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

                     A S I A   P A C I F I C

          Wednesday, February 12, 2025, Vol. 28, No. 31

                           Headlines



A U S T R A L I A

CMG SMART: First Creditors' Meeting Set for Feb. 18
DIVERSO RESOURCES: Second Creditors' Meeting Set for Feb. 17
JERVOIS TEXAS: Unsecureds Unimpaired in Prepackaged Plan
KEYBRIDGE CAPITAL: First Creditors' Meeting Set for Feb. 19
MIGHTY KINGDOM: Cuts Workforce as Company's Cash Reserve Depletes

MORTGAGE HOUSE PRIME 2024-1: S&P Affirms B (sf) Rating on F Notes
PEPPER PRIME 2023-1: S&P Raises Class F Notes Rating to BB (sf)
PLATINUM PROMOTIONS: First Creditors' Meeting Set for Feb. 17
RESOURCE AND RESOURCE: S&P Lowers ICR to 'CCC+', Outlook Negative
RETAIL FOOD: To Shut Down Michel's Patisserie Brand

SKY TOWER: First Creditors' Meeting Set for Feb. 18
TEN SIXTY: Advances DOCA and ASX Reinstatement Efforts


C H I N A

CHINA VANKE: Gets US$383 Million Loan From State Shareholder
COUNTRY GARDEN: Sales Slump Worsens in January Adding to Woes


I N D I A

AATHESH VENTURES: Ind-Ra Assigns BB+ Bank Loan Rating
ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Bank Loan Rating
AGS TRANSACT: Ind-Ra Cuts Bank Loan Rating to D
AMBAY COKE: Liquidation Process Case Summary
ANJANEYA RICE: ICRA Keeps D Debt Rating in Not Cooperating

ANTONY ROAD: CARE Keeps B Debt Rating in Not Cooperating Category
ARAVIND CERAMICS: Ind-Ra Moves BB Loan Rating to NonCooperating
BYJU'S: NCLT Asks BCCI to Submit Insolvency Withdrawal Plea
CAMELLIA INFRA: ICRA Keeps B+ Issuer Rating in Not Cooperating
CHHAPRA HAJIPUR: ICRA Keeps D Ratings in Not Cooperating Category

D.N. HOMES: Ind-Ra Withdraws BB- Term Loan Rating
DEV RISHI: CRISIL Assigns B+ Rating to INR1cr Proposed LT Loan
DHARAMPAL PIPE: CARE Keeps B Debt Rating in Not Cooperating
DOSHI CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
F. ROBIN: Ind-Ra Corrects January 23, 2025 Rating Release

FIBERTEX PRIVATE: Voluntary Liquidation Process Case Summary
G.T. CINEMAS: CARE Moves D Debt Rating to Not Cooperating Category
GOLD SPIN: CARE Keeps B Debt Rating in Not Cooperating Category
GSR VENTURES: Ind-Ra Moves B Loan Rating to NonCooperating
HIM STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category

HUBLI COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
HUMBLE HOSPITALITY: CARE Keeps D Debt Rating in Not Cooperating
JAIN FARM: ICRA Withdraws D Rating on INR345cr Long Term Loan
JANAKI PRASAD: CRISIL Assigns B+ Rating to INR1cr LT Loan
JM FERRO: CARE Keeps D Debt Ratings in Not Cooperating Category

L&T SPECIAL: CRISIL Reaffirms D Rating on INR400cr Long Term Loan
LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
MANAV VIKAS: CRISIL Assigns D Rating to INR2cr Term Loan
MEENESH IRRIGATION: Insolvency Resolution Process Case Summary
METTU CHINNA: CARE Keeps D Debt Ratings in Not Cooperating

NEELSON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
OMNIWAY TECHNOLOGIES: Voluntary Liquidation Process Case Summary
P PADMA: CARE Keeps D Keeps D Debt Rating in Not Cooperating
POOJA SOYA: Liquidation Process Case Summary
PRIME AUTOS: ICRA Keeps B Ratings in Not Cooperating Category

R.S. TRUST: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
RAJASTHAN STATE: Ind-Ra Cuts Bank Loan Rating to BB
RAMAYANI CREATIONS: CARE Keeps C Debt Rating in Not Cooperating
SECUREVALUE INDIA: Ind-Ra Cuts Bank Loan Rating to D
SHREE SAI OTO: Liquidation Process Case Summary

SMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category
SOFTWARE A G KOCHI: Voluntary Liquidation Process Case Summary
TAMIL NADU: ICRA Moves D Debt Rating to Not Cooperating Category
TERRACOTTA SOFTWARE: Voluntary Liquidation Process Case Summary
TIRUMALA SEVEN: Ind-Ra Affirms BB- Loan Rating, Outlook Stable

TRANS VIRTUAL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
VEL TRUST: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
YENOMRAH SECURITIES: Voluntary Liquidation Process Case Summary


N E W   Z E A L A N D

AETHER PACIFIC: Creditors' Proofs of Debt Due on March 11
BLAKEMAN EARTHWORKS: Khov Jones Appointed as Receivers
C & S CONCRETE: Court to Hear Wind-Up Petition on March 28
CAFE MIDNIGHT: Auckland Restaurant Closes After 35 Years
LORD LOGGING: Court to Hear Wind-Up Petition on March 13

ORBITINA LIMITED: Creditors' Proofs of Debt Due on March 15


S I N G A P O R E

ANONYMOUSTECH PTE: Court Enters Wind-Up Order
BARRAMUNDI GROUP: Asks Three-Month Extension on Moratorium Order
COMPAREXPRESS PTE: Commences Wind-Up Proceedings
SANWA PARTS: Creditors' Proofs of Debt Due on March 7
SYNTHESIS METAL: Commences Wind-Up Proceedings

TNP FITNESS: Court to Hear Wind-Up Petition on Feb. 28

                           - - - - -


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

CMG SMART: First Creditors' Meeting Set for Feb. 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of CMG Smart
Services (Aust) Pty Ltd, Compumenn Global Pty Ltd, Compumenn Group
Pty Ltd, Compumenn National Pty Ltd, and Compumenn Pty Ltd will be
held on Feb. 18, 2025, at 11:00 a.m. via virtual meeting only.

David Michael Stimpson and Michael Carrafa of SV Partners were
appointed as administrators of the company on Feb. 6, 2025.


DIVERSO RESOURCES: Second Creditors' Meeting Set for Feb. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Diverso
Resources Pty Limited has been set for Feb. 17, 2025 at 10:00 a.m.
at the offices of Bernardi Martin at 195 Victoria Square in
Adelaide.

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. 17, 2025 at 9:00 a.m.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrators of the company on Dec. 6, 2024.


JERVOIS TEXAS: Unsecureds Unimpaired in Prepackaged Plan
--------------------------------------------------------
Jervois Texas LLC and its affiliates filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Disclosure Statement for
the Joint Prepackaged Plan of Reorganization dated January 28,
2025.

The Company is a leading global supplier of advanced manufactured
cobalt products, serving customers in the powder metallurgy,
battery, and chemical industries. The Debtors' principal asset base
is comprised of an operating cobalt facility in Finland, a
non-operating cobalt mine in the United States, and a nonoperating
refinery in Brazil.

On December 31, 2024, the Debtors and the Plan Sponsor entered into
a Restructuring Support Agreement, which was amended and restated
on January 28, 2025 pursuant to an Amended and Restated
Restructuring Support Agreement among the Debtors and the
Consenting Lenders (including the Plan Sponsor) (as may be amended,
supplemented, or otherwise modified from time to time, the
"Restructuring Support Agreement"), which outlines the terms of a
holistic balance sheet restructuring and recapitalization
transaction, including debtor-in-possession financing to support
the Chapter 11 Cases and the Australian Proceedings and financing
to be provided on or after the Debtors' emergence for go-forward
operations (collectively, and as further detailed in the
Restructuring Support Agreement, the "Restructuring
Transactions").

Through the consensual Prepackaged Plan, the Debtors will shed
approximately $164 million in funded debt obligations and have
support from the Plan Sponsor (and, if applicable, one or more
Additional New Money Investors) for $145 million in new capital.
The Restructuring Transactions will create a company that is
stronger and well-capitalized.

The Consenting Lenders have agreed to vote in favor and support
confirmation of the Debtors' Prepackaged Plan, as set forth in the
Restructuring Support Agreement. The Consenting Lenders hold
sufficient majorities in Class 3 (Prepetition JFO Revolver Claims)
and Class 5 (Prepetition Convertible Notes) as well as the
requisite majority (in claim amount) in Class 4 (Prepetition ICO
Bond Claims) needed to confirm the Prepackaged Plan.

Pursuant to, and subject to the terms of the Restructuring Support
Agreement, the Plan Sponsor has agreed to commit substantial new
capital to fund distributions under the Prepackaged Plan and the
Debtors' go-forward operations post-emergence, as summarized:

     * The Plan Sponsor has committed to provide: (i) a $49 million
debtor-in-possession financing in the form of a senior secured
priming facility that amends the existing Prepetition JFO Facility
(the "DIP JFO Facility") consisting of (A) a $25 million new money
senior-secured priming delayed draw term facility (the "New Money
DIP Facility"), and (B) a $24 million roll up facility of the
existing prepetition delayed draw term loan (the "Roll-Up
Facility"); (ii) on the effective date of the Prepackaged Plan (the
"Effective Date"), $90 million of new equity investment (the "New
Money Investment") in exchange for approximately 51.1% of the new
equity interests to be issued by the Reorganized Debtors, as of the
Effective Date, subject to dilution by the management incentive
plan; and (iii) after the Effective Date, $55 million, in the
aggregate, in one or more equity financings, upon terms and
conditions in form and substance acceptable to the Reorganized
Parent4 and the Plan Sponsor (in the Plan Sponsor's sole and
absolute discretion), which funds, together with a portion of the
proceeds from the New Money Investment, will provide new equity to
restart the Sao Miguel Paulista nickel cobalt refinery located in
Brazil (the "SMP Refinery");

     * On the Effective Date, the Debtors' Prepetition JFO Facility
will be partially paid down in Cash in the amount of $12.5 million,
and the remaining outstanding principal amounts (and go-forward
commitments) shall be converted into, amended, and continued as a
post-Effective Date senior secured revolving facility (the "Exit
Revolver") of up to $150 million in aggregate commitments, subject
to certain terms and conditions, to further support the business
following the Debtors' emergence from these Chapter 11 Cases; and

     * Within two days of the confirmation of these Chapter 11
Cases, the Australian Entities intend to commence the Australian
Proceedings, by which the VA Administrator shall be appointed to
each of the Australian Entities. Millstreet or its nominee will put
forward its DOCA Proposal in respect of the Australian Entities. If
the DOCA Proposal is recommended by the VA Administrators and
accepted by the majority of creditors of each of the Australian
Entities, the VA Administrators will implement the proposed DOCA in
respect of the Australian Entities. Following the successful
completion of the Australian Proceedings, Jervois will apply to be
delisted from the Australian Securities Exchange ("ASX") and
Jervois and the Australian Entities will respectively commence
voluntary winding up procedures, pursuant to which the existing
ordinary shares of each of Jervois and the Australian Entities will
be cancelled.

With a prepackaged chapter 11 plan and key stakeholder support in
place pursuant to the Restructuring Support Agreement, the Debtors
expect to emerge well-positioned for success as a private company.
The Debtors anticipate that the $55 million in post-emergence
equity financings will, together with a portion of the proceedings
from the New Money Investment, provide approximately $70 million in
new equity to restart the SMP Refinery.

Class 6 consists of General Unsecured Claims. The legal, equitable,
and contractual rights of the holders of Allowed General Unsecured
Claims are Unimpaired by the Prepackaged Plan. Except to the extent
that a Holder of an Allowed General Unsecured Claim agrees to
different treatment, on and after the Effective Date, the Debtors
shall continue to pay or dispute each General Unsecured Claim in
the ordinary course of business. This Class is unimpaired.

All Existing Equity Interests shall be canceled, released, and
extinguished and will be of no further force or effect.  

The Debtors or Reorganized Debtors, as applicable, shall fund
distributions under the Prepackaged Plan with the (i) Debtors' Cash
on hand, (ii) Cash generated from operations, and (iii) funds from
the New Money Investment.

A full-text copy of the Disclosure Statement dated January 28, 2025
is available at https://urlcurt.com/u?l=I5prin from
PacerMonitor.com at no charge.

Proposed Counsel to the Debtors:          

                  Duston K. McFaul, Esq.
                  SIDLEY AUSTIN LLP                    
                  1000 Louisiana Street, Suite 5900
                  Houston, Texas 77002
                  Tel: (713) 495-4500
                  Fax: (713) 495-7799
                  Email: dmcfaul@sidley.com

                    - and -

                  Stephen E. Hessler, Esq.
                  Anthony Grossi, Esq.
                  Andrew Townsell, Esq.
                  Weiru Fang, Esq.                   
                  787 Seventh Avenue
                  New York, New York 10019
                  Tel: (212) 839-5300
                  Fax: (212) 839-5599
                  Email: shessler@sidley.com
                         agrossi@sidley.com
                         andrew.townsell@sidley.com
                         weiru.fang@sidley.com

                      About Jervois Texas LLC

Jervois Texas LLC and its affiliates are global suppliers of
advanced manufactured cobalt products, serving customers in the
powder metallurgy, battery and chemical industries. The Debtors'
principal asset base is comprised of an operating cobalt facility
in Finland and non-operating plants in both the United States and
Brazil.

Jervois Texas LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.25-90002) on January
28, 2025. Seven affiliates also filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code: Jervois Global
Limited, Jervois Suomi Holding Oy, Jervois Finland Oy, Jervois
Japan Inc., Formation Holding US, Inc., Jervois Mining USA Limited,
and Jervois Americas LLC.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtors' restructuring counsel are Duston K. McFaul, Esq., at
Sidley Austin LLP, in Houston, Texas, and Stephen E. Hessler, Esq.,
Anthony Grossi, Esq., Andrew Townsell, Esq., and Weiru Fang, Esq.,
at Sidley Austin LLP, in New York.

The Debtors' investment banker is MOELIS & COMPANY. The Debtors'
restructuring advisor is FTI CONSULTING, INC.  The Debtors' Claims,
Noticing & Solicitation Agent is STRETTO, INC. The Debtors' tax
advisor is PRICEWATERHOUSE COOPERS INTERNATIONAL LIMITED.

KEYBRIDGE CAPITAL: First Creditors' Meeting Set for Feb. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Keybridge
Capital Ltd will be held on Feb. 19, 2025 at 4:00 p.m. via Zoom
conference.

Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of the company on Feb. 9, 2025.


MIGHTY KINGDOM: Cuts Workforce as Company's Cash Reserve Depletes
-----------------------------------------------------------------
SmartCompany reports that Adelaide-based game studio Mighty Kingdom
is cutting staff and collapsing senior management roles as part of
a major cost-saving effort, following ongoing financial challenges
and a turbulent leadership history for the company.

Most recently this included the departure of former CEO David Yin
just eight months into the role and significant changes within the
board.

According to SmartCompany, Mighty Kingdom notified the market via
an announcement to the ASX, describing the change as a "significant
shift in overall staff numbers," which will have a "material
effect" on the company's cost base.

While Mighty Kingdom did not specify how many roles would be cut,
it assured investors its ability to service current contracts would
remain unaffected.

This follows a 28% reduction in staff in May 2024, SmartCompany
notes.

SmartCompany contacted Mighty Kingdom for more information but was
told due to publication timings the company would not be providing
further comment at this time.

