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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

          Tuesday, March 25, 2025, Vol. 28, No. 60

                           Headlines



A U S T R A L I A

EAST CRETE: First Creditors' Meeting Set for March 27
GENIUS CHILDCARE: Company Director Vanishes Amid Company Collapse
LEON HOUSE: First Creditors' Meeting Set for March 28
PRESTIGE SLABS: First Creditors' Meeting Set for March 27
SIMPANI PTY: First Creditors' Meeting Set for March 31

SMOKIN' STAINLESS: First Creditors' Meeting Set for March 27


I N D I A

A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
AAROHI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating
BALAJI HATCHERIES: CRISIL Hikes Rating on INR9cr Cash Loan to B
BRIZEAL REALTORS: CARE Lowers Rating on INR100cr LT Loan to B-

CHERUSSERY CREDITS: CRISIL Keeps B Debt Rating in Not Cooperating
COTTAGE INDUSTRIES: CARE Moves B+ Debt Rating to Not Cooperating
DHARANII COTTON: CARE Keeps B- Debt Rating in Not Cooperating
DYP INFRAPROJECTS: CRISIL Assigns B+ Corporate Credit Rating
FANIDHAR ENTERPRISES: CRISIL Reaffirms B Rating on INR15cr Loan

FEPL ENG: CARE Keeps D Debt Ratings in Not Cooperating Category
GANGAMAI INDUSTRIES CRISIL Withdraws B Rating on INR62cr Loan
HANWANT FASTNERS: CARE Keeps B- Debt Rating in Not Cooperating
HI-GREEN CARBON: CARE Moves B+ Debt Rating to Not Cooperating
JAGANNATH PLASTIPACKS: CARE Keeps C Debt Rating in Not Cooperating

JAGANNATH POLYPACKS: CARE Keeps C Debt Rating in Not Cooperating
JVS BIOFUELS: CARE Moves D Debt Rating to Not Cooperating Category
KARANJA KRAFT: CRISIL Assigns B Rating to INR27cr Term Loan
KAY KAY EXPORTS: CRISIL Reaffirms B+/A4 Rating on INR29cr Loans
MKM KNIT: CRISIL Withdraws B+ Rating on INR5cr Packing Credit

OLA ELECTRIC: India Seeks Info on Sales-Registration Data Mismatch
PANCARBO GREENFUELS: CARE Cuts Rating on INR148cr LT Loan to B+
PARSVNATH LANDMARK: CRISIL Keeps D Rating in Not Cooperating
PAWAN SHREE: CRISIL Withdraws B Rating on INR45cr Cash Loan
SINNAR THERMAL: Creditors to Vote on INR3,800cr Offer

SUNFUEL TECHNOLOGIES: CARE Keeps B- Debt Rating in Not Cooperating
ULTRA HOME: CARE Keeps D Debt Rating in Not Cooperating Category
VISHWAKARMA AUTOMOTIVE: CARE Cuts Rating on INR30.03cr Loan to B-


I N D O N E S I A

GAJAH TUNGGAL: S&P Withdraws 'B' LongTerm Issuer Credit Rating


J A P A N

NISSAN MOTOR: Top Executive Positions to be Cut by 20%


N E W   Z E A L A N D

4M MIDGLEY: Creditors' Proofs of Debt Due on April 25
DU VAL PROPERTY: Debt Grows to NZD306 Million, New Report Says
FASTWAY EXPRESS: Court to Hear Wind-Up Petition on March 28
JUICY FESTIVAL: Owe Over NZD2 Milion, Liquidator's Report Shows
MOWAI CONTRACTING: Creditors' Proofs of Debt Due on May 5

SIGNORA CAFE: Court to Hear Wind-Up Petition on March 28
SR CORPORATE: Court to Hear Wind-Up Petition on May 6


S I N G A P O R E

CAMPFIRE GOURMET: Court to Hear Wind-Up Petition on April 4
DATA REPUBLIC: Creditors' First Meeting Set for April 4
MILLENNIUM FORMWORK: Court Enters Wind-Up Order
TECHMETICS SOLUTIONS: Commences Wind-Up Proceedings
TRENCHLESS TECHNOLOGY: Creditors' Meeting Set for April 3



S O U T H   K O R E A

HOMEPLUS CO: FSS to Check for Potential Accounting Flaws
HOMEPLUS CO: Predicts US$505 Million Cash Shortage by May
HOMEPLUS CO: Watchdog Vetting MBK Partners Over Homeplus Fiasco

                           - - - - -


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

EAST CRETE: First Creditors' Meeting Set for March 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of East Crete
Concreting Pty Ltd will be held on March 27, 2025 at 10:30 a.m. at
the offices of Wild Apricot Corporate Insolvency & Advisory
Services at Level 1, 5 Everage Street in Moonee Ponds.

Altan Djenab of Wild Apricot Corporate Insolvency & Advisory
Services was appointed as administrator of the company on March 17,
2025.


GENIUS CHILDCARE: Company Director Vanishes Amid Company Collapse
-----------------------------------------------------------------
Daily Mail Australia reports that staff, parents and children have
been left in shock after a Australia-wide chain of childcare
centres collapsed and its director, according to the union, is
nowhere to be found.

Genius Childcare centres in Victoria, NSW, WA, Queensland and the
ACT have been taken over by administrators after a lengthy period
of late wages and unpaid superannuation.

Vertical 4, the company forced into administration, was previously
called Genius Learning and lists Darren Misquitta as company
director and secretary.

Millionaire Mr Misquitta's childcare business allegedly failed to
pay staff wages and up to AUD7 million in superannuation, Daily
Mail relates citing the Courier-Mail.

Several of the centres suddenly closed in recent months, leaving
hundreds of families desperately scrambling to find an alternative
place for their children.

Daily Mail says the United Workers Union (UWU) is taking action
against Vertical 4 in the Federal Circuit Court on behalf of 57 of
its ex-staff who are members. The union is seeking unpaid super and
penalties for the late payment of wages.

According to Daily Mail, UWU President Jo Schofield alleged Mr.
Misquitta was 'missing in action' and had not been seen for about
six months.

'Genius Early Learning's director Darren Misquitta seems to have
disappeared off the face of the earth,' Ms. Schofield claimed.

'The rumour mill is in overdrive, reporting him in Hong Kong,
Japan, the Gold Coast and other locations, but the truth is no one
seems to know for sure.'

The union served Mr Misquitta court papers through his lawyers in
Melbourne last week.

Daily Mail nots that Vertical 4 is responsible for 13 Genius
childcare centres spread throughout four states along with a
Canberra centre.

They locations are: Hamilton Hill, Lakelands and Mandurah in WA,
Castle Hill and Pyrmont in NSW and Newcomb in Victoria. It also has
two unopened centres in Eumemmerring and Cranbourne West, which are
both in Victoria.

There are also another five other centres which the administrators
are in the process of selling to a third party in Mount Albert,
Beaumaris and Reservoir in Victoria, Kenmore in Queensland and
Gowrie in the ACT.

Nicholas Charlwood, Glenn Livingstone and Alan Walker of WLP
Restructuring have been appointed as the administrators of Vertical
4, Daily Mail discloses.

'Administrators were appointed by the company's secured creditor
and have now taken control of the company and its assets,' WLP said
in a statement.

'While the administrators examine the company's financial position,
they are focused on stabilising operations and limiting any further
disruption of services to families across the country.'

Genius Childcare operates 39 centres across Australia and has about
850 employees.


LEON HOUSE: First Creditors' Meeting Set for March 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Leon House
Design Pty Ltd will be held on March 28, 2025 at 10:00 a.m. at the
offices of Mackay Goodwin at Level 2, 68 St Georges Terrace in
Perth and via Teams.

Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on March 18, 2025.


PRESTIGE SLABS: First Creditors' Meeting Set for March 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Prestige
Slabs Pty Ltd will be held on March 27, 2025 at 11:00 a.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on March 17, 2025.


SIMPANI PTY: First Creditors' Meeting Set for March 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of Simpani Pty
Limited and Taruka Pty Limited will be held on March 31, 2025 at
10:00 a.m. and 11:00 a.m. respectively, at the offices of JLA
Insolvency & Advisory at Level 13, 50 Margaret Street in Sydney.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on March 19, 2025.



SMOKIN' STAINLESS: First Creditors' Meeting Set for March 27
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Smokin'
Stainless Pty Ltd will be held on March 27, 2025 at 11:00 a.m. via
Microsoft Teams.

Stuart Otway and Travis Olsen of SV Partners SA were appointed as
administrators of the company on March 17, 2025.




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

A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A E Infra
Projects Private Limited (AEIPPL) continue 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

   Short 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 March 19, 2024,
placed the rating(s) of AEIPPL under the 'issuer non-cooperating'
category as AEIPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. AEIPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 2, 2025,
February 12, 2025 and February 22, 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

M/s AE Infra Projects Private Limited (AEIPPL) was established in
the year 2009 as a private limited company by Mr. Rajesh Barot and
Mr. Mukesh Barot and is engaged into construction of civil
engineering projects such as in the field of Water supply,
Sewerage, Housing, BRTS and allied infrastructure works. AEIPPL is
a Class I registered organization with Govt. of Maharashtra and
Govt. of Gujarat executing large turnkey projects in Water Supply,
Waste Water, Mass Housing with Cement Concrete Roads (CC road) etc.
for Govt. of Maharashtra & Govt. of Gujarat and Municipal
corporations and Govt. departments on EPC basis.


AAROHI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aarohi
Constructions Private Limited (ACPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       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 16,
2024, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ACPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 1, 2025,
January 11, 2025 and January 21, 2025 among others. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating.

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

Analytical approach: Standalone

Outlook: Stable

Aarohi Constructions Pvt. Ltd. (ACPL), incorporated in 1986, was
promoted by Late. Mr Subhash Jain. After him, his son Mr. Manish
Jain (Managing Director) took over the management of the company in
1997. ACPL is engaged in development of residential and commercial
real estate projects.


AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amrapali
Smart City Developers Private Limited (ASCDPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      270.00      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 29,
2024, placed the rating(s) of ASCDPL under the 'issuer
non-cooperating' category as ASCDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ASCDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 14, 2025, January 24, 2025 and February 3, 2025 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2010, Amrapali Smart City Developers Pvt Limited
(ASCDPL) is an SPV promoted by Amrapali group. ASCD is developing a
single group housing project in Greater Noida with total saleable
area of 116 lsf on total land area of 61 acres. ASCDPL has acquired
the land for the said project on lease from Greater Noida
Industrial Development Authority on deferred payment basis for
INR260cr. The company has launched the project in August 2010. In
2019, the Promoters of the company were sent behind the bars in an
alleged case of defrauding homebuyers.

