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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

          Thursday, February 27, 2025, Vol. 28, No. 42

                           Headlines



A U S T R A L I A

EY AUSTRALIA: Considers Cutting Jobs, 'Targeted Restructuring'
FIRSTMAC EAGLE NO.5: S&P Assigns Prelim B (sf) Rating to F Notes
JB MARKETS: ASIC Bans Director for 8 Years
MAGGIE BEER: Posts AUD4.4 Million Net Loss in H1 Ended Dec. 31
POWER PROJEX: First Creditors' Meeting Set for March 6

PROJECT SEA: Moving from Liquidation to Voluntary Administration
RED MULGA: First Creditors' Meeting Set for March 6
REDZED TRUST 2023-1: Fitch Affirms 'Bsf' Rating on Class F Notes
STRANDLINE RESOURCES: First Creditors' Meeting Set for March 6
THEMAC SHOP: Second Creditors' Meeting Set for March 5

VEMORASH PROPERTY: Second Creditors' Meeting Set for March 4
WISETECH GLOBAL: Faces ASIC Probe After Mass Exodus of Management


I N D I A

AKR IMPEX: ICRA Keeps D Debt Ratings in Not Cooperating Category
AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
APEX COCO: Ind-Ra Hikes Term Loan Rating to B+
APRAJITA MICROFINANCE: ICRA Withdraws D Rating on INR3.0cr Loan
AQUA PLUMBING: Ind-Ra Withdraws BB Bank Loan Rating

ATAM MANOHAR: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
ATRIA WIND POWER: Ind-Ra Affirms & Withdraws BB Term Loan Rating
ATRIA WIND: Ind-Ra Affirms & Withdraws BB Term Loan Rating
BNAZRUM AGRO: CARE Hikes Rating on INR49cr LT Loan to B
COFFEE DAY: Insolvency Process Resumes as NCLAT Fails to Pass Order

DEE VEE: Ind-Ra Cuts Term Loan Rating to BB-
DHABALESWAR TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
DOABA KHALSA: Ind-Ra Keeps D Loan Rating in NonCooperating
ENERGY DEVELOPMENT: CARE Keeps C Debt Rating in Not Cooperating
EVERGREEN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating

INJECTO POLYMERS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
JAIN SARVODAYA: Ind-Ra Keeps D Loan Rating in NonCooperating
JCBL LIMITED: Ind-Ra Moves BB- Loan Rating to NonCooperating
KANAKASHRI ELECTRICALS: CARE Keeps C Rating in Not Cooperating
KELTRON COMPONENT: ICRA Reaffirms B+ Rating on INR10cr LT Loan

LULU FINANCIAL: Ind-Ra Affirms BB+ NonConvertible Debts Rating
M.G HUSSAIN: CARE Keeps C Debt Rating in Not Cooperating Category
MALAPRABHA SAHAKARI: Ind-Ra Keeps D Loan Rating in NonCooperating
MURUGAR SPINNING: Ind-Ra Keeps BB- Loan Rating in NonCooperating
MY BIKE: CRISIL Keeps D Debt Rating in Not Cooperating Category

MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
MY EQUIPMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
MY FONE: CRISIL Keeps D Debt Rating in Not Cooperating Category
OM GRAM: Ind-Ra Keeps D Loan Rating in NonCooperating
OM SWAROOP: Ind-Ra Cuts LongTerm Debt Rating to BB

OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category
PADMABHUSHAN KRANTIVEER: Ind-Ra Affirms B Bank Loan Rating
PEC LIMITED: Ind-Ra Keeps D Loan Rating in NonCooperating
R K COTTON: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
R.K. CITY: ICRA Keeps D Debt Ratings in Not Cooperating Category

RAIPUR DEVELOPMENT: Ind-Ra Keeps D Loan Rating in NonCooperating
RAJENDRA ISPAT: CARE Lowers Rating on INR26.50cr LT Loan to B
RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
RELIANCE HOME: CARE Keeps D Debt Ratings in Not Cooperating
SACRED HEART: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable

SANATAN MERCHANTS: Ind-Ra Keeps D Loan Rating in NonCooperating
SCL HEALTHCARE: Ind-Ra Moves BB Loan Rating to NonCooperating
SHREEMAAVAISHNAVI AGRI: CARE Keeps D Rating in Not Cooperating
SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUPERTECH: SC Stays NCLAT Order Asking NBCC to Complete Projects

TRANSTEK INFOWAYS: ICRA Keeps B+ Debt Rating in Not Cooperating
UNITED HOTELS: CARE Keeps D Debt Rating in Not Cooperating
UNITED HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
ZYEX CHEMICALS: Ind-Ra Withdraws BB- Term Loan Rating
[] INDIA: Considers Bankruptcy Law Revamp as Cases Drag On



I N D O N E S I A

ISTAKA KARYA: Vendors Demand IDR786 Billion in Unpaid Dues


J A P A N

NISSAN MOTOR: Moody's Cuts Sr. Unsec. Debt to Ba1, Assigns Ba1 CFR


N E W   Z E A L A N D

ANNEX GROUP: Court to Hear Wind-Up Petition on March 10
CLOUDY BAY: Court to Hear Wind-Up Petition on March 6
FOUR FLAVOURS: Creditors' Proofs of Debt Due on March 17
GFAB TRAILERS: Creditors' Proofs of Debt Due on March 24
TAWHITI COMMERCIALS: Heath Gair Appointed as Receiver and Manager



S I N G A P O R E

DAILY PRICE: Court to Hear Wind-Up Petition on March 14
FUSE INTERIORS: Court Enters Wind-Up Order
HANDPICKED GROUP: Court Enters Wind-Up Order
MAHENDRAN TRADING: Court to Hear Wind-Up Petition on March 14
VICTORY INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 28



S O U T H   K O R E A

TERRAFORM LABS: Objectors Claim Ch. 11 Fin'l Adviser Overcharge


X X X X X X X X

[] Latham & Watkins Elects 19 New Partners

                           - - - - -


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

EY AUSTRALIA: Considers Cutting Jobs, 'Targeted Restructuring'
--------------------------------------------------------------
Reuters reports that EY Australia is considering cutting jobs as
part of "workforce adjustments" to reflect challenging market
conditions, with some targeted restructuring possible for
"particular circumstances" in the near term, the accounting major
said on Feb. 26.

In an emailed response to Reuters, a spokesperson for EY Australia
said the firm "started this year expecting a market rebound and
sustained growth through FY25 for the parts of our business that
have experienced this challenging environment" but added that
expectations had not aligned with actual demand in these areas.

Based on current demand, the spokesperson said targeted
restructuring may be required in some particular circumstances, but
did not immediately specify an exact number of job cuts, Reuters
relates.

The Australian and Australian Financial Review reported earlier in
the day that around 100 roles will be cut in the firm's technology
consulting arm, with the cuts affecting up to 1% of the workforce.

EY Australia, like its other peers, has found operating conditions
to be unfavourable ever since PricewaterhouseCoopers (PwC)
Australia came under fire in mid-2023 over a tax leaks scandal,
drumming up more such cases of accounting irregularities with other
global firms, according to Reuters.


FIRSTMAC EAGLE NO.5: S&P Assigns Prelim B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of prime residential mortgage-backed securities (RMBS)
to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series Eagle No.5.

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 8.1% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B1, class B2,
class C, class D, class E, and class F notes--and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
liquidity reserve, the principal draw function, the interest-rate
swap, and the provision of an extraordinary expense reserve. S&P's
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date, and it does not assume the notes are
called at or beyond the call date.

S&P's ratings also take into account the counterparty exposure to
Westpac Banking Corp. as bank account provider and National
Australia Bank Ltd. as interest-rate swap provider. The transaction
documents for the facilities include downgrade language consistent
with our counterparty criteria.

S&P also have factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.5

  Class A1, A$400.00 million: AAA (sf)
  Class A2, A$60.00 million: AAA (sf)
  Class B1, A$15.00 million: AA+ (sf)
  Class B2, A$6.30 million: AA (sf)
  Class C, A$9.70 million: A (sf)
  Class D, A$4.40 million: BBB (sf)
  Class E, A$2.10 million: BB (sf)
  Class F, A$1.00 million: B (sf)
  Class G, A$1.50 million: Not rated


JB MARKETS: ASIC Bans Director for 8 Years
------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Peter Aardoom of Brisbane from providing financial services,
controlling an entity that carries on a financial services business
and performing any function involved in the carrying on of a
financial services business for 8 years.

Mr. Aardoom is the director of JB Markets Pty Ltd since August
2016, and was a key person named on the Australian Financial
Services (AFS) licence of JB Markets.

ASIC found that in 2023, Mr. Aardoom, as sole director of JB
Markets:

     * entered into a false loan agreement between JB Markets and
another company in relation to a AUD540,000 cash payment made by
that company to JB Markets in 2021, knowing that the AUD540,000
payment was for equity in JB Markets and not a loan

     * failed to issue shares to the other company in relation to
the 2021 equity investment in JB Markets within the required
timeframe,

     * immediately after entering into the false loan agreement,
provided the false loan agreement, and restructuring documents to a
restructuring practitioner, creditors and ASIC during the small
business restructure process of JB Markets, representing the other
company as a creditor of JB Markets, rather than a shareholder in
JB Markets. This was done to enable the other company to vote in
the restructure and diminish the voting power of the other
creditors, and

     * engaged in dishonest conduct by reducing the purported loan
in the restructuring plan to ensure that the total liabilities of
JB Markets remained under the AUD1 million threshold for a small
business restructure.

As a result of the above conduct, ASIC has reasons to believe that
Mr. Aardoom:

     * is not a fit and proper person to participate in the
financial services industry, and

     * is likely to contravene a financial services law.

The banning took effect from February 19, 2025.

Mr. Aardoom's banning is recorded on ASIC's Banned and Disqualified
Persons Register.

Mr. Aardoom has the right to appeal to the Administrative Review
Tribunal for a review of ASIC's decision.

ASIC cancelled JB Markets' AFS licence effective from April 12,
2024. JB Markets has applied for review of ASIC's decision to
cancel its licence in the Administrative Review Tribunal.


MAGGIE BEER: Posts AUD4.4 Million Net Loss in H1 Ended Dec. 31
--------------------------------------------------------------
The Australian Financial Review reports that Maggie Beer Holdings
has crashed to a loss of AUD4.4 million in the December half, but
the company said a cost-cutting blitz and trimming the number of
products it sells will help spark a revival.

The Financial Review relates that the food group – named after
celebrity chef Maggie Beer, who is also a director – has rehired
former chief executive Chantale Millard as an adviser to help plot
a course back to profit.

Maggie Beer Holdings sells hundreds of gourmet food products
including jam, chutney, ice cream, soup, broth and verjuice, but
the star power of figurehead Maggie Beer has not been enough to
translate into solid investment returns.

According to the report, new chairman Mark Lindh said the company
was chasing up to AUD4 million in cost savings as it pruned the
number of product lines, cut transport and warehouse costs, and
stripped back head office staff numbers.

"The financial focus in the second half will be on delivering
targeted annualised cost reductions of up to AUD4 million to
improve earnings in both the short and longer term," the Financial
Review quotes Mr. Lindh as saying.

Maggie Beer Holdings said revenue was up 5.8 per cent in the
December half to AUD54.5 million, with sales improving in October,
November and December as new ranges of cheese and delicatessen
products appeared in Coles supermarkets, the Financial Review
discloses.

The Financial Review relates that the bottom line loss of AUD4.4
million, compared with a loss of AUD5.7 million a year earlier,
stemmed in part from additional writedowns and heavy losses on the
troubled Paris Creek Farms premium milk and yoghurt business. The
company is trying to sell Paris Creek, which made a loss of AUD4.7
million for the half.

Maggie Beer Holdings had a market capitalisation of AUD200 million
in 2021 but that has shrunk to just AUD21 million. It will not pay
an interim dividend, the Financial Review relays.

The Financial Review adds that the company has been going through
substantial upheaval in its executive ranks.

Former CEO Kinda Grange, who ran the group for 17 months and had
ambitious plans to expand the business into lifestyle products and
triple sales to AUD300 million, resigned on August 13. Ms. Grange
took over from Millard, who exited in late 2022.

Chairwoman Sue Thomas, who had been overseeing a strategic review
and was a former Temple & Webster board member, on February 7
announced she would return as a director. Mr. Lindh, who became a
director on January 13, stepped up to take over as chairman.

Ms. Beer, who has just celebrated her 80th birthday, spent weeks in
hospital in August last year after a bad fall at her home in the
Barossa Valley, according to the Financial Review.

She founded the business in 1979 with a small shop beside her
Pheasant Farm restaurant in South Australia's Barossa Valley. The
gourmet food business was sold to ASX-listed Longtable Group in two
parts - in 2016 and 2019 – and the company's name changed to
Maggie Beer Holdings in 2020 to harness the star power of the
celebrity cook.


POWER PROJEX: First Creditors' Meeting Set for March 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Power Projex
Pty Ltd will be held on March 6, 2025 at 11:00 a.m. via
teleconference only.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on Feb. 24, 2025.


PROJECT SEA: Moving from Liquidation to Voluntary Administration
----------------------------------------------------------------
TipRanks reports that Seafarms Group Limited announced that the
liquidators of Project Sea Dragon Pty Ltd have decided to
transition the company from liquidation to voluntary
administration, aiming to propose a new Deed of Company
Arrangement. This move, which has the full support of Seafarms
Group, is pending court approval and is seen as a positive step for
the company's future operations.

TipRanks says Seafarms Group remains solvent and will continue to
engage with the liquidators as the process unfolds.

Project Sea Dragon called for the AUD1.45 billion development of
10,000 hectares of ponds in Legune Station, near Kununurra in
Western Australia. The facility would have been capable of growing
more than 150,000 metric tons of black tiger shrimp per year,
according to SeafoodSource.

Shaun McKinnon and Andrew Fielding of BDO were appointed as
administrators of Project Sea Dragon on Feb. 14, 2023.

In February 2024, an Australian federal court judge ordered to
place the company into liquidation.


RED MULGA: First Creditors' Meeting Set for March 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Red Mulga
Australia Pty Ltd will be held on March 6, 2025 at 11:00 a.m. via
Microsoft teams (teleconference).

Matthew Ormsby and Stuart Otway of SV Partners SA were appointed as
administrators of the company on Feb. 24, 2025.


REDZED TRUST 2023-1: Fitch Affirms 'Bsf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed 13 note classes from RedZed Trust STC
Series 2023-1 and 2024-1. Both transactions are backed by pools of
first-ranking Australian conforming and non-conforming residential
full- and low-documentation mortgage loans and small ticket
commercial (STC) loans originated by RedZed Lending Solutions Pty
Limited.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed Trust STC Series 2023-1 and 2024-1.

   Entity/Debt              Rating          Prior
   -----------              ------          -----
RedZed Trust STC
Series 2024-1

   A-1-L AU3FN0087128   LT AAAsf Affirmed   AAAsf
   A-2 AU3FN0087136     LT AAAsf Affirmed   AAAsf
   B AU3FN0087144       LT AAsf  Affirmed   AAsf
   C AU3FN0087151       LT Asf   Affirmed   Asf
   D AU3FN0087169       LT BBBsf Affirmed   BBBsf
   E AU3FN0087177       LT BBsf  Affirmed   BBsf
   F AU3FN0087185       LT BB-sf Affirmed   BB-sf

RedZed Trust STC
Series 2023-1

   A AU3FN0076642       LT AAAsf Affirmed   AAAsf
   B AU3FN0076659       LT AAsf  Affirmed   AAsf
   C AU3FN0076667       LT Asf   Affirmed   Asf
   D AU3FN0076675       LT BBBsf Affirmed   BBBsf
   E AU3FN0076683       LT BBsf  Affirmed   BBsf     
   F AU3FN0076691       LT Bsf   Affirmed   Bsf

KEY RATING DRIVERS

Credit Enhancement (CE) Build-Up Supports Ratings: The sequential
payment structure in the first two years has led to an increase in
CE for rated notes across both transactions. This build-up in CE
has supported the ratings, even though the proportion of STC loans
rose to 26.5% and 29.0% by the end of December 2024 for RedZed STC
2023-1 and 2024-1, respectively, from 24.3% at the last review and
24.9% at closing.

Portfolio Defaults Impacted by Arrears: At end-December 2024, the
actual 30+ day arrears were 4.5% for RedZed STC 2023-1 and 1.7% for
RedZed STC 2024-1, compared to 5.3% for Fitch's 3Q24 Non-Conforming
RMBS Index. There have been no losses since closing.

For the residential portfolio, improvements in pool composition for
both transactions included a lower WA current loan-to-value ratio
(LVR) and a lower proportion of non-conforming loans. Nevertheless,
the 'AAAsf' default probability increased to 19.6% from 19.4% at
the last review for RedZed STC 2023-1 and 16.9% from 16.2% at
closing for RedZed STC 2024-1, mainly due to the increase in
residential loans in 30+ day arrears.

For the STC portion of the pool, Fitch used its proprietary
Portfolio Credit Model (PCM), which considers key factors such as
one-year probability of default (PD), large obligor concentration
and industry distribution. The one-year PD assumption was based on
the annual average historical 90 days past due, as well as Fitch's
forward-looking view. Fitch increased the one-year PD to 1.7% from
1.3% at last review to account for increased observed defaults in
2024.

