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

                     A S I A   P A C I F I C

          Monday, February 17, 2025, Vol. 28, No. 34

                           Headlines



A U S T R A L I A

ACB GROUP: Enters Voluntary Liquidation
ACCLAIM CONTRACTORS: First Creditors' Meeting Set for Feb. 21
ALL ARE WELCOME: First Creditors' Meeting Set for Feb. 21
ASCENTIA HOLDINGS: First Creditors' Meeting Set for Feb. 20
BLACK LABEL: Second Creditors' Meeting Set for Feb. 21

GENETIC TECHNOLOGIES: Considers DOCA Amid Voluntary Administration
MSBS PROPERTY: First Creditors' Meeting Set for Feb. 20
TEN SIXTY: Exits External Administration
YOUR DIGITAL: May Have Been Trading Insolvent, Liquidator Says
[] Fitch Affirms Six BBsf Ratings in 4 Latitude Credit Card Trust



C H I N A

CHINA VANKE: China Mulls $6.8BB Funding to Help Company Repay Debt
CHINA VANKE: Moody's Lowers CFR to Caa1, Outlook Remains Negative
MERCURITY FINTECH: Issues $3.5 Million Convertible Note Due 2026


H O N G   K O N G

JKL DIGITAL: Cork Gully & CPP Appointed as Liquidators
NEW WORLD: Picks Trio for Loan to Refinance HK$58.1BB of Debt


I N D I A

GIRIN DEKA: CRISIL Keeps C Debt Rating in Not Cooperating
HARJIT SINGH: CRISIL Keeps C Debt Ratings in Not Cooperating
IDASA INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
IMMENSE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating

J. KHETSIDAS MACHINE: Insolvency Resolution Process Case Summary
JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
JENAM ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
JIYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
JOYS STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating

K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
KANIKA FURNITURE: CRISIL Keeps D Debt Ratings in Not Cooperating
KARTHIKEYA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
KEROS STONE: CRISIL Keeps D Debt Ratings in Not Cooperating
KIMIYA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating

KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating
KREYA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
MITTAPALLI AGRO EXPORTS: CRISIL Cuts Rating on LT/ST Loans to D
MITTAPALLI AGRO: CRISIL Cuts Rating on Long/Short Term Loans to D
MITTAPALLY AGRO PRODUCTS: CRISIL Cuts Rating on LT/ST Loans to D

NUTEC BICKLEY: Voluntary Liquidation Process Case Summary
PHARMASPECTRA INFORMATICS: Voluntary Liquidation Case Summary
SARVESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SHALAKS PHARMACEUTICALS: Voluntary Liquidation Case Summary
THRIMATHY CONTRACTING: CRISIL Keeps D Ratings in Not Cooperating

TOKAI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
TOUGH BAGS: CRISIL Keeps D Debt Ratings in Not Cooperating
TREEGUN FINANCE: Voluntary Liquidation Process Case Summary
VIN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating

VISHAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNU VIDYUTH: CRISIL Keeps D Debt Ratings in Not Cooperating
VOVL LIMITED: Liquidation Process Case Summary


I N D O N E S I A

BUMI SERPONG: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable


N E W   Z E A L A N D

F&F PRODUCE: Khov Jones Appointed as Receivers
FOUNDWORKS BUILDING: Reynolds & Associates Appointed as Liquidator
GOLDIES GLASS: Creditors' Proofs of Debt Due on March 4
MARK FIELDEN: Baker Tilly Appointed as Receivers
ROSIE O'GRADY'S: Napier Irish Pub Announces Voluntary Liquidation

TEXTILE BONDING: Creditors' Proofs of Debt Due on March 10


S I N G A P O R E

HITACHI INFRASTRUCTURE: Creditors' Proofs of Debt Due on March 13
NANYANG ADVERTISING: Court to Hear Wind-Up Petition on Feb. 28
S.H. MANAGEMENT: Court Enters Wind-Up Order
SINEWY SHIPPING: Court to Hear Wind-Up Petition on Feb. 21
VIVAZ GROUP: Court to Hear Wind-Up Petition on March 7



S R I   L A N K A

SRI LANKA: New President Presents First Budget

                           - - - - -


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

ACB GROUP: Enters Voluntary Liquidation
---------------------------------------
ABC News reports that ACB Group, the chemical company at the centre
of two industrial fires in Melbourne's west, including one that
left a worker dead, has collapsed owing creditors more than AUD5.3
million.

Reports from liquidator SV Partners into the failed ACB Group
suggest the site of its factory remains an ongoing fire hazard,
stating the EPA advised it posed "significant risk to human health
and the environment," the ABC relays.

According to the ABC, the first fire at the Derrimut site in 2023
killed a 44-year-old factory worker, while the second in July last
year destroyed the company's factory, sending a cloud of toxic
smoke into the air and forcing residents in nearby suburbs inside
for days.

The ABC relates that liquidator's reports also reveal the suspected
causes of the two fires, and a previously unreported threat to a
high-pressure underground gas pipeline running along the rear of
the factory site, which an eight-metre concrete wall collapsed
onto.

"The EPA [Environment Protection Authority] has noted that should a
further fire occur, hazardous substances could be released into the
air impacting local communities," the report reads. "Further, the
EPA has noted that potential contaminated firewater runoff could
flow into local creeks, threatening aquatic ecosystems and leading
to fish mortality."

Liquidator Matthew Hudson told the ABC that the situation had
improved since the EPA's guidance had informed his report, and
risks had reduced.

When approached by the ABC, the EPA did not address questions
relating to the ongoing fire risk at the site.

"Material remaining on the site includes building wreckage and fire
damaged product, including metal drums," EPA western metropolitan
regional manager Jeremy Settle said, notes the report. "We have
issued regulatory notices on the basis of contamination that
represents a potential risk to human health and environment."

According to the ABC, liquidator reports state the operator of the
pipeline, APA Group, advised there were "significant concerns about
the accumulated fire waste on top it", but an APA Group
spokesperson said there was currently no damage or risk to the
pipeline or its operation, and inspections would continue.

Energy Safe Victoria said it would take a long time for leftover
chemicals from the fire to have any impact on the pipeline, which
was buried more than a metre below ground, according to the
report.

"It is important that the site is cleared as soon as possible to
allow APA Group to carry out a detailed inspection of the
pipeline," the spokesperson said.

ACB group entered voluntary liquidation on December 20, with
creditors including Fire Rescue Victoria (FRV), which had claims
over AUD425,000, the ABC discloses.

Mr. Hudson said the company would have to pay for the clean-up of
the site before paying creditors.

It remained unclear how much of a payout creditors could expect,
with ACB Group not yet having received the full amount of its
insurance payouts, however, Mr. Hudson said he anticipated "a
material return for creditors".

The ABC says Mr. Hudson put ACB Group's demise down to the later
fire at the Derrimut site, which had left the company unable to
operate.

"At this point in our investigations, we're not seeing anything
that says the company was suffering any of the normal insolvency
indicators necessarily before that second fire," he said, notes ABC
News.

The ABC adds Mr. Hudson said ACB Group's previous director, Victor
Arutjunow, had advised all staff wages, superannuation, and notice
periods had been paid out, and this was being verified.

ACB Group is a specialist manufacturer and private labeller of
chemicals and solvents.


ACCLAIM CONTRACTORS: First Creditors' Meeting Set for Feb. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Acclaim
Contractors Pty Ltd will be held on Feb. 21, 2025 at 12:45 p.m. at
the offices of RSM Australia Partners at Equinox Building 4, Level
2, 70 Kent Street in Deakin and via virtual meeting technology.

Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on Feb. 11, 2025.


ALL ARE WELCOME: First Creditors' Meeting Set for Feb. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of All Are
Welcome Pty Ltd and Capital Concrete Construction Pty Ltd will be
held on Feb. 21, 2025 at 10:00 a.m. and 11:00 a.m. respectively,
via teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 11, 2025.


ASCENTIA HOLDINGS: First Creditors' Meeting Set for Feb. 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ascentia
Holdings Limited will be held on Feb. 20, 2025 at 10:00 a.m. at the
offices of Hall Chadwick Chartered Accountants at Level 40, 2 Park
Street in Sydney.

Blair Pleash of Hall Chadwick was appointed as administrator of the
company on Feb. 10, 2025.


BLACK LABEL: Second Creditors' Meeting Set for Feb. 21
------------------------------------------------------
A second meeting of creditors in the proceedings of Black Label
Blending Pty Ltd has been set for Feb. 21, 2025 at 8:30 a.m. via
virtual meeting.

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. 20, 2025 at 4:00 p.m.

