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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, April 1, 2025, Vol. 28, No. 65

                           Headlines



A U S T R A L I A

HARBOUR GUIDANCE: First Creditors' Meeting Set for April 4
LATITUDE AUSTRALIA 2025-1: Moody's Assigns B2 Rating to F Notes
LIBERTY FUNDING 2025-1: Moody's Gives Ba2 Rating to AUD9MM F Notes
MACHOS PTY: First Creditors' Meeting Set for April 3
ROB DOLAN: First Creditors' Meeting Set for April 7

SMP RIGGING: First Creditors' Meeting Set for April 3
STAR ENTERTAINMENT: Sydney Casino Licence Suspension Extended
STRONG ROOM: Placed in External Administration
TEN FOUR: First Creditors' Meeting Set for April 3
VIRTICAL: Ex-Director Asked on AUD5 Million Gold Bullion Purchase

WISR INDEPENDENCE 2023-1: Moody's Ups Rating on F Notes from Ba1


C H I N A

COUNTRY GARDEN: Posts Narrower Loss in 2024 After Write-Off
[] CHINA: Big Three Airlines Failed to Turn Profitable Last Year


I N D I A

AVLA NETTOS: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
AYODHYA COTSPIN: CRISIL Hikes Rating on LT/ST Debts to B-
B. D. AGRO: CRISIL Reaffirms B Debt Rating on INR3MM Cash Loan
BRIJBASI HI-TECH: CARE Reaffirms B+ Rating on INR10cr LT Loan
COARSER SPINNING: CARE Lowers Rating on INR51.50cr LT Loan to B+

CONNECTIVITY IT: Ind-Ra Affirms BB+ Bank Loan Rating
COTTON BLOSSOM: CRISIL Raises Long Term Debt Ratings to B-
ELORA MOUNTAIN: CRISIL Assigns B Rating to INR31cr Term Loan
G. R. ENGINEERING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GAMA INFRAPROP: Ind-Ra Keeps BB Loan Rating in NonCooperating

GLOBUS PETROADDITIONS: CARE Reaffirms B+ Rating on INR24.55cr Loan
HARIPADA COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
LEVEL 9: Ind-Ra Withdraws B+ Bank Loan Rating
MANGAL VEHICLE: CRISIL Moves B+ Debt Rating to Not Cooperating
MEDEOR HOSPITAL: CARE Reaffirms D Rating on INR270cr LT Loan

NAND ESTATE: CARE Raises Rating on INR49.50cr LT Loan to B+
NCS ESTATES: CRISIL Reaffirms B+ Rating on INR19.57cr Term Loan
PUNJAB RICELAND: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
PURBANCHAL PAPER: CRISIL Reaffirms B+ Rating on INR16.24cr Loan
RARE SS: Ind-Ra Withdraws B+ Bank Loan Rating

RELIANCE CAPITAL: Lenders Withdraws Plea as IIHL Takeover Complete
SADBHAV INFRASTRUCTURE: CARE Cuts Rating on INR200cr LT Loan to B-
SHAKTHI MURUGAN: Ind-Ra Affirms BB- Bank Loan Rating
SPECON TILES: CARE Lowers Rating on INR44.90cr LT Loan to B+
SPICEJET LTD: Settles Dispute with Willis Lease Finance

VAMA INDUSTRIES: Ind-Ra Withdraws D Bank Loan Rating
VASUDEV ALUCAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VIP CLOTHING: Ind-Ra Hikes Bank Loan Rating to BB+
WELGA FOODS: CRISIL Raises Ratings on INR14.50cr Loan to B+
WISDOM SOCIAL: CRISIL Keeps B+ Debt Rating in Not Cooperating

YOUVAAKSHI REFINERIES: CRISIL Keeps B Rating in Not Cooperating
YOUVAKKSHI MARKETING: CRISIL Keeps B Rating in Not Cooperating
YOUVAKSHI FOOD: CRISIL Keeps B Debt Rating in Not Cooperating
YOUVAKSHI INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
YOUVAKSHI SHOPPING: CRISIL Keeps B Debt Rating in Not Cooperating

YOUVAKSHI-A-MINES: CRISIL Keeps B Debt Rating in Not Cooperating


J A P A N

TOSHIBA CORP: S&P Withdraws 'B+' Issuer Credit Rating


N E W   Z E A L A N D

BA FIRE: Court to Hear Wind-Up Petition on April 8
JSVM GILL: Court to Hear Wind-Up Petition on April 8
LITTLE BLUE: Creditors' Proofs of Debt Due on May 7
NIGEL M & JACQUELYN: Creditors' Proofs of Debt Due on April 17
YOUR DECOR: Court to Hear Wind-Up Petition on April 8



S I N G A P O R E

328 FOOD: Commences Wind-Up Proceedings
EXCHANGE ASIA: Commences Wind-Up Proceedings
KTO OIL: Creditors' Meetings Set for April 15
STARLITE IMPEX: Court to Hear Wind-Up Petition on April 11
VISUAL INVENTIVES: Court to Hear Wind-Up Petition on April 11



S O U T H   K O R E A

BALAAN CO: Files for Corporate Rehabilitation
HOMEPLUS CO: Shinyoung Securities to File Criminal Complaints

                           - - - - -


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

HARBOUR GUIDANCE: First Creditors' Meeting Set for April 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Harbour
Guidance Pty Ltd, trading as Jeans West, will be held on April 4,
2025 at 11:00 a.m. via virtual meeting.

