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

                     A S I A   P A C I F I C

          Wednesday, February 19, 2025, Vol. 28, No. 36

                           Headlines



A U S T R A L I A

ALMY PTY: Second Creditors' Meeting Set for Feb. 25
CONNECT GLOBAL: First Creditors' Meeting Set for Feb. 25
HCC SOLUTIONS: First Creditors' Meeting Set for Feb. 24
NORTHWEST TRAFFIC: Second Creditors' Meeting Set for Feb. 25
SLB INVESTMENTS: First Creditors' Meeting Set for Feb. 24

TRANSIT BAR: Closes Doors After 19 Years; Goes Into Liquidation


I N D I A

AAKASH DEVELOPERS: Ind-Ra Keeps D Rating in Non-Cooperating
AARTI INFRASTRUCTURE: Ind-Ra Cuts Loan Rating to B+
AKSHYALAKSHMI NIDHI: Voluntary Liquidation Process Case Summary
ARSHIYA LIMITED: Faces Operational Hurdles Amid Insolvency Process
ATUL SHARMA: Ind-Ra Cuts Loan Rating to B

AVIOM INDIA: Ind-Ra Corrects November 26, 2024 Rating Release
BOOSTER PLANT: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
BUDHIA AGENCIES: Ind-Ra Cuts Loan Rating to B+
CRYSTAL CABLE: Ind-Ra Keeps D Rating in Non-Cooperating
ELASTOCHEMIE IMPEX: Ind-Ra Keeps B- Rating in Non-Cooperating

FRIENDS PAPER: Ind-Ra Keeps D Rating in Non-Cooperating
GRANDWAY INCORPORATED: Ind-Ra Keeps B- Rating in Non-Cooperating
HANUMANJEE MODERN: CRISIL Keeps B Debt Rating in Not Cooperating
HAR AUTO: Ind-Ra Keeps B- Rating in Non-Cooperating
HINDUSTAN CONCRETES: Ind-Ra Cuts Loan Rating to B-

HOTEL JAYAPUSHPAM: Ind-Ra Keeps BB+ Rating in Non-Cooperating
INAMDAR SUGAR: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
JAIN VINIMAY: Ind-Ra Keeps D Rating in Non-Cooperating
JALANDHAR AMRITSAR: Ind-Ra Keeps D Rating in Non-Cooperating
JANSONS INDUSTRIES: Ind-Ra Assigns BB+ Rating, Outlook Stable

KALYAN GRAND: CRISIL Keeps B- Debt Ratings in Not Cooperating
KMK EVENT: Ind-Ra Cuts Loan Rating to BB-
KOHINOOR FEEDS: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable
L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
LEVEL 9 BIZ: Ind-Ra Cuts Loan Rating to B+

LOK RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category
LORD BALAJI: Ind-Ra Keeps D Rating in Non-Cooperating
LORD BUDDHA: CRISIL Keeps D Debt Rating in Not Cooperating
M/S. GEORGE MAIJO: Ind-Ra Cuts Loan Rating to B
MAA ANNAPURNA: CRISIL Keeps B Debt Ratings in Not Cooperating

MADHUBAN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
MAHARUDRA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAKHARIA MACHINERIES: CRISIL Keeps B Ratings in Not Cooperating
MANGALA ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating
MEGAMILES BEARING: CRISIL Keeps C Debt Rating in Not Cooperating

MENACHERRY INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
MINI DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
MODERN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
MORANI MOTORS: Insolvency Resolution Process Case Summary
MYSORE TIMBER: Ind-Ra Keeps B- Rating in Non-Cooperating

OVERSEAS TIMBER: Ind-Ra Cuts Loan Rating to B-
OZONE DIAMONDS: Ind-Ra Cuts Loan Rating to B
P.E. ERECTORS: Ind-Ra Assigns BB+ Rating, Outlook Stable
PLANET PR: Ind-Ra Keeps D Rating in Non-Cooperating
PRASANA TEX: Ind-Ra Keeps D Rating in Non-Cooperating

PRASANNA METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
R.K. VISION: Ind-Ra Keeps B- Rating in Non-Cooperating
RANA MILK: Ind-Ra Keeps D Rating in Non-Cooperating
RELIANCE CAPITAL: NCLT Clears IndusInd's INR9,650 crore Bid
RENATA PRECISION: Ind-Ra Assigns BB Loan Rating, Outlook Stable

S S M FOUNDATION: CRISIL Keeps D Debt Ratings in Not Cooperating
S.P. LIFESTYLES: CRISIL Keeps B+ Debt Rating in Not Cooperating
SARAS PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHAKTI MURUGAN: CRISIL Keeps B+ Debt Rating in Not Cooperating
SHAMBHAVI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating

SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
SIMBHAOLI SUGARS: Posts INR2.62cr Net Loss in Qtr Ended Dec. 2024
SNEHA MARKETING: Ind-Ra Keeps D Rating in Non-Cooperating
SNEHA VINYL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SRINIVASA DELINTERS: Ind-Ra Keeps B- Rating in Non-Cooperating
STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPERTECH ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
T C COMMUNICATION: Ind-Ra Keeps B- Loan Rating in NonCooperating
T S REAL: Ind-Ra Cuts Term Loan Rating to B

THARUN CONSTRUCTION: Ind-Ra Hikes Bank Loan Rating to BB-
UNICON TECHNOLOGY: Ind-Ra Cuts Term Loan Rating to B
UTTAM INDUSTRIAL: Ind-Ra Keeps D Loan Rating in NonCooperating
VAYAS MULTI-TRADING: CRISIL Keeps D Rating in Not Cooperating
VETSHIELD INTERNATIONAL: Insolvency Resolution Process Case Summary

VIJAY ENGINEERING: Ind-Ra Keeps B- Loan Rating in NonCooperating
VIJENDRA PRATAP: Ind-Ra Cuts Term Loan Rating to B
VISHWAS TUBES: Ind-Ra Keeps D Loan Rating in NonCooperating
VISITOR GARMENTS: Ind-Ra Cuts Term Loan Rating to B+
VISMIT INFRASTRUCTURE: Ind-Ra Cuts Term Loan Rating to B-

VIVAANA DESIGNERS: Ind-Ra Keeps D Loan Rating in NonCooperating
VNM JEWEL: Ind-Ra Keeps B- Term Loan Rating in NonCooperating
YASH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
YAXIS STRUCTURAL: Ind-Ra Hikes Loan Rating to BB
YOUNG INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating



M A L A Y S I A

HO HUP: Amicably Resolves Legal Dispute With Sunrise Model


N E W   Z E A L A N D

ARDITO COMPUTER: Creditors' Proofs of Debt Due on March 13
BLACKHAWK BUILD: Creditors' Proofs of Debt Due on March 21
I SUPPLY: Court to Hear Wind-Up Petition on Feb. 21
MATTHEW WHITE: Court to Hear Wind-Up Petition on March 10
NZPEPPERTREE (2021): Creditors' Proofs of Debt Due on March 20

TRIPLE CONNECTION: Chinese-Gov't. Linked Firm Placed in Liquidation


P A K I S T A N

PAKISTAN WATER: Fitch Affirms 'CCC+' Long-Term IDR


S I N G A P O R E

KLEIO ONE-SOLUTION: Court to Hear Wind-Up Petition on March 7
LCH ELECTRICAL: Court to Hear Wind-Up Petition on Feb. 28
LIVFRESH PTE: Court to Hear Wind-Up Petition on Feb. 28
RUMA SINGAPORE: Court to Hear Wind-Up Petition on March 7
SMARTER APPS: Court to Hear Wind-Up Petition on Feb. 28



T H A I L A N D

THAI AIRWAYS: Set to Emerge From Debt With Plan to Double Fleet

                           - - - - -


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

ALMY PTY: Second Creditors' Meeting Set for Feb. 25
---------------------------------------------------
A second meeting of creditors in the proceedings of Almy Pty Ltd
has been set for Feb. 25, 2025 at 11:00 a.m. at the offices of AL
Restructuring at Level 13, 50 Margaret Street in Sydney and via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2025 at 4:00 p.m.

Andre Lakomy of AL Restructuring was appointed as administrator of
the company on Jan. 21, 2024.


CONNECT GLOBAL: First Creditors' Meeting Set for Feb. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Connect
Global Limited will be held on Feb. 25, 2025 at 2:00 p.m. via
virtual meeting.

Daniel Jon Quinn of SV Partners was appointed as administrator of
the company on Feb. 14, 2025.


HCC SOLUTIONS: First Creditors' Meeting Set for Feb. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of HCC
Solutions Pty Ltd will be held on Feb. 24, 2025 at 12:00 p.m. at
Level 9, 66 Clarence Street in Sydney and via teleconferencing.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Feb. 12, 2025.


NORTHWEST TRAFFIC: Second Creditors' Meeting Set for Feb. 25
------------------------------------------------------------
A second meeting of creditors in the proceedings of Northwest
Traffic Management Pty Ltd has been set for Feb. 25, 2025 at 10:30
a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2025 at 4:00 p.m.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Jan. 30, 2025.


SLB INVESTMENTS: First Creditors' Meeting Set for Feb. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of SLB
Investments Queensland Pty Ltd, Biloela 4x4 and Outdoor Pty Ltd,
Grimbow Enterprises Pty Ltd, J.Mckenzie Managment Pty. Ltd., and
Ruby George Investments Pty Ltd will be held on Feb. 24, 2025 at
11:00 a.m. via Teams Teleconference Facility.

Andrew Quinn and Shaun Fernando of Mackay Goodwin were appointed as
administrators of the company on Feb. 12, 2025.


TRANSIT BAR: Closes Doors After 19 Years; Goes Into Liquidation
---------------------------------------------------------------
Sarah Downs at The Music Network reports that Canberra's beloved
Transit Bar has officially shut its doors and entered liquidation
after nearly 20 years as a cornerstone of the city's live music
scene.

The Music Network, citing a report by The Canberra Times, relates
that Transit Bar Pty Ltd, the venue's operators, ceased trading on
February 11, with liquidation proceedings kicking off the following
day. Events were cancelled at the last minute, including an open
mic comedy night that was axed just 30 minutes before showtime.
Valentine's Day-themed gigs scheduled for February 13 and February
14 were also called off, and the venue's website now shows no
upcoming events.

The Music Network relates that the venue's closure comes after a
difficult period for many in the industry, with Transit Bar unable
to escape the economic fallout from the COVID-19 pandemic, rising
inflation, and the ongoing cost-of-living crisis. Frank Lo Pilato,
the appointed liquidator from RSM Australia, explained the
financial pressures were no different to those facing other
businesses, with customers tightening their budgets.

"They're probably like any other businesses that have been affected
by the inflationary pressures, and people [are] just looking at
their spending budgets and being very careful with that," the
report quotes Mr. Pilato as saying.

Transit Bar originally shut in 2020 due to the pandemic but
reopened in a new location in January 2021 under fresh management,
the report says. It moved from its Akuna Street basement space to
Bailey's Arcade on London Circuit, occupying the old Hog's Breath
Cafe site. The venue closed again during lockdowns before
relaunching in 2022.

Over the years, the bar played host to a stacked lineup of
homegrown talent, including acts like Lime Cordiale, Genesis Owusu,
Amyl and The Sniffers, Telenova, COTERIE, Diamond Construct, Thy
Art Is Murder, Zebrahead, The Chats, Teen Jesus and The Jean
Teasers, and more.

The closure of Transit Bar marks the end of an era for Canberra's
live music and entertainment community.

Transit Bar Pty Ltd had been operating in Canberra since 2006.




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

AAKASH DEVELOPERS: Ind-Ra Keeps D Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aakash
Developers' instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR150 mil. Term loan issued on August 31, 2021 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Aakash Developers while
reviewing the rating. Ind-Ra had consistently followed up with
Aakash Developers over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Aakash Developers on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Aakash Developers' credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Aakash Developers will develop a residential project in Kandivali
East, Mumbai. The firm was founded by Ram Kumar Pal. Basantraj
Sethia and Rajesh Pal are the other partners.

AARTI INFRASTRUCTURE: Ind-Ra Cuts Loan Rating to B+
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aarti
Infrastructure & Buildcon Limited rating to IND B+/Negative (ISSUER
NOT COOPERATING). The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit downgraded with
     IND B+/Negative (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-Fund Based Working Capital Limit downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Aarti Infrastructure &
Buildcon Limited while reviewing the rating. Ind-Ra had
consistently followed up with Aarti Infrastructure & Buildcon
Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Aarti Infrastructure &
Buildcon Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Aarti Infrastructure &
Buildcon Limited's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Aarti Infrastructure & Buildcon is a real estate company.

AKSHYALAKSHMI NIDHI: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Akshyalakshmi Nidhi Limited
No. 403, Block-B, No. 36,
        Athreya Apartment Williamsroad,
Tiruchirappali Cantonment,
Tiruchirappali, Tamil Nadu-620001

Liquidation Commencement Date: February 1, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
     132-A, NTR Street, Rangarajapuram Main Road,
            Kodambakkam, Chennai-600 024
            Email: saraskcsca@gmail.com
            Mobile: 94440 11294

Last date for
submission of claims: March 2, 2025


ARSHIYA LIMITED: Faces Operational Hurdles Amid Insolvency Process
------------------------------------------------------------------
TipRanks reports that Arshiya Limited is experiencing significant
operational challenges as it undergoes a Corporate Insolvency
Resolution Process under the Insolvency and Bankruptcy Code.

TipRanks relates that the company has announced delays in
submitting its financial results due to factors including a shift
of its registered office, a mass resignation of employees, severe
resource shortages, and liquidity problems. These issues have
disrupted Arshiya's daily operations and financial reporting,
impacting its ability to comply with necessary financial
disclosures.

                         About Arshiya Ltd

Mumbai-based Arshiya Ltd provides unified supply chain and
integrated logistics infrastructure solutions. It develops,
operates and maintains free trade and warehousing zones.