BALAJI HATCHERIES: CRISIL Hikes Rating on INR9cr Cash Loan to B
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, Crisil Ratings had migrated the
long-term rating on Balaji Hatcheries Pvt Ltd (BHPL, erstwhile
Sribalaji Hatcheries Pvt Ltd) to 'Crisil D Issuer Not Cooperating'.
However, the management has subsequently started sharing the
requisite information, necessary for carrying out a comprehensive
review of the rating. Consequently, Crisil Ratings is migrating the
rating on the long-term bank facilities of BHPL to 'Crisil
B/Stable' from 'Crisil D Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         Crisil B/Stable (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Cash Credit           9         Crisil B/Stable (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Proposed Term Loan    3.51      Crisil B/Stable (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Rupee Term Loan       2.64      Crisil B/Stable (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Rupee Term Loan       2.05      Crisil B/Stable (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

The upgrade reflects the track record of timely repayment of debt
for over 90 days owing to improved liquidity.

The rating reflects the company's modest scale of operations, weak
financial risk profile and susceptibility to inherent risks in the
poultry industry and to volatility in raw material prices. This is
partially offset by the extensive industry experience of the
promoter and the company's established track record with integrated
operations.

Analytical approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of BHPL.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations amid intense competition: Intense
competition in the poultry industry has kept the scale of
operations modest, as reflected in operating income of around INR50
crore in fiscal 2024. This limits the company's bargaining power
with customers.

* Leveraged capital structure: Financial risk profile is expected
to remain weak over the medium term with high gearing and modest
debt protection metrics. Gearing is expected around 1.52 times as
on March 31, 2025. Debt protection metrics are likely to be weak,
as reflected in expected interest coverage of around 1.67 times in
fiscal 2025.

* Susceptibility to inherent industry risks and to volatility in
feed prices: The poultry industry is vulnerable to outbreak of
diseases that leads to a fall in sales volume and the selling
price. The segment is also affected by seasonality in demand
because of religious sentiments, leading to volatility in the
prices of end products.

Strength:

* Extensive experience of the promoter: Industry presence of around
four decades has enabled the promoter to successfully backward
integrate by setting up a breeding farm, hatchery unit, and feed
mill and establish a strong relationship with the key supplier
Venkateshwara Hatcheries Pvt Ltd (Venkateshwara Hatcheries).

Liquidity: Poor

Bank limit utilisation averaged 100% for the 12 months ended
January 2025. Expected annual cash accrual of INR1.4-2.0 crore
should comfortably cover term debt obligation of INR1.3-0.6 crore
over the medium term. The current ratio is expected to be weak
around 0.45 time as on March 31, 2025, due to large accumulated
losses. Negative networth also limits financial flexibility.

Outlook: Stable

BHPL will continue to benefit from the extensive experience of its
promoter.

Rating sensitivity factors

Upward factors:

* Substantial increase in net cash accrual
* Improvement in liquidity, with moderation in bank limit
utilization to below 90%

Downward factors:

* Decline in revenue by more than 30%, with operating margin of
less than 3%
* Further stretch in the working capital cycle or any large capital
expenditure weakening liquidity

Incorporated in April 2013 in Chittoor, Andhra Pradesh, and
promoted by Mr Sundar Naidu, BHPL breeds broiler and layer chicks
(exclusive layer franchise of Venkateswara Hatcheries) and
processes feed.


BRIZEAL REALTORS: CARE Lowers Rating on INR100cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Brizeal Realtors & Developers LLP (BRDL), as:

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank      100.00       CARE B-; Stable; ISSUER NOT
   Facilities                       COOPERATING; Rating continues
                                    to remain under ISSUER NOT
                                    COOPERATING category and
                                    Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2024, placed the rating(s) of BRDL under the 'issuer
non-cooperating' category as BRDL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BRDL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 18, 2024,
December 28, 2024, January 7, 2025 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

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

Analytical approach: Standalone

Outlook: Stable

BRDL, erstwhile a private limited company was converted into a
Limited Liability Partnership (LLP) between Siddha Group and Sejal
Group on March 17, 2016. The Siddha Group, promoted by Mr. Chandra
Prakash Jain, Group Chairman and Mr. Sanjay Jain, Group Managing
Director, is among the reputed real estate developers in Kolkata.
Siddha group has a strong developmental track record and brand
recall in the Kolkata and Jaipur real estate markets since 1986.
The developer has undertaken projects mainly in the residential
segment with small ticket size and only a few projects in the
commercial segments. The group also has presence in the Jaipur,
Bangalore and Mumbai. BRDL is currently developing a project,
'Siddha Seabrook' which is a Slum Rehabilitation Authority Project
located at Kandivali West, Mumbai. The firm is developing
residential flats with all the modern amenities comprising of
community hall, club, gym, etc at an estimated total project cost
of INR290.77 crore having three towers (two towers for
rehabilitation and one for sale with G+54 floors) with an aggregate
saleable area of 2.57 lakh sq. ft. As on December 31, 2019, the
firm had already expended INR200.86 crore i.e.69.1% of the total
project cost.

CHERUSSERY CREDITS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the rating on the bank facilities and non
convertible debentures of Cherussery Credits Private Limited
(Cherussery) has been migrated to 'Cisil B/Stable Issuer Not
Cooperating' from 'Crisil B/Stable'

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with Cherussery
for getting information. Crisil Ratings requested cooperation and
information from the issuer through letter dated February 24, 2025
apart from telephonic and email communication. The entity did
provide the No Default Statements (NDS) for the month of February
2025. However, the issuer has continued to be non-cooperative.

'Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating is arrived
at without any management interaction and is based on
best-available or limited or dated information on the firm. Such
non-co-operations by a rated entity may be a result of
deterioration in its credit risk profile. The rating with 'issuer
not cooperating' suffix lacks a forward-looking component'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Cherussery which restricts the
ability of Crisil Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that the rating
action on Cherussery is consistent with 'Assessing Information
Adequacy Risk'. Based on the last-available information, the rating
on the bank facilities and non convertible debentures of Cherussery
has been migrated to 'Crisil B/Stable Issuer Not Cooperating' from
'Crisil B/Stable'.

Analytical Approach

CRISIL Ratings have evaluated business and financial risk profile
of Cherussery on standalone basis.

The Cherussery group was established in 1955 and has been in the
financing business since then. Incorporated on December 27, 1989,
Cherussery, a non-deposit-taking non-banking financial company
licensed by the Reserve Bank of India, was taken over by Mr
Cherussery Velayudhan Raveendran in 2016. The company provides
small business loan, gold loan, property loans, and
international/domestic money transfer services. With eight branches
in Thrissur, Cherussery plans to expand its business in Tamil
Nadu.


COTTAGE INDUSTRIES: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Cottage
Industries Exposition Limited (CIE) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            53.00      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from CIE to monitor
the rating(s) vide e-mail communications/letters dated December 11,
2024; December 12, 2024, and December 16, 2024 and numerous phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. 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 Cottage Industries Exposition Limited 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 rating is constrained on account of modest scale of operations
& profitability, weak debt service coverage indicators and
elongated operating cycle. The rating is further constrained by
fragmented and unorganized nature of carpet industry with
increasing competition from China and inherent risks associated
with export business. However, rating derives strength from
experienced promoters coupled with long track record of operations
and widespread distribution network.

Analytical approach: Consolidated

CARE has adopted consolidated approach. Consolidated approach is
adopted since because all these entities, collectively referred to
as the Cottage group, have business and financial linkages, and are
under a common management.

Outlook: Stable

Detailed description of key rating drivers: At the time of last
rating on October 21, 2024, the following were the ratings
weaknesses and strengths. [Updated for audited financials for FY24
(refers to the period April 1 to March 31) received from company].

Key Weaknesses

* Modest scale of operations & profitability with weak debt service
coverage indicators: CIEL's scale of operations stood modest as
evident from total operating income (TOI) of INR40.47 crore and
gross cash accruals (GCA) of INR 0.02 crore, during FY24 (refers to
the period April 1 to March 31) with low year on year (Y-o-Y)
growth since the operations of the company impacted during Covid-19
time. The modest scale deprives it of the scale benefits.
Profitability margins of the company also stood low with PBILDT &
Profit after tax (PAT) margins of -3.36% & -4%, respectively during
FY24. This was due to certain fixed operational expenses that the
limited scale of operations could not adequately absorb. Further,
the company has achieved total operating income of INR15.00 crore
during 5MFY25 (refers to the period April 01 to August 31).

* Weak debt service coverage indicators: Owing to high debt levels
and low profitability, the debt coverage indicators of the company
remained weak, as marked by interest coverage ratio of -0.22x in
FY24. However, company was able to meet in interest and debt
obligations from non-operating income of around INR 8.00 crores
which majorly consists of rental income and forfeiture of security
deposit.

* Fragmented and unorganized nature of carpet industry with
increasing competition from China: The Indian carpet industry is
characterized by numerous small players and is concentrated in
Northern part of India which contributes a significant portion of
India's total carpet production. Furthermore, due to low
technological inputs and low entry barriers, less capital intensive
and easy availability of standardized machinery for production
makes the hand knotted/tufted carpet industry highly lucrative and
thus competitive. CIEL however faces stiff competition from cheaper
carpet imports from China in the same product segment.

* Inherent risks associated with exports: CIEL's operations are
primarily focused on the exports which contributed around 57% of
the total sales in FY24. However, the raw material is mainly
procured from domestic markets. Any change in government policies,
either domestic or international is likely to affect the company's
revenues. Earnings are also susceptible to strict regulatory
policies relating to tariff barriers (custom duty), non- tariffs
barriers (restriction on the quality of imports), anti- dumping
duties, international freight rates and port charges.

* Elongated operating cycle: The operating cycle of the company
stood elongated at 818 days for FY24 primarily on account of high
inventory period. The inventory holding period of the company stood
elongated at 784 days in FY24 on account of diversified product
portfolio which enables the company to maintain inventory at
various stages, i.e., fabric and garments of all varieties,
handicraft products and hand-woven carpets. Further, high inventory
leads to risk of obsolescence due to rapid change in fashion trends
which in turn leads to higher discounting adversely impacting the
profitability. The working capital requirement is partially met
through easy credit period available of 4-6 months from its
suppliers. The operations of the company remain working capital
intensive as the utilization of its working capital limit stood
more than 70% for past twelve months ended January 2025.
Furthermore, the company's ability to manage its inventory levels
while sustaining growth in scale of operations will remain a key
rating sensitivity.

