Intellectual Property Assets
BST TOTAL: Second Creditors' Meeting Set for Feb. 4
COVA DELIVERY: First Creditors' Meeting Set for Feb. 3
FIRSTMAC MORTGAGE EAGLE NO.4: S&P Raises Cl. E Notes Rating to BB+
IKARA WATER: First Creditors' Meeting Set for Feb. 3

KIKOFF SOCCER: First Creditors' Meeting Set for Feb. 4
MA MONEY 2025-1: Fitch Puts 'BB(EXP)sf' Rating to Class E & F Notes
SB NOMINEES: First Creditors' Meeting Set for Feb. 3
TEN SIXTY: Receives US$10.5 Million Initial Cash Payment


C H I N A

AIRNET TECH: Sells 15.07 Million Ordinary Shares for US$7 Million
AIXIN LIFE: KCCW Resigns as Principal Accountant
JINGBO TECHNOLOGY: Cannot Timely File Form 10-Q for Nov 2024 Qtr
JINGBO TECHNOLOGY: Posts Net Loss of $726K in Third Quarter
SINO-OCEAN GROUP: HK Wind-Up Case Delayed as UK Ruling Looms

VIVIC CORP: Shang-Chiai Kung Steps Down as CEO, CFO


I N D I A

ALCOCK ASHDOWN: Liquidation Process Case Summary
BALEX METALS: Voluntary Liquidation Process Case Summary
CLASSIC CORRUGATIONS: Insolvency Resolution Process Case Summary
DEWARS GARAGE: CRISIL Lowers Long/Short Term Debt Ratings to D
DIGITAL READING: Voluntary Liquidation Process Case Summary

ETHNIC TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
EVERWIN EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
EXCEL VINYL: CRISIL Keeps D Debt Ratings in Not Cooperating
FUTURA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating

GANGA DAIRY: CRISIL Keeps D Debt Rating in Not Cooperating
GIRNA INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
GOMTI HEALTHY: CRISIL Keeps B Debt Ratings in Not Cooperating
GOUNIDHI DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating

GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
GREEN FIELD: CRISIL Keeps D Debt Ratings in Not Cooperating
GREENCROP INT'L: CRISIL Keeps B- Debt Ratings in Not Cooperating
GUPTA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
HK ENNTERPRISES-DELHI: CRISIL Keeps B Rating in Not Cooperating

HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
LOTUS GREENS: CRISIL Keeps D Debt Rating in Not Cooperating

M-FAC SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating
MACHINE WORKS: Insolvency Resolution Process Case Summary
MOTIJUG AGENCIES: Insolvency Resolution Process Case Summary
OCH-ZIFF REAL ESTATE: Voluntary Liquidation Process Case Summary
PMR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating

REPUTE FOODS: Insolvency Resolution Process Case Summary
RICHFIELD INDUSTRIES: Insolvency Resolution Process Case Summary
S GOKUL: CRISIL Keeps C Debt Ratings in Not Cooperating Category
SHREYA LIFE: CRISIL Moves D Debt Rating to Not Cooperating
SMPRIMAL PROCESS: CRISIL Lowers Rating on INR80cr Term Loan to D

SURYA MILK: Insolvency Resolution Process Case Summary
TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
XRBIA NORTH: Insolvency Resolution Process Case Summary


M A C A U

SCIENTIFIC ENERGY: Centurion ZD Resigns as Independent Accountant


N E W   Z E A L A N D

BABY KINGDOM: Placed in Receivership
BODY SHOP NEW ZEALAND: First Creditors' Meeting Set for Feb. 4
NICHOLAS SKY: Waterstone Insolvency Appointed as Receivers
SES CONTRACTING: Creditors' Proofs of Debt Due on Feb. 16
SILVA RENOVATIONS: Creditors' Proofs of Debt Due on Feb. 18



P A K I S T A N

PAKISTAN: Central Bank Likely to Deliver Sixth Straight Rate Cut


S I N G A P O R E

ANONYMOUSTECH PTE: Court to Hear Wind-Up Petition on Jan. 31
BP-BRADDELL LLP: Creditors' Proofs of Debt Due on Feb. 24
GREEN CITI: Court to Hear Wind-Up Petition on Feb. 7
MAESTRO CAPITAL: Court to Hear Wind-Up Petition on Jan. 31
UCARS: Set to Go Into Voluntary Liquidation

WINTHROP HONG: Court Enters Wind-Up Order

                           - - - - -


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

BOD SCIENCE: Finalizes Sale of Key Intellectual Property Assets
---------------------------------------------------------------
TipRanks reports that BOD Science Limited has finalized an Asset
Sale Deed with Optimus Salvus Limited and the Aqua Phase inventors
to sell its intellectual property rights, including soft gel/S3
clinical research, Aqua Phase data and IP, and CLIC Protein IP.

According to TipRanks, the transaction is valued at AUD125,000,
forgiving a GBP2M debt, and a 5% equity interest in Optimus Salvus.


This sale is part of a strategy to fulfill obligations under its
Deed of Company Arrangement with Biortica Agrimed Limited,
potentially providing financial relief and restructuring
opportunities, TipRanks relates.

Bod Science Limited (ASX:BOD), formerly trading as Bod Australia
Ltd, is a cannabis focused drug development and product innovation
company.

Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed
Joint and Several Voluntary Administrators of the Company on Nov.
29, 2023.

On April 8, 2024, creditors resolved that the Company execute a
DOCA proposed by Biortica Agrimed Limited. The DOCA was
subsequently executed on April 24, 2024.


BST TOTAL: Second Creditors' Meeting Set for Feb. 4
---------------------------------------------------
A second meeting of creditors in the proceedings of BST Total Pty
Ltd has been set for Feb. 4, 2025 at 2:00 p.m. via Microsoft
Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2025 at 4:00 p.m.

David Henry Sampson of BPS Recovery was appointed as administrator
of the company on Dec. 20, 2024.


COVA DELIVERY: First Creditors' Meeting Set for Feb. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Cova
Delivery Pty Ltd will be held on Feb. 3, 2025 at 1:00 p.m. via
virtual meeting technology.

Craig Crosbie, Rebecca Gill and Robert Ditrich of PwC were
appointed as administrators of the company on Jan. 21, 2025.


FIRSTMAC MORTGAGE EAGLE NO.4: S&P Raises Cl. E Notes Rating to BB+
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 14 classes of prime
residential mortgage-backed securities (RMBS) transactions issued
by Firstmac Fiduciary Services Pty Ltd. as trustee of four Firstmac
Mortgage Funding Trust No.4 transactions. At the same time, S&P
affirmed its ratings on 10 classes of notes.

The transactions are Firstmac Mortgage Funding Trust No.4 Series
2022-2PP (Firstmac 2022-2PP), Firstmac Mortgage Funding Trust No.4
Series Eagle No.2 (Firstmac Eagle No.2), Firstmac Mortgage Funding
Trust No.4 Series Eagle No.3PP (Firstmac Eagle No.3PP), and
Firstmac Mortgage Funding Trust No.4 Series Eagle No.4 (Firstmac
Eagle No.4).

The raised ratings reflect an increase in credit support provided
to each class of notes and their strong cash flows, which are
sufficient to cover rating stresses consistent with the higher
rating levels. The affirmations reflect S&P's view of the credit
risk of the underlying collateral portfolio, which has been
amortizing in line with our expectations. The pools continue to
perform well.

All transactions are currently paying down on a sequential basis.
Credit support will continue to build up for the notes until the
pro-rata tests are met. Once the pro-rata triggers are met,
principal would be passed through to each class of notes on a pari
passu basis.

As of Dec. 31, 2024, Firstmac 2022-2PP has a weighted-average
effective loan-to-value (LTV) ratio of 70.1%, weighted-average
seasoning of 34.2 months, and pool factor of about 41.5%. Loans
that are more than 30 days in arrears make up 0.60% of the pool, of
which 0.22% is more than 90 days in arrears. There have been no
losses to date for this portfolio.

