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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, March 13, 2025, Vol. 28, No. 52

                           Headlines



A U S T R A L I A

BELLGROVE SCAFFOLDING: First Creditors' Meeting Set for March 17
HEALTHSCOPE LTD: Prepares for Sale Amid AUD1.6 Billion Debt
HURST GROUP: First Creditors' Meeting Set for March 17
KEN WHITE: First Creditors' Meeting Set for March 18
KONVOY GROUP: McGrathNicol Appointed as Receivers

LAND & HOMES: Second Creditors' Meeting Set for March 19
RENTAL P: First Creditors' Meeting Set for March 17


C H I N A

CHINA VANKE: Hong Kong Banks Refuse Mortgages for Le Mont Project


I N D I A

A2Z ENGINEERS: CARE Lowers Rating on INR1.30cr LT Loan to B+
AI CHAMPDANY: CARE Moves D Debt Ratings to Not Cooperating
AMAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating Category
AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category
BILAGI SUGAR: Ind-Ra Cuts Term Loan Rating to D

BYJU'S: US Lender Asks NCLAT to Bar Aakash From Amending Articles
CHENANI NASHRI: Ind-Ra Affirms D Bank Loan Rating
CHHATRAPATI RAJARAM: Ind-Ra Assigns B Bank Loan Rating
CMT MECHANIZED: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
D.P. BANSAL: CARE Keeps B- Debt Rating in Not Cooperating Category

DODDANAVAR GLOBAL: Ind-Ra Cuts Term Loan Rating to BB-
F T TEXTILES: Ind-Ra Keeps B+ Loan Rating in NonCooperating
GLOW MAC: CARE Keeps C Debt Rating in Not Cooperating Category
GURUKRIPA PARBOILING: CARE Keeps B- Debt Rating in Not Cooperating
HIRANYAKESHI SAHAKARI: CARE Cuts Rating on INR60cr LT Loan to B

INFISSI FENESTRATION: CARE Keeps B- Debt Rating in Not Cooperating
INJECTO POLYMERS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
J EKLERA REALTY: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
JANA CAPITAL: Ind-Ra Assigns BB Rating, Outlook Stable
K P SOLVEX: CARE Lowers Rating on INR48.39cr LT Loan to B+

K.M. GLOBAL: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
KAIRALI GRANITES: CARE Keeps B- Debt Rating in Not Cooperating
KALAVAKURU ESTATES: Ind-Ra Moves B+ Loan Rating to NonCooperating
KARPAGAMBAL MILLS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
KRANTIAGRANI DR: CARE Raises Rating on INR100cr LT Loan to B+

LAKSHMIVENKATESHWARA RICE: CARE Keeps C Rating in Not Cooperating
MAGNUM ESTATES: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
MAGNUM SEA: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
MAHALASA EXPORTS: Ind-Ra Moves BB Loan Rating to NonCooperating
MIGHTY AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category

P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
PANCHAMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
RAGHAVENDRA INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
RELIANCE MEDIAWORKS: CARE Keeps D Debt Rating in Not Cooperating

RPV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
SAGAR AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating
SIVANA STEEL: CARE Lowers Rating on INR11.69cr LT Loan to B
SWARNA PRAGATI: CARE Keeps B Debt Rating in Not Cooperating
SWASTIK OIL: CARE Keeps D Debt Ratings in Not Cooperating Category

VATIKA SEVEN: CARE Keeps D Debt Rating in Not Cooperating Category


I N D O N E S I A

BANK TABUNGAN: Moody's Rates New Tier 2 Capital Notes 'Ba3(hyb)'


J A P A N

NISSAN MOTOR: Names New CEO After Failed Merger Talks With Honda
[] JAPAN: Tightening Job Market Pushes More Firms Under


M A L A Y S I A

WAJA KONSORTIUM: Seeks Exemption From GN3 Status, Time Extension


N E W   Z E A L A N D

ELECTRIC 2020: Grant Bruce Reynolds Appointed as Liquidator
GCO GROUP: Court to Hear Wind-Up Petition on March 20
INTEGRITY FIRST: Creditors' Proofs of Debt Due on May 6
KHANNA ENTERPRISES: Court to Hear Wind-Up Petition on March 20
SIMIAN PROPERTY: Court to Hear Wind-Up Petition on March 18



S I N G A P O R E

SMARTER APPS: Court Enters Wind-Up Order
SOMNETICS GLOBAL: Creditors' Proofs of Debt Due on April 7
TNP FITNESS: Court Enters Wind-Up Order
WEBBER CHASE: Creditors' Meeting Set for March 28
YIDA PRECISION: Court to Hear Wind-Up Petition on March 28



S O U T H   K O R E A

HOMEPLUS: Restructuring Unlikely to Proceed Smoothly, Experts Says

                           - - - - -


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

BELLGROVE SCAFFOLDING: First Creditors' Meeting Set for March 17
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bellgrove
Scaffolding Pty Ltd will be held on March 17, 2025 at 11:00 a.m. at
the offices of Wexted Sydney and via Microsoft Teams.

Christopher Johnson and Andrew McCabe of Wexted Advisors were
appointed as administrators of the company on March 6, 2025.


HEALTHSCOPE LTD: Prepares for Sale Amid AUD1.6 Billion Debt
-----------------------------------------------------------
News.com.au reports that Healthscope is preparing for sale after
reaching agreements with senior lenders following reports the
national private healthcare provider is AUD1.6 billion in debt.

News.com.au relates that Healthscope on March 11 announced it had
entered into "short-term forbearance arrangements with the
requisite majority of its senior lenders" until May.

"These arrangements provide time and enhanced liquidity for
Healthscope to focus on agreeing a longer-term solution for the
business with its key stakeholders," news.com.au quotes a
Healthscope spokesperson as saying. "As part of these forbearance
arrangements, Healthscope will commence preparations for a
potential sale of the business and concurrently engage in broader
restructure discussions with its key stakeholders."

News.com.au relates that the spokesperson said the loan repayment
relief would provide "stability of ongoing operations" as well as a
"greater likelihood of a longer-term solution in the best interests
of all stakeholders".

The healthcare provider also agreed to a short-term deferral with
landlord Northwest Healthcare Properties REIT.

"Having achieved these milestones we will also re-engage with the
HMC-managed entities and invite HMC to participate in discussions
on longer-term solutions that ensure relevant hospitals can
sustainably operate," the spokesperson said, notes the report.

"HMC and potential partners are also said to be considering an
offer for Healthscope.

"Healthscope has not received any proposal from HMC or any other
potential partner."

Healthscope was purchased by Brookfield for AUD4.4 billion in 2019,
according to The Australian, but the company is more than AUD1bn in
debt from rent payments among other costs.

Healthscope Limited -- http://www.healthscope.com.au/-- provides
healthcare services. The Company manages a network of hospitals,
clinics, and physicians for the provision of emergency care,
women's services, cancer care, and pediatric services. Healthscope
operates 38 hospitals across Australia.


HURST GROUP: First Creditors' Meeting Set for March 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hurst Group
Pty Ltd will be held on March 17, 2025 at 11:00 a.m. at Level 3,
101 St Georges Terrace in Perth and via virtual meeting
technology.

Bryan Kevin Hughes of 101 Advisory was appointed as administrator
of the company on March 6, 2025.


KEN WHITE: First Creditors' Meeting Set for March 18
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ken White
Enterprises Pty Ltd will be held on March 18, 2025 at 10:00 a.m. at
the offices of Hall Chadwick at Level 11, 77 St Georges Terrace in
Perth and via virtual meeting technology.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on March 6, 2025.



KONVOY GROUP: McGrathNicol Appointed as Receivers
-------------------------------------------------
Keith Crawford and Robert Smith of McGrathNicol were appointed as
the Receivers and Managers of Konvoy Holdings Pty Limited and its
Australian wholly owned subsidiaries, by a secured creditor, EQT
Structured Finance Services Pty Ltd on March 11, 2025.

Keith Crawford and Andrew Grenfell were also appointed Receivers of
Konvoy's New Zealand subsidiary, Konvoy New Zealand Limited on
March 11, 2025.

The Receivers' appointment follows Konvoy's directors resolving to
appoint Chril Hill, Joseph Hansell and Paul Harlond of FTI
Consulting as voluntary administrators Konvoy, and Joseph Hansell
and David McGrath of FTI Consulting as voluntary administrators of
Konvoy NZ.

"The Receivers intend to continue trading the Konvoy Group on a
'business as usual' basis while we undertake an urgent assessment
to determine the best outcome of action to preserve its business,"
Mr. Crawford said in a statement.

"Employees are asked to continue their normal duties until advised
further. Wages and entitlements for continued employment during
receivership will be paid by the Receivers and Managers."

Konvoy Group -- https://www.konvoykegs.com/ -- provides keg rental
solution for the beverage industry.


LAND & HOMES: Second Creditors' Meeting Set for March 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Land & Homes
Group Limited and Land & Homes Investment Pty Ltd has been set for
March 19, 2025 at 10:00 a.m. and 10:45 a.m. respectively, via
virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 18, 2025 at 5:00 p.m.

Geoffrey Trent Hancock of Jirsch Sutherland was appointed as
administrator of the company on Dec. 2, 2024.


RENTAL P: First Creditors' Meeting Set for March 17
---------------------------------------------------
A first meeting of the creditors in the proceedings of Rental P Pty
Ltd will be held on March 17, 2025 at 11:00 a.m. at the offices of
Vincents at Level 34, 32 Turbot Street in Brisbane and via
teleconference facility.

Nick Combis and Liyan Tay of Vincents Chartered Accountants were
appointed as administrators of the company on March 5, 2025.




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C H I N A
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CHINA VANKE: Hong Kong Banks Refuse Mortgages for Le Mont Project
-----------------------------------------------------------------
South China Morning Post reports that some banks in Hong Kong are
not extending mortgages for China Vanke's Le Mont project due to be
launched in Tai Po, another setback for the embattled mainland
Chinese developer battling a liquidity crisis.

Standard Chartered, one of the city's three currency-issuing banks,
and Chong Hing Bank were not accepting mortgage requests from
potential homebuyers at Le Mont, according to property agents, the
Post relates.

Standard Chartered declined to comment. Chong Hing Bank said in a
statement that it mainly considers the mortgaged property's value
and quality together with the applicant's repayment ability when
evaluating mortgage loan applications.

Some potential buyers were also told by both these banks that they
would not provide loans for the Le Mont project, the Post says.

According to the Post, the position taken by Standard Chartered and
Chong Hing Bank marks a fresh blow for Vanke. The one-time
second-largest developer on the mainland faces nearly US$5 billion
in debt maturities this year worsened by a years-long property
downturn at home. Vanke is also likely to post a record net loss of
CNY45 billion (US$6.2 billion) for 2024.

"Banks are assessing the likelihood of a Vanke default [and
whether] it is able to complete the project," according to a lawyer
who asked not to be named, notes the report. "For presale units,
banks are concerned if the money can be recouped after granting
mortgages to buyers."

Meanwhile, Hang Seng Bank, HSBC and Bank of East Asia were yet to
confirm mortgage requests, agents said, the Post relays.

Le Mont started accepting registrations of interest last week for
the 403-flat project, which is expected to be completed in July
2026. The company announced on March 11 that it would offer 228
units for sale on March 15.

According to the Post, the lawyer said that the proceeds from the
flat sales would not directly go to Vanke but to an escrow account
of its representative law firm to repay construction costs and
loans.

If the sales do not go as expected, the onus would be on Vanke to
find funds to complete the project, he added. "Therefore, some
banks are refusing to grant mortgages due to credit risks."

Still, other banks confirmed they would offer mortgages for
would-be buyers at Le Mont, according to Vanke Hong Kong, a unit of
the mainland developer, the Post relays.

"Le Mont's first price list was uploaded on March 6," a Vanke
spokesman said, notes the Post. "Normally, banks can only start the
approval process after the price list is released."

Bank of Communications and OCBC Hong Kong Bank confirmed that they
would offer mortgages, the spokesman said, adding that "other banks
will also complete their approvals throughout next week".

Bank of China (Hong Kong) and ICBC (Asia) also said they would
extend mortgages for the project, adds the Post.

                          About China Vanke

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

As reported in the Troubled Company Reporter-Asia Pacific on March
7, 2025, S&P Global Ratings placed on CreditWatch with developing
implications the following ratings: the 'B-' long-term issuer
credit ratings on China Vanke and on China Vanke's subsidiary Vanke
Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue
ratings on Vanke HK's senior unsecured notes.

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

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



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

A2Z ENGINEERS: CARE Lowers Rating on INR1.30cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
A2Z Engineers and Pile Foundations (A2Z), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.30       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Downgraded from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank     35.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from A2Z to monitor
the ratings vide e-mail communications dated January 30, 2025,
February 25, 2025 among others and numerous phone calls. However,
despite repeated requests, the firm 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. The rating on A2Z's bank facilities will now be denoted as
CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of A2Z have been
revised and migrated to Issuer Non Cooperating category on
account of non-availability of requisite information and due to
non-cooperation with CARE Ratings Ltd's (CARE Ratings) efforts to
undertake a review of the rating outstanding. CARE Ratings views
information availability risk as a key factor in its assessment of
credit risk. The ratings are constrained by moderate scale of
operations, concentrated order book position, proprietorship nature
of business with inherent capital withdrawal risk and presence in a
highly competitive tender-based industry. The ratings however
derive strength from vast experience of its promoters in the
construction sector, well established track record of operations
and comfortable debt protection metrics.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

At the time of last rating on March 29, 2024 the following were the
rating strengths and weaknesses.

Key weaknesses

* Moderate scale of operations with concentrated order book: A2Z
undertakes construction of multi-story building including the
piling works. It receives work orders mainly from Military
Engineer Services (MES) and a few direct orders. The current order
book compromises the projects to be executed within Kerala and
Lakshadweep. The order book position stood moderate at INR99.33
crore as on December 31, 2023, which translates to 1.62 times of
total operating income (TOI) of FY23. The scale of the operations
of the firm also stood moderate with total income of INR61.37 crore
in FY23 albeit grown at the CAGR of 47.69% over past three years.

* Tender-based nature of operations and intensely competitive civil
construction industry: A2Z receives its work orders mainly from
MES/companies. There is limited revenue diversity, as contracts are
executed mostly in Kerala. All these are tender-based, and the
revenues are dependent on the company's ability to bid successfully
for these tenders. Profitability is exposed to pressure because of
the competitive nature of the industry. There are numerous
unorganized players operating in the industry which makes the civil
construction space highly competitive.

* Proprietorship nature of business constitution with inherent risk
of withdrawal of capital: A2Z is a proprietorship nature of
business wherein the inherent risk of withdrawal of capital by the
promoter at the time of their personal contingencies resulting in
erosion of capital base leading to adverse effect on capital
structure. However, the risks associated with proprietorship nature
of the firm is outweighed by the significant experience of the
promoter in the construction business and their ability to bring in
capital to support the operations. There has been instance of
withdrawal of capital during FY21 and FY22.

Key Strengths

* Vast promoter experience: A2Z Engineers And Pile Foundations is
managed by Mr. Mijulal P. He has over 30 years of experience in
conceiving and developing projects, primarily in Infrastructure
sector. The promoter looks after contract procurement and execution
of activities. Mr. Mijulal P had been the former secretary of
Builder's Association of India (Kochi Branch) and presently he is
serving as the treasurer of Builder's Association of India (Kochi
Branch).

* Long track record of operations: The firm is engaged in
construction activities since 1995. It is been enlisted with
Military Engineering Services (MES) in class 'B' including
provision of pile foundation since 2000 and in 2019, upgraded to
class 'S'. Major piling and structural works for MES contracts in
Kochi and Lakshadweep are executed by the firm.