Key strengths

* Experienced promoters coupled with long track record of
operations: CIEL was incorporated in the year 1978 by Mr. Amir Mir
& Ms. Tabasum Mir. Over the years of track record of operations,
company has developed strong association with the suppliers as well
as customers which has resulted in garnering repetitive orders.

* Widespread distribution network: CIEL sells its products through
32 outlets out of which 20 are self-owned, 12 stores are rented.
The stores are spread at various locations in Goa, Chennai, Delhi,
Punjab, Haryana, Jammu & Kashmir, Maharashtra, Pune and Rajasthan.

Liquidity: Stretched

The liquidity position of the company remained stretched as marked
by more than 70% utilisation of working capital limits for the past
12 month's period ending January 2025. Further, the Quick ratio and
Current ratio stood low at 0.42x and 1.49x respectively as on March
31, 2024, as compared to 0.48x and 1.50x respectively in the
previous fiscal year. The company has projected modest cash
accruals of around INR8.00 crores during FY25 as against scheduled
loan repayment obligation of INR1.17 crores. The company has free
cash & bank balances which stood at INR 1.93 crore as on March 31,
2024.

Cottage Industries Exposition Limited (CIE) was incorporated in
1956 in July 1978. CIE Manages an extensive chain of up-market
retail showrooms in India. They have retail in Home Décor,
Kashmiri wool products, Decorative articles, Art & Sculpture,
Furnishings, Silks & brocades, Furniture, Precious Jewellery,
Fashion, Leather Products, Costume jewellery, Watches. They export
silk carpets and handicraft items. The company is presently
operating 32 stores in all over India in Goa,- Chennai, Delhi,
Mumbai etc . CIE also deals in branded products like Nike, Reebok,
Lacoste, Benetton, Adidas to cater to the needs of international
buyers.


DHARANII COTTON: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dharanii
Cotton Mills Private Limited (DCMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       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 1,
2024, placed the rating(s) of DCMPL under the 'issuer
non-cooperating' category as DCMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DCMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 17, 2024, December 27, 2024, January 6, 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
Dharanii Cotton Mills Private Limited (DCMPL) was incorporated in
2004 by Mr. Arthanareswaran, Mr. V. Saravanan, Mr. A. P.
Visvanathan, Mr. P. Ponmudi, Mr. Venkateshwaran and Mr.
Venkatachalam in Erode, Tamil Nadu. The company is engaged in
manufacturing of viscose yarn with count range of 30-40 which are
used for garments and industrial uses.


DYP INFRAPROJECTS: CRISIL Assigns B+ Corporate Credit Rating
------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' corporate credit
rating (CCR) to DYP Infraprojects Private Limited (DIPL).

The rating reflects DIPL's susceptibility to tender-based nature of
business and modest scale of operations. These weaknesses are
partially offset by the extensive experience of the promoters in
the civil construction industry, moderate working capital cycle and
moderately healthy debt protection metrics.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of DIPL.


Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders.
Entities in this segment face intense competition, requiring them
to bid aggressively to get contracts, which restricts the operating
margin to a modest level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

* Modest scale of operations: DIPL's business profile is
constrained by its scale of operations in the intensely competitive
civil construction industry. Company revenue stood at Rs.20.28
crore for fiscal-24 and is expected to remain at similar level in
current fiscal as well. Subdued scale will continue to limit its
operating flexibility.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of around three decades in the civil construction
industry. This has given them a strong understanding of the market
dynamics and enabled them to establish healthy relationships with
suppliers and customers.

* Moderate working capital cycle: Gross current assets were in the
range of 89-182 days over the three fiscals ended March 31It
improved from 182 days a year ago to 89 days as on March 31, 2024
on account of improvement in debtor days and inventory days to 36
days and 37 days respectively.

* Moderately healthy debt protection metrics: DIPL's debt
protection metrics is comfortable, supported by moderate debt;
profitability and accretion to reserves. The interest coverage and
net cash accrual to total debt (NCATD) ratios were 4.91 times and
0.44 times, respectively, in fiscal 2024, and are expected to
remain at a similar level over the medium term in absence of any
major debt funded Capex plan.

Liquidity: Poor

Bank limit utilisation was high at 88.07% on average for the 13
months through January 2025. Cash accrual is expected to be
INR1-1.2 crore which will be sufficient against term debt
obligation of INR0.5-0.6 crore over the medium term, and the
surplus will cushion the liquidity of the company. The current
ratio was moderate at 1.31 times as on March 31, 2024.

Outlook: Stable

Crisil Ratings believes DIPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity Factors

Upward factors

* Increase in topline by around 40% with stable operating margin
* Improvement in the working capital cycle

Downward factors

* Decline in net cash accrual to below INR0.7 crore on account of
decline in revenue or operating profit
* Large debt-funded capital expenditure weakening the capital
structure
* Substantial increase in working capital requirement, weakening
liquidity and financial profiles

Incorporated in 2017, DIPL is based in Pune, Maharashtra. The
company undertakes civil construction works, such as construction
of industrial sheds, pre-engineered buildings (PEB), landscaping,
gardening and industrial turnkey projects. DIPL is promoted by Mr
Balasaheb Patil and Mr Dattatray Yadav.


FANIDHAR ENTERPRISES: CRISIL Reaffirms B Rating on INR15cr Loan
---------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the
long-term bank facility of Fanidhar Enterprises Private Limited
(FEPL).

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         Crisil B/Stable (Reaffirmed)

The rating reflects the company's low operating margin due to the
trading business, modest scale of operations, weak financial risk
profile and extensive exposure to group companies. These weaknesses
are partially offset by the extensive experience of the promoters
in the agro commodities trading business.

Analytical Approach

Crisil Ratings has considered the standalone business and financial
risk profiles of FEPL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating margin due to trading business: Small initial
investment and limited complexity of operations have resulted in
significant fragmentation and hence low operation margin. Owing to
the trading business, the operating margin remained subdued at 2-3%
in the six fiscals through 2024. Improvement in the operating
margin will remain monitorable over the medium term.

* Modest scale of operations: Intense competition constrains
scalability, as reflected in modest operating income of INR85.62
crore in fiscal 2024, and operating flexibility.

* Average financial risk profile: Capital structure was constrained
by gearing and total outside liabilities to adjusted networth ratio
of 2.27 times and 4.69 times, respectively, as on March 31, 2024.
Debt protection metrics were subdued owing to high gearing and low
accrual from operations. Interest coverage and net cash accrual to
total debt ratios were 0.75 time and 0.01 time, respectively, in
fiscal 2024, and are expected at similar levels amid high debt.

Strength:

* Extensive experience of the promoters: The promoters have
experience of more than a decade in the agro commodities trading
business. This has helped them develop strong understanding of the
market dynamics and established relationships with suppliers and
customers, which will continue to support the business.

Liquidity: Stretched

Bank limit utilisation was high at 99.80% for the 12 months through
January 2025. Cash accrual is expected to be over INR0.7 crore per
fiscal against nil term debt obligation over the medium term.
Current ratio was modest at 0.83 time as on March 31, 2024. The
promoters will likely extend equity and unsecured loans to cover
working capital requirement and debt obligation.

* Extensive exposure to group companies: FEPL has invested INR19.13
crore in its group companies in the form of equity, loans and
advances as on March 31, 2024, which is 187% of its networth.
Crisil Ratings believes further exposure in group companies,
impinging its own cash accrual, may impact liquidity and will
remain a rating sensitivity factor.

Outlook: Stable

Crisil Ratings believes FEPL will continue to benefit from its
longstanding relationships with principal suppliers and experience
of the management to mitigate the inherent risk in trading
business.

Rating Sensitivity Factors

Upward factors

* Steady increase in revenue and operating margin leading to net
cash accrual above INR1.5 crore
* Improvement in the working capital cycle
* Decline in exposure to group companies

Downward factors

* Stretched working capital cycle with gross current assets above
250 days
* Decline in revenue and operating margin leading to lower net cash
accrual
* Further cash outflow into group companies.

Incorporated in 2010, FEPL is engaged in the wholesale and trade of
agro commodities and pulses, such as castor seeds, guar seeds,
wheat grains and cluster beans.


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

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

   Long Term/           3.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 19, 2024,
placed the rating(s) of FEPL under the 'issuer non-cooperating'
category as FEPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. FEPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 2, 2025, February 12,
2025 and February 22, 2025 among others. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2004, FEPL is engaged in SI (System Integration) of
SPV (Solar Photovoltaic)-based power systems, manufacturing of oil
mist systems viz. oil mist lubrication systems, blaze flow oil
purification systems, etc. coupled with trading of solar products,
chemicals and providing consultancy services of SPV-based products.


GANGAMAI INDUSTRIES CRISIL Withdraws B Rating on INR62cr Loan
-------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
Gangamai Industries and Constructions Private Limited (GICL) on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with Crisil Rating's
policy on withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         Crisil A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee        15         Crisil A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           15         Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           43         Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           12         Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           23         Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Sugar Pledge          62         Crisil B/Stable/Issuer Not
   Cash Credit                      Cooperating (Withdrawn)

   Sugar Pledge          45         Crisil B/Stable/Issuer Not
   Cash Credit                      Cooperating (Withdrawn)

   Sugar Pledge          45         Crisil B/Stable/Issuer Not
   Cash Credit                      Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with GICL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GICL. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on GICL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, Crisil Ratings has
continued the ratings on the bank facilities of GICL to 'Crisil
B/Stable/Crisil A4 Issuer not cooperating'.

GICL, incorporated in 1999 by the Mulay family, manufactures sugar
and ethanol at its unit in Ahmednagar district of Maharashtra. It
also has a co-generation plant of 32 megawatt (MW). The company
also undertakes civil construction contracts and operates windmills
of 5.45 MW capacity in Maharashtra and Rajasthan. The operations
are managed by Mr. Ranjeet Mulay and Mr. Sameer Mulay.


HANWANT FASTNERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanwant
Fastners Private Limited (HFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.41      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 February 14,
2024, placed the rating(s) of HFPL under the 'issuer
non-cooperating' category as HFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 30, 2024,
January 9, 2025 and January 19, 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

Hanwant Fastners Private Limited (HFPL) was incorporated in
September, 1994 and started its commercial operations in March,
1995. The company is currently being managed by Mr. Mahavir Singh
and Mr. Hari Singh. The company is engaged in manufacturing of
fasteners mainly bolts. The product of the company finds its
application mainly in automobile industry. The company has its
manufacturing facility located at Rohtak, Haryana.