Firstmac Eagle No.2 has a weighted-average effective LTV ratio of
68.2%, weighted-average seasoning of 27.9 months, and pool factor
of about 60.4%. There are no loans in the pool with arrears and no
losses to date for this portfolio.

Firstmac Eagle No.3PP has a weighted-average effective LTV ratio of
68.4%, weighted-average seasoning of 22.2 months, and pool factor
of about 64.8%. Loans that are more than 30 days in arrears make up
0.09% of the pool, of which 0.09% is more than 90 days in arrears.
There have been no losses to date for this portfolio.

Firstmac Eagle No.4 has a weighted-average effective LTV ratio of
64.7%, weighted-average seasoning of 13.6 months, and pool factor
of about 79.7%. Loans that are more than 30 days in arrears make up
0.07% of the pool, of which nil is more than 90 days in arrears.
There have been no losses to date for this portfolio.

S&P said, "We believe that the credit support provided to each
class of notes is sufficient to withstand the stresses we apply at
each respective rating level. Credit support comprises
subordination from junior notes and excess spread (if any). In
addition, credit support for Firstmac 2022-2PP also comprises
lenders' mortgage insurance on 3.16% of the portfolio.

"We expect that the various mechanisms to support liquidity within
the transaction, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at their respective rating levels."

Some ratings are constrained below the level that cash flows alone
support due to risk considerations such as sensitivities to the
outlook for arrears and the absolute amount of credit support.

  Ratings Raised

  Firstmac Mortgage Funding Trust No.4 Series 2022-2PP

  Class C: to AA+ (sf) from AA (sf)
  Class D: to AA- (sf) from A+ (sf)
  Class E: to BBB+ (sf) from BBB (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.2

  Class B: to AAA (sf) from AA+ (sf)
  Class D: to A+ (sf) from A (sf)
  Class E: to BBB+ (sf) from BBB- (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.3PP

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA (sf) from A+ (sf)
  Class D: to A+ (sf) from BBB+ (sf)
  Class E: to BBB+ (sf) from BB+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.4

  Class B: to AAA (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Firstmac Mortgage Funding Trust No.4 Series 2022-2PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.2

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class C: AA- (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.3PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.4

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)


IKARA WATER: First Creditors' Meeting Set for Feb. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ikara Water
Two Pty Ltd will be held on Feb. 3, 2025 at 11:00 a.m. via virtual
meeting.

Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on Jan.
22, 2025.


KIKOFF SOCCER: First Creditors' Meeting Set for Feb. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings Of Kikoff
Soccer Centres Pty Ltd will be held on Feb. 4, 2025 at 11:00 a.m.
at the offices of 'Westburn Advisory' at Level 5, 115 Pitt Street
in Sydney.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Jan. 22, 2025.


MA MONEY 2025-1: Fitch Puts 'BB(EXP)sf' Rating to Class E & F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to MA Money Pinnacle
Residential Securitisation Trust 2025-1's mortgage-backed
pass-through floating-rate bonds. The issuance consists of notes
backed by a pool of Australian first-ranking residential conforming
full- and low-documentation mortgage loans originated by MA Money
Financial Services Pty Ltd.

The notes will be issued by Perpetual Corporate Trust Limited in
its capacity as trustee of MA Money Pinnacle Residential
Securitisation Trust 2025-1.

   Entity/Debt          Rating           
   -----------          ------           
MA Money Pinnacle
Residential
Securitisation
Trust 2025-1

   A1L              LT AAA(EXP)sf Expected Rating
   A1S              LT AAA(EXP)sf Expected Rating
   A2               LT AAA(EXP)sf Expected Rating
   B                LT AA(EXP)sf  Expected Rating
   C                LT A(EXP)sf   Expected Rating
   D                LT BBB(EXP)sf Expected Rating
   E                LT BB(EXP)sf  Expected Rating
   F                LT BB(EXP)sf  Expected Rating
   G1               LT NR(EXP)sf  Expected Rating
   G2               LT NR(EXP)sf  Expected Rating

Transaction Summary

The collateral pool totalled AUD499.7 million and consisted of 659
obligors with a weighted-average (WA) indexed and unindexed current
loan/value ratio (LVR) of 64.8% as of the 30 November 2024 cut-off
date.

KEY RATING DRIVERS

CE Buffers Expected 'AAAsf' Losses: The 'AAAsf' weighted-average
foreclosure frequency (WAFF) of 14.5% is driven by the WA unindexed
current LVR of 64.8%, low documentation loans forming 56.0% of the
pool, self-employed borrowers making up 68.1% and, under Fitch's
methodology, investment loans and loans to non-resident borrowers
comprising 44.3% and 1.3%, respectively. The 'AAAsf' WA recovery
rate (WARR) of 54.2% is driven by the portfolio's WA indexed
scheduled LVR of 67.0%.

The 'AAAsf' portfolio loss is 6.6%, lower than the 10.4% portfolio
loss of the previous transaction, MA Money Residential
Securitisation Trust 2024-1. This is due primarily to the
composition of the pool, with MA Money Pinnacle 2025-1 consisting
of only conforming loans, while MA Money 2024-1 included
non-conforming loans. The class A1S, A1L, A2, B, C, D, E and F
notes benefit from subordination of 15.0%, 15.0%, 6.9%, 4.8%, 3.4%,
2.4%, 1.2% and 0.5%, respectively.

Liquidity Risk Mitigated: Structural features include a liquidity
facility sized at 1.5% of the invested note balance, with a floor
of AUD750,000 that is sufficient to mitigate Fitch's payment
interruption risk, a pre-call retention amount that redirects
excess income to pay note principal in reverse sequential order
starting from the class F note, and a post-call amortisation amount
that diverts after-tax excess available income to repay note
principal.

Originator Adjustment: MA Money, established as MKM Capital in
2004, is an Australian mortgage lender. Fitch undertook an
operational review and found that the operations of the originator
and servicer were mostly comparable with market standards. MA Money
began originating under its current credit policy in December 2022,
when it also began to service its loan book. This results in
limited originator and servicer-specific performance data.

In addition, the rate used to assess mortgages from other lenders
in the serviceability calculation differs from standard market
practice. Any resulting impact on credit risk may not be captured
due to the limited performance history, leading Fitch to apply an
originator adjustment of 1.20x that increases foreclosure
frequency. Fitch may amend the adjustment if information received
over time indicates that the effect may be higher or lower than
assumed.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
4.0% in December 2024. Fitch forecasts GDP growth of 1.0% for the
full year, rising to 1.6% in 2025, with unemployment at 4.1% and
increasing to 4.5% in 2025. This reflects Fitch's expectation that
the effects of restrictive monetary policy and persistent inflation
will continue to hinder domestic demand.

Criteria Variation: Loan terms exceeding 30 years make up 1.6% of
the pool by balance. It is not possible to determine whether this
feature correlates with negative mortgage performance due to the
lack of sufficient historical data in the Australian mortgage
market. Consequently, Fitch's criteria do not account for the
potential impact of foreclosure frequency for this feature.

Therefore, a criteria variation was applied to incorporate a 1.10x
increase in foreclosure frequency at the loan level for loans with
this product feature to address the potential higher credit risk.
The model-implied ratings for the class A1S, A1L, A2, B, C, D, E
and F notes were not affected by this criteria variation.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Note: Class A1S / A1L / A2 / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ BBsf

Increase defaults by 15%: AAAsf / AAAsf / AA+sf / AA-sf / Asf /
BBBsf / BBsf / BBsf

Increase defaults by 30%: AAAsf / AAAsf / AAsf / A+sf / A-sf /
BBBsf / BBsf / BBsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf / BBsf

Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf / BBsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA+sf / AA-sf / Asf / BBBsf / BBsf / BBsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AAsf / A+sf / A-sf / BBBsf / BBsf / BBsf

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

The ratings on the class C, D, E and F notes are constrained by the
large obligor concentration test that limits the ratings at 'Asf',
'BBBsf', 'BBsf' and 'BBsf', respectively. Prepayments to the loans
with the largest obligor exposure, which would result in the notes
passing Fitch's concentration test, could lead to positive rating
action for the notes, all else being equal.