Empirical data show that not all loans that become 90 days past due
will end up in foreclosure. Fitch has analysed RedZed's STC
portfolio's cure rate for loans that had entered 90 days past due
and concluded that around 50% of these loans had cured. In line
with the SME Balance Sheet Securitisation Rating Criteria, Fitch
has capped the base expected cure rate assumption at 40% and is
tiered for higher rating scenarios. The cure rates are then applied
to the PD from PCM.

The 'AAAsf' default probability for the STC portfolio increased to
64.0% from 59.8% at the last review for RedZed STC 2023-1. It
decreased to 51.6% from 52.7% for RedZed STC 2024-1 due to fewer
STC loans in arrears.

Increased Exposure to Obligor Concentration: The amortisation of
the STC pool leads to increased obligor and industry concentration.
Fitch believes that more concentrated portfolios result in more
volatile portfolio default rates. Its PCM modelling, which stresses
default probability, correlation and recovery assumptions for large
groups of obligors, found that the top-10 obligors in the pool for
RedZed STC 2023-1 account for 35.5% of the STC asset balance, up
from 29.3% at the last review, while those in the pool for RedZed
STC 2024-1 made up 16.6%, up from 15.8% at closing.

STC Recovery Rate Lower than for Residential: For residential
portfolio, the 'AAAsf' recovery rate has remained relatively
unchanged at 56.1% for RedZed STC 2023-1 and 57.1% for RedZed STC
2024-1.

For the STC portion of the pool, Fitch applied collateral and
unsecured haircuts in line with the SME Balance Sheet
Securitisation Rating Criteria. The 'AAAsf' WA recovery rate for
the STC portion is 40.5% for RedZed STC 2023-1 and 39.5% for RedZed
STC 2024-1.

Limited Liquidity Risk: For both transactions, Fitch's payment
interruption risk is mitigated by a liquidity facility sized at
1.5% of the invested note balance, excluding class G. Other
structural features include retention amounts that redirect excess
available income to repay note principal in reverse sequential
order (excluding class G) which has now met the limit of AUD500,000
for both transactions, and post-call amortisation amounts that
redirect after-tax excess income to repay note principal through
the principal priority of payments waterfall.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with that
of the market.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest-rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
4.0% in December 2024. Fitch forecasts GDP growth of 1.6% in 2025,
rising to 2.1% in 2026, with unemployment at 4.5% and decreasing to
4.2%.

RATING SENSITIVITIES

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

A downgrade could stem from portfolio composition migrating towards
STC loans, as the STC loans attract a higher portfolio loss than
residential loans. Portfolio migration may occur if residential
loans were to have a higher prepayment rate, increasing the
concentration of STC loans. Transaction performance may also be
affected by changes in market conditions and the economic
environment.

Downgrade Sensitivities

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

RedZed Trust STC Series 2023-1:

Note: A / B / C / D / E / F

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

Increase defaults by 15%: AAAsf / AA-sf / BBB+sf / BBBsf / BB-sf /
Bsf

Increase defaults by 30%: AAAsf / A+sf / BBB+sf / BBBsf / B+sf /
Bsf

Reduce recoveries by 15%: AAAsf / AAsf / Asf / BBBsf / B+sf / Bsf

Reduce recoveries by 30%: AAAsf / AAsf / BBB+sf / BB+sf / Bsf /
less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAsf
/ BBBsf / BBB-sf / B+sf / less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AA+sf / A+sf
/ BBBsf / BBsf / less than Bsf / less than Bsf

RedZed Trust STC Series 2024-1:

Note: A1-L / A-2 / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

Increase defaults by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ BB-sf

Increase defaults by 30%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BBsf / B+sf

Reduce recoveries by 15%: AAAsf / AAAsf / AAsf / Asf / BBB-sf /
BBsf / B+sf

Reduce recoveries by 30%: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf /
B+sf / less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AA+sf / A+sf / BBB+sf / BB+sf / B+sf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AA+sf / AAsf
/ A-sf / BBB-sf / BB-sf / Bsf / less than Bsf

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

An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of CE that would fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.

Upgrade Sensitivities

RedZed Trust STC Series 2023-1:

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

Sensitivity stress results for the remaining rated notes are as
follows. The Class E note is constrained by two notches due to the
pro-rata amortisation concentration test, in accordance with the
SME Balance Sheet Criteria.

Note: B / C / D / E / F

Final Rating: AAsf / Asf / BBBsf / BBsf / Bsf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBB+sf / BB+sf / BB+sf

RedZed Trust STC Series 2024-1:

The class A1-S and A1-L notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivity
scenarios are not relevant.

Sensitivity stress results for the remaining rated notes are as
follows. The class D and E notes are constrained by three notches,
while the class B and C note is constrained by two notches, due to
the pro-rata amortisation concentration test as per the SME Balance
Sheet Criteria.

Note: B / C / D / E / F

Final Rating: AAsf / Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AAsf / A+sf
/ BBB+sf / BB+sf / BB+sf

CRITERIA VARIATION

The transaction features a threshold rate mechanism. This is a
common feature in Australian RMBS and is therefore contemplated
under the APAC Residential Mortgage Rating Criteria. However, 26.5%
and 29.0% of the pool consisted of STC loans for RedZed 2023-1 and
2024-1, respectively, which were analysed under the SME Balance
Sheet Securitisation Rating Criteria, which do not contemplate the
concept of a threshold rate and, instead, WA margin compression is
generally modelled. Fitch has applied the threshold rate for both
the residential and STC portions of the pool, given the similar
characteristics between both loan types and Fitch's view that the
servicer will have the legal ability to increase interest rates to
meet required payments. The similarities include: variable rate
loan products, pricing of loans based on the applicable standard
variable rate constructed by RedZed, which is not linked to any
particular index, and RedZed's contractually documented ability to
reprice loans at its discretion. Fitch has cash flow modelled the
threshold rate with a maximum increase to asset margins of 2.0%,
consistent with the APAC Residential Mortgage Rating Criteria. The
impact of the variation was a one-notch higher in the rating for
class B, C, D and F notes for RedZed STC 2023-1 and one-notch
higher in the rating for class F for RedZed STC 2024-1.

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

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

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment of the asset portfolio information, but none
was available for these transactions.

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

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

ESG Considerations

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

STRANDLINE RESOURCES: First Creditors' Meeting Set for March 6
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Strandline
Resources Limited and Coburn Resources Pty Ltd will be held on
March 6, 2025 at 12:00 p.m. at the offices of Cor Cordis, Mezzanine
Level, 28 The Esplanade, in Perth, WA, and via Microsoft Teams.

Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as
administrators of the company on Feb. 21, 2025.


THEMAC SHOP: Second Creditors' Meeting Set for March 5
------------------------------------------------------
A second meeting of creditors in the proceedings of TheMac Shop Pty
Ltd has been set for March 5, 2025, at 10:00 a.m. at the offices of
Rodgers Reidy (TAS) Pty Ltd, at Cnr Bathurst and Argyle Street, in
Hobart, TAS 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 March 3, 2025 at 4:00 p.m.

Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as
administrator of the company on Jan. 28, 2025.


VEMORASH PROPERTY: Second Creditors' Meeting Set for March 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Vemorash
Property Holdings Pty Ltd has been set for March 4, 2025, at 2:00
p.m. at the offices of HLB Mann Judd, Level 5, 10 Shelley Street,
in Sydney, NSW, and virtually via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 3, 2025 at 5:00 p.m.

Todd Gammel of HLB Mann Judd was appointed as administrator of the
company on Jan. 29, 2025.


WISETECH GLOBAL: Faces ASIC Probe After Mass Exodus of Management
-----------------------------------------------------------------
Reuters reports that Australia's corporate regulator has initiated
"preliminary inquiries" into WiseTech Global it said on Feb. 26,
amid a tumultuous week that also saw a mass exodus of executives
and the surprise return of founder Richard White as chairman.

Earlier this week, four of WiseTech's non-executive directors
stepped down owing to differing views around Mr. White's former
role as CEO, Reuters relates. The company then appointed Mr. White
as its executive chairman in a surprise announcement early on Feb.
26.

"We are conducting preliminary inquiries and will be making
decisions imminently about any next steps for ASIC," Joe Longo,
chairman of the Australian Securities and Investment Commission
(ASIC), said in an emailed response to Reuters.

WiseTech Global did not immediately respond to a Reuters' request
for comment.

According to Reuters, the logistics software maker, founded by
billionaire Mr. White, has been navigating a period marked by media
allegations of misconduct, corporate governance concerns and a
sagging share price.

Its stock has declined around 14% since last October, when WiseTech
said it had been reviewing matters related to Mr. White, Reuters
notes.

Based in Alexandria, Australia, WiseTech Global Limited (ASX:WTC)
-- https://www.wisetechglobal.com/ -- engages in the development
and provision of software solutions to the logistics execution
industry in the Americas, the Asia Pacific, Europe, the Middle
East, and Africa. It develops, sells, and implements software
solutions that enable and empower logistics service providers to
facilitate the movement and storage of goods and information.




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

AKR IMPEX: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of AKR Impex
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         5.45       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term-      (14.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

AKR Impex Private Limited was incorporated in 2006 by Mr
S.Kathiravan. The company is involved in the business of processing
and trading of various types of pulses and has two processing units
set up in Tondiarpet, Chennai. The company processes black gram,
green gram, toor dhal, yellow lentils etc. The process involves
dehusking the pulses, splitting and polishing. The company
purchases raw materials from domestic as well as international
markets and processes and sells it to the customers.


AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Amsat
Industries Private Limited (AIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 01, 2025,
January 11, 2025 and January 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Amsat Industries Private Limited (AIPL) was incorporated in 2009 by
Mr. Kuldip Singh Dalal and Ms. Cornolia Dalal and started its
commercial operations in 2012. The company is being managed by Mr.
Kuldip Singh Dalal. The company is engaged in manufacturing of heat
sink and metal cabin. A heat sink is a component used in electrical
machine to lower the temperature of an electronic device by
dissipating heat into the surrounding air. The manufacturing
facility of AIPL is located at Jhajhar, Haryana.


APEX COCO: Ind-Ra Hikes Term Loan Rating to B+
----------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Apex Coco and Solar Energy Limited's (ACSEL) bank
facilities:

-- INR1,068.29 bil. (reduced from INR1.430 bil.) Term loan due on

     December 31, 2027 upgraded with IND B+/Positive rating;

-- INR220 mil. Fund-based working capital limit Long-term rating
     upgraded; short-term rating affirmed with IND B+/Positive/IND

     A4 rating; and

-- INR70 mil. Fund-based working capital limit assigned with IND
     B+/Positive/IND A4 rating.

Detailed Rationale of the Rating Action

The upgrade and the Positive Outlook reflect the improvement in
ACSEL's scale of operations, credit metrics and EBITDA margins as
of 9MFY25 and Ind-Ra's expectation of an increase in the company's
scale of operations and credit metrics in FY25. The ratings reflect
ACSEL's poor liquidity profile with overutilization of its
fund-based limits in the 12 months ended December 2024, reflecting
pressure to meet working capital requirements. The ratings also
factor in the susceptibility of the company's profitability to
volatility in raw material prices and its presence in the highly
competitive industry. However, the ratings are supported by the
improvement in the company's capital structure, following the
conversion of unsecured loans into equity in FY25.

Detailed Description of Key Rating Drivers

Poor Liquidity: ACSEL's average maximum utilization of the
fund-based limits was 94.79% during the 12 months ended December
2024 with seven instances of overutilization up to eight days due
to interest charge at the end of the month. The cash flow from
operations improved but remained negative INR13.74 million in FY24
(FY23: negative INR37.49 million) due to favorable changes in
working capital requirements. The free cash flow from operations
improved but remained negative at INR34.93 million in FY24 (FY23:
negative INR105.19 million), due to minimal capex requirements. The
cash and cash equivalents stood at INR17.28 million at FYE24
(FYE23: INR9.67 million). As of December 2024, the unsecured loans
stood at INR361.14 million and the company will be requiring
additional funding in the form of unsecured loans to manage its
liquidity in 4QFY25. The company has term loan repayment
obligations of INR334.78 million in FY25, INR 309.07 million in
FY26, INR 225 million in FY27 and INR199.44 million in FY28.

Exposure to Raw Material Price Fluctuation: Prices of coconuts,
which are the major raw material for the company's products,
increased in FY24 (decreased 50% in FY23), leading to a decline in
its EBITDA margins to 14.61% in FY24 (FY23: 33.84%). The coconut
prices increased 50% until November 2024, which continued as on
date. In 9MFY25, the EBITDA margins stood at 15%. The pricing of
final products is usually fixed by the management for a six-month
period and ACSEL does not have any price variation clauses in its
contracts with customers; however, the company can revise the
prices of coconut products on the expiry of the contract. The
management has revised the prices for the next six months starting
from February 2025. Ind-Ra expects the margins to sustain at levels
similar to FY24 in the near term, on account of the increase in its
raw material prices and the better absorption of its fixed costs
with higher capacity utilization.

Working Capital Intensive Nature of Business: The company's
operations are working capital intensive with a net working capital
cycle of 185 days in FY24 (FY23: 346 days; FY22: 95 days). The
inventory levels are maintained based on raw material prices.
Following a decline in the prices of coconuts in FY23, the company
had maintained higher inventory levels, leading to elongated
inventory days of 370, which gradually declined to 176 days in
FY24. The debtor days remained almost stable at 67 days in FY24
(FY23: 66 days) and the creditor days at 58 days (90 days). Any
further elongation of the working capital cycle would be a key
rating monitorable. Ind-Ra expects the working capital cycle to
reduce in the near term, due to a reduction in the inventory days,
on account of its lower inventory levels in 9MFY25.

Industry Risks: ASCEL is vulnerable to agro-climatic risk, as well
as the seasonality in the production of coconuts. Furthermore, the
company is exposed to risks arising from regulatory changes and
adverse forex fluctuations as it derives about 50% of its revenue
from exports to countries like Italy, Germany, the US and other
foreign counties.

Net Worth to Improve in FY25 following Conversion of Unsecured
Loans to Equity: At FYE24, the company's borrowings were mainly
loans from its directors and promotors, which constituted around
61% (FYE23:50%) of the total borrowings, while term loans accounted
for 32% (44%) and short-term borrowing was around 6% (6%). The
loans from its promotors and directors are unsecured in nature and
carried an interest rate of 6% up to FY23. However, since FY24, as
per the board's decision, the company stopped paying interest on
unsecured loans, except for a few directors who had provided loans
by mortgaging their personal assets. For those directors, the
interest payments continued till December 2024. In December 2024,
the company converted INR1,900 million of unsecured loans into
equity, resulting in a significant reduction in the debt-to-equity
ratio, which stood at 0.81 (FY24: negative 15.42). After the
conversion of the unsecured loans into equity, the unsecured loans
accounted for 25% of the total borrowings, while term loans and
short-term borrowings were 56% and 20%, respectively, as of
December 2024.

Improvement in Credit Metrics in 9MFY25: During FY24, the gross
interest coverage (operating EBITDA/gross interest expense)
marginally deteriorated to 0.98x (FY23: 1.09x), due to a decline in
the EBITDA to INR187.79 million (INR298.62 million). Its net
leverage (total adjusted net debt/operating EBITDAR) increased to
17.45x in FY24 (FY23: 10.87x). Furthermore, the interest expenses
declined to INR191.14 million in FY24 (FY23: INR273 million) on
account of the board's decision to stop paying interest on
unsecured loans. At FYE24, the total debt stood at INR3294.49
million (FYE23: INR3255.64 million). The company has also taken a
fund-based facility from banks to meet its working capital
requirements. Excluding unsecured loans from the promotors and
directors, the net leverage stood at 6.71x in FY24 (FY23: 5.40x).

The gross interest coverage increased to 2.101x and the net
leverage reduced to 4.75x, following the conversion of unsecured
loans to equity. ACSEL plans to purchase a second-hand tetra pack
machinery in February 2025 for INR50 million and a spray dryer
machinery in FY26 for INR50 million, which are likely to be funded
by unsecured loans. Ind-Ra expects the overall credit metrics to
improve significantly in the near term and remain comfortable over
the medium term, on the back of the company's repayments and growth
in the revenue and EBITDA margins.

Revenue growth in FY24; likely to Improve in Medium Term: In FY24,
ACSEL's revenue grew 34.70% to INR1,202.56 million (FY23: INR882.38
million), due to increased demand particularly in the coconut cream
and coconut milk segment. The decline in its FY23 revenue was
primarily due to the discontinuation of sale of renewable energy
certificates. Till 9MFY25, the company generated revenue of
INR1,236.16 million in the coconut segment and INR195.94 million in
the solar segment. Additionally, the company had an order book for
INR533.07 million as of January 2025. In the near to medium term,
Ind-Ra expects the revenue to improve significantly led by a stable
demand for coconut products in the domestic and global markets.

Liquidity

Poor:  Please refer to the driver on liquidity in the detailed
description of key rating drivers.

Rating Sensitivities

Negative: Deterioration in the liquidity position along with a
decline in the profitability, could lead to a negative rating
action.

Positive: An improvement in the liquidity profile along with the
profitability, could lead to a positive rating action.

About the Company

ACSEL was incorporated in 2012 and is engaged in solar power
generation with a total capacity of 30MW and coconut processing in
Tirupur, Tamil Nadu. The installed capacity of the coconut
processing unit is of 0.4 million coconuts per day.