A2Z is a proprietary concern of Mr. Mijulal P engaged in civil
construction of buildings since 1995. It primarily undertakes civil
construction including piling, structural, electrical, and plumbing
for Military Engineering Services (MES) and for private sectors all
over Kerala. The firm is enlisted with Military Engineering
Services (MES) in class 's'.


AI CHAMPDANY: CARE Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of AI
Champdany Industries Limited (AICIL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.38       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      7.77       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category


Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from AICIL to
monitor the ratings vide e-mail communications/letters dated
January 8, 2025, February 19, 2025, among others 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, AICIL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The ratings on AICIL's bank facilities will now
be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of AICIL take into
account the inability to monitor the performance of the company due
to lack of requisite information which is critical for assessing
the credit profile of the company and lack of clarity on timely
debt servicing of its financial obligations.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

At the time of last rating on June 18, 2024, the following were the
rating weaknesses (updated for the information available from the
stock exchange).

Key weaknesses

* Delay in debt servicing: There had been several instances of
delay in debt servicing in its GECL loans in recent past.

AICIL, incorporated in 1873, was taken over by Kolkata-based Wadhwa
group from James Finlay & Co., U.K in 1967. The company is engaged
in manufacturing and selling of jute products (sacking bags,
hessian cloth, furnishing items, etc) used in packaging of food
grains, carpet industry, furniture, etc., at its units in West
Bengal. The company exports a wide range of value-added products
(geo textile, webbing, yarn and flax fibre) which commands premium
in the international market. At present, the company has three
operational mills i.e., Wellington Jute mill, Jagaddal mill and
Rishra Mill. Wellington Jute Mill has resumed
operation from March 12, 2024, after 3 years, as it had to be
closed due to labour unrest. It has a production capacity of 100
tonnes per day. Jagaddal and Rishra mills have a production
capacity of 20 tonnes per day each.

AMAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amar Alloys
Private Limited (AAPL) 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 21,
2024, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 6, 2025,
January 16, 2025 and January 26, 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

Amar Alloys Private Limited (AAPL) was incorporated as a private
limited company in August 1989 and was engaged in the manufacturing
of TMT bars. However, in 1997, the company changed its nature of
business. AAP is currently being managed by Mr. Rakesh Kumar and
Mr. Brij Bhushan as its directors namely. From 1997 onwards, the
company is engaged in the processing of wheat and sale of its
by-products under the name of "Amar Roller Flour Mills" at its
manufacturing facility located in Panchkula, Haryana.


AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AMB Food
Products (AFP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Indore-based (Madhya Pradesh) AFP was established in 2015 as a
partnership firm by four partners to undertake a green field
project for manufacturing of sweets, namkeen and fast food
primarily pizza, sandwich, franky and burger. AFP was setting-up a
new plant in Indore (Madhya Pradesh) with a proposed installed
capacity of manufacturing 1200 (MTPA) Metric Tonnes Per Annum of
sweets and namkeen.


BILAGI SUGAR: Ind-Ra Cuts Term Loan Rating to D
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bilagi Sugar
Mill Limited's (BSML) bank facilities to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+/Stable (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating review despite continuous
requests and follow-ups by the agency. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR2,446.79 bil. Term loan (long-term) due on March 31, 2028
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1,834.10 bil. Fund-based working capital limits (long-
     term/short-term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade reflects delays in debt servicing by BSML. Ind-Ra has
relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative. The ratings continue to be
maintained in non-cooperating category in accordance with Ind-Ra's
Guidelines on What Constitutes Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with BSML while reviewing the
rating. Ind-Ra had consistently followed up with BSML over emails,
apart from phone calls. The issuer has also not been submitting its
monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of BSML, 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 2001, BSML has an integrated sugar plant with cane
crushing capacity of 10,000 tons per day and cogeneration capacity
of 38MW at its factory in Badagandi, Bagalkot Karnataka. The
company is setting up a 60 kilo liter per day ethanol unit.

BYJU'S: US Lender Asks NCLAT to Bar Aakash From Amending Articles
-----------------------------------------------------------------
Livemint.com reports that Glas Trust Co. LLC, the US lender of
bankrupt edtech firm Byju's, has moved the National Company Law
Appellate Tribunal (NCLAT) with a fresh plea that seeks to prevent
Byju's subsidiary Aakash Educational Services from amending its
articles of association (AoA) for restructuring and fundraising.
AoAs are a company's internal rulebook that outlines how it will be
governed and operated.

Livemint.com relates that the plea follows the withdrawal of a
petition on February 25 by Singapore VII Topco, backed by
private-equity firm Blackstone, which challenged the proposed
amendment. Singapore Topco had secured a stay from the National
Company Law Tribunal (NCLT) in November 2024 that prevented Aakash
from modifying its AoA.

On March 11, the NCLAT agreed to hear the plea, issued a notice to
Aakash and Byju's resolution professional (RP), and deferred the
hearing to March 17, according to Livemint.com.

Livemint.com says the proposed amendments were contested by
minority shareholders on the grounds that they would dilute their
rights. These included investors of Singapore VII Topco, which
holds a 6.97% stake in Aakash. Blackstone argued that these changes
violated a prior merger framework agreement (MFA).

Glas Trust joined the case later, arguing the proposed amendments
would affect Byju's insolvency proceedings. Lenders fear Byju's
could tap Aakash's cash reserves or assets to manage its debt
obligations and thus exacerbate the dispute. While Think & Learn
(Byju's parent company) has been under insolvency since July 2024,
Aakash remains profitable.

On February 25, Singapore VII Topco told the NCLT it had decided to
withdraw its petition challenging the AoA amendments, Livemint.com
says. This possibly lifted the existing stay, clearing the path for
Aakash to proceed with the amendments. Following this, Glas Trust
moved the NCLAT seeking a fresh stay on the amendments, leading to
the current deliberations.

                           About Byju's

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

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

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

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

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

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

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


CHENANI NASHRI: Ind-Ra Affirms D Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chenani Nashri
Tunnelway Limited's (CNTL) bank loans' ratings as follows:

-- INR29.760 bil. * Senior long-term bank loans affirmed with IND

     D rating; and

-- INR3.720 bil. Subordinated long term bank loans affirmed with
     IND D rating.

* including USD43 million external commercial borrowings

#Senior long-term bank loans -INR27,721.1 outstanding on August
30, 2020

#Subordinated long term bank loans -INR3,342.5 outstanding on
August 30, 2020

Detailed Rationale of the Rating Action

The affirmation reflects continued delays in debt servicing by CNTL
since September 2018, as per the agency's discussions with the
management. The ratings also factor in the lack of any clarity on
the right of sponsor-infused unsecured loans to call an event of
default on CNTL's loans.

Detailed Description of Key Rating Drivers

Restriction on Debt Service: CNTL continues to be in moratorium, as
confirmed by the management. As per the National Company Law
Appellate Tribunal ruling dated March 12, 2020, CNTL was classified
as an amber entity, based on its debt-servicing ability, indicating
its inability to meet all its payment obligations, other than
operational and payment obligations towards senior secured
financial creditors.

Liquidity

Poor: CNTL's liquidity position is poor, as reflected by the
default in the repayment of bank loans and continued restriction on
debt servicing.

Rating Sensitivities

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

Negative: Not applicable

About the Company

CNTL, which is  wholly owned by IL&FS Transporation Networks
Limited ('IND D'), is a special purpose vehicle created to
implement the four-laning of the Chenani-to-Nashri section of the
National Highway 1A (including a two-lane, 9km tunnel in the
Udhampur district near Jammu) on a design, build, finance, operate
and transfer basis under a  concession agreement from the National
Highways Authority of India ('IND AAA'/Stable).

CHHATRAPATI RAJARAM: Ind-Ra Assigns B Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shri Chhatrapati
Rajaram Sahakari Sakhar Karkhana Limited's (SCRSSKL) bank
facilities as follows:

-- INR1.40 bil. Fund-based working capital limits assigned with
     IND B/Stable/IND A4 rating; and

-- INR600 mil. Proposed term loan assigned with IND B/Stable
     rating.

Detailed Rationale of the Rating Action

The ratings reflect SCRSSKL's weak credit metrics in FY24, which
Ind-Ra expects to deteriorate further in the medium term, due to
the company's debt-funded capex. The agency expects SCRSSKL's
profitability to be significantly impacted in FY25 following a rise
in cane costs and the average realization remaining low in 9MFY25.


The ratings are, however, supported by Ind-Ra's expectations of an
improvement in the entity's scale of operations and profitability
in the medium term after the completion of its capex. The
management'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 and Lower Prices Likely to Impact Profitability
in Near Term: SCRSSKL's EBITDA rose to INR144.64 million in FY24
(FY23: INR105.47 million) with the margin improving to 9.05%
(6.26%), led by the expansion in gross margin as the average sugar
realization rose to INR33,806 per metric tons (MT; INR33,357 per
MT). Prices of sugar in the domestic market increased in FY24 while
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%.

However, for the 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 a
premium for an incremental recovery, thereby increasing the cane
procurement costs for the ongoing sugar season. As a result, the
gross margin on sugar sales would significantly shrink, leading to
an impact on the entity's profitability in FY25. The entity's
average realization in 9MFY25 was INR34,223.50 million as the
market prices of sugar fell to a 20-month low in December 2024. The
prices rebounded in January 2025 due to lower production estimates
and the government allowing exports up to 1 million MT which is
likely to support the realization in 4QFY25. However, Ind-Ra
expects a significant decline in the EBITDA margin in FY25 before
an improvement in the medium term.

Credit Metrics likely to Remain Weak in Medium Term: Due to an
elongation of the net working capital cycle to 325 days in FY24
(FY23: 281 days), owing to lower sales volume, SCRSSKL's short-term
debt rose to INR1,095.93 million (INR852.74 million), exceeding the
net working capital requirement. However, the net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) reduced slightly to 14.09x in
FY24 (FY23: 19.28x) but remained weak, while the gross interest
coverage (operating EBITDA/gross interest expense) increased
slightly to 1.15x (0.81x). Due to a likely fall in the inventory
levels in FY25 following a fall in sugar production in the ongoing
season, the agency expects the short-term debt utilization to come
down in FY25. However, the credit metrics are likely to be impacted
significantly by the management's capex plans of around INR1,500
million for FY26. Furthermore, the entity is also in the process of
availing working capital term loans of around INR1,650 million to
repay the pre-season loans and support the working capital
requirement in the medium term. Ind-Ra, hence, expects the credit
metrics to remain weak in FY25 and in the medium term.

Free Cash Flow likely to be Negative in Medium Term due to Planned
Capex: SCRSKKL's cash flow from operations improved but remained
negative in FY24 at INR23.44 million (FY23: negative INR425.4
million) led by an improvement in its internal accruals. Ind-Ra
expects the cash flow from operations to improve further in FY25,
due to a likely fall in the inventory levels in FY25, due to lower
production. The entity plans capex of INR1,500 million to be
incurred in FY26 to enhance the sugar mill's capacity to 4,800 tons
of cane per day (TCD) from SS25-26 (October-September; from 3,500
TCD) and to install 18.5 megawatt (MW) co-generation plant to
diversify its revenue as it does not have any cogeneration revenue
at present. Ind-Ra expects the capex outlay to impact SCRSSKL's
free cash flow significantly in FY26 and in the medium term.

Likely Improvement in Scale of Operations in Medium Term due to
Forward Integration: SCRSSKL's revenue declined to INR1,598.1
million in FY24 (FY23: INR1,683.88 million) due to lower sugar
sales following a ban on exports. The company's scale of operations
remained medium. Ind-Ra expects the revenue to improve slightly in
FY25, due to the higher domestic quota received in FY25 and the
entity is receiving an export quota of 1,533 MT. The agency expects
the scale of operations to improve significantly from FY26, driven
by the expansion of the crushing capacity and its diversification
into the co-generation segment. Nevertheless, this depends on the
entity tying up the co-generation capacity for external sales to
the state authority or private companies.

Long Operational Track Record: SCRSSKL has been in the sugar
manufacturing business for around four decades and has an
established track record in mitigating the various cyclical changes
in the sugar industry. The entity operates in association with
several producer members, ensuring regular sugarcane procurement
every season and more financial flexibility in paying cane dues.

Liquidity

Poor: SCRSSKL had unencumbered cash and cash equivalents of
INR11.93 million at FYE24 (FYE23: INR8.16 million). The average
maximum utilization of the entity's fund-based working capital
limits or the 12 months ended December 2024 was 94.94%. The current
ratio was 1.4x in FY24 (FY23: 1.8x). The entity has repayment
obligations of INR150.69 million and INR106.28 million in FY25 and
FY26, respectively, excluding the pre-seasonal loans.

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: A significant improvement in the scale of operations, the
successful completion and the ramp-up of the proposed capex, 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 1983, SCRSSKL produces sugar and related by products
from sugar processing. The company has a 3,500 TCD sugar mill
located in Kolhapur, Maharashtra and is planning for forward
integration into external sales of power by installing an 18.5 MW
cogeneration plant from SS25-26.

CMT MECHANIZED: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CMT Mechanized
System Private Limited's (CMT) bank loans to 'IND BB' from 'IND
BB+'. The Outlook is Stable.

The detailed rating actions are:

-- INR20 mil. Fund-based working capital limits assigned with IND

     BB/Stable/IND A4+ rating;

-- INR60 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating;

-- INR100 mil. Term loan due on March 31, 2031 assigned with IND
     BB/Stable rating;

-- INR80 mil. Term loan due on March 31, 2031 downgraded with IND

     BB/Stable rating;

-- INR280 mil. Fund based working capital limit Long-term rating
     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating;

-- INR190 mil. (reduced from INR220 mil.) Non-fund based working
     capital limit affirmed with IND A4+ rating; and

-- INR420 mil. Proposed term loan* is withdrawn.

*The company did not proceed with the instrument envisaged.

Detailed Rationale of the Rating Action

The downgrade in ratings, factors in the current credit profile of
CMT, following the co-operation by the company while reviewing. The
downgrade also reflects CMT's continued medium scale of operations,
average EBITDA margins and credit metrics, and stretched liquidity
in FY24. Ind-Ra expects the EBITDA to improve in FY25 due to a
better absorption of fixed costs and high profitability orders. The
agency expects the revenue to decrease and the credit metrics to
deteriorate in FY25. The ratings are supported by the promoters
nearly two decades of experience in manufacturing of railways
compartment, leading to established relationships with customers.

Detailed Description of Key Rating Drivers

Continued Medium Scale of Operations: In FY24, CMT's revenue
remained largely stable at INR1,705.02 million in FY24 (FY23:
INR1,742.78 million) due to similar order execution. During
FY23-FY24, the company constructed two new railway manufacturing
sheds. The EBITDA decreased to INR83.92 million in FY24 (FY23:
INR94.08 million) owing to a proportionate increase in the
operating expenses and a decrease in the sales of its high-margin
products. In 10MFY25, The company's revenue stood at INR657.20
million along with EBITDA of INR68.72 million. The company had
orders worth INR2,680.11 million in hand at end-January 2025.Ind-Ra
expects the revenue to decrease in FY25 due to the fewer number of
orders executed and the 10MFY25 numbers. However, the agency
expects the revenue to increase in the long-term on account of a
healthy orderbook.

Average EBITDA Margins: In FY24, the EBITDA margins decreased to
4.92% in FY24 (FY23: 5.40%) due to an increase in the cost of goods
sold and a lower absorption of fixed costs. In FY24, the return on
capital employed stood at 13.2% (FY23: 25.5%). During 10MFY25, CMT
earned an EBITDA margin of 10.45% and an EBITDA of INR68.72
million. Ind-Ra expects the margins to improve in FY25 on account
of the company executing high-margin orders.