Matthew Charles Hudson and Terry van der Velde of SV Partners were
appointed as administrators of the company on Nov. 11, 2024.


GENETIC TECHNOLOGIES: Considers DOCA Amid Voluntary Administration
------------------------------------------------------------------
TipRanks reports that Genetic Technologies Limited, currently under
voluntary administration, held a reconvened second meeting of
creditors, where a deed of company arrangement (DOCA) was proposed.
The meeting was adjourned to allow further consideration of the
DOCA, with plans to reconvene before February 27, 2025.

TipRanks relates that the administrators will issue a supplementary
report and provide updates to the ASX, as creditors are set to
decide on the company's future, including options to execute the
DOCA, end the administration, or wind up the company.

                  About Genetic Technologies Ltd.

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

Andrew Michael Smith and Robert Allan Jacobs of Auxuilium Partners
were appointed as administrators of the company on Nov. 20, 2024.



MSBS PROPERTY: First Creditors' Meeting Set for Feb. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of MSBS
Property Group Pty. Ltd. will be held on Feb. 20, 2025 at 11:00
a.m. at the offices of Jirsch Sutherland at Level 30, 140 William
Street in Melbourne and via Zoom meeting.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Feb. 10, 2025.



TEN SIXTY: Exits External Administration
----------------------------------------
The Board of Directors of Ten Sixty Four Limited said on Feb. 13
that the Deed of Company Arrangement, dated Nov. 1, 2023 ("DOCA"),
has now been effectuated by the lodgement with the Australian
Securities and Investments Commission as confirmed by the former
deed administrator. Accordingly, the Company has exited external
administration and full control of the Company has passed to the
Directors of the Company.

By way of background, the Company's creditors resolved pursuant to
section 439C of the Corporations Act 2001 (Cth) that the Company
enter into the DOCA at the second meeting of creditors held on
Oct. 31, 2023. On Nov. 1, 2023, the DOCA was executed by Martin
Ford and Simon Theobald (in their then capacity as voluntary
administrators of X64), Komo Diti Traders Ltd (as Deed Proponent),
and X64.

The terms of the DOCA contained, amongst other things, a number of
conditions precedent that were required to be either satisfied or
waived in order to effectuate the DOCA. All conditions precedent
under the DOCA have either been satisfied or waived and,
accordingly, the DOCA has today been effectuated in accordance with
its terms.

As announced on Feb. 10, 2025, the Company continues to actively
engage with ASX regarding the reinstatement of trading in its
securities.  

                          About Ten Sixty

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.

YOUR DIGITAL: May Have Been Trading Insolvent, Liquidator Says
--------------------------------------------------------------
ABC News reports that a technology entrepreneur repeatedly
nominated for the Brisbane lord mayor's businessperson of the year
award headed a company that may have traded while insolvent, a
liquidator said.

According to the ABC, the liquidator's black eye comes as the
Queensland government cancels a stalled AUD15 million cybersecurity
contract awarded to entrepreneur Jamie Wilson's technology outfit
Cryptoloc just before last year's October state election.

The move paints a spotlight on checks done for government tenders -
and big trophy awards that businesses can use in their promotions.

The ABC says Mr. Wilson founded Cryptoloc, which offered an online
document security storage system, after scrambling in 2010 to find
key documents when his father had fatal cancer.

The business accumulated a profile partly by sponsoring
high-society balls and splashing AUD320,000 on both sides of
politics.

Mr. Wilson himself scored meetings with politicians, including
then-deputy premier Steven Miles in 2022, hosted online podcasts
and performed at a charity event featuring singing chief
executives.

But behind the scenes, the ATO had been chasing another one of
Cryptoloc's companies, Your Digital File (Aust). It ultimately owed
almost AUD1.9 million.

Your Digital File's sole director was Mr. Wilson, it was part of
the Cryptoloc business and operated a software development business
with rolling-subscription services.

The ABC previously revealed a court had ordered Your Digital File
into liquidation in November, and Mr. Wilson had admitted in legal
filings to problems paying an executive's wages.

Other entities that have been part of Cryptoloc have not
collapsed.

This month, liquidator Nick Combis from Vincents issued initial
findings into the failed company, telling creditors it appeared
Your Digital File "would have been insolvent from June 2022" if a
key customer contract had been cancelled, the ABC discloses.

The company's records indicated a South African-linked customer had
ceased making payments after April 2022. But internal accounts kept
tallying bills, so the customer appeared to owe AUD8.8 million by
last June, meaning the balance sheet was "inflated".

Mr. Wilson told liquidators the contract had been "terminated some
time ago" and he corrected the error "by applying credit notes
against the invoices", the report said.

Liquidators can potentially sue former directors over insolvent
trading, but Mr. Combis's report noted directors have potential
defences available, the ABC relays.

The ABC says the liquidator report also noted numerous payments
from Your Digital File had been "made to various political
parties".

"However, I do not have the background or reasons for these
payments," it said.

The company listed almost AUD15 million in creditors. Mr. Wilson
said AUD5.4 million was owed to himself and another AUD7.8 million
to parent company YDF Holdings Limited, which sold shares to
outside investors.

But many creditors were unlikely get any return, the ABC relays.

"Creditors should write their debts off as uncollectable," the
liquidator wrote.

Mr. Wilson has not returned queries from the ABC.


[] Fitch Affirms Six BBsf Ratings in 4 Latitude Credit Card Trust
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 33 tranches across four
Latitude credit card trusts. The transactions are securitisations
of Australian and New Zealand credit card receivables originated by
Latitude Finance Australia entities.

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Australian Sales
Finance and Credit
Cards Trust

   A                              LT AAAsf Affirmed   AAAsf
   B                              LT Asf   Affirmed   Asf
   C                              LT Asf   Affirmed   Asf
   D                              LT BBBsf Affirmed   BBBsf
   E                              LT BBsf  Affirmed   BBsf

Latitude Australia
Credit Card Master Trust

   2017-VFN                       LT Asf   Affirmed   Asf
   2023-1 Class A1 AU3FN0074944   LT AAAsf Affirmed   AAAsf
   2023-1 Class A2 AU3FN0074951   LT AAAsf Affirmed   AAAsf
   2023-1 Class B AU3FN0074936    LT AAsf  Affirmed   AAsf
   2023-1 Class C AU3FN0074928    LT Asf   Affirmed   Asf
   2023-1 Class D AU3FN0074910    LT BBBsf Affirmed   BBBsf
   2023-1 Class E AU3FN0074902    LT BBsf  Affirmed   BBsf
   2024-1 Class A1 AU3FN0085429   LT AAAsf Affirmed   AAAsf
   2024-1 Class A2 AU3FN0085437   LT AAAsf Affirmed   AAAsf
   2024-1 Class B AU3FN0085445    LT AAsf  Affirmed   AAsf
   2024-1 Class C AU3FN0085452    LT Asf   Affirmed   Asf
   2024-1 Class D AU3FN0085460    LT BBBsf Affirmed   BBBsf
   2024-1 Class E AU3FN0085478    LT BBsf  Affirmed   BBsf
   2024-2 Class A1 AU3FN0091435   LT AAAsf Affirmed   AAAsf
   2024-2 Class A2 AU3FN0091443   LT AAAsf Affirmed   AAAsf
   2024-2 Class B AU3FN0091450    LT AAsf  Affirmed   AAsf
   2024-2 Class C AU3FN0091468    LT Asf   Affirmed   Asf
   2024-2 Class D AU3FN0091476    LT BBBsf Affirmed   BBBsf
   2024-2 Class E AU3FN0091484    LT BBsf  Affirmed   BBsf

Latitude New Zealand Credit
Card Master Trust

   2024-1 A NZLATD1011R4          LT AAAsf Affirmed   AAAsf
   2024-1 B NZLATD1012R2          LT AAsf  Affirmed   AAsf
   2024-1 C NZLATD1013R0          LT Asf   Affirmed   Asf
   2024-1 D NZLATD1014R8          LT BBBsf Affirmed   BBBsf
   2024-1 E NZLATD1015R5          LT BBsf  Affirmed   BBsf

New Zealand Sales Finance
and Credit Cards Trust

   A                              LT AAAsf Affirmed   AAAsf
   C                              LT Asf   Affirmed   Asf
   D                              LT BBBsf Affirmed   BBBsf
   E                              LT BBsf  Affirmed   BBsf

KEY RATING DRIVERS

Stable Performance and Collateral Characteristics: Gross
charge-offs across both Australian trusts averaged 4.3% for the 12
months end-December 2024, while the New Zealand trusts averaged
3.7% over the same period. These remain below Fitch's steady state
of 5.25% and 4.25%, respectively.