As per the company's website, it is the only free zone developer
operating two free trade warehousing zones (FTWZs) and the largest
private container train operator with pan-India operations. The
company also owns the only private inland container depot with six
rail loop lines.

Arshiya was admitted under CIRP in April last year following an
application by its lender Punjab National Bank. It had defaulted on
dues of about INR193 crore.

The company has admitted liabilities of over INR6,647 crore, which
includes about INR3,082 crore from secured financial creditors and
INR3,544 crore from unsecured financial creditors.

ATUL SHARMA: Ind-Ra Cuts Loan Rating to B
-----------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atul Sharma
Solar Energy rating to IND B/Negative (ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating action is:

-- INR62 mil. Term loan downgraded with IND B/Negative (ISSUER
     NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Atul Sharma Solar Energy
while reviewing the rating. Ind-Ra had consistently followed up
with Atul Sharma Solar Energy over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Atul Sharma Solar Energy
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Atul Sharma Solar Energy's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 2013, ASSE is a proprietorship firm engaged in the
generation of solar power and is solely managed by its proprietor,
Atul Sharma.

AVIOM INDIA: Ind-Ra Corrects November 26, 2024 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies AVIOM India Housing
Finance Pvt Ltd.'s (AVIOM) rating published on November 26, 2024 to
include the section on ESG issues.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded AVIOM India
Housing Finance Pvt Ltd.'s (AVIOM) debt instruments to IND D from
'IND BBB+'/Positive while migrating the rating to non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
ratings are based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR650 mil. Non-convertible debentures* downgraded and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COPERATING) rating; and

-- INR1.0 bil. Bank loans downgraded and migrated to non-
     cooperating category with IND D (ISSUER NOT COPERATING)
     rating.

*Yet to be issued

Detailed Rationale of the Rating Action

The rating has been downgraded and migrated to non-cooperating
category based on a press release dated November 22, 2024, stating
that there has been a fraud within the company. The new auditor has
also raised concerns regarding potential discrepancies in the
company's books of accounts considering a complaint alleging
certain irregularities. The previous auditor has also directed the
company to cease to use its auditor report with immediate effect.
The company has also highlighted that it has been facing liquidity
issues and is expecting a delay in its interest payments. Ind-Ra
has also received a further verbal confirmation from the
board-appointed consultant that there has been a delay in the
company's debt servicing. The ratings have been migrated to the
non-cooperating category in accordance with Ind-Ra's policy of
'Issuer Non-Cooperation'.

Non-Co-Operation By The Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with AVIOM while reviewing the
ratings. Ind-Ra had consistently followed up with the company over
emails since mid-October 2024, apart from phone calls. There has
been a delay in the submission of AVIOM's unaudited financial
statements for the quarter ended September 2024. Information
regarding the quantum of debt delays and available liquidity for
immediate debt servicing has also not been available. However, the
issuer has been submitting the monthly no default statement until
October 2024.

Limitations Regarding Information Availability

Ind-Ra has reviewed the credit ratings of AVIOM's on the basis of
best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect AVIOM's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Delhi-based Aviom is a housing finance company operations since
August 2016. The company had a network of 268 branches as of March
31, 2024. It had an assets under management of INR17.52 billion at
FYE24. AVIOM provides loans for sanitation, home extension, home
improvement, and construction and loan against property to
low-income families from the informal sector with focus on women.

AVIOM is led by Kajal Ilmi, who has over two decades of experience
in real estate and housing. As of March 31, 2024, Kajal Ilmi and
her family members held a 31.4% stake in the company on a fully
diluted basis. Gojo and Company Inc, SABRE Partners AIF Trust,
Capital 4 Development Asia Fund Cooperative UA and TIAA are the
other key shareholders.

BOOSTER PLANT: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Booster Plant
Genetics Private Limited's (BPGPL) bank facilities as follows:

-- INR630 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR190 mil. Proposed fund-based working capital limit assigned
   
     with IND BB+/Stable/IND A4+ rating; and

-- INR30 mil. Proposed term loan assigned with IND BB+/Stable  
     rating.

Detailed Rationale of the Rating Action

The ratings reflect BPGPL's small scale of operations and exposure
to intense competition. Ind-Ra expects the revenue to improve in
FY25, considering the 8MFY25 revenue. The ratings are supported by
healthy EBITDA margins, comfortable credit metrics and experienced
promoters.

Detailed Description of Key Rating Drivers

Small Scale of Operations:  BPGPL's  revenue remained largely
stable at INR1,805.73 million in FY24 (FY23: INR1,803.83 million)
due to stable demand. The EBITDA increased to INR123.09 million in
FY24 (FY23: INR102.86 million) owing to a decline in administration
and labor costs.  During 8MFY25, BPGPL booked revenue of
INR1,698.25million.  Ind-Ra expects the revenue to improve on a yoy
basis in FY25, backed  by an increase in orders.

Exposure to Intense Competition: BPGPL operates in a highly
competitive industry, given the fragmented and unorganized
structure of the agri commodity industry. A large portion of the
industry is serviced by unorganized players, who cater to small
scale requirements of clients across industries, while the
remaining market is dominated by a few major players.

Healthy EBITDA Margins: BPGPL's EBITDA margin improved to 6.82% in
FY24 (FY23: 5.70%), due to a decline in labor costs, as the company
incurred capex to automate its processes. The return on capital
employed was 20.80% in FY24 (FY23: 23.90%). BPGPL reported higher
EBITDA margin of 7.56%, led by better fixed cost absorption and
lower administration and labor cost. Ind-Ra expects the EBITDA
margin to remain at similar levels for full year FY25.

Comfortable Credit Metrics:  BPGPL's interest coverage (operating
EBITDA/gross interest expenses) improved to 15.84x in FY24 (FY23:
15.31x), mainly because of the increase in the EBITDA. The net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 2.83x in FY24 (FY23: 2.37x)  owing to an increase in the total
debt to INR349.24 million (INR252.78 million).  Ind-Ra expects the
credit metrics to remain at similar levels in the medium term,
supported by  stable EBITDA levels.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly three decades in the agri commodities
industry, which has  helped the company establish strong
relationships with customers as well as suppliers.

Liquidity

Stretched: BPGPL's average maximum utilization of the fund-based
limits was 46.54% during the 12 months ended November 2024. The
cash flow from operations declined to INR48.12 million in FY24
(FY23: INR127.41 million) owing to unfavorable changes of INR43.66
million in working capital (FY23: favorable change of INR50.78
million). The free cash flow turned negative at INR3.69 million in
FY24 (FY23: INR70.79 million) due to capex of INR51.81 million
(INR56.61 million) incurred by the company. The current ratio
improved to 1.1x in FY24 (FY23: 1.0x). The net working capital
cycle stretched to 143 days in FY24 (FY23: 130 days), primarily
because of an increase in the inventory days to 199 days (145
days). BPGPL has debt repayment obligations of INR1.50 million each
in FY25 and FY26. The cash and cash equivalents stood at INR0.73
million at FYE24 (FYE23: INR9.42 million). BPGPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Positive: A substantial increase in the scale of operations while
maintaining the overall credit metrics and an improvement in the
liquidity profile, including an improvement in current ratio, all
on a sustained basis, could lead to a positive rating action.

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

About the Company

Incorporated in 2014, BPGPL sells seeds of agri commodities after
acquiring it from the farmers. BPGPL also sells pesticides, plant
growth regulators and fertilizers to farmers. Promoted byGajanan
Keshaorao Jadhao, BPGPL is based in Aurangabad, Maharashtra.

BUDHIA AGENCIES: Ind-Ra Cuts Loan Rating to B+
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Budhia Agencies
Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR195 mil.  Fund Based Working Capital Limit downgraded
     with IND B+/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Budhia Agencies Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Budhia Agencies Private Limited over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Budhia Agencies Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Budhia Agencies Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 2002, Budhia Agencies is an authorized dealer of
Tata Motors Limited based in Jharkhand. It undertakes sale of
light, medium and heavy commercial vehicles. It has 15 outlets,
including two sales-service-spares centers, in Jharkhand. Mentu
Budhia, Rajendra Prasad Budhia, Rahul Budhia and Babita Budhia are
the promoters.

CRYSTAL CABLE: Ind-Ra Keeps D Rating in Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Crystal Cable
Industries Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR497.4 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR250 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR15.2 mil. Term loan issued on June 30, 2020 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Crystal Cable Industries
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Crystal Cable Industries Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Crystal Cable Industries
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Crystal Cable Industries
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

CCIL was incorporated in 1965 as a private limited company, and was
converted into a public limited company in 1989. The company
manufactures various types of electrical cables including
cross-linked polyethylene, poly vinyl chloride power, mining and
control, as well as aerial bunch cables. Its registered office is
located in Kolkata and manufacturing facility at Andul in Howrah,
West Bengal.

ELASTOCHEMIE IMPEX: Ind-Ra Keeps B- Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Elastochemie
Impex Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B-/ Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR150 mil. Fund Based Working Capital Limit LT Downgraded; ST

     Maintained in non-cooperating category with IND B-/Negative
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     Rating; and

-- INR4 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Elastochemie Impex Private
limited while reviewing the rating. Ind-Ra had consistently
followed up with Elastochemie Impex Private limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Elastochemie Impex
Private limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Elastochemie Impex Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Set up in 1988, Elasto is engaged in the distribution of rubber
products. The company is a distributor of silicone rubber for
US-based Dow Corning and ethylene propylene diene monomer 1 rubber
for Germany-based Lanxess AG in the western India.

The company distributes around 171 products, of which 138 are
silicone rubber, 18 are nitrile rubber and 15 are peroxides, used
in the automotive and non-automotive industries.

FRIENDS PAPER: Ind-Ra Keeps D Rating in Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Friends Paper
Mills' instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR68.26mil. Term loan due on March 31, 2022 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Friends Paper Mills while
reviewing the rating. Ind-Ra had consistently followed up with
Friends Paper Mills over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Friends Paper Mills on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Friends Paper Mills' credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated on 2016, FPM manufactures kraft paper at its 100MT/day
facility in Pathankot, Punjab.

GRANDWAY INCORPORATED: Ind-Ra Keeps B- Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Grandway
Incorporated's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B-/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR80 mil. Fund Based Working Capital Limit LT Downgraded; ST
     Maintained in non-cooperating category with IND B-/Negative
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Grandway Incorporated while
reviewing the rating. Ind-Ra had consistently followed up with
Grandway Incorporated over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Grandway Incorporated on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Grandway Incorporated's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Grandway manufactures and exports hosiery garments, and sells
knitted fabric in the domestic market. Its partners are Mr. Ishpaul
Singh, Mr. Kanwardeep Singh and Mr. Pavneet Singh.

HANUMANJEE MODERN: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Hanumanjee Modern Rice Mill Private Limited (SH) continue to be
'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          1.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2009, SH mills non-basmati parboiled rice. Its
manufacturing facility is located at Patna in Bihar. Operations are
looked after by director Mr. Jamna Prasad Gupta and his sons Mr.
Susheel Kumar and Mr. Manish.


HAR AUTO: Ind-Ra Keeps B- Rating in Non-Cooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Har Auto Private
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating action is:

-- INR180 mil. Fund Based Working Capital Limit LT Downgraded;
     ST Maintained in non-cooperating category with IND B-/
     Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT     
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Har Auto Private Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Har Auto Private Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Har Auto Private Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Har Auto Private Limited's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 2000 in Kerala by P.V. Equbal and his brothers,
HAPL operates an automobile dealership business and nine showrooms
in Kerala. It is an authorized dealer of Maruti Suzuki India
Limited.

HINDUSTAN CONCRETES: Ind-Ra Cuts Loan Rating to B-
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hindustan
Concretes rating to IND B-/Negative (ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR75 mil. Fund Based Working Capital Limit downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING) rating; and

-- INR4 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Hindustan Concretes while
reviewing the rating. Ind-Ra had consistently followed up with
Hindustan Concretes over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Hindustan Concretes on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Hindustan Concretes' credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Established as a partnership firm in 2015 by Mr. Veeru Manik and
Mr. Pravin Bansal, Jharkhand-based HC manufactures highly durable
and heavy duty pre-stressed concrete poles. These poles are used
extensively in electrical industry, for establishing electrical
connections and fittings.

HOTEL JAYAPUSHPAM: Ind-Ra Keeps BB+ Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hotel
Jayapushpam Private Limited's (HJPL) bank facilities ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating action is:

-- INR35.80 mil. Long-term loans* due on September 30, 2028
     maintained in non-cooperating category and withdrawn.

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with HJPL while reviewing the
ratings. Ind-Ra had consistently followed up with HJPL over emails
starting October 11, 2024, apart from phone calls. The issuer has
submitted no default statement until October 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of HJPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. HJPL has been
non-cooperative with the agency since October 11, 2024.

About the Company

Established in 2002, HJPL is a private limited company founded by J
Ashok, is a three-star hotel with 90 rooms in Chennai, Tamil Nadu.
The hotel has three restaurants – a resto bar, a rooftop
restaurant, a normal restaurant and eight banquet halls.

INAMDAR SUGAR: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Inamdar Sugar Limited's bank facilities:    

-- INR53 mil. Proposed fund-based working capital limits affirmed
     with IND BB-/Stable/IND A4+ rating;

-- INR2.947 bil. Term loan due on February 26, 2036 affirmed with

     IND BB-/Stable rating;

-- INR301.7 mil. Term loan due on February 26, 2036 assigned with
     IND BB-/Stable rating;

-- INR2.0 bil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating; and

-- INR8.3 mil. Proposed fund-based working capital limits  
     assigned with IND BB-/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect ISL's nascent stage of operations as the
company commenced operations from November 2024 with stabilization
of operations and revenue realization to be achieved in the
near-to-medium term. However, the ratings are constrained by high
offtake and stabilization risk amid awaited domestic allocation of
sugar sales quota. Furthermore, the ratings are constrained by the
company's weak credit metrics, which will improve gradually in the
medium term. However, the ratings are supported by the promoters'
experience in the sugar industry and the locational advantage of
ISL's manufacturing facility.