HI-GREEN CARBON: CARE Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Hi-Green
Carbon Limited (HGCL) to Issuer Not Cooperating category.


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            10.52      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from HGCL to monitor
the ratings vide e-mail communications dated March 5, 2025, March
4, 2025, February 28, 2025, February 25, 2025, February 18, 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 ratings 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 HGCL's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The rating assigned to the bank facilities of HGCL continues to
remain constrained on account of non-availability of requisite
information. The rating takes into consideration stretched
liquidity, geographical concentration risk and presence in a
regulated rubber recycling industry. However, the rating derives
strength from experienced promoters having established track record
of operations. The rating also factors in company's healthy
operating performance during FY24 (Audited; period refers from
April 1 to March 31) and H1FY25 (Unaudited; period refers from
April 1 to September 30) along with comfortable capital structure
and debt coverage metrics.

Analytical approach: Standalone

Outlook: Stable

Stable Outlook reflects that the rated entity will be able to
sustain its operational performance as exhibited by total operating
income (TOI) and strong profitability margins.

Detailed description of key rating drivers:

At the time of last rating on March 6, 2024, the following were the
rating strengths and weaknesses considered as updated with
available information.

Key weaknesses

* History of delays in debt servicing: There were instances of
overdrawing in working capital limits for 1-2 days on account of
interest charged during April 2023 and December 2023 end. Further,
there were instances of penal interest in Term loan statement which
were charged during June/August 2023 as auto-debit mandate had been
non-operative on account of delay in renewal of sanctioned
facilities. However, auto-mandate facility had been operative since
renewal of sanctioned facility in September 2023. Also, liquidity
is improved owing to receipt of proceeds from IPO as well as better
operational performance.

* Project implementation and stabilization risk owing to on-going
capex: HGCL was under-going a capacity expansion project at an
estimated cost of INR40.41 crore and expected commencement from
May/June 2024. The proposed plant is in Dhule, Maharashtra with
installed capacity of recycling 100MT of waste tyres/day. The
project was commissioned in November 2024 with total cost of
INR49.11 crores reflecting cost and time overrun. Hence, project
implementation risk is mitigated however, there exists project
stabilization risk.

* Geographical concentration risk: HGCL is operating from its
recycling plant located at Bhilwara, Rajasthan where ~80% of the
domestic revenue of the company is concentrated in FY23.
Furthermore, ~96% of the revenue came from the domestic market
whereas balance 4% from exports. Hence, HGCL is exposed to
geographical concentration risk. However, commencement of other
manufacturing unit in Maharashtra which caters demands from
Maharashtra and nearby states will reduce geographical
concentration risk.
* Presence in a regulated industry: As HGCL is engaged in waste
tyre recycling process, the industry is regulated for the stringent
pollution control norms from The Central Pollution Control Board
(CPCB), State Pollution Control Board (SPCB) as well as Ministry of
Environment, Forest and Climate Change (MoEFCC). The said boards
have implemented various regulations and guidelines related to
waste management and environmentally sound disposal. However, HGCL
has been certified with Environmental Management Measures with ISO
14001:2015, Occupational Health & Safety Management standards with
ISO 45001:2018, Quality Management Standards with ISO 9001:2015,
Good Manufacturing Practice (GMP) and RoHS. HGCL's certifications,
necessary approvals and licenses adheres to the said guidelines.

Key strengths

* Experienced promoters having established track record of
operations: Mr. Amitkumar Bhalodi, MD cum CFO, is a key promoter of
HGCL, looks after commercial activities, sales, purchase, marketing
& finance of the company. He is having more than 15 years of
experience in this field. Mr. Shailesh Kumar Makadia, Chairman and
promoter of HGCL is having almost 2 decades of experience in waste
recycling process and looks after technical research and
development of the company. Mr. Nirmalkumar Sutaria, WTD and
promoter is having more than 11 Years of experience of Waste
Recycling and Recovering Carbon Black. He manages factory
operations and production department of the company. The
promoters are also supported by a team of experienced and trained
employees.

* Healthy operating performance during FY24 and H1FY25: During
FY24, TOI remained at INR70.26 crore against INR77.96 crore in
FY23. During H1FY25, TOI remained at INR36.09 crore. Profitability
marked by PBILDT margin remained at 25.48% in FY24 from 25.7% in
FY23. In H1FY25, operating margins remained at 19.61%.

* Comfortable capital structure and debt coverage metrics: Capital
structure remained comfortable as marked by overall gearing at
0.32x as on March 31, 2024, vis-à-vis 0.56x as on March 31, 2023.
Overall gearing remained at 0.34x as on September 30, 2024. Debt
coverage indicators remained strong as exhibited by comfortable
interest coverage ratio of 15.36x during FY24 vis-à-vis 16.01x in
FY23. Total debt to GCA remained at 1.82 years as on March 31,
2024, as against 0.75 years as on March 31, 2023.

Liquidity: Stretched

Liquidity of HGCL remained stretched on account of higher
utilisation of its working capital limits as well as elongated
operating cycle. During the past twelve months ended January 2024,
HGCL had utilised ~75-80% of its working capital limits. Operating
cycle remained at 103 days during FY24 against 66 days in FY23.
Cashflow from operations remained negative at INR26.13 crore for
FY24.

HGCL was formally incorporated as Shantol Green Hydrocarbons
(India) Private Limited during 2011 by Mr. Amitkumar Bhalodi, Mrs.
Dakshaben Makadia and Mrs. Binaben Makadia. Subsequently, RNG
Finlease Pvt. Ltd. (RNG) acquired control of HGCL during 2012-2017.
Later, Mr. Amitkumar Bhalodi, Dr. Shaileshkumar Makadia, Mrs. Krupa
Dethariya, Mrs. Radhika Bhalodi, Mrs. Shiryakumari Makadia, and Mr.
Koosh Dethariya acquired combined 28.42% from RNG in 2022. Further,
during September 2023, HGCL came up with Initial public offer to
raise ~Rs. 52.8 crore and got its shares listed on NSE SME (NSE
Emerge) platform. HGCL is engaged in the business of waste tyres
recycling. Main products of HGCL are Recovered Carbon Black (RCB),
Steel Wires, Fuel Oil and Synthesis Gas which are produced from
pyrolysis process on end-of-life tyres (ELTs). HGCL further
processes synthesis gas to manufacture Sodium silicate (Raw glass).
RCB has been used as a reinforcing agent in tyres, also acting as a
pigmenting, UV stabilizing and conducive agent in products such as
plastics, printing inks, coatings, etc. Fuel Oil also known as
bio-oil used in industrial applications like boilers, furnaces,
kilns, hot water generators, etc. Sodium silicate is used in soap
detergent and in the manufacturing of silica gel. Company's
production facility is located at Bhilwara, Rajasthan with an
installed capacity of recycling of 100 MT waste tyres/day and 60
MT/day of sodium silicate production. Its second unit commenced
operations from November 2024 in Maharashtra.

JAGANNATH PLASTIPACKS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagannath
Plastipacks Limited (JPL) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; 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 8,
2024, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JPL 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 revised from Combined

For arriving at the ratings, CARE has combined the financial
profiles of Jagannath Polypacks Limited, Jagannath Polymers
Limited, and Jagannath Plastipacks Limited as all the three
companies are under common management and in the same line of
business. All the three companies commonly refer as the group.
However, updated information is not available to ascertain
financial linkages that warrant a continuation of combined
approach.

Outlook: Stable

Incorporated in 1984, Jagannath Plastipacks Limited (JPL) was
promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr.
Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two
decades. JPL is involved in the business of manufacturing of
polypropylene and HDPE woven sacks and bags with installed capacity
of 45 Lakh pcs per month with the manufacturing unit located at
IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also
owns an associate company in the mane of Jagannath Polymers Limited
which is involved in manufacturing of PP/HDPE woven sacks and bags
from its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. They are
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced personnel.


JAGANNATH POLYPACKS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jagannath
Polypacks Limited (JPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      1.50       CARE A4; 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 8,
2024, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JPL 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 revised from Combined

For arriving at the ratings, CARE has combined the financial
profiles of Jagannath Polypacks Limited, Jagannath Polymers
Limited, and Jagannath Plastipacks Limited as all the three
companies are under common management and in the same line of
business. All the three companies commonly refer as the group.
However, updated information is not available to ascertain
financial linkages that warrant a continuation of combined
approach.

Outlook: Stable

Incorporated in 1984, Jagannath Polypacks Limited (JPL) was
promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr.
Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two
decades. JPL is involved in the business of manufacturing of
polypropylene and HDPE woven sacks and bags with installed capacity
of 45 Lakh pcs per month with the manufacturing unit located at
IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also
owns an associate company in the mane of Jagannath Polymers Limited
which is involved in manufacturing of PP/HDPE woven sacks and bags
from its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. And another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. He is
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced professional.


JVS BIOFUELS: CARE Moves D Debt Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of JVS
Biofuels Private Limited (JVSBPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       80.00      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 JVSBPL to
monitor the rating vide e-mail communications/letters dated
December 31, 2024; March 8, 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, JVSBPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on JVS Biofuels Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

CARE Ratings Limited (CARE Ratings) has reaffirmed the ratings
assigned to the bank facilities of JVSBPL at CARE D and moved it to
ISSUER NOT COOPERATING category based on non-receipt of the
requisite information.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

At the time of last rating on January 30, 2024 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key weaknesses

* Delay in debt servicing: There have been multiple instances of
delay in servicing of term loan interest in the recent past owing
to delay in commencement of operational activity (actual COD is
October 28, 2023 as against the expected COD of December 2022),
delay in collection from debtors (IOCL, BPCl, HPCL), weak
liquidity. Furthermore, there have been instances of penal charges
being levied in the term loan statement.

* Limited experience of promoters in the ethanol industry: The
company is promoted by Mr. Sunil Singla, Mr. Jitender Jindal, and
Mr. Vinod Jindal, who have an existing experience of around 20
years in the manufacturing of food products, including all kinds of
spices, pickles, jams, squashes etc., however, promoters have
limited experience in successfully commissioning and running up of
green field projects. The project will be managed by Mr. Sunil
Singla, who has pursued his graduation in Bachelor of Engineering
Electronics, ably supported by Mr. Jitender Jindal and Mr. Vinod
Jindal, who will oversee the production and finance functions
respectively.