David Raj Vasudevan, Lindsay Stephen Bainbridge and Andrew Reginald
Yeo of Pitcher Partners were appointed as administrators of the
company on March 26, 2025.


LATITUDE AUSTRALIA 2025-1: Moody's Assigns B2 Rating to F Notes
---------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes issued by Perpetual Corporate Trust Limited as trustee of
Latitude Australia Personal Loans Series 2025-1 Trust.

Issuer: Perpetual Corporate Trust Limited as trustee of Latitude
Australia Personal Loans Series 2025-1 Trust

AUD328.50 million Class A Notes, Assigned Aaa (sf)

AUD55.00 million Class B Notes, Assigned Aa2 (sf)

AUD29.00 million Class C Notes, Assigned A2 (sf)

AUD18.50 million Class D Notes, Assigned Baa2 (sf)

AUD32.00 million Class E Notes, Assigned Ba2 (sf)

AUD12.00 million Class F Notes, Assigned B2 (sf)

The AUD25.00 million Seller Notes are not rated by us.

Latitude Australia Personal Loans Series 2025-1 Trust is a cash
securitisation of secured and unsecured personal loans extended to
obligors located in Australia. All receivables were originated and
are serviced by Latitude Personal Finance Pty Limited (Latitude,
unrated).

Latitude provides sales finance, credit cards, personal loans and
consumer credit insurance in Australia and New Zealand. Latitude
originates loans through direct and third-party channels. Direct
channels include online and call centre based applications with
third-party distribution through partnership agreements and a
network of brokers. The Latitude Australia Personal Loans Series
2025-1 Trust transaction represents Latitude's fifth personal loan
term ABS transaction and its first personal loan term ABS for
2025.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- Moody's evaluations of the underlying receivables and their
expected performance;

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes. Once pro rata paydown conditions are satisfied, principal
will be distributed pro rata among all classes of Notes. The Seller
Notes will stop receiving principal payments once their balance
falls below 2% of the aggregate initial invested amount of notes at
closing date. Following the call date, the structure will revert to
a sequential repayment profile. Initially, the Class A, Class B,
Class C, Class D, Class E and Class F Notes benefit from 34.30%,
23.30%, 17.50%, 13.80%, 7.40% and 5.00% of note subordination,
respectively;

-- The availability of excess spread over the life of the
transaction;

-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.20 million;

-- The interest rate swap provided by Commonwealth Bank of
Australia (Aa2/P-1/Aa1(cr)/P-1(cr)) that mitigate interest rate
risk between fixed rates loan receivables and floating rates rated
notes;

-- The experience of Latitude as servicer, and

-- The back-up servicing arrangements with AMAL Asset Management
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 9.25%,
portfolio credit enhancement (PCE) of 38.0% and a recovery rate of
10.0%. Moody's assumed default rate and recovery rate are stressed
compared to the extrapolated mean default of 8.85% and actual
historical levels of recovery rate of around 25%.

Key indicative pool features are as follows:

-- The composition of the pool is such that fixed rate loans
constitute 49.9% while the remaining 50.1% is made up of variable
rate loans;

-- The weighted average interest rate of the portfolio is 17.1%;

-- The weighted average remaining term of the portfolio is 64.7
months; and

-- The weighted average seasoning of the initial portfolio is 12.4
months.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties or insufficient transactional governance
and fraud.


LIBERTY FUNDING 2025-1: Moody's Gives Ba2 Rating to AUD9MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Liberty Funding Pty Ltd in respect of the
Liberty Series 2025-1.

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2025-1

AUD522.00 million Class A1a Notes, Assigned Aaa (sf)

AUD708.00 million Class A1b Notes, Assigned Aaa (sf)

AUD195.00 million Class A2 Notes, Assigned Aaa (sf)

AUD18.00 million Class B Notes, Assigned Aa1 (sf)

AUD21.00 million Class C Notes, Assigned A1 (sf)

AUD4.50 million Class D Notes, Assigned Baa1 (sf)

AUD16.50 million Class E Notes, Assigned Ba1 (sf)

AUD9.00 million Class F Notes, Assigned Ba2 (sf)

The AUD6.00 million Class G Notes are not rated by us.

transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated). Liberty is an Australian non-bank lender that
started originating non-conforming residential mortgages in 1997.
It subsequently expanded into prime residential mortgage
origination, as well as auto loans, small commercial mortgage loans
and personal loans. As of June 2024, Liberty had total receivables
of AUD14.6 billion

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

-- The liquidity facility in the amount of 1.50% of the note
balance subject to a floor of AUD1,500,000;

-- The experience of Liberty as the servicer; and

-- The presence of Perpetual Trustee Company Limited as the
back-up servicer

According to Moody's analysis, the transaction benefits from credit
strengths such as subordination to the Class A1a and Class A1b
notes in excess of the Moody's individual loan analysis (MILAN)
Stressed Loss. However, around 31.7% of the loans in the portfolio
are to self-employed borrowers, which is a credit challenge.