Detailed Description of Key Rating Drivers

Nascent Stage of Operations: The company began commercial
operations at its 4,900-tonnes-crushed-per-day sugar manufacturing
facility and 15MW co-generation plant on 15 November 2024. However,
it is yet to start generating revenue as it awaiting allocation of
quota for sugar sale. Although, the company has been allocated
1,111MT under export quota for sugar season 2024-25.

The total capex incurred for the project is INR4,323 million,
including land building and other soft costs. The capex has been
funded through promoters' equity contribution of INR1,315 million
and unsecured loans, and term loans of INR3,248 million, the
repayment for which will commence from 2QFY26.

High Offtake Risk: ISL does not have any firm offtake agreement for
sugar and sugar products, and power. However, the company is in
discussion with Karnataka Power Transmission Corporation Limited to
sell 50% of its power capacity FY26 onwards. Thus, the company
expects to start generating revenue from sale of power from FY26.
Furthermore, it is yet to start generating revenue from sugar
sales.

Locational Advantage: ISL's manufacturing plant is in proximity to
the sugar catchment area of North Karnataka. The command area
consists of 18 villages and is well irrigated. Despite the presence
of  several sugar mills in this area, Ind-Ra does not foresee any
major issues pertaining to non-availability of sugarcane, given
Karnataka is  the third-largest sugarcane producing state after
Uttar Pradesh and Maharashtra.

Experienced Promoters: The Kore promoters; Kore group has been
involved in sugar as well as associated distillery and power
operations since more than five decades. Amit Prabhakar Kore is the
managing director and promoter of the company. The group has
supported this project through a post default guarantee from its
group companies:, Hermes Distillery Private Limited ('IND BBB-'/
Stable) and Shivashakti Sugars Limited ('IND BB+'/Stable).

Liquidity

Stretched: The firm received entire sanction of INR3,248 million of
term loans as of December 31, 2024; the debt repayment will
commence from 2QFY26. Ind-Ra expects the debt service coverage
ratio and overall credit metrics to be weak during the initial
years of commencement of operations, before an improvement could be
seen in the ratios in line with the improvement in the scale of
operations.

Rating Sensitivities

Negative: Any delay in stabilization of the project, leading to
delays in revenue realization or deterioration in the interest
coverage and liquidity position will be negative for the ratings.

Positive: The stabilization of commercial operations with revenue
realization, leading to an improvement in the interest coverage and
liquidity, both on a sustained basis, will be positive for the
ratings.  

About the Company

ISL is a limited liability company incorporated in 2007. The
company has a sugar mill with a crushing capacity of 4,900 tons of
cane per day and a 15MW cogeneration plant located in Soundatti
district, Belgaum, Karnataka. It started commercial operations in
November 2024.

JAIN VINIMAY: Ind-Ra Keeps D Rating in Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jain Vinimay Pvt
Ltd.'s instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR20 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR14.3 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Jain Vinimay Pvt Ltd while
reviewing the rating. Ind-Ra had consistently followed up with Jain
Vinimay Pvt Ltd. over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Jain Vinimay Pvt Ltd on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Jain Vinimay Pvt Ltd.'s credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

JVPL was set up by Krishna Kumar Tibrewal and his family in 2004.
The company commenced commercial operations in August 2011. The
company manufactures cold-rolled form sections used in wagon
manufacturing at its facility at Ranihati-Amta Road, Amta, Howrah
(West Bengal). The day-to-day activities are handled by Krishna
Kumar Tibrewal and his son Anand Kumar Tibrewal.

JALANDHAR AMRITSAR: Ind-Ra Keeps D Rating in Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jalandhar
Amritsar Tollways Ltd.'s (JATL) bank loan rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.417 bil. Bank loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with JATL while reviewing the
rating. Ind-Ra had consistently followed up with JATL through
emails, apart from phone calls. The issuer has also not submitted
the no default statement since January 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of JATL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. JATL has been
non-cooperative with the agency since October 2018.

About the Company

JATL is a special purpose vehicle that was set up to widen,
operate, and maintain a 49km road stretch on the National Highway 1
between Jalandhar and Amritsar in Punjab. National Highway
Authority of India (debt rated at 'IND AAA'/Stable) has awarded the
project to JATL under a 20-year concession. JATL is wholly owned by
IVRCL Limited ('IND D (ISSUER NOT COOPERATING)').

JANSONS INDUSTRIES: Ind-Ra Assigns BB+ Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jansons industries
Ltd (JIL)'s bank facilities as follows:

-- INR820 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR62.81 mil. Proposed term loan assigned with IND BB+/Stable
     rating; and

-- INR267.19 mil. Term loan due on March 31, 2032 assigned with
     IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflects JIL's modest EBITDA margins, moderate credit
metrics due to high debt levels, customer concentration risk,
elongated working capital cycle and stretched liquidity. While the
revenue dipped in FY24, Ind-Ra expects an improvement in the scale
of operations and absolute EBITDA in FY25, on account of an
increase in the number of orders executed for the existing
customers due to stabilization of the global market crises and
better absorption of fixed costs. The ratings however are supported
by JIL's promoter's nearly three decades of experience in the
textile industry.

Detailed Description of Key Rating Drivers

Modest-but-consistent EBITDA Margins: JIL's modest EBITDA margin
slightly declined to 7.27% in FY24 (FY23: 7.6%) on account of
inefficient absorption of fixed cost due to a decline in the scale
of operations. In FY24, the return on capital employed stood at
4.1% (FY23: 5.9%) The major raw material is yarn, dyeing materials
and some chemicals, which are procured domestically. Although the
EBITDA margins are susceptible to volatility in raw material
prices, JIL has an escalation clause in its agreement with Ikea
India (one of the major customers), enabling the company to pass on
fluctuations in raw material prices up to 5%. EBITDA margin booked
for 9MFY25 was around 9.67%. For FY25, Ind-Ra expects an
improvement in the EBITDA margin due to better absorption in fixed
costs, resulting from an expected improvement in the scale of
operations.

Moderate Credit Metrics: In FY24, JIL's gross interest coverage
(operating EBITDA/gross interest expense) had declined to 1.23x
(FY23: 1.82x) and the net leverage (adjusted net debt/operating
EBITDA) deteriorated to 10.66x (8.06x), due to a decline in the
EBITDA to INR137.50 million (INR179.60 million). In FY26, JIL is
planning to incur capex of around INR220 million for replacing and
installing some latest technology machinery, which is likely to be
financed by a term loan of INR165 million. However, Ind-Ra expects
the credit metrics to slightly improve in the near term, despite
the debt-led capex plan, due to an expected improvement in the
EBITDA and schedule debt repayment.  

Customer Concentration Risk: In FY24, JIL's top five customers
accounted for 49.66% of the total revenue (FY23: 51.59%).  However,
the company's strong and healthy relationships with its key clients
mitigate this risk. Furthermore, the company is focusing on
expanding its customer base globally.

Elongated Working Capital Cycle: In FY24, JIL's working capital
cycle elongated to 292 days (FY23: 199 days), mainly due to an
increase in the inventory holding days to 251 (FY23: 169). The
inventory holding period increased in FY24 due to the holding of
some semi-finished stock due to a slowdown in orders from one of
the major customers. The management expects the working capital
cycle to remain elongated due to continuous high inventory levels
as the order execution time is around 120 days in case of Ikea, due
to quality checks. In FY24, the receivable days stood at 91 days
(FY23: 70 days). The receivable period is quite long due to
settlement of old pending dues on piece meal basis. In FY24, the
creditor days stood at 50 days (41 days).

Dip in Revenue in FY24; Improvement Expected in FY25: In FY24,
JIL's revenue had dipped to INR1,890.55 million (FY23: INR2,363.32
million, mainly due to (i) a slowdown in orders from Ikea as it had
closed down one of its showrooms in Russia on account of the
Russia-Ukraine war, (ii) a decline in exports to Gulf nations due
to logistic issues; and (iii) a decline in domestic sales as JIL
had executed select orders only, to avoid offering a longer credit
period and risk of slow payment/non recovering of dues from
customers. In FY24, the absolute EBITDA had also declined to
INR137.50 million (FY23: INR179.60 million) due to the decline in
the scale of operations. JIL has four major revenue segments, of
which the home textile division contributes majorly to the revenue
at 52.94% (FY23: 56.10%), followed by the consumer textile division
at 22.61% (17.94%), job work income at 19.58% (FY23: 17.17%) and
the garments division at 4.87% (FY23: 8.79%). In FY24, exports
contributed 52.94% to the total revenue (FY23: 56.10%), while the
rest were domestic sales. Revenue booked for 9MFY25 was around
INR1,540 million with EBITDA of around INR148.16 million. At
end-December 2024, JIL had unexecuted orders of INR750 million. In
FY25, Ind-Ra expects an improvement in the scale of operations as
the order flow shall increase with Ikea opening of new showrooms,
and due to stabilization of crises in Gulf nations and a sustained
domestic demand.

Integrated Scale of Operations: JIL benefits from its integrated
manufacturing facilities which include sizing of yarn, weaving and
knitting, dyeing and bleaching. JIL operates through 11 branches
which are operate as separate profit generating segment.

Pivotal Contract with Established Brand: JIL has a pivotal contract
with Ikea(Sweden) since 2009, contributing 35.12% to the total
revenue in FY24 (FY23: 38.10%). The company has favorable contract
terms with Ikea including partial price escalation clause leading
to protection of margins; payment terms is 30 days from the date of
supply indicating better recoverability; and payment in Indian
Rupees, thereby no forex exposure to JIL.

Promoter's Experience: The ratings are further supported by
promoter's more than three decades of experience in the garment
manufacturing industry, leading to established relationships with
its customers.

Liquidity

Stretched: JIL's average monthly utilization of its fund-based
limits was around 92.62% of the total sanctioned limit over the 12
months ended December 2024. Furthermore, the company does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. JIL has debt
repayment obligations of INR94.4 million for FY25 and INR91.9
million for FY26. In FY24, the cash flow from operations remained
moderate, but reduced to INR24.19 million (FY23: INR38.36 million)
due to the decline in the operating profit on account of the
decline in the scale of operations. In FY24, the free cash flow
stood at negative INR5.11 million (FY23: negative INR5.4 million),
due to the maintenance capex incurred by the company.  At FYE24,
the cash and cash equivalent stood at INR24.77 million (FY23:
INR21.63 million).

Rating Sensitivities

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

Positive: A substantial improvement in the scale of operation,
leading to an improvement in the credit metrics with the leverage
below 3.5x along with improvement in the liquidity, all on a
sustained basis, could lead to a positive rating action.

About the Company

JIL was established in 1990 as a private limited company and was
converted to a public limited company under the current name in
1995. It had two manufacturing units, one each in Erode and
Tiruchengode. It is engaged in manufacturing and selling of home
textile products, consumer textile products and garments.

KALYAN GRAND: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalyan Grand
Stay Private Limited (KGSPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Term Loan         25.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      1.5      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

KGSPL was incorporated by Mr. Saravana Prakash K and his family
members in 2011, and is based in Chennai. The company has a 3-star
business hotel, Kalyan Hometel, in Chennai, for which, it has an
operational and managerial tie-up with Sarovar.


KMK EVENT: Ind-Ra Cuts Loan Rating to BB-
-----------------------------------------
India Ratings and Research (Ind-Ra) has downgraded KMK Event
Management Limited rating to IND BB-/Negative (ISSUER NOT
COOPERATING). The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR40 mil. Fund Based Working Capital Limit downgraded with
     IND BB-/Negative (ISSUER NOT COOPERATING) rating; and

-- INR28 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT    
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with KMK Event Management Limited
while reviewing the rating. Ind-Ra had consistently followed up
with KMK Event Management Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of KMK Event Management
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect KMK Event Management Limited's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 2006, KMK is a closely held company that provides
institutional and bulk catering services, and organizes and manages
corporate events and weddings. Its head office is in Hyderabad,
Telangana, and operates in most cities across Telangana and Andhra
Pradesh, as well as metropolitan cities such as New Delhi,
Bengaluru and Chennai. KMK is promoted by Koneru Murali Krishna and
Koneru Sudha Sai.

KOHINOOR FEEDS: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Kohinoor Feeds and
Fats Private Limited's (KFFPL) bank facilities as follows:

-- INR500 mil. Fund-based working capital limit assigned with IND

     B+/Stable/IND A4 rating.

Detailed Rationale of the Rating Action

The rating reflects KFFPL's small scale of operations, modest
EBITDA margins and credit metrics in FY24. In FY25, Ind-Ra expects
a decline in the scale of operations, EBITDA margins and credit
metrics. The rating, however, is supported by the promoters'
experience.

Detailed Description of Key Rating Drivers

Small Scale of Operations: KPPPL scale of operations remained small
with its revenue increasing to INR2,041 million in FY24 (FY23:
INR1,462.87 million), led by a fall in custom duty and the company
commencing trading of imported edible oil in the domestic market.
Its EBITDA increased to INR57.23 million in in FY24 (FY23: INR34.44
million). Till 10MFY25, KFFPL booked revenue of INR1395 million.
KFFPL had a total installed capacity of 300 tons per day (TPD) in
FY24 with a capacity utilization of 50% (FY23: 50%) due to a
decline in the demand for domestic produce as imported products
became relatively cheaper. In FY25, Ind-Ra expects the revenue to
decline on account of lower demand.

Modest Credit Metrics: KFFPL's credit metrics remained modest with
its gross interest coverage (operating EBITDA/gross interest
expenses) reducing to 1.38x in FY24 (FY23: 1.93x) and the net
leverage (total adjusted net debt/operating EBITDAR) increasing to
14.01x (5.36x), due to an increase in its overall debt levels along
with its associated interest expense despite the rise in its
EBITDA. In FY25, Ind-Ra expects the credit metrics to deteriorate
further due to the likely fall in its EBITDA. KFPPL has no capex
plans in the near term.