SmartCompany notes that the cost-cutting comes as Mighty Kingdom
continues to grapple with financial instability. Its December 2024
quarterly report revealed just AUD275,000 in cash, down from
AUD891,000 in the previous quarter.

However, the company recently secured a AUD1.2 million debt
facility. This was preceded by an ongoing trade suspension on the
ASX throughout December 2024.

The same report disclosed AUD113,000 in aggregated payments to
board members and related parties, including compensation for a
former executive director who resigned on November 24, 2024, and a
non-executive director who was no longer with the company by
January 2025.

Since its initial public offering in 2021, Mighty Kingdom has
experienced persistent financial setbacks, including a plummeting
share price, missed revenue targets, and ongoing governance
clashes.

The staff reductions and financial difficulties reflect broader
instability at Mighty Kingdom, which has struggled to maintain
steady leadership, SmartCompany says.

Mighty Kingdom is a development studio founded in 2010 by Philip
Mayes and Jindou Lee. It is based in Adelaide, Australia.


MORTGAGE HOUSE PRIME 2024-1: S&P Affirms B (sf) Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on 15 classes of notes issued
by Perpetual Trustee Co. Ltd. as trustee of four Mortgage House
RMBS transactions. At the same time, S&P affirmed its ratings on 15
classes of notes. The transactions are a securitization of prime
residential mortgages originated by Mortgage House of Australia Pty
Ltd.

The transactions are Mortgage House Capital Mortgage Trust No.1 -
Mortgage House RMBS Series 2022-2, Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Osmium Series 2023-1, Mortgage
House Capital Mortgage Trust No.1 - Mortgage House RMBS Osmium
Series 2024-1, and Mortgage House Capital Mortgage Trust No.1 -
Mortgage House RMBS Prime Series 2024-1.

The rating actions reflect our view of the credit risk of the
pools. Credit support provided in percentage terms has increased
across all three transactions as the pools paid down. This credit
support comprises note subordination for all rated notes, mortgage
insurance covering some of the loans in each portfolio, and excess
spread. There have been no losses to date in all four
transactions.

While the Mortgage House RMBS Series 2022-2 transaction has
recently converted to a pro rata payment structure, there has been
a significant buildup of subordination, and credit support provided
to each class of notes is commensurate with the ratings assigned.
Under the pro rata payment structure, the class G allocated
principal is paid to the class F notes until the class F notes are
fully repaid, followed by the remaining subordinated notes. The
class F notes therefore will continue to benefit from an increase
in the percentage of credit support provided as the pool amortizes
under a pro rata structure, while the percentage of credit support
will remain static for the remaining rated notes.

Mortgage House RMBS Osmium Series 2023-1, Mortgage House RMBS
Osmium Series 2024-1, and Mortgage House RMBS Prime Series 2024-1
are currently paying principal on a sequential basis, which means
that credit support provided in percentage terms will continue to
build for all rated notes.

Constraining factors on the degree of upgrades are risk
considerations such as sensitivities to the outlook for arrears,
pool concentrations, and the absolute size of credit support. These
qualitative factors constrain our ratings beyond quantitative
factors alone.

  Ratings Raised

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-2

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2023-1

  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)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2024-1

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Prime Series 2024-1

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

  Ratings Affirmed

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-2

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2023-1

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class F: B+ (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2024-1

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class E: BB+ (sf)
  Class F: B (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Prime Series 2024-1
  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class E: BB+ (sf)
  Class F: B (sf)


PEPPER PRIME 2023-1: S&P Raises Class F Notes Rating to BB (sf)
---------------------------------------------------------------
S&P Global Ratings raised its ratings on eight classes of notes
issued by Permanent Custodians Ltd. as trustee of Pepper Prime
2022-2 Trust and Pepper Prime 2023-1 Trust. At the same time, S&P
affirmed its ratings on six classes of notes. The transactions are
a securitization of prime residential mortgages originated by
Pepper Homeloans Pty Ltd.

S&P said, "The rating actions reflect our view of the credit risk
of the pools, which have been amortizing in line with our
expectations. Credit support comprises note subordination for all
rated notes and excess spread to the extent available. Current
loan-to-value ratios across the pools have been declining, lowering
our expectations of losses for the pools.

"Our expectation is that the various mechanisms to support
liquidity within the transactions, including an amortizing
liquidity facility and principal draws, are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest.

"We have factored into our analysis the arrears performance of
these transactions. For the 2022-2 transaction, the arrears
performance generally has been higher relative to the Standard &
Poor's Performance Index (SPIN) for prime loans in the past 12
months." For the 2023-1 transaction, arrears performance has
generally tracked below the SPIN for prime loans in the past 12
months. As of Sept. 30, 2024, loans greater than 90 days in arrears
represent 0.76% of the pool for 2022-2 and 0.19% for 2023-1. Losses
to date have been minimal and all have been covered by excess
spread. There have been no charge-offs to any of the notes.

For the raised ratings in both transactions, constraining factors
on the magnitude include the higher level of delinquency relative
to the prime SPIN; high prepayment rates, which may constrain the
buildup of excess spread in the deal; and the various
characteristics in the portfolio. These characteristics include
loans to the self-employed, interest-only loans, investment loans,
relatively higher loan-to-value ratios, and a proportion of
higher-than-average loan sizes that are susceptible to volatility
and may be more sensitive to changes in the economic environment.

  Ratings Raised

  Pepper Prime 2022-2 Trust

  Class D: to AA- (sf) from A (sf)
  Class E: to A (sf) from BBB (sf)
  Class F: to BBB (sf) from BB (sf)

  Pepper Prime 2023-1 Trust

  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)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  Pepper Prime 2022-2 Trust

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class B: AAA (sf)
  Class C: AA (sf)

  Pepper Prime 2023-1 Trust

  Class A1: AAA (sf)
  Class A2: AAA (sf)


PLATINUM PROMOTIONS: First Creditors' Meeting Set for Feb. 17
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Platinum
Promotions Pty Ltd will be held on Feb. 17, 2025 at 10:00 a.m. at
Level 19, 144 Edward Street in Brisbane.

Travis Pullen of B&T Advisory were appointed as administrators of
the company on Feb. 7, 2025.


RESOURCE AND RESOURCE: S&P Lowers ICR to 'CCC+', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Recycle and
Resource Operations Pty Ltd. (Bingo) to 'CCC+' from 'B-'. At the
same time, S&P lowered the issue credit rating on the company's
term-loan B (TLB) facilities to 'CCC+' from 'B-' (recovery rating:
'3'). S&P continues to consider liquidity to be less than
adequate.

The negative outlook reflects S&P's view that continued challenging
operating conditions, capital investments, and other costs could
exacerbate negative free operating cash flow (FOCF) generation and
weigh on the group's capital structure. It also reflects our view
that widening trading discounts in the group's bonds heighten the
prospects of a distressed exchange.

S&P said, "The downgrade to 'CCC+' reflects our view that Bingo is
increasingly reliant on improved trading conditions and materially
stronger cash flow generation to support the sustainability of its
capital structure and liquidity position. We expect waste volumes
to remain subdued over the next 12 to 18 months, lagging a
potential recovery in the residential construction market as policy
rates begin to ease. Strong competition is also likely to constrain
Bingo's ability to increase prices, and a shift in the mix of waste
products to lower margin products to retain waste volumes is also
likely to dilute company margins. As such, we expect Bingo's
earnings to follow a flatter trajectory than we previously
expected. Unanticipated working capital outflows due to collection
delays and other restructuring costs could further burden Bingo's
cash position over the next 12 months, at a time when the group is
required to make a number of one-off penalty and levy payments.
Consequently, we expect the group to remain highly leveraged, with
debt to EBITDA above 10x in the next six to 12 months.

"We also expect that a paring back of all nonessential investment
in the current environment will necessitate an acceleration of
capital investment over the next few years, further delaying the
recovery in cash flow generation and capacity to delever. We
forecast capital expenditure (capex) outlays of about A$50
million-A$60 million in fiscals 2025-2026, rising to A$60
million-A$70 million in fiscal 2027 (year-end June 30). This would
raise the minimum EBITDA required to fully fund debt payments and
support capex to about A$150 million-A$160 million by fiscal 2027.
As such, we expect Bingo to continue to incur negative FOCF of
about A$50 million-A$70 million a year in fiscals 2025 and 2026,
and about A$25 million to $35 million in fiscal 2027.

"Widening trading discounts on Bingo's debt, coupled with its
elevated capital structure and weak cash flow generation increases
the risk of a distressed exchange, in our view. Bingo's bonds are
thinly traded but have been trading below 80 cents in the dollar
since mid-January 2025. A distressed exchange, were it to occur,
would be considered a default under our criteria.

"We expect Bingo to have sufficient liquidity to meet its
obligations over the next 12 months. This will be supported by (1)
A$30 million of available capacity under its revolving credit
facility and (2) A$60 million remaining capacity under its
shareholder loan obtained in late 2024. Bingo has also reduced its
exposure under the Eastern Creek land purchase option to about A$40
million. The company has entered into a bridging finance facility
for the remainder of this liability, which matures in December
2025. This should provide sufficient time for Bingo to sell the
"Honeycomb Drive" land parcel to meet this bridging finance
obligation.

"The negative outlook reflects our view that persisting weak macro
conditions, capital investments, and other costs could exacerbate
negative FOCF generation, increasing pressure on the group's
liquidity and the sustainability of its capital structure.

"The negative outlook also reflects our view that widening trading
discounts in the group's bonds could increase the prospects of a
distressed exchange, which we would consider a default under our
criteria."

S&P could lower the rating if:

-- Persisting weak macro conditions and negative FOCF puts further
pressure on the group's capital structure and erodes its liquidity
position;

-- S&P believes there is an increasing likelihood of a distressed
exchange or other default occurring over the next 12 months; or

-- Bingo is unable to address the remainder of the Eastern Creek
land option payment well ahead of the associated bridge financing
facility maturity in December 2025.

A stabilization or improvement of the group's credit quality would
be reliant on:

-- A material improvement in operating prospects such that Bingo
consistently generates positive FOCF to support an adequate
liquidity position and sustainable capital structure; and

-- The company successfully addressing the remainder of the land
option payment to support its liquidity position.


RETAIL FOOD: To Shut Down Michel's Patisserie Brand
---------------------------------------------------
News.com.au reports that popular bakery and cafe chain Michel's
Patisserie will be shutting down, as its parent company reveals
plans to convert the stores into its other brands.

According to news.com.au, Retail Food Group has confirmed it will
shut down the 19 Michel's franchises it operates in NSW, Queensland
and Victoria.

The Gold Coast-based group, which also owns Donut King, Gloria
Jean's, Brumby's Bakery and Crust Gourmet Pizza, will work with
existing franchisees to ensure the transition goes smoothly.

"This process (converting from the Michel's brand) will take place
in collaboration with our franchise partners, with the timing of
any conversions based on the individual circumstances of each
partner to ensure the best outcome for them and their customers,"
RFG told The Australian.

"We continue to support those franchise partners consistent with
the terms of their existing Michel's Patisserie franchise
agreements.

"We are working with all Michel's franchisees in connection with
the conversion opportunity.

"That includes an offer of financial and other support."

It's understood the chosen brands to take over the stores will be
Gloria Jean's and Donut King, news.com.au says.

French pastry chef Michel Catteon founded the original Michel's
Patisserie cafe on Sydney's north shore in 1980. At its peak, there
were more than 300 locations across the country. However, the
iconic brand has had a turbulent few years of trade.

In the financial year ending June 2024, RFG generated a net profit
of AUD5.8 million after generating a loss in the previous
corresponding period, news.com.au discloses.

RFG was taken to court by consumer watchdog Australian Competition
and Consumer Commission over claims RFG sold franchises knowing
they were operating at a loss in 2022, news.com.au recalls.

While RFG was not made to admit the allegations as part of a court
settlement, it was ordered to either repay affected franchisees or
wipe their debts in full.

Retail Food Group Limited (ASX:RFG) -- http://rfg.com.au/--
together with its subsidiaries, owns, develops, and manages
multi-brand retail food franchise in Australia. The company engages
in the ownership of intellectual property; development and
management of coffee roasting facilities; and the wholesale supply
of coffee and allied products. It is also involved in the
development and management of the procurement, warehousing,
manufacturing, and distribution business of various brands. The
company operates a network of approximately 2,500 outlets across 12
brand systems spanning 83 territories.  RFG owns the brands Gloria
Jeans, Donut King, Brumbies, Crust and Pizza Capers.


SKY TOWER: First Creditors' Meeting Set for Feb. 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of Sky Tower
Construction Pty Ltd will be held on Feb. 18, 2025 at 10:00 a.m. at
the offices of Mackay Goodwin at Level 2, 68 St Georges Terrace in
Perth and via a telephone call.

Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on Feb. 6, 2025.


TEN SIXTY: Advances DOCA and ASX Reinstatement Efforts
------------------------------------------------------
TipRanks reports that Ten Sixty Four Limited has announced progress
towards the effectuation of its Deed of Company Arrangement (DOCA),
initially dated Nov. 1, 2023. The company has extended the sunset
date to Feb. 14, 2025, to allow for the settlement of intercompany
loans as per the Global Intercompany Settlement Deed, enabling the
company's exit from voluntary administration. Additionally, Ten
Sixty Four is working towards reinstating its trading on the ASX
before the deadline of Feb. 28, 2025, after which its securities
will be removed if suspended, TipRanks says.

TipRanks adds that the company is now compliant with its periodic
reporting and disclosure obligations and is actively engaging with
ASX to meet the listing rules for reinstatement.

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
=========

CHINA VANKE: Gets US$383 Million Loan From State Shareholder
------------------------------------------------------------
Reuters reports that China Vanke said its major shareholder,
state-owned Shenzhen Metro, is giving it a CNY2.8 billion ($383.12
million) loan, in a sign the government is stepping up efforts to
stabilise the property developer.

Vanke, in return, will pledge 211.5 million shares, or 18.3%, of
its listed property services unit, Onewo Inc, as collateral, the
company said in a filing late on Feb. 10, Reuters relates.

According to Reuters, the loan is the first liquidity support from
Shenzhen Metro after a senior management reshuffle in Vanke last
month that increased state oversight and intervention to contain
any non-repayment risks.

Vanke's bonds jumped on Feb. 11 after the loan announcement, with
the offshore bond due May 2025 bid at 97.111 cents on the dollar in
morning trade, up from 94.8 cents a day ago, while its yuan bond
due March 2027 rallied 13.5%.

In a separate filing on Feb. 10, Vanke published a repayment
announcement for its CNY3 billion notes maturing on February 16,
signalling that it will make the repayment on time, according to
Reuters.

Reuters relates that analysts said the Shenzhen Metro loan shows
the authorities' efforts to avoid a bond default by Vanke. They
added that it is a good deal for Vanke because of the
higher-than-market loan to value ratio at 70% and a favourable
interest rate of 2.34% as of Feb. 10's calculation based on the
loan prime rate (LPR).

They, however, said the amount is small compared to the more than
CNY30 billion of Vanke public bonds maturing in the remainder of
2025.

According to Reuters, JPMorgan said in a research note that given
Shenzhen Metro only had CNY30 billion of cash, the authorities will
need to either inject more capital into the railway company owned
by the Shenzhen government, or ask other state-owned companies to
acquire assets from Vanke.

The brokerage said Vanke's liquidity will also hinge on its home
sales.

"If Vanke's sales become worse than expected, such that the funding
required for not just bond repayment but also for home delivery has
become larger than expected, the point might come where Shenzhen
Metro may consider if bond restructuring/extension might be a more
pragmatic approach," it wrote, Reuters relays.

Vanke currently holds a 57% stake in Onewo. It said in the filing
it will use the proceeds from the shareholder loan to repay debt in
the open market.