APRAJITA MICROFINANCE: ICRA Withdraws D Rating on INR3.0cr Loan
---------------------------------------------------------------
ICRA has withdrawn the rating outstanding on the INR3-crore
unallocated bank lines of Aprajita Microfinance Private Association
at the request of the company. The rating was withdrawn in
accordance with ICRA's policy on the withdrawal of credit ratings.
The key rating drivers, liquidity position, rating sensitivities,
and key financial indicators have not been captured as the rated
instrument has been withdrawn.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  withdrawn

Aprajita Microfinance Association is an unlisted private company
incorporated in November 2015. It was started by Mr. Nand Kishor
Paswan along with his brother – Mr. Vivek Kumar. At present,
Aprajita operates from Bihar's Aurangabad district and is involved
in the microfinance business.


AQUA PLUMBING: Ind-Ra Withdraws BB Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings of
Aqua Plumbing Private Limited's (APPL) bank facilities as follows:

-- The 'IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
     NOT COOPERATING)' rating on the INR300 mil. Fund-based
     working capital limit is withdrawn; and

-- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR154.80

     mil. Non-fund-based working capital limit is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificates from the lenders and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.

About the Company

Incorporated in 1995, APPL manufactures and sells faucets (brass
taps and cocks) and bathroom fittings domestically and
internationally under the Plumber brand. Its manufacturing facility
is in Mathura.

ATAM MANOHAR: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed ATAM Manohar Ship
Breakers Private Limited's (AMSBPL) bank facilities as follows:

-- INR215.60 mil. Fund-based working capital limit affirmed with
     IND BB-/Stable/IND A4+ rating;

-- INR1,437.50 bil. Non-fund-based working capital limit affirmed

     with IND A4+ rating; and

-- INR32.50 mil. Derivative limits affirmed with IND A4+ rating.

*Total limits restricted to INR1.470 billion

** Fund-based working capital limits of INR215.6 million is a
sublimit of non-fund-based working capital facilities of INR1,437.5
billion.

Detailed Rationale of the Rating Action

The ratings reflect AMSBPL's continued small scale of operations,
modest EBITDA margins and credit metrics in FY24. Ind-Ra expects
the revenue to decline but the EBITDA margins to improve in FY25.
However, the ratings are supported by its experienced promoters.

Detailed Description of Key Rating Drivers

Small Scale of Operations:  AMSBPL's scale of operations remained
small with its revenue reducing to INR1,678.12 million in FY24
(FY23: INR1,830.32 million), mainly due to a reduction in steel
prices.  Its EBITDA, however, increased to INR28.95 million in FY24
(INR26.69 million), led by an improvement in its EBITDA margins.
Until 10MFY25, AMSBPL booked revenue of INR1,183.8 million. In
FY25, Ind-Ra expects the revenue to decline, considering the lower
number of ships procured, leading to a slight decrease in YTD
revenue.

Modest EBITDA Margins:  AMSBPL's EBITDA margins increased but
remained modest at 1.73% in FY24 (FY23: 1.46%), on account of an
improvement in fixed cost absorption. In FY25, Ind-Ra expects the
EBITDA margin to improve, considering the improvement in its
margins to 3.05% as of 10MFY25.

Modest Credit Metrics:  AMSBPL's credit metrics remained modest
with its gross interest coverage (operating EBITDA/gross interest
expenses) increasing slightly to 1.20x in FY24 (FY23: 1.17x) and
the net leverage (total adjusted net debt/operating EBITDAR)
reducing to 11.84x (51.11x), on account of the improvement in its
EBITDA and a reduction in its total debt. Its total debt included
off balance sheet debt to INR442.21 million in FY24 (FY23:
INR1,103.76 million). In FY25, Ind-Ra expects the credit metrics to
improve considering the improvement in the EBITDA in FY25.

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

Liquidity

Stretched: AMSBPL's cash flow from operations turned to negative
INR538.60 million in FY24 (FY23: INR417.97 million), mainly on
account of unfavorable change in the working capital to INR559.70
million (INR394.72 million). Furthermore, the free cash flow turned
negative INR543.23 million in FY24 (FY23: INR414.74 million), due
to the absence of any capex. The average net working capital cycle
increased to 58 days in FY24 (FY23: negative 64 days), mainly on
account of reduced creditor days to 20 days (178 days). The average
maximum utilization of the fund-based limits was 41.61% and that of
the non-fund-based limits was 38.53% during the 12 months ended
December 2024. AMSBPL has no debt repayment obligations in FY25 and
FY26. The cash and cash equivalents stood at INR190.30 million at
FYE24 (FYE23: INR471.89 million). AMSBPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.

Rating Sensitivities

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.

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics with the interest
coverage exceeding 2.0x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

Incorporated in 1997, AMSBPL is engaged in purchasing the ships
from abroad and domestically and selling the scrap after breaking
the ships. The company is based in Bhavnagar, Gujarat. AMSBPL has
ship-cutting capacity of around 50,000 tons annually. AMSBPL is
promoted by Anil Jain and family.

ATRIA WIND POWER: Ind-Ra Affirms & Withdraws BB Term Loan Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Atria Wind Power (Basavana Bagewadi) Private Limited's
(AWPBBPL) term loan:

-- INR1.368 bil. (reduced from INR1.640 bil.) Term loan due on
     March 31, 2032 affirmed and withdrawn*.

*Affirmed at 'IND BB'/Stable before being withdrawn

Analytical Approach

Ind-Ra assesses the project on a standalone basis, as the presence
of a ring-fenced debt structure ensures prioritization of cash
flows for AWPBBPL's debt.

Ind-Ra has analyzed the project at a standalone level while rating
the senior debt. In addition to plain equity, the promoter have
infused compulsorily convertible debentures worth INR300 million in
FY24. The company also has unsecured loans from holding company
worth INR161.80 million. According to the terms of the shareholder
debt shared by management, these instruments do not have any right
to call an event of default and are completely subordinate to the
rated senior debt. The loan agreement also delineates the
subservient nature of the shareholder debt and treats this as an
equity-like instrument. Ind-Ra has excluded the servicing of the
sponsor's unsecured debt obligations while arriving at the ratings.
The inclusion of these funds into the debt category could impact
the rating.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.

Detailed Rationale of the Rating Action

The rating reflects the project's stable operating performance,
backed by the timely receipt of payments from the power off-takers.
The project has sufficient liquidity to create the balance debt
service reserve account (DSRA) as per the terms of the financing
agreement, before any distribution of surplus cash to the sponsor.
However, the rating continues to be constrained by the inherent
risks associated with wind projects, including variations in wind.

Detailed Description of Key Rating Drivers

Moderate-to-strong Counterparties: AWPBBPL has tied up about 100%
of its capacity with its counterparties, with the largest customer
accounting for 30% of the committed offtake in FY24. The average
receivable days of all the off-takers was more than 25 days in FY24
(FY23: 75 days). The overall credit profile of the off-takers and
the receivable days are key rating monitorable.

Moderate Debt Structure: The debt is repayable in over 52
structured quarterly instalments ending March 2032. The project has
standard project finance features including a cash flow waterfall,
and a DSRA equivalent to two quarters' principal and interest
payments. The company had compulsory convertible debentures worth
INR300 million in FY24, which are considered subordinate to the
rated term loan.

Historical Operating Performance of the Project: The project has a
long operational history of about eight years. The plant's average
net plant load factor (PLF) improved to 27.40% in FY24 (FY23:
26.06%) but deteriorated in the trailing 12 months ended December
2024 to 24.68% due to low wind speed. With the P90 estimate of
30.9%, the project has been underperforming since the commencement
of commercial operations and P90 benchmark is yet to be achieved.
Wind projects are generally susceptible to wind speed, which could
affect the cash flows. Ind-Ra will monitor the PLF trend; if it
continues to be significantly lower than the base case assumption,
the agency will review the ratings. In FY24, the grid availability
and machine availability were 99.71% and 98.78%, respectively.

Reasonable Operating Risk: The project's operations and maintenance
are being handled by Vestas Wind Technology India Private Limited.
Ind-Ra considers the wind turbine generators used by the project
with a standard hub height of 110 meters to be proven technology.

Weak Sponsor Profile: Bengaluru-based Atria group is headed by CS
Sunder Raju and K Nagaraju, who belongs to the second generation of
the promoter family. The group has presence in power, education,
hotels and construction/real estate. Atria Brindavan Power Private
Limited (ABPPL), the holding company of the group's solar and wind
assets, had operational renewable projects (wind, solar ground
mounted and solar rooftop) assets of 467MW as of August 2024,
including 120MW of solar and 331MW of wind; with hydro accounting
for the balance. ABBPL's credit profile has weakened, with a delay
in the refinancing of its outstanding non-convertible debentures
due in 3QFY24. As per the management, the group is in discussions
with the existing lenders towards a renegotiation of the terms and
in discussions with few investors to raise mezzanine debt to
refinance the outstanding bonds.

Liquidity

Adequate: The project's annual debt service coverage ratio (DSCR)
stood at around 1.05x on account of underperformance in power
generation and high operations and maintenance cost. However, the
project has a DSRA of INR165 million, equivalent to about six
months of debt servicing obligations, in the form of fixed
deposits, at end-December 2024, against the stipulated two-quarter
DSRA requirement, as per the financing documents. The continuous
availability of the two-quarter DSRA is a key rating monitorable.
AWPBBPL also had cash and cash equivalents of INR8.80 million, a
mandatory reserve of INR22.40 million and mutual fund or fixed
deposits of INR0.30 million at end-December 2024, subject to
distribution to the sponsor, as part of restricted payments.
AWPBBPL had not availed any working capital loan at end-December
2024. Ind-Ra considers the project's liquidity to be adequate on
the back of the available DSRA and timely receipt of revenue from
the off-takers.

About the Company

AWPBBPL operates wind power generation projection of 39.6 MW
(18X2.2MW) in Bijapur district, Karnataka. The sponsor Atria Wind
Private Limited holds a 73.11% stake in the project, while the
off-takers together hold the remaining.

ATRIA WIND: Ind-Ra Affirms & Withdraws BB Term Loan Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Atria Wind Power (Bijapur 1) Private Limited's (AWPB1PL)
term loan:

-- INR1,455.80 bil. (reduced from INR1,651.82 bil.) Term loan due

     on June 30, 2032 is affirmed and withdrawn*.

*Affirmed at 'IND BB'/Stable before being withdrawn

Analytical Approach

Ind-Ra assesses the project on a standalone basis, as the presence
of a ring-fenced debt structure ensures prioritization of cash
flows for AWPB1PL's debt.

Ind-Ra has analyzed the project at a standalone level while rating
the senior debt. In addition to plain equity, the promoter have
infused compulsorily convertible debentures worth INR300 million in
FY24. The company also has unsecured loans from holding company
worth INR161.80 million. According to the terms of the shareholder
debt shared by management, these instruments do not have any right
to call an event of default and are completely subordinate to the
rated senior debt. The loan agreement also delineates the
subservient nature of the shareholder debt and treats this as an
equity-like instrument. Ind-Ra has excluded the servicing of the
sponsor's unsecured debt obligations while arriving at the ratings.
The inclusion of these funds into the debt category could impact
the rating.

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.

Detailed Rationale of the Rating Action

The rating reflects the project's stable operating performance,
backed by the timely receipt of payments from the power off-takers.
The project has sufficient liquidity to create the balance debt
service reserve account (DSRA) as per the terms of the financing
agreement, before any distribution of surplus cash to the sponsor.
However, the rating continues to be constrained by the inherent
risks associated with wind projects, including variations in wind.

Detailed Description of Key Rating Drivers

Moderate to Strong Counterparties: AWPB1PL has tied up about 100%
of its capacity with its counterparties, with the largest customer
accounting for 30% of the committed offtake in FY23. The average
receivable days of all the off-takers stood more than 22 days in
FY24 (FY23: 23 days). The overall credit profile of the off-takers
and receivable days are key rating monitorable.

Moderate Debt Structure: The debt is repayable in over 52
structured quarterly instalments ending March 2032. The project has
standard project finance features including a cash flow waterfall,
and a DSRA equivalent to two quarters' principal and interest
payments. The company had compulsory convertible debentures worth
INR300 million in FY24, which are considered subordinate to the
rated term loan.

Historical Operating Performance of the Project: The project has a
long operational history of about eight years. The plant's average
net plant load factor (PLF) improved to 26.27% in FY24 (FY23:
25.40%) but deteriorated in the trailing 12 months ended December
2024 to 23.84% due to low wind speed. With the P90 estimate of
30.5%, the project has been underperforming since the commencement
of commercial operations and P90 benchmark is yet to be achieved.
Wind projects are generally susceptible to wind speed, which could
affect the cash flows. Ind-Ra will monitor the PLF trend; if it
continues to be significantly lower than the base case assumption,
the agency will review the ratings. In FY24, the grid availability
and machine availability were 99.72% and 98.65%, respectively.

Reasonable Operating Risk: The project operations and maintenance
is being handled by Vestas Wind Technology India Private Limited.
Ind-Ra considers the wind turbine generators used by the project
with a standard hub height of 110 meters to be proven technology.

Weak Sponsor Profile: Bengaluru-based Atria group is headed by CS
Sunder Raju and K Nagaraju, who belongs to the second generation of
the promoter family. The group has presence in power, education,
hotels and construction/real estate. Atria Brindavan Power Private
Limited (ABPPL), the holding company of the group's solar and wind
assets, had operational renewable projects (wind, solar ground
mounted and solar rooftop) assets of 467MW as of August 2024,
including 120MW of solar and 331MW of wind; with hydro accounting
for the balance. ABBPL's credit profile has weakened, with a delay
in the refinancing of its outstanding non-convertible debentures
due in 3QFY24. As per the management, the group is in discussions
with the existing lenders towards a renegotiation of the terms and
in discussions with few investors to raise mezzanine debt to
refinance the outstanding bonds.

Liquidity

Adequate: The project's annual debt service coverage ratio (DSCR)
stood at around 1.05x on account of underperformance in power
generation, and high operations and maintenance cost. However, the
project has a DSRA of INR162.40 million, equivalent to about six
months of debt servicing obligations, in the form of fixed
deposits, at end-December 2024, against the stipulated two-quarter
DSRA requirement, as per the financing documents. The continuous
availability of the two-quarter DSRA is a key rating monitorable.
AWPB1PL also had cash and cash equivalents of INR4.40 million, a
mandatory reserve of INR11.80 million and mutual fund or fixed
deposits of INR10.00 million at end-December 2024, subject to
distribution to the sponsor, as part of restricted payments.
AWPB1PL had not availed any working capital loan at end-December
2024. Ind-Ra considers the project's liquidity to be adequate on
the back of the available DSRA and timely receipt of revenue from
the off-takers.

About the Company

AWPB1PL operates wind power generation project of 39.6MW (18X2.2MW)
in Bijapur district, Karnataka. The sponsor Atria Wind Private
Limited holds a 72.71% stake in the project, while the off-takers
together hold the remaining.

BNAZRUM AGRO: CARE Hikes Rating on INR49cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bnazrum Agro Exports Private Limited (BAEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       49.00      CARE B; Stable; Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Upgraded from
                                   CARE D; Stable outlook assigned

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had previously rated the bank
facilities of BAEPL as 'ISSUER NOT COOPERATING'. BAEPL has now
cooperated by providing the necessary information for undertaking
the review. The rating assigned to the bank facility of BAEPL has
been revised taking into the satisfactory track record of debt
servicing. The rating however is moderated by small scale of
operations, weak capital structure and debt coverage indicators.
The ratings are further tempered by heavy competition, seasonality
risk, foreign exchange fluctuation risk and working capital
intensive nature of operations. However, the rating is comforted by
the extensive experience of the promoters in the industry.

CARE Ratings has withdrawn the ratings assigned to the term loan
facility and FBP/FBN facility of the company as it has repaid the
aforementioned loans in full and there is no amount outstanding
under the loan as on date as per the no due confirmation from the
lender.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in total operating income (TOI) over INR75.00 crore
with profit before interest, lease rentals, depreciation and
taxation (PBILDT) margin over 7% on a sustained basis.

* Improvement in operating cycle to below 200 days.

Negative factors

* Deterioration in working capital cycle and weakening of liquidity
profile.

* Increase in leverage with overall gearing exceeding 3.00x.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects that the company is expected to
sustain the operations in the medium term supported by the
extensive experience of the promoters in the segment.

Detailed description of key rating drivers:

Key weaknesses

* Small scale of operations with volatile profit margins: The scale
of operations of the company marked by total operating income (TOI)
continued to remain small within the range of INR75.00 crore,
however the firm had registered TOI of INR56.32 crore in FY24 (a
24% increase) against. INR45.32 crore in FY23. In
10m FY25 the company had generated revenue of INR50.00 crore. Due
to the nature of the business, which is susceptible to fluctuations
in raw gherkin prices due to seasonal variations and
labourintensive processes, profit margins have shown volatility.
The increased expenses could not be passed on to customers
entirely, resulting in a decline in operating profits from 7.56% in
FY23 to 6.43% in FY24.

* Weak capital structure and debt coverage indicators: The capital
structure of the company marked by overall gearing stood leveraged
at 2.26x as on March 31, 2024, against 1.92x as on March 31, 2023,
on account of increased working capital utilisation. The debt
coverage indicator marked by Total Debt/Gross cash accruals (GCA)
stood at 31.02x as on March 31, 2024, against 38.23x as on March
31, 2023.