Upgrade Sensitivities

The class A1S, A1L and A2 notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivity
scenarios are not relevant.

Notes: Class B

Rating: AAsf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf

CRITERIA VARIATION

Loan terms exceeding 30 years make up 1.6% of the pool by balance.
It is not possible to determine whether this feature correlates
with negative mortgage performance due to the lack of sufficient
historical data in the Australian mortgage market. Consequently,
Fitch's criteria do not account for the potential impact of
foreclosure frequency for this feature.

Therefore, a criteria variation was applied to incorporate a 1.10x
increase in foreclosure frequency at the loan level for loans with
this product feature to address the potential higher credit risk.
The model-implied ratings for the class A1S, A1L, A2, B, C, D, E
and F notes were not affected by this criteria variation.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG Considerations

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

SB NOMINEES: First Creditors' Meeting Set for Feb. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of SB Nominees
(Australia) Pty Ltd will be held on Feb. 3, 2025 at 11:00 a.m. at
the offices of Nicols + Brien at Level 2, 350 Kent Street in
Sydney.

Steven Nicols of Nicols + Brien was appointed as administrator of
the company on Jan. 21, 2025.


TEN SIXTY: Receives US$10.5 Million Initial Cash Payment
--------------------------------------------------------
The Board of Directors and the Deed Administrator of Ten Sixty Four
Limited said on Jan. 24, 2025, that the initial cash payment to be
made under the Memorandum of Agreement between its subsidiary
Mindanao Mineral Processing and Refining Corporation ("MMPRC") and
associate Philsaga Mining Corporation of US$10.5 million was
received by MMPRC on Jan. 23.

This initial cash payment will enable the Company to clear its
outstanding related party debts as required under the Global
Intercompany Settlement Deed and move towards the effectuation of
the Deed of Company Arrangement.

Headquartered in Australia, Ten Sixty Four Limited (ASX:X64) --
https://www.x64.gold/ -- operates in the mining industry, focusing
on mineral processing and refining through its subsidiary Mindanao
Mineral Processing and Refining Corporation.

Martin Ford and Simon Theobald of PwC were appointed Joint and
Several Voluntary Administrators of the Company on July 2, 2023.

No other subsidiary in the X64 group of companies is included in
the Administration.

Following a Second Creditors' meeting of the company held on Oct.
31, 2023, a Deed of Company Arrangement ("DOCA") was executed by
the voluntary administrators of X64, Komo Diti Traders Ltd, and X64
pursuant to which X64 will be able to exit its voluntary
administration and placed into DOCA.




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

AIRNET TECH: Sells 15.07 Million Ordinary Shares for US$7 Million
-----------------------------------------------------------------
AirNet Technology Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that on January 13,
2025, it entered into a share purchase agreement with certain
investors, pursuant to which the Company agrees to issue and sell,
and the Purchasers agree to subscribe and purchase, an aggregate of
15,070,000 ordinary shares of the Company, par value US$0.04 per
share, at a purchase price of US$0.4675 per share for aggregate
gross proceeds to the Company of US$7 million.

The shares are offered in a transaction not required to be
registered under Section 5 of the Securities Act. The closing of
the Purchase Agreement shall take place on the first business day
following the date of the Share Subscription Agreement or a later
date as mutually agreed upon by all parties, subject to customary
closing conditions.

                      About AirNet Technology

AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007. AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.

As of December 31, 2023, the Company had $115.1 million in total
assets, $101.8 million in total liabilities, and $13.4 million in
total equity.

Singapore-based Audit Alliance LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 26, 2024, citing that the Company has a history of operating
losses and negative operating cash flows and has negative working
capital of approximately $56 million as of December 31, 2023. These
conditions indicate that a material uncertainty exists that raise
substantial doubt on the Company's ability to continue as a going
concern, the auditor said.

AIXIN LIFE: KCCW Resigns as Principal Accountant
------------------------------------------------
On Jan. 7, 2025, AiXin Life International, Inc., was informed by
KCCW Accountancy Corp. of its decision to resign from its position
as the Company's independent registered principal accounting firm,
effective Jan. 7, 2025, according to the Form 8-K filing with the
U.S. Securities and Exchange Commission.

KCCW has been the Company's independent registered principal
accounting firm since Nov. 19, 2019 and issued a report on the
Company's financial statements for the years ended Dec. 31, 2023
and 2022, which did not contain an adverse opinion or a disclaimer
of opinion, nor was it qualified or modified as to audit scope or
accounting principles, except to indicate that there was
substantial doubt about the Company's ability to continue as a
going concern.

During the years ended December 31, 2023 and 2022 and the
subsequent interim periods through Jan. 7, 2025 (i) the Company has
not had any disagreements with KCCW on any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved to KCCW's
satisfaction, would have caused it to make reference thereto in its
reports on the Company's financial statements for such periods, and
(ii) there were no reportable events.

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets, and sells
premium-quality healthcare, nutritional products, and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products such as weight management products,
probiotics, foods, and drinks. The Company also provides
advertising and marketing services to clients who engage us to
market and distribute their products.

Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated April 5, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.


JINGBO TECHNOLOGY: Cannot Timely File Form 10-Q for Nov 2024 Qtr
----------------------------------------------------------------
Jingbo Technology, Inc., notified the U.S. Securities and Exchange
Commission that it could not timely file its Form 10-Q for the
quarter ended Nov. 30, 2024, because the financial statements could
not be completed in sufficient time to solicit and obtain the
necessary review of the quarterly report on Form 10-Q and
signatures thereto in a timely fashion prior to the due date of the
report.

                     About Jingbo Technology
           
Headquartered in Zhejiang, China, Jingbo Technology, Inc. focuses
on the development and provision of smart parking solutions through
its subsidiary, Intelligence Parking Group Limited, offering
application software and platform services for parking management.
Its primary operations include developing smart parking technology,
mobile applications, and cloud-based platforms to optimize parking
experiences.  Intelligence aims to implement a software and
hardware system transformation for existing parking lots, with the
goal of achieving smart, digital platform operations -- from
construction to profit generation.

Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses over the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.

JINGBO TECHNOLOGY: Posts Net Loss of $726K in Third Quarter
-----------------------------------------------------------
Jingbo Technology, Inc., filed its Quarterly Report on Form 10-Q
with the Securities and Exchange Commission, reporting a net loss
of $726,432 on net revenues of $784,206 for the three months ended
Nov. 30, 2024.  This compares to a net loss of $1.35 million on net
revenues of $305,559 for the same period a year ago.

For the nine months ended Nov. 30, 2024, the Company reported a net
loss of $6.20 million on net revenues of $1.49 million, compared to
a net loss of $4.65 million on net revenues of $1.11 million for
the nine months ended Nov. 30, 2023.

As of Nov. 30, 2024, the Company had $13.89 million in total
assets, $35.80 million in total liabilities, and a total deficit of
$21.90 million.

As of Nov. 30, 2024, the Company had net cash used in operating
activities of $1,207,051.  The Company incurred net loss of
$5,482,077 during the year ended Feb. 29, 2024.  As of Feb. 29,
2024, the Company had total deficit of $18,702,180 and had net cash
used by operating activities of $1,833,699.

Jingbo noted that "These conditions raise substantial doubt about
the Company's ability to continue as a going concern.  The
Company's continuation as a going concern is dependent on long term
loans related to Shaoxing Keqiao Zhuyi Technology Co. and the
director (Guowei Zhang) to meet obligations as they become due and
to obtain additional equity or alternative financing required to
fund operations until sufficient sources of recurring revenues can
be generated.  There can be no assurance that the Company will be
successful in its plans described above or in attracting equity or
alternative financing on acceptable terms, or if at all."