Moody's MILAN Stressed Loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 4.0%. Moody's
medians expected loss for this transaction is 0.9%, which
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- The notes benefit from a guarantee fee reserve available to
cover losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD4,500,000, equivalent to 0.30% of the initial invested amount of
the notes.

-- The notes will be initially repaid sequentially. The Class A1b
to Class F Notes will start receiving their pro-rata share of
principal collections if certain step down conditions are satisfied
on or after the payment date in March 2027. The step down
conditions include, among others, no unreimbursed charge-offs and
the subordination to the Class A2 Notes at least doubling since
closing. While the Class G Notes do not receive principal payments
until the other notes are fully repaid, once the step down
conditions are satisfied, their pro-rata share of principal
collections will be allocated in a reverse sequential order,
starting from the Class F Notes. The principal paydown will revert
to sequential pay once the aggregate invested amount of all notes
is less than or equal to 20.0% of the aggregate initial invested
amount of all notes on the issue date, or following the payment
date in March 2029.

Key pool features are as follows:

-- The portfolio has a weighted-average seasoning of 17.3 months.

-- The portfolio has a weighted average scheduled LTV ratio of
63.0%.

-- Around 31.7% of the loans in the portfolio were extended to
self-employed borrowers.

-- Based on Moody's classifications, 16.3% of the loans in the
portfolio were extended on an alternative documentation basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.


MACHOS PTY: First Creditors' Meeting Set for April 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Machos Pty
Ltd, trading as Nu-Jet, and Lake Meadow B Pty Ltd will be held on
April 3, 2025 at 3:30 p.m. at Chancellor Room 6, Hotel Grand
Chancellor, 1 Davey Street, in Hobart, TAS and via electronic
facilities.

Adam Johnston at Apex Advisory Australia was appointed as
administrator of the company on March 24, 2025.


ROB DOLAN: First Creditors' Meeting Set for April 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Rob Dolan
Wines Pty Ltd will be held on April 7, 2025 at 11:00 a.m. at Level
4, 15 Queen Street, in Melbourne, VIC.

Richard Rohrt and Petr Vrsecky of Kennedy Ryan Advisory were
appointed as administrators of the company on March 26, 2025.


SMP RIGGING: First Creditors' Meeting Set for April 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of SMP Rigging
& Cranage Pty Ltd will be held on April 3, 2025 at 11:30 a.m. via
Zoom.

Scott Andersen of Worrells was appointed as administrator of the
company on March 24, 2025.


STAR ENTERTAINMENT: Sydney Casino Licence Suspension Extended
-------------------------------------------------------------
Reuters reports that Star Entertainment said on March 28 that its
casino licence for Star Sydney will remain suspended until at least
September 30, as advised by the New South Wales Independent Casino
Commission (NICC).

Reuters relates that Star also noted that the NICC-appointed
manager, Nick Weeks, will continue to have oversight of casino
operations at Star Sydney until at least September 30.

According to Reuters, the NICC's chief commissioner, Philip
Crawford, said that while Star's submissions on its suitability to
hold a casino licence in New South Wales "demonstrated steady
improvements" in the firm's remediation, "uncertainty around The
Star's financial situation meant that progress was slow, and The
Star's licence suspension should remain in effect."

This creates worries for Star, which opened its books in early
March to investment group Salter Brothers for a debt refinancing
proposal worth up to AUD940 million ($591.26 million), as the
extension may create hurdles in the due diligence process.

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.

According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.

As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.


STRONG ROOM: Placed in External Administration
----------------------------------------------
Simon Thomsen at Startup Daily reports that financiers for
Melbourne startup Strongroom AI have forced the company into
administration, amid concerns about the company's accounts.

Startup Daily relates that the move comes after the lead investor,
EVP called in police on March 31 after asking for its money back
following a AUD17 million raise in early March. The request was
declined by StrongRoom.

On March 28, new regulatory filings with corporate regular ASIC
revealed that Strong Room Technology Pty Ltd was in external
administration.

Todd Gammel, Barry Taylor, Matthew Levesque-Hocking from HLB Mann
Judd stepped in on March 28 as administrators for the company,
Startup Daily discloses.

Walsh & Associates has also been appointed as receiver for banking
assets in the startup at the behest of Paddington Street Finance.

Paddington Street, part of the Sherman Group, lends between
AUD500,000 and AUD15 million to mid-tier companies, either with an
annual EBITDA of AUD1-AUD5 million or for R&D Tax Incentive
finance.

The medication management software startup was founded in 2017 by
university colleagues Max Mito, Christopher Durre and Kieran Start.
StrongRoom was meant to acquiring the healthcare loyalty program
Member Benefits Australia with the funding.

But just 10 days after announcing the raise, which was meant to
value the company at AUD70 million, EVP called in legal and
forensic accounting experts, as well as police, according to
Startup Daily.

Startup Daily says the Sydney VC began was warning investors in its
Opportunities Fund that it was "pursuing all avenues to recover the
investment" and would wear any costs.