* High working capital intensity: The entity's operations are
highly working capital intensive, as evidenced by a working capital
cycle of 252 days in FY24 (PY: 304 days). The inventory holding
period remained elevated at 255 days in FY24 (PY: 258 days),
primarily due to the long shelf life of gherkins and the need to
maintain sufficient stock levels to fulfill orders. Raw materials
and finished goods accounted for 68% and 32% of the total
inventory, respectively.

* Highly competitive industry and seasonality associated with
Agri-based business: The Gherkins industry is highly fragmented and
therefore strong competition arises from both organized as well as
unorganized players in the domestic industry. This apart, the
company could face competition from other gherkin-exporting nations
like Germany and Turkey in the global market. The yield from
cultivation can vary depending on changes in the climatic
conditions impacting the material availability. Being an
Agri-product, the availability is also subject to seasonality.

* Foreign exchange fluctuation risk: Due to the significant portion
of the company's revenue derived from exports, the company faces
the potential risk of foreign exchange fluctuations. To mitigate
this risk, the company has implemented a hedging strategy that
utilizes export forward contracts to partially offset the impact of
currency movements.

Key strengths

* Experienced promoters: BAEPL was incorporated in August 1998 as a
Private Limited Company by K S M Mohammed Saleem, M Zakira Saleem
and N Dawood Mariyam Shehnaz. The Directors have more than two
decades of experience in processing of Gherkins. Prior to
establishing BAEPL, K S M Mohammed Saleem and his wife M Zakira
Saleem were engaged in leather manufacturing and exporting
business.

Liquidity: Stretched

Liquidity is stretched, marked by moderate current ratio, high
utilization of its working capital limits and moderate cash
accruals. While the current ratio was at 1.18x, its quick ratio
remained low at 0.47x as on March 31, 2024. The average inventory
days in last two fiscal year(s) remained high at 257 days.
Operations are highly working capital intensive, and the average
working capital utilisation stood at over 95% for the last 12
months ended January 2025. Unencumbered cash and bank balance was
around INR5.15 crore as on March 31, 2024.

Dindigul, Tamil Nadu, based BAEPL was incorporated in August 1998
by Mr. K S M Mohammed Saleem and Mrs. M Zakira Saleem. BAEPL is
engaged in processing of Gherkins and operates at a 30-acre factory
in Dindigul. The company purchases its 60% raw material i.e.
gherkins from local farmers located in Dindigul region, Tamil Nadu
and remaining 40% from agents located in Andhra Pradesh and
Karnataka. BAEPL is Export Oriented Unit (EOU) i.e., 100% of the
exports mainly to US, Middle East countries like Iran, Iraq, United
Arab Emirates (UAE) and European countries.


COFFEE DAY: Insolvency Process Resumes as NCLAT Fails to Pass Order
-------------------------------------------------------------------
The Economic Times reports that insolvency process against Coffee
Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain,
has resumed as appellate tribunal NCLAT could not pass the order
within the specified deadline of February 21, set by the Supreme
Court. Last week, the Chennai bench of the National Company Law
Appellate Tribunal (NCLAT) completed the hearing and reserved its
order over the appeal filed by the director of its suspended board,
CDEL informed through a regulatory filing.

"Since the appeal has not been disposed of until February 21, 2025,
as per the instruction of the Supreme Court, the order passed by
NCLAT regarding the stay on the CIRP of the Corporate Debtor stands
vacated. Therefore, the CIRP of the Corporate Debtor
recommences/resumes and the powers of the IRP are hereby reinstated
with effect from 22 February 2025," it said.

"However, the order has been reserved by NCLAT, and yet to be
pronounced," it added.

On August 8, the Bengaluru bench of the NCLT (National Company Law
Tribunal) admitted a plea filed by IDBI Trusteeship Services Ltd
(IDBITSL) claiming a default of INR228.45 crore and appointed an
interim resolution professional (IRP) to take care of the operation
of the debt-ridden company.

ET relates that the suspended board immediately challenged this
before NCLAT, which on August 14, 2024, stayed the Corporate
Insolvency Resolution Process (CIRP) initiated against CDEL by NCLT
over the plea of IDBITSL.

However, this was challenged by IDBITSL before the Supreme Court,
which had on January 31, 2025 directed the Chennai bench of NCLAT
to dispose of the appeal pending before it before February 21,
2025.

According to ET, the apex court had also directed that if the
appeal filed by CDEL is not disposed of by NCLAT, then the order
passed by the appellate tribunal staying the CIRP shall stand
vacated automatically.

"In the event the appeal is not disposed of by then, the impugned
order passed by the Appellate Tribunal shall stand vacated
automatically," it said.

CDEL is the parent company of Coffee Day Group which operates the
Cafe Coffee Day chain. It also owns and operates a resort, provides
consultancy services and is engaged in the sale and purchase of
coffee beans.

CDEL is in trouble after the death of founder Chairman V G
Siddhartha in July 2019. It is paring its debts through asset
resolutions and has significantly scaled down from the time the
trouble started, the report notes.


DEE VEE: Ind-Ra Cuts Term Loan Rating to BB-
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dee Vee Projects
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 action is:

-- INR266 mil. Term loan due on December 31, 2025 downgraded with

     IND BB-/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 Dee Vee Projects Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Dee Vee Projects Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Dee Vee Projects 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 Dee Vee Projects 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 2012, Dee Vee Projects undertakes construction work
of buildings, roads, and housing projects for state government
agencies in Chhattisgarh, Madhya Pradesh, Odisha, Jharkhand and
Maharashtra.

DHABALESWAR TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhabaleswar
Traders (DT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Dhabaleswar Traders was established as a partnership firm in the
year 2005 by Mr. Ch. Nageswar Patra, Mr. Nandulal Patra, Mrs. Ch.
Rasmita Patra, Mrs. Bandita Patra, Mr. Madhaba Patra of Berhampur,
Odissa. Since its inception, the firm has been engaged in trading
of agricultural products mainly pulses. The firm procures its
traded goods from across India and sells happens mainly in the
state of Odisha.


DOABA KHALSA: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Doaba Khalsa
Trust'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:

-- INR336 mil. Term loan due on February 28, 2023 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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Doaba Khalsa Trust 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 Doaba Khalsa Trust'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

Doaba Khalsa Trust is a charitable educational trust registered
under the Indian Trust Act. It was established in 1997-1998 by S.
Khushia Singh Bath.

ENERGY DEVELOPMENT: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Energy
Development Company Limited (EDCL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      7.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2024, placed the rating(s) of Energy Development Company Limited
(EDCL) under the 'issuer non-cooperating' category as EDCL had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. EDCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 25, 2024, January 4,
2025, January 14, 2025 among others.

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

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

The ratings assigned to the bank facilities of EDCL have been
revised on account of non-availability of requisite information.
The revision also factored in decrease in scale of operations as
marked by total operating income during FY24(A) and generating net
loss during FY24(A) as well as 9MFY25(UA).

Analytical approach: Standalone

Outlook: Stable

EDCL (ISIN: )was incorporated in 1995 and is engaged in power
generation from renewable sources (hydro and wind), contract
management in the construction sector (construction of bridges,
roads, power plants, operation & maintenance of power plants etc.)
and providing consultancy services in setting up hydro power plants
(engineering, designing, project management services, etc). The
company currently operates with 15MW of hydro power plant in
Harangi, Karnataka and 3MW of wind power plant in Hassan and
Cshitradurga, Karnataka. Further, the company in its subsidiaries
Ayyappa Hydro Power Ltd (AHPL) and EDCL Power Projects Ltd (EPPL)
has operational hydro power capacity of 15 MW and 7 MW respectively
in Kerala.


EVERGREEN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Evergreen
International Limited (EIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 15,
2024, placed the rating(s) of EIL under the 'issuer
non-cooperating' category as EIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 31, 2024,
January 10, 2025 and January 20, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Evergreen International Limited was incorporated in 2004 and is
currently managed by Mr. Shamsher Ahmed Siddiqui and Ms. Shampa
Siddiqui. The company is engaged in the manufacturing of wooden
furniture viz tables, chairs, sideboards etc. The manufacturing
facility of the company is located in Gurgaon-Haryana, Jodhpur-
Rajasthan and Hyderabad.

Status of non-cooperation with previous CRA: ACUITE has continued
the ratings assigned to the bank facilities of EIL into 'Issuer
not-cooperating' category vide press release dated December 6, 2024
on account of non-availability of requisite information from the
company.


INJECTO POLYMERS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Injecto Polymers
Private Limited's (IPPL) Long-Term Issuer Rating as follows:

-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects IPPL's continued modest scale and credit
metrics and stretched liquidity. In FY25, Ind-Ra expects the scale
of operations and credit metrics to improve while the EBITDA
margins would remain at similar level. The rating, however, is
supported by the promoters three decades of experience in the
industry.

Detailed Description of Key Rating Drivers

Moderate Scale of Operations: IPPL's scale of operations remained
small, with its revenue increasing to INR1,090 million in FY24
(FY23: INR962.5 million), led by a decline in raw material prices
in FY24 and better realization for some products. Its EBITDA
increased to INR123.75 million in FY24 (FY23: INR79.68 million).
Till 9MFY25, IPPL booked revenue of INR1821.5 million. The total
installed capacity increased to 9,600 metric tons (MT)/month in
FY24 (FY23: 4,000 MT/month) and is likely to increase to 12,000
MT/month in FY25, on the back of its debt-funded capex. The
capacity utilization sustained at 3,500 MT/month in FY24, on
account of similar demand. In FY25, Ind-Ra expects the revenue to
improve on account of technological upgradation resulted
operational efficiency coupled with high demand for new product -
FIBC bags.

Modest Credit Metrics: IPPL's credit metrics remained modest with
the gross interest coverage (operating EBITDA/gross interest
expenses) increasing marginally to 1.99x in FY24 (FY23: 2.18x) and
the net leverage (total adjusted net debt/operating EBITDAR)
reducing to 6.72x (7.94), due to relatively higher rise in
operating EBITDA (FY24: INR123.75 million; FY23: INR79.68 million),
despite an increase in overall debt along with its associated
interest costs. In FY25, Ind-Ra expects the credit metrics to
improve, due to the likely improvement in its EBITDA.

IPPL plans to incur a capex of INR343 million towards end-FY26 for
the purchase of machinery (INR297.5 million) and the installation
of solar panel (INR45.5 million). The capex, which is likely to
reduce the power cost FY26 onwards, would be completed by February
2026 and would be funded through a term loan of INR266.12 million
and the rest amount of INR77 million through internal accruals and
unsecured loans. Till 25 January 2025, IPPL has incurred INR64.64
million for capex, which was funded by a term loan of INR40.52
million and the rest INR24.12 million through internal accruals and
unsecured loans.

Stretched Liquidity: Please refer to the liquidity session below.

Moderate EBITDA Margins: IPPL's EBITDA margins increased but
remained modest at 11.35% in FY24 (FY23: 8.28%), mainly due to a
decline in its raw material prices. The return on capital employed
increased to 11.2% in FY24 (FY23: 8.2%). The raw material costs
accounted for around 75% of the overall revenue in FY24 (FY23:
80%). Historically, the EBITDA margins have been volatile as the
raw material prices are linked to crude oil prices which were
highly fluctuating during FY21-FY24. In FY25, Ind-Ra expects the
EBITDA margins to remain at the similar level but would be
vulnerable to raw material price fluctuations.  

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

Liquidity

Stretched: IPPL's average maximum utilization of the fund-based
limits was 98.54% and non-fund-based limits was 24.11 % during the
12 months ended December 2024 with an instance of overutilization
up to one day in February, March, May and October 2024 due to
interest charge. The net working capital cycle increased to 231
days in FY24 (FY23: 172 days), due to a rise in inventory days to
175 days (167 days) and a fall in creditor days to 49 days (111
days). The company provides 60-90 days credit period to its
customers and receives around 30 days credit period from its
suppliers. The inventory holding period stand at 50-80 days. The
cash flow from operations turned positive at INR27.17 million in
FY24 (FY23:  negative INR61.42 million), due to the increased
EBITDA. Furthermore, the free cash flow remained negative INR5.06
million in FY24 (FY23: negative INR90.42 million) due to its capex.
IPPL has debt repayment obligations of INR36.3 million and INR44.9
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR1.9 million at FYE24 (FYE23: INR2.19
million). Furthermore, IPPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or deterioration in the
liquidity profile or a delay in the timely completion of the capex
could lead to a negative rating action.

Positive: Timely completion of the capex, leading to a substantial
increase in the scale of operations, along with an improvement in
the 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

Incorporated in September 1998, West Bengal-based IPPL started
operations in 2019 and manufactures and supplies all kinds of PP
bags like cement bags, food grain bags, fertilizer bags, shopping
bags. IPPL has around 50 variety of products in its portfolio. The
entity is promoted by Ramesh Kumar Rateria. The entire plant has
been constructed on land measuring 227 decimal in 2 phases. The
plant is located at Abujhati, Burdwan, West Bengal.

JAIN SARVODAYA: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jain Sarvodaya
Vidhya Gyanpith Samiti'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:

-- INR1.041 bil. Term loan due on June 30, 2026 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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Jain Sarvodaya Vidhya
Gyanpith Samiti 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 Sarvodaya Vidhya Gyanpith
Samiti'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

Registered under Madhya Pradesh Societies Registration Adhiniyam,
1973, Jain Sarvodaya Vidhya Gyanpith Samiti manages and operates a
300-bed hospital in Bhopal, Madhya Pradesh.

JCBL LIMITED: Ind-Ra Moves BB- Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated JCBL Limited's
(JCBL) bank facilities' ratings to the non-cooperating category and
has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR240 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn;

-- INR95 mil. Term loan** due on February 28, 2027 migrated to
     non-cooperating category and withdrawn; and

-- INR170 mil. Non-fund-based capital limit# migrated to non-
     cooperating category and withdrawn.

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

*Migrated to 'INDBB-/Negative (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn.

**Migrated to 'IND BB-/Negative (ISSUER NOT COOPERATING)' before
being withdrawn.

# Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

Detailed Rationale of the Rating Action

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

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a 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 interaction with JCBL while reviewing the
rating. Ind-Ra had consistently followed up with JCBL over emails,
apart from phone calls.

Limitations regarding Information Availability

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

About the Company

Incorporated in 1989, JCBL is engaged in body building and
fabrication of buses and containers for original equipment
manufacturers. The company's client base includes Ashok Leyland,
Tata Motors, Daimler India, SML Isuzu and various state transport
undertakings providing transport solutions to prime fleet
operators, schools, and institutions in the country. The company
has its manufacturing plant in Lalru, Mohali, Punjab.

KANAKASHRI ELECTRICALS: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kanakashri
Electricals (KE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2024, placed the rating(s) of KE under the 'issuer non-cooperating'
category as KE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 29, 2024, January 8,
2025, January 18, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Kanakashri Electricals (KE) was established in the year 2010 as a
proprietorship firm by Mr. Arjun Ningappa Sannakki with commercial
operations starting from the year 2011. KE has its registered
office located at Gokak Belgum and is an (EPC) contractor; is
engaged in erection of electricity poles and sub stations (220-520
Volts). The firm procuress its work orders through online tender
system from HESCOM (Hubli Electricity Supply Company) only and has
present order book of INR125 crores to be
executed by 2018. The firm purchases the key raw materials like
steels, angles, poles, cables, transformers etc form Gayatri Mata
Industries, Anand Transmission Product Private Limited, Deco steel
industry etc.


KELTRON COMPONENT: ICRA Reaffirms B+ Rating on INR10cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Keltron
Component Complex Ltd. (KCCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-         10.00        [ICRA]B+ (Stable); reaffirmed
   Cash credit
   limits             

   Short term         12.00        [ICRA]A4; reaffirmed
   non fund
   based limits       

Rationale

The reaffirmation of the ratings factors in the increase in the
established presence of KCCL in the manufacturing of capacitors and
steady increase in revenues to INR104.2 crore in FY2024 from
INR96.1 crore in FY2023 owing to improvement in sales of
electrolytic and metallised polypropylene (MPP) capacitors, which
is expected to sustain in the near term. The ratings consider the
continued financial support received by KCCL from the ultimate
parent entity, the Government of Kerala (GoK).

The ratings, however, are constrained by the company's weak
financial risk profile with modest debt coverage indicators, as
reflected by an interest coverage of 1.8 times in FY2024 and
working capital-intensive nature of business owing to high
inventory and debtor levels. The ratings are constrained by the
intense competition from Chinese imports, which has impacted the
operating margins over the past two years. ICRA notes that the
company has an outstanding investment and working capital of
INR19.02 crore from GoK and had submitted a proposal to convert the
loans availed from GoK into equity and is pending with the GoK. At
present, KCCL is accruing interest on these GoK loans and any
adverse development on this would be a key rating monitorable.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the company would benefit from its established position in
manufacturing of MPP capacitors and support from the GoK.

Key rating drivers and their description

Credit strengths

* Steady increase in revenues: KCCL's operating income increased to
INR104.23 crore in FY2024 from INR96.15 crore in FY2023 owing to an
increase in sales of electrolytic and MPP capacitors. In the
current year till January 31, 2025, the company achieved revenues
of INR70.68 crore and the revenues are expected to cross FY2024
levels with majority of the sales in the last quarter of every
fiscal year.