Key strengths

* Locational Advantage: The company has procured 15.925 acres of
land to set-up grain-based ethanol distillery at Village Jatwar,
Ambala. The plant is located in North-Indian region, Punjab and
Haryana which are the major paddy producing states, having highest
number of rice mills which facilitates procurement of grains and
other agro based products during season.

JVS Biofuels Private Limited was incorporated on January 22, 2021,
by Mr. Sunil Singla, Mr. Jitender Jindal, and Mr. Vinod Jindal, who
have an existing experience of around 20 years in the manufacturing
of food products, including all kinds of spices, pickles, jams,
squashes etc. The company has setup a greenfield project for the
manufacture of fuel ethanol alongside its by-product, Distillery
Dried Grain Soluble (DDGS). The same is under the ambit of Ethanol
Blending Programme (EBP) policy of GOI, whereby the company has
entered into Long-term Offtake Agreement (LTOA) with Oil Marketing
Companies like Indian Oil Corporation Limited (IOCL), Bharat
Petroleum (BP) and Hindustan Petroleum (HP) for supply of 2.64
litre (i.e., 80, 000 LPD) of ethanol.


KARANJA KRAFT: CRISIL Assigns B Rating to INR27cr Term Loan
-----------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B/Stable' rating to the
long-term bank facilities of Karanja Kraft Industries LLP (KKIL).

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         Crisil B/Stable (Assigned)
   Term Loan             27         Crisil B/Stable (Assigned)

The rating reflects KKIL's exposure to risks related to early stage
of operations, expected leveraged capital structure and
susceptibility to intense competition and cyclicality in the
industrial paper industry and. These weaknesses are partially
offset by the extensive industry experience of the partners.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of KKIL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to early stage of operations: KKIL
purchased a ready to operate kraft paper unit in May 2024 and
full-fledged operations commenced only from October 2024. The scale
of operations is hence small, around INR25 crore estimated for
fiscal 2025, and is likely to grow over the medium term. The
successful stabilisation of operations leading to steady and
profitable growth in revenue will remain a key rating sensitivity
factor.

* Expected leveraged capital structure: KKIL is expected to have a
highly leveraged capital structure with gearing of over 5 times as
on March 31, 2025 on account of the small networth and debt funding
towards the purchase of the kraft unit. Improvement in the capital
structure, with regular repayment of term debt and steady accretion
to reserve, will remain monitorable.

* Exposure to intense competition in the kraft paper industry:
Owing to the commoditised nature of the industry, players have
limited pricing flexibility. Moreover, end users of packaging paper
are also price sensitive. This situation is expected to continue
over the medium-to-long term, as raw material prices are volatile
in nature due to demand-supply imbalance. The industry is also
cyclical in nature, with small players shutting down capacities
during downturns and recommencing operations when the economy
revives. This prevents established players from generating large
profits even during periods of good economic growth. The business
risk profile may remain constrained over the medium term due to
susceptibility to risks related to the above-mentioned factors.

Strength:

* Extensive industry experience of the partners: The partners have
extensive experience in the industrial paper industry. This has
given them an understanding of the dynamics of the market and
enabled them to establish healthy relationships with suppliers and
customers.

Liquidity: Stretched

While cash accruals would be insufficient towards repayment
obligation for fiscal 2025, it is supported by infusion of funds
from the partners in the form of unsecured loans. Cash accrual is
likely to improve over the medium term with the stabilisation of
operations and is expected to be over INR3 crore, which would be
sufficient against term debt obligation of INR3 crore.

Outlook: Stable

Crisil Ratings believes KKIL will benefit from the extensive
industry experience of its partners.

Rating sensitivity factors

Upward factors

* Steady improvement in revenue and profitability resulting in
higher accrual

* Improvement in the financial risk profile with gearing of less
than 3 times

Downward factors

* Generates significantly low cash accrual of less than Rs. 3
crores during the initial phase of operations
* Increase in working capital requirements weakening the liquidity
and financial risk profiles

Set up in 2024, KKIL has recently purchased a plant to manufacture
kraft paper in Bidar, Karnataka.

KKIL is owned and managed by Mr Shivaraj Kalwatte, Mr Satyanarayan
Damodar Surampallya, Mr Santhosh Patil, Mr Umesh and Ms Mamata
Suppalli.


KAY KAY EXPORTS: CRISIL Reaffirms B+/A4 Rating on INR29cr Loans
---------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable/Crisil A4'
ratings on the bank facilities of Kay Kay Exports (KKE).

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Fund Based            29.0       Crisil A4/Crisil B+/Stable
   Facilities-LT/ST                 (Reaffirmed)        

The ratings continue to be reflected by the company's
capital-intensive operations, average financial risk profile and
exposure to risks inherent in the seafood industry. These
weaknesses are partially offset the extensive industry experience
of KKE's proprietor and geographical diversification in revenue.

Analytical approach:

Crisil Ratings has evaluated the standalone business and financial
risk profiles of KKE.

Key rating drivers and detailed description

Weaknesses:

* Working capital-intensive operations: Gross current assets (GCAs)
were 170-400 days over the three fiscals ended March 31, 2024. The
company's intensive working capital management is reflected in GCAs
of 392 days as on March 31, 2024. The large working capital
requirement arises from high receivables and inventory.

* Below average financial risk profile: KKE has average financial
risk profile as indicated by gearing of 2.81 times and total
outside liabilities to adjusted networth (TOLANW) of 3.80 times as
on March 31, 2024. The debt protection metrics have also been
average in the past owing to high gearing and low accrual from
operations. The interest coverage and net cash accrual to total
debt ratios were 1.17 times and 0.02 time, respectively,  in fiscal
2024. The debt protection metrics are expected at similar level
with high debt.

* Exposure to risks inherent in the seafood industry: Shrimp prices
depend on its availability during a particular period and the
company's operating margin is exposed to volatility in the prices
of shrimp. The seafood export segment is driven by stringent
regulations and quality requirement. Many of the export
destinations implement regulations from time to time (including
anti-dumping duty, food safety regulations and quality requirement)
that need to be met. Adverse regulatory changes such as the levy of
anti-dumping duties by importing countries can have adverse impact
on the profitability of the players.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has experience of over 30 years in the marine industry. This has
given him an understanding of the market dynamics and enabled him
to establish relationships with suppliers and customers. This has
supported the moderate revenue of INR35.78 crore in fiscal 2024 and
is expected to do so over the medium term.

* Geographical diversification in revenue: KKE caters to a wide
number of clients, both in India and overseas. It consistently
derives over 90% of its revenue from exports. Diversity in
geographic reach and clientele should continue to support the
business risk profile.

Liquidity: Poor

Bank limit was fully utilised in the past six months. Annual cash
accrual is expected at INR74 lakh against yearly term debt
obligation of INR96 lakh over the medium term. Need-based unsecured
loan infusion from the promoter will continue to support the
liquidity.

The current ratio was healthy at 1.70 times as on March 31, 2024.

Outlook: Stable

Crisil Ratings believes KKE will continue to benefit from the
extensive experience of its proprietor and established
relationships with clients.

Rating sensitivity factors

Upward factors

* Increase in revenue and sustenance of operating margin at 6%,
leading to high cash accrual
* Better working capital cycle
* Improvement in the financial risk profile

Downward factors

* Decline in revenue by 14% or operating margin below 3%, leading
to insufficient net cash accrual for debt servicing
* Large debt-funded capital expenditure, weakening the capital
structure

KKE was established as proprietorship firm in 1991. It processes
and exports sea food products such as shrimp, cuttle fish, squid,
octopus, fish and seafood mix. The firm has processing unit in
Kochi, Kerala and is owned by K Krishna Kumar.


MKM KNIT: CRISIL Withdraws B+ Rating on INR5cr Packing Credit
-------------------------------------------------------------
Crisil Ratings has reaffirmed its rating on the long-term bank
facilities of MKM Knit Creation (MKC) and subsequently withdrawn
the rating at the company's request and on receipt of a
no-objection certificate from the bankers. This is in line with the
policy of Crisil Ratings regarding withdrawal of bank loan
ratings.

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         5         Crisil B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

Analytical Approach

Crisil Ratings has evaluated the business and financial risk
profiles of MKC on a standalone basis.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: The textile
industry has low entry barriers of small initial investment and
limited complexity of operations. Intense competition limits the
pricing flexibility, bargaining power and scalability of the firm.
Also, threat from large integrated players in the form of capacity
additions limits growth. Revenue is estimated at a modest INR19
crore in fiscal 2025.

Strengths:

* Extensive experience of the partners: The partners' experience of
over a decade in the textile industry, understanding of market
dynamics and established relationships with suppliers and customers
will continue to support the business.

* Healthy capital structure: Owing to moderate reliance on external
debt, capital structure was comfortable. Total outside liabilities
to adjusted networth ratio is expected at 1.5 times as on March 31,
2025.

Liquidity: Stretched

Bank limit utilisation was moderate at 87.7% for the 12 months
through January 2025. Cash accruals, expected around INR0.75-1.0
crore per annum, will just about cover yearly term debt obligation
of INR0.74 crore over the medium term.

Outlook: Stable

Crisil Ratings believes MKC will continue to benefit from the
extensive experience of its partners and established relationships
with clients.

Rating sensitivity factors

Upward factors:

* Increase in revenue by 20% and rise in operating margin above 6%
leading to higher cash accrual
* Efficient working capital management leading to better liquidity
position

Downward factors:  

* Decline in revenue by 25% and fall in operating margin below 2%
leading to net cash accrual less than INR0.30 crore
* Large, debt-funded capital expenditure weakening the capital
structure

Set up in 2009, MKC manufactures and exports hosiery garments. Its
facility is in Tirupur, Tamil Nadu. The firm is owned and managed
by Ms M Nalini and Mr S Karthikeyan.


OLA ELECTRIC: India Seeks Info on Sales-Registration Data Mismatch
------------------------------------------------------------------
Reuters reports that Ola Electric Mobility said on March 21 that
the government has sought information from the electric two-wheeler
maker on the mismatch between its vehicle sale and registration
numbers for February, which were caused by a "temporary" backlog in
registrations.

India's heavy industries and road transport ministries have emailed
Ola seeking information, the company said in a statement, Reuters
rlays.

Since its high-profile stock market debut last year, Ola has faced
mounting challenges, from declining sales to increased regulatory
scrutiny.

According to Reuters, the company has reportedly cut jobs at least
twice since November, and is now restructuring its sales and
service networks to focus on cost reductions and inventory
management.