                         About China Vanke

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

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
22, 2025, S&P Global Ratings lowered its long-term issuer credit
rating on China Vanke Co. Ltd. by two notches to 'B-' from 'B+' and
its long-term issuer credit rating on China Vanke's subsidiary
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) to 'B-' from 'B'.
S&P also lowered the issue rating on Vanke HK's senior unsecured
notes to 'B-' from 'B'. S&P placed all these ratings on CreditWatch
with negative implications.

The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has
downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-',
from 'B+'. Fitch has also downgraded the Long-Term IDR on China
Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior
unsecured rating and the rating on its outstanding senior notes to
'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are
on Rating Watch Negative (RWN).

The downgrade reflects a deterioration in China Vanke's sales and
cash generation, which is eroding its liquidity buffer against
large capital market debt maturities in 2025.


COUNTRY GARDEN: Sales Slump Worsens in January Adding to Woes
-------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings' sales slump
dragged on in January, as new residential transactions countrywide
resumed falling on weak sentiment.

Contracted sales dropped 59 per cent from a year earlier to CNY2.26
billion, following a 51 per cent year-on-year decline in December,
according to Bloomberg calculations based on corporate filings.

Country Garden's slide in home sales substantially surpasses the
3.2 per cent posted by the 100 biggest real estate companies
tracked by China Real Estate Information, says the report. The
market is dented by weak domestic demand and a worsening job
market.

Despite government support, many buyers prefer second-hand homes
due to concerns that developers will still struggle to finish
construction on presold projects, Bloomberg says.

That's adding to the woes of Country Garden, which is counting on a
turnaround in sales to reassure debt holders and fight off
liquidation, according to Bloomberg. The developer has yet to
secure support from a key bondholder group over restructuring terms
unveiled in early January, while it reached an understanding with a
coordination committee comprising seven banks.

Country Garden said last month that it expects to reach an
agreement with creditors on its debt plan by the end of February,
Bloomberg notes. A Hong Kong court delayed a hearing on a
liquidation petition to May.

The company's contracted sales this year could fall to levels seen
in 2012 and 2013, Bloomberg Intelligence analysts Daniel Fan and
Hui Yen Tay wrote in a recent note. While it made a "huge
impairment provision" when posting a record loss of 178 billion
yuan in 2023, further impairment is possible as it has only written
down about 10.9 per cent of its inventory, they said.

                        About Country Garden

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

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

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

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



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

AATHESH VENTURES: Ind-Ra Assigns BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Aathesh Ventures
Private Limited's (AVPL) bank facilities as follows:

-- INR 1.420 bil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect a high volatility in AVPL's operating margins
when compared with industry medians, the seasonal nature of
business, exposure to commodity risk and intense competition.
However, the ratings are supported by the company's medium scale of
operations, healthy operating profits and moderate credit metrics.
The ratings also factor in the extensive experience of the
promoters in the agriculture industry.

Detailed Description of Key Rating Drivers

Exposure to Intense competition and Commodity Price Risk: The
agro-commodity trading business is highly fragmented and
characterized by the presence of many organized and unorganized
players. The industry's low-entry barriers, characterized by
minimal capital and low technical requirements, coupled with
liberal regulatory environment, results in intense competition.
Furthermore, the company faces significant exposure to commodity
price risks due to its dependence on agriculture products, which
are susceptible to price volatility and seasonality. However, the
company's strong connectivity to end markets and proactive
strategies mitigates the commodity price risk.

High Volatility  in EBITDA Margins as compared with Industry
Standards:  AVPL is engaged in the trading of agro commodities,
which typically offers limited scope for value addition, unlike
manufacturing entities or entities in the agro space, which carries
out processing activities. Despite this, the company has been
consistently reporting healthy EBITDA margins significantly higher
than the industry standards. However, the EBITDA margins declined
to 9.5% in FY24 (FY23: 14%), primarily due to rising raw material
cost, which account for 85%-90% of the company's total operating
expenses. While the company mitigates the commodity price
volatility by adjusting output prices, its ability to sustain such
high margins remains a key constraint. The agro-commodity sector is
highly price sensitive, with profitability exposed to raw material
price fluctuation influenced by seasonality, market dynamics and
global demand-supply trends. Although the company's return on
capital employed remained strong at 45.47% in FY24 (FY23: 46.47%),
the structural nature of its elevated margins in a volatile
industry raises concerns about long-term sustainability. The
sustainability of margins remains key monitorable.

Diversified Revenue Profile; Medium Scale of Operations: AVPL has a
diversified product portfolio which includes agro-commodities  such
as maize, wheat, rice, gram, pulses, sugar, castor oil, soyabean
refined oil, pearl millet and watermelon seeds, effectively
mitigating product concentration risks to a considerable extent. In
FY24, the company's revenue surged to INR6,500.9 million (FY23:
INR1,041.8 million), mainly due to the trading of refined soyabean
oil, which constituted 40% to the total revenue during FY24 (FY23:
nil). During 7MFY25, the company achieved a turnover of INR4,525
million. Furthermore, it expanded its geographical reach by
establishing new branch offices in Punjab and Gujrat during FY25.
AVPL also plans to commence trading of sugar and castor oil in
FY25. Thus, Ind-Ra expects the revenue to improve further in FY25
and FY26, aided by increased demand.

Moderate Credit Metrics: The interest coverage (operating
EBITDA/gross interest expense) improved to 13.18x in FY24 (FY23:
6.93x) and net financial leverage (adjusted net debt/operating
EBITDA) to 2.07x (2.18x) on account of  an improvement in the
absolute EBITDA to INR620.12 million (INR146.35 million), partially
offset by an increase in the overall debt to INR1,503 million
(INR336 million). Ind-Ra expects the credit metrics to improve
further over the medium term on the back of increasing revenue and
profitability, and absence of any major debt-funded capex.

Experienced Promoter: The company's promoter, Purshotam Goyal, has
over four decades of experience in the agro-commodity sector, which
has helped in establishing strong relationships with suppliers and
customers.

Liquidity

Adequate: AVPL's net working capital cycle shortened to 60 days in
FY24 (FY23: 173 days), primarily due to a decline in the inventory
holding period to 76 days (134 days) and receivable period to 15
days (55 days). AVPL's average maximum utilization of the
fund-based limits was 67% during the 12 months ended December 2024.
Moreover, the company does not have any long-term debt repayment
obligations. However, the cash flow from operations deteriorated
and remained negative at INR717 million in FY24 (FY23: negative
INR305 million), due to unfavorable changes in working capital.
Ind-Ra expects the cash flow from operations to turn positive in
the near-to-medium term. The free cash flow deteriorated to
negative INR743 million in FY24 (FY23: negative INR308 million) as
the company incurred capex of INR26 million (INR2.75 million). The
cash and cash equivalents stood at INR216.90 million at FYE24
(FY2E3: INR17.28 million).

Rating Sensitivities

Negative: A substantial decline in the scale of operations,
resulting in deterioration in the credit metrics and/or a weakening
of the liquidity position, all on a sustained basis, could lead to
a negative rating action.

Positive: Stabilization in the scale of operations in terms of
EBITDA margins, while maintaining the liquidity and credit metrics,
all on a sustained basis, will be positive for the ratings.

About the Company

Incorporated on November 25, 2020, AVPL is engaged trading in the
trading of agro commodities such as wheat, maize, gram, pulses,
refined oil, among others. The company's registered office is in
Sriganganagar, Rajasthan. Purshotam Dass Goyal is the promoter.

ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Bank Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Adarsha Automotives Private Limited's (AAPL) bank
facilities:

-- INR300 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR50 mil. (reduced from INR70 mil.) Non-fund-based working
     capital limit affirmed with IND A4+ rating;

-- INR1.516 bil. (reduced from INR1.846 bil.) Fund-based working
     capital limit affirmed with IND BB+/Stable/IND A4+ rating;

-- INR58.7 mil. Proposed term loan assigned with IND BB+/Stable
     rating; and

-- INR158.23 mil. (reduced from INR260.30 mil.) Term loan due on
     December 31, 2028 affirmed with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect AAPL's continued stretched liquidity and modest
credit metrics in FY24. The ratings are, however, supported by the
company's medium scale of operations, the long association with
Maruti Suzuki India limited (MSIL) and its promoters' experience of
three decades in the auto dealership business.

Detailed Description of Key Rating Drivers

Modest Credit Metrics:  AAPL's credit metrics remained modest
despite a marginal improvement in its net leverage (adjusted net
debt/operating EBITDA) to 4.28x (5.93x), which was mainly due to an
increase in the absolute EBITDA to INR428.80 million (INR252.58
million) and a decrease in its gross interest coverage (operating
EBITDA/gross interest expense) to 1.97x in FY24 (FY23: 2.31x).
Ind-Ra expects the credit metrics to remain at similar levels in
FY25, given the absence of any major debt-funded capex plans.

Stiff Competition from Other Dealers of MSIL and Other Brands: With
MSIL focusing on expanding its dealership network, the competition
within its own dealers is increasing. Furthermore, AAPL faces
competition from other automobile companies such as Honda Cars Ltd,
Tata Motors Ltd, Hyundai India Limited, and Mahindra & Mahindra
Limited ('IND AAA'/Stable/'IND A1+'). If these automobile companies
launch models at competitive prices, it will reduce MSIL's market
share and thus affect its dealers including AAPL. Furthermore, the
company's operations are concentrated entirely in Telangana and
some districts of Andhra Pradesh, making it vulnerable to any
unfavorable changes in demand within these states.

Medium Scale of Operations: AAPL's revenue decreased to INR7,294.69
million in FY24 (FY23: INR7,914.39 million), owing to a decrease in
the sale of passenger vehicles due to an increase in the
competition from other MSIL dealers in Andhra Pradesh and
Telangana. The scale of operations remains medium. The vehicle
trading segment accounts for 95.4% (97.9%) of the company's
revenue, and the rest comes from spares and after sales services.
During 9MFY25 the company has booked revenue of INR4,865.5 million
and the agency expects the revenue to decrease slightly in FY25
which is linked with automobile industry market demand.

AAPL's absolute EBITDA margins ranged between 3% and 5.88% over
FY20-FY24 (FY24: 5.88%; FY23: 3.19%; FY22: 3.99%), primarily on the
account of the dealership model and the revenue being mainly
derived from the sale of vehicles, which yield lower margins than
that from the services segment and the sale of spare parts. The
return on capital employed was 15.2% in FY24 (FY23: 10.5%; FY22:
12.8%). Ind-Ra expects the margins to remain at similar levels in
FY25, given the nature of the dealership business.

Experienced Promoters: The ratings are supported by the company's
experienced promoter group. AAPL is a part of the Adarsha group,
headed by B. Satyanarayana Goud and family. B. Satyanarayana Goud
has more than two decades of experience in the dealership business,
and the family has been in the automobile dealership business for
more than three decades. The group is associated with MSIL, TVS
Motors Limited, and Mahindra & Mahindra tractor division through
its various entities. Ind-Ra believes the groups and promoter's
experience in dealership operations will help AAPL expand its
operations in a sustainable manner.

Liquidity

Stretched: AAPL's average peak utilization of its fund-based
working capital limits was around 99.44% over the 12 months ended
December 2024. At end-December 2024, its total fund-based
sanctioned limit was INR1,741 million. During FY24, AAPL's net
working capital cycle increased to 79 days (FY23: 54 days), due to
an increase in the inventory holding period to 53 days (34 days)
due to lower vehicles sales during the year-end. The cash flow from
operations remained positive at INR175.47 million in FY24 (FY23:
INR408.32); however, it decreased from FY23 levels on account of
unfavorable changes in the working capital requirements.
Consequently, with capex of INR244 million undertaken during the
year for the renovation of existing outlets, coupled with an
addition of new outlets, the free cash flow turned negative at
INR68.75 million in FY24 (FY23: INR126.32 million). Moreover, AAPL
has repayment obligations of INR61 million in FY25 and INR53
million in FY26, which would be met through the internal accruals,
according to Ind-Ra. The agency expects the liquidity to remain
stretched over the medium term, owing to the almost-full
utilization of limits.

Rating Sensitivities

Negative: A decline in the scale of operations or credit metrics or
a further pressure on the liquidity position, all on a sustained
basis, could lead to a negative rating action.

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
net leverage reducing below 4.5x, along with an improvement in the
liquidity position, all on a sustained basis, could lead to a
positive rating action.

About the Company

Incorporated in 2006, AAPL is an authorized dealers of passenger
cars and spares & services for MSIL. The company has 38 showrooms,
19 workshops and seven body shops in Telangana and Andhra Pradesh.
B. Satyanarayana Goud and Sujatha are promoter directors.

AGS TRANSACT: Ind-Ra Cuts Bank Loan Rating to D
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings of
AGS Transact Technologies Limited's (AGS Transact) bank facilities
to 'IND D' from 'IND A'/Stable/'IND A1'.

The detailed rating actions are:

-- INR5.673 bil. Term loan (long term)due on March 31, 2029
     downgraded with IND D rating; and

-- INR1.938 bil. Working capital bank loan (long term/short term)

     downgraded with IND D rating.

Analytical Approach

Ind-Ra has fully consolidated AGS Transact's subsidiaries including
Securevalue India Limited (SVIL; debt rated at 'IND D'; 100%-owned
by AGS Transact), together referred to as AGS Transact group
hereafter, given the strong operational and strategic linkages
among them.

Detailed Rationale of the Rating Action

The downgrade reflects a delay in AGS Transact's debt servicing on
a bill discounting facility and a term loan in the past two months,
as confirmed and informed by the lenders to Ind-Ra on February 4,
2025. This is consistent with Ind-Ra's Default Recognition and
Post-Default Curing Period Policy. AGS Transact has submitted
no-default statement, stating timely debt servicing, until November
2024.

Detailed Description of Key Rating Drivers

Delay in Debt Servicing: The downgrade reflects AGS Transact's
delay in the repayment of the bill discounting facility by more
than 30 days and the interest and principal payment of the term
loan by one day in the past two months, as confirmed and informed
by the lenders to Ind-Ra on February 4, 2025. This is consistent
with Ind-Ra's Default Recognition and Post-Default Curing Period
Policy.

Liquidity

Poor: AGS Transact's liquidity position is poor, as reflected by
the inability to service debt on a timely basis.  The liquidity of
the company was hugely impacted by a stretch in its receivable days
caused by the holdback of payments by its customers due to
non-payment of statutory dues and non-adherence to service level
agreements. As per the management, the company intends to aid
liquidity by improving its collection cycle and fund infusion by
the ultimate promoter through the issuance of share warrants.

Positive: The timely debt servicing for at least three consecutive
months could result in a positive rating action.

Any Other Information

Standalone Profile: AGS Transact's standalone revenue stood at
INR10.4 billion in FY24 (FY23: INR12.1 billion), with an adjusted
EBITDA of INR2.5 billion (INR3.2 billion), translating into margins
of 24.4% (26.6%). The company's gross interest coverage (reported
EBITDA/ gross interest expense) stood at 1.3x in FY24 (FY23: 2.8x)
and its gross adjusted leverage at 3.4x (3.1x). The adjusted net
leverage has been calculated as gross debt including lease
liabilities/EBITDA gross of non-cash provisioning for doubtful
asset.

About the Company

AGS Transact is an integrated end-to-end cash/ATM management
solutions provider. It provides cash management services through
SVIL and is establishing its presence in digital payment solutions
wherein it provides merchant solutions (POS terminals), switching
services and other value-added services. Furthermore, it offers
various automation products and related maintenance/upgrade
services.