* Financial support from GoK: The company received financial
support from its ultimate parent entity, GoK, which holds a 21.33%
stake. KCCL received loans of INR19.02 crore from GoK for funding
the working capital and investment requirements in the past.
Further, interest on these loans is accrued but is not paid as the
company had submitted a proposal to the GoK for conversion of these
loans into equity. The conversion will be a key monitorable from
the credit rating perspective.

Credit challenges

* Weak financial risk profile: The company's financial risk profile
remained weak with modest net worth levels due to past losses.
However, with improved operational performance and fresh equity
infusion by GoK over the years, the net worth improved to INR21.5
crore as on March 31, 2024 from INR6.4 crore as on March 31, 2022.
Further, the debt protection metrics remained weak with an interest
coverage of 1.8 times and Debt/OPBDIT of 2.9 times in FY2024 owing
to high interest expenses. Adjusted for the accrued interest, the
interest coverage remained healthy at above 14.3 times in FY2024.

* High working capital intensity: The company's working capital
intensity remained high with NWC/OI of 42% in FY2024 owing to high
debtor and inventory levels. KCCL holds finished goods inventory of
about two months mainly because of its wide product profile. It
extends a credit period of 45-60 days to traders and 90 days to
OEMs, which gets delayed and results in high debtor days.

* Intense competition from Chinese players restricts pricing
flexibility: The capacitor industry is highly fragmented with many
small players and significant Chinese imports. Intense competition
affects the pricing flexibility of KCCL and has impacted the profit
margins over the years.

Liquidity position: Adequate

The company's liquidity position is adequate, as reflected by low
utilisation of working capital limits (average utilisation of 20%)
in the past 14 months ending in January 2025. Low repayment
obligations and moderate capex plans are expected to support its
liquidity position. Further, the liquidity position is supported by
free cash balances of INR12 crore as on February 12, 2025.

Rating sensitivities

Positive factors – The ratings could be upgraded if the company
sustains its revenues and earnings leading to an improvement in
debt coverage metrics. The ratings could be upgraded upon
conversion of interest-bearing loans from GoK into equity,
improving its net worth levels.

Negative factors – The ratings could be downgraded in case of a
sharp decline in revenues or operating margins, resulting in
subdued cash accruals. Delays in payments from customers, adversely
impacting the company's liquidity position, could trigger a rating
downgrade.

Keltron Component Complex Limited (KCCL) is a subsidiary of Kerala
State Electronics Development Corporation Limited (KSEDC), a
Government of Kerala undertaking. KSEDC entered the electronic
components space by setting up an aluminium electrolytic capacitor
plant in technical collaboration with Spargue Electromag Belgium,
in 1976 under KCCL in Kannur, Kerala. Aluminium electrolytic
capacitors and metallised plastic film capacitors are the major
product segments of KCCL, which contribute to a major portion of
its revenues


LULU FINANCIAL: Ind-Ra Affirms BB+ NonConvertible Debts Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on  Lulu Financial Services (India) Private Limited's
(LFSPL)  non-convertible debentures (NCDs) and bank loan:

-- INR100 mil. Non-convertible debenture* affirmed with IND BB+/
     Stable rating; and

-- INR400 mil. Bank loan affirmed with IND BB+/Stable rating.

*yet to be issued

Detailed Rationale of the Rating Action

The affirmation reflects LFSPL's continued small scale of
operations, high geographical concentration and modest
profitability in FY24. However, the rating continues to factor in
adequate capitalization and the experience of the management in the
gold loan sector.

Detailed Description of Key Rating Drivers

Scale of Operations to Remain Small in Near Term: LFSPL had assets
under management (AUM) of INR559 million at end-December 2024, and
95% of its portfolio comprised gold loans. However, LFSPL is
planning to expand into personal loans, which will contribute 15%
to the loan book. The company commenced operations in November
2021, and thus, has yet to establish a track record of managing its
business across various economic cycles. LFSPL's operating cost
will remain elevated in the near term as it has yet to reach the
optimum level of AUM per branch. It lends loan against gold for an
average ticket size of INR0.1 million with an average tenor of
six-to-12 months. Hence, the disbursement momentum remains critical
for loan book growth. Since LFSPL is in the evolution stage, scale
remains a critical factor for achieving operational efficiencies,
along with the execution of consistent and scalable policies.
Considering the existing scale of operations, the company has
adequate systems and processes in place to carry out its day-to-day
operations.  The company had planned an equity infusion of INR250
million before March 2024, but the same was delayed;  INR80 million
was infused in 1Q FY25 and the balance INR170 million will be
infused before March 2025. The equity infusion  is a key rating
monitorable.

High Geographical Concentration: All 35 branches of the company are
located in Kerala (18) and Tamil Nadu (17). LFSPL expanded its
branches to 35 at end-December 2024 from 18 as on 31 March 2023 and
the company plans to achieve a branch network of 50 by December
2025. However, given the promoters' strong understanding of the
local market and customer segments in these two states, and the
company might remain focused on the same regions over the medium
term. Hence, Ind-Ra believes diversification of the portfolio,
strengthened franchise, and significant sustainable growth in the
portfolio while maintaining asset quality, capitalization and
liquidity, would be a key monitorable.  

Limited Funding Profile: The rating continues to factor in LFSPL
skewed funding profile and its yet-to-be-established diversified
liability profile. In December 2024, the company's borrowings
mainly comprised overdraft facilities and cash credit facilities
from banks, which constituted around 52% of the total borrowings,
while non-convertible debentures accounted for around 33% of the
same. The top three lenders constituted 43% of the total funding in
December 2024.To explore a new funding avenue, the company has
initiated talks with a few banks for the business correspondence
model.  LFSPL is planning to expand its business over the
near-to-medium term. The diversification of the funding profile by
securing new sources is critical for the company's loan book
growth.

Evolving Profitability: LFSPL   operating expenses are on the
higher side, as the scale of the operations has been small. The
operating expenses increased to INR69 million in FY24 (FY23:
INR30.7 million) because of the requisite investments being done in
branches, personnel and information technology. The operating
expense to average AUM was 11% in 1HFY25 (FY24: 18.6%; FY23:
23.5%). Its credit cost was low at 0.4% in 1HQFY25 (FY24: 0.3%).
The return on asset (ROA; 1QFY25: 0.3%; FY24: -8.3%) is yet to
stabilize, with a profit after tax of INR1.1 million in 1HFY25
(FY24: loss of INR30.9 million; FY23: loss of INR23.1 million). On
a steady-state basis, the company plans to operate on a ROA of 2%.
Ind-Ra expects the operating expenditure to reduce in FY25, backed
by  the increase in its AUM and majority of its investments being
made in technology,. The company was able to maintain a reasonable
net interest income  of 11.90% in 1HFY25 (FY24: 10.5%), supported
by a stable yield of 21%  (XX)  and cost of borrowing of 11.43%
(XX).

Low Leverage: LFSPL had a tangible net worth of INR186 million at
end-September 2024 (Tier I capitalization: 29.6%) and borrowings by
way of cash credit to the extent of INR210 million from banks.
Thus, the company has been operating at a low leverage ratio, which
stood at around 2.3x as of September 2024. However, Ind-Ra
understands that, on a steady state, the company would operate at a
leverage of 3x. LFSPL plans to raise NCDs and more funding from
banks.

Strong Parentage could Support Funding Needs: LFSPL has strong
parentage by virtue of being a part of the Abu Dhabi-headquartered
Lulu group. Its operations are spread across three continents, with
vast experience in the retail, commercial real estate and
hospitality sectors. Given the group's long historical presence in
Kerala, it has visibility in the state's local market, which can
help LFSPL in mobilizing funds. However, the company's ability to
mobilize additional debt funding from institutional players remains
to be seen.

Liquidity

Adequate: At 1HFYE25, the company maintained a cumulative surplus
of around 40% of its total assets in the up to one-year bucket.
Despite stress on its inflows, its asset-liability statement
remains cumulatively positive in the up to one-year bucket. At
end-December  2024, LFSPL had a debt obligation of INR9.2 million
for the subsequent three months; against this, the company had
unencumbered cash and fixed deposit equivalents of INR66 million,
along with an unutilized bank line of INR30 million.

Rating Sensitivities

Negative: Following factors could individually or collectively lead
to a negative rating action:

• a significant dilution in the capital buffers due to continued
losses

• deterioration in the asset quality (GNPA above 3%)

• deterioration in the liquidity buffers

Positive: A significant increase in AUM while maintaining asset
quality, ability to mobilize debt funding from institutional
players, and a sustained improvement in the profitability could
lead to a positive rating action.  

About the Company

LFSPL is a registered on-banking financial company headquartered in
Ernakulam, Kerala. The company has 35 branches and it started its
operations in 2021. It is a subsidiary of LuLu Financial Holdings
that is headquartered in Abu Dhabi. Gold loans is the primary
business of LFSPL. The company operates in Kerala and Tamil Nadu.

M.G HUSSAIN: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of M.G
Hussain (MH) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank
   Facilities           2.50       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

M.G Hussain (MH) was established in the year 1992 by Mr. M.G
Hussain as a proprietorship firm. The firm has its registered
office located at Surathkal, Karnataka. MH is engaged in
construction of roads. The firm is a Class-I contractor and
procuress its works from Mangalore City Corporation, D C Office
Mangalore and Public Work Department through online tenders. The
entity purchases raw materials like cement, steel and stone etc.
from local suppliers like Bangalore steel Traders, Munna
Constructions, Malcon and Mining etc.

MALAPRABHA SAHAKARI: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Malaprabha
Sahakari Sakkare Karkhane Niyamit'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:

-- INR250 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR12 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR15.3 mil. Term loan due on March 31, 2023 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 Shri Malaprabha Sahakari
Sakkare Karkhane Niyamit while reviewing the rating. Ind-Ra had
consistently followed up with Shri Malaprabha Sahakari Sakkare
Karkhane Niyamit over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Shri Malaprabha Sahakari
Sakkare Karkhane Niyamit 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 Shri Malaprabha
Sahakari Sakkare Karkhane Niyamit'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

SMSSKN was registered on March 13, 1961, under the Mysore
Cooperative Societies Act, 1959. The cooperative operates a 3,500
tons crushed per day capacity sugar plant and 30,000 liters per day
ethanol production plant in Hubli, Karnataka.

MURUGAR SPINNING: Ind-Ra Keeps BB- Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Murugar
Spinning Mill's (SMSM) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR24.70 mil. Non-fund-based working capital limits*
     maintained in non-cooperating category and withdrawn;

-- INR137.60 mil. Term loan** due on April 28, 2031 maintained in

     non-cooperating category and withdrawn; and

-- INR326.90 mil. Fund-based working capital limits# maintained
     in non-cooperating category and withdrawn.

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

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

# Maintained at 'IND BB-/Negative (ISSUER NOT COOPERATING)/'IND
A4+ (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 ratings, 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 SMSM while reviewing the
rating. Ind-Ra had consistently followed up with SMSM over emails,
apart from phone calls. The issuer has  also not submitted the
monthly no default statement since November 2023.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SMSM, 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. SMSM has been
non-cooperative with the agency since February 2024.

About the Company

Established in 1997, SMSM is a partnership firm involved in the
manufacturing of cotton, polyester and blended yarn with a capacity
of 45,000 spindles. Their registered office is in Coimbatore, Tamil
Nadu. The promoters are Naresh Kumar and Parathayani Varadharajan.

MY BIKE: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MY Bike (MB)
continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         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 as a partnership firm in 2008 by Mr. Saurabh
Garg and his cousin, Mr. Vijay Garg. The firm is an authorised
dealer for all two wheelers of Hero MotoCorp Ltd (HMCL) in Bhopal
(Madhya Pradesh), where it has two showrooms and three workshops.
The firm also deals in spare parts for HMCL vehicles.


MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MY Car
(Bhopal) Private Limited (MCBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          35      CRISIL D (ISSUER NOT COOPERATING)

   Inventory Funding    10      CRISIL D (ISSUER NOT COOPERATING)
   Facility                     

   Inventory Funding     5      CRISIL D (ISSUER NOT COOPERATING)
   Facility                     

   Inventory Funding    10      CRISIL D (ISSUER NOT COOPERATING)
   Facility                     

   Proposed Long Term   10      CRISIL D (ISSUER NOT COOPERATING)
   Bank Loan Facility           

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

MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorised dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.


MY EQUIPMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of My Equipments
Private Limited (MEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Inventory Funding      3          CRISIL D (Issuer Not
   Facility                          Cooperating)

   Inventory Funding     10          CRISIL D (Issuer Not
   Facility                          Cooperating)

   Term Loan              1          CRISIL D (Issuer Not
                                     Cooperating)

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

MEPL was incorporated in June 2012, promoted by Mr. Saurabh Garg
and his family members. The company is an authorized dealer for
heavy earth-moving equipment of JCB in 11 districts of Madhya
Pradesh. MEPL has five outlets across these districts.


MY FONE: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MY Fone
Teleservices Private Limited (MFTPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

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

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

MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes mobile handsets and
accessories; and computers and laptops of various brands in Bhopal
(Madhya Pradesh).


OM GRAM: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Om Gram Udyog
Samiti'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:

-- INR15 mil. Fund/Non-Fund Based Working Capital Limit
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR9.74 mil. Term loan due on July 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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Om Gram Udyog Samiti 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 Om Gram Udyog Samiti'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

Om Gram Udyog Samiti was registered under the Registrar of
Societies in May 2001. The promoters are looking to set up a par
boiled rice unit of two ton capacity at Village Ramgarh Sanduan,
Punjab.

OM SWAROOP: Ind-Ra Cuts LongTerm Debt Rating to BB
--------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Om Swaroop Ispat
Private Limited's (OSIPL) long-term debt rating to 'IND BB' from
'IND B+/Negative (ISSUER NOT COOPERATING)' with a Stable Outlook
Stable and short-term debt rating to 'IND A4+' from 'IND A4', as
follows:

-- INR250 mil. Fund-based working capital limit upgraded with IND

     BB/Stable/IND A4+ rating;

-- INR44.30 mil. Proposed bank facility upgraded with IND BB/
     Stable rating; and

-- INR555.70 mil. Term loan due on  September 30, 2032 upgraded
     with IND BB/Stable rating.

Detailed Rationale of the Rating Action

The upgrade reflects the early commencement of operations at OSIPL
in June 2024, ahead of the scheduled October 2024. However, Ind-Ra
expects a small scale of operations, modest credit metrics and
average EBIDTA margin for the entity in FY25, as it will be the
first full year of operations. The ratings are supported by OSIPL's
promoters' 15 years of experience in the iron and steel
manufacturing industry.

Detailed Description of Key Rating Drivers

Expected Modest Credit Metrics: Ind-Ra expects that the debt
service coverage ratio and overall credit metrics to be modest in
FY25 as it will be first full year of operations for the entity,
before an improvement could be seen in the ratios in line with the
scale of operations.

Expected Average EBITDA Margins: OSIPL achieved EBITDA margins of
8% in 9MFY25. Ind-Ra expects EBITDA margins to be average in FY25,
as the optimum utilization of the capacity installed for
manufacturing MS strips will only be witnessed from FY26.

Early Commencement of Operations: OSIPL achieved revenue of
INR1,285.14 million in 9MFY25. The rating reflects early
commencement of operations for OSIPL in June 2024, against the
scheduled October 2024.

Experienced Promoters: The entity's promoters have over 10 years of
experience in the iron and steel manufacturing industry.

Liquidity

Stretched: OSIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash and cash equivalents stood at INR2.10
million at FYE24. The company has  debt repayments of INR42.4
million and INR78.2 million in FY26 and FY27, respectively. The
agency expects its liquidity to remain stretched over the near
term, due to its high interest costs annually. OSIPL average
maximum utilization of the fund-based working capital limits was
81.88% during December 2024.

Rating Sensitivities

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

Positive: A significant increase in the scale of operations along
with an improvement in the overall credit metrics with net leverage
below 4.5x and liquidity, all on sustained basis, could be positive
for the ratings.

About the Company

Incorporated in 2023, OSIPL manufactures MS strips at its
1,05,000mtpa capacity in Raipur. The company is promoted by Vivek
Sahni and Parvesh Tantia.

OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR MP
Warehousing Enterprises (OMWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.18       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 8,
2024, placed the rating(s) of OMWE under the 'issuer
non-cooperating' category as OMWE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
OMWE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 24, 2024,
January 3, 2025 and January 13, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Hyderabad based, OSR MP Warehousing Enterprises (OMWE) was
established as a partnership firm in the December 2012 by Mr.
Vamsidhar Maddipatla and Mrs. Kalpana Prasad. The firm is engaged
in providing ware house on lease rental to Food Corporation of
India (FCI) and other local traders. Mr. Vamsidhar Maddipatla and
family runs seven other entities namely OSR Infra Private Limited,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises, KPM
Warehousing Enterprises and VK Warehousing Enterprises which is in
the same line of business and have operational linkages. The
property of OSRMP, located at Sonebhadra, Uttar Pradesh, which is
built on a total land area of 152,024 square feet comprises of two
godowns, with an aggregate storage capacity of 9,600 MT (Metric
Tons) for agricultural products and consumer goods. The total
project cost for the construction of two godown was INR 3.76 crore
which was funded through bank term loan of INR3.18 crore and
promoters fund of INR0.58 crore. The firm started the project work
in February 2015 and is expecting to start the commercial
operations from December 2018. As on September 19, 2018, the firm
has incurred the entire cost i.e the project has been completed
100%.