Average Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.73x in FY24 (FY23:
8.48x) and the net leverage (adjusted net debt/operating EBITDAR)
to 4.51x (1.29x), mainly due to an increase in the total debt to
INR378.69 million (INR106.73 million) to fund the debt-funded
capex. The increased debt led to a higher interest expense of
INR30.75 million in FY24 (FY23: INR9.04 million). Ind-Ra expects
the credit metrics to deteriorate in FY25 on account of an increase
in the interest expenses.

Experienced Promoters: The ratings are supported by the promoters'
nearly three decades of experience in manufacturing industrial
products for railway compartments and furnishing of railway
coaches, leading to established relationships with suppliers.

Liquidity

Stretched: CMT does not have any capital market exposure and relies
on a single bank to meet its funding requirements. Also, the
company has repayment obligations of INR29.10 million and INR31.80
million in FY25 and FY26, respectively. CMT's cash flow from
operations turned negative at INR34.50 million in FY24 (FY23:
INR17.88 million), due to unfavorable changes in the working
capital and decreased EBITDA. Moreover, its free cash flow remained
negative and decreased to negative INR244.04 million in FY24 (FY23:
negative INR119.10 million), due to the capex undertaken by the
company. The cash and cash equivalents stood at INR0.18 million at
FYE24 (FYE23: INR1.08 million). CMT's average maximum monthly
utilization of the fund-based limits was 97.39% and that of the
non-fund-based limits was 57.42% during the 12 months ended January
2025. The net working capital cycle improved to 57 days in FY24
(FY23: 66 days), on account of a decrease in the debtor days to 50
(153).

Rating Sensitivities

Negative:  Any significant decline in the scale of operations,
leading to deterioration in the liquidity position and the overall
credit metrics with the net leverage staying above 4.5x, on a
sustained basis, could lead to a negative rating action.

Positive: Sustainability in the operating profits, while achieving
a higher scale of operations and an improvement in the liquidity
position and the credit metrics, all on a sustained basis, could
lead to a positive rating action.

About the Company

CMT was incorporated in 2009, after the partnership firm M/s.
Century Machine Tools, which was formed in 1995, dissolved. The
company manufactures and supplies parts for coachwork in railway
running stock, including interior furnishing i.e. furbishing,
refurbishing of rail coaches. The factory is located at Vadodara,
Gujarat. Hansa Patel and Mani Patel are promoters of company.

D.P. BANSAL: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of D.P. Bansal
Commercial Company Private Limited (DBCCPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.35       CARE B-; 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 25,
2024, placed the rating(s) of DBCCPL under the 'issuer
non-cooperating' category as DBCCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DBCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 10, 2024, December 20, 2024 and December 30, 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

D.P. Bansal Commercial Company Private Ltd (DBCCPL) was
incorporated in September 1984 by Bansal family of Bhilai,
Chhattisgarh. Since its inception, DBCCPL has been engaged in
trading of iron and steel products like mild steel angles, plate,
channels, TMT bars and beams etc. The company procures its trading
materials from Steel Authority of India Ltd, Mahamaya Steel
Industries Ltd, Top worth Steel & Power Pvt Ltd and other steel
manufactures and sells it to clients across India. DBCCPL is
currently managed by Mr Rajneesh Bansal and Mr Rahul Dev Bansal who
have about two decades of experience in this line of business.


DODDANAVAR GLOBAL: Ind-Ra Cuts Term Loan Rating to BB-
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Doddanavar
Global Energy Private Limited's (DGEPL) term loan rating to 'IND
BB-/Negative (ISSUER NOT COOPERATING)' from 'IND BB+/Stable (ISSUER
NOT COOPERATING)'. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the ratings.

The detailed rating action is:

-- INR657.67 mil. Term loan due on June 30, 2029 downgraded with
     IND BB-/Negative (ISSUER NOT COOPERATING rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with DGEPL while reviewing the
ratings. Ind-Ra had consistently followed up with DGEPL over
emails, apart from phone calls since December 2022. The issuer has
also not been submitting their monthly no default statement since
March 2024.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of DGEPL 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 DGEPL'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. DGEPL has been
non-cooperative with the agency since December 21, 2022.

About the Company

DGEPL has developed and commissioned a 47MW wind power project in
Belgaum, Karnataka.

F T TEXTILES: Ind-Ra Keeps B+ Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained F T Textiles
Private Limited's bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR4.50 mil. Non-fund-based working capital limits**
     maintained in non-cooperating category and withdrawn;

-- INR75 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR29.24 mil. Term Loan# due on November 30, 2024 maintained
     in non-cooperating category and withdrawn.

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

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

# Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)' before
being withdrawn

Detailed Rationale of the Rating Action

The ratings have 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, no-objection
certificate and no-dues 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 F T Textiles while
reviewing the rating. Ind-Ra had consistently followed up with F T
Textiles over emails, apart from phone calls. The issuer has  also
not been submitting the monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of F T Textiles, 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. F T Textiles has
been non-cooperative with the agency since June 2020.

About the Company

F T Textiles was incorporated in January 2010 in Bhiwandi (Thane)
by Fayyazuddin Mulla. It manufactures grey fabrics and sells them
under the brand name FT Guru, mainly in Surat (Gujarat).

GLOW MAC: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Glow Mac
Lighting Private Limited (GMLPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       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 21,
2024, placed the rating(s) of GMLPL under the 'issuer
non-cooperating' category as GMLPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GMLPL continues to be noncooperative despite
repeated requests for submission of information through e-mails
dated January 6, 2025, January 16, 2025 and January 26, 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

Rajasthan based Glow Mac lighting Private Limited (GMLPL),
incorporated in February 18, 2008, and is being managed by Mr. Arun
Kumar Jain and Mr. Vibhor Jain. The company is engaged in the
manufacturing of various electrical items such as LED (Light
Emitting Diode) and Non-LED lights such as Garden Light, Bollard
light, Wall Light, Street Light Pole etc and fittings and fixtures
at its manufacturing facility located in Bhiwadi (Rajasthan).


GURUKRIPA PARBOILING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gurukripa
Parboiling (GP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.99       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 8,
2024, placed the rating(s) of GP under the 'issuer non-cooperating'
category as GP had failed to provide information for monitoring of
the as agreed to in its Rating Agreement. GP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 24, 2024, January 3,
2025, 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

Madhya Pradesh based Gurukripa Parboiling (GP) was formed in July,
2017 by Mr Sunil Jain, Mr Amit Jain and Ms Sapana Jain. GPB was
formed with an aim to set up a rice mill with an installed capacity
of 7 tonne per hour as on March 31, 2021. GPB has completed project
for setting up rice mill having total cost of INR12 crore and
commenced commercial operation from September, 2019 onwards. Alok
Rice Mill is an associate entity of GPB engaged into processing of
non-basmati rice since 1996.

HIRANYAKESHI SAHAKARI: CARE Cuts Rating on INR60cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shri Hiranyakeshi Sahakari Sakkare Karkhane Niyamit (SHSSKN), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       60.00      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. (CARE Ratings) has been seeking information from
SHSSKN to monitor the rating vide e-mail communications/ letters
dated January 7, 2025, January 9, 2025, February 19, 2025, and
February 21, 2025, and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the ratings.

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

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 has been revised on account of the absence of latest
information pertaining to the firm, such as operational
information, FY24 financials, liquidity profile, etc., in order to
ascertain its ability to timely repay debt. However, the rating
continues to factor in the experience of the promoters in the sugar
and its processing business.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

At the time of last rating on April 1, 2024, the following were the
rating strengths and weaknesses:

Key weaknesses

* Stagnant scale of operations: The scale of operations of the
Society has remained stagnant in FY23 and stood at INR410.53 Cr
when compared to INR410.18 Cr in FY22 due to decline in sugar
products but was cushioned by better sales realization. In 9MFY24,
the Society has achieved total sales of INR314.56 crores.

* Cyclical and regulated nature of the industry: The industry is
cyclical by nature and is vulnerable to the government policies for
various factors like its importance in the Wholesale Price Index
(WPI), as sugar is classified as an essential commodity. The
governments (both Union and State) resort to various regulations
such as fixing the raw material (sugarcane) prices in the form of
Fair & Remunerative Prices (FRP) and State Advised Prices (SAP).
All these factors impact the cultivation patterns of sugarcane in
the country and thus affect the profitability of the sugar
companies. India also continues to carry high levels of sugar
inventory largely due to the controlled release mechanism followed
by the Government.

* Negative net worth: The Society has to maintain higher sugar
inventory levels due to government restrictions. This led to losses
which was predominantly funded with debt leading to increasing
interest costs. Due to no equity infusion and negligible profits,
net worth of Society has turned negative. Going forward, Society
expects operations to turn profitable on back of increased sugar
production and sales and increased contribution from high margin
ethanol plant. The Society expects to make profits in FY25 once the
ethanol production commences in September 2024.

* Inherent to Agro-climactic risk: The sugar industry, being
directly dependent on the sugarcane crop and its yield, is
susceptible to agro climatic risks including pest & diseases.
Climatic conditions, more specifically, the monsoons influence
various operational parameters for a sugar entity, such as the
crushing period and sugar recovery levels.

Key strengths

* Diversified scale of operations: Apart from 8000 TCD sugar plant,
the Society has diversified its operations into cogeneration plant
having capacity of 45 MW and distillery unit with capacity of 54
KLPD. In the year FY23, sugar segment alone contributed around 76%.
Society is planning into ethanol expansion by increase in their
distillery unit capacity to 150 KLPD and which may help in order to
improve the profitability of the society as whole. The Society
expects the ethanol production to start from September 2024, once
the project gets completed. With the ethanol sales commencement,
the Society expects to improve profitability.

* Favourable location of the sugar plant: Sugar plant is located at
Sankeshwar, Hukkeri Taluk in Belgavi district of Karnataka which
shares its borders with Maharashtra state. The sugarcane comes from
the farmer member of the society located in and around the sugar
plant and the plant is located near major rivers such as
Ghataprabha, Markhandeya, Doodhaganga, Krishna, Malaprabha which
provides uninterrupted water supply to the plant. The society's
recovery rate stood at the range of 9.50-10.50%. The society is
expected to maintain the similar level of recovery percentage in
the projected years which helps in maintaining the production in
the similar levels.

SHSSKN is a cooperative society, established in 1956 under Multi
State Cooperative Societies Act, as it has members both in
Karnataka and Maharashtra and started its first trial of crushing
in 1961. SHSSKN operates in 233 villages in Karnataka and 77
villages in Maharashtra within a radius of 22 miles. SHSSKN
operates sugar mill with crushing capacity of 8,000 TCD, distillery
Unit of 54KLPD and cogeneration power plant of 41 MW. Sugar is sold
based on tenders received from various brokers. Current capacity to
produce ethanol is 54 KLPD which going forward will be expanded to
100 KLPD.


INFISSI FENESTRATION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Infissi
Fenestration LLP (IFL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.23       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of IFL under the 'issuer
non-cooperating' category as IFL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IFL continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 27, 2024,
December 7, 2024, December 17, 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: Stable
Haryana based Infissi Fenestration LLP (IFL) was established in
2015 as Limited Liability Partnership. Mr. Abhiman Kansal, Mr.
Nakul Kansal, Mr. Rajinder Bansal and Ms. Aanchal Bansal are
partners. The firm is engaged in manufacturing of steel
reinforcement which finds application in manufacturing of UPVC
(Unplasticized polyvinyl chloride) products (door, window etc). Its
manufacturing facility located in Faridabad, Haryana. The firm
undertakes trading of hardware items related to doors and windows
that it import from China.


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 and simultaneously
withdrawn the same as follows:

-- Long-Term Issuer Rating affirmed and withdrawn.

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

Detailed Rationale of the Rating Action

The rating reflects IPPL's continued modest EBITDA margins and
credit metrics and stretched liquidity over FY23-FY24. 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.

Ind-Ra is no longer required to maintain the ratings, as it has
received withdrawal request from the issuer. This is consistent
with Ind-Ra's Policy on Withdrawal of Ratings.

Detailed Description of Key Rating Drivers

Continued Modest 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%). In FY25, Ind-Ra
expects the EBITDA margins to remain at the similar level but would
be vulnerable to raw material price fluctuations. The raw material
costs accounted for around 30% of the overall revenue in FY24
(FY23: 38%).

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

IPPL plans to incur a capex of INR343 million at 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
internal accruals and unsecured loans of INR77 million. Until
January 25, 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.

Likely Improvement in Scale of Operations in Near Term: 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 and better realization for some products.
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
flexible intermediate bulk container bags.

Experienced Promoters: The ratings are supported by the promoters'
nearly three decades of experience in poly-propylene bag
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 stood 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.

About the Company

Incorporated in September 1998, West Bengal-based IPPL started
operations in 2019 and is into manufacturing and supply of all
kinds of PP bags such as cement bags, food grain bags, fertilizer
bags, shopping bags among others. IPPL has around 50 products in
its portfolio. The entity is promoted by Ramesh Kumar Rateria and
the head office is in Kolkata. It has a plant at Abujhati, Burdwan,
West Bengal.

J EKLERA REALTY: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated J Eklera Realty LLP's
(J Eklera) bank facilities as follows:

-- INR550 mil. Term loan assigned with IND BB-/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects J Eklera's medium offtake risk, and time and
cost overrun risks related to the ongoing projects Silent Residency
and Silent Sky. Furthermore, J Eklera has not yet achieved the
financial closure, leading to a moderate offtake risk. Ind-Ra
expects the bookings to increase as the project approaches
completion. The ratings are, however, supported by the promoter's
more than three decades of experience in this industry and the
projects' well-connected locality.

Detailed Description of Key Rating Drivers

Moderate Offtake Risk: The rating is constrained by the moderate
offtake risk for J Eklera's two ongoing projects. At end-December
2024, the company had received bookings for 20 units (7%) of total
280 units of its Silent Residency project, with pending receivables
of around INR45.34 million against a pending construction cost of
INR401.30 million. For the same period, out of total 224 units of
the Silent Sky project, 11 units (5%) had been booked with pending
receivables of around INR22.1 million against pending construction
cost of INR290.6 million.  Ind-Ra expects the booking velocity to
increase in the medium term as the projects approach completion.

Financial Closure yet to be Achieved: At end-December 2024, as per
Ind-Ra's calculations, the projects, on a combined basis, were 44%
complete; the balance project cost of INR548 million is planned to
be met through a debt of INR274.59 million, promoters' infusion of
around INR156.21 million and sales collection of INR32.24 million.
After factoring in the undisbursed debt and the committed
receivables, J Eklera is required to make an additional sale of
around INR301.16 million accounting for 19.55% of the total project
cost to achieve a financial closure for completing the projects.

Time and Cost Overrun Risk: The total cost of two ongoing projects
is estimated to be INR1,240 million, which is to be funded by a
promoters' contribution of INR283.29 million (23%), unsecured loans
of INR100.58 million (8%), customer advances of INR286.5 million
(23%) and a term loan of INR570 million (46%). At end-December
2024, J Eklera had incurred INR548 million, which was funded
through promoters' contribution of INR156.21 million, unsecured
loans of INR59.24 million, a term loan of INR274.59 million and
customer advances of around INR32.24 million. Although the
projects' progress is in line with the execution schedule, the
ongoing project remain vulnerable to time and cost overrun risks.

Favorable Location: The ongoing projects are located at Valak,
Surat which is only 10.1km away from the Surat railway station and
are in proximity to shopping complexes, educational hubs and
hospitals.