The full text of the Form 10-Q is available at no cost at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1647822/000149315225002745/form10-q.htm

                     About Jingbo Technology
           
Headquartered in Zhejiang, China, Jingbo Technology, Inc. focuses
on the development and provision of smart parking solutions through
its subsidiary, Intelligence Parking Group Limited, offering
application software and platform services for parking management.
Its primary operations include developing smart parking technology,
mobile applications, and cloud-based platforms to optimize parking
experiences.  Intelligence aims to implement a software and
hardware system transformation for existing parking lots, with the
goal of achieving smart, digital platform operations -- from
construction to profit generation.

Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses over the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.

SINO-OCEAN GROUP: HK Wind-Up Case Delayed as UK Ruling Looms
------------------------------------------------------------
Bloomberg News reports that a Hong Kong court delayed a hearing on
Sino-Ocean Group Holding's restructuring agreement with lenders, as
the state-linked builder awaits a decision later this month on a UK
case involving a debt plan for all creditors.

Bloomberg relates that Sino-Ocean earlier said that a group of loan
lenders holding 86.2 per cent of its debt had voted in favour of
the Hong Kong scheme, passing a threshold of 75 per cent required
for the restructuring arrangement in the city. The next Hong Kong
hearing is set for Feb. 19, "given the pending decision of the
English Court," according to a company filing.

According to Bloomberg, the company is involved in parallel
proceedings in London on its debt plan for both bondholders and
bank lenders.

The UK case is being closely monitored by industry players in Asia
because it is a prominent example of a Chinese debtor trying to tap
a UK insolvency law. Known as a cross-class cramdown, it can impose
restructuring terms on a dissenting class of creditors even without
a required approval threshold.

Bloomberg notes that Sino-Ocean's relationship with China Life
Insurance came under scrutiny in the London hearings and the judge
asked for further information about the builder's shareholders. A
UK judge is set to hand down a decision on that case on Jan. 29.

China Life is one of the country's biggest state-owned insurers and
owns 29.59 per cent of Sino-Ocean, according to its latest annual
report.

An ad-hoc group of bondholders has been seeking support from China
Life among other shareholders, ever since the builder defaulted in
2023, Bloomberg states.

                      About Sino-Ocean Group

Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.  

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limited's corporate family rating to Ca from Caa2. At the
same time, Moody's has downgraded to C from Caa3, the backed senior
unsecured ratings on the bonds issued by Sino-Ocean Land Treasure
Finance I Limited, Sino-Ocean Land Treasure Finance II Limited, and
Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean.
The outlook remains negative.

Once considered one of the stronger names among China's debt-laden
developers, Sino-Ocean became a defaulter in September 2023 when it
suspended payment on all its offshore borrowings.


VIVIC CORP: Shang-Chiai Kung Steps Down as CEO, CFO
---------------------------------------------------
On Jan. 7, 2025, the Board of Directors of Vivic Corp. accepted the
resignation of Mr. Shang-Chiai Kung from his positions as Chief
Executive Officer and Chief Financial Officer of the Company,
according to a Form 8-K filing with the U.S. Securities and
Exchange Commission.

Concurrently, the Board appointed Mr. Tse-Ling Wang to serve as the
Chief Executive Officer of the Company and Mr. Andy F Wong to serve
as the Chief Financial Officer of the Company.

Mr. Tse-Ling Wang, age 55, currently serves as a director of the
Company, having joined the Board on August 1, 2024. Mr. Wang has
served in a number of senior management positions in the internet
and technology industries. Until August 2024, Mr. Wang served as
President and Chairman of Chuang Sheng Information Co., Ltd, an IoT
application services company, which he founded in February 2020.
From March 2019 to August 2024, Mr. Wang also served as the
Executive Director at Viermtech Inc, an IoT application integration
technical support service provider, where he oversaw investor
relations, board decisions, financial operations, and business
strategy. From February 2017 to December 2023, Mr. Wang served as
CEO and President of Lien Shen Electronic Corp., a company which
provides automotive electronic product design and distribution
services. Mr. Wang holds a Master of Business Administration degree
from National Chengchi University.

The Company has entered into an employment agreement with Mr. Wang
which provides for an initial term expiring Dec. 31, 2025, after
which the agreement continues on an "at will" basis. In
consideration of his services, Mr. Wang is to be issued 250,000
restricted stock units which shall be deemed earned in equal
monthly instalments of 20,833 shares. If Mr. Wang's employment is
terminated without "cause" or by Mr. Wang for "good reason," Mr.
Wang is entitled to receive: (1) all accrued obligations, including
unpaid salary and benefits through the termination date; (2)
immediate vesting of all RSUs scheduled to be earned during the
remainder of the term; and (3) retention of all previously earned
RSUs, which cannot be forfeited or clawed back. A "Qualifying
Termination" includes material changes to Mr. Wang's duties, title,
or responsibilities or a breach of the agreement by the Company.
Severance payments are contingent on Mr. Wang's execution of a
general release of claims in favor of the Company and adherence to
post-employment restrictive covenants, including non-competition
and non-solicitation obligations for 12 months following
termination. No severance is provided for termination for "cause,"
Mr. Wang's voluntary resignation without good reason, or upon his
death or disability.

Mr. Andy F Wong, age 64, is an accomplished financial executive
with extensive experience in overseeing financial functions and
supporting organizational growth. From June 2024 to January 2025,
Mr. Wong served as Interim Controller at Rootstock International, a
software company, where he leads ERP management and cash flow
optimization. From February 2023 to November 2023, he was Interim
Controller at Fisher & Phillips, LLP, an employment law firm, where
he led the firm's accounting and reporting functions, implemented
treasury initiatives and created training resources. From February
2022 to January 2023, as Senior Manager with MorganFranklin
Consulting, Mr. Wong served as Interim Corporate Controller for
Innovative Chemical Products Group, LLC, a manufacturer of
specialty coatings and adhesives, where he enhanced financial
reporting and accounting processes. From January 2021 to February
2022, through VACO Staffing, Mr. Wong served as Interim Corporate
Accounting Manager at Republic National Distributing Co., a wine
and spirits distributor, where he provided accounting support and
audit preparation. From June 2020 to January 2021, also through
VACO Staffing, Mr. Wong was Interim Finance and Accounting
Consultant at Global Franchise Group, a restaurant franchisor,
where he provided financial and audit support for their various
brands. From June 2019 to December 2019, he served as Interim
Corporate Controller for HotSchedules, a SaaS provider of
restaurant and hospitality management solutions, where he led M&A
integration efforts and strengthened financial controls during a
critical merger. From March 2019 to May 2019, he was Interim
Operational Controller at Togetherwork, a SaaS revenue and
membership management entity, where he concluded audits and
improved month-end closing processes. Mr. Wong is a Certified
Public Accountant (CPA) and Chartered Global Management Accountant
(CGMA). He holds a Bachelor of Science in Accounting and Business
Administration from the State University of New York College at
Oswego and an MBA in Finance & Organizations from the University of
Rochester's Simon School of Business.

The Company has entered into an employment agreement with Mr. Wong
which provides for an initial term expiring Dec. 31, 2025, after
which the agreement continues on an "at will" basis. In
consideration of his services Mr. Wong is to be issued 100,000
restricted stock units which shall be deemed earned in equal
monthly instalments of 8,333 shares. If Mr. Wong's employment is
terminated without "cause" or by Mr. Wong for "good reason," Mr.
Wong is entitled to receive: (1) all accrued obligations, including
unpaid salary and benefits through the termination date; (2)
immediate vesting of all RSUs scheduled to be earned during the
remainder of the term; and (3) retention of all previously earned
RSUs, which cannot be forfeited or clawed back. A "Qualifying
Termination" includes material changes to Mr. Wong's duties, title,
or responsibilities or a breach of the agreement by the Company.
Severance payments are contingent on Mr. Wong's execution of a
general release of claims in favor of the Company and adherence to
post-employment restrictive covenants, including non-competition
and non-solicitation obligations for 12 months following
termination. No severance is provided for termination for "cause,"
Mr. Wong's voluntary resignation without good reason, or upon his
death or disability.