The monthly payment rate (MPR), a measure of how quickly consumers
are paying off their credit-card debt, averaged 17.3% in Australia
and 12.6% in New Zealand over the past year. Fitch has maintained
its MPR steady state at 12.50% for Australia and 9.75% for New
Zealand.

Yields increased over the past year across the transactions,
averaging 17.5% in Australia and 15.6% in New Zealand. Fitch
maintained its gross yield steady state at 11.5% for Australia and
12.0% for New Zealand.

The stable outlook is supported by Australia's continued economic
growth and tight labour market, despite rapid interest rate hikes
in 2022-2023. GDP growth was 0.8% for the year ended September 2024
and unemployment was 4.0% in December 2024. Fitch forecasts GDP
growth of 1.6% in 2025, with unemployment at 4.5%. This reflects
Fitch's expectation that the effects of restrictive monetary policy
and persistent inflation will continue to hinder domestic demand.

The Stable Outlook for New Zealand is supported by its economic
recovery, despite GDP falling by 0.1% in the year to September 2024
and a softening labour market, with unemployment of 5.1% at
end-December 2024. Fitch forecasts GDP growth of 2.0% in 2025, with
unemployment at 5.2%. This reflects its expectation that monetary
easing will support economic activity.

A summary of the steady states and rating stresses for the
Australian and New Zealand trusts is shown below:

Australia

Steady State:

Charge-offs: 5.25%

MPR: 12.5%

Gross yield: 11.5%

Purchase rate: 100%

New Zealand

Steady State:

Charge-offs: 4.25%

MPR: 9.75%

Gross yield: 12.0%

Purchase rate: 100%

Rating Stresses (Australia and New Zealand):

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x

Recoveries (% haircut): 60% / 48% / 36% / 27% / 18%

MPR (% decrease): 40% / 35% / 30% / 25% / 15%

Gross yield (% decrease): 35% / 30% / 25% / 20% / 15%

Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%

Updated cash flow modelling was not performed for Australian Sales
Finance and Credit Cards Trust, Series 2024-2 of Latitude Australia
Credit Card Master Trust and New Zealand Sales Finance and Credit
Cards Trust, in line with its criteria.

Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with experience managing large consumer receivable
portfolios for more than a decade in Australia and New Zealand.
Latitude is not rated by Fitch and servicer risk is mitigated
through back-up arrangements. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with other non-bank credit card providers.

New Zealand Transactions Rated Above Sovereign's Local-Currency
IDR: Structured finance notes can be rated up to six notches above
New Zealand's Local-Currency Issuer Default Rating (IDR) of 'AA+',
supporting the 'AAAsf' rated notes for the New Zealand
transactions.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

Unanticipated increases in charge-offs or reductions in purchase
rates or yield could produce loss levels higher than Fitch's base
case and are likely to result in a decline in credit enhancement
and remaining loss coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's steady-state assumptions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Downside Sensitivities:

Latitude New Zealand Credit Card Master Trust Series 2024-1

Notes: Class A / B / C / D / E

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Increase charge-off steady state by 25%: AA+sf / AA-sf / A-sf /
BBB-sf / BBsf

Increase charge-off steady state by 50%: AA+sf / A+sf / BBB+sf /
BB+sf / BB-sf

Increase charge-off steady state by 75%: AAsf / Asf / BBBsf / BBsf
/ B+sf

Reduce MPR steady state by 15%: AA+sf / AA-sf / A-sf / BBB-sf /
BBsf

Reduce MPR steady state by 25%: AAsf / A+sf / BBB+sf / BB+sf /
BBsf

Reduce MPR steady state by 35%: AA-sf / A-sf / BBBsf / BBsf /
BB-sf

Reduced purchase rate by 50%: AAAsf / AA-sf / A-sf / BBB-sf / BBsf

Reduced purchase rate by 75%: AA+sf / AA-sf / A-sf / BBB-sf / BBsf

Reduced purchase rate by 100%: AA+sf / A+sf / BBB+sf / BB+sf /
BB-sf

Reduced yield steady state by 15%: AAAsf / AAsf / Asf / BBB-sf /
BBsf

Reduced yield steady state by 25%: AAAsf / AA-sf / A-sf / BBB-sf /
BBsf

Reduced yield steady state by 35%: AA+sf / AA-sf / A-sf / BB+sf /
BB-sf

Rating sensitivity to increased charge-off rate and reduced MPR

Increased charge-off rate by 25% and reduced MPR by 15%: AAsf / Asf
/ BBB+sf / BB+sf / BB-sf

Increased charge-off rate by 50% and reduced MPR by 25%: A+sf /
BBB+sf / BBB-sf / BB-sf / B+sf

Increased charge-off rate by 75% and reduced MPR by 35%: A-sf /
BBBsf / BBsf / B+sf / less than Bsf

Latitude Australia Credit Card Master Trust Series 2017-VFN

Notes: 2017-VFN

Rating: Asf

Increase charge-off steady state by 25%: Asf

Increase charge-off steady state by 50%: Asf

Increase charge-off steady state by 75%: Asf

Reduce MPR steady state by 15%: Asf

Reduce MPR steady state by 25%: Asf

Reduce MPR steady state by 35%: Asf

Reduced purchase rate by 50%: Asf

Reduced purchase rate by 75%: Asf

Reduced purchase rate by 100%: Asf

Reduced yield steady state by 15%: Asf

Reduced yield steady state by 25%: Asf

Reduced yield steady state by 35%: Asf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: Asf

Increased charge-off rate by 50% and reduced MPR by 25%: BBB+sf

Increased charge-off rate by 75% and reduced MPR by 35%: BBB-sf

Latitude Australia Credit Card Master Trust Series 2023-1

Notes: Class A1 / A2 / B / C / D / E

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

Increase charge-off steady state by 25%: AAAsf / AAAsf / AAsf / Asf
/ BBBsf / BBsf

Increase charge-off steady state by 50%: AAAsf / AA+sf / AA-sf /
A-sf / BBBsf / BBsf

Increase charge-off steady state by 75%: AAAsf / AAsf / A+sf /
BBB+sf / BBB-sf / BB-sf

Reduce MPR steady state by 15%: AAAsf / AA+sf / AAsf / Asf / BBBsf
/ BBsf

Reduce MPR steady state by 25%: AAAsf / AA+sf / AA-sf / A-sf /
BBBsf / BBsf

Reduce MPR steady state by 35%: AAAsf / AAsf / Asf / BBB+sf /
BBB-sf / BB-sf

Reduced purchase rate by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 75%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 100%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf
/ BBsf

Reduced yield steady state by 15%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 25%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 35%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf /
AA+sf / A+sf / A-sf / BBBsf / BBsf

Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf /
AA-sf / A-sf / BBBsf / BB+sf / B+sf

Increased charge-off rate by 75% and reduced MPR by 35%: AAsf /
A-sf / BBBsf / BB+sf / BB-sf / less than Bsf

Latitude Australia Credit Card Master Trust Series 2024-1

Downside Sensitivities:

Notes: Class A1 / A2 / B / C / D / E

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

Increase charge-off steady state by 25%: AAAsf / AAAsf / AAsf / Asf
/ BBBsf / BBsf

Increase charge-off steady state by 50%: AAAsf / AA+sf / AA-sf /
Asf / BBBsf / BBsf

Increase charge-off steady state by 75%: AAAsf / AAsf / A+sf / A-sf
/ BBB-sf / BB-sf

Reduce MPR steady state by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf
/ BBsf

Reduce MPR steady state by 25%: AAAsf / AA+sf / AA-sf / Asf / BBBsf
/ BBsf

Reduce MPR steady state by 35%: AAAsf / AAsf / A+sf / BBB+sf /
BBB-sf / BBsf

Reduced purchase rate by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 75%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 100%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced yield steady state by 15%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 25%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 35%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf /
AA+sf / AA-sf / A-sf / BBBsf / BBsf

Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf /
AA-sf / Asf / BBBsf / BB+sf / B+sf

Increased charge-off rate by 75% and reduced MPR by 35%: AAsf / Asf
/ BBB+sf / BB+sf / BB-sf / Bsf

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

An improvement in long-term asset performance, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change of underlying asset quality, would
contribute to positive revisions in Fitch's asset assumptions. This
could positively affect the notes' ratings. Increased credit
enhancement ratios, which are able to fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would also be positive for the
ratings.