Promoters' Experience: The ratings are further supported by the
promoters' experience of around three decades in real estate
development. The company has, so far, successfully completed and
sold more than 15 projects with limited time and cost overruns.

Liquidity

Stretched: The rating is constrained by a likely cash flow-mismatch
risk if the advances from customers are lower than Ind-Ra's
expectations. The firm does not have any exposure to the capital
market and relies on bank loan and promoter funds to meet is
funding requirements. J Eklera had a low cash balance of INR0.61
million at FYE24 (FYE23: INR0.20 million). The company will have
scheduled debt repayments of INR570 million, for which repayments
will start from FY28. The minimum debt service coverage ratio, as
per the management, will be 1.26x during FY25-FY29.

Rating Sensitivities

Negative: Time or cost overruns and lower-than-Ind-Ra-expected
sales volume or lower realization from bookings, leading to
stressed cash flows, could lead to a negative rating action.

Positive: Higher-than-expected sales and the timely receipt of
advances from customers, leading to stronger cash flows, could lead
to a positive rating action.

About the Company

J Eklera was established as a partnership firm in 2022 to undertake
the construction of residential and commercial real estate projects
in Surat. The partners of the firm are Jayant Babariya, Pravina
Babariya and Manish Savsaviya. The firm has two ongoing projects,
Silent Residency and Silent Sky, with a total saleable area of
around 360,636 square feet.

JANA CAPITAL: Ind-Ra Assigns BB Rating, Outlook Stable
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Capital Limited's (JCL) non-convertible debentures
(NCDs):

-- INR14.10 bil. Non-convertible debentures affirmed with IND BB/

     Stable rating; and

-- INR1.350 bil. Non-convertible debentures assigned with IND BB/

     Stable rating.

*Details in Annexure

Analytical Approach

To arrive at the rating, Ind-Ra continues to take a consolidated
view of JCL and its 100% subsidiary, Jana Holdings Limited (JHL;
debt rated at 'IND BB'/Stable), as both the entities have a
cross-default clause with each other's indebtedness. The rating
also factors in the credit profile of Jana Small Finance Bank
(JSFB; 22.35% stake held by JHL; debt rated at 'IND A'/Stable),
using Ind-Ra's Rating FI Subsidiaries and Holding Companies
criteria.

Detailed Rationale of the Rating Action

The ratings continue to reflect JCL and JHL's weak financial risk
profile as reflected in their net losses, weak capitalizations,
stretched liquidity and high refinancing risks, given their limited
financial flexibility. However, the ratings are supported by the
JSFB's credit profile, its ability to manage asset quality metrics
better than peers amid challenging environment, adequate
profitability and adequate capitalizations after its public issue.
The rated NCDs are held by TPG Asia VI India Markets Pte. Ltd and
are junior to JHL's other debt issuances.

The common independent director serving on the boards of Ind-Ra and
JCL/JHL did not participate in the rating process or in the meeting
of its board of directors or in the meeting of the rating
committee, when the securities of such rated client were being
discussed.

Detailed Description of Key Rating Drivers

Ability to Garner Low-cost Deposit Monitorable: The share of
deposits in non-equity liabilities rose to 87% in 9MFY25 (FY24:
81%; FY23: 68%; FY22: 71%; FY21: 69%), largely due to the bank's
increased focus on digital banking and higher deposit rates than
mainstream banks. The current account and saving account (CASA)
ratio to the total deposits remained moderate at 18.4% in 9MFY24
(FY24: 19.7%; FY23: 20.2%; FY22: 22.5%; FY21: 16.3%). JSFB's cost
of funds increased over FY24- 9MFY25, in line with the increase in
policy rates to 8% in 9MFY25 (FY24: 7.8%; FY23: 7.0%; FY22: 7.4%;
FY21: 8.6%). The cost of funds remained slightly higher than its
peer small finance banks. The management aims to improve the bank's
CASA ratio to around 30% in the near- to medium term. Its ability
to continue to garner deposits while reducing the spread between
the mainstream banks remains a key rating monitorable over the
medium to long term.

High Refinancing and Valuation Risks for Holding Company: The
issued NCDs continue to face refinancing risks. The NCDs need to be
repaid to the extent of the principal and at the rate of return
promised to the investors. JHL and JCL have upcoming repayments in
the near term, with repayments of INR1.12 billion as of December
2024 which would be paid in April 2025 and INR0.15 billion as of
December 2024 that would be paid in June 2025. Although the company
was able to service its debt repayments in the past through NCD
issuances, it faces refinancing risk, given the limited financial
flexibility of the holding companies as they do not have any
operations of their own and the repayment of NCDs is contingent
upon the bank's standalone performance.   

Weak Standalone Financial Profile - JCL: As of 9MFY25, JCL's
earnings profile remained weak with a net loss of INR6,697 million
(FY24: negative INR10,570 million; FY23: negative INR3,570
million). Moreover, JCL was unable to meet the minimum capital
requirement of 30% as per the regulatory requirements for a
non-banking financial institute-core investment company in 9MFY25.
FY24 auditor report indicated concerns related to the going concern
principle for JCL considering the accumulated losses, and the
resultant erosion in the net worth and breach of the regulatory
financial parameters.  

Diversified Portfolio Mix with Growing Share of Secured Products:
At 9MFYE25, JSFB's total advances stood at INR279.8 billion (FY24:
INR247.5 billion; FY23: INR198.1 billion; FY22: INR152.6 billion).
It had a well-diversified portfolio across products such as
affordable housing loans (20%), micro loan against property (LAP;
19%), secured small, medium enterprise (SME) loans (14%), vehicle
loans, gold loans and loans to non-bank financial companies (15%)
and unsecured microfinance loans (32%) as of 1HFY25. JSFB was
mainly operating in the microfinance segment after becoming a bank
in 2018.   

JSFB is strategically shifting to a secured loan portfolio; the
share of secured loans in its portfolio increased to 68% at 9MFYE25
(FYE24: 60%; FYE23: 55%; FYE22: 53%). Ind-Ra expects this to
further increase to around 80% by FY27-FY28, with it mainly
focusing on home loans, LAP and secured SME loans. Ind-Ra expects
JSFB to maintain loan growth of around 20% over the medium term and
might not launch any new products.  

Maintained Better-than-peers' Asset Quality Metrics amid
Challenging Macro Environment: JSFB's gross non-performing assets
(NPA)/net NPA continuously improved to 2.0%/0.5% in FY24 (FY23:
3.6%/2.4%; FY22: 5%/3.4%; FY21: 6.7%/4.8%). The bank has also
improved its provision coverage ratio (PCR) to 73.7% in FY24 (FY23:
34%; FY22: 32.2%; FY21: 27.9%). As of 9MFY25, the gross NPA/net NPA
increased to 2.7%/0.99%, mainly amid an increase in delinquencies
in the microfinance portfolio with credit costs reducing to 3.1%
(FY24: 3.3%; FY23: 4.8%; FY22: 4.3%). JSFB's shift to the secured
portfolio mix over the past few years with cautious growth in the
microfinance portfolio (CAGR of 3.95% over FY21-9MFY25, much lower
than the industry's 20%-25%) supported the bank in managing the
current asset quality stress cycle compared to its peers, as per
the agency. Ind-Ra does not expect any further major stress in the
microfinance portfolio and any further increase in delinquencies
would be manageable. The bank's PCR stood at 66.9% in 9MFY25,
Ind-Ra expects the bank to maintain the PCR of 65%-70% in the near
to medium term. With a substantial and growing proportion of
secured portfolio mix and the adequate provisioning in place, the
agency expects its credit costs to remain at 2%-3% in the near to
medium term.  

Adequate Capitalization post Public Issue: JSFB's capital ratios
were constrained prior to FY23 and were just above the minimum
regulatory capital ratios of 15%. However, its Tier 1 capital ratio
improved to 19% at FYE24 (FYE23: 13.02%; FYE22: 11.83%; FYE21:
11.75%) and the total capital adequacy ratio to 20.4% (15.57%;
15.26%; 15.51%), supported by it raising INR5.46 billion through a
pre-initial public offering (IPO), INR4.6 billion through the IPO
and the improved profitability, leading to higher accretion to
reserves. In 9MFY25, the total capital adequacy stood at 20.4%
(including 9MFY25 profits). Its capital ratios were also
constrained by a high net NPA/equity ratio. However, with the
improving provisioning levels, the net NPA/equity improved to
comfortable levels of 6.3% in 9MFY25 (FY24: 3.7%; FY23: 26.0%;
FY22: 42.8%; FY21: 54.9%).  

Adequate Profitability Profile: JSFB's net interest margins (NIMs)
slightly declined to 7.6% in 9MFY25 (FY24: 8.0%; FY23: 7.7%; FY22:
7.3%; FY21: 8.4%) amid a decline in disbursements in high-yielding
microfinance loans, but it remained higher than other mainstream
banks as it caters to high-yielding informal segment borrowers.
The cost-to-income ratio increased slightly to 60.1% in 9MFY25
(FY24: 57.4%; FY23: 56.2%; FY22: 66.0%) amid the decline in NIMs.
Overall, the pre-provision operating profit (PPOP) buffers improved
over FY22- 9MFY25, with PPOP/credit cost standing at 1.6x in 9MFY25
(FY24: 1.8x; FY23: 1.3x; FY22: 1x). The bank's profit stood at
INR3.78 billion in 9MFY25 (FY24: INR6.7 billion; FY23: INR2.56
billion; FY22: INR0.05 billion; FY21: INR0.84 billion; FY20: INR0.3
billion) with a slight decline its return on average asset (RoA) to
1.5% (1.8%; 1.1%; 0.03%; 0.5%; 0.3%). The agency believes the bank
has the scale to be adequately profitable and expects the credit
costs to moderate to 1.5%-2% with the rise of secured loans in the
portfolio, which could help it maintain an RoA of 1.8%-2 % in the
near- to medium term.

Liquidity

JCL - Poor: JCL does not have cash flows to service its debt
obligations and will have to depend on the monetization of its
stake in JSFB or the secondary sale of shares, refinancing, among
other options, before the maturity date of the respective
instruments. The agency expects no dividend income from JSFB over
the medium term. JHL and JCL are also getting merged, for which,
INC-22 has been filed, and relevant approval from the Registrar of
Companies has been passed on January 24, 2025. Furthermore, the
debt raised by the holding companies are in the form of zero-coupon
bonds, which is leading to lumpy pay-outs on maturity.

JSFB - Adequate: JSFB maintained strong liquidity coverage ratio of
279% in 9MFY25 (FY24: 296%, FY23: 510%; FY22: 555%, FY21: 1,200%),
well above the minimum regulatory requirement of 100% supported by
61% of bulk deposit are non-callable and 89.8% of bulk deposits are
contracted at one-year and above. The bank, however, had an
asset-liability mismatch of 15.4% in the up to one-year bucket as
on 30 December 2024, given substantial amount of long -tenor
affordable housing and SME loans. However, this is adequately
covered by its excess statutory liquidity requirement of INR12
billion as of 9MFY25 and unutilized lines available from
refinancing institutions of over INR11 billion.

Rating Sensitivities

Negative: The following events could lead to a negative rating
action:

-- JSFB's inability to raise adequate funds before refinancing
leading to default

-- the bank's inability to manage the asset quality, leading to a
sharp rise in the credit costs

-- its failure to mobilize sufficient deposits

-- the bank's capitalization levels (tier I capital risk adequacy

ratio) falling below 15.0%

sustained deterioration in the bank's liquidity buffers

Positive: The following events could lead to a positive rating
action:

-- substantial improvement in the holding companies' debt metrics


-- a continued improvement in the bank's scale of operations with
increased proportion of secured asset mix while maintaining its
profitability

-- the bank's ability to garner low-cost deposits

-- JSFB maintaining adequate capitalizations

-- the bank's demonstrated ability to manage its asset quality
better than peers.

About the Company

JCL was incorporated on March 26, 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated March 24, 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934. JSFB had total advances of
INR279.8 billion and a diversified presence across 22 states and 2
union territories in India at end-December 2025.

K P SOLVEX: CARE Lowers Rating on INR48.39cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
K P Solvex Private Limited (KPSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      48.39       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Downgraded from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category


   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) has been seeking information from
KPSPL to monitor the rating(s) vide e-mail communications dated
January 3, 2025; February 20, 2025, and February 24, 2025, among
others and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings.

In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. The rating on KPSPL's bank facilities will now be
denoted as CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of the non-availability of
requisite information due to non-cooperation by KPSPL with CARE
Ratings Ltd.'s efforts to undertake a review of the ratings
outstanding. CARE Ratings Ltd. views information availability risk
as a key factor in its assessment of credit risk. The ratings
assigned to the bank facilities of KPSPL continue to be constrained
by modest and fluctuating scale of operations with thin
profitability margins and weak debt coverage indicators. Further,
the ratings are also constrained by susceptibility to commodity
prices as well as government regulations and highly fragmented and
competitive nature of the industry. The ratings, however, derive
strength from experienced directors, comfortable capital structure
and short operating cycle.

Analytical approach: Standalone

Outlook: Stable
CARE Ratings believes that despite the price volatility in the
prices of edible oils and de-oiled cake in near term, the entity is
likely to sustain its financial risk profile in the medium term and
will continue to benefit from the experience of directors.

Detailed description of key rating drivers: At the time of last
rating on June 3, 2024, the following were the ratings weaknesses
and strengths.

Key weaknesses

* Modest and fluctuating scale of operations: KPSPL's scale of
operations has remain modest as evident from total operating income
(TOI) of INR347.92 crore and gross cash accruals of INR0.90 crore
respectively, during FY23 (refers to the period April 01st to March
31st) as against INR275.32 crore and INR6.63 crore respectively,
during FY22 on account of higher demand with increase in prices of
edible oils. Nevertheless, the modest scale limits the company's
financial flexibility in times of stress. Moreover, KPSPL's scale
of operations remained fluctuating for the period FY21-FY23. TOI
registered improvement in FY21 thereafter declined in FY22. In FY22
the scale of operations has shown y-o-y decline of around 16.19% to
INR274.94 crore during FY22 from INR328.06 crore in FY21 primarily
on account of lower intake from its existing customers which
further improved to INR347.92 crores in FY23. Further, during FY24
company has achieved TOI of INR320.59 crores which was slightly
lower than the FY23 owing to significant reduction in prices of
edible oils.

* Thin profitability margins: The profitability margin of the
company stood thin for the past three financial years (0.82%-3.32%)
mainly on account of limited value addition along with its presence
in the highly fragmented and competitive industry. PBILDT margin of
the company declined to 0.53% in FY23 as against 3.46% in FY22 on
account of fluctuation in raw material prices. Further, PAT margin
also declined to 0.14% in FY23 as against 2.16% in FY22 backed by
declining PBILDT level. Further, PBILDT margin is expected to
remain range-bound between 1.5.00%-2.00% going forward.

* Weak debt coverage indicators: The debt coverage indicators of
the company stood weak as marked by interest coverage ratio and
total debt to gross cash accruals (GCA) of 1.3x and 24.46x
respectively, for FY23 as against 13.65x and 3.54x respectively,
for FY22. The deterioration is on the back of substantial decline
in PBILDT coupled with high finance cost, consequently leading to
lower gross cash accruals.

* Susceptibility to commodity prices as well as government
regulations: KPSPL uses mustard cakes and soya bean seeds as the
key raw material for the extraction process. Being an agricultural
commodity, its availability and prices to a certain extent are
affected by various factors like rainfall during the year, crop
pattern, area under cultivation as well as minimum support prices
(MSP) in domestic market, global pricing scenario (linked to global
demand supply) and government policies leading to volatility in the
same. Furthermore, soya oil is also exposed to changes in duty
structure policies by government on both crude and refined soya
oil. Any sudden spurt in raw material prices may not be passed on
to customers completely owing to company's presence in highly
competitive industry and may adversely affect the profitability of
the company.