AMBAY COKE: Liquidation Process Case Summary
--------------------------------------------
Debtor: Ambay Coke Industries Private Limited
        13/2A Priya Nath Mullick Road,
        P.S.-Bhawanipore,
        Kolkata - 700026, West Bengal

Liquidation Commencement Date: December 3, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sandip Kumar Kejriwal
            322, 3rd Floor, Martin Burn House,
            1 R.N. Mukherjee Road, Kolkata - 700001
            Email: Sandipkej2@gmail.com

Last date for
submission of claims: January 2, 2025


ANJANEYA RICE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Anjaneya Rice Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        10.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under

   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Founded in 2009, Anjaneya Rice Industries is engaged in the milling
of paddy and produces raw and boiled rice. The rice mill is located
at Miryalaguda, Nalgonda of Telangana. Anjaneya Rice Industries
processes paddy into raw and parboiled rice, rice bran, broken
rice, and husk. It has installed paddy milling capacity of 4 tons
per hour (tph) for raw rice and 4 tph for boiled rice. The firm's
operations are overseen by the managing partner Mr Voruganti
Venkateshwarlu. All the partners are from the same family.



ANTONY ROAD: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Antony Road
Transport Solutions Private Limited (ARTSPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      41.43       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 7,
2024, placed the rating(s) of ARTSPL under the 'issuer
non-cooperating' category as ARTSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ARTSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2024, January 2, 2025 and January 12, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable
Incorporated in 2010 by Mr. Jimmy Kallarakkal and Mr. Edison
Thomas, Antony Road Transport Solutions Private Limited (ARTSPL) is
engaged in providing public bus transport services in cluster no. 7
of New Delhi. ARTSPL is an SPV (Special Purpose Vehicle)
incorporated by Antony Garages Private Limited (AGPL) so as to
operate the bid won by the latter on September 3, 2012, from the
Department of Transport, Delhi (DoT) to run the buses in cluster
no. 7 of New Delhi. ARTSPL belongs to the Antony Group, and is a
subsidiary of AGPL which is engaged in the body building of buses,
tempos, trucks and other commercial vehicles; and providing public
bus transport services in Pune.


ARAVIND CERAMICS: Ind-Ra Moves BB Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Aravind Ceramics Private Limited's (ACPL) bank facilities to
Negative from Positive and has simultaneously migrated the ratings
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency through phone calls and emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR570 mil. Fund-based working capital limits Outlook revised
     to Negative and migrated to non-cooperating category with IND

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

-- INR65.40 mil. Term loan due on October 31, 2026 Outlook
     revised to Negative and migrated to non-cooperating category
     with IND BB /Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with ACPL while reviewing the
ratings. Ind-Ra had consistently followed up with ACPL  over emails
since December 5, 2024 apart from phone calls. The issuer has
submitted no-default statement until December 2024.

Limitations regarding Information Availability

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

About the Company

Tamil Nadu-based ACPL was incorporated in 1996. The company trades
in tiles, sanitary ware and bathroom fittings.

BYJU'S: NCLT Asks BCCI to Submit Insolvency Withdrawal Plea
-----------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT), Bengaluru, on Feb. 10 directed the Board of Control for
Cricket in India (BCCI) to settle its dispute with debt-laden
Byju's over dues of INR158 crore. Business Standard says the
tribunal instructed BCCI to submit an insolvency withdrawal
application before the Committee of Creditors (CoC) of Byju's
parent company, Think and Learn Private Limited. Section 12A of the
Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of
an insolvency application after it has been admitted, provided the
applicant secures approval from at least 90 per cent of the CoC.

This directive follows an order from the National Company Law
Appellate Tribunal (NCLAT) on February 7, instructing the NCLT to
decide on BCCI's application within a week, Business Standard
relates.

On Feb. 10, the NCLT also asked all parties to file their replies
concerning allegations that former resolution professional Pankaj
Srivastava had failed to discharge his duties properly, the report
says.

In October last year, the Supreme Court set aside the INR158 crore
settlement reached between BCCI and the embattled edtech firm,
Business Standard recalls. The apex court overturned an NCLAT order
that had upheld this settlement, as the amount was being paid by
Riju Raveendran from his tax-paid personal funds. The court then
directed BCCI to transfer the money to an escrow account, sending
the case back to the NCLT.

Subsequently, Riju Raveendran - the largest shareholder in Byju's
and brother of its founder, Byju Raveendran - moved the NCLAT's
Chennai Bench against the NCLT Bengaluru's decision to reinstate
Glas Trust and Aditya Birla Finance as lenders of the edtech firm,
Business Standard relates. US lenders had previously been removed
by the resolution professional despite holding 99.41 per cent of
the voting share in the CoC.

During the hearing on February 7, the NCLAT Chennai Bench also
disposed of Riju Raveendran's plea challenging the NCLT Bengaluru's
decision to reinstate Glas Trust and Aditya Birla Finance to the
CoC of Byju's, Business Standard relays.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, 2024, following a complaint by the Board of Control for
Cricket in India (BCCI), initiated insolvency proceedings. These
will include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law.  CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.

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

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer Rating         -        [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

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

Camellia Infrastructures was established in 2009 as a partnership
firm and is a professionally managed property developer based in
Bangalore. Camellia Infrastructures has executed one project in the
past, Bharat Regency in Marathahalli which was completed in 2010
comprising of 92,000 sq ft of built up area. Currently, the firm is
carrying out one project namely Camellia Pride which has a built-up
area of 1,63,000 sq ft and comprises of 100 flats out of which
Camellia's share is 60%. The promoter has executed three other
projects in other entities namely Mid-town structures and SSVR
constructions. The other projects include:

* Camellia Elegant- Whitefield- Built up Area- 114,000 sq ft-
   SSVR Constructions

* Ramannas Rhythm - Whitefield- Built up Area- 242,000 sq ft-
   Mid Town Strucutures

* Midtown Opulent- Varthur- Built up Area- 272,000 sq ft- Mid
   Town Structures


CHHAPRA HAJIPUR: ICRA Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the ratings for the bank facilities of Chhapra
Hajipur Expressways Limited (CHEL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        857.0       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    rating continues to remain under
   Cash Credit                   "Issuer Not Cooperating"
                                 Category

ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
'policy in respect of non-cooperation by a rated entity' available
at www.icraindia.com. Lenders, investors and other market
participants are thus advised to exercise
appropriate caution while using the rating as it may not adequately
reflect the entity's credit risk profile.

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

Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated as
a special purpose vehicle by Madhucon Infra Limited (MIL) and
Madhucon Projects Limited (MPL) to undertake four-laning of Chhapra
to Hajipur section of NH-19 from km 143.200 to km 207.200 in Bihar
under NHDP Phase III on design, build, finance, operate, transfer
(DBFOT) annuity basis. The total concession period is 15 years
including the construction period of 2.5 years. The appointed date
for the project was January 27, 2011 and the scheduled completion
date was July 27, 2013, which has been delayed.


D.N. HOMES: Ind-Ra Withdraws BB- Term Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn D.N. Homes
Private Limited's (DNHPL) term loan rating as follows:

-- The 'IND BB-/Negative (ISSUER NOT COOPERATING)' rating on the
     INR75.60 mil. Term loan due on September 30, 2019 is    
     withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra has withdrawn the rating as the management has provided a
no-due certificate issued by the banker and the agency has received
a withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

About the Company

Incorporated in December 2003, DNHPL operates a real estate
business in Odisha. It was founded by Jagadish Prasad Naik.

DEV RISHI: CRISIL Assigns B+ Rating to INR1cr Proposed LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Dev Rishi Educational Society (DRES).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        1        CRISIL B+/Stable (Assigned)
   Bank Loan Facility       

The rating reflects DRES track record of operations in the
educational sector and healthy debt protection metrics. These
strengths are partially offset by the society's vulnerability to
stringent regulations and modest scale of operations.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
government and quasi-government agencies, universities and state
governments. All of these have detailed procedures for granting
permission to set up institutions, and approvals need to be renewed
every three or five years. Any non-compliance will result in
cancellation of affiliation and license, leading to loss of
reputation for the college and revenue for the trust.

* Modest scale of operations: Being a not-for-profit society, the
primary purpose of DRES is to promote educational services,
vocational training and health awareness in line with schemes of
the state/central government. Hence, the scale of operations
remains modest.

Strengths:

* Track record of operations: The society's Chairman and its key
members have played an active role in shaping education at various
institutes. The members take care of the society and have
implemented the best practices gained from their decade-long
experience in running skill development courses in rural areas
promoting rural development, women empowerment and upliftment of
the weaker sections of the society.

* Healthy debt protection metrics: Debt protection measures of DRES
have been comfortable despite leverage owing to moderately healthy
profitability as reflected in the interest coverage and net cash
accrual to total debt  ratio of 65.9 times and 2.10 times,
respectively, in fiscal 2024. The debt protection metrics are
expected to remain at similar level over the medium term.

Liquidity: Poor

Annual cash accrual is expected to be over INR2.20 crore against
yearly term debt obligation of INR0.18 crore over the medium term.
In addition, it will cushion liquidity.

The current ratio was moderate at 6.36 times as on March 31, 2024.

Low gearing and moderate networth support financial flexibility and
provide the cushion available in case of any adverse condition or
downturn in the business.

Outlook: Stable

CRISIL Ratings believes that the trust will continue to benefit
from its established position and the management's extensive
experience in the sector. CRISIL Ratings also believes that the
financial risk profile will be maintained over the period, backed
by healthy cash accrual and prudent financing of capital
expenditure (capex).

Rating sensitivity factors

Upward factors:

* Sustained increase in margin to 20% and scale, leading to higher
cash accrual
* Improvement in working capital cycle with gross current assets
improving to 100 days

Downward factors:

* Large debt-funded capex, weakening the capital structure
* Substantial increase in working capital requirement, i.e. GCA
days above 140 days thus weakening liquidity and financial risk
profile

Dehradun (Uttarakhand)-based DRES operates as a not-for-profit
entity and works primarily in the domain of providing education
services. It is one of the prime institutions for running skill
development courses in rural areas promoting rural development,
women empowerment and upliftment of the weaker sections of the
society. The society also undertakes various health and hygiene
services and carries out projects and assignments such as baseline
surveys, studies based on human indices, training need assessment
studies, evaluation and impact assessment, compilation,
documentation and presentation of data. Currently, DRES also runs
several vocational institutes in rural as well as urban areas of
Uttarakhand.

Its operations are managed by Sharad Sundriyal (Secretary &
President), Kavita Gupta (Vice President), Reena Panthry
(Secretary), Nagender Badoni (Joint Secretary) and Harneet Narang
(Treasurer).


DHARAMPAL PIPE: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dharampal
Pipe and Tubes Private Limited (DPTPL) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 6,
2024, placed the rating(s) of DPTPL under the 'issuer
non-cooperating' category as DPTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DPTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 22, 2024, January 1, 2025 and January 11, 2025 among
others.

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

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

The ratings assigned to bank facilities of DPTPL have been revised
on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Dharampal Pipes and Tubes Private Limited (DPTPL) was incorporated
in Year, 2013 as a Private Limited Company by Mr. Ajay Kumar
Singhal and his wife Mrs. Rinki Singhal. DPTPL is engaged in the
business of trading of range wide range of steel/iron pipe and
tubes. The operational unit of the company is located in Sahibabad,
Uttar Pradesh.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of DPTPL into 'Issuer
not-cooperating' category vide press release dated July 15, 2024 on
account of non-availability of requisite information from the
company.


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

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         0.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         2.92       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         1.96       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Short-term         0.20       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Doshi Ceramic Industries (DCI) was incorporated on 1st April 2012
and is promoted by Mr. Bipinchandra Doshi and Mr. Rajesh Doshi. DCI
is based in the Thangadh (Morbi) region of Gujarat which undertakes
the manufacturing of ceramic sanitary ware products like wash
basins, closets, urinals, pans and related accessories. The plant
has an installed capacity of 10,800 MTPA. The unit commenced
commercial operations in January 2013 and initially the sale of the
firm was focused in domestic market with majority of the sales
being made to wholesalers as well as merchant exporters. However
since FY2015 onwards, DCI is
focusing more in overseas market with better market scenario.
Initially for the month of January 2013 to March 2013 the firm has
also undertaken job work for other ceramic players; however from
April 2013 the firm has stopped its job work activity.


F. ROBIN: Ind-Ra Corrects January 23, 2025 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies F. Robin Power
Solutions Private Limited's (FRSPL) rating published on January 23,
2025 to correctly state the rating action of the fund-based working
capital limit under details of instruments.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has taken the following rating
actions on F. Robin Power Solutions Private Limited's (FRSPL) bank
facilities:

-- INR2.350 bil. Proposed bank loan assigned with IND BB+/
     Negative rating;
  
-- INR200 mil. Fund-based working capital limit affirmed with IND

     BB+/Negative/IND A4+ rating; and

-- INR800 mil. Proposed fund-based working capital limit* is
     withdrawn.

*Withdrawn as the company did not utilize the facility as
envisaged

The Negative Outlook reflects FRSPL's lower-than-Ind-Ra-estimated
operational performance over FY24 and 1HFY25, leading to
deterioration in its credit metrics. The agency expects the credit
metrics to deteriorate in the medium term, given the increased
amount for its debt-funded capex towards the installation of a 50MW
solar power plant. Furthermore, the promoters have yet to infuse
their contribution into the capex.

The ratings reflect FRSPL's small scale of operations, high
geographical concentration risk and stretched liquidity. However,
the ratings factor in FRSPL's average EBITDA margins and
experienced promoters. In the medium term, Ind-Ra expects the scale
of operations to improve on account of a likely improvement in the
execution of orders in hand along with  stable cash flow generation
from the solar power business.

Key Rating Drivers

Small Scale of Operations:  FRSL's scale of operations remained
small with its revenue declining to INR1,034.88 million in FY24
(FY23: INR3,479.33 million) due to a delay in receiving advances
from customers, leading to slower execution. Also, the company
decided to focus on the completion of its existing orderbook and
the capex before taking additional orders. FRPSPL commenced its
operations in FY21 and FY22 was the first full year of operations,
indicating the company's lack of operational track record. The
EBITDA fell to INR101.79 million in FY24 (FY23: INR144.20 million)
due to a drastic decline in the prices of solar modules. Until
FY24, FRSPL was into the engineering, procurement and construction
(EPC) business as a contractor to execute solar power projects and
will foray into the power trading business from FY26. As of 7MFY25,
FRSPL booked revenue of INR245.6 million and had an orderbook of
INR2,689 million, of which INR806.7 million has been on track for
completion in FY25 and the balance INR1882.3 million will be
completed in FY26. In the medium term, Ind-Ra expects the revenue
to improve, supported by a likely improvement in the orders for
execution and the power sale business.

Modest Credit Metrics; likely to Deteriorate in FY25: FRSPL's
credit metrics stood modest with the gross interest coverage
(operating EBITDA/gross interest expenses) decreasing to 3.04x in
FY24 (FY23: 14.48x) and the net leverage (total adjusted net
debt/operating EBITDAR) increasing to 3.10x (1.34x), due to the
decrease in its EBITDA as well as an increase in interest expenses
to INR33.44 million (INR9.96 million).  In the near term, Ind-Ra
expects the credit metrics to deteriorate, due to its debt-funded
capex of INR3,000 million towards the installation of the 50MW
solar power plant. The capex will be funded through a term loan of
INR2,047.5 million from REC Ltd ('IND AAA'/Stable), INR386 million
through equity infusion, INR74 million via unsecured loans and the
rest via internal accruals. The project started in FY22 and the
capex of INR620 million was completed in FY24 pertaining to
purchase of land, solar modules and other equipment. The solar
plant is likely to be operational by May 2025, contingent on the
term loan being disbursed by end-January 2025.