Modest EBITDA Margins: KFFPL's EBITDA margins increased slightly
but remained modest at 2.8% in FY24 (FY23: 2.4%) given the
company's ability to pass on the cost of production to its
customers to a great extent. The return on capital employed reduced
to 6.2% in FY24 (FY23: 6.7%). In FY25, Ind-Ra expects the EBITDA
margins to marginally decline due to a reduction in the company's
fixed cost absorption, on account of the likely fall in its
revenue.

Experienced Promoters: The rating is supported by the promoters'
nearly three decades of experience in the edible oil industry,
leading to established relationships with its customers as well as
suppliers.

Liquidity

Stretched: KFFPL's average maximum utilization of the fund-based
limits was 81.7% during the 12 months ended December 2024. The cash
flow from operations stood negative INR614.96 million in FY24
(FY23: negative INR270 million), due to a rise in its working
capital requirements. Furthermore, the free cash flow stood at
negative INR617 million (FY23: negative INR273 million) in the
absence of any capex. The net working capital cycle increased to
199 days in FY24 (FY23: 119 days), mainly on account of higher
inventory days at 174 days (110 days) following its stocking up of
raw material as the company had anticipated an increase in the
custom duty in July 2024. KFFPL has no debt repayment obligations
in FY25 and FY26. The cash and cash equivalents stood at INR4.66
million at FYE24 (FYE23: INR4.59 million). Furthermore, KFFPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

Rating Sensitivities

Negative: A significant decline in the scale of operations, leading
to deterioration in the overall credit metrics and further pressure
on the liquidity position, could lead to negative rating action.

Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics and the
maintenance of the liquidity profile, all on a sustained basis,
could lead to a positive rating action.

About the Company

KFFPL was established in 1990 by A.J. Panjwani and N.B. Mahajan
with its registered office at Nanded. The company is a part of the
Nanded-based Kohinoor Group and engages in the extraction and
refining of soya bean oil, manufacturing of de-oiled cakes and
trading of agro-based products. The company sells final output to
re-packers who ultimately sell to customer under their band names.
The company also imports edible oil and sells them in the domestic
market.

L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L N
Constructions (LN) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

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

LN was established as a partnership concern by Mr. Sudarshan Reddy
and his family in 2004. The firm undertakes construction of
irrigation projects, roads, and bridges for the Government of
Andhra Pradesh and the Indian Railways. It is based in Hyderabad.


LEVEL 9 BIZ: Ind-Ra Cuts Loan Rating to B+
------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Level 9 Biz
Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR60 mil. Fund Based Working Capital Limit downgraded with
     IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR140 mil. Non-Fund Based Working Capital Limit downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Level 9 Biz Private Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Level 9 Biz Private Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Level 9 Biz Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Level 9 Biz Private Limited's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Level was incorporated in 2014, as an EPC contractor. It is based
out of Mohali.  Yashbir Singh is the founder and director of the
company.

LOK RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lok Raj Saini
Infra-Tech Private Limited (Lok Raj) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.55        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          12           CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       3.58        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       9.87        CRISIL D (Issuer Not
   Term Loan                         Cooperating)


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

Set up as a proprietorship concern by Mr. Lokraj Saini in 1987, it
was reconstituted as a partnership firm in April 2008 and a private
limited company in 2010. The company undertakes construction of
roads, bridges and other infrastructure development projects,
mainly in Himachal Pradesh (HP), mainly for government departments
like H.P. Public Works Department.


LORD BALAJI: Ind-Ra Keeps D Rating in Non-Cooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lord Balaji
Warehousing Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR99.66 mil. Term loan issued on March 31, 2020 maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Lord Balaji Warehousing
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Lord Balaji Warehousing Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Lord Balaji Warehousing
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Lord Balaji Warehousing
Private Limited's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 2011, LBWPL is engaged in the business of building
and renting of warehouses. The company is promoted by Mr. Rakesh
Bansal and has its registered office in Delhi.

LORD BUDDHA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lord Buddha
Educational Society (LBES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              30         CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2010, LBES currently runs the Raipur Institute of Medical
Sciences. It is also setting up a medical college attached to the
hospital. Operations are managed by Mr. Dalip Kumar.


M/S. GEORGE MAIJO: Ind-Ra Cuts Loan Rating to B
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/s. George
Maijo Industries Private Limited rating to IND B/Negative (ISSUER
NOT COOPERATING). The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR105 mil. Fund Based Working Capital Limit downgraded with
     IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR185 mil. Non-Fund Based Working Capital Limit downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR453.2 mil. Term loan due on March 31, 2034 downgraded with
     IND B/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with M/s. George Maijo Industries
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with M/s. George Maijo Industries Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of M/s. George Maijo
Industries Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect M/s. George
Maijo Industries Private Limited's credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Maijo was incorporated in 1962 by late T.M. Joseph. Maijo is the
sole distributor of the marine engines, water vehicles and boats
manufactured by Yamaha Motor Co. in India. The company has three
showrooms in Kerala and is also engaged in the trading of agri,
marine and power transmission products.

MAA ANNAPURNA: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Annapurna
Jute and Carpets Industries Private Limited (MACIPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.35        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan           10.00        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in March 2016, MACIPL is setting up a manufacturing
unit for jute sack bags and yarn at Gangarampur, West Bengal.


MADHUBAN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Madhuban
Builders (MB) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               8         CRISIL D (Issuer Not
                                     Cooperating)

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

MB was established by Mr. Rajesh Majethia in 1996 as a
proprietorship firm to undertake residential real estate
development in Pune. The firm has one ongoing residential project,
Serene Spaces, which has 108 saleable units.



MAHARUDRA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Maharudra
Rice Industries (SMRI; part of the Jaya Prakash group) continue to
be 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.95       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.17       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 2000, and based in Harihar, Karnataka, SJPRI is a
partnership firm. It mills and processes paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 5 tonne per hour (tph). Mr. N K Jayalingappa and his
family are the partners.


MAKHARIA MACHINERIES: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Makharia
Machineries Private Limited (MMPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Inventory Funding       2         CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING)

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

MMPL was incorporated in 1995 by the Makharia family in Mumbai. It
is an authorised distributor for electrical instruments such as
motors, gears, pumps and drives manufactured by ABB India Ltd,
Siemens Ltd, Kirloskar Brothers Ltd and few others. It is also a
distributor of lubricants for Shell Global. Operations are managed
by Mr. Ashish Makharia, Mr. Rishi Makharia and Mrs. Rajrani
Makharia.


MANGALA ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangala
Electricals (ME) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Open Cash Credit      2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility    1           CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 1981 as a proprietorship firm, ME, is a Mangalore
(Karnataka) based electrical contractor. The firm primarily
undertakes erection of transmission lines. The day to day
operations of the firm are managed by Mr. G. Bhaskar Bhat.


MEGAMILES BEARING: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megamiles
Bearing Cups Private Limited (MBCPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

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

   Letter of Credit       1.5        CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MBCPL 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 MBCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBCPL continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

MBCPL, incorporated in 1990, is promoted by Mr. Y.S. Mahadev, Mr.
S. Rudra Prasad, and Mr. B.S. Divakar. It is engaged in
manufacturing cold forged and CNC machined components for
automotive applications.


MENACHERRY INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Menacherry
Industries (MI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           17         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

MI, a sole proprietorship firm set up in 1980, trades in diverse
iron and steel products such as metal sheets, mild steel material,
metal nails, copper wires, corrugated roofing sheets, cement, and
welding rods. The firm derives a small part of revenue from
manufacture of gases for industrial and medical applications. Its
daily operations are managed by its proprietor, Mr. Mathachan M J.


MINI DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mini Diamonds
India Limited (MDIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing          6         CRISIL D (Issuer Not
   Credit & Export                   Cooperating)
   Bills Negotiation/
   Foreign Bill
   discounting             
                                     
   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

MDIL, incorporated in 1987 by Mr. Upendra Shah and Mr. Himanshu
Shah, manufactures and trades in cut and polished diamonds, and
trades in rough diamonds.


MODERN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Modern
Construction Co. (Delhi) (MCCD) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        17.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           27.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank         12.50       CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          3.75        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

MCCD was set up as a proprietorship concern, Modern Construction
Co, in 1976 by the late Mr. M K Jain. The firm got its current name
in 1987 and is now a partnership firm managed by Mr. Nirmal Jain,
Mr. Manish Jain, and Ms Ruchika Jain. It undertakes contracts to
construct multi-storied buildings, shopping malls, institutions,
schools, townships, administrative buildings, hostels, factories,
roads, bungalows, farmhouses, research laboratories, and hospitals
in NCR and western Rajasthan. It also undertakes electric works and
finishing in the buildings it constructs.


MORANI MOTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Morani Motors Pvt. Ltd.
Plot No.-5, Opposite Sitabari Tonk Road, Jaipur,
        Jaipur, Rajasthan, India, 302011

Insolvency Commencement Date: February 4, 2025

Estimated date of closure of
insolvency resolution process: August 3, 2025

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Satyendra Prasad Khorania
              402, 4th Floor, OK Plus, D P Metro,
              Opp. Pillar No. 94, New Sanganer Road,
              Jaipur, Rajasthan, 302019,
              Email: skhorania@live.com
              Email: cirpmorani@gmail.com

Last date for
submission of claims: February 18, 2025


MYSORE TIMBER: Ind-Ra Keeps B- Rating in Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mysore Timber
Trading Co.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND B-/Negative (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B-/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Mysore Timber Trading Co.
while reviewing the rating. Ind-Ra had consistently followed up
with Mysore Timber Trading Co. over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Mysore Timber Trading Co.
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Mysore Timber Trading Co.'s credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Mysore Timber Trading Co. was incorporated in 1974 as partnership
firm. The firm is engaged in the trading of timber in Bangalore.

OVERSEAS TIMBER: Ind-Ra Cuts Loan Rating to B-
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Overseas Timber
Corporation rating to IND B-/Negative (ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR20 mil. Fund Based Working Capital Limit downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Overseas Timber Corporation
while reviewing the rating. Ind-Ra had consistently followed up
with Overseas Timber Corporation over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Overseas Timber
Corporation on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Overseas Timber Corporation's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Overseas Timber Corporation is a partnership firm engaged in timber
trading.

OZONE DIAMONDS: Ind-Ra Cuts Loan Rating to B
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ozone Diamonds
Private Limited rating to IND B/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR100 mil. Fund Based Working Capital Limit downgraded with
     IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Ozone Diamonds Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Ozone Diamonds Private Limited over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Ozone Diamonds Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Ozone Diamonds Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Ozone Diamonds was incorporated in 2009 and manufactures diamonds.

P.E. ERECTORS: Ind-Ra Assigns BB+ Rating, Outlook Stable
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated P.E. Erectors Pvt
Ltd.'s (PEEPL) bank facilities as follows:

-- INR52.48 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR100 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating;

-- INR10 mil. Proposed fund-based working capital limit assigned
     with IND BB+/Stable/IND A4+ rating; and

-- INR137.52 mil. Proposed non-fund-based working capital limit
     assigned with IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects PEEPL's small scale of operation due to intense
competition and its  tender-based nature of operations along with
stretched liquidity. However, the ratings are supported by the
company's, comfortable credit metrics and average EBITDA margin in
FY24. In FY25, Ind-Ra expects the scale to improve as the revenue
is likely to increase year-on-year; however, the EBITDA margin is
likely to remain at similar levels. The credit metrics are likely
to improve in FY25 due to the absence of any debt-led capex. The
ratings remain supported by PEEPL's promoters' experience of two
decades in the engineering, procurement and construction (EPC)
industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: PEEPL's revenue improved to INR464.57
million in FY24 (FY23: INR250.80 million) and EBITDA to INR29.91
million (INR21.52 million) due to improved order execution. In
9HFY25, PEEPL earned a revenue of INR420 million. It had an order
book of INR2,652 million at end-November 2024, of which INR300
million is to be executed by March 2025. In FY25, Ind-Ra expects
the revenue to improve year-on-year due to the orders in hand.
However, the scale of operations will remain small.

Tender-based Operations; Intense Competition: Given the intense
competition, the revenue and profitability of entities in this
business entirely depend on the company's ability to win tenders.
Thus, it has to bid aggressively to obtain contracts, which
restricts the operating margin at average levels.

Average EBITDA Margin: PEEPL's EBITDA margins stood at 6.44% in
FY24 (FY23: 8.58%). The return on capital employed was 12% in FY24
(FY23: 8.7%). In FY24, EBITDA margin deteriorated due to increase
miscellaneous expenses. Ind-Ra expects the EBITDA margins to be
remain at similar level due same nature of work order in FY25.

Comfortable Credit Metrics: PEEPL's interest coverage (operating
EBITDA/gross interest expenses) stood at 2.69x in FY24 (FY23:
1.91x) and its net leverage (adjusted net debt/operating EBITDAR)
at 1.90x (2.82x), due to an increase in the EBITDA to INR29.91
million (INR21.52 million). In FY25, the credit metrics are likely
to improve further due to an absence of any capex.

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

Liquidity

Stretched: PEEPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. PEEPL's average maximum utilization of fund-based
limit was 99.51% during the 12 months ended December 2024. PEEPL's
working capital cycle was elongated at 265 days in FY24 (FY23: 458
days), mainly on account of a decrease in the debtors to 48 (98)
and inventory days to 281 (450). The cash flow from operations
stood at INR329.34 million in FY24 (FY23: INR13.92 million), due to
a change in the company's working capital requirement. The free
cash flow at INR21.31 million in FY24 (FY23: INR11.40 million). The
cash and cash equivalents stood at INR1.77 million at FYE24 (FYE23:
INR1.89 million). The company will repay its entire debt of INR1.7
million in FY25.