Latitude New Zealand Credit Card Master Trust Series 2024-1

Notes: Class A / B / C / D / E

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease charge-off steady state by 25%: AAAsf / AA+sf / AA-sf /
BBB+sf / BBBsf

Latitude Australia Credit Card Master Trust Series 2017-VFN

Notes: 2017-VFN

Rating: Asf

Decrease charge-off steady state by 25%: AA+sf

Latitude Australia Credit Card Master Trust Series 2023-1

Notes: Class A1 / A2 / B / C / D / E

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

Decrease charge-off steady state by 25%: AAAsf / AAAsf / AAAsf /
AAsf / Asf / BBBsf

Latitude Australia Credit Card Master Trust Series 2024-1

Notes: Class A1 / A2 / B / C / D / E

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

Decrease charge-off steady state by 25%: AAAsf / AAAsf / AAAsf /
AAsf / A+sf / BBB+sf

The most recent sensitivities for Latitude Australia Credit Card
Master Trust Series 2024-2, Australian Sales Finance and Credit
Cards Trust and New Zealand Sales Finance and Credit Cards Trust
are available at:

Fitch Assigns Final Ratings to Latitude Australia Credit Card Loan
Note Trust Series 2024-2 (September 2024);

Fitch Assigns Rating to Australian Sales Finance and Credit Cards
Trust's Class B Notes (October 2024) ; and

Fitch Affirms Five Latitude Credit Card Trusts (January 2020) .

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
reviewed origination files as part of its ongoing monitoring.

Prior to the transactions closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG Considerations

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



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

CHINA VANKE: China Mulls $6.8BB Funding to Help Company Repay Debt
------------------------------------------------------------------
Bloomberg News reports that Chinese authorities are working on a
proposal to help China Vanke Co. plug a funding gap of about CNY50
billion (US$6.8 billion) this year, according to people familiar
with the matter, highlighting the government's support for the
distressed developer.

Under the plan, regulators would allocate CNY20 billion of special
local government bond quota for the purchase of unsold properties
and vacant land from Vanke, said the people, asking not to be
identified discussing private information, Bloomberg relates. The
money would enable the Shenzhen-based developer to pay public and
private debt due this year, the people added.

Vanke and its affiliates would also be allowed to tap other
financing sources including new bond sales and bank loans for debt
payments, the people said, adding that the details of the plan
could still change, Bloomberg relays. It couldn't be determined if
Vanke has started any work on specific bond issuance.

According to Bloomberg, the proposed financial backing is a further
sign that Beijing is drawing a line in the sand for Vanke so that
the state-backed developer doesn't suffer the same fate as China
Evergrande Group and other private firms that defaulted on their
debt in recent years. Vanke is facing a funding gap this year as
the cash-strapped developer has $4.9 billion of bonds maturing or
facing redemptions at a time of slumping home sales and limited
access to fresh liquidity, Bloomberg notes.

Vanke will "go all out to meet its public debt obligations this
year" and continue to raise funds through home sales, asset
disposals, exiting non-core businesses and seeking fresh financing,
according to a statement in response to Bloomberg's inquiry. The
developer said it has CNY36 billion of public debt due this year
and has repaid CNY3 billion in January.

Shenzhen government and China's housing ministry didn't immediately
respond to requests for comment, Bloomberg notes.

Other than publicly issued debt, Vanke also had CNY91 billion of
short-term bank loans and borrowings from financial institutions
outstanding by the end of September, according to its financial
report.

The local government of Shenzhen last month stepped in to take
management control of Vanke, which warned of a record $6.2 billion
loss for 2024, and vowed to "proactively support" its operations,
recalls Bloomberg. Vanke received a CNY2.8 billion loan last week
from its largest state-owned shareholder, Shenzhen Metro Group Co.

Bloomberg says Vanke's bonds have rebounded from deeply distressed
levels in response to the support measures, with investors betting
that the company will be able to repay debt, at least in the short
term.

Shares of Vanke surged as much as 19% in Hong Kong following the
news. It also lifted peers, with a gauge of China property shares
up 8.2%. Vanke's dollar bonds gained across the curve, according to
two traders. Its dollar bond due May rose 1 points to bid at 98
cents on the dollar, while its bond due 2027 added 5 points to bid
at 74.5.

"It seems we can rest assured that there will be no more defaults,
at least not by any SOE developers from here," Bloomberg quotes Zhu
Zhenkun, a fund manager at Hainan Shire Asset Management Co., as
saying. He added that the size of the support and government's
resolve exceeded his expectation.

Still, with total liabilities amounting to about CNY982 billion,
challenges remain, Bloomberg states.  

                         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.

CHINA VANKE: Moody's Lowers CFR to Caa1, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded the following ratings of China Vanke
Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong
Kong) Company Limited.

1. China Vanke's corporate family rating to Caa1 from B3;

2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)Caa2 from   
    (P)Caa1; and

3. Backed senior unsecured rating on the bonds issued by Vanke
Real Estate to Caa2 from Caa1.

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

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

"The downgrades and negative outlooks reflect China Vanke's weak
credit profile, as evidenced by its worse-than-expected 2024
financial results and sustained weak liquidity. This rapidly
deteriorating financial performance is a result of sluggish sales
performance, sustained margin pressure, and significant losses on
asset disposals and impairment charges, which have hurt its equity
base," says Roy Zhang, a Moody's Ratings Vice President and Senior
Analyst.

"Greater oversight from the largest government shareholder, as a
result of the recent management reshuffle, could help maintain
existing funding channels and provide near term liquidity support.
However, this oversight cannot fully offset the company's weak
operations and lack of a clear refinancing plan for its material
debt maturities over the next 6-12 months," added Zhang.

RATINGS RATIONALE

China Vanke's contract sales declined by 35% to RMB246 billion in
2024, down from RMB376 billion in 2023. According to the company's
preliminary 2024 financial results, its loss attributable to
shareholders rose sharply to approximately RMB45 billion, up from a
loss of RMB17.9 billion for the first nine months of the year.
Volatile market conditions have led to lower profit margins on
property sales, losses on asset disposals, and impairment losses.
These substantial losses will negatively impact China Vanke's
equity base and its already weak financial metrics including debt
leverage and interest coverage ratios as measured by adjusted
debt/EBITDA and EBIT/ interest expense.

China Vanke's liquidity remains weak. Its reported cash of RMB77
billion as of September 30, 2024, combined with its projected
operating cash flow and newly raised funding in the fourth quarter
of 2024, is insufficient to fully cover its committed land payments
and refinancing needs over the next 12-18 months.

The company has announced significant changes to its management
team: Mr. Xin Jie, the Secretary of the Party Committee and
Chairman of the Board of Directors of Shenzhen Metro Operation
Group Co., Ltd. (Shenzhen Metro), has replaced Mr. Yu Liang as
Chairman of China Vanke's Board. Several senior members with
experience from Shenzhen local government will also join the
executive team.

Moody's believe the management changes will enhance the linkage
between China Vanke and the local government through its largest
shareholder, Shenzhen Metro. These changes will also allow Shenzhen
Metro to exert greater oversight on China Vanke's operational and
financial management.

However, these measures cannot fully mitigate China Vanke's
elevated refinancing risks and deteriorating financial performance
over the next 6 to 12 months, as shown in the weak 2024 preliminary
results.

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

In terms of environmental, social, and governance (ESG) factors,
the rating action considers the company's rapidly deteriorating
operations, financial performance and sustained weak liquidity
management that has led to its elevated refinancing risks. The
governance risk has negatively impacted the credit profile, leading
to a revision of its governance issuer profile score (IPS) to G-5
from G-4 and its credit impact score (CIS) to CIS-5 from CIS-4.

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

Moody's could downgrade the ratings if China Vanke defaults on its
debt repayment.

An upgrade of China Vanke's rating is unlikely, given the negative
outlook.

However, positive rating momentum could emerge if the company
improves its operating cash flow, liquidity and access to funding
over the next 12-18 months.

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

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

MERCURITY FINTECH: Issues $3.5 Million Convertible Note Due 2026
----------------------------------------------------------------
Mercurity Fintech Holding Inc. disclosed in a Form 6-K Report filed
with the U.S. Securities and Exchange Commission that it entered
into a securities purchase agreement with a non-U.S. investor in
connection with the issuance of an unsecured convertible promissory
note dated February 3, 2025 in the principal amount of $3,500,000
with 5% per annum simple interest, due to mature on February 3,
2026.

An original promissory note dated February 2, 2023, issued by the
Company to the Purchaser pursuant to the securities purchase
agreement dated January 31, 2023, had an initial principal amount
of $9,000,000, of which the Company repaid $1,500,000 upon its
original maturity, and the remaining principal of $7,500,000 was
extended under an amendment dated February 2, 2024;

     (i) upon the maturity of the 2024 Note, the Company repaid an
additional $4,000,000, reducing the outstanding principal to
$3,500,000; and
    (ii) upon issuance of the 2025 Note under the Securities
Purchase Agreement dated February 3, 2025, the 2023 Note, as
amended, was satisfied in full and deemed fully paid, with no
further obligations owed by the Company under the 2023 Note or the
2024 Note.