High Geographic Concentration: Tamil Nadu accounted for a major
part of FRSPL's unexecuted order book. However, the company has
benefited from its established base and expertise in the execution
of orders in any region.

Industry Risks: The ministry of new and renewable energy has
ordered to reimplement its notification of an 'Approved List of
Models and Manufacturers (ALMM) of solar photovoltaic modules',
disabling import of raw materials, leading to companies sourcing
them domestically at higher prices. The purchase of solar modules
can be carried out only through the manufacturers enlisted in ALMM.
This was enacted to protect domestic industry as solar modules and
cells were overwhelmingly imported from China at highly competitive
prices and lower quality. The growth in cell and module
manufacturing ecosystem in India is also boosted by the continued
imposition of 40% basic custom duty on the import of modules and
25% basic custom duty on the import of cells.

Average EBITDA Margins; likely to Improve from FY26:  FRSPL's
EBITDA margins remained modest but increased to 9.84% (FY23:
4.14%), due to the decline in the prices of solar modules.  The
return on capital employed increased to 13.2% in FY24 (FY23:
18.7%).  In the medium term, Ind-Ra expects the EBITDA margin to
increase on account of its entry into power trading business which
offers higher margins of 80%-90% than that of the EPC segment.


Reputed Client Base: The company has renowned clientele including
Dalmia Cement (Bharat) Limited ('IND AA+'/Stable), Craftsman
Automation Ltd, Dr. Axion India Pvt Ltd and Vikram Solar Limited
('IND A'/Stable) with whom power purchase agreements have been
signed for the power trading segment.

Liquidity

Stretched: FRSPL's cash and cash equivalents reduced to INR0.74
million at FYE24 (FYE23: INR97.26 million). FRSPL's cash flow from
operations improved to negative INR114.87 million in FY24 (FY23:
negative INR324.63 million) due to favorable changes in its working
capital requirement. Furthermore, the free cash flow stood at
negative INR114.88 million in FY24 (FY23: negative INR365.89
million). The working capital cycle elongated to 194 days in FY24
(49 days) with a significant increase in the inventory days to 275
days (68 days) following a decrease in the cost of goods sold and
creditor days increased to 148 days (27days). The firm has
scheduled debt repayment obligations of INR24.5 million in FY25 and
INR13.56 million FY26.

Rating Sensitivities

Positive: Timely completion of the capex and the infusion of
promoter contribution along with a substantial improvement in the
liquidity profile, orderbook and credit metrics, all on a sustained
basis, could lead to a positive rating action.

Negative: Any delay in the completion of the capex and/or a decline
in the scale of operations, leading to deterioration in the overall
credit metrics or the liquidity profile, all on a sustained basis,
could lead to a negative rating action.

About the Company

Incorporated in 2020, Tamil Nadu-based FRPSPL is engaged in
installing, erecting, testing and commissioning of all types of
solar power plants. They are also setting up a 50MW solar power
plant and will foray into power trading business from FY26.

FIBERTEX PRIVATE: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Fibertex Private Limited
        No.302 & 305, 3rd Floor,
        Ali Plaza, No.1C308/4,
        Nehru Road, HRBR Layout, 3rd Block,
        Bangalore, Karnataka - 560 084

Liquidation Commencement Date: January 24, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Ratnakar Shetty
            RPAR & Co LLP
            #16, Level 3, Skyline Towers,
            7th Cross, Sampige Road,
            Malleswaram, Bangalore - 560003
            E-mail: rcshetty.co@gmail.com
            Contact No: 9986404040

Last date for
submission of claims: February 23, 2025


G.T. CINEMAS: CARE Moves D Debt Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of G.T.
Cinemas Private Limited (GTPL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      113.49      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings has been seeking information from GTPL to monitor the
rating vide e-mail communications/letters dated December 13, 2024,
December 31, 2024, January 10, 2024, and January 17, 2024, and
numerous phone calls. However, despite repeated requests, the
Company has not provided the requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of the best available information which
however, in CARE Ratings' opinion is not sufficient to arrive at a
fair rating. The rating on GTPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Not Applicable

The rating takes into account the delays in meeting debt
obligations on due dates by GTPL.

Detailed description of key rating drivers:

At the time of the last rating on February 5, 2024, the following
were the rating strengths and weaknesses:

Key weaknesses

* Delays in debt servicing: As per the bank statements submitted by
the company, it has been observed that the company has not been
able to generate sufficient rental income to cover the entire EMI
cost. This short fall of rental income has resulted in building up
of overdue EMI payment. Company has been witnessing decline in
footfall due to presence of several other competing malls in nearby
areas

Key strengths

* Long standing experience of the promoters: The promoters, Mr.
Thimmaiah Anand and Mr.Thimmaiah Ramachandra, have more than three
decades of experience in commercial real estate development. They
are experienced in developing commercial real estate and have
school, college and convention centre. Some of the prominent
commercial establishments developed by them in Bangalore are
Prasanna Theatre, G.T. Industrial Enterprises, Gangamma Thimmaiah
Convention and Prasanna Enterprises. The company has benefitted
from the experience of the promoters during Covid-19 and has been
operating mall since inception.

GTPL was incorporated on May 4, 2005, by 4 brothers namely
Thimmaiah Anand, Thimmaiah Ramachandra, Thimmaiah Gangadhar and
Thimmaiah Manjunath. The company has set up a mall cum shopping
complex at Magadi road, Bengaluru called GT World Mall. The mall is
operational since 2017.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.89       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2024, placed the rating(s) of GSIPL under the 'issuer
non-cooperating' category as GSIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 21, 2024, December 31, 2024 and January 10, 2025 among
others.

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

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

The ratings assigned to bank facilities of GSIPL have been revised
on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Gold Spin India Private Limited (GSIPL) was incorporated as a
private limited company in December 1979 and was engaged in the
manufacturing of yarn. However, in 2005, the company was taken over
by its current directors namely Mr. Jagdish Rai Jain, Mr. Raman
Jain, Mrs. Swati Jain and Mrs. Sushma Jain. From FY13 onwards, the
company is engaged in the manufacturing of blankets and bedsheets
at its manufacturing facility located in Panipat, Haryana. The
major products include mink blankets, polar blankets, 3D bedsheets
and polar fleece fabrics.


GSR VENTURES: Ind-Ra Moves B Loan Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
GSR Ventures Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B/Negative (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR40 mil. Fund Based Working Capital Limit Outlook revised to

     Negative; rating migrated to non-cooperating category with
     IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR500 mil. Non-Fund Based Working Capital Limit Rating
     migrated to non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with GSR Ventures Private
Limited over emails starting from November 29, 2024, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of GSR Ventures Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect GSR Ventures Private Limited's
credit strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. The agency may also consider this as symptomatic
of a possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Hyderabad-based GSR was set up as a partnership firm in 1971 by G
Sivakumar Reddy and his family and later was reconstituted as a
private limited company in 2008. It undertakes civil construction,
mainly canal earthwork excavation and bridges.

HIM STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Him Steel
Private Limited (HSPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   ShortTerm Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2024, placed the rating(s) of HSPL under the 'issuer
non-cooperating' category as HSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 2, 2024,
December 12, 2024, December 22, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Him Steel Pvt. Ltd. (HSPL) was incorporated by Mr. Ashok Raja and
his brother Mr. S.S. Raja on May 03, 2011 for the purpose of
trading in gold, silver and precious stones etc with the name M/s.
Shree Bullion Pvt Ltd. Thereafter in FY15, the management decided
to carry on the steel business and taken over an automatic steel
plant situated at Bilaspur, Himachal Pradesh, with installed
capacity of 1,26,667 Metric Tonnes Per Annum (MTPA).

HUBLI COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hubli
Cotton Industries (HCI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 24,
2024, placed the rating(s) of HCI under the 'issuer
non-cooperating' category as HCI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HCI continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 9, 2024,
December 19, 2024 and December 29, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Karnataka based, Hubli Cotton Industries (HCI) was established on
July 18, 2015 as a partnership firm and its commercial operations
started from January, 2017. The firm is promoted by Mr.
Maheshchandra P Khandelwal along with his family members. The firm
is engaged in processing of cotton lint and seeds.


HUMBLE HOSPITALITY: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Humble
Hospitality (Punjab) Private Limited (HHPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2024, placed the rating(s) of HHPL under the 'issuer
non-cooperating' category as HHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 16, 2024,
December 26, 2024 and January 5, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

HHPL, incorporated in February 2012, is being managed by Mr
Inderpreet Singh Chadha, Mr Surjit Singh, Mr Harpreet Singh Chadha,
Mr Harpreet Singh, Mr Mayank Umat and Mr Prabhpreet Singh Chadha.
The company has constructed a four-star hotel under the name of
Humble - Una Hotels in Amritsar, Punjab. The hotel is constructed
on a total land area of 2,400 square yards and has 42 rooms
(including suites and deluxe rooms), 3 banquet halls, 2
restaurants, a bar and a coffee shop. The business operations of
the hotel started in February 2014.


JAIN FARM: ICRA Withdraws D Rating on INR345cr Long Term Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Jain Farm Fresh Foods Limited (JFFFL) at the request of the company
and based on the No Objection Certificate and No Due Certificate
received from its bankers in accordance with ICRA's policy on
withdrawal. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities and Key financial indicators have
not been captured as the rated instruments are being withdrawn.

                       Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-         93.20       [ICRA]D; ISSUER NOT
   Non Fund Based-                 COOPERATING; Withdrawn
   Others              
                                   
   Long Term/         149.82       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                     COOPERATING; Withdrawn
   Unallocated        
                                   
   Long Term-         191.98       [ICRA]D; ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan          
                                   
   Long Term-         345.00       [ICRA]D; ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn  
   Cash Credit        

Incorporated in 2015, Jain Farm Fresh Foods Limited (JFFFL) is a
subsidiary of Jain Irrigation Systems Limited (JISL). It is a food
processing company engaged in the production of dehydrated onion
and vegetable products. It also produces aseptic fruit purees,
concentrates, clarified juices, and frozen products. These products
are marketed under the brand name 'Jain FarmFresh'. In 2017, the
company launched its retail business with its first branded product
called "Aamrus" (sweetened frozen
mango pulp) under the umbrella brand name of "FarmFresh". In 2018,
the company ventured into spice manufacturing and launched its
spice retail operations across India. JFFFL's manufacturing
facilities follow Food Safety and Standards Authority of India
(FSSAI) standards and have been accredited with BRC Global
Standards for Food Safety-Issue 7, ISO 1400 & Hazard Analysis
Critical Control Point(HACCP) certification. The food processing
business was previously being undertaken under JISL itself since
1995. JISL subsequently sold the Indian food business to JFFFL with
effect from March 31, 2016 on slump sales basis as a going concern.
As per the management, the carving out of the Indian food business
to JFFFL will allow for creation of strategic focus. This will also
enable the company to organize its foods vertical under an
independent and focused management thereby achieving benefits of
scale.


JANAKI PRASAD: CRISIL Assigns B+ Rating to INR1cr LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Janaki Prasad Memorial Research and
Educational Trust (JPMRET).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        1        CRISIL B+/Stable (Assigned)
   Bank Loan Facility       

The rating reflects vulnerability to stringent regulations and weak
capital structure of the trust. These weaknesses are partially
offset by longstanding track record of operations.

Analytical Approach:

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission, Medical Council of India, All India
Council for Technical Education, Central Board of Secondary
Education, universities, state governments etc. Each body has
detailed procedures for granting permission to set up institutions
and approvals need to be renewed every 3-5 years. Any
non-compliance will result in cancellation of affiliation, license
etc., leading to loss of reputation for the college and revenue for
the trust.

* Weak capital structure: Networth stood low at INR0.56 crore and
total outside liabilities to adjusted networth ratio high at 56
times as on March 31, 2024.

Strength:

* Longstanding track record of operations: The chairman and a key
member have played active roles in shaping the educational
institutes of the trust. They manage the operations and have
implemented best practices gained from their decade-long experience
in education and industries. Though operations has been growing
sharply in fiscal 2024, its sustenance will remain monitorable over
the medium term.

Liquidity: Poor

In the absence of any yearly maturing debt over the medium term,
the cash accrual – projected at INR2.6-3.3 crore per annum, will
aid liquidity. Current ratio was moderate at 1 time on March 31,
2024. Low gearing should support financial flexibility.

Outlook: Stable

JPMRET will continue to benefit from its established position and
expertise of the management.

Rating sensitivity factors

Upward factors:

* Cash accrual increasing to INR5 crore
* Significant improvement in the capital structure

Downward factors:

* Dip in revenue and profitability, resulting in cash accrual below
Rs. 1 crores
* Stretch in the working capital cycle

JPMRET is based in Maharajganj, Uttar Pradesh. The trust operates
as a not-for-profit entity and provides educational services. It
runs a school in Maharajganj and is also involved in various
services such as health, disaster management, employment, tourism,
water, minority, governance, gender, sports, child and youth
development, technology, legal, human rights, food and nutrition,
tribes, right to information and advocacy and energy and
environment. Mr Pranva Gopal Srivastava (founder trustee and
president), Mr Vibhav Gopal Srivastava (secretary) and Mr Hari
Gopal Srivastava (treasurer) manage the business.


JM FERRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JM Ferro
Alloys Private Limited (JFAPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank     12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 7,
2024, placed the rating(s) of JFAPL under the 'issuer
non-cooperating' category as JFAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JFAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2024, January 2, 2025 and January 12, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2011 as private limited company, J M Ferro Alloys
Private Limited (JFAPL) is engaged in the business of trading of
steel products namely Hot Rolled (HR) sheets/coils/CTL, Galvanized
Plain (GP) coil/sheet, scrap, Pipe, Tube, TMT bars and others.
JFAPL's products find application mainly in automobile, electrical,
construction and consumer durable industry.


L&T SPECIAL: CRISIL Reaffirms D Rating on INR400cr Long Term Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its long-term rating on the loan
facility extended to L&T Special Steels and Heavy Forgings Private
Limited (LTSSHF) by Nuclear Power Corporation of India Ltd (NPCIL;
'CRISIL AAA/Stable') at 'CRISIL D' owing to sustained delay in
servicing of the same. Similarly, ratings on the bank loan
facilities are reaffirmed at 'CRISIL A-/Stable/CRISIL A2+'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee          35       CRISIL A2+ (Reaffirmed)

   Bank Guarantee         125       CRISIL A2+ (Reaffirmed)

   Cash Credit             50       CRISIL A-/Stable (Reaffirmed)

   Letter of Credit        25       CRISIL A2+ (Reaffirmed)

   Long Term Loan         400       CRISIL D (Reaffirmed)

   Proposed Short Term     90       CRISIL A2+ (Reaffirmed)
   Bank Loan Facility      

   Short Term Loan         75       CRISIL A2+ (Reaffirmed)

In 2018, the board of LTSSHF had proposed issuance of preference
shares of INR1,338 crore under which the secured loan of INR348
crore (including INR178 crore of accumulated interest) from NPCIL
and loan of INR990 crore from Larsen and Toubro Limited (L&T;
'CRISIL AAA/Stable/CRISIL A1+') were to be converted to convertible
preference shares. This was necessitated by the continued weak
operating performance of the company and inadequate cash flow to
service the debt. However, the issuance has been pending as the
NPCIL board has not approved the conversion.