Rating Sensitivities

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

Positive: A significant increase in the revenue, along with an
improvement in the scale of operations and the interest coverage
rising above 3.5x with an improvement in the liquidity profile, all
on a sustained basis, will be positive for the ratings.

About the Company

PEEPL was incorporated in 1983 in Kolkata. The company is into
engineering services business, with core competency in executing
maintenance and mechanical erection jobs in power plants. Its
services include installation, commissioning, testing and
maintenance work at thermal, gas and hydroelectric power generation
plants, oil refineries, steel and chemical plants. Satyabrata Ray
Chaudhury is the company's managing director.

PLANET PR: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Planet PR
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR80 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Planet PR Private Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Planet PR Private Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Planet PR Private Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Planet PR Private Limited's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 2004, Planet PR is engaged in the trading of coal
and iron ore.

PRASANA TEX: Ind-Ra Keeps D Rating in Non-Cooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Prasana
Tex's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR30 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sri Prasana Tex while
reviewing the rating. Ind-Ra had consistently followed up with Sri
Prasana Tex over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sri Prasana Tex on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Sri Prasana Tex's credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Sri Prasana Tex, founded by JR Bhubaneshwari and K Vasuki in 2011,
is engaged in the trading of yarns and fabrics.

PRASANNA METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Prasanna
Metals and Alloys (SPMA) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating)

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

SPMA, set up in 2004, is involved in fabrication of structural
steel components used in cement factories and sugar mills. Its
manufacturing facility is in Vellore (Tamil Nadu). It is promoted
by three partners - N Muruganandam, R Manivannan and PS Veeramani.


R.K. VISION: Ind-Ra Keeps B- Rating in Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R. K. Vision's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating action is:

-- INR130 mil. Fund Based Working Capital Limit LT Downgraded; ST

     Maintained in non-cooperating category with IND B-/Negative
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with R. K. Vision while reviewing
the rating. Ind-Ra had consistently followed up with R. K. Vision
over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of R. K. Vision on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect R. K. Vision's credit strength. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

RKV is a proprietorship unit, started in 1995. It is engaged in the
trading of large electronic appliances. RKV has a distributorship
of Samsung India Electronics for eastern Uttar Pradesh. The firm's
office is located in Varanasi, Uttar Pradesh.

RANA MILK: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rana Milk Foods
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR190 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Rana Milk Foods Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Rana Milk Foods Private Limited over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Rana Milk Foods Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Rana Milk Foods Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Established in 2005, RMFPL processes milk and manufactures other
milk products. It supplies its products under the brand name,
Royal.

RELIANCE CAPITAL: NCLT Clears IndusInd's INR9,650 crore Bid
-----------------------------------------------------------
The Press Trust of India reports that the National Company Law
Tribunal (NCLT) on Feb. 18 approved the Hinduja Group firm IndusInd
International Holdings' INR9,650 crore resolution plan for the
crippled Reliance Capital.

IndusInd International Holdings had submitted its plan in June 2023
in the second round of bidding for the debt-laden company that was
originally promoted by Anil Ambani.

Under the resolution plan cleared by the Mumbai bench of NCLT,
creditors to the company will take a massive 63 per cent haircut,
PTI says. Out of the total claims of INR38,526.42 crore, only
INR26,086.75 crore were admitted by the tribunal.

PTI relates that the winning bidder has agreed to pay only 37 per
cent or INR9,661 crore of the admitted claims, which means a 63 per
cent haircut on the exposure of the creditors.

In the order approving IndusInd International's bid, NCLT's Justice
Virendrasingh G Bisht (retd) and technical member Prabhat Kumar
said the resolution plan was approved by 99.60 per cent of the
committee of creditors and meets all the conditions laid down in
the Insolvency and Bankruptcy Code (IBC), according to PTI.

On the completion of the resolution plan, the order said the
shareholding of the company will change whereby the Hinduja Group
firm will acquire majority of shares and RCap will cease to be
listed on stock exchanges, PTI relates.

Significantly, NCLT has allowed carry forward and set off of losses
of RCap amounting to INR13,523 crore, overruling the Income Tax
Commissioner's objection.

NCLT has pegged an average fair value of RCap at INR16,696 crore
and an average liquidation value of INR13,158.46 crore.

PTI says secured creditors will get the full repayment of INR481.88
crore while nearly 96 per cent of the total claims of INR15,403.78
crore made by other creditors and stakeholders have been rejected.

Out of the claims of other creditors and stakeholders, only
INR127.53 or 3.96 per cent of the admitted claims will be settled.

RCap had a debt of over INR38,000 crore and four applicants had
initially bid for the company. However, the committee of creditors
rejected all the four plans due to lower bid values and a challenge
mechanism was initiated where IIHL and Torrent Investments had
participated, PTI notes.

                      About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated, The Economic Times said.


RENATA PRECISION: Ind-Ra Assigns BB Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Renata Precision Components Private Limited's (RPCPL) bank
facilities to Stable from Negative while affirming the rating at
'IND BB'.

The detailed rating actions are:

-- INR44 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating;

-- INR50 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating;

-- INR252.40 mil. Term loan due on March 31, 2031 assigned with
     IND BB/Stable rating;

-- INR101 mil. (reduced from INR225.07 mil.) Term loan due on
     March 31, 2029 Outlook revised to Stable; Rating affirmed
     with IND BB/Stable rating;

-- INR350 mil. Fund-based working capital limit Outlook revised
     to Stable; Rating affirmed with IND BB/Stable/IND A4+ rating;

     and

-- INR20 mil. (reduced from INR25 mil.)Non-fund-based working
     capital limit affirmed with IND A4+ rating.

Detailed Rationale of the Rating Action

The Outlook revision factors in an improvement in RPCPL's EBITDA
margins during 7MFY25 and Ind-Ra's expectation that this will
sustain over the near-to-medium term, due to a decline in
transportation costs. However, Ind-Ra expects the scale of
operations to deteriorate in the near term, due to the divestiture
of the company's hybrid division in March 2024. Nonetheless, the
management has planned a debt-led capex to increase its installed
capacity on a yearly basis to improve the scale of operations.

The liquidity profile remains stretched on account of RPCPL's high
fund-based limit utilization and its reducing liquidity buffer to
manage working capital requirements.

Detailed Description of Key Rating Drivers

Significant Increase in Revenue in FY24; Likely to Decline in Near
Term: RPCPL's scale of operations continued to improve with a
revenue of INR2,536.90 million in FY24 (FY23: INR2,131.40 million
FY22: INR1,817.10 million), driven by both new and repeat orders.
However, Ind-Ra expects the revenue to decline in the near term on
account of the divestiture of the company's hybrid division in
March 2024 as this division constituted 35% of the company's FY24
revenue. This exercise was carried out to attract European and
Japanese investors as they were interested mainly in the hybrid
components segment and did not want to invest in plastic components
segment. The total capacity, which had increased to 2,400 metric
tons (mt) in FY24 (FY23: 2,100mt), declined to 1,800mt due to the
divestiture with a utilization of 94% on average in 7MFY25. RPCPL
had an orderbook of INR1,620 million on 18 November 2024 to be
executed by August 2025.

Average EBITDA Margins: The margins declined to 7.25% in FY24
(FY23: 9.52%) due to an increase in transport expenses resulting
from a blockage of a sea route on account of the Red-Sea crisis,
prompting RPCPL to use premium air flights instead of waterways to
supply goods. However, the sea route is now available for transport
of material. The return on capital employed was 12.8% in 2024
(2023: 17.4%). During 7MFY25, the EBITDA was INR106.6 million, with
an EBITDA margin of 11%. Ind-Ra expects the margins to improve in
FY25 due to the stabilization in the prices of plastic polymers and
decline in transport costs.

However, the EBITDA margins remain susceptible to adverse movements
in the prices of the raw material (specialty chemicals - plastic
granules) which is a derivative of crude oil; more than 62.86% of
the revenue pertained to raw material prices in FY24 (FY23:
61.19%). Raw material prices are vulnerable to volatility in crude
oil prices as well as an unfavorable demand-supply scenario. This
risk is mitigated as RPCPL uses high-end polymers which are less
volatile in comparison to low end polymers. The margins have also
been impacted by forex rates as the company imports about 18% of
materials. Moreover, the company has concentration in the plastic
components segment over the years with almost 42% revenue
generation from this segment in FY24.

Average Credit Metrics; Capex Planned in FY25-FY27: The interest
coverage declined to 2.0x in FY24 (FY23: 2.40x) and the net
leverage increased to 3.26x (2.62x) due to a decline in the EBITDA
to INR183.90 million (INR202.90 million). In FY25, RPCPL carried
out a capex to purchase equipment worth INR185.63 million funded
entirely through term loans. Ind-Ra expects the credit metrics to
deteriorate in the near term due to the addition of debt for the
purchase of machinery. RPCPL has planned a debt-led capex to
increase its capacity to 1,950mt in FY26 and further to 2,100mt in
FY27.

Fragmented Industry and Intense Competition: RPCPL faces intense
competition while onboarding customers as there are many suppliers
who make bids for the projects of automobile industry. Acquiring a
bid is based on the experience and the brand value along with the
costs associated in manufacturing the project. Furthermore, bids
are not awarded basis only on the cost but also factor in the
reliability and trust in the supplier to complete the projects and
the association of the company with the current and previous
customers.

Established Track Record with Reputed Client Base; Experienced
Promoters: Pune-based RPCPL operates through three plants and has a
representative office in Stuttgart, Germany. RPCPL generates
revenue from three segments - molding, tooling and mechatronics
each contributing an average of 55%, 7% and 39%, respectively, to
the total sales. RPCPL serves to passenger car segment, motorcycle
segment and other segments each contributing to 65%, 25% and 10%,
respectively, to the total sales. The company serves leading
automobile players such as Robert Bosch India Limited (Robert Bosch
Gmbh - Fitch Ratings Ltd. Issuer Default Rating: 'A'/Stable/F1+),
Brose Fahrzeugteile SE & Co, Continental Global, Iwis Motorsysteme
GmbH & Co, SKODA AUTO Volkswagen India Private Limited (CP rated at
'IND A1+'), Mitsubishi Electric Corporation,  KTM Sport motorcycle
GmbH, Bajaj Auto Ltd (debt rated at 'IND AAA'/Stable), Tata Motors
Limited and Hero MotoCorp Ltd. RPCPL generates around 85% of its
revenue from the domestic market and the rest from exports, with
its key export destinations including France, the UK, Canada,
Indonesia, and Germany. The company's ratings are bolstered by the
promoters' extensive experience of over three decades in the
automobile industry, which has facilitated the establishment of
robust relationships with both customers and suppliers.

Strong Exit Barriers: The product supplied by RPCPL undergoes a
rigorous quality testing process, which requires a 12-14-month
period for approval. Hence, customer acquisition is a
time-consuming process for the company. This risk is mitigated by
high switching costs for the customer as it would lead to high cost
for preparation of molds and various approvals which takes around
two years. Customers generally retain a supplier for a period of
six-to-eight years.

Divestiture can Significantly Enhance RPCPL's Investor Profile: In
March 2024, the company transferred its mechatronics division
(hybrid components division) via a slump sale to Renata
Mechatronics Private Limited (RMPL). This business segment has
garnered significant interest from Japanese and European investors
for forming a joint venture to cater to the market for electric
vehicles and switch gears, which require metal components and
advanced machinery. The purchase consideration for the slump sale
was INR150 million, to be received in tranches: INR60 million in
FY25, another INR60 million in FY26, and the remaining INR30
million in FY27. There are plans for equity dilution as well by
RPCPL, with ongoing discussions with European companies to form a
joint venture. The equity dilution for the joint venture is likely
to be between 5% and 25%, depending on the negotiations and
valuations agreed upon by both the parties. RPCPL has transferred
property plant and equipment worth INR64.6 million, trade
receivables of INR180.6 million, inventory of INR30.9 million,
goodwill worth INR6 million, long-term loans worth INR19.12 million
and trade payable worth INR113 million at end-March 2024. A
facility of INR60 million was availed by RPCPL, with an outstanding
balance of INR47.12 million at end-October 2024. Out of this, INR30
million will be transferred to RMPL in FY25. Consequently, the
installments will be paid by RPCPL, with an internal adjustment
made between RPCPL and RMPL.

Liquidity

Stretched: RPCPL's average maximum utilization of the fund-based
limits was 87.11% and that of the non-fund-based limits was 75.50%
during the 12 months ended October 2024. Ind-Ra believes the
utilization of limits was largely unchanged over November-December
2024. The cash flow from operations declined to INR119.30 million
in FY24 (FY23: INR128.50 million) due to an increase in the
interest expenses and unfavorable changes in working capital
requirements. Furthermore, the free cash flow turned negative at
INR11 million in FY24 (FY23: INR78.80 million) due to the INR130
million capex carried out in FY24. Despite a shorter creditor
period of 54 days in FY24 (FY23: 77 days), the average net working
capital cycle improved to 92 days (119 days). The inventory holding
period shortened to 123 days in FY24 (FY23: 133 days). The debtor
days reduced significantly to 23 days in FY24 (FY23: 62 days) on
account of timely payment realization's from customers. The company
provides 23 days of credit period to its customers and receives
around 54 days of credit period from its suppliers. RPCPL has debt
repayment obligations of INR142.38 million and INR121.90 million in
FY25 and FY26, respectively. The cash and cash equivalents stood at
INR30.30 million at FY24 (FY23: INR10.30 million). Furthermore,
RPCPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the liquidity profile and the overall credit
metrics, all on a sustained basis, could lead to positive rating
action.

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

About the Company

Pune-based RPCPL started operations as a proprietorship concern in
1992 and was converted into a private limited company in 2006. It
is engaged in the technical molding of precision plastic parts,
multi component (2K) molding, metal stamping, metal-plastic insert
molding, assembly of plastic, metal and rubber components, tool
design and manufacturing, and product design and development. The
company carries out its activities in the three plants and a
representative office in Stuttgart, Germany.