While Ola said it has sold 25,000 vehicles in February, a
government portal showed only about 8,600 were registered in the
month.

This is a straightforward case of a temporary registration backlog,
the company said, adding that the backlog intensified after it
ended contracts with two vendors handling its registration process
as it sought to streamline operations.

It is in negotiations with the vendors and assured that the backlog
was being "rapidly cleared".

Last week, one of its vehicle registration service providers and a
creditor of its unit Ola Electric Technologies, filed an insolvency
petition against the unit alleging default in payments.

The company has also received notices in four states with regard to
trade certificates for a few of its stores, it said on March 21.

Headquartered in Bangalore, Karnataka, Ola Electric Mobility
designs and manufactures electric two-wheelers, including the Ola
S1 in three variants named Ola S1 Air, Ola S1X and S1 Pro.  The
company also produces battery cells at its manufacturing facility
in Tamil Nadu, which supplies energy storage solutions for its
vehicles and other applications.


PANCARBO GREENFUELS: CARE Cuts Rating on INR148cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pancarbo Greenfuels Private Limited (PGPL), as:

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank      148.00       CARE B+; Stable; ISSUER NOT
   Facilities                       COOPERATING; Downgraded from
                                    CARE BB-; Stable and moved to
                                    ISSUER NOT COOPERATING
                                    Category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking the information required for
carrying out the annual surveillance exercise for the ratings
assigned to the facilities of PGPL vide e-mail communications dated
February 20, 2025; January 29, 2025; January 23, 2025, and various
telephonic interactions on the above subject. However, despite
repeated requests, the company has not provided the information
required for carrying out the annual surveillance exercise for the
ratings assigned to the bank facilities of PGPL. Also, PGPL 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 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 ratings on PGPL bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of the non-availability of
requisite information due to non-cooperation by PGPL 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 PGPL remain constrained on
account of limited experience of the promoters in the ethanol
industry, project implementation and post-implementation risk
associated with its debt-funded greenfield project. The rating is
further constrained by seasonal nature of availability of paddy and
susceptible of margins to raw material price fluctuations. However,
the aforementioned rating weaknesses are partially offset by
locational advantage available with the company in procuring raw
materials and positive industry prospects associated with National
Biofuel policy of Government of India, 2018 promoting ethanol
petrol blending programme and thereby reducing import dependency.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers

At the time of last rating on February 29, 2024, the following were
the ratings weaknesses and strengths (updated for financials for
FY24 available from Ministry of Corporate Affairs).

Key weaknesses

* Project implementation and post - implementation risk associated
with the debt funded greenfield project: The company has set-up a
greenfield project to manufacture fuel ethanol to blend in petrol
under the EBP (Ethanol- blended petrol) policy of Government of
India whereby it has already entered into long-term offtake
agreement with various Oil Marketing Companies (OMCs) namely Indian
Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL)
and Hindustan Petroleum Corporation Limited (HPCL). The cost of
project was estimated to be INR130.21 crores. The revised total
cost of the project as on January 31, 2024, is INR146.31 crore and
the same is to be funded by promoter's contribution of INR25.31
crore, unsecured loan of INR7.00 crores and term loan of INR114
crore. The revision in cost of the project was owing to expansion
in scope of the project since company is also setting up Co2 plant
with a total estimate cost of INR 10 crores. The commercial
operations of the ethanol plant started from January 2024. The
company's ability to stabilise the operations of the ethanol
manufacturing plant successful commissioning of the Co2 plant
without any time or cost overruns will remain a key monitorable.

* Limited experience of promoters in ethanol industry: The
promoters of the Company have three decades of experience in field
of Gas production and 18 years of experience in Hospitality sector.
However, the promoters have no prior experience in the Distillery
field. In order to mitigate the lack of experience in the field,
the company has on-boarded Jaswinder Singh Grewal as a Head –
Ethanol Segment with ~26 years of experience in the distillery
field. He was working as technical director of reputed distilleries
and sugar manufacturing companies. He has an experience of setting
up of plants with 200 KLPD capacity. Further, the group has worked
with several distilleries of repute, during their operation of CO2
plants in them.

* Seasonal nature of availability of paddy and susceptible of
margins to raw material price fluctuations: The company's main raw
material is broken rice which it would be procuring from rice mills
in Punjab and Haryana. The production of rice depends on
availability of Paddy. Paddy in India is harvested mainly at the
end of two major agricultural seasons Kharif (June to September)
and Rabi (November to April). The major procurement of Paddy
happens during the months of October to January and April to July
every year. For proper harvest of Paddy, the weather conditions
must be adequate. Adverse weather conditions directly affect the
supply and availability of the paddy which leads to raw material
price fluctuations. If there are any adverse fluctuations and
company is not able to pass it on to its customers, then it will
result in cost overrun. Accordingly, stability in raw material
prices is critical and any adverse movement in the same may affect
the Project sustainability.

Key strengths

* Positive Industry prospects: Ethanol is an agro-based product,
mainly produced from a by- product of the sugar industry, namely
molasses. The Ethanol Blended Petrol Programme (EBP) seeks to
achieve blending of Ethanol with motor fuel with a view to reduce
pollution, conserve foreign exchange, and increase value addition
in sugar industry. This would also increase income of farmers as
other feedstock such as cereals like rice, wheat, barley, corn etc.
can also be used for production of fuel ethanol. The Central
Government, in its National Bio-fuels Policy, 2018, mandated for
10% blending of ethanol into motor fuel by 2022 and 20% by 2030.

* Long -term off-take agreement with OMCs: The company has entered
a long term with three OMCs namely Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) vide agreement dated January
11, 2022, wherein OMCs will buy 130 KLPD of Ethanol. The Supply
Price of Ethanol will include basic Price, transportation, and
taxes. Basic Price of Ethanol and transportation will be published
at the beginning of every ESY.
Furthermore, Transportation rate of Ethanol will be as per rates
decided and declared by OMCs from time to time. Long-term offtake
agreement quantity constitutes around 87% of installed capacity.
100% payment shall be made as per agreed payment terms (currently
21 days from the date of receipt of material and acceptance of
materials at Buyer/ OMC's location(s) and submission of all
required documents).

* Locational Advantage: The company has procured 24 acres of land
to set-up grain-based ethanol distillery at Village Lehri,
Bathinda, Punjab whereby the company would manufacture fuel ethanol
using broken/damaged rice. In North-Indian region, Punjab and
Haryana are the major paddy producing states, having highest number
of rice mills, thereby company would have easy access to raw
material in the nearby areas. Further, Ethanol production requires
significant water supply. Water requirement for the Project will be
met by nearby canal or from ground water extraction. The company
has received interim the permission for PWRDA (Punjab Water
Regulation & Development Authority) to extract the water from
ground up to 1750 m3/ day and 52,500
m3/month.

Liquidity: Stretched

The operations of the company have commenced from January 2024. The
liquidity position depends upon the stabilization and streamlining
of revenues and company's fund infusion in the form of promoter's
contribution to the tune of INR25.31 crore of which 23.44 crore has
been infused. Further, promoters have also infused unsecured loan
to the tune of INR6.90 crores as on December 31, 2023. The Current
Ratio of PGPL stands at 0.91x as on March 31, 2024 as against 1.58x
as on March 31, 2023 whereas the Quick Ratio stands at 0.63x as on
March 31, 2024 as against 1.58x as on March 31, 2023.

PGPL was incorporated on June 4, 2021 by Davinder Singh Kohli and
Amrit Paul Singh Kohli who have three decades of experience in the
field of Gas Production and 18 years of experience in the field of
Hospitality. The company has been setup as a greenfield project for
the manufacture of fuel ethanol alongside its by-product,
Distillery Dried Grain Soluble (DDGS) and Liquid CO2.


PARSVNATH LANDMARK: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the rating on the NCDs of Parsvnath Landmark
Developers Private Limited (PLDPL) continues to be 'Crisil D Issuer
Not Cooperating'.
         
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible       200        CRISIL D (ISSUER NOT
   Debentures LT                    COOPERATING)

Crisil Ratings has been following up with PLDPL through letters and
emails, dated January 15, 2025, for obtaining information. However,
the issuer has continued to be non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the company's management,
Crisil Ratings did not receive any information on the financial
performance or strategic intent of the company, which restricts
Crisil Ratings' ability to take a forward-looking view on the
entity's credit quality. The rating action on PLDPL is consistent
with 'Assessing Information Adequacy Risk'.

The scheduled redemption date for the non-convertible debentures
(NCDs) of December 31, 2020, has passed. According to the debenture
trustee, the revised term sheet for restructuring was entered by
the company and the investor on June 27, 2024, and was implemented.
According to the revised terms, PLDPL had to pay INR200 crore to
the debenture holder until 31st March, 2025. However, based on
confirmation received from the debenture trustee, the company has
paid only INR57 crore till date. Based on this information, the
rating on the NCDs of PLDPL continues to be 'Crisil D Issuer Not
Cooperating'.

PLDPL is a special-purpose vehicle promoted by Parsvnath Developers
Ltd (PDL) to develop La Tropicana, a 0.23-crore sq ft residential
project in Civil Lines, New Delhi. The project, which is being
executed in phases, comprises 505 luxury apartments, houses for the
economically weaker section and commercial units. Prior to
September 2016, PDL held 78.0% equity stake in PLDPL, with Sankaty
Advisors (through Sterling Pathway) holding 22.0%. After the NCD
issuance in October 2016, PDL has bought out Sterling Pathway's
stake in the company, thereby making PLDPL its wholly owned
subsidiary.

Incorporated in 1990, PDL develops real estate projects and has a
well-diversified portfolio of residential apartments, integrated
townships, commercial and retail projects, special economic zones,
information technology parks and hotels.


PAWAN SHREE: CRISIL Withdraws B Rating on INR45cr Cash Loan
-----------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
Pawan Shree Food International Private Limited (PSFIPL; Pawan Shree
Group) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with Crisil Rating's policy on withdrawal of its rating on bank
loan facilities.

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           45         Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Working       0.5       Crisil B/Stable/Issuer Not
   Capital Facility                 Cooperating (Withdrawn)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PSFIPL. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on PSFIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, Crisil Ratings has
continued the rating on the bank facilities of PSFIPL to 'Crisil
B/Stable Issuer not cooperating'.

PSFIPL, incorporated in 2012 processes raw milk and manufactures
dairy products such as milk powder, butter, ghee and other value
added products at its manufacturing unit in Maksi, Indore. The
products are sold under brand name of 'Shreedhi'.