Further, CRISIL Ratings has taken note of NPCIL's intent to sell
its stake in LTSSHF to L&T, which is awaiting further
action/approvals from Department of Atomic Energy / Govt of India.
CRISIL Ratings will continue to engage with the management and
monitor developments regarding conversion of promoter loan into
preference shares and the proposed stake sale. On account of
default on the NPCIL loan, CRISIL Ratings does not expect NPCIL to
take any adverse action against LTSSHF that could impair the
latter's business or financial prospects. However, any development
on the contrary, will be a sensitive factor for the credit rating
on the external bank loan facilities.

The ratings continue to reflect the strong business linkages of
LTSSHF with its leading promoters, L&T and NPCIL. CRISIL Ratings
understands that L&T will continue to support any cash flow
mismatch towards the external loan facilities of LTSSHF. This
strength is partially offset by exposure to risks related to
scaling up of operations and intense competition in the forgings
business and weak financial risk profile because of continued
losses and delays in equity infusion by the parents.

Operating performance improved in fiscal 2024 and first half of
fiscal 2025, with higher order execution, high margin nature of
orders, rationalization of fixed costs done by the company and
moderation in prices of key input materials. During fiscal 2024,
operating income increased by 38.5% y-o-y while margins increased
to 29.1% against 17.4% for fiscal 2023. While the operating margin
remained strong at more than 33% during the first half of fiscal
2025 due to favourable contract mix, CRISIL Ratings expects the
same to revert to 16-18% on a steady-state basis going forward.
While the order book has improved to INR621 crore as of September
30, 2023, backed by strategic projects from L&T in the defence
segment, it reduced to INR495 crore as of December 31, 2024 owing
to higher order execution. Fresh inflow of orders will remain a
monitorable.

Analytical Approach

CRISIL Ratings has applied its parent notch-up framework to factor
in the extent of distress support available from L&T towards
external bank loan facilities.

CRISIL Ratings has treated around 50% of the cumulative
non-convertible preference shares of INR642 crore as equity and the
rest as debt. This is because these shares are subscribed by the
promoters, carry an interest lower than the market rate, and are
subordinated to external debt of LTSSHF.

Key Rating Drivers & Detailed Description

Strengths:

CStrong business linkages with the parents, L&T and NPCIL, and
financial support from L&T: CRISIL Ratings believes LTSSHF will
benefit from its strong business linkages with L&T and NPCIL, which
are its largest customers, accounting for more than 90% of the
orders. LTSSHF caters to bulk of the heavy forgings requirement of
L&T and ensures a secured supply chain for the forgings requirement
of NPCIL. The company has demonstrated its capability in the heavy
engineering, nuclear power and defence segments which are key
growth areas for L&T. Over the years, L&T has extended unsecured
loans totaling to INR2,096 crore (principal amount of INR1,730
crore and accrued interest of INR366 crore) to LTSSHF as on March
31, 2024. Support from NPCIL in the form of secured loans stood at
INR486 crore (principal of INR170 crore and accrued interest of
INR316 crore) as on March 31, 2024. L&T had infused INR475 crore in
the form of non-convertible cumulative redeemable preference shares
in fiscal 2018. Also, NPCIL had converted INR167 crore of secured
loans to preference shares as on December 7, 2017.

* Favourable long-term demand prospects for heavy forgings in
India: Demand for heavy forgings is expected to improve over the
long term, driven by nuclear power and strategic sectors and
supplementary demand from the hydrocarbon and oil and gas
industries. LTSSHF had order book of INR495 crore as on December
31, 2024, with 71% of the orders from L&T. The order book reduced
during fiscal 2024 and 2025 owing to higher order execution being
achieved, after improving to INR621 crore as on September 30, 2023
from INR529 crore as on June 30, 2022. The company has long
standing relationships with large customers in the strategic,
hydrocarbon, nuclear and power segments. The heavy forgings segment
has very few specialist manufacturers and LTSSHF's competitive
advantage stems from its short turnaround time compared with
imports. Moreover, it is the only domestic player with heavy
forging capability. It is well positioned to benefit from the
government's thrust towards Make in India. Furthermore, the
established market reputation of its promoters gives the company an
edge over its competitors. That said, fresh order inflow over the
medium term will remain a monitorable.

Weaknesses:

* Weak financial risk profile with negative networth: LTSSHF's
financial profile is marked by PAT losses reported over past
several years owing to sizeable interest accrued on loans from the
promoters. Company has failed to repay three installments of
principal and two installments of interests on the loans from
promoter till September 2024.

Furthermore, because of delay in equity infusion by the parents,
networth fell to negative INR2,775 crore as on March 31, 2024
(CRISIL Ratings adjusted numbers), from INR364 crore as on March
31, 2013.

* Exposure to risks related to scaling up of operations and intense
competition in the forgings business: LTSSHF began commercial
operations in October 2012. Although the company has ramped up
operations over the years to achieve operational profitability, it
continues to be constrained by lack of scale resulting in limited
operating leverage. Post the Fukushima disaster, new large-scale
nuclear projects were either delayed or cancelled in India. The
commissioning of LTSSHF's capacity coincided with increases in
global capacities by large forging manufacturers. Revenue growth is
expected to improve over the medium term and will largely be linked
to investments in the nuclear, strategic and hydrocarbon
industries. Also, the company faces intense competition from global
players with better economies of scale.

Liquidity: Adequate

LTSSHF's liquidity remains adequate, backed by support from L&T.
The parent had funded the losses and interest obligation of LTSSHF
through unsecured short-term loans (Rs 2,096 crore as on March 31,
2024). The company does not have any external long-term debt.
Financial flexibility is further supported by unutilised fund based
lines of INR65 crore and minimally utilised non fund based limits
out of total sanctioned limits of INR183 crore.

Outlook: Stable

Outlook on the external debt facilities: Stable

CRISIL Ratings believes LTSSHF will continue to benefit from the
financial support from L&T over the medium term.

Rating sensitivity factors

Rating sensitivity factors on external debt facilities

Upward factors:

* Better operating performance, leading to profit after tax (PAT)
>0
* Further equity infusion by the parents leading to better
financial flexibility

Downward factors:

* Downward revision in the credit rating of the parent L&T by 1
notch or more.
* Change in the stance of support from the parent L&T
* Change in the name of the company from the present shared name of
L&T

Rating sensitivity factors on the NPCIL loan

Upward factors:

* Conversion of the loan to convertible preference shares as
proposed by the Board
* Track record of timely debt servicing for at least 90 days post
regularisation of overdues

LTSSHF was incorporated in July 2009 and became a 74:26 joint
venture between L&T and NPCIL in November 2009. The company has a
fully integrated manufacturing facility at Hazira, near Surat, in
Gujarat, for supply of heavy forgings mainly to the hydrocarbon and
nuclear power sectors. The first phase of the project that entailed
an investment of INR1,700 crore, with a press capability of 9,000
tonne per annum, commenced operations in October 2012. The second
phase has been put on hold by the company.


LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Constructions (SLC) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank       5.45      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2024, placed the rating(s) of SLC under the 'issuer
non-cooperating' category as SLC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SLC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 16, 2024,
December 26, 2024, January 5, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Sri Laxmi Constructions (SLC) was established in the year 2007 as a
Partnership firm. The firm has its registered office located at Old
Bowenpally, Hyderabad, and Telangana. SLC is engaged in
construction of bridges, canals and road works. The firm procuress
its work orders through online tenders from State government of
Telangana as well as undertakes sub contract works from other
private companies.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SLC to the 'issuer
not-cooperating' category vide press release dated April 17, 2024
on account of its inability to carryout review in the absence of
requisite information from the firm.


MANAV VIKAS: CRISIL Assigns D Rating to INR2cr Term Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-term
bank facility of Manav Vikas Evam Sewa Sansthan (MVESS).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               2        CRISIL D (Assigned)

The rating reflects delay of 16-17 days in meeting term loan
obligation in the month of December, 2024 and January, 2025 due to
stretched liquidity, modest scale of operations and vulnerability
to stringent regulations. These weaknesses are partially offset by
the longstanding track record of operations of MVESS.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing: MVESS has delayed repaying term loan by
16-17 days in the month of December, 2024 and January, 2025 due to
stretched liquidity.

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), Medical Council of India, All
India Council for Technical Education, Central Board of Secondary
Education, apart from universities, state governments etc. Each
body has detailed procedures to grant the permission for setting up
institutions and approvals need to be renewed every three or five
years. Non-compliance will result in cancellation of the
affiliation or license, leading to loss of reputation for the
college and revenue for the trust.

* Modest scale of operations: Being a not-for-profit society, the
main goal of MVESS is to promote educational services, vocational
training and spread health awareness, in alignment with schemes
floated by the centre and/or state governments. Hence, the scale of
operations remains modest, with operating income of INR15.81 crore
in fiscal 2024.

Strengths:

* Longstanding track record of operations: The Chairman and key
member of the trust have played an active role in shaping education
at various institutes. They manage the daily operations of the
trust and have implemented best practices gained from their
decade-long experience in education and other industries.

Liquidity: Poor

MVESS has delayed repaying term loan by 16-17 days in the month of
December, 2024 and January, 2025 due to stretched liquidity. Large
working capital requirement and stretched receivables will continue
to constrain liquidity over the medium term.

Rating sensitivity factors

Upward factors

* Timely servicing of debt and debt service coverage ratio of more
than 1
* Strong revenue growth along with moderate operating margin,
leading to higher net cash accrual
* Improvement in collection of receivables, aiding liquidity

The Lucknow (Uttar Pradesh)-based society operates as a
not-for-profit entity. Operations are managed by Mr Abhay Singh
(the chief executive officer). The society, which was set up in
1987, runs several educational, vocational and training institutes
under state and central government schemes for under-privileged
sections.


MEENESH IRRIGATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Meenesh Irrigation India Private Limited

        Registered Address:
        Plot No-209-C, Vidya Nagar,
        Industrial Area No. II,
        Mandideep, Bhopal, MP 462046, India
        
Insolvency Commencement Date: January 22, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: July 21, 2025

Insolvency professional: Amresh Shukla

Interim Resolution
Professional: Amresh Shukla
              F-05, Jaideep Complex 112, Zone-II
              M.P. Nagar, Bhopal 462011
              E-mail: insolvencyprofessionalsindia@gmail.com
                      cirp.meenesh@gmail.com

Last date for
submission of claims: February 5, 2025


METTU CHINNA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mettu
Chinna Mallareddy Godowns (MCMG) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of MCMG under the 'issuer
non-cooperating' category as MCMG had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MCMG continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 15, 2024,
December 25, 2024, January 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Andhra Pradesh based, Mettu Chinna Mallareddy Godowns (MCMG) was
established as a partnership firm in the year 2011 and promoted by
Mr. Ch. Venkata Krishna Rao and Mrs. Ch. Lakshmi. The firm is
engaged in providing ware house for lease rental purpose to Andhra
Pradesh State Warehousing Corporation. The property is built on
total land area of 18 acres comprising of nine godowns having
storage capacity for food crops like paddy around 45000 MT and each
godown having storage capacity of 5000MT.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of MCMG into
ISSUER NOT COOPERATING category vide press release dated May 22,
2024 on account of its inability to carry out a review in the
absence of requisite information from the firm.


NEELSON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Neelson
Ceramic Llp (NC) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         13.35        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.80        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Neelson Ceramic LLP (NC) is a Limited Liability Partnership and is
engaged in manufacturing of polished vitrified tiles with its plant
situated at Morbi, Gujarat. The firm was incorporated on 13th, May
2015. The firm is promoted by five partners i.e. Shri Kaleshbhai
Makasana, Shri Sanjaybhai Makasana, Shri Ghanshyambhai Pan, Smt.
Maheshwariben Makasana and Smt. Reenakumari Makasana. The promoters
were earlier involved in the ceramic industry through other
concerns namely Neha Ceramic and Nehani Tiles Private Limited
engaged in ceramic line of business located in Morbi.


OMNIWAY TECHNOLOGIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Omniway Technologies Private Limited
        Site No 677, 1st Floor,
        27th Main Road, 13th Cross Road,
        HSR Layout, Sector 1, Bangalore,
        Bengaluru, Karnataka, India, 560102

Liquidation Commencement Date: January 24, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sujit Balakrishnan Manazhy
            1-2, Aishwarya Sankul,
            17 G.A. Kulkarni Path,
            Opp. Joshi's Railway Museum,
            Kothrud, Pune - 411038
            Email id: rp.sujit@kanjcs.com
            Telephone No: 020-25466265/ 25461561

Last date for
submission of claims: February 23, 2025


P PADMA: CARE Keeps D Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P Padma
Rural Godowns (PPRG) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.79       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2024, placed the rating(s) of PPRG under the 'issuer
non-cooperating' category as PPRG had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PPRG continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 16, 2024,
December 26, 2024, January 5, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Andhra Pradesh based, P Padma Rural Godowns (PPRG) was established
as a proprietorship firm in the year 2013 and promoted by Mrs.
Padma Pachimatla. The firm is engaged in providing ware house on
lease rental to Telangana State Civil Supplies Corporation Limited
(TSCSCL), Food Corporation of India (FCI) and Cotton Corporation of
India (CCI). The property is built on total land area of 8 acres
and comprises of 8 godowns, with aggregate storage capacity of
around 23000MT, for food crops like rice, wheat, cotton etc
respectively.

Status of non-cooperation with previous CRA: India Ratings has
continued the ratings assigned to the bank facilities of PPRG to
the 'issuer not-cooperating' category vide press release dated
December 13, 2024 on account of its inability to carryout review in
the absence of best available information from the firm.

POOJA SOYA: Liquidation Process Case Summary
--------------------------------------------
Debtor: Pooja Soya Industries Private Limited
        201, Bansi Plaza 581 M.G. Road,
        Indore, Madhya Pradesh, India 452001

Liquidation Commencement Date: January 22, 2025

Court: National Company Law Tribunal, Indore Bench

Liquidator: Amit Chopra
            BCP Jain And Co.
            E-2/33 Arera Colony,
            Bhopal, Madhya Pradesh, 462016
            E-mail: amit.chopra.ca@gmail.com
            E-mail: cirp.psipl@gmail.com

Last date for
submission of claims: February 21, 2025


PRIME AUTOS: ICRA Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Prime Autos
(PA) in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          5.90        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-         0.10        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2016, Prime Autos (PA) is a partnership firm
involved in the exclusive dealership of Bajaj Auto Limited for its
three-wheeler segment in the Chitradurga district of Karnataka. The
firm is also venturing as a stockist for Tractors and Farm
Equipment Limited for North Karnataka region. The partners, Mr. K.
Zabiula and Mr. K. Chamansab, have experience in the automobile
industry via their association with Sara and Co., which is the
stockist for International Tractors Limited (Sonalika).

In FY2019, the company reported a net profit of INR0.1 crore on an
operating income of INR13.1 crore compared to a net profit of
INR0.0 crore on an operating income of INR5.1 crore in FY2018.

R.S. TRUST: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R.S. Trust's (RST)
bank facilities as follows:

-- INR8.75 mil. Bank loan* is withdrawn;

-- INR18.76 mil. Proposed bank loans affirmed with IND BB+/Stable

     rating; and

-- INR130 mil. Fund-based working capital limit affirmed with IND

     BB+/Stable rating.

*Ind-Ra is no longer required to maintain the rating of the bank
loan, as it has been paid in full and the agency has received a
no-dues certificate from the lender. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Analytical Approach

Ind-Ra continues to take a standalone view of RST while arriving at
the ratings. RST is part of Vel Group which comprises two other
trusts working in the field of education, Vel Tech Rangarajan Dr.
Sagunthala R&D Institute of Science and Technology Trust (debt
rated at 'IND BBB'/Positive) and Vel Trust (1997)(debt rated at
'IND BB+'/Stable).