S S M FOUNDATION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S S M
Foundation Trust For Educational and Social Development (SSM)
continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        4.4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft Facility    1.6        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

SSM, set up in 1998, operates SSM College of Engineering, which
offers engineering under-graduation and post-graduation courses, at
Komarapalayam in Tamil Nadu. The trust is recognised by the All
India Council for Technical Education and is affiliated to Anna
University, Tamil Nadu.


S.P. LIFESTYLES: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.P.
Lifestyles (SPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

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

SPL was started as a partnership firm in 2012 and is engaged in
operation of exclusive Nike factory outlets across several cities,
mainly located in Southern India. It runs 10 stores which deal with
Nike's range of apparel and footwear. These stores are all leased
and are modelled to suit the requirements of Nike. The firm is
mainly run by its managing partner, Mr. P. Sundararajan.


SARAS PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saras
Plastics Private Limited (SPPL) continues to be 'CRISIL D Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.80       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.62   CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1991, SPPL is promoted by Mr. Prakash Gandhi and
his wife Mrs Jayashree Gandhi; it is based in Ahmednagar,
Maharashtra. The company manufactures plastic bags used for
packaging, and mulch films.


SHAKTI MURUGAN: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shakti Murugan
Industries (SMI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2009, by Mr. Batchu Veeralingam family, SMI is
engaged in cotton ginning and pressing to make cotton bales. It has
a manufacturing capacity of 300 cotton bales per day. The firm has
its manufacturing unit in Karimnagar, Telangana.


SHAMBHAVI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Shambhavi
Cotton Ginning & Pressing (SSCGP) continue to be 'CRISIL D Issuer
not cooperating'.

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

   Long Term Loan         3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

SSCGP was set up in 2013 as a partnership between Mr. Siddesh
Angadi, Ms Poornima and Ms Drakshayani. This Koppal
(Karnataka)-based firm gins and presses cotton.


SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Shankar
Sahakari Sakhar Karkhana Limited (SSSSKL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Short Term Loan       25         CRISIL D (Issuer Not
                                    Cooperating)

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

SSSSKL was established in 1968 as a co-operative society by the
late Mr. Shankarrao Mohite-Patil. Its manufacturing facility is at
Sadashivnagar in Solapur, Maharashtra. It has installed sugar cane
crushing capacity of 2500 tonne per day, a 30-kilolitre-per-day
distillery, and a 20-megawatt cogeneration plant.


SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Shree
Builders (SSB) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             8          CRISIL D (Issuer Not
                                      Cooperating)

   Project Loan            1.9        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Proposed Long Term      1.93       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               1.25       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               1.92       CRISIL D (Issuer Not
                                      Cooperating)

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

SSB was set up in 1990, promoted by Mr. V Shivarajan and his family
members. The firm is currently developing residential real estate
projects in Coimbatore, Tamil Nadu.


SIMBHAOLI SUGARS: Posts INR2.62cr Net Loss in Qtr Ended Dec. 2024
-----------------------------------------------------------------
TipRanks reports that Simbhaoli Sugars Limited has reported its
unaudited financial results for the quarter and nine months ending
December 31, 2024, highlighting significant challenges including
continuous cash losses and a complete erosion of net worth.

Simbhaoli Sugars reported net loss of INR2.62 crore in the quarter
ended December 2024 as against net profit of INR2.43 crore during
the previous quarter ended December 2023.  Sales declined 26.82% to
INR223.50 crore in the quarter ended December 2024 as against
INR305.42 crore during the previous quarter ended December 2023.  

The company is undergoing a Corporate Insolvency Resolution Process
(CIRP) due to defaults in credit facility repayments, with
proceedings initiated by lenders in various legal forums.

An interim resolution professional has taken control of the
company's operations, and the financial results indicate
uncertainties about the company's ability to continue as a going
concern.

According to TipRanks, the auditors have identified multiple
qualifications in their report, emphasizing the financial
instability and pending decisions, including the non-provision of
significant interest expenses and liabilities.

Simbhaoli Sugars sells sugar under the brand 'Trust' and has
factories in Uttar Pradesh.

As reported in the Troubled Company Reporter-Asia Pacific on July
15, 2024, the National Company Law Tribunal (NCLT) has ordered
initiation of insolvency resolution proceedings against Simbhaoli
Sugars Ltd.  Business Standard related that the plea was filed in
September 2018 by erstwhile Oriental Bank of Commerce which has
been merged with state-owned Punjab National Bank (PNB) now.


SNEHA MARKETING: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sneha
Marketing's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:

-- INR39.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR60 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sneha Marketing while
reviewing the rating. Ind-Ra had consistently followed up with
Sneha Marketing over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sneha Marketing on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Sneha Marketing's credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Established in 2000, Sneha Marketing is a partnership firm engaged
in the trading of plastic raw materials such as polystyrene and
polymer granules. The firm was an authorized dealer of LG Polymers
India Pvt Ltd. for Mumbai, Silvassa, and Daman.

SNEHA VINYL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha Vinyl
Products Private Limited (SVPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          8.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Term Loan      0.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Established in 1984 by Mr. J.V.V Durga Prasad, SVPPL is a
Manufacturer and Supplier of a perfect range of Coated Fabric (PVC
Leather) and PVC Coated Fabrics. These products are available in
different colors, designs and prints to meet the various
requirements of numerous industries like shoe, chair, garment,
safety product, luggage bag and purse manufacturing industry.


SRINIVASA DELINTERS: Ind-Ra Keeps B- Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Srinivasa
Delinters' instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND B-/Negative (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR70 mil. Fund Based Working Capital Limit LT Downgraded; ST
     Maintained in non-cooperating category with IND B-/Negative
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sri Srinivasa Delinters
while reviewing the rating. Ind-Ra had consistently followed up
with Sri Srinivasa Delinters over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sri Srinivasa Delinters
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Sri Srinivasa Delinters' credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in 1985, SSD is a partnership firm engaged in the
processing of cotton seed, cotton linters, cotton cellulose,
chemical cotton, cotton bales, raw cotton, cotton seeds oil, seed
oils, cotton ore, cattle feed  and others. It obtains linters and
hulls as by-products. Its 100-ton-per-day manufacturing site is in
Chowdavaram, the Guntur district. SSD's promotors are K Ravindra
Babu, Ragunatha Rao, YV Prasad and Y Sridevi.

STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Agro
Marine Exports Private Limited (SAME) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          44         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Foreign Bill          47         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Foreign Letter        14         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Long Term Loan        17.45      CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         3         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        47         CRISIL D (Issuer Not
                                    Cooperating)
     
   Standby Letter        56         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Standby Letter        40         CRISIL D (Issuer Not
   of Credit                        Cooperating)

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

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The group
is based in Nellore (Andhra Pradesh) with its subsidiaries in
United States of America and United Kingdom.


SUPERTECH ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Supertech
Engineering Enterprises (STEE) continue to be 'CRISIL B+/Stable
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    11.61      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.2       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              1.39      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING;

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

Set up in 2000, STEE is engaged in wholesale trading and retailing
of electric and diesel forklifts. The firm also provides forklifts
on rental and hire basis. It is owned and managed by Mr. Sujit
Ghosh.


T C COMMUNICATION: Ind-Ra Keeps B- Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained T C
Communication Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B-/ Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is as follows:

-- INR120 mil. Fund Based Working Capital Limit LT Downgraded; ST

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

-- INR30 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with T C Communication Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with T C Communication Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of T C Communication Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect T C Communication Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Established in 2000, TCCPL manufactures a wide range of wires and
cables. It provides power, control, instrumentation, compensating
and extension, telephone and elastomer cables. TCCPL is an ISO
9001: 2008 certified company. Its manufacturing plant is in
Ghaziabad. The plant has a production capacity of 7.5 million
meters per annum and an utilization level of 58.66%.

T S REAL: Ind-Ra Cuts Term Loan Rating to B
-------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded T S Real Tech
Private Limited rating to IND B/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR100 mil. Term loan due on June 30, 2020 downgraded with IND

     B/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with T S Real Tech Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with T S Real Tech Private Limited over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of T S Real Tech Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect T S Real Tech Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

TSRPL was incorporated in July 2006, and is a group company of
Trehan Promoters & Builders Private Limited. TSRPL is engaged in
real estate development with its business interest ranging from
construction of commercial complexes and I.T. parks to the
development of residential townships.

THARUN CONSTRUCTION: Ind-Ra Hikes Bank Loan Rating to BB-
---------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Tharun Construction
and Co's (TCC) bank facility rating to 'IND BB-' from 'IND
B/Negative (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR300 mil.  Fund-based working capital limits upgraded with
     IND BB-/Stable/ IND A4+ rating; and

-- INR400 mil. Non-fund-based working capital limits upgraded IND

     A4+ rating.

Detailed Rationale of the Rating Action

The upgrade follows TCC's co-operation with Ind-Ra for the rating
review. The ratings are constrained by TCC's small scale of
operation and modest EBITDA margin in FY24. The ratings are,
however, supported by the company's comfortable interest coverage
in FY24. Ind-Ra expects the revenue to deteriorate year-on-year,
EBITDA margin to remain at similar level and credit metrics to
improve slightly due to the absence of any debt-led capex in FY25.
The ratings are supported by the promoter's experience of more than
two decades.

Detailed Description of Key Rating Drivers

Small Scale of Operations: TCC's revenue declined to INR553.30
million in FY24 (FY23: INR1,064.30 million) and EBITDA to INR54.30
million (INR82.20 million), due to fewer tenders floated by the
Tamil Nadu Public Works Department. During 7MFY25, TCC earned a
revenue of INR564 million and had an order book of INR253 million
at end-November 2024, to be executed by March 2025. In FY25, Ind-Ra
expects the revenue to decline year-on-year due to the company's
weak order book as no new tender was floated by the government
during the year.

Modest EBITDA Margins: The ratings also factor in the TCC's modest
EBITDA margin of 9.81% in FY24 (FY23: 7.72%) with a return on
capital employed of 11.6% (17.7%). In FY24, the EBITDA margin
increased due to a fluctuation in the raw material cost. In FY25
and over the medium term, Ind-Ra expects the EBITDA margin to
decline slightly as they are susceptible to raw material
fluctuation risk. The cost of goods sold accounted for 87% of the
revenue in FY24 (FY23: 90.38%).

Comfortable Interest Coverage: The ratings also reflect TCC's
comfortable interest coverage (operating EBITDA/gross interest
expenses) of 3x in FY24 (FY23: 5.20x). The debt primarily consists
of working capital loan which was 89% of the total debt of
INR248.60 million in FY24 (FY23: 70% of total debt of INR158.80
million).  However, the net leverage (adjusted net debt/operating
EBITDAR) was average at 4.58x (1.93x) due to fluctuations in the
working capital during the month end. In FY24, the interest
coverage declined due to a decrease in the EBITDA. In FY25, Ind-Ra
expects the interest coverage to remain comfortable despite further
deterioration.

Experienced Promoters: The ratings are supported by the promoters'
experience of around two decades in the construction segment
through associate firms and established relationships with
customers and suppliers.

Liquidity

Stretched: TCC's average maximum utilization of its fund-based
working capital limit was around 58.35% and that of its
non-fund-based limit was 34.56% over the 12 months ended December
2024. The cash flow from operations stood at negative INR60.70
million in FY24 (FY23: negative INR51 million) due to changes in
the working capital. The free cash flow stood at negative INR60.80
million (FY23: negative INR51.10 million). The elongated net
working capital cycle stood at 188 days in FY24 (FY23: 83 days),
mainly due to an increase in the inventory days to 225 (116). The
company has scheduled debt repayments of INR4.6 million and INR3.8
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR0.10 million at FYE24 (FYE23: INR0.10
million). Furthermore, TCC does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Positive: A significant increase in the scale of operations with an
improvement in the overall credit metrics and liquidity position,
on a sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and a further pressure
on the liquidity position, could lead to negative rating action.

About the Company

Established in 2016, TCC is a Class 1 civil contractor for Public
Works Department Tamil Nadu. The company constructs buildings for
hostels, government quarters, educational institutions, among
others.

UNICON TECHNOLOGY: Ind-Ra Cuts Term Loan Rating to B
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Unicon
Technology International Private Limited rating to IND B/Negative
(ISSUER NOT COOPERATING). The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR35 mil. Fund Based Working Capital Limit downgraded with
     IND B/Negative (ISSUER NOT COOPERATING) rating;

-- INR95 mil. Non-Fund Based Working Capital Limit downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR10.43 mil. Term loan due on August 31, 2025 downgraded with

     IND B/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Unicon Technology
International Private Limited while reviewing the rating. Ind-Ra
had consistently followed up with Unicon Technology International
Private Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Unicon Technology
International Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Unicon
Technology International Private Limited's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in September 1976, Unicon Technology International
manufactures material handling equipment. The company manufactures
various kinds of cranes as per the specific requirements of its
customers. It also manufactures spare parts and provides
consultancy services to its customers. The company's registered
office is in Delhi and the manufacturing units are in Noida, Uttar
Pradesh.

UTTAM INDUSTRIAL: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Uttam Industrial
Engineering Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR5 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR328.7 mil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR11.3 mil. Term loan due on March 31, 2028 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Uttam Industrial Engineering
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Uttam Industrial Engineering Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Uttam Industrial
Engineering Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Uttam
Industrial Engineering Private Limited's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

UIEPL is a privately-held company primarily engaged primarily in
the engineering of equipment and machinery and execution of turnkey
projects for the sugar industry.