SMFPPL, incorporated in 2017, processes and packages  milk at
Mandwa, Indore. The group is promoted by Mr Narendra Jain and Mr.
Deepak Khandelwal.


SINNAR THERMAL: Creditors to Vote on INR3,800cr Offer
-----------------------------------------------------
The Economic Times reports that creditors to the 1350 MW Sinnar
Thermal Power plant near Nashik are expected to open voting to
decide on a INR3,800 crore offer made by a consortium of
Maharashtra state government-owned power generation company
MAHAGENCO and public sector unit NTPC Ltd for the now-defunct
facility, after a main point of dispute was resolved this month.

ET says the former Indiabulls-owned plant was de-notified as a
special economic zone (SEZ) and the resultant customs claims have
now been admitted under the head of operational creditors,
absolving any future liabilities worth INR635 crore for the
bidders.  

Sinnar Thermal Power (STPL) is a subsidiary of the listed company
RattanIndia Power, one of the largest distressed power producers,
which has a 1,350 MW power plant at Nashik in Maharashtra.

The National Company Law Tribunal (NCLT) admitted the company for
corporate insolvency on Sept. 19, 2022. It entered insolvency in
January 2024 after a plea by Shapoorji Pallonji & Co over unpaid
dues related to plant construction.


SUNFUEL TECHNOLOGIES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sunfuel
Technologies LLP (STL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.78       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 23,
2024, placed the rating(s) of STL under the 'issuer
non-cooperating' category as STL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STL continues to be non-cooperative despite repeated requests for
submission of information through emails dated January 8, 2025,
January 18, 2025 and January 28, 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

Sunfuel Technologies LLP (STL), was established in July, 2015 as a
limited liability partnership firm and is currently being managed
by Mr. Sushil Kumar Singhal, Mr. Kamal Solanki, Mr. Sumit Solanki
and Mr. Ashish Singhal sharing profit and losses equally. The firm
is engaged in manufacturing of solar panels at its manufacturing
facility in Sonipat, Haryana. The firm is also engaged in providing
EPC services such as designing, erection, installation and
commissioning in solar energy integrated projects such as on grid
and off grid roof top and ground mounted solar power plants for
government and private authorities.


ULTRA HOME: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ultra Home
Construction Private Limited (UHCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      204.56      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 29,
2024, placed the rating(s) of UHCPL under the 'issuer
non-cooperating' category as UHCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UHCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 14, 2025, January 24, 2025 and February 3, 2025 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

M/s Ultra Home Construction Private Limited (UHCPL) was
incorporated in April 2004 as a private limited company to carry
out real estate development in both residential and commercial
segment. UHC founded by Mr. Anil Kumar Sharma is the flagship
company of Amrapali group; the group has more than 16 years of
experience with completed projects (both residential and
commercial) spread over 100 acres in Delhi-NCR and Greater Noida
market. UHC had undertaken a commercial project Amrapali Tech-Park
in April 2010. UHC had completed the said project in FY14. In 2019,
the Promoters of the company were sent behind the bars in an
alleged case of defrauding homebuyers.


VISHWAKARMA AUTOMOTIVE: CARE Cuts Rating on INR30.03cr Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vishwakarma Automotive Private Limited (VAPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.03       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2024, placed the rating(s) of VAPL under the 'issuer
non-cooperating' category as VAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 29, 2024,
January 8, 2025 and January 18, 2025 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

The ratings for VAPL have been revised on account of
non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Faridabad-Haryana based, Vishwakarma Automotive Private Limited
(VAPL) was incorporated in 1999 by Mr. Ashwani Kumar, Mr. Parveen
Kumar and Mr. Rajinder Kumar. The company has succeeded an
erstwhile proprietorship firm, Vishwakarma Automotive (VA) (casting
division) established in 1985 by Mr. Ashwani Kumar. It is currently
being managed by Mr. Parveen Kumar and Mr. Keshav Dhamija as its
directors. The company is engaged in manufacturing of casting like
Grey Cast Iron and Ductile Iron Machined Casting. The manufacturing
facility of the company is located at Ballabhgarh, Faridabad in
Haryana.




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

GAJAH TUNGGAL: S&P Withdraws 'B' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Gajah Tunggal Tbk. PT at the company's request. The
Indonesia-based tire manufacturer has no rated debt and the outlook
was stable at the time of the withdrawal.




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

NISSAN MOTOR: Top Executive Positions to be Cut by 20%
------------------------------------------------------
Japan Today reports that Nissan Motor Co will simplify its top
management structure and cut positions by 20 percent for efficient
decision-making as part of its turnaround efforts.

Japan Today relates that the changes, to be introduced on April 1
when its new CEO Ivan Espinosa will take over, will create "a
streamlined and borderless organization," the Japanese automaker
said in a press release.

Nissan said earlier this month it will replace CEO Makoto Uchida
with Chief Planning Officer Espinosa, as the ailing automaker seeks
to revive its business under new leadership after the collapse of
merger talks with Honda Motor Co.

Japan Today says the automaker has seen its profit plummet more
than 90 percent in the nine months through December due to sluggish
sales in its major markets, the United States and China.

Under the organizational changes, Nissan's top management will
transition to what it calls a "single-layer" framework, with all
corporate officers assuming the "corporate executive" title.

The move will see 42 positions reduced to 33, according to the
company.

While simplifying the management structure, Nissan also said it
will empower regions and establish clear roles and responsibilities
within the organization, Japan Today adds.

                         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 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.




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

4M MIDGLEY: Creditors' Proofs of Debt Due on April 25
-----------------------------------------------------
Creditors of 4M Midgley Limited are required to file their proofs
of debt by April 25, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 18, 2025.

The company's liquidator is:

          Kevin John Davies
          Principle Insolvency LP
          PO Box 1566
          Hamilton 3240


DU VAL PROPERTY: Debt Grows to NZD306 Million, New Report Says
--------------------------------------------------------------
Radio New Zealand reports that the money owed by the controversial
Du Val Property Group has grown from NZD238 million to NZD306
million according to a new report.

RNZ relates that the troubled Auckland property group comprised of
70 companies and entities, needs further extensive forensic
investigating after its estimated debt grew to NZD306.3 million,
statutory managers PwC said.

The accountancy firm took over the running of Du Val in August
after it was put under statutory management by Cabinet.

RNZ notes that a PwC Statutory Managers' First Report released in
September showed Du Val was estimated to owe about NZD238 million
to creditors and investors.

But six months later, a second report released March 21 put that
figure around 30 percent higher.

The increase was in part because of funding allocated to try to
finish some of the property developments, an increase in interest
and fees owed, and new information revealed by accounting analysis,
the report said, RNZ relays.

According to RNZ, the managers said they would continue to
investigate Du Val's dealings including transactions between the
companies and owners, Kenyon and Charlotte Clarke.

There was a lack of documentation about goods paid for by Du Val
entities that were then in the possession of the Clarkes, the
report found.

"The ownership of these assets remains unresolved. The Clarkes have
advised that the relevant assets are variously owned by themselves
personally, or the Clarke Trust, or both.

"The available documents indicate that is not the case. Our
investigations suggest that many of the assets were paid for
directly or indirectly by various Du Val Group entities," the
report, as cited by RNZ, said.

The Clarkes were also personally in receivership and most of those
assets were now in the possession of the receivers.

There were also "significant concerns" about GST transactions, the
report said.

Information was limited because PwC had not been able to interview
everyone of interest and important accounting records were missing,
the report said.

"The Du Val Group's accounting records are materially incomplete,
with a large volume of related party transactions, requiring
extensive further forensic accounting analysis," it said.

RNZ adds that PwC said it was important to note that investigations
were still underway.

"We cannot yet confirm the outcome . . . including what, if any,
formal action may be appropriate," the report said.

PwC also updated what was done with the assets which included
property developments that were never finished.

Some were sold off, some entities were kept running, and
flood-damaged homes were being fixed.

The cost of employing PwC as statutory managers was NZD1.6 million,
RNZ adds.

                         About Du Val Group

Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.

As reported in the Troubled Company Reporter-Asia Pacific, the
Financial Markets Authority on Aug. 21, 2024, confirmed that the
Governor-General, on the advice of the Minister of Commerce and
Consumer Affairs given in accordance with a recommendation from the
FMA, declared a number of entities within the Du Val group be
placed in statutory management under the terms of the Corporations
(Investigation and Management) Act 1989 (the Corporations Act).

Statutory management for these entities was announced by the
Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.


FASTWAY EXPRESS: Court to Hear Wind-Up Petition on March 28
-----------------------------------------------------------
A petition to wind up the operations of Fastway Express Services
Limited will be heard before the High Court at Auckland on March
28, 2025, at 10:00 a.m.

Infineon Properties Limited filed the petition against the company
on Dec. 19, 2024.

The Petitioner's solicitor is:

          Brendan Meech
          Baker Meech Lawyers
          11 Forge Way
          Mount Wellington
          Auckland


JUICY FESTIVAL: Owe Over NZD2 Milion, Liquidator's Report Shows
---------------------------------------------------------------
Stuff.co.nz reports that the initial liquidator's report into two
cancelled music events shows that the companies behind them owe
over NZD2 million to creditors.

Both Juicy Fest and the Timeless Summer Tour were cancelled after
the promoter was unable to obtain a liquor license.

As a result, the companies Timeless Events New Zealand Ltd,
Timeless Events Australia Ltd, and Juicy Festival Ltd forfeited a
large amount of money paid to host the events, and to artists,
leaving them unable to repay ticket-holders and other creditors.

This led to the shareholders resolving to liquidate the companies.

Now, the first liquidator's report shows the companies collectively
owe more than NZD2.4 million to creditors, Stuff says.

Preferential creditors are owed an estimated NZD299,000 by Timeless
Events NZ and NZD488,048 by Juicy Festival. A further NZD1,686,210
is owed by Timeless Events Australia to unsecured creditors, Stuff
discloses.

Currently over 25 creditors are said to be owed money. These
include Independent Liquor NZ, United Rentals NZ, and Super
Liquor.

The amount of money owed to ticket-holders has "yet to be
confirmed," the report said.

Liquidator Gary Whimp from Blackrock Rose told Stuff the figures in
the first report are from the records they have and claims made to
date.

"It may be some time before we know the full extent of the
creditors outstanding," Mr. Whimp said, adding that the amounts
will rise as additional claims are made.

Blackrock Rose has written to the creditors asking for details of
their debt and security, and whether they are owed anything from
the companies, Stuff relates.