* Highly fragmented and competitive nature of the industry:
Extraction business in India is highly fragmented due to presence
of large number of unorganized players in the lower end of the
bulk segment and presence of large and established players in the
high end of market attributable to low entry barriers such as low
capital and low technical requirements of the business and a
liberal policy regime. Due to high degree of fragmentation, small
players hold very low bargaining power against both its customers
as well as its suppliers. Further, most of the manufacturers offer
similar products with little difference generating intense
competition resulting in lower margins for most of the players.
Further, availability of varieties of edible oils such as rice bran
oil, sunflower oil, palm oil, groundnut oil, etc. which can be
substituted for one another also adds on the competition.

Key strengths

* Experienced directors: The company is managed by Indra Kumar
Kochar, Bal Kishan Trivedi and Kushal Chand Jain. Indra Kumar
Kochar is the managing director of the company. He has done B.com
and has vast experience of more than five and a half decades in the
edible oil industry. Bal Kishan Trivedi and Kushal Chand Jain are
the director of the company. Bal Kishan Trivedi has done B.E.
(Mech) and has around six decades of experience in the industry
whereas Kushal Chand Jain has done B.E. (Chem) has five decades of
experience in the industry. Indra Kumar Kochar heads the
administrative team and looks after the sale-purchase function.
Further, Bal Kishan Trivedi and Kushal Chand Jain looks after the
production function, quality control and refining activity. All of
them are supported by Saurab Kochar who has done MBA and Pankaj
Jain who is a mechanical engineer and look after sales and
marketing of finished products and purchase of raw materials. Both
of them holds extensive experience of two decades and three decades
respectively in the industry.

* Comfortable capital structure: As on March 31, 2023, the debt
profile of the company comprises of working capital bank borrowings
of INR19.11 crore and Term loan of INR2.88 crores. The capital
structure of the company as marked by overall gearing ratio
continue to remain moderate at 0.91x as on March 31, 2023, showing
marginal improvement from 1.00x as on March 31, 202 primarily on
account of repayment of term in FY23.

* Comfortable operating cycle: The operating cycle of the company
stood comfortable at 31 days for FY23. The company maintains
adequate inventory of raw material for smooth running of its
production processes and finished goods to ensure prompt delivery
to its customers resulting in an average inventory holding period
of around 30 days for FY23. Further, the company offers credit
period of around 2 days to its customers and receives payable
period of around 2 days from its suppliers. Further, the average
utilization of the working capital limits remained between 70-80%
utilized for the past 12 month's period ending January 2025.

Liquidity: Stretched

The liquidity position of the company remained stretched
characterized by tightly matched accruals vis-à-vis repayment
obligations. The company is expected to generate envisage GCA of
INR2.50 crore for FY25 against repayment obligations of INR2.24
crore. Further, company has free cash and bank balance which stood
at INR2.10 crore as on March 31, 2023. Moreover, working capital
limits are `~70-80% utilized for the past 12 month's period ending
January 2025.

Niwari (Madhya Pradesh) based, KPSPL was incorporated in January
25, 1983 as a private limited company. The company is currently
being managed by Indra Kumar Kochar (Managing Director), Bal Kishan
Trivedi (Director) and Kushal Chand Jain (Director). The company is
engaged in the business activity of extraction and processing of
oil, oil seeds, oil cakes and de-oiled cakes (DOC). The
manufacturing facility of the company is located in Tehsil Niwari
of Tikamgarh in the state of Madhya Pradesh having an installed
capacity to process 1,00,000 MT of solvent extraction plant and
15,000 MT of refinery Unit. The company caters to the domestic
market mainly in the state of Bihar, Jharkhand, West Bengal,
Maharashtra, etc. and also has presence in the neighbouring
countries like Pakistan, Bangladesh, Nepal, etc. The major raw
materials required are soyabean and mustard which the company
procures from the nearby areas of Niwari from the merchants.


K.M. GLOBAL: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated K. M. Global Credit
Private Limited's (KMGC) non-convertible debentures (NCDs) as
follows:

-- INR425 mil. Non-convertible debentures# assigned with IND BB+/

     Stable rating.

# Yet to be issued

Detailed Rationale of the Rating Action

The rating reflects KMGC's loss-making operations, unseasoned book
with limited track record of operations and evolving business
model. However, the rating is supported by the capital infusion of
INR483 million since inception and the company's plan to raise
further capital to support growth in FY26. The rating also benefits
from KMGC's reasonably diversified funding profile at the current
level of operations. Ind-Ra has also factored in the company's plan
to increase the proportion of secured loans in the portfolio.

Detailed Description of Key Rating Drivers

Evolving Business Model: KMGC started its lending operations in
FY19 with various products i.e. healthcare, education, electric
vehicle, home decor, consumer durables and personal loans. Starting
FY23, KMGC decided to focus on secured loans i.e. solar rooftop
loans due to asset quality pressure in the existing unsecured
products. At 7MFYE25, solar rooftop loans formed 40.4% of the
overall assets under management (AUM; FY24: 21.8%, FY23: 7.3%),
followed by education upscaling loan (34.2%, 47.6%, 61.8%), home
decor (12.8%, 15%, 14.8%), healthcare (6.5%, 8.9%, 7%) and other
loans (6.1%, 6.7%, 9.1%). KMGC has decided to increase the
proportion of secured mix in the portfolio; although, the process
of business transformation is yet to be completed. Ind-Ra opines
the performance of unsecured portfolio, along with an increase in
the secured proportion in the portfolio in the near-to-medium term
will be key monitorable.

Unseasoned Book with Limited Track Record of Business Operations:
The portfolio is still expanding and remains largely unseasoned
with disbursements constituting around 93% of the total AUM in
7MFY25. The company has a merchant-based lending approach and
operates across pan-India through the digital lending platform,
Credit Fair. KMGC's solar rooftop loan is in the evolution stage
and the underwriting quality would be established only in the long
run. The gross non-performing assets stood at 2.9% at end-October
2024 (FY24: 1.3%, FY23: 0.6%, FY22: 2.1%) due to defaults in the
unsecured book. The company has a policy of writing-off loans above
PAR 365. Write-offs as a percentage of opening AUM increased to
1.6% annualized in 7MFY25 (FY24: 0.97%, FY23: 0.45%) due to the
seasoning of the unsecured book and a decline in the total
collections. During 7MFY25, the top three states contributed around
44.5% to the total AUM - Maharashtra (21.9%), Uttar Pradesh (14.5%)
and Madhya Pradesh (8.1%).

Loss-making Operations: KMGC incurred a loss of INR31.9 million in
7MFY25 (FY24: loss of INR25.7 million, FY23: INR4.96 million) due
to increased cost of funding, and higher  credit costs than FY24.
Given the unsecured nature of the loan book, the company's
provisioning coverage was low at 11.2% at 7MFYE25 (FYE24: 9.73%,
FYE23: 9.96%). The company has stress in the unsecured book, which
has impacted its profitability. The credit cost inched up to 2.6%
at 7MFYE25 (FYE24: 1.3%, FYE23: 0.6%, FYE22: 2.1%). Ind-Ra opines
the company's near-term profitability may be compressed due to the
likely credit cost pressure in the unsecured book and higher
operating cost.

Track Record of Raising Capital: KMGC's founder and co-founder have
shown the ability to raise funds in a timely manner to support
growth and plan to raise further capital in FY26. The company has
raised around INR483 million since inception (9MFY25: INR45
million, FY24: INR106.5 million, FY23: INR223.4 million). KMGC has
IT systems in place to support growth and has no plans to increase
the employee strength in the near term. The company scaled up its
operations with its total AUM rising to INR2,506.6 million at
7MFYE25 (FYE24: INR2,531.5 million, FYE23: INR 1,567.5 million,
FYE22: INR801.8 million) with the operating expenditure to average
AUM reducing to 6.4% (7.6%, 7.6%, 8.4%). At 7MFYE25, KMGC's Tier-1
capital was 21.5% (FYE24: 24.3%, FYE23: 38.4%), tangible net worth
was INR435 million (INR457 million, INR359 million) and leverage
(debt/tangible net worth) was 3.65x (3.2x, 1.9x). The management
plans to operate below a threshold leverage of 4.0x on a
steady-state basis. KMGC has also utilized direct assignment and
pass-through certificate to manage its capitalization; however, in
FY25, the thrust was on lending and co-lending partnerships to grow
its off book. However, the company has faced challenges due to the
tightening norms in digital lending.

Reasonably Diversified Funding: At 7MFYE25, the company had 88.3%
of funding in the form of term loans from 19 financial
institutions, 6% in the form non-convertible debentures, and the
rest through inter-corporate deposits and shareholder loans. The
company added five new lenders in 7MFY25. KMGC has tie ups with
various lending partners and provided a 5% first-loss default
guarantee as per the regulatory guidelines to generate additional
revenue from the off-book business, which stood at INR569.8 million
at 7MFYE25 (FYE24: INR669.1 million, FYE23: INR574.5 million).
KMGC's ability to maintain its diversified funding, along with
continued healthy relationships with public sector banks and
addition of new lenders with an increase in the proportion of
secured loan would be the key determinants of its continued
diversity and ability to reduce its borrowing costs.

Liquidity

Adequate: The company generally maintains one month of debt
repayment obligations and operating expenses in the form of
unencumbered liquidity. As per the asset-liability statement for
December 2024, which is prepared on a contractual basis, the total
debt obligation for January-March 2025 was around INR312.4 million,
which can be met through cash and liquid investments of INR429
million and unutilized lines of INR 8.6 million, along with
three-month advances of INR452.2 million till end-March 2025. The
company was in a surplus position in the all-time buckets, with a
cumulative surplus (excess of short-term assets over short-term
liabilities in the up-to-one-year bucket) of 12% of the total
assets. Its ability to raise funds by securitizing its secured
assets provides an additional comfort to the liquidity. Even under
Ind-Ra's stress case, which assumes a delay in inflows, the
liquidity profile is reasonable.

Rating Sensitivities

Negative: The following factors can, individually or collectively,
lead to a negative rating action:

- the standalone leverage exceeding 4.0x on a sustained basis;
- weakened operating performance;
- significant deterioration in the asset quality with a sustained
rise in credit cost, exceeding Ind-Ra's expectations;
- funding challenges and dilution in the liquidity profile.

Positive: A continued expansion in the franchisee with
profitability, a significant equity infusion, control over asset
quality, and funding diversification could lead to a positive
rating action.

About the Company

KMGC was set up by Aditya Damani (founder and chief executive
officer) in FY19. The company began with lending of unsecured loans
to education, home decor and healthcare sectors with other
products. Since FY23, the company shifted its focus to solar
rooftop loans, along with existing products and targeted to achieve
the mix of solar rooftop to around 50% of the total AUM by FYE25.,
KMGC also has a 100% subsidiary - K.M. Global P2P Finance Private
Limited; presently, the subsidiary has negligible business of its
own. As of 7MFY25, KMGC had around 119 employees and two offices.

KAIRALI GRANITES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kairali
Granites (KG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.26       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2024, placed the rating(s) of KG under the 'issuer non-cooperating'
category as KG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KG 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).

Analytical approach: Standalone

Outlook: Stable

Kairali Granites (KG) is engaged in the trading of marbles,
granites and allied products. The entity was originally established
as a partnership firm in 1989 by Mr. V.R. Narayanan Embran and Mr.
Raghavan, sharing profits and losses equally. Later in 1991, Mr.
Narayanan took over the share of Mr. Raghavan and converted the
business into a proprietorship concern. The firm primarily trades
in marbles, granites, vitrified tiles and the allied products
including artificial marble, artificial granite, nano glass etc.
The firm sells the vitrified tiles in the brand name, KG2. KG has a
showroom (owned), covering an area of about 96,840 sq. ft. in Kochi
along with a warehousing yard. Apart from domestic purchases from
Rajasthan, Karnataka, Andhra Pradesh and Tamil Nadu, the firm
imports granites from China and Brazil. KG caters to retail clients
(who contribute 50% of the net sales) as well as
builders/contractors (who contribute 50% of the net sales).


KALAVAKURU ESTATES: Ind-Ra Moves B+ Loan Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Kalavakuru Estates Private Limited's (KEPL) bank facilities to
Negative from Stable and has simultaneously migrated the ratings to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit Outlook revised to

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

-- INR200 mil. Term loan due on December 30, 2031 Outlook revised

     to Negative from Stable; migrated to non-cooperating category

     with IND B+/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The migration of the 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.

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of KEPL, 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. KEPL has been
non-cooperative with the agency since January 15, 2025.

About the Company

Incorporated in 2006, KEPL operates a five-star hotel with 42 rooms
in Wayanad, Kerala. The promoters are Sundararama Reddy and Jaysena
Reddy. KEPL has two commercial rental properties and ventured into
the hospitality industry in 2022.

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

The instrument-wise rating actions are:

-- INR235 mil. Fund-based working capital limit Outlook Revised
     to Negative and Migrated to non-cooperating category with IND

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

-- INR623.90 mil. Term loan due on March 31, 2034 Outlook Revised

     to Negative and Migrated to non-cooperating category with IND

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

-- INR9.80 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SKML while reviewing the
ratings. Ind-Ra had consistently followed up with SKML over emails
since December 10, 2024, apart from phone calls. The issuer has
submitted 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 SKML, 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. SKML has been
non-cooperative with the agency since December 2024.

About the Company

Incorporated in 1956, SKML manufactures cotton yarn and fabrics.
The company's manufacturing unit in Rajapalyam, Tamil Nadu, has an
installed capacity of 48,000 spindles for the yarn division and 54
looms for the fabric division. The company also has a solar
windmill, with a total installed capacity of 5MW. The company is
promoted by A. Palaniappan.

KRANTIAGRANI DR: CARE Raises Rating on INR100cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krantiagrani Dr. G. D. Bapu Lad Sahakari Sakhar Karkhana Limited
(KBSSKL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE B+; Stable; Upgraded from
   Facilities                      CARE B; Stable

Rationale and key rating drivers

The upgrade in the rating assigned to the bank facilities of KBSSKL
factors in significant improvement in the profit margins led by
increase in the sugar prices along with expected increase in the
scale of operations with expected improvement in the profit margins
due to removal of the export ban of sugar in September 2024 along
with the upliftment of ban on ethanol production from sugarcane
syrup leading to the diversion of sugarcane syrup for production of
ethanol.

The ratings continue to be constrained by moderate scale of
operations, thin albeit improved profit margins, leveraged capital
structure and weak debt coverage indicators. The rating further
continues to be constrained by working capital intensive nature of
operations leading to stretched liquidity and seasonal, cyclical
nature of the sugar industry and inherent to agro-climatic risk.

The above constraints however partially offset by strength derived
from long and established track record of KBSSKL in the sugar
industry, integrated business model of sugar mill resulting in
de-risking of the core sugar business to a certain extent,
strategic location of the sugar factory in the area of high
recovery of sugarcane.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in PBILDT margin of more than 12% on a sustained
basis.

* Improvement in the debt coverage indictors marked by TD/GCA of
less than 10 times on sustained basis.

Negative factors

* Decline in revenue/operating profit beyond 20% leading to
deterioration in liquidity position on a sustained basis.

* Adverse changes in government policies affecting the operations
and cash flow of the company

Analytical approach: Standalone

Outlook: Stable

The "stable" outlook on the long-term ratings reflects CARE Ratings
belief that the company will continue to benefit from its long
track record of operations with experienced management.