No family relationships exist between Mr. Wang or Mr. Wong and any
other directors or executive officers of the Company. There are no
transactions to which the Company is or was a participant and in
which either Mr. Wang or Mr. Wong has a material interest subject
to disclosure under Item 404(a) of Regulation S-K.

                            About Vivic

Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.

The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.




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

ALCOCK ASHDOWN: Liquidation Process Case Summary
------------------------------------------------
Debtor: Alcock Ashdown (Gujarat) Limited
        Old Port, Bhavnagar,
        Gujarat, India, 364001

Liquidation Commencement Date: January 3, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Balmukund Bhagchand Kabra
            508, 21st Century Business Center
            Near World Trade Centre
            Ring Road, Surat, Gujarat-395002
            Email: bkabraco@yahoo.com
            Email: aagl.cirp@gmail.com

Last date for
submission of claims: February 2, 2025


BALEX METALS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Balex Metals Private Limited
        Flat-304, Tower B,
        Springwood Residency-2,
        Nr. Santosh Nagar,
        Tandalja, Akota,
        Vadodara, Gujarat,
        India, 390020

Liquidation Commencement Date: January 13, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Kashyap Ashwinbhai Shah
            Insolvency Professional
            8-203, Manubhai Towers,
            Opp. MS University,
            Sayajigunj, Vadodara 390020
            Email: kashyap.cs.ip@gmail.com
            Telephone no. 0265-2362244

Last date for
submission of claims: February 12, 2025



CLASSIC CORRUGATIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Classic Corrugations Private Limited

        Registered Address:
        69, Soham Integrated Park,
        Mahijada Bareja Road,
        Off Kamod, Dholka Highway,
        Mahijada, Ahmedabad 382425
        Gujarat, India

Insolvency Commencement Date: January 9, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 8, 2025

Insolvency professional: Ashish Anantray Shah

Interim Resolution
Professional: Ashish Anantray Shah
              402, Shaival Plaza,
              Nr. Gujarat College,
              Ellisbridge, Ahmedabad 380006, Gujarat
              Email: ashish@ravics.com
              Email: cirpclassic@gmail.com

Last date for
submission of claims: January 23, 2025



DEWARS GARAGE: CRISIL Lowers Long/Short Term Debt Ratings to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the long term bank
facilities of Dewars Garage Limited (DGL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable/Issuer Not Cooperating' and has reaffirmed
its short term rating to 'CRISIL A4'.

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

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DGL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DGL
is consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has downgraded its ratings on the bank facilities of
DGL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating' as there have been
delays in servicing its debt obligations, as per publicly available
information.

DGL, set up in 1956, has been operating as an authorised dealer of
MSIL's passenger cars in Kolkata since 1995. Mr Sudhir
Jhunjhunwala, Mr Rohit Kedia, Mrs Sarojini Sengupta and Mr Mudit
Kumar are the directors of the company. Operations are managed by
Mr Jhunjhunwala.


DIGITAL READING: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Digital Reading Foundation
        201 C/6, 2nd Floor, D 21 Corporate Park,
        Sector-21, Dwarka, Bagdola, New Delhi 110077

Liquidation Commencement Date: January 8, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Kunwarpreet Singh
            77, Ground Floor, Sant Nagar,
            East of Kailash, Post Office,
            Sant Nagar, New Delhi 110065
            Email: drf.vl.ibc@gmail.com
            Email: singhkunwar2012@gmail.com

Last date for
submission of claims: February 7, 2025



ETHNIC TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ethnic Tobacco
India Limited (ETIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         50         CRISIL D (Issuer Not
   Credit                            Cooperating)

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

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

Detailed Rationale

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

Ethnic Tobacco India Limited was set up in 2006 by Mr. T Venkata
Rao and Mr. T Murali Mohan. The company processes tobacco leaves,
and sells the same in the domestic and international markets. The
company is based out of Guntur, Andhra Pradesh.


EVERWIN EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Everwin
Educational And Charitable Trust (EECT) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      5          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     25.65       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              25          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               6.35       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               4          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              14          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

EECT, set up in 1992, provides primary, secondary, and higher
secondary education through Everwin Group of Schools in Chennai.
Dr B Purushothaman (Founder and Senior Principal), Ms V Mageswari
(CEO), Ms M Kalaiarasi (General Principal), and Ms M P Vidhya
(Trustee) look after the operations of the trust.


EXCEL VINYL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel Vinyl
Coatings Private Limited (EVCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.4        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         0.75       CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        2.85       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012, EVCPL, based in Chennai, manufactures
synthetic leather. It is promoted and managed by Mr. K Natarajan.


FUTURA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Futura
Engineering Private Limited (FEPL) continue to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           7          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan       5          CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

FEPL, incorporated in 1989, manufactures die and moulds for the
tile industry at its facility in Gandhinagar, Gujarat. The company
is owned & managed by Mr Mohan V Nair and his family members.


G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. Nageswaran
(GN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.5         CRISIL D (Issuer Not
                                      Cooperating)

   Secured Overdraft      9.4         CRISIL D (Issuer Not
   Facility                           Cooperating)

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

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

Detailed Rationale

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

GN was set up as a proprietorship firm in 1985, by Mr G Nageswaran.
The firm undertakes civil construction works, mainly for the
Government of Tamil Nadu and the National Highways Authority of
India.


GANGA DAIRY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ganga Dairy
(GD) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital       25         CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

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

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

Detailed Rationale

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

GD, is involved in manufacturing of dairy products like desi ghee,
milk powder. The company has manufacturing facility based in Uttar
Pradesh.


GIRNA INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Girna
Infraprojects Private Limited (GIPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       12         CRISIL D (Issuer Not
                                   Cooperating)

   Cash Credit           8         CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Term Loan    1.5       CRISIL D (Issuer Not
                                   Cooperating)

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

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

Detailed Rationale

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

Incorporated in September 2010 in Nashik, GIPL undertakes civil
construction contracts. The company is promoted by Mr. Ratnakar
Pawar, who has been in the civil construction business for 25
years.


GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gokul Steels
Private Limited (GSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.26       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           4.24       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.05       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             6.45       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set up
a steel structural rolling mill in Fatwa, Patna District. The mill
commenced operations in May 2014. The Kasera family does not have
any prior experience of operating a rolling mill. However, the
family has extensive experience of over two decades in trading in
iron and steel product.


GOMTI HEALTHY: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GHNPL
continue to be 'CRISIL B/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          5.1        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.2        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

Incorporated in August 2018, GHNPL has a plant in Lucknow for
manufacturing breads, buns, and rusk. The company is promoted by Mr
Kunal Batra, Ms Pooja Trehan, and Mr Kartik Batra. The operations
commenced in January 2020.


GOUNIDHI DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gounidhi
Dairy (GND) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.50       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-         0.25       CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Proposed Term Loan     2.00       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              5.25       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

GND was established as a partnership firm in December 2016 and
started its operations in May 2019. The firm is promoted by Mr
Munnalal Soni, Ms Rachna Soni, Ms Rajni Soni, Ms Shobha Soni, Mr
Vinay Kumar Soni, and Mr Virendra Soni. The firm is setting up a
mechanised modern dairy farm in Shahdol, Madhya Pradesh.


GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greatweld
Engineering Private Limited (GEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Cash Credit            16          CRISIL D (Issuer Not
                                      Cooperating)

   Foreign Letter         13          CRISIL D (Issuer Not
   of Credit                          Cooperating)

   Rupee Term Loan         8          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

GEPL, incorporated in 2005, manufactures electro-forged mild steel
gratings and hand rails. It has two plants, at Indapur and Markal,
near Pune. Mr Rakesh Ranjan, Mr Suhas Baddi, Mr Ravindra Mule, and
Mr Sateesh Rane are the promoters. Mr Rakesh Ranjan and a manage
the business.