They are currently seeking to determine what assets are available,
and once this is determined they will look to release these as part
of the liquidation.

They have listed May 9 as the last date for people to lodge
claims.

However, it is expected that ticket-holders, many of whom are still
waiting to be refunded, will be at the bottom of the queue of those
seeking to be repaid money owed.

Mr. Whimp told Stuff that ticket-holders are considered unsecured
creditors and therefore rank behind secured and preferential
creditors.

The liquidators have contacted ticket-holders awaiting refunds,
saying they will be working to get any money owed returned.

Stuff relates that Mr. Whimp said it was too early in the
liquidation process to determine if a payment would be made.
Ticket-holders would have to be "patient".

"It is very important that those who have purchased tickets go to
our website and the Juicy link. Download the claim form and send it
to the email address provided with proof of the tickets purchase,"
Stuff quotes Mr. Whimp as saying.

"This will ensure those ticket holders are included as a creditor
in the liquidation."

Over 5,000 people have joined a Facebook group, where people have
been sharing their stories as they seek refunds from the cancelled
shows.

The Commerce Commission has received 222 complaints regarding the
Timeless Summer Tour and 478 about Juicy Fest. It said it was
looking into both events.

Spokesperson Venessa Horne told Stuff they were continuing to work
through ticket-holders' concerns.

"The commission has been in contact with the liquidator, and will
continue to work alongside the liquidator and the Ministry of
Business, Innovation and Employment as needed.

"As part of this, the commission will be sharing a summary of the
concerns we received with the liquidator."

Ms. Horne said consumers who are owed money or have any concerns
should contact the liquidator directly, Stuff relays.

Juicy Festival Limited, Timeless Events New Zealand and Timeless
Events Australia Limited were placed into liquidation on March 7,
with Blacklock Rose's Ben Francis and Garry Whimp appointed as
liquidators.


MOWAI CONTRACTING: Creditors' Proofs of Debt Due on May 5
---------------------------------------------------------
Creditors of Mowai Contracting Limited are required to file their
proofs of debt by May 5, 2025, to be included in the company's
dividend distribution.

The High Court at Hamilton appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators on March 10, 2025.


SIGNORA CAFE: Court to Hear Wind-Up Petition on March 28
--------------------------------------------------------
A petition to wind up the operations of Signora Cafe Limited will
be heard before the High Court at Nelson on March 28, 2025, at
11:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan 6, 2025.

The Petitioner's solicitor is:

          Gideon Jacobus Du Preez
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington 6011


SR CORPORATE: Court to Hear Wind-Up Petition on May 6
-----------------------------------------------------
A petition to wind up the operations of SR Corporate Limited will
be heard before the High Court at Tauranga on May 6, 2025, at 10:00
a.m.

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

The Petitioner's solicitor is:

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




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

CAMPFIRE GOURMET: Court to Hear Wind-Up Petition on April 4
-----------------------------------------------------------
A petition to wind up the operations of Campfire Gourmet Pte. Ltd.
will be heard before the High Court of Singapore on April 4, 2025,
at 10:00 a.m.

I Design & Build Pte Ltd filed the petition against the company on
March 11, 2025.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay
          #10-01 Ocean Financial Centre
          Singapore 049315


DATA REPUBLIC: Creditors' First Meeting Set for April 4
-------------------------------------------------------
Data Republic Pte. Ltd. (in provisional liquidation) will hold a
first meeting for its creditors on April 4, 2025, at 10:00 a.m.,
via video-conference and/or tele-conference.

Agenda of the meeting includes:

   a. to present a Statement on the company's affairs showing the
      assets and its estimated realisable value, together with a
      list of creditors and the estimated amount of the claims;

   b. to consider the nomination of Liquidators or to confirm the
      appointment of Liquidators nominated by the company;

   c. to propose giving the Liquidators the power to compromise
      claims and debts; and

   d. Any other resolutions.

The company's Provisional Liquidator can be reached at:

          Tan Wei Cheong
          c/o 6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


MILLENNIUM FORMWORK: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on March 7, 2025, to
wind up the operations of Millennium Formwork & Scaffolding 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


TECHMETICS SOLUTIONS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Techmetics Solutions Pte. Ltd. on March 10, 2025, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Tan Eng Soon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


TRENCHLESS TECHNOLOGY: Creditors' Meeting Set for April 3
---------------------------------------------------------
Trenchless Technology (S) Pte. Ltd. will hold a meeting for its
creditors on April 3, 2025, at 3:00 p.m., via Zoom.

Agenda of the meeting includes:

   a. to lay before the members a full statement of the affairs of

     the Company, showing the assets and liabilities of the
     Company;

   b. to consider and if though fit, to appoint a Committee of
      Inspection; and

   c. to consider any other matters which may properly be brought
      before the meeting that is relevant to the liquidation of
      the Company.

The company's liquidator is:

          Farooq Ahmad Mann
          No. 3 Shenton Way
          #03-06C Shenton House
          Singapore 068805




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

HOMEPLUS CO: FSS to Check for Potential Accounting Flaws
--------------------------------------------------------
Yonhap News Agency reports that South Korea's financial watchdog
said March 21 it will look into whether Homeplus Co. has violated
accounting rules as speculation mounts over the retailer's
controversial short-term debt sale.

According to Yonhap, the Financial Supervisory Service (FSS) said
it will inspect to verify whether the retailer, wholly owned by
private equity firm MBK Partners Ltd., has been properly assessing
its assets, debts and others.

Yonhap relates that the watchdog's move came days after it said it
will inspect MBK Partners to look into whether there have been any
flaws in the process of the retailer's short-term debt sale and its
filing for court rehabilitation.

On March 4, Homeplus entered court-led rehabilitation proceedings
after two rating appraisers lowered the rating of its corporate
bonds to A3- from A3, citing the company's lack of efforts to
improve its financial health.

Homeplus was reportedly notified by a credit rating agency on Feb.
25 that its rating was likely to decline, but the company issued
asset-backed short-term bonds (ABSTBs) worth 82 billion won
(US$56.3 million) through Shinyoung Securities the same day.

According to Yonhap, the FSS also has been investigating the two
rating agencies and Shinyoung Securities over whether the
securities firm had sold the bonds while already being aware of
Homeplus' imminent credit rating downgrade.

Earlier, MBK Partners said its chair, Kim Byung-ju, will use his
personal assets to support suppliers of the major discount store
chain affected by the court-led rehabilitation process, Yonhap
relays.

MBK has also come under criticism for placing Homeplus into
rehabilitation without making self-recovery efforts, though its
massive acquisition debt has led to the retailer's financial
difficulties, adds Yonhap.

                         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.


HOMEPLUS CO: Predicts US$505 Million Cash Shortage by May
---------------------------------------------------------
The Chosun Daily reports that South Korean superstore chain
Homeplus, which filed for court receivership at the Seoul
Bankruptcy Court on March 4, projected that it could face a cash
shortage within two weeks and may be short of over KRW700 billion
by the end of May.  The Chosun Daily relates that the discount
retailer's financial situation is so strained that it cannot
survive without securing short-term funding, such as commercial
paper. This move came just one business day after its credit rating
was downgraded.

The Chosun Daily, citing Homeplus' court filing obtained on March
20, relates that the company said, "We faced a cash shortfall of
KRW18.4 billion on March 17, and the situation has worsened. By the
end of May, we expect the shortfall to reach KRW739.5 billion ($505
million)."

When a company applies for court receivership, a separate
administrator is sometimes appointed, the Chosun Daily says.
However, the court allowed Homeplus' co-CEOs, Joh Ju-yeon and Kim
Kwang-il, to remain in charge. In its filing, Homeplus suggested
that if a single administrator were appointed, Kim would be the
best fit. Kim is also vice chairman of MBK Partners, the private
equity firm that acquired Homeplus in 2015. Industry insiders see
this as a sign that MBK is still firmly in control.

According to the Chosun Daily, Homeplus told the court it plans to
turn things around by negotiating lower interest rates with
creditors and adjusting lease terms for its stores. "The
rehabilitation plan will be finalized once we get approval from
creditors and the court," the company said.

Homeplus is struggling to reassure suppliers as concerns grow over
missed payments, the Chosun Daily notes. On March 20, Seoul Dairy
Cooperative, the country's largest dairy supplier, told
distributors it would stop delivering to the superstore chain.
Nongshim, the leading instant noodle maker, also halted deliveries
of some products on March 19, according to the report. These
suppliers are demanding upfront payment before resuming shipments.
Homeplus responded, "With outstanding payments to multiple
suppliers and tenants, we can't meet demands for advance cash
payments. We're working to resolve this as soon as possible."

                         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.


HOMEPLUS CO: Watchdog Vetting MBK Partners Over Homeplus Fiasco
---------------------------------------------------------------
Yonhap News Agency reports that the chief of South Korea's
financial watchdog said March 19 his agency will inspect MBK
Partners Ltd. to look into whether there have been any flaws in the
process of the private equity fund-controlled retailer Homeplus
Co.'s short-term debt sale and its filing for court
rehabilitation.

It is rare for a private equity fund to be vetted by the financial
watchdog over a specific case.

"Our agency has started an inspection into MBK Partners to verify
speculations related to Homeplus," Yonhap quotes Lee Bok-hyun,
governor of the Financial Supervisory Service (FSS), as saying in a
press conference.

Yonhap relates that Lee called on MBK Partners to cooperate in the
FSS' inspection.

The FSS' move came as speculation grew over Homeplus's short-term
debt sale.

On March 4, Homeplus entered court-led rehabilitation proceedings
after two rating appraisers lowered the rating of its corporate
bonds to A3- from A3, citing the company's lack of efforts to
improve its financial health.

Although Homeplus was notified by a credit rating agency on Feb. 25
that its rating was likely to decline, the company issued
asset-backed short-term bonds (ABSTBs) worth KRW82 billion
(US$56.3 million) through Shinyoung Securities the same day.

According to Yonhap, the FSS has been investigating the two rating
agencies and Shinyoung Securities over whether the securities firm
had sold the bonds while already being aware of Homeplus' imminent
credit rating downgrade.

Earlier, MBK Partners said its chair, Kim Byung-ju, will use his
personal assets to support suppliers of the major discount store
chain affected by the court-led rehabilitation process.

MBK has also come under criticism for placing Homeplus into
rehabilitation without making self-recovery efforts, though its
massive acquisition debt has led to the retailer's financial
difficulties, Yonhap notes.

                       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.



                           *********


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