PADMABHUSHAN KRANTIVEER: Ind-Ra Affirms B Bank Loan Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Padmabhushan
Krantiveer Dr. Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari
Sakhar Kharkhana Ltd.'s (Hutatma Sugar) bank facilities as
follows:

-- INR500 mil. Term loan due on March 31, 2027 assigned with IND
     B/Stable rating; and

-- INR1.50 bil. (reduced from INR2.0 bil.) Fund-based working
     capital limits affirmed with IND B/Stable/IND A4 rating.

Detailed Rationale of the Rating Action

The ratings reflect Hutatma Sugar's weak credit metrics which are
likely to deteriorate further in FY25 due to the expected increase
in short-term debt, owing to its increasing working capital
requirement. The entity's profitability is likely to be
significantly impacted in FY25 and the medium term due to the rise
in cane costs for the ongoing sugar season, as output prices have
remained at similar levels as FY24 so far.

The ratings are, however, supported by the expected boost to the
ethanol sales driven by the lifting of restrictions by the
government on syrup diversion. The entity's around four decades of
experience in the sugar industry, steering through various cyclical
and regulatory changes, also supports the ratings.

Detailed Description of Key Rating Drivers

Rise in Cane Costs Likely to Impact Profitability in Near Term:
Hutatma Sugar's revenue declined significantly to INR2,214.36
million in FY24 (FY23: INR3,571 million) as the sugar sales were
impacted by the ban on sugar exports imposed by the government in
November 2022. As a result, the revenue from the sugar segment
declined to INR1,851 million in FY24 (FY23: INR3,178.57 million)
and sugar sales fell to 52,139.8 metric tons (MT; 94,955.7 MT).
However, the EBITDA rose to INR218.68 million in FY24 (FY23:
INR206.86 million) as the impact of lower sales on the absorption
of operating overheads was offset, to a large extent, by the
expansion in gross margin as the average sugar realization improved
to INR35,501 per MT (INR33,474 per MT) with the continued increase
in domestic prices of sugar during the year. However, the cane
costs remained relatively low, with the fair remunerative price of
sugarcane at INR3,150 per MT for a basic recovery rate of 10.25%.
The EBITDA margin improved to 9.88% in FY24 (FY23: 5.79%) led by
improved gross margin.

However, for sugar season 2024-25 (November-March), the government
increased the  fair remunerative price of sugarcane to INR3,400 per
MT for a basic recovery rate of 10.25%, before premium for an
incremental recovery, thereby increasing the cane procurement costs
for the ongoing sugar season. This will lead to a significant
shrinking of the gross margin on sugar sales and likely impact the
profitability further in FY25. Although the government allowing
exports up to 1 million MT of domestic sugar production in SS24-25
is likely to support the realization slightly, Ind-Ra expects a
significant decline in the EBITDA margin in FY25 and modest margins
to sustain over the medium term, unless the output prices increase
significantly.

Net Working Capital Cycle Elongated by Export Ban and Restrictions
on Diversion; Likely to Remain Elongated in Near Term due to Slow
Movement of Inventory: Further to the sugar export ban, the
government, in December 2023, also imposed restrictions on the
diversion of syrup and (BHM) for ethanol production due to the
falling sugar production in India. This led to an industry-wide
increase in the sugar inventory levels in FY24 as the production
exceeded initial estimates. Hutatma Sugar's inventory cycle
elongated significantly to 473 days (FY23: 197 days) with the sugar
inventory rising to 40,570.5 MT (27,110.3 MT) due to lower sales
due to the fall in sugar sales owing to the export ban.
Consequently, the net working capital cycle also elongated to 429
days in FY24 (FY23: 182 days), although the rise in inventory
levels was mitigated, to some extent, by stretch in the creditor
days to 53 (16). The entity is currently selling significantly
lower volumes of sugar compared to the quotas received so far in
FY25 due to lower market prices; and awaits the government
increasing the minimum support price to boost its sales and
profitability. Ind-Ra, thus, expects the inventory holding period
and the net working capital cycle to remain elongated in FY25 and
the medium term.

Credit Metrics Likely to Remain Weak in Medium Term: With the
elongation of the net working capital cycle, Hutatma Sugar's
short-term debt levels rose to INR1,498.38 million at FYE24 (FYE23:
INR1,073.06 million), exceeding the net working capital
requirement. The long-term debt levels also remained high at
INR994.18 million at FYE24 (FYE23: INR982.02  million) with
additional term loans taken for pre-season and off-season working
capital requirement. The net leverage (Ind-Ra adjusted net
debt/operating EBITDAR), thus, deteriorated further to 11.43x in
FY24 (FY23: 9.95x) while the interest coverage (operating
EBITDA/gross interest expense) remained weak at 0.85x (0.81x).
Ind-Ra expects the credit metrics to remain weak in the medium term
as the short-term debt levels are likely to remain high
corresponding to the elongated net working capital cycle leading to
high interest costs, while the profitability is likely to be
impacted by the rise in cane costs.

Lifting of Restrictions on BHM Diversion to Boost Distillery
Revenue: Hutatma Sugar, in its distillery, prefers the syrup
diversion route to produce ethanol which it had to temporarily
cease in FY24 owing to the government's restrictions. The
government has lifted the restrictions on syrup and BHM diversion
for ethanol production in August 2024 for the ethanol supply year
(November-October) 2024-25. The resumption of ethanol production
from syrup BHM is likely boost distillery revenue as recovery
levels of ethanol from syrup and BHM are much higher than C-heavy
molasses (CHM). Furthermore, the output prices of the ethanol
produced from syrup and BHM are significantly higher at INR65.6 per
liter and INR60.73 per liter, respectively, compared to that from
CHM at INR49.41 per liter. The revenue from the distillery is
likely to absorb any likely losses due to lower sugar sales and
outprices to a large extent in the near-to-medium term.

Synergies from Integrated Nature of Operations and Long Operational
Track Record: Hutatma Sugar benefits from the synergies of the
integrated nature of its operations. The BHM used as raw material
by the distillery is produced in-house by the sugar mill as a
byproduct during sugar production. Furthermore, the entity produces
electricity from bagasse left over after the crushing of sugarcane
for own consumption saving electricity costs significantly,
although, it does not sell electricity externally. This enables the
entity to maximize its profitability from all products and
byproducts.

Furthermore, Hutatma Sugar has an operational track record of
around four decades in the sugar industry with established
relationships with farmers in the region. So far, it has not
experienced a shortage of cane for crushing due to lift irrigation
schemes in the region, which have augmented cane availability.

Liquidity

Poor: Hutatma Sugar's cash flow from operations declined
significantly and turned negative to INR406.46 million in FY24
(FY23: positive INR825.71 million) impacted by the elongation of
the net working capital cycle. The agency expects the cash flow
from operations to remain negative in FY25 owing to the expected
impact on profitability. The cash and cash equivalents at FYE24 was
INR4.25 million (FYE23: INR6.94 million). The average maximum
utilization of the entity's fund-based working capital limits or
the 12 months ended December 2024 was 53.45%. The current ratio was
1.4x in FY24 (FY23: 1.5x). The entity has repayment obligations of
INR177.43 million and INR177.12 million in FY25 and FY26,
respectively.

Rating Sensitivities

Negative: Significant deterioration in the scale of operations and
further deterioration in the liquidity or the credit metrics, all
on a sustained basis, will be negative for the ratings.

Positive: Maintaining the scale of operations, increased volume of
sales leading to a significant improvement in the liquidity
position, and an improvement in the credit metrics with the
interest coverage rising above 1.25x, all on a sustained basis,
will be positive for the ratings.

About the Company

Established in 1981, Hutatma Sugar produces sugar and related by
products from sugar processing. The company has a part integrated
unit located near Sangli, Maharashtra, for manufacturing sugar with
a crushing capacity of 3,500 tons of cane per day and a 30
kilo-liters per day molasses-based distillery.

PEC LIMITED: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained PEC 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:

-- INR 29.750 bil. Fund Based Working Capital Limit maintained in

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

-- INR4.570 bil. 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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of PEC 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 PEC 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 1971, PEC is a public sector undertaking under the
Ministry of Commerce and Industry, Department of Commerce, the
government of India. The company's primary business interests are
exports, imports, deemed exports, third-country trading of
agro-commodities, industrial raw materials, and bullion, and
arranging financing, logistics, project exports and management.

R K COTTON: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research has taken the following rating actions
on R K Cotton's India Private Limited's (RRKCIPL) bank facilities:

-- INR31.80 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating;

-- INR533.20 mil. Fund-based working capital limit affirmed with
     IND BB/Stable/IND A4+ rating; and

-- INR135 mil. (reduced from INR 66.80 mil.) Term loan due on
     March 31, 2032 affirmed with IND BB/Stable rating.

Detailed Rationale of the Rating Action

The affirmation reflect RRKCIPL's medium scale of operations,
continued modest EBITDA margin and continued moderate credit
metrics in FY24. The ratings are constraint by the company's poor
liquidity. However, Ind-Ra expects the scale of operations to
improve year-on-year in FY25 on account of the unexecuted order
book in hand. The ratings remain supported by the promoter's two
decades of experience in the garment industry.

Detailed Description of Key Rating Drivers

Medium Scale of Operation: The ratings reflect RRKCIPL's medium
scale of operations as indicated by a revenue of INR1,203.44
million in FY24 (FY23: INR1,411.53 million) and an EBITDA of
INR120.01 million (INR138.48 million). In FY24, the revenue
declined on account of the Red Sea crisis due to which buyers
postponed orders. During 9MFY25, RRKCIPL earned a revenue of
INR1,454.02 million and had an order book of INR700 million in hand
at end-December 2024. In FY25, Ind-Ra expects the revenue to
improve year-on-year based on unexecuted order in hand.

Continued Moderate Credit Metrics:  RRKCIPL's interest coverage
(operating EBITDA/gross interest expenses) deteriorated to 2.38x in
FY24 (FY23: 2.70x) and its net leverage (adjusted net
debt/operating EBITDAR) to 7.94x (6.92x) due to a decline in the
overall EBITDA to INR120.01 million (INR138.48 million). Out of the
total long-term debt of INR362.52 million in FY24, 63% was in the
form of unsecured loans.  In FY25, Ind-Ra expects credit metrics to
deteriorate further due to an increase in the debt obligation for
the purchase of a commercial building of INR107.6 million which was
funded by a term loan amounting INR80.7 million.

Continued Modest EBITDA Margin: The rating factor the RRKCIPL's
modest EBITDA of 9.97% in FY24 (FY23: 9.81%) with a return on
capital employed of 7.5% (10.2%). In FY24, the EBITDA margin
improved year-on-year on account of a reduction in the cost of
goods sold. In FY25, Ind-Ra expects the EBITDA margin to remain at
similar levels due to the similar nature of operations.

Promoters' Experience: The ratings are supported by the promoters'
nearly two decades of experience in the garment industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Liquidity

Poor: RRKCIPL's elongated net working capital cycle deteriorated to
370 days in FY24 (FY23: 289 days) due to an increase in the debtor
days to 84 (18) and inventory days to 353 (311). The average
maximum utilization of the fund-based limits was 89.49% during the
12 months ended December 2024, with an instance of overutilization
for up to nine days in September 2024. The cash flow from
operations declined to INR35.60 million in FY24 (FY23: INR44.04
million) due to unfavorable changes in the working capital. RRKCIPL
has debt repayment obligations of INR53.8 million and INR51.5
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR10.99 million at FYE24 (FYE23: INR8.08
million). Furthermore, RRKCIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the liquidity and credit metrics and/or a further
lengthening of the working capital cycle, all on a sustained basis,
will be negative for the ratings.

Positive: A significant improvement in the scale of operations
resulting in comfortable credit metrics with the leverage reducing
below 4.5x, the liquidity improving and the working capital cycle
shortening, all on a sustained basis, will be positive for the
ratings.

About the Company

Incorporated in July 2020, RRKCIPL is a garment (Inner wear and
t-shirts) manufacturer located in Tamil Nadu with a production
capacity of 30 million garments. The garments are exported to the
US, the UK, Germany and Jordan.

R.K. CITY: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of R.K. City Developers Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        16.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

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

R.K. City Developers Private Limited (RK City) is a closely held
company promoted by Mr. Rakesh Kumar and his father Mr. Vijay Kumar
who takes up construction of real estate and commercial projects
for the group and other regional players. The company has been in
this line of business for the past four years and has completed
construction of a housing project for itspromoter group comprising
74 apartments at Moga (Punjab).


RAIPUR DEVELOPMENT: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raipur
Development Authority'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:

-- INR4.863 bil. Bank 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 Raipur Development Authority
while reviewing the rating. Ind-Ra had consistently followed up
with Raipur Development Authority over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Raipur Development
Authority 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 Raipur Development Authority'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

Raipur Development Authority is a statutory body constituted by the
state government for the integrated development of Raipur under the
Town and Country Planning Act 1973 of the Chhattisgarh state. It
functions under the provisions of Section 38 (1) of the CG Nagar
Tatha Gram Nivesh Adhiniyam 1973.

RAJENDRA ISPAT: CARE Lowers Rating on INR26.50cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rajendra Ispat Private Limited (RIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       26.50      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Downgraded from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from RIPL to monitor
the rating vide e-mail communications dated January 3, 2025, and
January 29, 2025, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. Further, RIPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
RIPL's bank facilities will now be denoted as CARE B; Stable

ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Rajendra Ispat
Private Limited (RIPL) has been revised on account of deterioration
in financial performance of the company in FY24 (refers to the
period April 1 to March 31) along with lack of clarity on future
growth strategy and inability to monitor the performance of the
company which is critical for assessing the credit profile of the
company.

The rating continues to remain constrained by its small scale of
operations, low order book position, moderate capital structure and
weak debt coverage indicators in FY24, profitability susceptible to
volatility in traded goods prices, working capital intensive nature
of operations and presence in a highly competitive and fragmented
industry.

The aforesaid constraints are partially offset by its experienced
promoters with satisfactory track record of operation.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

At the time of last rating on January 18, 2024, the following were
the strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key weaknesses

* Small scale of operations: The scale of operations of the company
though witnessed slight increase in FY24 compared with FY23,
continued to remain small marked by total operating income of
INR62.49 crore in FY24 as against INR61.26 crore in FY23. The small
size restricts the financial flexibility of the company in times of
stress.

* Low order book position: The company had unexecuted order book of
Rs.59 crore for its Punjab unit which is expected to be completed
by July 2024 and Rs.14 crore for the Kolkata unit which is expected
to be completed in FY25.

* Deterioration in the financial risk profile of the company in
FY24: The financial risk profile of the company has deteriorated
marked by company incurring operating loss of  INR0.22 crore in
FY24 vis-à-vis operating profit of INR5.86 crore in FY23. With
decline in PBILDT margin, PAT margin also witnessed decline from
1.35% in FY23 to 1.12% in FY24.

* Moderate capital structure and weak debt coverage indicators: The
total debt of the company witnessed decline from INR77.19 crore as
on March 31, 2023, to Rs.54.81 crore as on March 31, 2024. The
capital structure though witnessed improvement, continues to remain
moderate marked by overall gearing of 1.59x as on March 31, 2024,
compared with 2.28x as on March 31, 2023. Interest coverage
deteriorated from 1.32x in FY23 to below unity in FY24 mainly due
to decrease in absolute PBILDT levels from INR5.86 crore in FY23 to
-INR0.22 crore in FY24.

* Profitability susceptible to volatility in traded goods prices:
The steel scrap and other metals, such as aluminium and copper,
that are obtained from dismantling of manufacturing plants are sold
in the open market by the company. As the prices of these ferrous
and non-ferrous metal scrap are market driven and
volatile, the profitability of the company remains susceptible to
the fluctuations in the prices of its traded goods.

* Working capital intensive nature of operations: RIPL's business,
being dismantling and trading of scrap metals, is working capital
intensive in nature marked by high average inventory and collection
periods. The average inventory period deteriorated from 483 days in
FY23 to 549 days in FY24, on account of significant increase in
cost of sales. With increase in revenue and collection of
receivables, average collection period witnessed an improvement
from 134 days in FY23 to 23 days in FY24. Accordingly, the
operating cycle witnessed improvement from 539 days in FY23 to 454
days in FY24, though continued to remain high.

* Highly competitive and fragmented industry: The industry in which
the company operates is highly fragmented and competitive, marked
by the presence of numerous players in northern and eastern India.
Hence, the players in the industry do not have pricing power and
are exposed to competition induced pressures on profitability.
Further, RIPL's products being steel related, are subject to the
risks associated with the industry like cyclicality and price
volatility.
Key strengths

* Experienced promoters with satisfactory track record of
operation: Mr. Badri Narayan Modi, having more than two decades of
experience in same industry, looks after the overall operations of
the company. He is supported by other directors, Mr. Raghav Modi
and Mrs. Rajeshwari Modi who also have more than two decades of
experience in similar type of industry.

RIPL was incorporated in December 2004 and currently, the company
is being managed by Mr. Badri Narayan Modi, Mr. Raghav Modi and
Mrs. Rajeshwari Modi. Since its inception, the company has been
engaged in dismantling of abundant plants and trading of scrap
metals. December 2017 onwards, the company had also started
manufacturing of mild steel round bars. The manufacturing unit of
the company is located at Belur, Howrah, West Bengal with an
installed capacity of 31,200 metric tons per annum (MTPA). However,
currently the company is not manufacturing the steel bars and is
only engaged in dismantling of abundant plants and trading of scrap
metals.


RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ranganathaswamy Jewellary Works (SRJW) continues to remain in the
'Issuer Not Cooperating' category.

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

CARE Ratings Ltd. had, vide its press release dated January 29,
2024, placed the rating(s) of SRJW under the 'issuer
non-cooperating' category as SRJW had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRJW continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 14, 2024,
December 24, 2024 and January 3, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Sri Ranganathaswamy Jewellary Works (SRJW) is a proprietary concern
started by Mr. K. Rangachari in September 1989. The firm is engaged
in the business of wholesale trading and retailing of gold and
silver ornaments. It is also engaged in designing and making gold
and silver ornaments as per the request of customers. Their
showroom is situated at Challakere, Karnataka. Mr. Ranagachari has
an experience of around 25 years in the industry.


RELIANCE HOME: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Home Finance Limited (RHFL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term         2,760.07      CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term           333.00      CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term         4,979.92      CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term           400.00      CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Market Linked       200.00      CARE PP-MLD D; ISSUER NOT
   Debentures                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Non Convertible   2,618.27      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Upper Tier II       435.71      CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from RHFL to monitor the rating(s) vide e-mail
communications/letters dated January 6, 2025, January 16, 2025, and
January 26, 2025, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring ratings. In line with extant SEBI
guidelines, CARE Ratings has reviewed ratings basis best available
information, which however, in CARE Ratings' opinion is not
sufficient to arrive at a fair rating. Further, RHFL has not paid
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Reliance Home Finance Limited's
long-term debt Programme and instruments continues to be denoted as
CARE D/CARE PP-MLD D; ISSUER NOT COOPERATING.

The resolution plan had been approved by the order of Hon'ble
Supreme Court of India dated March 3, 2023, and the special
resolution passed by the Shareholders of the Company dated March
25, 2023. The resolution plan has been implemented and the business
undertaking of the company had been transferred by way of a slump
sale on a going concern basis to Reliance Commercial Finance
Limited, 100% subsidiary of Authum Investment and Infrastructure
Limited (the Resolution Applicant).

Analytical approach: Standalone

Outlook: Not applicable.
Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using above
rating(s).

Detailed description of key rating drivers

At the time of last rating on February 21, 2024, continuous delay
in servicing of debt obligations considering stretched liquidity
and delay in asset monetization.

RHFL was incorporated in June 2008 and was part of the Anil
Dhirubhai Ambani Group (ADAG). RHFL is registered as housing
finance company with National Housing Bank and is engaged in
mortgaged based lending operations. The company was listed on
stock exchanges on September 22, 2017.

Status of non-cooperation with previous CRA: As per the PR dated
November 19, 2019, ICRA Ratings placed RHFL in the Issuer Not
Cooperating category as the company did not submit No default
statement. Ratings have been withdrawn as Issuer Not Cooperating
category, per PR dated November 27, 2024.


SACRED HEART: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the bank loan
facility of Sacred Heart Province (SHP) as follows:

-- INR353.49 mil. (reduced from INR450 mil.) Bank loans affirmed
     with IND BB+/Stable rating.

Detailed Description of Key Rating Drivers

Small Scale of Operations: Ind-Ra expects SHP's scale of operations
to remain small in the medium term due to the religious nature of
its establishment and dependence on donations/ contributions from
its priest members. SHP is a part of Kerala-based congregation,
Carmelites of Mary Immaculate (CMI), and is responsible for setting
up and overseeing various institutions established in the Sacred
Hearts/Rajagiri province (covering Archdiocese of Ernakulam and the
Diocese of Kothamangalam, parts of Kerala along with a few regions
in other states) in addition to religious services, as per the
norms and constitution laid down by the CMI and other charitable
services in the education and healthcare segments. SHP also owns
significant land holdings that have been leased out to various
institutions set up by the trust and the 27 flats constructed by a
developer to which SHP sold its land.

Weak Operational Performance: Ind-Ra expects SHP's operational
performance to remain weak given the inherent religious nature of
its operation. The trust depends on donations/salaries earned by
its priest members locally as well as abroad. Being a religious
trust, its EBITDA margin remains meagre and stood at 1.34% in FY24
(FY23: 6.98%). SHP continued to report a net loss of INR34.48
million in FY24 (FY23: loss of INR31.96 million), on account of
higher interests. However, SHP can avail contributions from the
member institutions by the virtue of its operational linkages with
them during financial stress.

High Debt Position and Moderate Coverage: SHP's debt is higher than
its income level as reflected in its debt/income ratio of 450.98%
in FY24 (FY23: 568.97%). The debt was availed to set up/fund the
member institutions and the lenders have taken comfort from the
patronage SHP has from the CMI group as well as its huge land
holdings. SHP has been able to service the debt obligations from
its internal sources; however, it could fall back on its member
institutions if SHP is unable to meet the same.

The trust's interest coverage (EBITDA/interest cost) remained lower
than 1x during FY20-FY24, mainly on account of the small scale of
operations. However, SHP receives advances against the sale of the
flats in Kakkanad and the coverage, after considering this cash
flow, was above 1x over FY20-FY24. The interest coverage post
considering the cash flow from the property sale stood at 2.31x in
FY24 (FY23: 2.54x). The net leverage (net debt/EBITDA) was high at
175.52x in FY24 (FY23: 74.51x), corresponding to the scale of
operations.

Strong Operational Linkages with Various Institutions: SHP has
availed debt to set up a hospital and educational institutions from
kindergarten to medical colleges. Many priest members of SHP
actively play a role in these institutions; the provincial, who is
the highest decision-making authority of SHP, is the president of
the board of these institutions. SHP runs around 50 institutions
(including Rajagiri Healthcare & Education Trust; debt rated at
'IND A-'/Stable) including educational institutes, hospitals,
charitable institutions, among others.

Liquidity

Stretched: The trust's liquidity profile is supported by the
contribution it receives from priest members and advances received
from its member institutions. SHP is looking to retire its debt in
FY26 through the available funds and contribution from member
institutions. SHP has debt repayment obligations of INR77.60
million in FY25 and FY26 each; it had INR170.20 million free funds
at end-December 2024.

Rating Sensitivities

Negative: Any delay in the receipt of advances/consideration
against flat sale and a lack of support from the member
institutions to meet debt service requirements and stress in its
liquidity profile will result in a negative rating action.

Positive: A substantial improvement in the scale of operations,
credit metrics and liquidity will result in a positive rating
action.

About the Company

SHP is registered as a trust under Income Tax Act, 1961. It is a
part of Kerala-based CMI congregation, which has a long history of
running a number of institutions in various fields. In addition to
religious activities, SHP has contributed to the setting up and
running of the institutions promoted by SHP/CMI.

SANATAN MERCHANTS: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hindustan
Cleanenergy 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 as follows:

-- INR447 mil. Non-Convertible Debenture (INE047M07072)* issued
     on April 2016 due on February 14, 2026 ** 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

*the old NCDs have been restructured

**coupon rate for new ISIN not available on NSDL

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Hindustan Cleanenergy
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 Hindustan Cleanenergy
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 October 2008, HCL is a 100% subsidiary of Hindustan
Powerprojects Private Limited which is a multi-fuel-based power
project developer. The company was set up with an objective to
serve as the solar holding company of the group and to undertake
development of solar power projects worldwide.

SCL HEALTHCARE: Ind-Ra Moves BB Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SCL Healthcare
Private Limited's (SCLHPL) bank facilities' ratings to the
non-cooperating category and has simultaneously withdrawn the same
as follows:

-- INR250 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn; and

-- INR1.650 bil. Term loan** due on June 30, 2032 migrated to
     non-cooperating category and withdrawn.

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

*Migrated to 'IND BB/Negative (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

**Migrated to 'IND BB/Negative (ISSUER NOT COOPERATING)' before
being withdrawn

Detailed Rationale of the Rating Action

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

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender and
withdrawal request from the issuer. 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 SCLHPL while reviewing the
ratings. Ind-Ra had consistently followed up with SCLHPL over
emails starting December 19, 2024, apart from phone calls.
Although, the issuer has submitted the no default statement until
November 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SCLHPL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SCLHPL has been
non-cooperative with the agency since December 19, 2024.

About the Company

Incorporated on November 20, 2017, SCLHPL operates a 380-bed
multi-specialty hospital namely Accord Super Specialty Hospital in
Faridabad. It provides specialized tertiary healthcare care
services.  Dr. Prabal Roy, Dr. Rohit Gupta, Dr. Rishi Gupta,
Niranjan Prasad, Dr. Sabita Kumari and Dr. Ram Chandra Soni are the
promoters.

SHREEMAAVAISHNAVI AGRI: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Shreemaavaishnavi Agri Producer Company Limited (SAPCL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2024, placed the rating(s) of SAPCL under the 'issuer
non-cooperating' category as SAPCL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAPCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 25, 2024, December 5, 2024, December 15, 2024, among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Shreemaavaishnavi Agri Producer Company Limited (SAPCL) based out
of Madhya Pradesh was incorporated in 2016. It is engaged in the
trading of agricultural commodities including Wheat, Soyabean, and
Chana etc. During FY17, the company undertook a project for
establishing a dall processing mill with an installed capacity of
720 tonne per day. The company purchases raw-material directly from
the farmers and sells its products all over India under the brand
name of "SMVAP".


SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sunglow Suitings Private
Limited (SSPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         15.73       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

SSPL manufactures woven fabrics for suitings. It is promoted by Mr.
Mahesh Hurkat, who has more than fifteen years of experience in the
textile industry. The company has 64 looms installed at its weaving
facility in Bhilwara, Rajasthan and has a production capacity of
about 6.4 million meters of fabric per annum.


SUPERTECH: SC Stays NCLAT Order Asking NBCC to Complete Projects
----------------------------------------------------------------
The Economic Times reports that the Supreme Court on Feb. 21 stayed
the National Company Law Appellate Tribunal December order that
directed NBCC (India) to take over and complete all the 16 projects
of debt-ridden real estate firm Supertech Ltd and act as its
project management consultant.

ET says the NBBC was supposed to complete 16 projects with about
49,748 flats in Uttar Pradesh, Uttarakhand, Haryana and Karnakata.
The appellate tribunal had also directed constitution of an apex
court committee and project-wise court committee for each project.

A bench led by Chief Justice Sanjiv Khanna also sought response
from various parties, including Ram Kishor Arora, the suspended
director of Supertech, its resolution professional Hitesh Goel,
NBCC, on a batch of appeals led by Apex Heights, ET states. Even
Assets Care and Reconstruction Enterprise, Yamuna Expressway
Industrial Development Authority, NBCC and Arora filed their
separate appeal challenging the December judgment that directed the
NBCC to "start the process of award of work before March 31, 2025.

According to ET, the apex court said that the primary issue before
it was to examine whether the NCLAT was right in awarding the work
of construction to NBCC without following the procedure prescribed
under the Insolvency and Bankruptcy Code 2016. The CJI also asked
the parties to file written notes to indicate proposals on how to
deal with the issue of construction of flats/building as an
alternative to what has been mandated by the NCLAT's judgment. The
proposals have to be submitted on or before March 21.

The SC posted the matter for further hearing in April, ET notes.

Earlier, the top court had in May 2023 refused to interfere with
the NCLAT's order that adopted a project-wise resolution of real
estate firm, ET recalls. The NCLT had in March 2022 admitted
Supertech to insolvency for default of INR431 crore to a consortium
of banks led by the Union Bank of India.

ET relates that Yamuna Expressway Industrial Development Authority
(YEIDA) also said that the NCLAT resorted to "reverse
CIRP/project-wise insolvency" and thus chose to follow a procedure
which is alien to the IBC." The so-called reverse CIRP has no basis
in law and the statutory framework under the IBC, the Authority
said in its appeal filed through counsel Divyam Agarwal.

In its appeal, Assets Care and Reconstruction Enterprise (ACRE)
told the SC that the appellate tribunal was in contravention of the
2016 Code as it had directed for formation of an apex court
committee, which was vested with "overarching powers," including
authority to transfer surplus funds between projects, to compel the
release of existing charge of the financial creditors over their
mortgaged property and utilisation of surplus funds for repayment
of corporate level dues, ET relays.

The appeals stated that the formation of such apex court panel can
cause prejudice to the interests of secured financial creditors and
others. ". . . the principle of "priority of secured creditors," as
recognised under Section 53 of the Code, upholds the repayment
hierarchy, ensuring secured creditors are given precedence in
accordance with their claims. Any deviation from this principle,
such as the diversion of surplus funds from secured projects to
deficit projects or corporate-level dues, would amount to an unjust
redistribution of rights and interests," ACRE, as cited by ET,
stated.

This also disrupts the integrity of the resolution process by
sidelining the statutory and contractual rights of secured
creditors, it further added.

YEIDA also contended that it had leased the land to Supertech for
"Project Upcountry," but the developer breached the terms of lease
deed by failing to make timely payment, resulting in an outstanding
dues of over INR396.76 crore, ET adds.

                          About Supertech

Supertech Limited (STL), incorporated in 1995, was promoted by Mr.
R. K. Arora. The company is in the business of developing real
estate projects in the residential, commercial and retail segments
in the NCR region and other prominent places in Uttar Pradesh,
Uttarakhand and Bangalore.

As reported in the Troubled Company Reporter-Asia Pacific on in
late March 2022, insolvency proceedings have been initiated against
Supertech Ltd after a National Company Law Tribunal (NCLT) bench on
March 25, 2022, admitted a petition filed by Union Bank of India
for non-payment of dues by the company.  An interim resolution
professional (IRP) has also been appointed for Supertech,
superseding the company's board.


TRANSTEK INFOWAYS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Transtek Infoways Private
Limited (TIPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         12.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

TIPL was incorporated in 2004 as a private limited company by Mr.
Vishal Sopory. Till 2016, Mr. Vishal and AVVA Technologies had 50%
stake each in TIPL with the share further splitting between AVVA
Technologies, Mr. Vishal and Mr. Neeraj Chauhan in 41%, 41% and 18%
ratio respectively. The company is engaged in the trading and
distribution of computer hardware, peripherals and accessories,
viz, desktops, notebooks, servers, projectors, printers, UPS, etc.
The company is also increasing its presence in cloud and
maintenance services. The company acts as a redistributor for the
technology products of hardware
majors like Dell, HP, Lenovo, Canon, Epson, Ricoh etc. The company
purchases from national distributors like Ingram Micro, Redington,
Iris, Acer etc.


UNITED HOTELS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United
Hotels & Properties Private Limited (UHPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of UHPPL under the 'issuer
non-cooperating' category as UHPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UHPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2024, December 6, 2024, December 16, 2024 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

UHPPL was incorporated in 1992 and was taken over by Kolkata based
Jaiswal family in 2006. In 2008-09, UHPPL setup a 4 Star hotel in
Bhubaneswar under the brand name of "THE HHI" with an inventory of
102 rooms. Subsequently in FY13, the company acquired Orianna
Hospitalities Private Limited (OHPL), which operates a 4-star hotel
in Pune. The Pune hotel is also running under the brand "The HHI"
with an inventory of 48 rooms. The operation of Pune hotel is also
managed by UHPPL.

Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of UHPPL into ISSUER NOT
COOPERATING category vide press release dated January 10, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.


UNITED HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of United Hotels
& Properties Private Limited (UHPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term/        23.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Long-term-         9.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 1992, UHPL was acquired by the present management
in 2007. UHPL had leased out its assets (land, building and other
equipment) in Bhubaneswar to S. P. Jaiswal Estates Private Limited
(SPJEPL), the flagship company of the HHI Group, till FY2012. From
FY2013, the company is managing the Bhubaneswar property and has
set up a hotel in Pune, branded The HHI Pune.

ZYEX CHEMICALS: Ind-Ra Withdraws BB- Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Zyex Chemicals
LLP's (ZCLLP) bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating action is:

-- INR850 mil. Term loan* due on April 30, 2031 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 ratings, 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 ZCLLP while reviewing the
rating. Ind-Ra had consistently followed up with ZCLLP over emails,
apart from phone calls. The issuer has  also not been submitting
the monthly no default statement since January 2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ZCLLP, 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. ZCLLP has been
non-cooperative with the agency since December 2024.

About the Company

Incorporated in 2019, ZCLLP is setting up an ethanol manufacturing
unit with an installed capacity of 100 kilo liters per day in
Sitapur Phase-II in Morena district, Madhya Pradesh. Pankaj Singal
and Ritu Singal are the promoters. The registered office is in
Connaught Place, New Delhi.

[] INDIA: Considers Bankruptcy Law Revamp as Cases Drag On
----------------------------------------------------------
Bloomberg News reports that the Indian government is considering
changes to its bankruptcy laws, including streamlining court
processes, amid growing concerns over lengthy proceedings and low
recovery rates.

The Insolvency and Bankruptcy Board of India is finalizing a set of
proposals aimed at speeding up resolution, notes the report. Public
consultation was set to end Feb. 25, though the deadline may be
extended.

According to Bloomberg, global investors have long been cautious
about lending in India, where insolvency cases can often run for
years with poor recoveries. While Prime Minister Narendra Modi's
administration revamped bankruptcy laws about a decade ago,
mandating resolutions within 330 days, cases routinely exceed that
limit. The delay erodes asset values as well as recovery rates for
lenders.