GREEN FIELD: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Field
Hi-Tech Rice Mill (GFL; part of the Senthiyappa group) continue to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan     3.0         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              0.5         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

CRISIL Ratings has combined the business and financial risk
profiles of GFL and its associate concern Senthiyappa Modern Rice
Mill (SMRM), together referred to as the Senthiyappa group. The two
firms are in the same business, have a common management team, and
have significant operational synergy.

Established in 1987 by Mr V S Madasamy as a partnership concern,
SMRM processes rice at its manufacturing facilities in Tamil Nadu.
The day to day operations are managed by Mr.Kannan. Established in
2010 by Mr Kannan as a proprietary concern, GFL processes rice at
its facilities in Tamil Nadu.


GREENCROP INT'L: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greencrop
International Private Limited continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5.25        CRISIL B-/Stable (Issuer
                                        Not Cooperating)

   Long Term Loan           3.67        CRISIL B-/Stable (Issuer
                                        Not Cooperating)

   Proposed Long Term       1.08        CRISIL B-/Stable (Issuer
   Bank Loan Facility                   Not Cooperating)

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

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

Detailed Rationale

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

Greencrop, set up in 2001, manufactures pesticides and
micro-nutrient fertilisers. It is based in Pune (Maharashtra), with
distribution offices in Hyderabad, Bengaluru, Coimbatore (Tamil
Nadu), Raipur, Indore (Madhya Pradesh), Akola (Maharashtra), and
Ahmedabad (Gujarat). It is promoted by Mr Sharad Sawant and Mr
Popatrao Deshmukh, who have been in the agricultural chemicals
industry for around four decades.


GUPTA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GPIL continue
to be 'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

GPIL was incorporated as Gupta Cables Pvt Ltd in 1961 to
manufacture aluminium and alloy conductors and cables. Mr MK Gupta
and his family members, based in Odisha, acquired the business in
1970 and renamed the company to GPIL in 2008. The company's product
portfolio comprises a variety of cables, conductors, housing wires
and recently added LED lights and OFCs. The company also has an EPC
division, which undertakes turnkey power infrastructure projects.
Wires are sold in the retail segment under the Rhino brand. GIPL
has three manufacturing plants: in Khurda, Odisha; Kashipur,
Uttarakhand; and Chennai.


HK ENNTERPRISES-DELHI: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of HK
Ennterprises-Delhi (HK) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Set up as a partnership firm in 2017 by Mr.Ramesh Kumar and Mr.
Ravindra Alhawat, HK is engaged into supply of construction and
building materials primarily in and around Delhi.


HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HLM
Educational Society (HLM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3.50       CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      4.03       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan      3.47       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               9.00       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

HLM was set up in 2005 by Mr Sunil Miglani (Chairman of the Migsun
group) in the memory of his late father, Mr Harbans Lal Miglani.
The Ghaziabad based society provides education courses such as law,
business management and Medical.


HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel Dee Emm
Residency (HDER) continue to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Long Term       0.1         CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

   Rupee Term Loan          9.9         CRISIL D (Issuer Not
                                       Cooperating)

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

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

Detailed Rationale

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

Set up as a partnership firm in 2014 by Mr Tek Chand Sood, Ms Madhu
Sood, and Mr Sumit Sood, HDER operates Hotel Dee Emm Residency in
Shimla. The hotel, which had 5 rooms, is being expanded to 47
rooms, and will also have a restaurant, coffee shop, lounges, and a
conference hall. Post-renovation and expansion, the hotel is
expected to commence operations in the fourth quarter of fiscal
2018.


JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jindal Agro
Mills Private Limited (JAMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      37          CRISIL D (Issuer Not
                                     Cooperating)

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

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

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

Detailed Rationale

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

Incorporated in 1992 and promoted by Mr. R K Jindal, JAMPL trades
in metals such as copper, zinc and nickel. It also manufactures
copper alloys, wire, strips and rods, and processes wheat flour and
bran. JAMPL also works as consignee agent for Binani Zinc Ltd.


KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kama Metal
and Alloys Private Limited (KMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            7.75        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.92        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan        2.33        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2008, KMPL operates an ingot manufacturing unit as
well as rolling division (Key products include MS pipes and flats).
KMPL has ingots manufacturing capacity of 35000 MTPA and rolling
capacity of 30000 MTPA.


LOTUS GREENS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on NCDs of Lotus Greens
Constructions Private Limited (LGCPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible        450        CRISIL D (ISSUER NOT
   Debentures                        COOPERATING)

CRISIL Ratings has been consistently following up with LGCPL for
obtaining information through letter and email dated December 31,
2023, and December 12, 2024, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

                   About the Lotus Greens group

The Lotus Greens group is a real estate developer in the National
Capital Region, and its promoters have experience of over 25 years.
The group has built residential, commercial and retail projects,
and information technology special economic zones. The promoters
have also set up schools in Noida (Uttar Pradesh) and Gurugram
(Haryana).

                        About the project

LGCPL, as a consortium lead, along with other Lotus Green/3C
special purpose vehicles (SPVs), had won the contract for
developing 300 acres in Sector-150, Noida, where it was to set up a
sports-centric residential township. The company owns 25.15 acres
of the land, while the rest is owned by other SPVs including Allure
Developers Pvt. Ltd and Elate Realtors Pvt. Ltd. Of the total land
cost of INR2,331 crore, 20% was paid upfront and 80% was to be paid
over eight years to Noida Authority.


M-FAC SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M-Fac
Solutions Private Limited (MFSPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Long Term      6        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL Ratings has been consistently following up with MFSPL for
obtaining information through letter and email dated December 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of MFSPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

Detailed Rationale

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

MFSPL was incorporated in year 2022. MFSPL is currently setting up
a plant to manufacture precast building products, compressed
interlocking bricks, glass fiber reinforced polymer (GFRP) rebars,
roto molded water tanks, sanitary ware, unplasticized polyvinyl
chloride (uPVC) extrusions etc. in proximity to Neyveli, Tamil
Nadu.  The plant is expected to be commissioned in December, 2023.

MFSPL is promoted by Mr. Amudhan Manimekalai Sowrirajan and Ms.
Thein Manimekalai Sowrirajan.


MACHINE WORKS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Machine Works (International) Limited

        Registered Address:
        Motijug House   
        1 Auckland Place, Kolkata
        West Bengal, India 700017

Insolvency Commencement Date: January 8, 2025

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 7, 2025

Insolvency professional: Arun Kumar Gupta

Interim Resolution
Professional: Arun Kumar Gupta
              P-15 Bentinck Street, 3rd Floor
              Kolkata - 700001
              Email: guptaarunkumar2001@yahoo.com
              Email: machineworks.ibc@gmail.com

Last date for
submission of claims: January 22, 2025


MOTIJUG AGENCIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Motijug Agencies Ltd

        Registered Address:
        1 Auckland Place, Kolkata
        West Bengal, India 700017

Insolvency Commencement Date: January 8, 2025

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 7, 2025

Insolvency professional: Arun Kumar Gupta

Interim Resolution
Professional: Arun Kumar Gupta
              P-15 Bentinck Street, 3rd Floor
              Kolkata - 700001
              Email: guptaarunkumar2001@yahoo.com
              Email: motijug.ibc@gmail.com

Last date for
submission of claims: January 22, 2025


OCH-ZIFF REAL ESTATE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: OCH-ZIFF Real Estate India Private Limited
        # 302, Pride Elite, #10, Museum Road
        Bangalore - 560001
        Karnataka, India

Liquidation Commencement Date: January 10, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Anil Kumar Dubey
            Meridian Splendora Tower-II, Flat-4F,
            9A/1 Umakant Sen Lane,
            Kolkata, 700030

            Correspondence Address:
            #47, Manipal Centre, South Block
            Suite No. 218, 2nd Floor
            Dickenson Road,
            Bangalore 560042, Karnataka, India
            Email: anil@mandaassosciates.in
            Mobile No.: +918334984350

Last date for
submission of claims: February 9, 2025


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

                          Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Overdraft        4          CRISIL D (Issuer Not
   Facility                             Cooperating)

   Secured Overdraft         1          CRISIL D (Issuer Not
   Facility                             Cooperating)

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

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

Detailed Rationale

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

Set up in 2004, PMR undertakes civil construction works, mainly
related to irrigation projects. Daily operations of the
Hyderabad-based company are managed by Mr P Mohan Reddy and his
family members.