Detailed description of key rating drivers:

Key weaknesses

* Fluctuating profitability margins: The operating margin of KBSSKL
remained fluctuating during the period of FY20-FY24 in the range of
1%-9% mainly due to high volatility in raw material prices. In
FY24, the PBILDT margin improved to 9.11% from 4.49% in FY23 due to
increase in the sugar prices. The PAT margins improved marginally
but remained low at around 0.13% (vis-à-vis 0.11% in FY23) due to
improvement in PBILDT margin which was offset by the significant
increase in finance cost. KBSSKL, being a co-operative society has
relatively lower profit margin compared to other private sugar
factory, as it distributes the surplus profit by way of incremental
sugarcane payment.

The company expects its profit margin to improve on the back of
sustained sugar prices during H1FY25. Also, the company has started
ethanol production from sugarcane syrup diversion for ethanol
production which fetches higher margins than sugar and B heavy
molasses. During FY25, the company has diverted 1,000 KLPD of
capacity for ethanol production which in turn resulted in increased
revenue from ethanol and thereby profit margins.

* Working capital intensive nature of operations: KBSSKL's
operations remain working capital intensive mainly on account of
funds being blocked in inventory. KBSSKL's operating cycle
deteriorated significantly to 201 days in FY24 as compared to 133
days in FY23, owing to significant increase in inventory levels.
The production of sugar in India is highly seasonal in nature, with
more than 80% of the sugar being produced during the period of
November-April and sold in a staggered manner over the year. The
inventory period elongated and remained high at 201 days in FY24
vis-à-vis 135 days in FY23 as company needs to hold inventory
longer due to the nature of business.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure remained leveraged marked by overall gearing
of 3.45x as on March 31, 2024 (vis-à-vis 2.17x as on March 31,
2023). The deterioration in the same was due to increase in the
working capital borrowing as on balance sheet date which primarily
includes inventory pledged loans. Also, the term loan has also
increased during the year due to ongoing capex undertaken by the
company. The debt coverage indicators stood weak marked by interest
coverage of 1.81x in FY24 (vis-à-vis 1.92x in FY23). Total debt /
gross cash accruals (TD/GCA) stood at 15.29x in FY24 (vis-à-vis
15.20x in FY23).

* Project implementation and stabilisation risk: The company has
planned a Capex of approximately INR49.00 crore for FY25 and FY26
to increase its capacity from 7500 TCD to 11500 TCD. This includes
the construction of a new Condensate Polishing Unit and a Molasses
Tank. The funding for this project is being done through term loans
of INR37 crore (including INR7.67 crore from Maharashtra State
Co-op. Bank Ltd., INR29.32 crore from Sangli District Co-op Bank
Ltd.) and the rest through internal accruals. Till January 31,
2025, the company has incurred INR37 crore through draw down of
term loans of INR32 crore and remaining through internal accruals.
The project is expected to be completed by September 2025, thereby
enhancing production capacity for the next sugar season.

* Cyclical and regulated nature of the industry: The sugar industry
is cyclical by nature and is vulnerable to the government policies
for various factors like its importance in the Wholesale Price
Index (WPI) as sugar is classified as an essential commodity. The
government resorts to various regulations like
fixing the raw material (sugarcane) prices in the form of State
Advised Prices (SAP) and Fair & Remunerative Prices (FRP). All
these factors impact the cultivation patterns of sugarcane in the
country and thus affect the profitability of the sugar companies.
India also continues to carry high levels of sugar inventory
largely due to the controlled release mechanism followed by the
Government. Thus, the company's performance can be impacted by
disproportionate increase in cane price in any particular year.
Furthermore, the profitability remains vulnerable to the
government's policies on exports, MSP and remunerative ethanol
prices. In addition, the cyclicality in sugar production results in
volatility in sugar prices.

* Inherent to agro-climatic risk: The sugar industry, being
directly dependent on the sugarcane crop and its yield, is
susceptible to agro climatic risks including pest and diseases.
Climatic conditions, more specifically, the monsoons influence
various operational parameters for a sugar entity, such as the
crushing period and sugar recovery levels.

Key strengths

* Long track record of operations with experienced management:
KBSSKL was promoted by Late. Krantiagrani Dr. G.D. Lad to undertake
the manufacturing of sugar and related production. Mr. G.D. Lad was
a social activist and ex. Member of Legislative Assembly (MLA) from
Tasgaon constituency. Currently, the society is spearheaded by Mr.
Arun Lad, son of Mr. G.D. Lad, and Mr. Sharad Lad, grandson of Mr.
G.D. Lad, who has an experience of over 3 decades in the sugar
industry and is a leader of Nationalist Congress Party and a member
of Maharashtra Legislative Council from Pune. Mr. Lad is ably
supported by Mr. Vijay S. Patil, who has an industry experience of
nearly 3 decades. Lad family has a good reputation among the local
populace which helps KBSSKL in maintaining cordial relationship and
enables
adequate cane availability for cane crushing. The top management of
KBSSKL is ably supported by second tier management, including a
qualified and experienced team of engineers, chemists and finance
professionals to manage day-to-day operations.

* Integrated scale of operations resulting in de-risking of core
sugar business: KBSSKL, with an installed capacity of 7500 tonnes
crushing per day (TCD) of sugarcane crushing with Cogen capacity of
19.70 megawatt (MW) and 60 kilolitre per day (KLPD) distillery
operations established itself as relatively an average size player
in the sugar industry. The integrated nature of operation enables
KBSSKL to diversify its revenue streams and improves KBSSKL's
ability to absorb the fluctuations in the prices of raw material
(sugarcane), finished goods and cyclicality, inherent to the sugar
industry.

* Location advantage with adequate cane availability: The partially
integrated sugar plant of KBSSKL is located in the sugarcane
cultivation area in village Kundal, Taluka Palus, Sangli,
Maharashtra. The registered sugar cultivation land around Sangli
covers area of about 14,000 hectares, translating into availability
of nearly 14 lakh MT of sugarcane (with an average yield of 100
MT/hectare). The major sugar factories in the vicinity include,
Rajarambapu Sahakari SSK Limited (7000 TCD) and Sonhira SSK Limited
(5000 TCD). The district is located adjacent to Andhali dam, water
from which is distributed to the agriculture lands and industries
in the region with the Krishna and Yerla rivers facilitating
adequate irrigation. The area has sugarcane with an average
recovery rate of close to ~12.50% on account of
favorable climatic conditions. Further KBSSKL's promoters have good
reputation among local farmers and enjoy a cordial relationship,
which facilitates society's cane procurement.

Liquidity: Stretched

The liquidity position stood stretched marked by the tightly
matched expected gross cash accruals during FY25 vis-à-vis
repayment obligations of INR26.28 crores in FY25 and INR35.60 crore
in FY26, along with free cash balance of INR0.55 crore as on March
31, 2024. The average utilization and the average maximum
utilization of the working capital limits (fund based) stood at
around 47.05% and 58.05% for the last twelve months ended December
2024. The cash flow from operation stood negative at INR97.03
crore in FY24 (PY: INR98.06 crore), due to significant increase in
inventory levels as on balance sheet date. Further, the current
ratio and quick ratio stood weak at 1.01 times and 0.18 times
respectively as on March 31, 2024, vis-à-vis 0.95 times and 0.27
times respectively as on March 31, 2023.

Krantiagrani Dr. G.D. Bapu Lad Sahakari Sakhar Karkhana Limited
(KBSSKL) was incorporated in the year 1997 by Late. Krantiagrani
Dr. G.D. Lad to undertake the manufacturing of sugar and related
products. Currently, the society is spearheaded by Mr. Arun Lad,
son of Mr. G.D. Bapu Lad and Mr. Vijay S. Patil. The first crushing
season of factory was conducted in the year 2003 with an installed
capacity of 2,500 tonnes of cane crushed per day (TCD). The
crushing capacity was subsequently enhanced in stages, with the
capacity at 7500 TCD in Feb-23 and is further expected to be
enhanced to 11,500 TCD by September 2025.
KBSSKL also operates with a bagasse fired co-generation unit with
an installed capacity of 19.70 mega-watt (MW). The company also has
distillery unit with capacity of 60 KLPD for producing ethanol and
rectified sprit (RS)/extra neutral alcohol (ENA). Further it also
operates petrol pump with authorized distributorship from Indian
Oil Corporation Limited (IOCL). All the said capacities of KBSSKL
are located at Village Kundal in Sangli, Maharashtra.


LAKSHMIVENKATESHWARA RICE: CARE Keeps C Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Lakshmivenkateshwara Rice Mill (SLRM) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.84      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under to remain under ISSUER
                                   NOT COOPERATING category

   Short Term Bank       0.65      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 19,
2024, placed the rating(s) of SLRM under the 'issuer
non-cooperating' category as SLRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SLRM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 4, 2025,
January 14, 2025, January 24, 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 Lakshmivenkateshwara Rice Mill (SLRM) is a proprietary concern
owned by Mr. A. Raghunath Babu. SLV started its business
operations from January 2009. The firm is engaged in milling of
paddy with total installed capacity of 6 tons of rice per hour at
its manufacturing plant located at Tumkur district in Karnataka.
SLRM sells its products (rice, broken rice and bran) to the final
customer mostly through brokers in the states of Karnataka,
Tamilnadu and Kerala. The firm has a total of around 45 employees
which includes about 25 contract labours.


MAGNUM ESTATES: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Magnum Estates
Limited's (MEL) term loan rating to 'IND BB/Negative (ISSUER NOT
COOPERATING)' from 'IND BBB-/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. Therefore, investors and other users are
advised to take appropriate caution while using the ratings.

The detailed rating actions are:

-- INR13.50 mil. Non-fund-based capital limits downgraded with
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Fund-based working capital limit downgraded with
     IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade and Negative Outlook are in accordance with Ind-Ra's
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 MEL while reviewing the
ratings. Ind-Ra had consistently followed up with MEL over emails,
apart from phone calls since August 2024. The issuer has also not
been submitting their monthly no default statement since October
2024.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of MEL based on best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect the company'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. The company has
been non-cooperative with the agency since September 12, 2024.

About the Company

Bhubaneswar, Odisha-based MEL started operations in 1995. It was
initially a merchant exporter of seafood, but later started the
processing and exports of shrimp and prawn. MEL is engaged in aqua
culture activity, i.e. culturing Vannamei prawn, shrimp and sea
food export. The company has two aqua culture farms with 29 ponds,
spread over an area of 150 acres. MEL has its own pre-processing
plant, including ice production units in Balramgadi and Balasore,
Odisha. The group exports to countries such as the US, Canada,
Japan, Europe, Vietnam and the UAE.

MAGNUM SEA: Ind-Ra Cuts Loan Rating to BB, Outlook Negative
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Magnum Sea Foods
Limited's (MSFL) bank loan rating to 'IND BB/Negative (ISSUER NOT
COOPERATING)' from 'IND BBB-/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. Therefore, investors and other users are
advised to take appropriate caution while using the ratings.

The detailed rating actions are:

-- INR29 mil. Term loan due on September 30, 2023 downgraded with

     IND BB/Negative (ISSUER NOT COOPERATING) rating;

-- INR700 mil. Fund-based working capital limit downgraded with
     IND BB/Negative (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Non-fund-based capital limit downgraded with IND
     A4+ (ISSUER NOT COOPERATING) rating.

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with MSFL while reviewing the
ratings. Ind-Ra had consistently followed up with MSFL over emails,
apart from phone calls since August 2024. The issuer has also not
been submitting their monthly no default statement since October
2024.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of MSFL based on best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect the company'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. The company has
been non-cooperative with the agency since September 13, 2024.

About the Company

Commenced operations in 2003, MSFL is engaged in the processing and
export of seafood such as shrimp and prawn. The company's
processing units are located across Odisha and it has obtained
various certificates such as Hazard Analysis & Critical Control
point certification, International Organization for Standardization
Certificate, British Retail Consortium Certification, Best
Aquaculture Practices Certification, Business Social Compliance
Initiative Audit against BSCI Code. The group exports to countries
such as the US, Canada, Japan, European Union Countries, Vietnam
and the UAE.

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


The instrument-wise rating actions are:

-- INR6 mil. Derivative Instruments Outlook revised to Negative;
     rating migrated to non-cooperating category with IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR400 mil. Fund Based Working Capital Limit Outlook revised
     to Negative; rating migrated to non-cooperating category with

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

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

Detailed Rationale of the Rating Action

1. For Investment Grade: The migration of rating to the
non-cooperating category and Outlook revision to Negative are in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Outlook revision to Negative from Stable
reflects the likelihood of downgrade of ratings to sub-investment
grade on continued non-cooperation for six months. In line with the
regulatory requirement, if an issuer has an investment grade rating
outstanding while being non-cooperative for more than six months
with Ind-Ra, then the agency will necessarily downgrade such rating
to the non-investment grade while maintaining the Issuer Not
Cooperating status.

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

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Mahalasa Exports over
emails starting from December 31, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Mahalasa Exports 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 Mahalasa Exports' credit strength. If an issuer
does not provide timely No Default Statement, it indicates weak
governance, particularly in 'Timely debt servicing'. The agency may
also consider this as symptomatic of a possible disruption/
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

About the Company

Established in 1993 as a partnership firm, Karnataka-based ME is
involved in the processing and packaging of cashew kernels for the
domestic as well export markets. The exports are concentrated in
the Middle East, the UK and the US. Basthi Rohidas Pai, B Vanitha
Pai, B Priya R Pai, B Nagesh Pai and B Yashaswini Pai are the
promoters.

MIGHTY AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mighty Auto
Wheels Private Limited (MAWPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       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 19,
2024, placed the rating(s) of MAWPL under the 'issuer
non-cooperating' category as MAWPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MAWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 4, 2025, January 14, 2025 and January 24, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Incorporated in 2016, Mighty Auto Wheels Private Limited (MAWPL) is
promoted by Mr. Parminder Tewatia and Mr. Samresh Singh. MAWPL is
engaged in the dealership of passenger and commercial vehicle of
Mahindra and Mahindra Limited (M&ML) on Haridwar and provide
provides 3S services (Sales, Spares and Services). The operations
of the company commenced from April 2017. Company also undertakes
servicing of passenger vehicle work. MAWPL is another group of A to
Z Developers Limited and A to Z Auto Wheels Private Limited,
managed by Mr. Parminder Tewatia.


P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M. Agro
Products Private Limited (PAPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2024, placed the rating(s) of PAPPL under the 'issuer
non-cooperating' category as PAPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PAPPL 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).

Analytical approach: Standalone

Outlook: Not Applicable

PAPPL was incorporated as a private limited company in 2010 to take
over the proprietorship business of M/s P.M Dal Udyog (PDU). PAPPL
is engaged in processing and trading of Arhar Dal (Toor dal) and
trading of dal chuni (used as cattle feed) and sells its product
under the brand name Baba Gold, Rasoi Gold, Son Pari and Ganga
Yamuna.


PANCHAMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Panchami
Agro Commodities (PAC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 19,
2024, placed the rating(s) of PAC under the 'issuer
non-cooperating' category as PAC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PAC continues to be non-cooperative despite repeated requests for
submission of information through emails dated January 4, 2025,
January 14, 2025, January 24, 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

Mangalore based Panchami Agro Commodities (PAC) was established as
a partnership firm in April, 2018 and promoted by Mr. Vikas Jain
and Mr. Nagraj V Kamath. The firm is engaged in processing of raw
cashew nuts into cashew kernels. The firm sells the processed
cashew kernels in Mangalore and procures 40-50% of raw cashew nuts
from the group companies i.e. Padma Cashew Industries and Padma
Agro Impex and remaining 50% from other local suppliers. The firm
started commercial operations from December, 2018.


PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Phenil
Sugars Limited (PSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      70.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2024, placed the rating(s) of PSL under the 'issuer
non-cooperating' category as PSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PSL continues to be non-cooperative despite repeated requests for
submission of information through emails dated January 13, 2025,
January 23, 2025, February 2, 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

PSL was incorporated in 2003 with its registered office in Mumbai
which was later changed to Delhi in order to bring operational
efficiency and better monitoring. The Company was converted to a
Public Limited Company and its name was changed to Phenil Sugars
Limited from Phenil Sugars Private Limited on amalgamated with PSL
with effect from April 1, 2010. PSL has total sugarcane crushing
capacity of 6,000 TCD and power cogeneration capacity of 13.6 MW.
Entire Power generated is used for captive consumption.


RAGHAVENDRA INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Raghavendra Industries (RI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           4.20       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Long Term Bank       9.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 19,
2024, placed the rating(s) of RI under the 'issuer non-cooperating'
category as RI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated January 4, 2025, January 14,
2025, January 24, 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

Kadapa – based (Andhra Pradesh), RI was established as
proprietorship firm in 1998 promoted by Mr. Srinivasulu Penagaluri.
RI is engaged in manufacturing of power & distribution transformers
and special purpose transformers used as stabilizers in different
electrical appliances and electrical circuits. The manufacturing
unit situated at Kadapa, Andhra Pradesh which is spread over 5
acres area. RI has associate concerns operating in similar line of
business viz. M/s. Raghavendra Electricals.

RELIANCE MEDIAWORKS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Mediaworks Financial Services Private Limited (RMFSPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      638.20     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from RMFSPL to monitor the rating(s) vide e-mail
communications/letters dated January 22, 2025, February 1, 2025,
and February 11, 2025, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring ratings. Aligned with the extant SEBI
guidelines, CARE Ratings has reviewed the rating based on the best
available information which however, in CARE Ratings' opinion is
not sufficient to arrive at a fair rating. Further, RMFSPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on Reliance Mediaworks Financial
Services Private Limited instruments will now be denoted as CARE D;
Issuer not Cooperating.

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

Detailed description of key rating drivers:

As of the rating date on March 17, 2023, the debenture trustee
provided feedback indicating the company had defaulted on the
servicing of principal and interest for its capital market
instruments. This default was also disclosed by the company in its
financial statements for the period ending December 31, 2024.

Analytical approach: Standalone.

Outlook: Not applicable.

Key Rating Weaknesses

* Default in servicing of debt obligations: The company has
defaulted on repayment of principal and interest outstanding on
NCD's issued by the company, respectively, principal of INR369.35
crore and interest of INR136.73 crore.

* Weak earning profile: RMFSPL started its operation in the year
2017. Since then, the company is suffering losses due to very low
business activity. As on December 2024, net loss of Reliance Media
works Financial Services Private reported to INR27.50 crore against
net loss of INR23.69 crore in FY24. There were no sales reported in
the quarter ended December 2024 and in the previous year March
2024.

* Weak solvency profile: RMFSPL's net worth is fully eroded due to
losses incurred, because of which the liabilities are in excess of
its assets. Company has a negative tangible net worth of INR777.50
crore as on December 31, 2024.

Reliance Mediaworks Financial Services Private Limited (RMFSPL) was
incorporated on March 10, 2017, which is engaged in to carry on an
investment company and invest, buy, sell, transfer deal in and
dispose of shares, stocks, debentures, debenture stock bonds,
mortgages, obligations and securities of kind issued or guaranteed
by any company, corporation or undertaking of whatever nature
whether incorporated or otherwise; and where so ever constituted or
carrying on business of immovable property and rights directly or
indirectly connected therewith and or bullion, including gold,
silver and other precious metals and/or precious stones such as
diamonds, rubies and/or other asset.


RPV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RPV
Exports Private Limited (RPV) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from RPV to monitor
the rating vide email communications dated December 31, 2024,
February 7, 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, RPV has also not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on RPV's bank facilities will now be
denoted as CARE D/
CARE D; ISSUER NOT COOPERATING.

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

The reaffirmation of the rating assigned to the bank facilities of
RPV takes into account the ongoing delay in servicing of debt
obligation of term loan.

Analytical approach: Standalone.

Outlook: Stable.

Detailed description of key rating drivers:

At the time of last rating on May 09, 2024, the following was the
rating weakness:
Key weaknesses

* Delays in debt servicing: RPV has on-going delays in servicing of
debt obligation of term loan.

RPV was incorporated on October 19, 2012, by Choubey family of
Kolkata, West Bengal with Shri Rama Shankar Choubey being the main
promoter. Since its inception, RPV has been engaged in
manufacturing and export of readymade garments. The manufacturing
facility of the company is in Kolkata with an aggregate installed
capacity of 25,00,000 pieces per annum. The company generates
revenue fully from export activities. The major export destinations
of RPV are UAE, Saudi Arabia etc. Mr. Rama Shankar Choubey, aged
about 60 years, having thirty years of experience in garments
manufacturing, export, and trading activities, looks after the
overall management of the company. He is also assisted by other
directors and a team of experienced personnel.


SAGAR AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sagar
Autotech (Jabalpur) Private Limited (SAPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 12,
2024, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 28, 2024,
January 7, 2025, January 17, 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

Jabalpur (Madhya Pradesh) based Sagar Autotech (Jabalpur) Private
Limited (SAPL) was incorporated in December, 2016 by Jain family.
SAPL is an authorized dealer of Skoda Auto India Private Limited
(Skoda) and operates two showrooms at Jabalpur. Further, all the
showrooms of the company are equipped with 3-S facilities i.e.
Sales, service and spare parts.


SIVANA STEEL: CARE Lowers Rating on INR11.69cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sivana Steel and Power Private Limited (SSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.69       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Downgraded from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

SSPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on SSPL's bank facilities
will now be denoted as CARE B; Stable/CARE A4; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of significant moderation
in financial performance during 8MFY25 (FY refers to the period
April 1 to November 30) on account of closure of the unit for
around 4 months albeit stable performance in FY24. Further, the
rating continues to remain constrained by its moderate capital
structure and debt protection metrics, cyclical nature of the steel
industry, exposure to volatility in raw material prices and intense
competition in the industry. However, the weaknesses are partially
offset by promoter's long presence in the steel industry.

Analytical approach: Standalone

Outlook: Stable
Detailed description of key rating drivers:

At the time of last rating on March 7, 2024, the following were the
rating strengths and weaknesses (updated for the information
available from the company).

Key weaknesses

* Stable financial performance in FY24 albeit moderation in 8MFY25:
TOI of the company has increased from INR110.89 crore in FY23 to
INR193.97 crore in FY24 on account of increase in volume sold.
However, the PBILDT margin has moderated from 3.32% in FY23 to
2.23% in FY24 on account of decline in realization. PAT
margin has also moderated inline with moderation in operating
margin from 0.67% in FY23 to 0.50% in FY24. During 8MFY25, the
company reported TOI of INR48.29 crore. The plant was shut down
from August 20, 2024, for maintenance work and restarted its
operation from December 01, 2024. As a result, the TOI and
profitability for FY25 is expected to moderate.

* Exposure to volatility in raw material prices: Raw-material and
power are major cost driver for SSPL. Over the last three years raw
material consumption remained in the range of 80%-84% of total cost
of sales and power cost remained in the range of 10% - 17% of total
cost of sales. Major raw materials required are sponge iron, pig
iron and scrap which the company procures locally, and power is
sourced from Jindal Steel & Power Limited. Since the raw-material
is the major cost driver, the prices of which are volatile in
nature, the profitability of the company is susceptible to
fluctuation in raw-material and finished goods prices.

* Cyclical nature of the steel industry: Steel is a cyclical
industry, strongly correlated to economic cycles since its key
users i.e., construction, infrastructure, automobiles and capital
goods are heavily dependent on the state of the economy. Fall in
demand in any of these sectors directly impacts the demand of steel
products.

* Moderate capital structure and debt coverage metrics: Though the
capital structure of the company has improved marked by improvement
in overall gearing from 3.42x as on March 31, 2023, to 2.86x as on
March 31, 2024, it continues to be moderate. TD/GCA has improved to
14.58x as on March 31, 2024, as against 18.95x as on March 31,
2023, on account of reduction in term loan due to repayment,
however, continues to remain moderate. Interest coverage ratio has
also slightly improved from 1.61x in FY23 to 1.73x in FY24.

* Intensely competitive industry: Mild steel billets manufacturing
business is highly fragmented and competitive in nature due to
presence of many small and medium players in this sector owing to
its low entry barriers and due to low capital requirement. High
competition restricts the pricing flexibility of the industry
participants and inserting pressure on the profitability.

Key strengths

* Promoters' long presence in the steel industry: Neeraj Aggarwal
has over a decade of experience in similar line of business, and he
looks after the day-to-day operation of the company. He is
supported by Divya Aggarwal and a team of professionals.

Liquidity: Stretched

Liquidity has been marked stretched on account of high repayment
obligation against tightly matched cash accruals and high
utilization of its working capital limits. During FY24, the company
had a repayment obligation of INR1.05 crore against which the
company generated cash accruals of INR1.78 crore. Further, the
average utilisation of the working capital limit has been around
90% to 100% during the past 12 months ended January 2025 as
confirmed by the lender.

SSPL was incorporated on January 11, 2017, and is promoted by Mr.
Neeraj Aggarwal. The company started its commercial operation in
July 2017. The manufacturing unit of the company is in Raigarh,
Chhattisgarh. The company had been engaged in manufacturing of mild
steel ingots with an installed capacity of 60,000 metric tons per
annum. September 2022 onwards, the company has changed its
production line to mild steel billets from existing mild steel
ingots by installing concast machine to its existing induction
furnace.


SWARNA PRAGATI: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swarna
Pragati Housing Microfinance Private Limited (SPHMPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from SPHMPL to monitor the rating(s) vide e-mail communications
dated November 11, 2024, January 6, 2025, among others and numerous
phone calls. However, despite repeated requests, the company has
not provided requisite information for monitoring the rating.

In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating basis best available information, which however, in CARE
Ratings' opinion is not sufficient to arrive at a fair rating.
SPHFL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on SPHMPL's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

The rating considers weakening credit profile driven by
deteriorating financial performance in FY24, small scale of
operations and exposure to the customer segment, which is highly
susceptible to economic downturn. However, the rating favourably
factors in SPHMPL's adequate capitalisation.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers

At the time of last rating on January 3, 2024, the following were
the rating strengths and weaknesses (updated for the limited
information available from company Annual Report FY24:

Key Rating Weaknesses

* Weak financial risk profile: The company had stopped
disbursements of loans from June 2019 and has been focusing on
recovery from its loan portfolio which has resulted in decline in
its loan portfolio till FY21. In FY22, the company resumed loan
disbursements, despite slowly. The company has entered a BC &
co-lending partnership with established NBFCs to utilise its branch
set-up and plans to build off-balance sheet loan portfolio. With
the reducing own book loan portfolio and lower amount of
disbursements of loans, the interest income for FY24 declined to
INR5.17 crore (FY23: INR6.55 crore), while the total income
declined to INR10.59 crore for FY24 (FY23: INR10.96 crore). the
company's operating expense increased in FY24 considering increase
in the employee expenses. The company was hiring people for legal
team for recovery of non-performing asset (NPA) accounts and hiring
the sales team for increasing the on-book and off-book lending.
Thus, company reported pre-provision operating loss of INR6.53
crore in FY24 (PY:INR2.9 crore) and losses of INR8.60 crore in FY24
(PY: loss of INR2.44 crore). CARE Ratings understands that SPHMPLs
ability to turn its business profitable, while improving its asset
quality parameters and maintaining moderate gearing levels remains
a key sensitivity.

* Small scale of operations and exposure to economically weaker
segment: SPHMPL provides finance towards rural housing and loans
towards improvement of houses. The target segment of the company is
majorly contractual workers for small firms and self-employed
customers with micro businesses. The average ticket size of the
loan ranges from INR1-10 lakh, with tenure ranging between 36-120
months. Loans are majorly used for laying foundation, plinth level
construction, tiled roofing, pucca flooring, fixing wooden
doors/windows, among others. This particular class of debtors has
been the company's focus since its founding. As on March 31, 2023,
the company's on-book loan portfolio stood at INR35.85 crore
(INR31.49 crore as on September 30, 2023) compared to loan
portfolio of INR50.45 crore on March 31, 2022. Reduction in the
business activity from FY19 to FY22 was part of its business
restructuring plan. Lately, the company has been concentrating on
growing its portfolio of off-book loans by providing business
correspondent services and entering into co-lending agreements with
NBFCs.

* Weak asset quality parameters: SPHMPL has been primarily lending
towards the housing finance needs of the self-employed customers or
salaried borrowers operating in unorganised sector in low and
middle-income segment, who are not serviced by the banking sector.
SPHMPL's asset quality was affected in COVID-19 pandemic, resulting
in increase in its NPAs. The company reported GNPA ratio of 60.5%
and NNPA ratio of 49.5% as on September 30, 2023, compared to GNPA
ratio of 65% and NNPA ratio of 57.2% as on March 31, 2022. Since
the company's targeted customer segment is highly susceptible to
the impact of economic downturn, SPHMPL's ability to manage asset
quality of the loan portfolio is a key rating sensitivity.

Key Rating Strength

* Adequate capitalisation level: The company's tangible net worth
(TNW) stood at INR24 crore as on March 31, 2024, compared to INR33
crore as on March 31, 2023. The decline in net worth was
considering losses reported in FY24. However, with decline in loan
portfolio it reported capital adequacy ratio (CAR) of 112% (Tier-I
CAR: 111%) as on March 31, 2024, compared to CAR of 103% (Tier-I
CAR: 103%) as on March 31, 2023. The company has fully repaid term
loans through collection from standard loan portfolio and NPAs and
has negligible outstanding borrowings as on March 31, 2024. Going
forward, CARE Ratings expects the company to grow its on book
lending portfolio and would look at borrowing to fund growth.
Raising resources to fund the company's growth in the near term
would be critical and is a key monitorable.

SPHMPL is a housing finance company (HFC) founded in January 2009
by A Ramesh Kumar, former Chief General Manager (CGM) of State Bank
of India (SBI), Maharashtra Circle, where he pioneered the bank's
linkages with Self Help Groups (SHG) making SBI a leader in
microfinance lending in Maharashtra. SPHMPL is focused on providing
housing loans for fresh construction and for renovation/ repairs/
upgrade existing houses. SPHMPL has investments of reputed private
equity investors like Zephyr Peacock India Fund III Limited,
Aavishkaar Goodwell India Microfinance Development Company - II
Limited, among others. As on September 30, 2023, the company had
existence in six states with 52 branches.


SWASTIK OIL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Swastik
Oil Refinery Private Limited (SORPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      87.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     17.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

SORPL incorporated in April 1997, is engaged in manufacturing of
various edible oils (refined palm and rice bran) and Vanaspati
ghee. The company is promoted by Kolkata-based Mr. O.P. Agarwal,
his son Mr. Manoj Agarwal and his nephew Mr. Ashok Agarwal. The
company has a total installed capacity of 20,000 tonnes per annum
(TPA) for vanaspati and 70,000 TPA for refined oil at its
manufacturing facilities located in Howrah (West Bengal).