In a statement to Startup Daily on March 31, an EVP spokesperson
did not name the startup, but said that "at no stage did we have
prior knowledge of the alleged activity, and since becoming aware
we have proactively provided information to police and are working
collaboratively with them as they investigate".

EVP declined to comment for this story when contacted. The founders
of StrongRoom AI have not responded to Startup Daily's request for
comment.

Other investors include Artesian Venture Partners, which is backed
by super fund Hostplus, Kalytix and InterValley Ventures, as well
as UK-based Tyson & Blake.


TEN FOUR: First Creditors' Meeting Set for April 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Ten Four Ads
Agency Pty Ltd will be held on April 3, 2025 at 10:00 a.m. via via
Microsoft teams.

Joshua Philip Taylor at Taylor Insolvency was appointed as
administrator of the company on March 24, 2025.


VIRTICAL: Ex-Director Asked on AUD5 Million Gold Bullion Purchase
-----------------------------------------------------------------
The Australian Financial Review reports that the former director of
collapsed hospitality empire Virtical was asked about the
mysterious purchase of AUD5 million of gold bullion as liquidators
opened court proceedings in their hunt for tens of millions of
dollars linked to fake GST refunds claimed by the group.

According to the Financial Review, Mark Toma was grilled in the
Federal Court on March 27 about the affairs of the group, which
collapsed last year following a Tax Office investigation into up to
AUD100 million of GST refunds and in the face of lender demands for
AUD90 million of loans.

Asked in court about whether he had attended ABC Bullion in Martin
Place in a Range Rover before Christmas last year to purchase AUD5
million of gold, Mr. Toma denied it, the Financial Review relays.

In a strange exchange with lawyers representing liquidator BRI
Ferrier, Mr. Toma said he knew who attended ABC Bullion on behalf
of his business Bond Global Capital.

"Who was that person?" ERA Legal partner Blake O'Neill asked.

"No one did," replied Mr. Toma.

"Your answer is that gold was purchased, but no one purchased it?"
Mr. O'Neill asked.

Mr. Toma replied: "My answer is your question is not entirely
correct."

Mr. Toma, an ex-building materials salesman, established Virtical,
then known as Core Asset Development, in 2021. John Palasty took
over from Mr. Toma as director in November 2023 after acting as the
group's development manager and senior advisor. Mr. Palasty was due
to give evidence on March 28, the Financial Review notes.

The property group exploded onto the Sydney and Melbourne
hospitality scene in 2023 after spending more than AUD125 million
in just four months on iconic pubs, including Sydney's Republic
Hotel on Pitt Street, Melbourne's Adelphi Hotel on Flinders Lane,
and signing a AUD61 million deal for Oxford Street pubs the
Courthouse Hotel and Kinselas.

However, The Australian Financial Review revealed that Virtical and
its subsidiaries had been claiming tens of millions of dollars in
GST refunds for construction work that never happened.

The Financial Review relates that the refunds were claimed using up
to AUD1.5 billion in invoices from Mr. Toma's firm Top Class
Constructions, of which he was director from 2017 to 2023.

Asked on March 27 what Virtical was, Mr. Toma said it was a brand
whose business was development.

"And what did it develop?" Mr. O'Neill asked.

"I don't remember," Mr. Toma replied.

After further lapses in memory, Mr. O'Neill asked if Mr. Toma had
any condition that was affecting his recollection. Mr. Toma blamed
stress, anxiety and lack of sleep. "Physically I can't function
normally as I'm going through a lot."

After leaving Virtical, Mr. Toma dedicated himself to short-term
money lending firm Bond Global Capital, which boasted on its
website at the time that Mr. Toma had netted AUD45 million from the
sale of his Virtical shares "further solidifying his reputation as
a financial luminary".

"Mark's astute investments have left an indelible mark on the real
estate landscape," his website said, noting his "remarkable
achievements continue to inspire and set a standard of excellence
for the industry".

According to the Financial Review, Mr. Toma admitted under oath on
March 27 that the sale price for his Virtical shares had been
negotiated down from AUD45 million to AUD25 million and he ended up
receiving between AUD9 million and AUD10 million.

He also said he did not have a ledger for his loans, was still
searching for an accountant and had not produced a set of
financials for the lender.

Asked if he had contact details for borrowers outside loan
documents, he said, "I don't have an answer to that question".

Mr. Toma was to return to the court for examinations last March 28.
Both he and Mr. Palasty have had AUD52 million of their assets
frozen by the court, the Financial Review says.

As reported in the Troubled Company Reporter-Asia Pacific in late
October 2024, prominent Melbourne pub and hotel investor Mazen
Tabet has taken advantage of the collapse of once high-flying
hospitality group Virtical after buying the Adelphi Hotel on
Flinders Lane for just AUD19 million -- a 24 per cent discount on
its AUD25 million sale 18 months ago.

The sale comes less than a week since Nic Natkunarajah from
insolvency firm Roger and Carson was appointed liquidator of
Virtical on behalf of creditors of the group, and a day after The
Australian Financial Review revealed the company owed at least
AUD50 million for fake GST refunds.


WISR INDEPENDENCE 2023-1: Moody's Ups Rating on F Notes from Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes
issued by Wisr Independence Trust 2023-1.