VAYAS MULTI-TRADING: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vayas
Multi-trading Private Limited (VMTPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.22        CRISIL D (Issuer Not
                                     Cooperating)

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

VMTPL was incorporated as Kanhai Diamond Manufacturing Pvt Ltd in
January 2003, by the promoter, Mr. Umesh Garg. The Delhi-based
company was renamed as Lotus Bullions Pvt Ltd in March 2005. The
company got its present name in 2017. The promoter family has been
trading in gold jewellery since the past 50 years. VMTPL is mainly
a wholesale trader of gold and diamond jewellery and cut and
polished diamonds.


VETSHIELD INTERNATIONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Vetshield International Private Limited
Flat No 17, 4th Floor, A Wing, Jeevan Suddha CHS,
        Plot No. 19, C. D. Barfiwala Road Andheri West,
        Mumbai, Maharashtra, India, 400058

Insolvency Commencement Date: February 5, 2025

Estimated date of closure of
insolvency resolution process: August 4, 2025

Court: National Company Law Tribunal, Mumbai Bench-I

Insolvency
Professional: Mr. Kshitiz Gupta
              F-52, First Floor, Centrium Mall,
              Lokhandwala Township,
              Kandivali East, Mumbai - 400101,
              Maharashtra
              E-mail: kshitiz.ca@gmail.com
              E-mail: vetshield.ibc@gmail.com

Last date for
submission of claims: February 19, 2025



VIJAY ENGINEERING: Ind-Ra Keeps B- Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vijay
Engineering Equipment India Private Limited's instrument(s) rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency through emails and phone calls. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
B-/Negative (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR160 mil. Fund Based Working Capital Limit LT Downgraded; ST

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

-- INR19.2 mil. Term loan issued on January 31, 2022 downgraded
     with IND B-/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vijay Engineering Equipment
India Private Limited while reviewing the rating. Ind-Ra had
consistently followed up with Vijay Engineering Equipment India
Private Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vijay Engineering
Equipment India Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Vijay
Engineering Equipment India Private Limited's credit strength. If
an issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in 2006, VEEIPL is the sole authorized dealer of
machinery and spare parts manufactured by Volvo India Private
Limited in Andhra Pradesh and Telangana. It has six showrooms
across Andhra Pradesh and Telangana, and a servicing facility
(which is for only construction equipment only).

VIJENDRA PRATAP: Ind-Ra Cuts Term Loan Rating to B
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vijendra Pratap
Singh rating to IND B/Negative (ISSUER NOT COOPERATING). The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR45 mil. Fund Based Working Capital Limit downgraded with
     IND B/Negative (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-Fund Based Working Capital Limit downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vijendra Pratap Singh while
reviewing the rating. Ind-Ra had consistently followed up with
Vijendra Pratap Singh over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vijendra Pratap Singh on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Vijendra Pratap Singh's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

VPS was incorporated in August 2002 at Gorakhpur, Uttar Pradesh, by
Mr. Vijendra Pratap Singh. The firm is engaged in the construction
of bridges, railways, roads and flyovers.

VISHWAS TUBES: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vishwas Tubes
India Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR220 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vishwas Tubes India Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Vishwas Tubes India Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vishwas Tubes India
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Vishwas Tubes India Limited's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Vishwas Tubes India was incorporated in September 1997. It
manufactures galvanized steel tubes, galvanized steel pipes, welded
black pipes/tubes and mild steel tubes and pipes.

VISITOR GARMENTS: Ind-Ra Cuts Term Loan Rating to B+
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Visitor Garments
rating to IND B+/Negative (ISSUER NOT COOPERATING). The issuer did
not participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency through emails and phone
calls. Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

The detailed rating action is:

-- INR100 mil. Fund Based Working Capital Limit downgraded with
     IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Visitor Garments while
reviewing the rating. Ind-Ra had consistently followed up with
Visitor Garments over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Visitor Garments on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Visitor Garments' credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Established in 1988, Visitor Garments manufactures and exports
garments.

VISMIT INFRASTRUCTURE: Ind-Ra Cuts Term Loan Rating to B-
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vismit
Infrastructure rating to IND B-/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR120 mil. Term loan downgraded with IND B-/Negative (ISSUER
     NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vismit Infrastructure while
reviewing the rating. Ind-Ra had consistently followed up with
Vismit Infrastructure over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vismit Infrastructure on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Vismit Infrastructure's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in 2012, Vismit is a partnership firm engaged in
residential and commercial real estate development. It is currently
constructing a five-floor commercial building in Vadodara.

VIVAANA DESIGNERS: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vivaana
Designers Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR84 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vivaana Designers Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Vivaana Designers Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vivaana Designers Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Vivaana Designers Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Established in 2010, VDPL manufactures textile products such as
embroidery works on sarees and suits.

VNM JEWEL: Ind-Ra Keeps B- Term Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained VNM Jewel Crafts
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating action is:

-- INR50 mil. Fund Based Working Capital Limit LT Downgraded; ST
     Maintained in non-cooperating category with IND B-/Negative   

     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating.
  
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with VNM Jewel Crafts Limited
while reviewing the rating. Ind-Ra had consistently followed up
with VNM Jewel Crafts Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of VNM Jewel Crafts Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect VNM Jewel Crafts Limited's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 1890, VNMJC is a Kerala-based manufacturer and
distributor of gold jewelry, gold medallions, gold coins/bar, and
silver jewelry. The company also sells through its own retail
outlet, situated in Kochi.

YASH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yash Agro
Industries (YAI) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.0        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.5        CRISIL D (Issuer Not
                                    Cooperating)

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

The firm is setting up the project to carry out cotton ginning,
pressing and oil extraction unit with an installed capacity of
around 800 quintal per day.

YAXIS STRUCTURAL: Ind-Ra Hikes Loan Rating to BB
------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Yaxis Structural
Steels Private Limited's (YSSPL) bank facilities as follows:

-- INR50 mil. Non-fund-based working capital limits upgraded with

     IND A4+ rating;

-- INR50 mil. Term loan due on September 15, 2029 upgraded with
     IND BB/Stable rating; and

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

     BB/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement YSSPL's scale of operations and
EBITDA margin in FY24. The ratings factor in the company's small
scale of operations, poor liquidity and modest credit metrics.
Ind-Ra expects the revenue and the EBITDA to improve in FY25.
However, the ratings are supported by the company's experienced
promoters.

Small Scale of Operations:  YSSPL's scale operations remained small
despite its revenue improving to INR1,628.34 million in FY24 (FY23:
INR1,355.48 million), on account of increased demand and orders
from its customers. Its EBITDA also improved to INR93.41 million in
FY24 (FY23: INR67.21 million). Till 7MFY25, YSSPL booked revenue of
INR1,239.77 million and had an order book of INR394.06 million as
of December 2024, to be executed by February 2025. In FY25, Ind-Ra
expects the revenue to improve considering its revenue and order
book as of 7MFY25 along with the expected new orders during the
year.

Modest Credit Metrics:  YSSPL credit metrics remained modest with
its gross interest coverage (operating EBITDA/gross interest
expenses) declining to 2.54x in FY24 (FY23: 2.79x), due to an
increase in the gross interest expenses to INR36.84 million
(INR24.08 million) while the net leverage (total adjusted net
debt/operating EBITDAR) reducing to 5x (5.33x), on account of the
increased EBITDA.  In FY25, Ind-Ra expects the credit metrics to
remain at similar level considering the expected improvement in the
margins along with an increase in its interest expenses.  

Average EBITDA Margins:  YSSPL's EBITDA margins improved but
remained average at 5.74% in FY24 (FY23: 4.96%), on account of
orders secured with higher margins and better fixed cost
absorption. The return on capital employed stood at 14% in FY24
(FY23: 14.4%). In FY25, Ind-Ra expects the EBITDA margins to remain
at similar level considering the stability of margins.

Experienced Promoters: The ratings are supported by the promoters'
nearly three decades of experience in steel manufacturing, leading
to well-established relationships with customers as well as
suppliers.

Liquidity

Poor: YSSPL's average monthly maximum utilization of the fund-based
limits was 99.63% during the 12 months ended November 2024 with an
instance of overutilization up to six days. The cash flow from
operations reduced to INR3.05 million in FY24 (FY23: INR13.98
million), on account of a change in the working capital to INR64.45
million (INR33.50 million). Furthermore, the free cash flow turned
to negative INR22.44 million in FY24 (FY23: INR10.38 million) due
to the capex of INR25.49 million. The net working capital cycle
stood almost stable at 91 days in FY24 (FY23: 92 days), due to
similar working capital days. YSSPL has debt repayment obligations
of INR13 million and INR14.60 million in FY25 and FY26,
respectively. The cash and cash equivalents stood at INR4.16
million at FYE24 (FYE23: INR8.65 million).  YSSPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Negative: A substantial decline in the scale of operations or the
net leverage and deterioration in the liquidity profile could lead
to a negative rating action.

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics with the net
leverage falling below 4.5x and an improvement in liquidity
profile, on a sustained basis, could lead to a positive rating
action.

About the Company

Pune-based YSSPL was incorporated in June 2019. The company
manufactures structural steel products such as W-beam, serrated
flat bars, plain flat bars, beam, channel, angle, round bar, square
bar and RSJ pole.

YOUNG INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Young
Industries (YI) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

YI was established in 1971 as a partnership firm by Mr. Osman Talab
and Ms. Zehra Talab. Their son, Mr. Salim Talab, also a partner in
the firm now, manages operations. The firm manufactures radiators,
oil coolers, and heat exchangers used in diesel engines, power
generators, and locomotives, at its unit in Pune, Maharashtra.




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

HO HUP: Amicably Resolves Legal Dispute With Sunrise Model
----------------------------------------------------------
The Edge Malaysia reports that Ho Hup Construction Bhd said the
dispute with Sunrise Model Sdn Bhd has been settled amicably.

This came after the High Court of Malaya in Kuala Lumpur ordered
the petition to be struck out against its wholly owned subsidiary
Bukit Jalil Development Sdn Bhd (BJD) on Feb. 7, 2025, with no
order as to costs, the Edge relates.

A sealed order was issued on Feb. 12 this year and received by BJD
on Feb. 17, said Ho Hup Construction on Feb. 17.

According to the Edge, the petition, filed by Sunrise Model on July
17, 2024, stemmed from a MYR1.95 million deposit paid by Sunrise
Model for a proposed purchase of part of a mixed development
project in Bukit Jalil.

The company had expressed interest in acquiring assets for MYR97.65
million via a letter of offer dated Nov. 10, 2021. The assets are
the hotel component of Tower B on levels 43 to 47 in the mixed
development project to be built at Bandar Bukit Jalil, Kuala
Lumpur.

However, as the transaction was never finalised and no sale
agreement was executed, Sunrise Model sought the return of its
deposit and initiated legal proceedings to wind up BJD under
Section 465(1)(e) of the Companies Act 2016.

The Edge says Ho Hup had previously disputed Sunrise Model's claim,
arguing that the letter of offer did not contain any provisions for
termination or refunds and described the petition's claims to be an
abuse of courts processes intended to put undue pressure onto the
group and or BJD to resolve an unadjudicated and disputed claim.

                           About Ho Hup

Ho Hup Construction Company Berhad --
https://www.hohupgroup.com.my/ -- engages in foundation
engineering, civil engineering, building contracting works and hire
of plant and machinery.  The Company operates in four segments:
construction, which is engaged in foundation and civil engineering,
building contracting works and engineering, procurement,
construction and commissioning of pipeline system; property
development, which includes the development of residential and
commercial properties, manufacturing, which includes manufacturing
and distribution of ready-mixed concrete, and other business
segment, which represents hire of plant and machinery.  The
Company's subsidiaries include H2Energy Corporation Sdn Bhd,
Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho
Hup Equipment Rental Sdn Bhd.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
13, 2025, Ho Hup Construction Company Bhd, which has just resolved
a winding-up petition in November filed by a diesel fuel supplier,
has been served with yet another winding-up petition from a cement
supplier due to an alleged unpaid sum of MYR2.5 million.

According to The Edge, the latest winding-up petition was filed by
Negeri Sembilan Cement Industries Sdn Bhd (NSCI) against Ho Hup and
its 90%-owned subsidiary, Tru-Mix Concrete Sdn Bhd. The alleged
unpaid sum comprises an outstanding payment of MYR2.14 million and
a late interest payment of MYR358,004, calculated at a rate of 1.5%
per month on the principal sum.




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

ARDITO COMPUTER: Creditors' Proofs of Debt Due on March 13
----------------------------------------------------------
Creditors of Ardito Computer Training Limited 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. 13, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


BLACKHAWK BUILD: Creditors' Proofs of Debt Due on March 21
----------------------------------------------------------
Creditors of Blackhawk Build Group (2017) Limited are required to
file their proofs of debt by March 21, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2025.

The company's liquidator is:

          Hamish John Pryde
          CS Insolvency, C/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston North


I SUPPLY: Court to Hear Wind-Up Petition on Feb. 21
---------------------------------------------------
A petition to wind up the operations of I Supply Solutions Limited
will be heard before the High Court at Auckland on Feb. 21, 2025,
at 10:00 a.m.

Rosenfeld Kidson & Co Limited filed the petition against the
company on Nov. 8, 2024.

The Petitioner's solicitor is:

          Helen McDermott
          c/- McDermott Legal Ltd
          Level 1, Unit D
          171 Target Road
          Wairau Valley
          Auckland


MATTHEW WHITE: Court to Hear Wind-Up Petition on March 10
---------------------------------------------------------
A petition to wind up the operations of Matthew White Building
Limited will be heard before the High Court at Hamilton on March
10, 2025, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 14, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


NZPEPPERTREE (2021): Creditors' Proofs of Debt Due on March 20
--------------------------------------------------------------
Creditors of NZPeppertree (2021) Limited are required to file their
proofs of debt by March 20, 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:

          Bryan Edward Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


TRIPLE CONNECTION: Chinese-Gov't. Linked Firm Placed in Liquidation
-------------------------------------------------------------------
Peter Newport at Crux reports that a Chinese government linked
property company with unpaid claims from Queenstown contractors has
gone into liquidation, leaving the future of over 100 Fernhill
residential units in doubt.