REPUTE FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Repute Foods Private Limited

        Registered Address:
        Plot no. 6, Survey No. 244,
        Shapar Gujarat, India 360024

Insolvency Commencement Date: January 7, 2025

Court: National Company Law Tribunal, Ahmedabad Bench, Court-I

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

Insolvency professional: Chirag Rajendra Kumar Shah

Interim Resolution
Professional: Chirag Rajendrakumar Shah
              208, Ratnaraj Spring,
              Beside Navnirman Co. Op. Bank,
              Opp. HDFC Bank House,
              Navrangpura, Ahmedabad-380009
              Email ID: chirag.irp@gmail.com
              Email ID: cirp.rfdl@gmail.com

Last date for
submission of claims: January 21, 2025


RICHFIELD INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Richfield Industries Private Ltd.

        Registered Address:
        F-213, E-1, Lado Sarai,
        South Delhi, New Delhi, India, 110030

        Unit at:
        A 144, EPIP, Neemrana,
        Alwar, Rajasthan 301705

Insolvency Commencement Date: December 20, 2024

Court: National Company Law Tribunal, New Delhi Bench (Court-II)

Estimated date of closure of
insolvency resolution process: June 18, 2025

Insolvency professional: Vikram Bajaj

Interim Resolution
Professional: Vikram Bajaj
              214, Second Floor, Tower A,
              Spazedge, Tower A,
              Sector 47, Gurgaon
              Gurgaon, Haryana, 122018
              Email: bajaj.vikram@gmail.com

              -- and --

              Immaculate Resolution Professionals
               Private Limited
              Unit No. 112, First Floor, Tower-A,
              Spazedge Commercial Complex, Sector-47,
              Sohna Road, Gurgaon-122018
              Email Id: ibc.richfield@gmail.com

Last date for
submission of claims: January 22, 2025



S GOKUL: CRISIL Keeps C Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S Gokul Das
(SGD) continue to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.50      CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Working       4.25      CRISIL C (Issuer Not
   Capital Facility                 Cooperating)

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

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

Detailed Rationale

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

SGD, established in 2014 and based in Thiruvananthapuram, is a
proprietorship firm of Mr. S Gokul Das. It is a contractor for the
Kerala state Public Works Department.


SHREYA LIFE: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shreya
Life Sciences Private Limited (SLPL) to 'CRISIL D Issuer not
cooperating'.

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

CRISIL Ratings has been consistently following up with SLPL for
obtaining information through letter and email dated December 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SLPL to 'CRISIL D Issuer not cooperating'.

SLPL was set up in 2001 by Mr Sujit Kumar Singh. The company is
based in Mumbai. It manufactures and markets a wide range of
pharmaceutical products, such as tablets, capsules, liquid orals
and lozenges, across diverse medical categories.


SMPRIMAL PROCESS: CRISIL Lowers Rating on INR80cr Term Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of SMPRIMAL Process Private Limited (SPPL) to 'CRISIL D'
from 'CRISIL BB-/Stable'.             

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            80         CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade in the rating reflects the delay in interest payment
of term loans in multiple months, with the latest instance recorded
in December 2024.

The rating continues to reflect the company's nascent stage of
operations and its expected leverage position due to reliance on
external debt. These weaknesses are partially offset by the strong
domain expertise of the promoters, ready demand for ethanol and
assured offtake arrangement with oil marketing companies (OMCs).

Analytical Approach

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

Unsecured loans of INR8.71 crore as on March 31, 2024, has been
treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations: SPPL has set up a grain-based
distillery to produce ethanol with a capacity of 60 kilo litres per
day (KLPD) and the plant commenced operations from January 2025.
The large project has been funded through a term loan of INR80
crore, which has been fully drawn down. Demand risk is low as the
company has signed offtake agreements with OMCs. However, exposure
to intense competition from other players could limit the
scalability. Timely and successful ramp-up of operations is a key
rating sensitivity factor.

* Expected leveraged capital structure: Financial risk profile may
remain constrained by a highly leveraged capital structure and
moderate debt protection metrics. Operational and financial
commitments are significant, resulting in high dependence on
external debt. The total project cost is estimated at INR95.65
crore, out of which INR80 crore was funded through term loan and
the remaining INR15.65 crore, via funds infused by the promoter.
Ramp-up in scale of operations of the plant and generation of
significant accrual, ensuring smooth repayment of debt, remain
monitorable.

Strengths:

* Ready demand for ethanol and assured offtake arrangement with
OMCs: OMCs shall use fuel-grade ethanol, manufactured by the
company, in the ethanol blending programme (EBP). The Government of
India has a target of achieving E20 petrol (20% ethanol blended in
petrol) by 2025 through its National Policy of Biofuels 2018. This
has created a huge opportunity for fuel-grade ethanol
manufacturers, given the huge gap between demand and supply. The
company has signed bipartite agreements with OMCs, assuring supply
of 0.99 crore litres of ethanol per day, from its plant.
Significant demand, along with assured offtake from OMCs, should
support the business risk profile.

* Strong domain expertise of promoters: Extensive experience of the
promoters (as part of a larger group) across multiple industries
and their strong understanding of the ethanol industry have
resulted in successful execution of the project. The plant
commenced operations in January 2025.

Liquidity: Poor

Expected cash accrual and funds infused by the promoter via
unsecured loans and equity will be used to meet financial
obligations. The need for working capital will arise as the plant
commenced operations from January 2025. To meet the requirement,
the company is planning to avail working capital limits for the
same. Going forward, net cash accrual should suffice to cover the
term debt obligation over the medium term.

Rating sensitivity factors

Upward factors

* Ramp up in scale of operations, leading to revenue of over INR50
crore with healthy profitability, leading to healthy cash accruals
* Timely track record of debt servicing of at least 90 days
* Significant improvement in cushion between net cash accrual to
term debt obligation

SPPL was incorporated in July 2021 and is currently setting up an
ethanol unit (60 KLPD) along with a co-generation plant of 2 MW in
Shahdol, Madhya Pradesh. The unit commenced operations from January
2025 onwards. Mr Sanjay Kumar Madhwani and Mr Manoj Singh Parihar
are the promoters.


SURYA MILK: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Surya Milk Products Private Limited

        Registered Address:
        1/210, G/F Shop, Subhash Nagar,
        New Delhi, Delhi, India - 110027

Insolvency Commencement Date: January 6, 2025

Court: National Company Law Tribunal, New Delhi, Court-II

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

Insolvency professional: Shamsher Bahadur Singh

Interim Resolution
Professional: Shamsher Bahadur Singh
              48, Sidhartha Apartment,
              Behind Inder Enclave Rohtak Road,
              Opposite Jwala Puri no. 5,
              New Delhi-110087
              Email: shamsher_cs@yahoo.co.in

              -- and --

              D-54, First Floor, Defence Colony,
              New Delhi-110024
              Email: cirp.suryamilkgmail.com

Last date for
submission of claims: January 25, 2025


TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tribhuwan
Narayan Singh (TNS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          10         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             10         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 1991 as a proprietorship firm by Mr Tribhuwan
Narayan Singh and currently managed by his son, Mr Abhishek Singh,
TNS is based in Ghazipur, Uttar Pradesh, and constructs roads and
bridges for government departments in Uttar Pradesh and Jharkhand.