The affected ratings are as follows:

Issuer: Wisr Independence Trust 2023-1

Class C Notes, Upgraded to Aa2 (sf); previously on Jul 15, 2024
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Jul 15, 2024
Upgraded to A2 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Jul 15, 2024
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on Jul 15, 2024
Upgraded to Ba1 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and good performance of the
collateral pool to date.

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the March 2025 payment date, credit enhancement available
for the Class C, Class D, Class E, and Class F Notes has increased
to 21.9%, 17.3%, 14.1%, and 11.3% respectively, from 18.6%, 13.7%,
10.4%, and 7.5% at the time of the last rating action in July
2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the June 2023 payment date. Current
outstanding notes as a percentage of the total closing balance is
37.1%.

As of end-February 2025, 2.9% of the outstanding pool was 30-plus
day delinquent and 1.3% was 90-plus day delinquent. The portfolio
has incurred net losses of 1.3% (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected default assumption to 4.5% of
the outstanding portfolio balance (equivalent to 3.3% of the
original portfolio balance) from 5.0% of the outstanding pool
balance (equivalent to 3.4% of the original portfolio balance).
Moody's have also maintained the Aaa portfolio credit enhancement
to at 16.0%.

The transaction is a cash securitization of secured auto loans
extended to obligors located in Australia. All receivables were
originated and serviced by Wisr Finance Pty Ltd.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.




=========
C H I N A
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COUNTRY GARDEN: Posts Narrower Loss in 2024 After Write-Off
-----------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co. reported a
narrower loss in 2024 as the defaulted property giant seeks to
build creditor support for its debt restructuring plan.

The loss attributable to shareholders stood at CNY32.8 billion
(US$4.5 billion), compared with a record CNY178 billion loss in
2023, according to an exchange filing on March 30, Bloomberg
relays. The annual reading indicated a CNY20 billion loss in the
second half, widening from the CNY12.8 billion loss in the first
half.

The Foshan-based developer is continuing lengthy restructuring
talks more than a year after defaulting on its debt. It made steep
write-offs on properties under development and completed homes held
for sale in 2023, laying the foundation for a smaller loss.

"Profit warnings by more Chinese developers including Country
Garden before their 2024 results announcements could be good news,"
Bloomberg Intelligence analysts Andrew Chan and Daniel Fan wrote in
a recent note. "Developers could be looking to clean up their
accounts now and position themselves for a better financing cycle
later on."

According to Bloomberg, Country Garden is counting on a turnaround
in operations to secure broad support for its restructuring and
fight off liquidation. The developer told a court it expected to
reach an agreement with creditors by the end of February, but it
missed the self-imposed target date.

The builder again engaged Houlihan Lokey and China International
Capital Corporation as financial advisers on its offshore debt
restructuring, Bloomberg reported, renewing ties with the firms as
it seeks to build creditor support for its debt plan.

For offshore liability management, Country Garden "is in the
process of developing a holistic solution in a fair and equitable
manner to achieve a sustainable capital structure," the developer
said in the report, Bloomberg relays.

The firm has been struggling to turn around a slump in sales, which
tanked again last month as new home transactions saw only a
lukewarm recovery across China.

Bloomberg adds that the company said in a separate statement that
once its offshore debt restructuring is completed, its net assets
will increase "substantially." Factoring in minority shareholder
interest, the firm saw a net profit of 51.3 billion yuan last year,
it added.

Country Garden's next wind-up hearing is scheduled for May 26, but
a judge previously said that the timing could be accelerated if
creditors aren't happy with the state of the talks by the end of
February, Bloomberg discloses.

                    About Country Garden Holdings

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.


[] CHINA: Big Three Airlines Failed to Turn Profitable Last Year
----------------------------------------------------------------
Yicai Global reports that China's three largest airlines failed to
return to profit last year despite significantly narrowing their
losses, mainly because of fierce competition and insufficient
demand for business trips.

Air China's net loss shrank 77 percent to CNY237.3 million (USD32.7
million) in the 12 months ended Dec. 31 from the previous year, the
national flag carrier announced on March 27, Yicai discloses.
Revenue climbed 29 percent to CNY166.7 billion (USD23 billion).

China Eastern Airlines and China Southern Airlines reported net
losses of CNY4.2 billion and CNY1.7 billion (USD579 million and
USD234.4 million) for last year, narrowing 48 percent and 60
percent, respectively, from the year before. Their revenue jumped
16 percent and 8.9 percent to CNY132.1 billion and CNY174.2
billion, respectively, relays Yicai.

Even though China Southern's load factor rose to 84.4 percent in
2024 from 78.1 percent in 2023, its revenue passenger kilometer
fell to 48 Chinese cents (7 US cents) from 55 Chinese cents. The
RRK of Air China and China Eastern also dropped 12 percent and 14
percent to 53 Chinese cents and 51 Chinese cents, respectively.

According to Yicai, the above data reflect the common struggles of
China's civil aviation industry. The number of air passengers
reached a new record high last year, but the average economy-class
fare and PPK plunged 10 percent and 13 percent, respectively, from
the previous year, according to data Yicai obtained from the Civil
Aviation Administration of China.