Detailed Rationale of the Rating Action

The rating reflects RST's small scale of operations. However, the
rating is supported by RST's healthy-and-improving EBITDA margin
and credit metrics. Moreover, the college is already running at 91%
of their capacity; thus, Ind-Ra expects the margins to remain
stable in FY25.  

Detailed Description of Key Rating Drivers

Moderate Revenue: The revenue grew 15.6% yoy to INR357.03 million
in FY24, driven by tuition fee income. Tuition fee income remains
the key source of revenue, which accounted for 98% of the total
income in FY24 and FY23. Ind-Ra expects the revenue to grow
moderately in the near term owing to the likely moderate growth in
student headcount.

Competitive Intensity; Regulatory Risks: RST faces competition from
several other universities/institutes offering similar courses in
and around Tamil Nadu. The education sector in India is highly
regulated and RST's operations may be impacted in case of any
adverse regulatory changes in the central/state government policies
and regulations. The key courses offered by the university are
engineering and arts. Any regulatory action causing a downward
revision in the fees charged for such courses could affect RST's
revenue.

Growing Headcount:  Ind-Ra expects RST's student headcount to
increase further in the near term, owing to increased enrolments
for college and school. RST's student headcount grew to 4,122 in
FY25 (FY24: 3,639; FY23: 3,479). RST reported continuous growth in
the student headcount over FY20-FY25. The capacity utilization
remained high at 91% in FY24 (FY23: 90%).

Healthy-and-improving EBITDA Margins: The margins increased to
26.53% in FY24 (FY23: 26.10%), due to the improvement in headcount.
RST's EBITDA margins ranged between 15.30% - 26.53% during
FY20-FY24. Ind-Ra believes the society's profitability will remain
stable in the medium term, as revenue growth is likely to be
commensurate with a rise in the operating expenditure. The absolute
EBITDA came in at INR94.71 million in FY24 (FY23: INR80.61
million).

Comfortable Credit Metrics: Ind-Ra expects the trust's credit
metrics to remain comfortable over the medium term. The RST's net
leverage (net debt/EBITDA), which had remained below 1.44x during
FY21-FY24, increased to 0.81x in FY24 (FY23: 0.67x). RST plans to
incur capex of INR25 million during FY26-FY27 for the construction
of a college building and hostel. The capex will be funded through
a mix of debt and internal accruals. The society's coverage metrics
remained comfortable during FY20-FY24, while the debt service
coverage ratio improved to 8.48x in FY24 (FY23: 6.54x) and the
interest service coverage improved to 50.48x (26.64x).

Liquidity

Adequate: Ind-Ra expects RST's liquidity to remain adequate in the
near to medium term. The company plans to undertake the
construction of a school building and hostel in the next two-five
years. Ind-Ra however believes that there would be limited
dependence on fresh debt. The cash flow from operations remained
stable at INR71.84 million in FY24 (FY23: INR72.73 million) owing
to almost the same level of business operations. The unencumbered
cash and bank balance stood at INR41.11 million in FY24 (FY23: INR
47.38 million). The total debt increased to INR117.87 million as on
31 March 2024 (FY23: INR101.14 million). Out of the total debt at
end-FY24, the debt from schedule commercial banks reduced to
INR9.15 million in FY24 (FY23: INR14.43 million) and the remaining
debt of INR108.73 million (INR86.71 million) was from related
parties which did not bear any interest and specific repayment
schedule. RST may repay unsecured debt from related parties as per
their requirements.  

The collection period reduced to 105 days in FY24 (FY23: 126 days)
and account payable days to 3 days (15 days).  The repayment
obligations for the term loans were met through internal accrual.
Furthermore, the debt service will be around INR9.62 million and
INR10.90 million during FY25 and FY26, respectively, which Ind-Ra
expects to service comfortably from its EBITDA. The average
utilization of the sanctioned working capital limits stood at 0.06%
for the 12 months ended December 2024.

Rating Sensitivities

Negative: Inability to maintain the EBITDA margin at the current
levels, leading to deterioration in the debt and coverage metrics
and stress on the liquidity position on a sustained basis will be
negative for the ratings.

Positive: Sizeable growth in the student base leading to higher
revenue and EBITDA exceeding INR250 million coupled with
comfortable liquidity on a sustained basis could lead to a positive
rating action.

About the Company

Established in 1998, RST is promoted by R Rangarajan (founder and
chairman) who is also the founder of the Vel Group. The trust runs
two colleges offering under-graduate and post-graduate courses in
engineering and paramedical. The trust also operates a
matriculation school, which offers KG to 12th standard education.
RST is a part of the Vel group, which also manages Vel Trust (1997)
and Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and
Technology Trust.

RAJASTHAN STATE: Ind-Ra Cuts Bank Loan Rating to BB
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rajasthan State
Road Development and Construction Corporation Limited's (RSRDC)
bank facilities to 'IND BB/Negative (ISSUER NOT COOPERATING)' from
'IND A-/Stable (ISSUER NOT COOPERATING)'. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency through emails and phone
calls. Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

The detailed rating actions are:

-- INR30,403.7 bil. Term loans due on December 30, 2036
     downgraded with IND BB/Negative (ISSUER NOT COOPERATING)
     rating; and

-- INR1,000.0 bil. Proposed working capital limits downgraded
     with IND BB/Negative (ISSUER NOT COOPERATING/IND A4+/ (ISSUER

     NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RSRDC while reviewing the
ratings. Ind-Ra had consistently followed up with RSRDC over emails
starting from February 9, 2024, apart from phone calls. Also, the
issuer has not submitted the monthly no default statements for
January 2025.

Limitations regarding Information Availability

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

About the Company

RSRDC is a state government entity registered under the Companies
Act, 1956 and is fully owned by the government of Rajasthan.

RAMAYANI CREATIONS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramayani
Creations (RC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 18,
2024, placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 3, 2024, December 13,
2024 and December 23, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Bhiwadi-based, (Rajasthan) RC was established as a partnership firm
in 2015, by Mr Jitender Bansal, Mr Sanjeev Jindal, Mr Vipin Mehta
and Mr Sunil Gupta with equal profit loss sharing ratio. RC was
established with an objective to manufacture readymade garments for
ladies. The firm is setting up a manufacturing unit at Bhiwadi,
Rajasthan. The commercial operations are expected to commence from
June, 2015.

SECUREVALUE INDIA: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings of
Securevalue India Limited's (SVIL) bank facilities to 'IND D' from
'IND A'/Stable/'IND A1'.

The instrument-wise rating actions are:

-- INR700 mil. Fund-based working capital limit (Long-term /
     short-term) downgraded with IND D rating; and

-- INR 1.290 bil. Term loans (Long-term) due on March 331, 2028
     downgraded with IND D rating.

Analytical Approach

Ind-Ra has taken a full consolidated view of SVIL, its 100% parent,
AGS Transact Technologies Limited (AGS Transact; debt rated at 'IND
A'/Stable) and its group companies, together referred to as AGS
Transact group given the strong operational and strategic linkages
among them.

Detailed Rationale of the Rating Action

The downgrade reflects SVIL's delay in debt servicing on a bill
discounting facility and term loan in the past two months, as
confirmed and informed by the lenders to Ind-Ra on January 30,
2025. This is consistent with Ind-Ra's Default Recognition and
Post-Default Curing Period Policy. SVIL has submitted no-default
statement, stating timely debt servicing, until November 2024.

Detailed Description of Key Rating Drivers

Delay in Debt Servicing: The downgrade reflects SVIL's delay in
repayment of bill discounting facility by more than 30 days and
delay in term loan interest and principal payment by one day in the
past two months, as confirmed and informed by the lenders to Ind-Ra
on January 30, 2025. This is consistent with Ind-Ra's Default
Recognition and Post-Default Curing Period Policy.

Liquidity

Poor: SVIL's liquidity position is poor, as reflected by the
inability to service debt on a timely basis.  As stated by the
management, the company intends to aid liquidity by an improvement
in collections cycle and fund infusion by the ultimate promoters.

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

About the Company

SVIL, a wholly owned subsidiary of AGS, provides cash management
services, including cash pick-up, cash-in-transit, cash vaulting
and cash processing, for ATMs managed by the parent and other
operators.

SHREE SAI OTO: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Shree Sai Oto Tubes Mill Limited
        104/A, Jagannath Apartment,
        Rokadia Lane, Borivali West,
        Mumbai, Maharashtra, India, 400092

Liquidation Commencement Date: January 8, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ritesh R Mahajan
            B- 203 Devgiri,
            Ganeshmala, Sinhagad Road,
            Pune - 411030, Maharastra
            Email: riteshmahajancs@gmail.com
            Email: shreesailiq@riteshmahajan.in

Last date for
submission of claims: February 7, 2025


SMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SMT
Machines (INDIA) Limited (SML) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of SML under the 'issuer
non-cooperating' category as SML had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SML continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 15, 2024,
December 25, 2024 and January 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

The entity, an ISO 9001:2008 certified company, was incorporated in
June, 1992 as a private limited company by the name of Aman
Multilateral Private Limited, however, in December, 1994, the
constitution and name was changed to SMT Machines (India) Limited
(SML). The company is currently being managed by Mr. Surinder Kumar
Mittal and Mr. Raman Mittal. SML is engaged in manufacturing of
capital goods like shearing machines, conveyors, straightening
machines, mill stands, gear boxes, cooling bed, etc. which find
their application in steel and iron rolling mills at its
manufacturing plant located in Mandi Gobindgarh, Punjab.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SML under Issuer Not
Cooperating category vide press release dated September 16, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

SOFTWARE A G KOCHI: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Software A G Kochi Private Limited
        No. 1260, 14th Floor,
        B Wing Mittal Tower,
        M G Road, Bangalore - 560001
        Karnataka, India

Liquidation Commencement Date: January 22, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Thirupal Gorige
            No. 87, 2nd Floor, 21st Cross,
            7th Main, N.S. Palya, BTM 2nd Stage
            Bangalore - 560076, Karnataka, India
            Cell: +91 94483 84064
            Tel: +91 80 7963 4233
            Email: gthirupal@gmail.com

Last date for
submission of claims: February 21, 2025


TAMIL NADU: ICRA Moves D Debt Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Tamil Nadu
Dindigul Karur Expressways Limited (TNDK) to the 'Issuer Not
Cooperating' category on account of inadequate information
regarding its performance and uncertainty regarding its credit
risk. The rating is denoted as '[ICRA]D; ISSUER NOT COOEPRATING'.
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
'policy in respect of non-cooperation by a rated
entity' available at www.icraindia.com. Lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using the rating as it may not adequately reflects
the entity's credit risk profile.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        65.11       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating moved to 'Issuer Not      
   Term Loan                     Cooperating' category

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

TNDK is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL) and SREI Infrastructure Finance. It was formed
to strengthen and widen the existing 68-km long stretch between
Karur and Dindigul on NH-7. The project scope includes improvement,
operations, and management of the existing four-lane stretches in
the adjacent section from Karur Bypass (chainage 292.600 km) to the
end of Karur Bypass (chainage 305.600 km) covering a total length
of 9.60 km. The project has been awarded by the National Highway
Authority of India (NHAI) on a BOT (toll) basis, with a concession
period of 20 years starting from October 2006. The project was
initially delayed by about seven months, with the actual commercial
operations date (COD) declared in November 2009 instead of April
2009. This highway forms the major arterial route that serves a
significant volume of passenger traffic traveling to various
important cities like Madurai, Kanyakumari, Rameswaram, Coimbatore
and Kodaikanal. This route is also a part of the feeder to the
Tuticorin Port for the Bangalore-side traffic.


TERRACOTTA SOFTWARE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Terracotta Software India Private Limited
        No. 1250, 14th Floor, Mittal Tower. M G Road,
        Bangalore - 560001, Karnataka, India

Liquidation Commencement Date: January 22, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Thirupal Gorige
            No. 87, 2nd Floor, 21st Cross,
            7th Main, N.S. Palya, BTM 2nd Stage
            Bangalore - 560076, Karnataka, India
            Cell: +91 94483 84064
            Tel: +91 80 7963 4233
            Email: gthirupal@gmail.com

Last date for
submission of claims: February 21, 2025


TIRUMALA SEVEN: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research has taken the following rating actions
on Tirumala Seven Hills Pvt Ltd (TSHPL) debt:

-- INR10 mil. Derivative instruments assigned with IND A4+
     rating;

-- INR150 mil. (reduced from INR200 mil.) Fund-based working
     capital limit affirmed with IND BB-/Stable/IND A4+ rating;

-- INR170 mil. Non-fund-based working capital limit affirmed with

     IND A4+ rating; and

-- INR9.60 mil. Term loan due on August 31, 2024 is withdrawn.

*Ind-Ra has withdrawn the rating as the debt has been paid in
full.

Detailed Rationale of the Rating Action

The affirmation reflects Ind-Ra's expectation of a significant
decline in the company's already small scale of operation in FY25.
The rating continues to be constraint by TSHPL's modest EBITDA
margin as well as credit metrics in FY24. However, the ratings are
supported by promoter's more than three decades of experience.

Detailed Description of Key Rating Drivers

Small Scale of Operation; Likely to Deteriorate: The rating
reflects TSHPL's small scale of operation even as its revenue
increased to INR797.89 million in FY24 (FY23: INR576.02 million)
and EBITDA turned positive at INR22.42 million (negative INR26.15
million). In FY24, the revenue improved due to the increased demand
for telecommunication equipment. Till 31 December 2024, TSHPL has
already generated a revenue of INR420 million and had an order book
of INR136 million in hand, which is likely to be executed by March
2025. In FY25, Ind-Ra expects the revenue to decline significantly
year-on-year due to a delay in the supply of telecommunication
equipment from its suppliers.

Continued Modest EBITDA Margin: The rating also factor in TSHPL's
modest EBITDA of 2.81% in FY24 (FY23: negative 4.54%) with a return
on capital employed of 5.4% (negative 7.5%). In FY24, the EBITDA
margin turned positive on account of a reduction in the cost of
goods sold. In FY25, Ind-Ra expects EBITDA margin to remain at
similar levels due to the trading nature of business.

Continued Modest Credit Metrics:  TSHPL's interest coverage
(operating EBITDA/gross interest expenses) was 1.69x in FY24 (FY23:
negative 1.79x) and its net leverage (adjusted net debt/operating
EBITDAR) was 3.15x (negative 3.13x). In FY24, the credit metrics
improved due to an increase in the overall EBITDA increase coupled
with the repayment of a debt of INR1.1 million. In FY25, Ind-Ra
expects a further improvement in the credit metrics on account of
the schedule debt repayment coupled the absence of a debt-led capex
plan.

Promoter's Experience:  The ratings are supported by the promoters'
experience of nearly three decades in the telecom sector leading to
established relationships with customers and suppliers.

Liquidity

Stretched: The net working capital cycle remained elongated despite
shortening to 131 days in FY24 (FY23: 175 days), mainly on account
of a fall in the debtor days to 129 (148) and inventory days to 88
(94). TSHPL's average maximum utilization of the fund-based limits
was 69.81% and that of its non-fund-based limits was 31.78% during
the 12 months ended December 2024. The cash flow from operations
declined to INR11.70 million in FY24 (FY23: INR14.09 million) due
to unfavorable changes in the working capital. Furthermore, the
free cash flow stood at INR9.90 million in FY24 (FY23: INR11.03
million). TSHPL has debt repayment obligations of INR0.4 million in
FY25 with no repayment due in FY26. The cash and cash equivalents
stood at INR67.97 million at FYE24 (FYE23: INR71.56 million).
Furthermore, TSHPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: Any decline in the scale of operation, leading to
deterioration in the credit metrics, or deterioration in the
liquidity position, all on a sustained basis, will be negative for
the rating.