The 2025 Note is subject to a variable conversion price, which is
90% of the closing price of the Company's ordinary shares, as
reported on Nasdaq.com, on the trading day immediately preceding
the date of the conversion notice, subject to a floor conversion
price of $1.402 per share. The Purchaser has the right during two
selected periods before the Maturity Date, being the fifteen-day
period preceding the calendar date six months after the issuance
date of February 3, 2025, as well as the fifteen-day period
preceding the Maturity Date, at its election, to convert all or any
portion of the principal amount but excluding all interest into
fully paid and non-assessable ordinary shares of the Company.

                            About Mercurity

Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech company with subsidiaries specializing in
distributed computing and digital consultation across North America
and the Asia-Pacific region and is in the process of applying for
FINRA approval to add brokerage services to its business.  The
Company's focus is on delivering innovative financial solutions
while adhering to principles of compliance, professionalism, and
operational efficiency.  The Company's aim is to contribute to the
evolution of digital finance by providing secure and innovative
financial services to individuals and businesses.

Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 22, 2024.  The report highlights that the Company has
incurred recurring operating losses and negative cash flows from
operating activities and has an accumulated deficit, which raise
substantial doubt about its ability to continue as a going
concern.

The Company had an accumulated deficit of approximately $677
million as of Dec. 31, 2023, and had a net loss of approximately
$9.4 million and negative cash flows from operating activities of
approximately $2.8 million for the year ended Dec. 31, 2023.



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

JKL DIGITAL: Cork Gully & CPP Appointed as Liquidators
------------------------------------------------------
Stephen Cork and Hadley Chilton of Cork Gully and Glenn Harrigan of
CPP Financial Consultants Limited have been appointed as joint
liquidators of JKL Digital Capital Limited on Jan. 20, 2025 by an
order of the Eastern Caribbean Supreme Court in the High Court of
Justice British Virgin Islands, pursuant to Section 159 of the BVI
Insolvency Act, 2003.

Creditors of the company should submit details of their claims,
including their contact details and all relevant supporting
documents, as soon as possible.

The liquidators can be reached at:

Stephen Cork
Hadley Chilton
Cork Gully
1st Floor Royal Chambers
St. Julian's Avenue
St. Peter Port
Guernsey GYI 3JX
Website: corkgully.com
Tel No: +44-020-7268 2150

Email: stephencork@corkgully.com
Tel No: +44(0)7880-788164

Email: hadleychilton@corkgully.com
Tel No: +44(0)7839-284610

Glenn Harrigan
CCP Financial Consultants Limited
Road Town, Tortola VG 1110
British Virgin Islands
Email: gharrigan@ccpbvi.com
Tel No: +1(284)494-6777

NEW WORLD: Picks Trio for Loan to Refinance HK$58.1BB of Debt
-------------------------------------------------------------
Bloomberg News reports that New World Development has picked three
banks to arrange a loan to refinance HK$58.1 billion in bank
borrowings maturing in 2025 and 2026, according to people familiar
with the matter.

Bloomberg relates that Bank of China, DBS Bank and HSBC are likely
to arrange the jumbo loan, the details of which could be released
to other prospective lenders soon, the people said, asking not to
be identified discussing private matters.

New World's management team, including new chief executive Echo
Huang Shao-mei and chief financial officer Edward Lau, also met
with c-suite executives from various banks in Hong Kong in recent
weeks to discuss the company's status, the people said.

Controlled by the family of Hong Kong tycoon Henry Cheng Kar-shun,
New World has been embroiled in turmoil as investors question its
ability to cope with one of the highest debt burdens among the
city's developers, according to Bloomberg. However, the fact that
banks have been shortlisted for the refinancing exercise shows
there's still hope for the company.

Steps taken by New World to alleviate investor concerns include
proposing to offer over 20 properties valued at US$15 billion
(HK$117 billion) as collateral for the refinancing, Bloomberg
says.

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




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

GIRIN DEKA: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Girin Deka
(GD) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         10         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GD for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GD
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

GD was formed as a proprietorship firm of Mr Girin Deka in 1991.
The Guwahati-based firm undertakes construction of roads and
bridges, for government departments in Assam.


HARJIT SINGH: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Harjit Singh
Dugal (HSD) continue to be 'CRISIL C Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Overdraft Facility      0.75        CRISIL C (Issuer Not
                                       Cooperating)

   Overdraft Facility      8.25        CRISIL C (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with HSD for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

HSD was established as a proprietorship firm by Mr Harjit Singh
Dugal in 2008. The firm undertakes real estate development in
Delhi.


IDASA INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Idasa India
Limited (IIL) continue to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.9       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.6       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with IIL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

IIL was set up in 1985, and is promoted by Mr Suresh Kumar
Aggarwal. The company processes milk and manufactures skimmed milk
powder and ghee under its brand, IDASA. The processing unit is
situated in Malerkotla (Punjab).


IMMENSE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Immense
Industries Private Limited (IIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      21          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IIPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1988, IIPL trades in yarn and metal products (scrap
ingots). Daily operations of the Delhi-based company are managed by
Mr Somnath Harjai.


INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Innovative
Technomics Private Limited (ITPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      2          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ITPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.


J. KHETSIDAS MACHINE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: J. Khetsidas Machine Tool Works Private Limited

        Registered Address:
        Manjhiladih Gadi Srirampur,
        Giridih, Jharkhand – 815301

Insolvency Commencement Date: January 31, 2025

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 29, 2025

Insolvency professional: Subodh Kumar Agrawal

Interim Resolution
Professional: Subodh Kumar Agrawal
              1, Ganesh Chandra Avenue, 3rd Floor
              Room No 301, Kolkata 700013
              Email: subodhka@gmail.com
                     cirp.jkhetsidasmachine@gmail.com

Last date for
submission of claims: February 14, 2025


JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jawahar
Education Society (JES) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan      12.65        CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan      18.35        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JES for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

JES was founded in 1991 by Mr. Annasaheb Patil. It runs two
colleges and one school in Maharashtra, which are A C Patil College
of Engineering and Technology, Jawahar Institute of Technology,
Management and Research and North Point School. The trust is
managed by Mr. Vinay Patil and Mr. Kamal Patil.


JENAM ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jenam
Enterprises Private Limited (JEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Inland/Import           7.75      CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Proposed Long Term      2.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with JEPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, JEPL, is promoted by Amit Sheth. JEPL is
engaged in trading of steel HR coils, CR coils and Colour coated
Coils in Maharashtra.


JIYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jiya Agro
Private Limited (JAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            3.25        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    31.75        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with JAPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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


Incorporated in 2014, JAPL trades in rice and other agricultural
products such as wheat, maize, paddy, and pulses. The company is
managed by Mr Harbind Singh and Ms Jyoti Singh. Its registered
office is in Delhi.


JOYS STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Joys Steel
Impex (JSI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           13          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)


   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSI for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2006 as a proprietorship firm by Mr Tejal Shah, JSI
trades in carbon steel plates. The firm is based in Mumbai.


K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K.K.R.
International (KKR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         2.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KKR for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr Sunil Kumar Arora
and Mr Amit Kumar Arora are the proprietors.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-         0.18       CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan              0.23       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        1.59       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with KFPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003 and promoted by Mr Bimal Agarwal and family,
KFPL manufactures all types of furniture used in home, offices, and
schools.


KARTHIKEYA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keros Stone
LLP (KSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.07        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           3           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.09        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash         0.04        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with KSL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KSL was set up in September 2016 as a partnership between Mr
Manojkumar Govindbhai Rangpariya, Mr Kailash Kanjibhai Desai, Mr
Sureshbhai Keshavjibhai Charola and Mr Deepak Dhanjibhai Detroja.
The Morbi-based firm manufactures artificial marble tile of various
sizes, with installed capacity of 7,500 tonne per annum.


KEROS STONE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keros Stone
LLP (KSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.07        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           3           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.09        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash         0.04        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with KSL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KSL was set up in September 2016 as a partnership between Mr
Manojkumar Govindbhai Rangpariya, Mr Kailash Kanjibhai Desai, Mr
Sureshbhai Keshavjibhai Charola and Mr Deepak Dhanjibhai Detroja.
The Morbi-based firm manufactures artificial marble tile of various
sizes, with installed capacity of 7,500 tonne per annum.


KIMIYA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kimiya
Engineers Private Limited (KEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         25         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KEPL, established in 2004 by Mr Anurag Verma based in Mumbai
executes civil construction projects related to buildings and
offices for public and private institutions.


KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kissan
Riceland Private Limited (KRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Non Fund       1.77      CRISIL D (Issuer Not  
   based limits                      Cooperating)

   Standby Line            2         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Term Loan               1.23      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KRPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KRPL was incorporated in 2016, promoted by Mr Ashok Garg, Mr Sushil
Garg, and Mr Tarsem Chand. The company took over the operations of
their partnership firm, Kissan Rice Mills, effective from April
2016. It primarily mills and processes basmati and non-basmati
rice, which it sells domestically. The manufacturing unit is in
Kaithal, Haryana.


KREYA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Kreya
Infratech Private Limited (KIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Bank Guarantee         6        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in Nov 2015, KIPL is involved in engineering and
contract work with experience in civil and structural work
contracts specialized in, Textile Mills, Export Houses, Hotels,
Institutes, Commercial Buildings, Schools, etc. The company has pan
India presence and has delivered projects in 14 Indian States.


MITTAPALLI AGRO EXPORTS: CRISIL Cuts Rating on LT/ST Loans to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Mittapalli Agro Exports (MA; part of the Mittapalli group), as:

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

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

CRISIL Ratings has been consistently following up with MA for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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


Detailed Rationale

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

Based on the last available information, the ratings on the bank
facilities of MA have been downgraded to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in debt servicing.

Analytical Approach

For arriving at its ratings, CRISIL has Ratings combined the
business and financial risk profiles of MA, Mittapally Agro
Products Private Limited (MAPPL), and Mittapalli Agro Enterprises
(MAE). That's because the three entities, together referred to as
the Mittapalli group, are in similar lines of business, and have a
common management and significant operational linkages.

The Mittapalli group is based in Guntur, Andhra Pradesh. MAPPL was
incorporated in 2005, promoted by Mr Mittapalli Ramesh Babu. The
company processes and trades in tobacco leaves; it sells in the
domestic and global markets. The product is mainly used in the
manufacture of cigarettes, pipe tobacco, and chewing tobacco.

MAE was formed in 2008 as a partnership firm by Mr Babu, Mr M
Suvarna, and Mr M Chandra Mohan. The firm processes and trades in
tobacco leaves.

MA, established in 2009 as a partnership firm by the same partners,
also processes and trades in tobacco leaves.


MITTAPALLI AGRO: CRISIL Cuts Rating on Long/Short Term Loans to D
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Mittapalli Agro Enterprises (MAE; part of the Mittapalli group),
as:

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

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

CRISIL Ratings has been consistently following up with MAE for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on facilities
of MAE have been downgraded to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in debt servicing.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of MAE, Mittapalli Agro
Exports (MA), and Mittapalli Agro Products Private Limited (MAPPL).
That's because the three entities, together referred to as the
Mittapalli group, are in similar lines of business, and have a
common management and significant operational linkages.

The Mittapalli group is based in Guntur, Andhra Pradesh. MAPPL was
incorporated in 2005, promoted by Mr Mittapalli Ramesh Babu. The
company processes and trades in tobacco leaves; it sells in the
domestic and global markets. The product is mainly used in the
manufacture of cigarettes, pipe tobacco, and chewing tobacco.

MAE was formed in 2008 as a partnership firm by Mr Babu, Mr M
Suvarna, and Mr M Chandra Mohan. The firm processes and trades in
tobacco leaves.

MA, established in 2009 as a partnership firm by the same partners,
also processes and trades in tobacco leaves.


MITTAPALLY AGRO PRODUCTS: CRISIL Cuts Rating on LT/ST Loans to D
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Mittapally Agro Products Private Limited (MAPPL; part of the
Mittapalli group), as:

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

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

CRISIL Ratings has been consistently following up with MAPPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MAPPL have been downgraded to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in debt servicing.

Analytical Approach

For arriving at its ratings, CRISIL has Ratings combined the
business and financial risk profiles of MAPPL, Mittapalli Agro
Exports (MA), and Mittapalli Agro Enterprises (MAE). That's because
the three entities, together referred to as the Mittapalli group,
are in similar lines of business, and have a common management and
significant operational linkages.

The Mittapalli group is based in Guntur, Andhra Pradesh. MAPPL was
incorporated in 2005, promoted by Mr Mittapalli Ramesh Babu. The
company processes and trades in tobacco leaves; it sells in the
domestic and global markets. The product is mainly used in the
manufacture of cigarettes, pipe tobacco, and chewing tobacco.

MAE was formed in 2008 as a partnership firm by Mr Babu, Mr M
Suvarna, and Mr M Chandra Mohan. The firm processes and trades in
tobacco leaves.

MA, established in 2009 as a partnership firm by the same partners,
also processes and trades in tobacco leaves.


NUTEC BICKLEY: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Nutec Bickley Wesman Kilns Private Limited
        Wesman Center 8, Mayfair Road,
        Kolkata, West Bengal, India 700019

Liquidation Commencement Date: January 30, 2025

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Vivek Gupta
            Tower 7, Flat 1805, Urbana
            783 Anandapur Main Road
            Kolkata 700107

            Anandapur Main Road,
            Ruby Hospital,
            Kolkata 700107, West Bengal

            Contact: +91 98318 08041
            E-mail: liquidatornutecbickley@gmail.com
                    ipvivek213@gmail.com

Last date for
submission of claims: March 1, 2025

PHARMASPECTRA INFORMATICS: Voluntary Liquidation Case Summary
-------------------------------------------------------------
Debtor: Pharmaspectra Informatics Private Limited
        Omega, Embassy Techsquare,
        Marathahalli-Sarjapur Outer Ring Road,
        Kadubeesanahalli, Panathur, Bangalore,
        Bangalore South, Karnataka, India 560103

Liquidation Commencement Date: January 31, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Chitra Srinivas
            ASTA A V M, Flat B4E,
            P.V. Rajamannar Salai,
            K.K. Nagar, Chennai 600078
            Mobile No.: 9884355245
            E-mail: schitra18@gmail.com

Last date for
submission of claims: March 2, 2025


SARVESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvesh Rice
Mill Private Limited (SRMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.50        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.25        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan    3.55        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            10.70        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRMPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SRMPL, incorporated in 2009, processes par-boiled rice at its
facility in Bardhaman, West Bengal. Its operations are managed by
Mr. Ritesh Agarwal and Ms. Vasudha Agarwal.


SHALAKS PHARMACEUTICALS: Voluntary Liquidation Case Summary
-----------------------------------------------------------
Debtor: Shalaks Pharmaceuticals Private Limited
        C3 Puja House,
        Karam Pura Commercial Center,
        Milan Complex, New Delhi 110015

Liquidation Commencement Date: February 3, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Ashu Gupta
            204A, Second Floor, S B I Building,
            23, Najafgarh Road Industrial Area,
            DLF Tower, Shivali Marg, New Delhi 110015
            E-mail: ashugupta.cs@gmail.com
            Mobile No.: 98990 21740

Last date for
submission of claims: March 5, 2025


THRIMATHY CONTRACTING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thrimathy
Contracting Company (TCC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Bill Discounting       13         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          1         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     10         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         2.65      CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with TCC for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2001 as a proprietorship concern by late Mr. V P
Thrimathy, Malappuram (Kerala)-based TCC is a civil contractor that
primarily constructs roads and bridges for Public Works Department,
Kerala. Operations are managed by proprietor's son, Mr. V. P.
Harshad.


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

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

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.25       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan        1.75       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TEPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

TEPL, incorporated in 2006, manufactures jigs and fixtures, testing
machines, and special purpose machines for automotive components.
Its plant is in Manesar, Haryana. TEPL's promoters are Mr. Rajesh
Khanna and his wife Ms. Shilu Khanna.


TOUGH BAGS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tough Bags
(TB) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           1         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with TB for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set-up in 1992 as a proprietorship firm, TB manufactures
complementary gifts items such as bags, pouches, shaving kits in
rexene. The firm is based in Pykara, Tamil Nadu and promoted by Mrs
Lalitha Ramalingam. Her son Mr. Palanniappan manages operations.


TREEGUN FINANCE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Treegun Finance and Leasing Limited
        187, Central Market,
        Exhibition Ground Jammu
        Jammu and Kashmir

Liquidation Commencement Date: January 31, 2025

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Vishawajeet Gupta
            #51, Adarsh Enclave, Dhakoli
            Near Zirakpur, Distt. Mohali (Punjab) 160104
            Email: vishawjeetgupta@gmail.com
            Mobile: +91-98152 84474

Last date for
submission of claims: March 2, 2025


VIN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VIN Auto (VA)
continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Channel Financing       5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.35      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               2.65      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VA for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).


VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viraj
Alchohol and Allied Industries Limited (VAAIL) continue to be
'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              11.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VAAIL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up at Sangli (Maharashtra) in 2002 as a private limited
company, VAAIL was reconstituted as a closely held public limited
company in 2005. VAAIL is a grain-based alcohol producer, and
manufactures extra neutral alcohol, rectified spirit, distillery
dry grain soluble, distillery wet grain soluble, and country
liquor. Its ENA production facility at Sangli has a capacity of 60
kilo litres per day (klpd).


VISHAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishal Rice
Exports Private Limited (VREPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan     0.31        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              1.19        CRISIL D (Issuer Not
                                      Cooperating)

   Warehouse Receipts    10           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with VREPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, VREPL is engaged in milling and sorting of
1121 PUSA basmati rice at its facility in Tulewal, Punjab. The
facility has installed capacity of 4 tonne per hour and is utilised
75%.


VISHNU VIDYUTH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnu
Vidyuth India Limited (VVIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             26         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VVIL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VVIL was set up in December 1999 by Mr. B Eshwar Rao and was
acquired by Mr. Vishnu Rao and his family members in 2010. The
company operates a biomass-based power plant in Visakhapatnam.


VOVL LIMITED: Liquidation Process Case Summary
----------------------------------------------
Debtor: VOVL LIMITED
        Auto Cars Compound, Adalat Road,
        Chhatrapati Sambhaji Nagar (Aurangabad),
        Maharashtra - 431005

Liquidation Commencement Date: June 26, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pravin R Navandar
            D-519,520, Neelkanth Business Park,
            Nathani Road, Vidyavihar (W),
            Mumbai, Maharashtra, 400086
            E-mail: pravin@prnco.in
                    liquidator.vovl@gmail.com

Last date for
submission of claims: February 16, 2025




=================
I N D O N E S I A
=================

BUMI SERPONG: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer Default
Rating at 'BB-'. The Outlook is Stable.

The rating is supported by BSD's solid record as one of Indonesia's
leading homebuilders by contracted sales and land bank. The
company's scalable township development model and focus on landed
homes across diverse price points allows for steady operating cash
flow across economic cycles, keeping leverage low. BSD's rating is
moderated by its scale relative to higher-rated global peers.

Key Rating Drivers

Strong Pre-Sales in 4Q24: BSD reported a strong 20% yoy increase in
2024 attributable pre-sales to IDR6.8 trillion, driven by robust
growth in 4Q24. Attributable pre-sales are at the highest level in
the past ten years. Residential pre-sales rose by 26% qoq in 4Q24
and apartments by 14% due to interest rate cut and extension of
100% VAT rebate through September to December 2024.

Shophouse presales rose robustly by 35% qoq, driven by the
completion of toll road (especially in Kota Wisata) and aggressive
development, particularly by BSD City and also its peers, in
Serpong area. Commercial landplots jumped significantly by 600% qoq
as the sales were finalised in 4Q24.

Steady Increase in Pre-Sales from 2025-2026: Fitch forecasts
attributable pre-sales to increase steadily to around IDR7 trillion
in the next two years. Fitch expects BSD's presales for residential
and commercial properties to rise by a low single digit, supported
by steady GDP growth of around 5%, and interest rate cuts.

VAT Rebate Extension Supports Demand: The VAT rebate extension
until December 2025 will support demand for affordable residential
homes. Fitch estimates around IDR1.6 trillion pre-sales will be
sold under the VAT rebate scheme in 2025. The regulation provides a
12% discount on the first IDR2 billion of the total value of
completed homes priced up to IDR5 billion from January 2025 to
December 2025, which is aimed at helping middle-class buyers.

Rising Share of JV Sales: Fitch expects the proportion of presales
from joint ventures (JVs) with large developers to rise to over 20%
from 2025 (2022: 13%). Fitch forecasts BSD to sell around IDR1
trillion of land to JVs annually in the next few years, due mainly
to BSD's commitment to its JV with Japan's Mitsubishi Corporation
and Singapore's Surbana Jurong for transit-oriented development in
BSD City. BSD has acquired most of the landbank needed, reducing
execution risks. Fitch does not expect these JVs to weigh on BSD's
financial profile, as they are debt free and have a strong record
of project execution.

Increasing Non-Development Revenue: BSD's mix of non-development
revenue will rise to around 16% to 17% from 2025, from less than
15% in 2023. However, Fitch expects property development business
to remain the key rating driver. Growth in non-development revenue
will stem mainly from new offices and shopping malls, including its
new office space in Luminary Tower in Jakarta and Biomedical Campus
in BSD City, and extension of DP Mall in Semarang. Occupancy in BSD
City's offices is over 90%, a testament to the area's growing
appeal as a suburban alternative to Jakarta's business district.

Rising Capex, Low Leverage: Capex on investment properties will
rise to around IDR1.5 trillion per annum by 2027, mainly to support
the development of BSD's new offices and shopping malls, which will
boost the appeal of its property projects. However, leverage - net
debt to net property assets - is low, and should remain below 10%
over the next few years (2024E: 8.6%, 2023: 6%).

Large, Low-Cost Land Bank: BSD had around 4,400ha of landbank at
end-September 2024, most of which is situated in the Tangerang
province, in and around BSD City. This is sufficient for over 20
years of contracted sales and provides the company with the ability
to tailor its landed homes to suit trends in consumer demand
through the cycle. The large land bank provides the company with
flexibility to temporarily scale back land acquisitions during
downturns. Fitch expects BSD to opportunistically acquire land of
around IDR1.5 trillion per annum in the medium term, in support of
its long-term plans.

Weaker Parent Not a Constraint: BSD's rating reflects its
Standalone Credit Profile of 'bb-'. The rating is not capped by its
weaker 64% parent, Sinarmas Land Limited (SML). Fitch assesses the
access and control factor as 'Porous', given BSD's stock
exchange-listing, functional board separation, growing JVs and
independent funding access that shows SML's long-term intent. The
legal ringfencing between BSD and SML is 'Open'. BSD repaid its
remaining US dollar unsecured notes in January 2025 using internal
cash, removing limitations in the bond indenture against
related-party transactions and dividends.

Derivation Summary

BSD's ratings can be compared with those of Indonesian property
developer PT Pakuwon Jati Tbk (PWON, BB+/Stable) and Vietnamese
property developer Vinhomes Joint Stock Company (BB-/Stable).

Vinhomes' Standalone Credit Profile of 'bb' is one notch higher
than BSD's 'bb-' due to its larger scale and market leadership,
which offset BSD's more mature township projects. Similar to
Vinhomes, BSD has an expanding portfolio of commercial properties,
mainly in office and retail, that provides some cash flow
diversification. Both issuers maintain low leverage and have strong
liquidity.

PWON is rated two notches higher than BSD due to its much larger
non-development EBITDA, which has proven more resilient to economic
downturns than the homebuilding sector.

PWON's non-development EBITDA comes from premium, well-located
shopping malls with strong tenants in mixed-use superblocks, while
BSD's mainstay is its more cyclical property development business.
BSD also has a smaller portfolio of standalone offices, less-prime
hotels and smaller strata-title shopping malls than PWON, which
faces greater challenges from e-commerce. This, together with
PWON's stronger balance sheet, supports a two-notch higher rating
and offsets risks from its smaller-scale property-development
business, which focuses on narrower products and price points than
BSD.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Attributable pre-sales (including share of JVs) to remain steady
at around IDR6.5 trillion to IDR7 trillion in 2025-2026;

- Cash collections from contracted sales remain steady around IDR9
trillion in 2025-2026;

- Revenue from non-development sources to rise modestly to around
IDR2 trillion in 2025-2026 (2024E: IDR1.9 trillion);

- Capex, mainly on investment properties, of around IDR1 trillion a
year in 2025-2026.

RATING SENSITIVITIES

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

- Attributable presales of less than IDR5 trillion on a sustained
basis;

- Leverage (net debt/net property assets) sustained above 40%.

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

- Fitch does not expect positive rating action in the next 24
months, unless BSD's market share (as reflected by attributable
pre-sales) increased materially compared to similar sized peers.

Liquidity and Debt Structure

BSD has a record of maintaining strong liquidity. Its cash balance
stood at IDR8 trillion at 30 September 2024, sufficient to repay
debt maturities of ID3.3 trillion due in the next 12 months. In
January 2025, BSD prepaid remaining USD89 million of its USD300
million unsecured senior notes due on 23 January 2025 with internal
cash. Fitch expects BSD's FCF to be neutral to positive in 2025 to
2026, providing a cash buffer to repay yearly debt maturity of
around IDR1.5 trillion to IDR2 trillion.