VATIKA SEVEN: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Seven Elements Private Limited (VSEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     225.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 15,
2024, placed the rating(s) of VSEPL under the 'issuer
non-cooperating' category as VSEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VSEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 31, 2024, January 10, 2025, 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: Not Applicable

Vatika Seven Elements Private Limited (VSEPL) was incorporated in
2011 for the purpose of real estate project development. The
company is a step-down subsidiary of Vatika Ltd, Group's flagship
company. VSEPL is developing a 12.82 lsf luxurious residential
towers at a cost of INR701 crore, part of Vatika India Next-2 (An
integrated township with area spanning over 224 acres having
residential- floors, plots, villas, group housing, gated towns and
commercial projects) in Sector 88A, 88B and 89A of Gurgaon with
saleable area of 27.88 lakh square feet (lsf). The project is a
joint venture between Vatika Limited and GIC, Singapore's sovereign
wealth fund.




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

BANK TABUNGAN: Moody's Rates New Tier 2 Capital Notes 'Ba3(hyb)'
----------------------------------------------------------------
Moody's Ratings has assigned a Ba3(hyb) foreign currency
subordinate debt rating to the proposed Basel-III compliant Tier 2
capital notes to be issued by PT Bank Tabungan Negara (Persero) Tbk
(BTN). The bank intends to apply the net proceeds of the issuance
for assets that promote social purposes under its ESG framework.

RATINGS RATIONALE

The Ba3(hyb) rating is two notches below BTN's ba1 Adjusted
Baseline Credit Assessment (BCA), in line with Moody's standard
notching for contractual non-viability subordinated debt.

The Ba3(hyb) rating reflects: (1) the subordination of these notes;
and (2) the uncertainty regarding the timing of the write-down, as
these notes may be forced to absorb losses near, but before, the
point of non-viability as a way to avoid a bank-wide resolution.

Moody's do not include any additional notching for the coupon-skip
mechanism embedded in these notes because the bank will likely be
at or close to the point of non-viability when the mechanism is
triggered, with low incremental losses due to skipped coupons.

The Ba3(hyb) rating does not receive any uplift from Moody's
assessments of government support as these Tier 2 capital notes are
intended to provide loss absorption.

Under the draft terms of the bank's Tier 2 capital notes, these
notes constitute direct, unsecured and subordinated obligations of
the bank, and rank pari passu with all other subordinated debt
classified as Tier 2 capital.

The principal and interest – including arrears of interest – of
these notes will be partially or fully written down in the event
that: (1) the bank's Common Equity Tier 1 (CET1) ratio breaches
5.125%; (2) the government plans to rescue the bank by injecting
capital; or (3) other circumstances that the OJK may, at its
discretion, determine from time to time.

Interest payments are also required to be deferred on a cumulative
basis if the bank is unlikely to meet the regulatory capital
requirements. The deferral of interest payment does not constitute
an event of default.

The Tier 2 capital notes will contribute to the bank's regulatory
CAR ratio, which is currently at 18.5% as of year-end 2024. The
bank's robust capitalization and good credit reserves will provide
adequate buffers against asset risks arising from its large stock
of loans at risk. Its loans at risk, measured by nonperforming
loans, special mention loans and performing restructured loans,
stood at 19.7% of its gross loans as of year-end 2024. The bank's
net income was modest at 0.7% of average total assets in 2024. The
bank has a good funding profile with strong access to
government-related deposits and adequate liquidity.

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

The Ba3(hyb) rating assigned to the proposed Tier 2 capital notes
will move in tandem with BTN's BCA and Adjusted BCA, both at ba1.

Moody's could upgrade BTN's BCA if the bank's restructured loans
decrease significantly without a corresponding increase in problem
loans. An upgrade of the bank's BCA is also likely if it improves
its liquidity position on a sustained basis.

On the other hand, Moody's could downgrade BTN's BCA and hence
ratings of the Tier 2 notes, if a significant proportion of its
restructured loans default and weigh on the bank's profitability
and capital. Specifically, a downgrade of the BCA could occur if
the bank's tangible common equity/risk-weighted assets decreases to
below 11%, or if its return on tangible assets decreases to below
0.6%.

The principal methodology used in this rating was Banks published
in November 2024.

PT Bank Tabungan Negara (Persero) Tbk is headquartered in Jakarta
and reported consolidated assets of IDR469.6 trillion ($28.6
billion) as of year-end 2024.



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

NISSAN MOTOR: Names New CEO After Failed Merger Talks With Honda
----------------------------------------------------------------
Kyodo News reports that Nissan Motor Co. said on March 11 it has
appointed Chief Planning Officer Ivan Espinosa as CEO, replacing
Makoto Uchida, as the ailing automaker seeks to revive its business
under new leadership after the collapse of merger talks with Honda
Motor Co.

Mr. Espinosa, who has primarily worked in product planning at
Nissan in regions including Southeast Asia as well as Central and
South America, will assume the top role on April 1, while Mr.
Uchida, 58, will remain a director until a June shareholders'
meeting, Kyodo News says.

Mr. Espinosa, 46, will need to swiftly map out strategies to revive
the company after its corporate performance sharply deteriorated
due largely to sluggish sales in its major markets, the United
States and China.

Criticism has been mounting of Mr. Uchida since Nissan's profit
plummeted more than 90 percent in the nine months through December.
The firm recently ended merger talks with Honda, which would have
created the world's third-biggest auto group.

Speaking at an online press conference on March 11, Mr. Espinosa
pledged to steer the carmaker back onto a growth path, saying, "I
sincerely believe that Nissan has so much more potential than what
we are seeing today," Kyodo News relays.

Despite escalating speculation that Nissan's new leadership is
considering resuming merger negotiations with Honda, Mr. Espinosa
declined to comment on the issue.

Mr. Uchida, meanwhile, acknowledged his responsibility for failing
to revive Nissan, saying at the news conference that he had been
"unable to gain the confidence of some of our employees" and that
"making a fresh start will be in the best interests of Nissan."

Kyodo News adds that Nissan's vice presidents in charge of
production and technological development will also step down.

Under the initial plan unveiled in December, Nissan and Honda said
they would merge under a holding company in 2026, aiming to cut
costs for developing electric vehicles and software amid the rise
of global rivals like U.S.-based Tesla Inc. and China's BYD Co.

But the talks collapsed in February when it came to light that
Honda had proposed making Nissan its subsidiary out of concern that
the firm had made little progress in its turnaround, a key premise
for the planned integration, Kyodo News states.

Nissan decided to terminate the negotiations as the Yokohama-based
company believed its autonomy could not be preserved under such an
arrangement, Mr. Uchida said.

In November, Nissan unveiled a plan to shed 9,000 jobs and reduce
its global output by 20 percent as part of restructuring efforts.

Many analysts, however, said Nissan cannot survive on its own, and
that it may need to form a partnership with other firms such as
Taiwanese electronics giant Foxconn, formally Hon Hai Precision
Industry Co, Kyodo News relays.

                         About Nissan Motor

Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in On
March 11, 2025, S&P Global Ratings lowered its long-term issuer
credit ratings on Nissan Motor and its overseas subsidiaries to
'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'.

The negative outlook reflects S&P's view that the company's
creditworthiness may continue to deteriorate as a challenging
operating environment hampers profitability improvement and free
cash flow losses continue.

The TCR-AP reported on March 4, 2025, that Fitch Ratings has
downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) and senior unsecured
rating to 'BB+', from 'BBB-'. The Outlook is Negative. Fitch has
also downgraded the Short-Term Foreign- and Local-Currency IDRs to
'B', from 'F3'.

Moody's Ratings, in February 2025, 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.


[] JAPAN: Tightening Job Market Pushes More Firms Under
-------------------------------------------------------
Reuters reports that Japan may see corporate bankruptcy cases hit
an 11-year high in the fiscal year to March as some firms go under
due to a lack of workers, a think tank survey showed, a sign of the
strain intensifying job shortages are inflicting on the economy.

According to Reuters, the survey highlights the cost felt by some
firms from the Bank of Japan's past efforts to reflate growth with
easy monetary policy enough to tighten the job market and lift
wages.

Major Japanese firms are likely to continue offering bumper wage
hikes this year to compensate workers for rising inflation and
attract talent amid intensifying labour shortages, Reuters says.

While higher pay is a boon for households, it is squeezing margins
of smaller firms. The number of firms that went under in February
stood at 768, marking the 34th straight month of year-on-year
gains, Reuters discloses citing a survey by Teikoku Databank on
March 10.

As a result, total bankruptcy cases so far in fiscal 2024 hit 9,195
and could exceed 10,000 by March end of the business year, the
survey showed, which would be the first time to break the threshold
since 2013.

While most of the bankruptcies were due to rising costs and weak
sales, 308 went under due to labour shortages so far this fiscal
year, higher than 264 in the same period of the previous year, the
survey, as cited by Reuters, showed.




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

WAJA KONSORTIUM: Seeks Exemption From GN3 Status, Time Extension
----------------------------------------------------------------
The Malaysian Reserve reports that WAJA Konsortium Bhd has
submitted applications to Bursa Malaysia Securities Bhd seeking an
exemption from submitting a proposed regularisation plan and an
upliftment from its Guidance Note 3 (GN3) classification.

In a filing on March 11, the company announced that it had, on
March 11, 2025, submitted an exemption application to Bursa
Securities to be relieved from the requirement of submitting a
regularisation plan.

Additionally, it has filed an extension of time (eot) application
seeking a six-month extension from April 8, 2025, to Oct. 7, 2025,
to submit the necessary plans if required, The Malaysian Reserve
relates.

On Feb. 14, 2025, Bursa Malaysia Securities publicly reprimanded
Waja Konsortium and fined two of its directors MYR100,000 each for
failing to disclose its financially distressed status in a timely
manner.

According to The Malaysian Reserve, Waja triggered the GN3 criteria
due to significant financial losses, but delayed announcing its GN3
status for nearly one and a half months after releasing its June
30, 2023, quarterly report.

The disclosure was made on Oct. 10, 2023, only after Bursa Malaysia
intervened.

Its MD Peh Lian Hwa and ED Peh Jia Yau were held accountable for
the oversight, as Bursa Malaysia noted their failure to act on red
flags, including alerts from auditors and Waja's persistent
loss-making trend.

Waja reported a MYR44.03 million loss for the 18-month financial
period ended June 30, 2023, exceeding its shareholder equity of
MYR37.20 million, The Malaysian Reserve discloses.

Accumulated losses of MYR68.59 million over two financial years
further compounded the company's financial distress.

Waja Konsortium Berhad, formerly ConnectCounty Holdings Berhad, is
a construction company. The Company is engaged in construction,
project management and related activities, integrating interconnect
and Internet of Things (IoT) infrastructures. The Company offers
its services to both commercial infrastructure and residential
markets. The Company operates its construction business through its
subsidiaries Waja Build Tech and Teguh Harian Build-Tech Sdn Bhd.




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

ELECTRIC 2020: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on March 6, 2025,
were appointed as liquidators of Electric 2020 Limited, The
Proposal Planners Limited and Weiss Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


GCO GROUP: Court to Hear Wind-Up Petition on March 20
-----------------------------------------------------
A petition to wind up the operations of GCO Group Limited will be
heard before the High Court at Christchurch/Otautah on March 20,
2025, at 10:00 a.m.

Bizcap NZ Limited filed the petition against the company on Dec.
16, 2024.

The Petitioner's solicitor is:

          James Cochrane
          Lane Neave Lawyers
          Level 8, Vero Centre
          48 Shortland Street
          Auckland


INTEGRITY FIRST: Creditors' Proofs of Debt Due on May 6
-------------------------------------------------------
Creditors of Integrity First Business Solutions Limited are
required to file their proofs of debt by May 6, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 6, 2025.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678
          Auckland 1140


KHANNA ENTERPRISES: Court to Hear Wind-Up Petition on March 20
--------------------------------------------------------------
A petition to wind up the operations of Khanna Enterprises Limited
and Khanna & Sons Limited will be heard before the High Court at
Auckland on March 20, 2025, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 10, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


SIMIAN PROPERTY: Court to Hear Wind-Up Petition on March 18
-----------------------------------------------------------
A petition to wind up the operations of Simian Property Investments
Limited will be heard before the High Court at Rotorua on March 18,
2025, at 10:45 a.m.

Body Corporate 197230 filed the petition against the company on
Feb. 3, 2025.

The Petitioner's solicitor is:

          Elizabeth Tobeck
          Morgan Coakle
          Level 9, 41 Shortland Street
          Auckland 1010





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

SMARTER APPS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Feb. 28, 2025, to
wind up the operations of Smarter Apps Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


SOMNETICS GLOBAL: Creditors' Proofs of Debt Due on April 7
----------------------------------------------------------
Creditors of Somnetics Global Pte. Ltd. are required to file their
proofs of debt by April 7, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2025.

The company's liquidators are:

          Victor Goh
          Marie Lee
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


TNP FITNESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 28, 2025, to
wind up the operations of TNP Fitness Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


WEBBER CHASE: Creditors' Meeting Set for March 28
-------------------------------------------------
Webber Chase Pte. Ltd. will hold a meeting for its creditors on
March 28, 2025, at 4:00 p.m. via Zoom.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members' nomination
      of liquidator(s);

   b. to receive a full statement of the Company's affairs
      together with a list of its creditors and the estimated
      amount of their claims;

   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up; and

   d. to consider any other matters which may be brought before
      the meeting.

Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the Company on March 4, 2025.


YIDA PRECISION: Court to Hear Wind-Up Petition on March 28
----------------------------------------------------------
A petition to wind up the operations of Yida Precision Engineering
Pte. Ltd. will be heard before the High Court of Singapore on March
28, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 28, 2025.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094




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

HOMEPLUS: Restructuring Unlikely to Proceed Smoothly, Experts Says
------------------------------------------------------------------
The Korea Times reports that Homeplus Co.'s debt restructuring
process, following its entry into the corporate rehabilitation
scheme, may not proceed smoothly due to the increased proportion of
indirect financial liabilities, market experts said March 12.

Korea's second-largest discount store chain applied for
rehabilitation proceedings on Feb. 4, citing a proactive approach
to addressing liquidity shortages following its credit rating
downgrade. The court approved the application on the same day.

Its management must submit a rehabilitation plan to the court by
June 3 after consulting with creditors.

According to the Korea Times, Hana Securities said in a report that
although Homeplus seemed to have eased its acquisition financing
burden, which was incurred when private equity firm MBK Partners
acquired the company by selling assets, this was not actually the
case.

"Instead, Homeplus has been leasing back the stores it sold,
effectively converting its debt from general borrowings to lease
liabilities," analyst Kim Sang-man said, emphasizing that the
retailer's debt structure is more complex than it appears, notes
the report.

The Korea Times notes that MBK acquired a 100 percent stake in
Homeplus from the British retailer Tesco for KRW6 trillion ($4.1
billion) in 2015, and nearly half of the total cost, about KRW2.7
trillion, was raised through acquisition financing via loans from
the banking sector.

This debt has since become a lingering burden, prompting the
private equity firm to begin selling off the retailer's assets one
by one.

The Korea Times relates that the Hana Securities analyst noted that
in the process of acquiring the stores sold by Homeplus, factors
such as the capital raised by real estate investment funds like
REITs and financial loans, as well as the exposure of construction
companies involved in project financing for the redevelopment of
promising locations must be considered.

"The increased proportion of indirect financial liabilities
suggests that Homeplus' debt restructuring may not proceed
smoothly," he said, the report relates.

According to the report, the company's lease liabilities amounted
to KRW3.85 trillion as of the February 2024 fiscal year-end.

After Homeplus filed for corporate rehabilitation, MBK faced
criticism for irresponsibility, with critics arguing that the
decision was made without sufficient self-rescue efforts, the Korea
Times relays.

Concerns have also arisen over potential losses for retail
investors, as the discount store chain continued selling commercial
papers and other financial instruments not only to corporations but
also to retail investors right up until the filing.

                         About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4 after
a Seoul court approved the request by MBK Partners, the private
equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating.



                           *********


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

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

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

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

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



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