Positive: A substantial increase in the scale of operation, leading
to an improvement in the credit metrics with the gross interest
coverage exceeding 1.7x, and with an improvement in the liquidity,
all on a sustained basis, will be positive for the rating.

About the Company

Established in 1990, TSHPL trades in telecommunication equipment
and provides services including installation and maintenance of the
equipment. TSHPL is based is Kolkata. It serves private sector
telecom companies in India. The company imports telecommunication
equipment from China and European countries.

TRANS VIRTUAL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Trans Virtual Private
Limited's (TVPL) bank facilities as follows:

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

-- INR200 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating;

-- INR50 mil. Proposed fund-based working capital limit assigned
     with IND BB+/Stable/IND A4+ rating; and

-- INR50 mil. Proposed non-fund-based working capital limit  
     assigned with IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect TVPL's small scale of operations, stretched
liquidity, comfortable credit metrics and healthy EBITDA margins in
FY24. In the medium term, Ind-Ra expects the scale of operations to
remain small despite a likely rise in the revenue yoy. However, the
EBITDA margin is likely to remain at 10%-12% with the comfortable
credit metrics. The ratings remain supported by the promoters'
extensive experience.

Detailed Description of Key Rating Drivers

Small Scale of Operations: TVPL's revenue decreased to INR552.93
million in FY24 (FY23: INR706.26 million), as the company was
unable to receive a new tender against any major contracts due to a
delay in tender processing. However, EBITDA increased to INR112.91
million in FY24 (FY23: INR53.77 million), due to the execution of
higher margin orders. As of 7HFY25, TVPL booked revenue of
INR318.07 million. It had an order book of INR2,002.74 million at
end-December2024, to be executed by June 2029. In the medium term,
Ind-Ra expects the revenue to improve yoy due to the orders in
hand. However, the scale of operations will remain small.  

Stretched Liquidity: TVPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. TVPL's working capital cycle was elongated at 108
days in FY24 (FY23: 48 days), mainly on account of a decrease in
the creditors to 104 (187).

Tender-based Operations; Intense Competition: Given intense
competition, the revenue and profitability of entities in this
segment entirely depend on the ability to win tenders. Thus,
companies have to bid aggressively to obtain contracts, which
restricts the operating margin to moderate levels.

Healthy EBITDA Margins: TVPL's EBITDA margins stood at 20.42% in
FY24 (FY23: 7.61%), due to cost-saving measures as TVPL received a
new tender of artificial intelligence-based solutions and it has
in-house capabilities for executing the tender. The return on
capital employed was 40.1% in FY24 (FY23: 27.7%). Ind-Ra expects
the EBITDA margins to be range bound at 10%-12% in the medium term.


Comfortable Credit Metrics: TVPL's gross interest coverage
(operating EBITDA/gross interest expenses) stood at 4.41x in FY24
(FY23: 5.80x) and the net leverage (adjusted net debt/operating
EBITDAR) stood at 0.21x (negative 0.07x), due to the increase in
the EBITDA. In the medium term, the credit metrics are likely to
improve due to the absence of any capex plans.  

Experienced Promoters: The ratings are supported by the promoters'
experience of over two decades in the telecom industry, leading to
established relationships with its customers and suppliers.

Liquidity

Stretched: TVPL's average maximum utilization of its fund-based
limits was 51.98% and the non-fund-based limits was 96.17% during
the 12 months ended December 2024. The cash flow from operations
turned positive at INR39.19 million in FY24 (FY23: negative INR1.48
million), due to a favorable change in the company's working
capital requirement. The free cash flow stood at INR20.26 million
in FY24 (FY23: negative INR1.66 million). The cash and cash
equivalents stood at INR87.63 million at FYE24 (FYE23: INR57.80
million). The company has repayment obligations of INR12.3 million
in FY25 and INR12.3 million in FY26.

Rating Sensitivities

Negative: Significant deterioration in the scale of operations,
leading to deterioration in the liquidity profile and the credit
metrics, will be negative for the ratings.  

Positive: A revenue visibility of 2x along with an improvement in
the scale of operations while maintaining the credit metrics and an
improvement in the liquidity profile, on a sustained basis, will be
positive for the ratings.

About the Company

Guwahati, Assam-based TVPL was established in 2002 and offers IT
consulting, IT services and telecom services to and a wide array of
solutions and services to key verticals.

VEL TRUST: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vel Trust (1997)'s
(VT) bank facility rating as follows:

-- INR49.65 mil. Proposed bank loan affirmed with IND BB+/Stable
     rating;

-- INR120 mil. Fund-based working capital limit affirmed with IND

     BB+/Stable rating; and

-- INR11.28 mil. Bank loan* is withdrawn.

*Ind-Ra is no longer required to maintain the rating of the bank
loan, as it has been paid in full and the agency has received a
no-dues certificate from the lender. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Analytical Approach

Ind-Ra continues to take a standalone view of VT while arriving at
the rating. VT is part of Vel Group which comprises two other
trusts working in the field of education, Vel Tech Rangarajan Dr.
Sagunthala R&D Institute of Science and Technology Trust (debt
rated at 'IND BBB'/Positive) and R.S. Trust (debt rated at 'IND
BB+'/Stable).

Detailed Rationale of the Rating Action

The ratings reflect VT's small scale of operations. However, rating
is supported by the trust's healthy-and-improving EBITDA margin and
credit metrics. Moreover, the college is already running at 91% of
their capacity; thus, Ind-Ra expects the margins to remain stable
in FY25.  

Detailed Description of Key Rating Drivers

Moderate Revenue: The revenue grew 12.2% yoy to INR387.23 million
in FY24, driven by tuition fee income. Tuition fee income remains
the key source of revenue, which accounted for 98% of the total
income in FY24 and FY23. Ind-Ra expects the revenue to grow
moderately in the near term, owing to the likely moderate growth in
student headcount.

Competitive Intensity; Regulatory Risks: VT faces competition from
several other universities/institutes offering similar courses in
and around Tamil Nadu. The education sector in India is highly
regulated and VT's operations may be impacted in case of any
adverse regulatory changes in the central/state government policies
and regulations. The key courses offered by the university are
engineering and arts. Any regulatory action causing a downward
revision in the fees charged for such courses could affect VT's
revenue.

Growing Headcount:  Ind-Ra expects VT's student headcount to
increase further in the near term, owing to an increasing demand
for engineering courses. The student headcount grew to 4,432 in
FY25 (FY24: 4,274; FY23: 4,185). VT reported continuous growth in
the student headcount over FY20-FY25. The capacity utilization
remained high at 91% in FY24 (FY23: 90%).

Healthy-and-improving EBITDA: VT's EBITDA margins increased to
36.47% in FY24 (FY23: 35.92%), due to the improvement in headcount,
and ranged between 23.58% - 53.61% during FY20-FY24. Ind-Ra
believes the society's profitability will remain stable at FY25
levels in the medium term, as revenue growth is likely to be
commensurate with a rise in the operating expenditure. The absolute
EBITDA came in at INR141.20 million in FY24 (FY23: INR123.97
million).

Comfortable Credit Metrics: Ind-Ra expects the trust's credit
metrics to remain comfortable over the medium term. VT's gross
leverage (gross debt/EBITDA), which had remained below 1.87x during
FY21-FY24, reduced to 0.15x in FY24 (FY23: 1.43x). VT plans to
incur capex of INR50 million during FY26-FY27 for the construction
of a college building and hostel. The capex will be funded through
a mix of debt and internal accruals. The society's coverage metrics
remained comfortable during FY20-FY24. The debt service coverage
remaining rose to 4.28x in FY24 (FY23: 3.57x) and the interest
service coverage improved to 59.91x (30.60x).

Liquidity

Adequate: Ind-Ra expects VT's liquidity to remain adequate in the
near to medium term. VT plans to undertake construction of a
college building and hostel in the next two-five years. Ind-Ra
however believes that there would be limited dependence on debt.
The cash flow from operations dipped to INR1.59 million in FY24
(FY23: INR227.40 million) owing to nil utilization of working
capital lines and a reduction in creditors. The unencumbered cash
and bank balance stood at INR132.68 million in FY24 (FY23:
INR221.02 million) and the total debt reduced to INR20.75 million
(INR70.40 million). Out of total debt at end-FY24, the debt from
schedule commercial bank reduced to INR10.31 million (FY23:
INR18.93 million) and the remaining debt of INR10.44 million
(INR51.47 million) was from related parties which did not bear any
interest and specific repayment schedule. VT may repay unsecured
debt to related parties as per the requirements from related
parties.  

The collection period reduced to 50 days in FY24 (FY23: 70 days),
and account payable days fell to 2 days (10 days).  The repayment
obligations for the term loans were met through internal accruals.
Furthermore, the debt service will be around INR11.60 million and
INR14.02 million during FY25 and FY26, respectively, which Ind-Ra
expects to service comfortably from its EBITDA. The average
utilization of the sanctioned working capital limits stood at 0.02%
for the 12 months ended December 2024.

Rating Sensitivities

Negative: Inability to maintain the EBITDA margin at current
levels, leading to deterioration in the debt and coverage metrics
and stress on the liquidity position will be negative for the
ratings.

Positive: Sizeable growth in the student headcount, leading to
higher revenue, and the EBITDA exceeding INR250 million coupled
with a comfortable liquidity, on a sustained basis, could lead to a
positive rating action.

About the Company

Established in 1997, VT is promoted by its Founder and Chairman Dr.
R Rangarajan, who is also the founder of Vel Group. The group also
manages two more trusts: R.S. Trust and Vel Tech Rangarajan Dr.
Sagunthala R&D Institute of Science and Technology Trust. The trust
comprises two educational institutions: Vel Tech Multi Tech Dr.
Rangarajan Dr. Sagunthala Engineering College, and Vel Tech Ranga
Sanku Arts College, offering under-graduate and post-graduate
courses in engineering and arts and science, respectively, since
1998.

YENOMRAH SECURITIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Yenomrah Securities Private Limited
        103 Dom Ann Villa,
        Opp Rajpuria Hall, N.P. Thakker Rd.,
        Vile Parle (East), Mumbai - 400 057

Liquidation Commencement Date: January 24, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Purnima Shetty
            DX-6, Om Woods, Plot No.144,
            Nr. Dmart, Sector 21, Nerul East,
            Navi Mumbai 400706
            Email: pcspurnima@gmail.com
            Tel. No. +91-9920100695

Last date for
submission of claims: February 23, 2025




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

AETHER PACIFIC: Creditors' Proofs of Debt Due on March 11
---------------------------------------------------------
Creditors of Aether Pacific Pharmaceuticals Limited are required to
file their proofs of debt by March 11, 2025, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


BLAKEMAN EARTHWORKS: Khov Jones Appointed as Receivers
------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Feb. 7, 2025, were
appointed as receivers and managers of Blakeman Earthworks Limited,
Dylan Blakeman, Selena Robinson and The Blakeman Family Trust.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


C & S CONCRETE: Court to Hear Wind-Up Petition on March 28
----------------------------------------------------------
A petition to wind up the operations of C & S Concrete Limited will
be heard before the High Court at New Plymouth on March 28, 2025,
at 2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 3, 2024.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


CAFE MIDNIGHT: Auckland Restaurant Closes After 35 Years
--------------------------------------------------------
Stuff.co.nz reports that Auckland restaurant Cafe Midnight Express
has announced it is closing its doors after 35 years, blaming the
decision on the construction of the City Rail Link (CRL).

In a message posted on the restaurant's door, the Turkish eatery
said the business was "no longer viable" due to rent increases and
continued roadworks. The message went on to say "another business
destroyed by CRL," the construction of which began in 2016, Stuff
relays.

Cafe Midnight Express first opened in 1989 and specialised in
Mediterranean and Turkish cuisine.

According to Stuff, the Victoria Street West restaurant sat
directly opposite the construction site of the new Te Waihorotiu
station.

The entrance of the 300 metre-long station backs onto the street
and is being primed as the catalyst to help regenerate the Midtown
area of the CBD.

Stuff says construction of the CRL has impacted businesses in the
area over the last nine years, so much so that in 2021, a hardship
fund of NZD12 million was set up for those affected by the
disruption.

At the time, then Auckland mayor Phil Goff said the fund was needed
to alleviate "genuine hardship" to businesses.

In 2024, Shobhana Ranchhodji, who owns the nearby Roma Blooms
Florist on the corner of Albert and Victoria Street West, told
Stuff she never envisaged the CRL construction would be so
disruptive.

"For the last eight years it's been your worst nightmare," Stuff
quotes Ms. Ranchhodji said, notes the report.

"We had no idea of what to expect and no one giving us
[information] of what it would be like to do business in this
area," she said. "We were left on a construction site to do
business as usual."


LORD LOGGING: Court to Hear Wind-Up Petition on March 13
--------------------------------------------------------
A petition to wind up the operations of Lord Logging Limited will
be heard before the High Court at Napier on March 13, 2025, at 2:15
p.m.

New Zealand Transport Agency filed the petition against the company
on Nov. 4, 2024.

The Petitioner's solicitor is:

          Michael David Arthur
          Chapman Tripp
          Level 34 PwC Tower
          15 Customs Street West
          Auckland


ORBITINA LIMITED: Creditors' Proofs of Debt Due on March 15
-----------------------------------------------------------
Creditors of Orbitina Limited are required to file their proofs of
debt by March 15, 2025, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27
          Nelson 7040





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

ANONYMOUSTECH PTE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Jan. 31, 2025, to
wind up the operations of Anonymoustech Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


BARRAMUNDI GROUP: Asks Three-Month Extension on Moratorium Order
----------------------------------------------------------------
TipRanks reports that Barramundi Group Ltd. has applied to the High
Court of Singapore for a three-month extension of a Moratorium
Order as part of its ongoing restructuring process. The interim
extension has been granted until the hearing on Feb. 19, 2025,
signaling a continued effort to stabilize the company's financial
situation.

Barramundi Group Ltd. is a Singapore-based company that is engaged
in commercial farming, distribution, and sale of sea water
barramundi. The Company operates ocean sites in Australia,
Singapore, and Brunei. Its operation spans the entire value chain,
from genetics and fish health to farming, product innovation and
distribution. The Company sells its barramundi under the premium
brands Kuhlbarra, Fassler, Cone Bay Ocean Barramundi, and St.
John's SeaBass.  


COMPAREXPRESS PTE: Commences Wind-Up Proceedings
------------------------------------------------
Members of Comparexpress Pte. Ltd. on Jan. 28, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Dr. Knut Unger
          Luther LLP
          4 Battery Road
          #25-01 Bank of China Building
          049908 Singapore


SANWA PARTS: Creditors' Proofs of Debt Due on March 7
-----------------------------------------------------
Creditors of Sanwa Parts (Singapore) Pte. Ltd. are required to file
their proofs of debt by March 7, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 3, 2025.

The company's liquidators are:

          Mr. Yamashika Masao
          Mr. Yiong Kok Kong
          Avic DKKY
          180 Cecil Street, #12-04
          Singapore 069546


SYNTHESIS METAL: Commences Wind-Up Proceedings
----------------------------------------------
Members of Synthesis Metal Industries Pte. Ltd. on Jan. 31, 2025,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Seah Chee Wei
          Rock Stevenson
          8 Burn Road Trivex #16-12
          Singapore 369977


TNP FITNESS: Court to Hear Wind-Up Petition on Feb. 28
------------------------------------------------------
A petition to wind up the operations of TNP Fitness Pte. Ltd. will
be heard before the High Court of Singapore on Feb. 28, 2025, at
10:00 a.m.

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

The Petitioner's solicitors are:

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



                           *********


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.

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