Crux relates that Triple Connection Ltd was put into liquidation on
February 13 after landscaping company Top Garden failed to get a
response to a statutory demand linked to an unpaid NZD80,000
invoice and even higher legal costs. Queenstown company Concept
Builders was also owed money by Triple Connection.

The company is involved in the troubled Jade Lake project that was
launched with great fanfare back in 2018, notes the report.

37 Robins Road, Queenstown is listed as the main address for Triple
Connection Ltd, its sole director, Mr. Min Yang, and its sole
shareholder, Min, or 'Homy', Yang, featured at the launch of the
Jade Lake project standing shoulder to shoulder with officials from
the Chinese Embassy, according to Crux.

Only a few Jade Lake townhouses have been completed and sold with
the vast majority of units yet to be started.

Crux reported in 2021 that Min Yang appeared in the Queenstown
District Court for breaching Covid lockdown travel restrictions. He
told police that his occupation was a bus driver. He was convicted
for the breach on December 6, 2021, and fined NZD1,000.

According to Crux, Queenstown contractor Louis Wu said his company
Top Garden Ltd is owed more than NZD80,000 by Triple Connection Ltd
for retaining wall work at the Jade Lake site. But he's had to
spend more than that in a legal battle where the lawyers are
arguing over who is liable to repay the debt.

Lawyers acting for both sides spoke to Crux last year and the
picture was confused. Neither side seems able to agree on
anything.

Crux even received an anonymous email prior to the publication of
this article attempting to discredit both Top Garden Ltd and
Concept Builders using phrases such as "bad rats" and "evildoer
always complain first".

Whatever the rights and wrongs of the case it is certain that the
Jade Lake project is nowhere near what the Chinese Embassy promoted
and launched back in 2018 - a solution to the local housing crisis,
the report relates.

It seems more likely that local contractors are paying a high
personal price for market failures and uncertainty much higher up
the feeding chain, Crux adds.




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

PAKISTAN WATER: Fitch Affirms 'CCC+' Long-Term IDR
--------------------------------------------------
Fitch Ratings has affirmed Pakistan Water and Power Development
Authority's (WAPDA) Long-Term Foreign and Local-Currency Issuer
Default Ratings (IDR) at 'CCC+'. Fitch typically does not assign
Outlooks to issuers with a rating of 'CCC+' or below due to the
high volatility of these ratings.

WAPDA's IDR reflects Fitch's definition of a low margin for safety,
given its high reliance on government-supported funding.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch believes that an extraordinary support from Pakistan (CCC+)
to WAPDA would be 'Virtually Certain' in case of need, reflecting a
maximum support score of 60 under its Government-Related Entities
(GRE) Rating Criteria. This reflects a combination of the
government's responsibility and incentive to support.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

WAPDA develops Pakistan's water and power resources that are vital
to the nation's economy. The government exercises strong governance
over WAPDA, approving projects, funding plans, and appointing
management. WAPDA's operations and finances are closely linked to
the government, which influences its budget, accounts and
investment plans. The WAPDA Act outlines its purpose, powers and
duties, requiring government approval for schemes. WAPDA is audited
annually by both the Auditor General of Pakistan and an external
independent audit company for its hydroelectric business.

Precedents of Support 'Very Strong'

The government has provided substantial financial support to WAPDA,
including guarantees on 47% of its adjusted debt as of the
financial year ended June 2024 (FY24) and re-lending facilities to
ease funding burdens. The WAPDA Act ensures the government bears
ultimate liability for WAPDA's sanctioned loans. Many projects rely
on government funding through grants and loans, with
government-related loans accounting for 54% of total debt. WAPDA
files annual tariff petitions to secure operating costs and
returns, but timing lags can cause revenue fluctuations.

Incentives to Support

Preservation of Government Policy Role 'Very Strong'

WAPDA plays a crucial role in Pakistan's water and energy security,
providing around a quarter of the country's electricity generation,
and aims to significantly increase its hydroelectric capacity by
2030. As the largest hydropower supplier, WAPDA is responsible for
hydropower generation, accounting for 88% of hydroelectric
generation as of FY24. The government's plan to expand hydropower
capacity aims to reduce dependence on thermal fuels, and enhance
energy security, which is vital due to high energy prices and the
need for stable electricity supply, with WAPDA's role being
difficult to substitute.

Contagion Risk 'Very Strong'

Its assessment indicates that a default by WAPDA could risk the
government's access to capital, given WAPDA's role in water
resources development and its continuous funding from multilateral
agencies. The government views WAPDA as a strategic asset crucial
to the economy, likely to receive exceptional support among other
GREs. The entity receives funds from various multilateral agencies,
re-lent by the government. A default would hinder the government's
market access, increase funding costs and jeopardise energy sector
development, affecting the economy and power supply.

Operating Performance

In FY24, WAPDA's revenue fell by 2% yoy due to delays in tariff
petitions. The capacity-based fixed charge, which constitutes 96%
of revenue, helps buffer against seasonal fluctuations in
electricity output. However, delays in tariff petitions and
unresolved circular debt constrain returns on investment. Increased
personnel costs reduced the operating profit margin from 58% to
48%, raising net debt to EBITDA from 10.4x to 10.7x. WAPDA expects
revenue to rise with capacity expansion, but delays in tariff
petitions pose risks.

Derivation Summary

Fitch expects a high likelihood of extraordinary government
support, as assessed under its GRE criteria, even though the
government's capacity to support the entity is likely to be partly
impaired amid high funding requirements of the government. Hence,
Fitch derives the entity's ratings based on Fitch's rating
definitions in addition to the support factors.

Debt Ratings

The senior unsecured bond rating is equalised with the entity's
IDR.

Issuer Profile

WAPDA is a hydroelectric power generation company wholly owned by
the state. It was set up to integrate the development of the
country's water and power resources. It made up 88% of the
country's hydroelectric installed capacity and 20% of total
capacity as of FY24.

Liquidity and Debt Structure

Total debt decreased by 2% yoy in FY24, due primarily to reduced
payables to the government. Most of the debt is either incurred
with or guaranteed by the government. Re-lent loans from the
government in foreign currency, repaid in local currency, increased
to 31% of the debt. Local-currency loans from the government
remained at 11%, while payables to the government decreased to 11%.
WAPDA faces currency exchange risks, with 62% of debt in foreign
currency. The liquidity, with a cash of PKR206 billion and term
deposits of PKR40 billion, is likely to be sufficient for
short-term debt obligations.

Rating Sensitivities

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

A sovereign rating downgrade, lower government responsibility to
support or incentive to support, may lead to negative rating
action.

Rating action on WAPDA's IDR would lead to similar rating action on
its senior unsecured notes.

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

An upgrade on the sovereign rating may trigger positive rating
action on WAPDA.

ESG Considerations

Fitch does not provide ESG relevance scores for Pakistan Water and
Power Development Authority. In cases where Fitch does not provide
ESG relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
any ESG factor that is a key rating driver in the key rating
drivers section of the relevant rating action commentary.

Public Ratings with Credit Linkage to other ratings

WAPDA's ratings are linked to those of the Pakistan sovereign.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Pakistan Water and
Power Development
Authority             LT IDR    CCC+  Affirmed   CCC+
                      LC LT IDR CCC+  Affirmed   CCC+

   senior unsecured   LT        CCC+  Affirmed   CCC+



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

KLEIO ONE-SOLUTION: Court to Hear Wind-Up Petition on March 7
-------------------------------------------------------------
A petition to wind up the operations of Kleio One-Solution Pte.
Ltd. will be heard before the High Court of Singapore on March 7,
2025, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on Jan. 27, 2025.

The Petitioner's solicitors are:

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


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

United Overseas Bank Limited filed the petition against the company
on Feb. 7, 2025.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


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

DBS Bank Ltd filed the petition against the company on Feb. 6,
2025.

The Petitioner's solicitors are:

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



RUMA SINGAPORE: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------------
A petition to wind up the operations of Ruma Singapore Pte. Ltd.
(formerly known as Studio Fleurette Pte. Ltd.) Pte. Ltd. will be
heard before the High Court of Singapore on March 7, 2025, at 10:00
a.m.

United Overseas Bank Limited filed the petition against the company
on Feb. 10, 2025.

The Petitioner's solicitors are:

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


SMARTER APPS: Court to Hear Wind-Up Petition on Feb. 28
-------------------------------------------------------
A petition to wind up the operations of Smarter Apps 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. 7, 2025.

The Petitioner's solicitors are:

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




===============
T H A I L A N D
===============

THAI AIRWAYS: Set to Emerge From Debt With Plan to Double Fleet
---------------------------------------------------------------
Bloomberg News reports that five years after Thai Airways
International Pcl filed for bankruptcy protection, the
state-controlled carrier's court-appointed debt administrator
Piyasvasti Amranand is planning an aggressive international
expansion.

Called out of semi-retirement in 2020 by Thailand's then-Prime
Minister Prayuth Chan-Ocha, Piyasvasti was asked to take the
controls of the airline and devise a rescue after the carrier had
posted losses every year from 2013, Bloomberg notes. Thai Air aims
to emerge from its debt-restructuring this year and anticipates the
resumption of stock trading in the second quarter.

According to Bloomberg, sounder financial footing allowed Thai Air
last year to order 45 Boeing Co aircraft with an option for 35
more. Flight capacity has been increased.

"Thai Airways' rapid turnaround is quite astonishing," Bloomberg
quotes Weera Wongsan, president of Federation of Savings and Credit
Cooperatives of Thailand, which invests in the airline's bonds and
stocks, as saying. "Most lenders were prepared for a much longer
and more painful recovery timeframe."

Bloomberg relates that the turnaround is reflected in the airline's
earnings and global surveys that show its image and service ranking
improving. Thai Airways posted net income of THB15.2 billion
(US$449 million or MYR1.9 billion) in the first nine months of
2024, adding to a THB28 billion profit in 2023 - a rebound from a
record loss of THB141 billion in 2020 when the Covid pandemic
grounded most of its planes.

"The debt rehabilitation accomplishment and earnings jump has
significantly strengthened Thai Airways' finances, which has
allowed it to return to aggressive expansion mode," Piyasvasti, a
71-year-old economist, said in an interview as industry executives
gather in Singapore on Feb. 18 for the Aviation Festival Asia to
discuss sustainability, artificial intelligence and passenger
loyalty, Bloomberg relays. It is now positioned to take advantage
of the post-pandemic travel boom, he said.

Thai Airways expects its fleet to jump to 143 aircraft in 2029 from
77 as of September 2024, according to its November presentation. It
expects to expand routes to Europe, China, Australia and other
international destinations. Thai Airways forecasts by 2029, it will
carry about 35% of total passengers travelling through Bangkok's
Suvarnabhumi International Airport, up from about 26% last year.

Still, as post-pandemic pent-up air travel demand slows amid more
seat capacity, that "increased competition has pulled down ticket
prices," said Tiwa Shintadapong, president of Investors Association
of Thailand.

According to Bloomberg, Thai Airways is plotting an expansive
course sooner than creditors thought it could, said Somboon
Sangrungjang, a lawyer at Kudun & Partners Co and an adviser on the
carrier's creditor committee.

At the heart of the carrier's recovery plan for Thailand's largest
corporate debt crisis was the dismissal of more than half of its
28,000 employees in exchange for about 50 billion baht of new loans
and cash, according to Piyasvasti, who was the carrier's president
from 2009 to 2012.

The airline's total employees fell to about 13,000 in 2021 before
rising to almost 17,000 last year, Bloomberg relays citing a
company presentation. It also sold about 30% of its aircraft in
four years through 2023.

"It was a difficult decision to dismiss a large group of our
colleagues, many of whom had been with the company for a long
time," said Piyasvasti, who as head of the three-member debt
administrator team has final say on company decisions. "But that
was the very last option to ensure the survival of the company and
remaining employees."

Bloomberg adds that Piyasvasti raised cash by selling the airline's
properties and other assets. The move included launching a Bangkok
restaurant resembling an airplane that serves in-flight meals. It
also generated revenue by allowing people to experience flight
simulations.

Thai Airways just completed its THB76 billion capital
reorganisation through a debt-to-equity swap with creditors and a
new rights offering, Bloomberg relays. The fresh cash helped turn
the shareholders' equity into a surplus, allowing the airline to
seek the court's permission for a debt plan exit in the second
quarter, according to Piyasvasti.

Piyasvasti, who has a PhD from the London School of Economics,
tapped his previous corporate turnaround experience to pilot Thai
Airways out of trouble, according to Bloomberg.

In 2009, during his first stint with Thai Airways, Piyasvasti
pulled the carrier out of financial trouble amid a surge in fuel
costs during the global economic slowdown. A year later, it
reported a record net income after what at the time was a historic
losses in 2008.

He oversaw the restructuring of the country's power and oil
industry when he served as energy minister two decades ago and then
chairman of PTT Pcl, the nation's largest oil company. He
orchestrated the listings of PTT and state-controlled power
producer Electricity Generating Pcl.

Piyasvasti, who is also president of the Ski and Snowboard
Association of Thailand, indicated he plans to step back a little
from his intense involvement in Thai Airways after the debt
rehabilitation exit, Bloomberg relays.

"I will not work any full-time job any more after this," Bloomberg
quotes Piyasvasti as saying. "I already have had enough after a
very tough and demanding time here."

                        About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific in May 2020,
Thailand's cabinet approved a plan to restructure troubled Thai
Airways International Pcl's finances through a bankruptcy court.
The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

According to Bloomberg, the airline aims to emerge from its
debt-restructuring plan in 2025, five years after it filed for
bankruptcy protection. The state-controlled airline returned to
profit in 2023 after it had posted losses from operations every
year from 2013, which were worsened by the Covid pandemic. The
airline anticipates the resumption of stock trading in the
second-quarter of 2025.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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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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