The passenger structure of China's civil aviation underwent
significant changes last year, according to a report by Chinese
online travel agency Qunar's big data research institute, Yicai
relays. The new passengers were mainly leisure travelers who are
relatively sensitive to ticket prices, while the proportion of
high-value business passengers declined.

The trend is continuing this year as well. Yicai, citing data from
Flight Master, relates that during the Chinese New Year holiday,
the average airfare dropped 11 percent to CNY875 (USD120) from a
year earlier despite the number of passengers increasing.

Even though Air China, China Eastern, and China Southern failed to
turn profitable last year, many smaller airlines reported profits.
For example, China Express Airlines said it expected a net profit
of between CNY200 million and CNY280 million in 2024, compared with
a net loss of CNY965 million in 2023.

Moreover, the Big Three's freight subsidiaries all reported strong
earnings performance last year, mainly thanks to the explosive
growth of cross-border e-commerce, which buoyed air freight rates,
Yicai states.

Air China Cargo expects a net profit of CNY1.8 billion to CNY2
billion for 2024, up 56 percent to 73 percent from the year before,
Yicai discloses. China Eastern Air Logistics' net profit likely
rose 0.5 percent to 17 percent to between CNY2.5 billion and CNY2.9
billion, and China Southern Cargo forecast its net profit widened
72 percent to CNY4.2 billion.

Yicai adds that global air cargo demand jumped over 8 percent in
November last year from a year earlier, up for the 16th consecutive
month, according to data from the International Air Transport
Association.




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

AVLA NETTOS: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Avla Nettos
Exports' (ANE) bank facilities to 'IND BB+' from 'IND BB'. The
Outlook is Stable.

The detailed rating action is:

-- INR250 mil. Fund-based working capital limit Long-term rating
     upgraded; short-term rating affirmed with IND BB+/Stable/IND
     A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects Ind-Ra's expectation of an improvement in
ANE's scale of operations and credit metrics in FY25. The rating
reflects the company's modest EBITDA margins and stretched
liquidity in FY24. However, the rating is supported by the
promoter's more than a decade of experience.

Detailed Description of Key Rating Drivers

Continued Modest EBITDA Margins: ANE's EBITDA margins increased but
remained modest at 6.94% in FY24 (FY23: 4.22%), due to lower cost
of raw materials. Its return on capital employed reduced to 8.5% in
FY24 (FY23: 11.1%). In 11MFY25, the EBITDA margins stood at 5.76%.
In FY25, Ind-Ra expects the EBITDA margins to deteriorate due to an
increase in the procurement price of raw materials, and higher
freight charges for European countries.

Stretched liquidity: Please refer to the liquidity session below.


Likely Improvement in Scale of Operations:  ANE's scale of
operations remained small with its revenue reducing to INR928
million in FY24 (FY23: INR1,409 million), due to lower demand for
products following the Red Sea crisis and deteriorated market
conditions.  However, the company's EBITDA increased to INR64.45
million in FY24 (FY23: INR59.46 million). Until 11MFY25, ANE booked
revenue of INR1,250 million, and the management expects the revenue
to be at INR1,300 million in FY25. In the medium term, Ind-Ra
expects the revenue to improve as ANE is shifting its sales to
Asian markets from Europe.

Credit Metrics likely to Improve:  ANE's credit metrics remained
modest with its gross interest coverage (operating EBITDA/gross
interest expenses) deteriorating to 2.48x in FY24 (FY23: 6.39x) and
the net leverage (total adjusted net debt/operating EBITDAR)
increasing to 4.31x (0.27x), due to an increase in the total
adjusted debt and its interest expenses. In FY25, Ind-Ra expects
the credit metrics to improve, due to a likely increase in the
EBITDA despite capex. ANE plans to incur capex of approximately
INR26.4 million towards purchasing vehicles for supporting its
operations. The capex is likely to be completed by FY28, which will
be funded through a term loan of INR21.1 million, and remaining
INR5.3 million through internal accruals. ANE has already incurred
INR0.92 million capex till 10MFY25, which was funded entirely
through internal accruals.

Experienced Promoters: The ratings are supported by the promoters'
more than a decade of experience in the seafood export industry,
leading to established relationships with customers as well as
suppliers.

Liquidity

Stretched: ANE's net working capital cycle increased to 166 days in
FY24 (FY23: 51 days), mainly on account of an increase in the
inventory days to 109 (3). The company provides 30-90 days credit
period to its customers and receives around 20-30 days credit
period from its suppliers. ANE's average maximum utilization of the
fund-based limits was 90.71% and non-fund-based limits was 53.87 %
during the 12 months ended January 2025. The cash flow from
operations turned negative INR146.9 million in FY24 (FY23: INR76.7
million), due to an increase in working capital requirements to
INR389.47 million (INR195.98 million). Furthermore, the free cash
flows turned negative INR154.7 million (FY23: INR30.2 million). ANE
has repayment obligations of INR6.09 million for FY25, around
INR3.88 million for FY26. The cash and cash equivalents stood at
INR1.18 million at FYE24 (FYE23: INR1.31 million). Furthermore, ANE
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, resulting in the
deterioration of the credit metrics, with the interest coverage
reducing below 2x, on a sustained basis, and/or any further
elongation in the net cash conversion cycle, leading to stressed
liquidity, will be negative for the ratings.