"The time overruns in insolvency cases followed by the decline in
recovery outcomes have been a cause of concern for all
stakeholders," Bloomberg quotes Hari Hara Mishra, chief executive
officer of the Association of ARCs in India, a group that
represents bad loan managers, as saying.

In nine months through December, it took 821 days on average for
the courts to approve a resolution plan. That's 35% longer than in
the fiscal year ended March 2023, according to IBBI data.

Meanwhile, investors on average recovered about 28% during the
financial year ended March 2024, down from 46% in 2018-2019, data
from the Reserve Bank of India show.

Bloomberg says the new proposals aim to improve efficiency,
including changes that would allow courts to manage insolvencies of
complex, interconnected businesses via joint hearings rather than
as standalone units.

Other measures seek to resolve creditor disputes without delaying a
company's progress toward a resolution plan, and encourage interim
financing that would allow lenders to participate in creditor
meetings as observers.

Bloomberg notes that the improvements could benefit India's bad
debt managers, known as asset reconstruction companies, who buy
non-performing loans from traditional lenders.

Other measures seek to resolve creditor disputes without delaying a
company's progress toward a resolution plan, and encourage interim
financing that would allow lenders to participate in creditor
meetings as observers, Bloomberg relays.




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

ISTAKA KARYA: Vendors Demand IDR786 Billion in Unpaid Dues
----------------------------------------------------------
The Jakarta Post reports that Perkobik, an association representing
vendors of PT Istaka Karya, has called on House of Representatives
Commission VI to push the government to settle the outstanding
obligations of the bankrupt state-owned construction firm.

According to The Jakarta Post, Istaka Karya was declared bankrupt
in 2022 and officially dissolved the following year by the
State-Owned Enterprises (SOEs) Ministry, but it still owes IDR786
billion (US$48.26 million) to 179 vendors, some of which have been
waiting to be paid for projects completed over a decade ago.

Istaka Karya provided construction services. The Company built
infrastructure projects.




=========
J A P A N
=========

NISSAN MOTOR: Moody's Cuts Sr. Unsec. Debt to Ba1, Assigns Ba1 CFR
------------------------------------------------------------------
Moody's Ratings has downgraded to Ba1 from Baa3 the senior
unsecured rating for Nissan Motor Co., Ltd. (Nissan).

At the same time, Moody's have assigned a Ba1 corporate family
rating and withdrawn the company's Baa3 issuer rating.

Moody's have also maintained the negative rating outlook.

"The downgrade to Ba1 reflects the deterioration and expectation
for continuing weakness in Nissan's credit profile, most notably in
its free cashflow and EBIT margin in its automotive business" says
Dean Enjo, a Moody's Ratings Vice President and Senior Analyst.

"The negative outlook takes into account the risks associated with
the implementation of its new restructuring plan, the renewal of
its aging product range and global trade policies," adds Enjo.

RATINGS RATIONALE

The rating action reflects Nissan's weak profitability driven by
slowing demand for its ageing model portfolio. A slowdown has been
evident in China since early fiscal 2023 (which ended March 2024)
but now its largest consolidated market – the US – faces
challenges in the form of high sales incentives, high inventories
and older models. Notably Nissan has no offering in the growing
segment of hybrid vehicles in the US. The company also faces
execution risk with its new restructuring plan, which aims to cut
costs by JPY400 billion by the end of fiscal 2026.

The company's automotive free cash flow (FCF) turned negative in
fiscal 2024, largely stemming from a material decline in profit.
Moody's projects that free cash flow will remain negative through
fiscal 2025. Nissan's cashflow recovery is also at risk due to the
current global trade environment, with potential import tariffs on
its sizeable production base in Mexico. Even if the company
successfully executes its restructuring plan with cost reductions
and new model releases, Moody's does not expect free cash flow to
turn positive until fiscal 2026 at the earliest.

Nissan's margin has fallen more abruptly than its peers' both
within Japan and globally and operating profit turned loss-making
for its automotive business in the first three quarters of fiscal
2024. Moody's estimates that operating profit margin for the
automotive segment will remain negative through fiscal 2025. The
successful execution of the company's turnaround plan and launch of
new models – such as hybrid electric vehicles – in its key
markets like the US will support its margin improvement in fiscal
2026 onwards.

Nissan's Ba1 CFR reflects the company's global presence and brand
recognition in major auto markets. The rating also reflects the
company's substantial cash holdings in its automotive business,
which will provide sufficient liquidity for its current negative
free cash flow and debt maturities over the next 12 months. These
strengths are counterbalanced by its weak EBIT margin and negative
free cash flow in its automotive business. The company also faces
risks in the US in the form of execution risk with its
restructuring program, an ageing product lineup, and potential
import tariffs.

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

The negative outlook reflects Moody's expectations that the
company's credit metrics, such as automotive EBIT margin and free
cash flow may worsen due to risks associated with the execution of
its new restructuring plan and global trade policies. The negative
outlook also incorporates risk in renewing its aging product
portfolio given changing consumer preferences in key markets such
as the US and China.

Given the negative outlook, an upgrade of Nissan's CFR is unlikely
over the next 12-18 months.

Moody's could return the outlook to stable if Nissan recovers its
automotive profit and margin by successfully launching new models,
such as hybrid vehicles, in major markets such as the US. Signs of
successful implementation of its restructuring program would also
be a consideration for returning the outlook to stable.
Specifically, Moody's would consider a stable outlook if the
company's EBIT margin remains positive, its FCF after dividends
remains positive, and the company maintains ample liquidity in its
automotive business for a sustained period.

Moody's could downgrade Nissan's CFR if it engages in excessive
shareholder returns or its credit profile continues to worsen.
Specifically, Moody's may consider a downgrade if the company
continues to be loss-making in its automotive business or continues
to be negative in its automotive business FCF after dividends over
a sustained period. A weakening of its balance sheet and liquidity,
including from share buybacks, would also result in a downgrade.
Failure to execute its restructuring plan to reduce costs and
improve profit will also be considered if downgrading the rating.

The principal methodology used in these ratings was Automobile
Manufacturers (Japanese) published in June 2021.

Nissan Motor Co., Ltd. is headquartered in Yokohama and is one of
Japan's leading automobile manufacturers.



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

ANNEX GROUP: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------
A petition to wind up the operations of Annex Group 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. 16, 2025.

The Petitioner's solicitor is:

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


CLOUDY BAY: Court to Hear Wind-Up Petition on March 6
-----------------------------------------------------
A petition to wind up the operations of Cloudy Bay Group Holdings
Limited will be heard before the High Court at Christchurch on
March 6, 2025, at 10:00 a.m.

Bank of New Zealand filed the petition against the company on Jan.
27, 2025.

The Petitioner's solicitor is:


          Richard James Gordon
          MinterEllisonRuddWatts
          BNZ Place, Level 5
          1 Whitmore Street
          Wellington 6011


FOUR FLAVOURS: Creditors' Proofs of Debt Due on March 17
--------------------------------------------------------
Creditors of Four Flavours Limited are required to file their
proofs of debt by March 17, 2025, to be included in the company's
dividend distribution.

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

The company's liquidator is Kevyn Botes of i-Business Recovery.


GFAB TRAILERS: Creditors' Proofs of Debt Due on March 24
--------------------------------------------------------
Creditors of Gfab Trailers Limited are required to file their
proofs of debt by March 24, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2025.

The company's liquidators are:

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


TAWHITI COMMERCIALS: Heath Gair Appointed as Receiver and Manager
-----------------------------------------------------------------
Heath Gair of Palliser Insolvency on Feb. 18, 2025, was appointed
as receiver and manager of Tawhiti Commercials Limited.

The receiver and manager may be reached at:

          Palliser Insolvency
          Level 2, 40 Lady Elizabeth Lane
          Wellington




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

DAILY PRICE: Court to Hear Wind-Up Petition on March 14
-------------------------------------------------------
A petition to wind up the operations of Daily Price Fair Pte. Ltd.
will be heard before the High Court of Singapore on March 14, 2025,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Feb. 17, 2025.

The Petitioner's solicitors are:

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


FUSE INTERIORS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 14, 2025, to
wind up the operations of Fuse Interiors Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


HANDPICKED GROUP: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Feb. 14, 2025, to
wind up the operations of Handpicked Group Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


MAHENDRAN TRADING: Court to Hear Wind-Up Petition on March 14
-------------------------------------------------------------
A petition to wind up the operations of Mahendran Trading Pte. Ltd.
will be heard before the High Court of Singapore on March 14, 2025,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 18, 2025.

The Petitioner's solicitors are:

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


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

OPV Pharma Holdings Ltd filed the petition against the company on
Feb. 6, 2025.

The Petitioner's solicitors are:

          Messrs. Providence Law Asia LLC
          1 Raffles Place #29-62
          One Raffles Place
          Singapore 048616




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: Objectors Claim Ch. 11 Fin'l Adviser Overcharge
---------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that the
U.S. Trustee's Office and a plan administrator have accused an
adviser to unsecured creditors in the Delaware Chapter 11 case of
bankrupt cryptocurrency developer Terraform Labs of having
"unreliable" fee records, alleging that some professionals billed
over 400 hours per month across multiple bankruptcy cases.

                About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest.  He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01
     Guoco Tower 078881




===============
X X X X X X X X
===============

[] Latham & Watkins Elects 19 New Partners
------------------------------------------
Latham & Watkins LLP announced that 19 counsel have been elected to
the partnership, effective March 1. The counsel promotions follow
the previously-announced election of 24 associates to the
partnership, effective January 1, 2025.

"We are thrilled to congratulate our newest partners, whose
impressive experience, industry expertise, and legal skills
exemplify our commitment to client service, excellence, and
teamwork. I am proud of their accomplishments, and their leadership
and dedication strengthen our firm, helping us build on our
success," said Rich Trobman, Chair and Managing Partner of Latham &
Watkins.

The counsel who have been elected partners are:

* Rachael Astin (London) is a member of the Entertainment, Sports
& Media Practice and Corporate Department. She represents clients
in transactional and regulatory matters, with a focus on digital
media and content distribution. She received her LPC from BPP Law
School in 2008 and her LLB from the University of Bristol in 2007.

* Santiago Bejarano (New York) is a member of the International
Arbitration Practice, Latin America Practice, and Litigation &
Trial Department. He represents clients in complex international
commercial and investor-state arbitrations worldwide, under both
civil and common law legal systems. He earned his LLM from New York
University in 2014 and his LLB from Universidad del Rosario in
2011.

* Robert Brown (Houston/Austin) is a member of the Privacy & Cyber
Practice and Corporate Department. He advises clients across
industries on compliance with data privacy and security laws and on
the data privacy and security aspects of commercial agreements and
complex corporate transactions. He received his JD from the
University of Texas School of Law in 2012.

* Alexander Buckeridge-Hocking (London) is a member of the Project
Development & Finance Practice and Finance Department. He
represents sponsors, governments, and lenders across the capital
structure in complex cross-border energy and infrastructure
transactions, particularly relating to energy transition industries
involving renewable or low-carbon technologies and fuels and
infrastructure sectors. He earned his LPC from the College of Law
in 2011 and his LLB from the London School of Economics in 2008.

* Caitlin Dahl (Chicago) is a member of the Complex Commercial
Litigation Practice and Litigation & Trial Department. She
represents companies across industries in a variety of litigation
matters, including company-threatening business-to-business
disputes, trade secret misappropriation cases, mass arbitrations,
and class actions. She earned her JD from Notre Dame Law School in
2011.

* Andrew Galdes (Washington, D.C.) is a member of the White Collar
Defense & Investigations Practice and Litigation & Trial
Department. He advises clients on compliance and enforcement issues
involving US economic and trade sanctions and export control laws
and regulations. He received his JD from Duke University School of
Law in 2011.

* Michael Green (London) is a member of the Environment, Land &
Resources Practice, Environment, Social & Governance (ESG)
Practice, and Corporate Department. He advises clients on a range
of ESG and environmental, health and safety (EHS) matters in the
context of transactional work, strategic counselling, and risk
management. He earned his LPC from the Oxford Institute of Legal
Practice in 2003 and his BA (Law) from the University of Oxford in
2002.

* Luda Le Grand (London) is a member of the Antitrust &
Competition Practice and Litigation & Trial Department. She advises
clients across industries on UK and EU competition laws, with a
focus on multi-jurisdictional merger control, as well as market,
cartel, and abuse of dominance investigations. She received her
Postgraduate Diploma in Economics for Competition Lawyers and her
LLM in Competition Law from King's College London in 2020 and 2010,
respectively, her LPC from BPP Law School in 2012, and her LLB from
the University of Newcastle-upon-Tyne in 2009.

* Omar Maayeh (Dubai) is a member of the M&A and Private Equity
Practice and Corporate Department. He advises clients on complex
M&A and other corporate transactions, both in the Middle East
region and internationally. He earned his LLB from the University
of Essex in 2007.

* Amit Makker (Bay Area) is a member of the Intellectual Property
Litigation Practice and Litigation & Trial Department. He
represents clients in complex intellectual property disputes in
high-technology sectors before federal and state courts, the US
Patent Trial and Appeal Board and the International Trade
Commission. He received his JD from the University of Southern
California Gould School of Law in 2011, his MS in Electrical
Engineering from the University of Southern California in 2008, and
his BS in Electrical Engineering from the University of California,
Los Angeles in 2004.

* Hugh Murtagh (New York) is a member of the Restructuring &
Special Situations Practice and Finance Department. He represents
creditors and debtors both in and out of court in disputes and
transactions, with a particular focus on bankruptcy litigation. He
received his JD from New York University School of Law in 2011.

* Tomas Nilsson (Brussels) is a member of the Antitrust &
Competition Practice and Litigation & Trial Department. He advises
clients on global merger control matters and antitrust
investigations. He earned his LLM from New York University School
of Law in 2009 and his Master of Laws from Lund University in
2005.

* Peter Norris (Riyadh) is a member of the Banking Practice and
Finance Department. He advises clients on a broad range of complex
banking and finance transactions, both in the Gulf Cooperation
Council region and internationally. He received his LPC and LLB
from the College of Law in 2008 and 2007, respectively.

* Michael Rackham (Singapore) is a member of the M&A and Private
Equity Practice and Corporate Department. He advises private equity
investors and corporations on cross-border corporate matters in the
Asia-Pacific region, including M&A, disposals, and joint ventures.
He earned his LPC from the College of Law in 2011, his BCL from
Oxford University in 2010, and his LLB from the University of
Exeter in 2009.

* Marcela Ruenes (New York) is a member of the Banking Practice,
Latin America Practice, and Finance Department. She represents
financial institutions, alternative financing providers, corporate
borrowers and private equity funds on complex US and cross-border
finance transactions, including private credit and syndicated debt
transactions. She earned her LLM at Columbia Law School in 2013 and
her Degree in Law at Universidad Iberoamericana in 2009.

* Misa Schmiederova (London) is a member of the Banking Practice
and Finance Department. She represents sponsors, financial
institutions, and borrowers on a broad range of complex
cross-border banking and finance transactions, with a focus on
infrastructure finance. She earned her LPC and Graduate Diploma in
Law at BPP Law School in 2006 and 2005, respectively.

* Lucas Schweitzer (Duesseldorf) is a member of the M&A and
Private Equity Practice and Corporate Department. He advises
clients on domestic and cross-border private and public M&A
transactions as well as reorganizations and corporate law matters.
He earned his Dr. iur. at the Free University of Berlin in 2015,
received his LLM at the University of Durham in 2011, completed his
Second State Exam at the Higher Regional Court, Düsseldorf in
2010, and completed his First State Exam at the University of
Düsseldorf in 2006.

* Daniel Splittgerber (Frankfurt) is a member of the Restructuring
& Special Situations Practice and Finance Department. He advises
clients on complex financial restructurings and special situations,
with an emphasis on German and cross-border solutions. He completed
his Second German State Exam at the Higher Regional Court,
Düsseldorf in 2012 and earned his Dr. iur. and his Executive MBA
(Mergers & Acquisitions) at Westfälische Wilhelms-University in
2010, where he also completed his First German State Exam in 2008.

* Stephen Yeh (Los Angeles) is a member of the Project Development
& Finance Practice and Finance Department. He represents financial
institutions, corporate investors, sponsors, and developers in all
phases of the development and financing of domestic and
international energy projects. He earned his JD from the University
of Texas School of Law in 2013.

                     About Latham & Watkins

Latham & Watkins delivers innovative solutions to complex legal and
business challenges around the world. From a global platform, its
lawyers advise clients on market-shaping transactions, high-stakes
litigation and trials, and sophisticated regulatory matters. Latham
is one of the world's largest providers of pro bono services,
steadfastly supports initiatives designed to advance diversity
within the firm and the legal profession, and is committed to
exploring and promoting environmental sustainability.

Latham & Watkins operates worldwide as a limited liability
partnership organized under the laws of the State of Delaware (USA)
with affiliated limited liability partnerships conducting the
practice in France, Hong Kong, Italy, Singapore, and the United
Kingdom and as an affiliated partnership conducting the practice in
Japan. Latham & Watkins operates in Israel through a limited
liability company, in South Korea as a Foreign Legal Consultant
Office, and in Saudi Arabia through a limited liability company.



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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
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