XRBIA NORTH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Xrbia North Hinjewadi Developers Private Limited

        Registered Address:
        Mantri House, 1st Floor,
        929, F.C. Road, Pune,
        Maharashtra, India, 411004

Insolvency Commencement Date: January 2, 2025

Court: National Company Law Tribunal, Mumbai Bench-1

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

Insolvency professional: Sanjay Vijay Jeswani

Interim Resolution
Professional: Sanjay Vijay Jeswani
              Ground Floor, Plot No. 21,
              Sheela Nagar, Gittikhadan,
              Katol Road, Nagpur,
              Maharashtra-440013
              Email: jeswanisanjay007@gmail.com

              -- and --

              Level 15, Dev Corpora,
              Eastern Express Hwy, Thane West,
              Mumbai, Maharashtra 400601
              Email: xrbianorth.ibc@gmail.com

Last date for
submission of claims: January 20, 2025




=========
M A C A U
=========

SCIENTIFIC ENERGY: Centurion ZD Resigns as Independent Accountant
-----------------------------------------------------------------
On Jan. 13, 2025, Centurion ZD CPA & Co., the independent
registered public accounting firm for Scientific Energy, Inc.,
resigned from its role as the Company's independent registered
public accounting firm in connection with its intention to withdraw
from registration with Public Company Accounting Oversight Board,
according to the Form 8-K filing with the U.S. Securities and
Exchange Commission.

The Board of Directors of the Company did not participate in
Centurion ZD's decision to resign.

The reports of Centurion ZD on the Company's financial statements
as of and for the two most recent fiscal years ended Dec. 31, 2023
and Dec. 31, 2022, did not contain an adverse opinion or a
disclaimer of opinion, nor were such reports qualified or modified
as to uncertainty, audit scope or accounting principles.

During the Company's two most recent fiscal years ended Dec. 31,
2023 and Dec. 31, 2022, and the subsequent interim period through
Centurion ZD's resignation, there were no "disagreements" between
the Company and Centurion ZD on any matter of accounting principles
or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction
of Centurion ZD, would have caused Centurion ZD to make reference
to the subject matter of the disagreements in connection with its
reports on financial statements of the Company for such years.
During this same period, there were no "reportable events."

The Company has engaged AOGB CPA Limited as the independent
registered public accounting firm for the Company, effective Jan.
13, 2025. The Board of Directors of the Company approved the
engagement of AOBG.

During the Company's two most recent fiscal years (ended Dec. 31,
2023 and Dec. 31, 2022) and the subsequent interim period prior to
the engagement of AOBG, neither the Company, nor anyone on the
Company's behalf consulted with AOBG regarding either: (1) the
application of accounting principles to any specified transaction,
either completed or proposed, or the type of audit opinion that
might be rendered on the Company's financial statements; or (2) any
matter that was either the subject of a disagreement.

                     About Scientific Energy

Scientific Energy, Inc. is a mobile platform of ordering and
delivery services for restaurants or other merchants in Macau. The
Company's businesses are built on its platform, Aomi App.  The
Platform connects restaurants/merchants with consumers and Delivery
riders.  The Platform is created to serve the needs of these three
key areas and to become more intelligent and efficient with every
customer order.

Hong Kong-based Centurion ZD CPA & Co, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern.




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

BABY KINGDOM: Placed in Receivership
------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Jan. 22, 2025, were
appointed as receivers and managers of Baby Kingdom (NZ) Limited
and Chu Kei Cheung.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


BODY SHOP NEW ZEALAND: First Creditors' Meeting Set for Feb. 4
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of The Body
Shop New Zealand Limited will be held on Feb. 4, 2025 at 12:00 a.m.
at the offices of Calibre Partners at Level 21, 88 Shortland Street
in Auckland.

Daniel Stoneman and Neale Jackson of Calibre Partners were
appointed as administrators of the company on Jan. 22, 2025.


NICHOLAS SKY: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------
Damien Grant and Adam 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


SES CONTRACTING: Creditors' Proofs of Debt Due on Feb. 16
---------------------------------------------------------
Creditors of SES Contracting 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. 15, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


SILVA RENOVATIONS: Creditors' Proofs of Debt Due on Feb. 18
-----------------------------------------------------------
Creditors of Silva Renovations Limited are required to file their
proofs of debt by Feb. 18, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 17, 2025.

The company's liquidator is:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach




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

PAKISTAN: Central Bank Likely to Deliver Sixth Straight Rate Cut
----------------------------------------------------------------
Reuters reports that Pakistan's central bank is expected to lower
its key interest rate by at least 1 percentage point today, Jan.
27, analysts said, in its sixth straight cut as it attempts to
revive economic and business sentiment as inflation slows sharply.

According to Reuters, the central bank has slashed rates by 900 bps
from an all-time high of 22% in June 2024, in one of the most
aggressive moves among emerging markets' central banks and topping
the 625 bps in rate cuts it did in 2020 during the COVID-19
pandemic.

The median expectation of the fifteen analysts surveyed by Reuters
is for the State Bank of Pakistan to lower rates by 100 basis
points (bps). Only one analyst expects the bank to hold rates at
13%.

Of the 14 analysts who expect a rate cut, 11 expect a 100 bps
reduction, one expects the central bank to lower rates by 150 bps
and two expect it to chop rates by 200 bps.

Reuters relates that Ahmad Mobeen, senior economist at S&P Global
Market Intelligence, said his forecast for a 150 bps cut was
"driven by the low December inflation figure and a stable exchange
rate supported by a healthier current account."

Reuters notes that the South Asian country is navigating a
challenging economic recovery path and has been buttressed by a $7
billion facility from the International Monetary Fund (IMF) in
September.

Pakistan's consumer inflation rate slowed to an over 6-1/2-year low
of 4.1% in December, largely due to a high year-ago base. That was
below the government's forecast and significantly lower than a
multi-decade high of around 40% in May 2023, Reuters relays.

The central bank, in its policy statement in December, noted that
it expected inflation to average "substantially below" its earlier
forecast range of 11.5% to 13.5% this year.

However, inflation may pick up in May as the base year effect wears
off, said Saad Hanif, research analyst at Ismail Iqbal Securities.

That is "in addition to other risks to inflation including
increases in energy tariffs, new taxation measures, and a potential
hike in the levy on petroleum prices," said Hanif, who expects a
100 bps cut, adds Reuters.

                           About Pakistan

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

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




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

ANONYMOUSTECH PTE: Court to Hear Wind-Up Petition on Jan. 31
------------------------------------------------------------
A petition to wind up the operations of Anonymoustech 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. 8, 2025.

The Petitioner's solicitors are:

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


BP-BRADDELL LLP: Creditors' Proofs of Debt Due on Feb. 24
---------------------------------------------------------
Creditors of BP-Braddell LLP are required to file their proofs of
debt by Feb. 24, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 31, 2025.

The company's liquidator is:

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


GREEN CITI: Court to Hear Wind-Up Petition on Feb. 7
----------------------------------------------------
A petition to wind up the operations of Green Citi Singapore Pte.
Ltd. will be heard before the High Court of Singapore on Feb. 7,
2025, at 10:00 a.m.

Strides DST Pte. Ltd. filed the petition against the company on
Jan. 13, 2025.

The Petitioner's solicitors are:

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


MAESTRO CAPITAL: Court to Hear Wind-Up Petition on Jan. 31
----------------------------------------------------------
A petition to wind up the operations of Maestro Capital Asia 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. 7, 2025.

The Petitioner's solicitors are:

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


UCARS: Set to Go Into Voluntary Liquidation
-------------------------------------------
The Business Times reports that Singapore car portal UCars, formed
in 2019 as a joint effort by 40 car dealers to take on Toyota-owned
Sgcarmart, is set to go into voluntary liquidation.

An extraordinary general meeting will be held on Feb. 7 to pass a
resolution on the company's voluntary winding-up and to appoint a
liquidator, according to documents dated Jan. 22 and seen by The
Business Times.

A classified listing in BT on Jan. 22, attributed to UCars'
director and former chief executive officer Hong Chun Mun, stated
that a meeting of the company's creditors will take place at 3:30
p.m. on Feb. 7.

Sixty creditors are owed a total of around SGD3.8 million, BT
discloses.

Launched in mid-2019, UCARS operates an online car marketplace in
Singapore.


WINTHROP HONG: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 10, 2025, to
wind up the operations of Winthrop Hong Group Private Limited.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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