Issuer Profile

BSD was established in 1984 by consortium of shareholders to
develop BSD City as a satellite city, southwest of Jakarta. BSD
City is one of the largest township developments in Indonesia with
total license area of 5,950 hectares. The company also has well
established developments in Greater Jakarta and Borneo, expanding
to Semarang, Surabaya, Manado, Palembang and Makassar.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
PT Bumi Serpong Damai Tbk   LT IDR BB-  Affirmed   BB-



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

F&F PRODUCE: Khov Jones Appointed as Receivers
----------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Feb. 12, 2025, were
appointed as receivers and managers of F&F Produce Limited and BN
Contractors Limited.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


FOUNDWORKS BUILDING: Reynolds & Associates Appointed as Liquidator
------------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Feb. 10, 2025, was
appointed as liquidator of Foundworks Building & Civil Contracting
Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


GOLDIES GLASS: Creditors' Proofs of Debt Due on March 4
-------------------------------------------------------
Creditors of Goldies Glass Limited are required to file their
proofs of debt by March 4, 2025, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


MARK FIELDEN: Baker Tilly Appointed as Receivers
------------------------------------------------
Tony Leonard Maginness and Philip Craig Macey of Baker Tilly
Staples Rodway on Feb. 12, 2025, were appointed as receivers and
managers of Mark Fielden Ofsoske, Marko Farms Limited and Mark
Fielden Ofsoske and CA Trustees (Ofsoske) Limited.

The receivers and managers may be reached at:

          Baker Tilly Staples Rodway
          PO Box 3899
          Auckland 1140


ROSIE O'GRADY'S: Napier Irish Pub Announces Voluntary Liquidation
-----------------------------------------------------------------
The New Zealand Herald reports that a Napier bar that opened in
long-vacant Art Deco landmark the Provincial Hotel a little over
two years ago has closed amid a voluntary liquidation announced at
earlier this month.

According to the NZ Herald, Rosie O'Grady's Irish Pub, opposite
Clive and Memorial squares has a sign on the door saying HB Pub
Company No 3 Ltd, trading as Rosie O'Gradys - Napier, was placed in
voluntary liquidation from 2:30 p.m. on Feb. 9.

The bar's Facebook page emphasises Rosie O'Grady's establishments
in Taradale and Hastings continue to operate.

In respect of the now-closed Napier site, popularly viewed and
photographed by cruise visitors, the notice said:

"The journey has been filled with laughter, music, and the joy of
seeing our bar become a gathering place for so many."

"The decision to liquidate was not taken lightly," it continues.

"Changes in the market, Covid and a cyclone created some financial
challenges, and led us to this difficult conclusion."

According to the NZ Herald, the closure comes five weeks before St
Patrick's Day, the busiest day of the year for Irish-themed bars.

Also operating as normal, with early arrivals for last week's Art
Deco Festival, is the original Napier O'Grady's site, now known as
The Rose, with outside hospitality tables and chairs on the
footpath on Hastings St.


TEXTILE BONDING: Creditors' Proofs of Debt Due on March 10
----------------------------------------------------------
Creditors of Textile Bonding Limited are required to file their
proofs of debt by March 10, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2025.

The company's liquidators are:

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




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

HITACHI INFRASTRUCTURE: Creditors' Proofs of Debt Due on March 13
-----------------------------------------------------------------
Creditors of Hitachi Infrastructure Systems (Asia) Pte. Ltd. are
required to file their proofs of debt by March 13, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 12, 2025.

The company's liquidator is:

          Tsang Siu For Thomas
          11 King Albert Park #07-10
          Singapore 598292


NANYANG ADVERTISING: Court to Hear Wind-Up Petition on Feb. 28
--------------------------------------------------------------
A petition to wind up the operations of Nanyang Advertising 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. 5, 2025.

The Petitioner's solicitors are:

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


S.H. MANAGEMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Jan. 31, 2025, to
wind up the operations of S.H. Management Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


SINEWY SHIPPING: Court to Hear Wind-Up Petition on Feb. 21
----------------------------------------------------------
A petition to wind up the operations of Sinewy Shipping Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 21, 2025,
at 10:00 a.m.

Fontaine Marine Corp filed the petition against the company on Feb.
4, 2025.

The Petitioner's solicitors are:
          M/S Asialegal LLC
          1 Coleman Street
          #07-02A The Adelphi
          Singapore 179803


VIVAZ GROUP: Court to Hear Wind-Up Petition on March 7
------------------------------------------------------
A petition to wind up the operations of Vivaz Group Holdings Pte.
Ltd. will be heard before the High Court of Singapore on March 7,
2025, at 10:00 a.m.

My Square Metre filed the petition against the company on Feb. 9,
2025.

The Petitioner's solicitors are:

          Messrs Meritus Law LLC
          20 Collyer Quay, #21-02
          Singapore 049319




=================
S R I   L A N K A
=================

SRI LANKA: New President Presents First Budget
----------------------------------------------
Reuters reports that Sri Lanka's new President Anura Kumara
Dissanayake will outline the government's revenue and policy goals
in his first full-year budget today, Feb. 17, seeking to extend the
country's recovery from a financial crisis and signal its alignment
with a $2.9 billion IMF bailout program.

A severe drain in dollar reserves plunged the island nation into
turmoil three years ago, sending inflation soaring, depreciating
its currency and forcing a $25 billion foreign debt default,
Reuters notes.

Since locking down $2.9 billion in emergency funding from the
International Monetary Fund in March 2023, Sri Lanka has posted a
faster than expected recovery. Inflation has eased, the central
bank has slashed interest rates to pre-crisis levels, and debt
restructuring was completed in December.

According to Reuters, Dissanayake, who is also the finance
minister, is hoping to bolster the economic recovery by lowering
taxes, increasing welfare and supporting local industries in line
with his pre-election pledges.

But he faces the challenge of staying within the parameters set out
by the IMF, which includes an ambitious deficit target of 5.2% of
GDP and raising revenue to 15.1% of GDP in 2025 to secure the next
tranche of about $333 million under the bailout.

Reuters relats that analysts said he will likely have to impose
fresh taxes and realign expenditures to increase its public
revenue.

"From this budget we will try to gauge the credibility of the
medium-term fiscal plan, and the impact of policies on the debt and
deficit going forward," Sagarika Chandra, director of Asia Pacific
Sovereigns at Fitch Ratings, told Reuters.

Meeting the IMF targets is crucial for Sri Lanka to improve its
credit rating after exiting from default status, so the country can
eventually return to international financial markets to borrow and
repay its debts from 2028 onwards, Reuters states.

Investors will also be looking for any plans on how to attract more
foreign investment as the government tries to rebuild its
reserves.

Sri Lanka's current reserves are at $6 billion, enough to cover
four months of imports, Reuters discloses citing the latest central
bank data. In the depths of the crisis, reserves had shrunk to just
$1.9 billion at the end of 2022.

"For a positive rating action, a trigger could be a sustained
decline in the debt ratios over time, which is underpinned by a
credible medium term fiscal consolidation strategy including an
increase in revenues," Chandra added, the report notes.
"Historically, revenue build-up has been a weakness."

Sri Lanka's economy is expected to have grown by 5% in 2024,
according to the latest central bank data, after contracting 2.3%
in 2023, Reuters reports. The World Bank estimates Sri Lanka will
grow 3.5% this year.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific early
this January, Fitch Ratings assigned a 'CCC+' foreign-currency
rating to Sri Lanka's governance-linked bonds maturing in 2035 and
a 'CCC+' local-currency rating to the US dollar step-up bonds
maturing in 2038, which the government can decide to repay in
rupees. Fitch does not rate the macro-linked bonds, which would not
be in line with its sovereign rating criteria.  

The ratings are in line with Sri Lanka's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs).  On Dec. 20, 2024,
Fitch upgraded Sri Lanka's Long-Term Foreign-Currency IDR to
'CCC+', from 'RD' (Restricted Default).  Fitch also upgraded the
Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with
the Long-Term Foreign-Currency IDR.

The TCR-AP reported in late Dec. 2024, Moody's Ratings has upgraded
the Government of Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca. The outlook is stable. Previously, the
rating was on review for upgrade.

The TCR-AP also reported that S&P Global Ratings on Dec. 27, 2024,
affirmed its 'SD/SD' (selective default) long- and short-term
foreign currency and 'CCC+/C' long- and short-term local currency
sovereign credit ratings on Sri Lanka. The outlook on the long-term
local currency rating is stable. S&P also revised upward its
transfer and convertibility assessment on Sri Lanka to 'CCC+' from
'CCC' previously.  At the same time, S&P assigned its 'CCC+' issue
ratings to three categories of Sri Lanka's post-restructuring new
notes.


                           *********


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

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

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

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

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



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