Positive: A significant improvement in the scale of operations,
resulting in an improvement in the credit metrics with the interest
coverage rising above 3x along with improved liquidity, on a
sustained basis, would be positive for the ratings.

About the Company

Kollam, Kerala-based ANE was incorporated in 2011 by Anil Kumar.
ANE processes and exports seafood such as cuttlefish, squid,
octopus, and baigai. ANE mainly exports to Thailand, Greece, Italy,
Spain, Malaysia, China, Portugal, and Taiwan.

AYODHYA COTSPIN: CRISIL Hikes Rating on LT/ST Debts to B-
---------------------------------------------------------
Crisil Ratings has upgraded its ratings on the bank loan facilities
of Ayodhya Cotspin Pvt Ltd (ACPL) to 'Crisil B-/Stable/Crisil A4'
from 'Crisil D/Crisil D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         Crisil B-/Stable (Upgraded
                                     from 'Crisil D')

   Short Term Rating       -         Crisil A4 (Upgraded from
                                     'Crisil D')

The rating upgrade reflects track record of timely servicing of
debt for more than 90 days.

The ratings reflect insufficient cash accrual against debt
obligation, low operating efficiency and large working capital
requirement and leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoters in
the cotton textile industry.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate cash accrual against debt obligation: Net cash accrual
is expected to be INR2.0-2.5 crore per annum against yearly debt
obligation of INR2.4 crore over the medium term, leading to a
moderate net cash accrual to repayment ratio of 0.9-1.1 times over
the medium term. This exposes the company to liquidity risks in
case of weakening in the business risk profile. While liquidity
will remain supported by need-based financial support from the
promoters and bank limit, improvement in the net cash accrual will
remain a key rating sensitivity factor.

* Low operating efficiency and large working capital requirement:
Operating margin was 6-7%, compared with expectation of 13-14%,
owing to adverse fluctuations in raw material prices and limited
ability to pass on price increases. Gross current assets are
expected at 100-120 days as on March 31, 2025 (112 days a year
earlier), driven by inventory of 45-50 days (32 days as on December
31, 2024, and 45 days as on March 31, 2024). Bank limit was
utilised 98.6% on average during the 12 months through February
2025. The small cushion in the bank limit exposes the company to
the risk of poor liquidity in case of weakening in the business
risk profile.

* Leveraged capital structure: Low networth and increased
dependence on external debt to support growth have resulted in a
leveraged capital structure. Gearing and total outside liabilities
to tangible networth ratio were 2.34 times and 3.02 times,
respectively, as on March 31, 2025 (2.42 times and 2.94 times,
respectively, as on March 31, 2024). Improvement in the capital
structure remains monitorable.

Strength:

* Extensive experience of the promoters: Longstanding presence of
the promoters in the cotton textile industry through group
companies has helped them gain strong understanding of the market
dynamics and maintain healthy relationships with suppliers and
customers. This will ensure steady demand and easy access to raw
material over the medium term. The company has achieved revenue of
INR46 crore as of December 2024 and is expected to close this
fiscal at INR60-70 crore. Revenue growth of 9-10% is expected over
the medium term.

Liquidity: Poor

Liquidity is poor, constrained by expected modest net cash accrual
of INR2.0-2.5 crore in fiscal 2025 and high bank limit utilisation
of 99% over the 12 months through February 2025. Net cash accrual
is expected to remain above INR2.5 crore over the medium term
against debt obligation of INR2.4 crore. Unsecured loan of INR0.81
crore as on March 31, 2024 from the promoters also supports the
liquidity.

Outlook: Stable

ACPL will benefit from the extensive experience of its promoters.

Rating sensitivity factors

Upward factors:

* Increase in revenue and sustenance of operating margin leading to
net cash accrual of INR3.5 crore
* Improvement in the working capital cycle, resulting in moderate
dependence on bank lines

Downward factors:

* Delays in debt servicing due to lack of liquidity
* Decline in revenue or profitability leading to net cash accrual
of INR2.4 crore
* Further stretch in the working capital cycle resulting in higher
debt, weakening the financial risk profile

ACPL was incorporated in 2021 by Mr Surinder Kumar, Mr Rajeev
Singla, Mr Vijay Kumar, Mr Gaurav Garg, Mr Nitesh Garg and Mr
Ravinder Kumar.

The company manufactures cotton yarn at its unit in Patiala Road,
Punjab, with installed capacity of 7,770 metric tonne per annum
(6,300 for 14 counts and 1,470 for 20 counts). The plant commenced
operations on November 27, 2023.


B. D. AGRO: CRISIL Reaffirms B Debt Rating on INR3MM Cash Loan
--------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the
bank facilities of B. D. Agro Products Private Limited (BDAPPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             3        CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       3        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations amidst intense competition, and vulnerability to
volatility in raw material prices, uncertain monsoon and regulatory
changes. These weaknesses are partially offset by the extensive
experience of the promoters in the rice milling business.

Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profile of BDAPPL.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amidst intense competition: The scale
of operations is modest, as reflected in revenue of INR14.50 crores
for fiscal 2024, due to intense competition and limited value
addition in the products. The company has recorded a revenue of
around INR16.25 crore uptill February 2025 and is expected to
record revenue of over INR17 crore for fiscal 2025. The scale is
expected to remain modest owing to intense competition and moderate
installed capacity of the company.

* Vulnerability to volatility in raw material prices, uncertain
monsoon and regulatory changes: Cultivation of paddy is highly
dependent on monsoon and access to irrigation facilities. Hence,
the company remains susceptible to any paddy shortage or price
fluctuation during unfavorable climatic conditions.

Strengths:

* Extensive experience of the promoters: The promoters have been in
the rice milling business since 2004 through a group company, BD
Corporates Pvt Ltd. The promoters' expertise, their strong
understanding of local market dynamics, and healthy relationships
with suppliers and customers should continue to support the
business.

* Moderate financial profile: The financial risk profile of the
company has remained moderate with gearing of 0.53 time and TOL/TNW
of 1.12 times as on March 31, 2024. The capital structure is
expected to improve with steady accretion to reserves. The debt
protection metrics are also moderate with interest coverage and net
cash accruals to adjusted debt (NCA/AD) expected around 1-1.50
times and 0.20 times respectively over the medium term.

Liquidity: Stretched

Bank limit utilisation is high at around 99.87 percent for the past
twelve months ending December 2024. Cash accruals are expected to
be over INR0.50-0.80 crore, which shall be sufficient against nil
term debt obligation over the medium term. In addition, it will act
as a cushion to the liquidity of the company. The current ratio is
modest at 1.38 times on March 31st, 2024.

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters.

Rating Sensitivity Factors

Upward factors

* Substantial increase in revenue and steady rise in operating
margin leading to increase in accruals of over INR2 crore
* Improvement in working capital management resulting in higher
cushion in bank limits

Downward factors

* Steep decline revenues or operating margin leading to cash
accruals less than 0.5 crore
* Sizeable stretch in the working capital cycle

BDAPPL, incorporated in June 2009, is promoted by Mr Mahendra
Agarwal and his brother, Mr Rajendra Agarwal. Based in Kolkata, the
company began commercial operations in November 2009. Until March
2011, it traded in paddy and wheat. In fiscal 2010, it set up a
rice mill with processing capacity of 104 tonne per day in Howrah,
which started commercial operations at the end of March 2011.


BRIJBASI HI-TECH: CARE Reaffirms B+ Rating on INR10cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Brijbasi Hi-Tech Udyog Limited (BHTUL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          10.00       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           8.00       CARE A4 Reaffirmed

Rationale and key rating drivers

The reaffirmation of the ratings assigned to the bank facilities of
BHTUL continue to be constrained by modest scale of operation with
moderate profitability, leveraged capital structure coupled with
weak debt coverage indicators and elongated operating cycle. The
ratings also continue to remain constrained due to the company's
existence in a competitive nature of business and tender driven
nature of business. The ratings, however, derive strength from the
experienced and resourceful promoters.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in the total operating income (TOI) of the company above
INR50.00 crore on sustained basis.
* Improvement in operating cycle to below 100 days on sustained
basis.

Negative factors

* Decline in scale of operations with TOI below INR15 crore or
decline in PBILDT margin below 5.00% on sustained basis.
* Deterioration in capital structure marked by an overall gearing
of more than 2.50x on sustained basis.

Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects that the company will continue to benefit
from experience of the directors in the industry.

Detailed description of key rating drivers:

Key weaknesses

* Modest scale of operations: The scale of operations of the
company moderated and continued to remain small at INR19.61 crore
in FY24 (refers to period April 01 to March 31) as compared to
INR25.15 crore during FY23 on account of subdued demand from
customers and delay in inspection of already executed orders. As of
March 31, 2024, BHTUL had approximately INR5.00 crores worth of
executed orders awaiting inspection. Scale of operations remained
modest, which limits the entity's ability to scale up the business
significantly. The company majorly supplies fire-fighting vehicles
to public and private sector entities, hence, any changes in the
procurement policy or government organization's spending on
firefighting are likely to affect the revenues of the company.
Further, the company has achieved total operating income of
INR20.50 crore during 11MFY25 (refers to period April 01 to
February 28).

* Moderate profitability: BHTUL's operating profitability exhibited
a volatile trend with a profit before interest, lease rentals,
depreciation, and taxation (PBILDT) margin within the range of
-1-9% in the past three years ended FY24. The PBILDT margin of the
company improved slightly from 7.47% in FY23 to 8.90% in FY24. The
improvement in PBILDT margin is on account of decline in cost of
raw material. The PAT margin also increased from 0.96% in FY23 to
2.20% in FY24 due to decline in interest and finance cost.
Additionally, the profitability margins of BHTUL are directly
associated with the technical aspect of the contract. Further, the
profitability varies with the project due to the tender driven
nature of the business owing to varying margins in the different
projects undertaken by the company.

* Leveraged capital structure and weak coverage indicators: The
debt profile of the company comprised of working capital
outstanding of INR10.18 crores as on March 31,2024 and unsecured
loan from related parties of INR4.03 crores. Further, tangible net
worth was moderate at INR6.24 crore as on March 31, 2024. The
capital structure of the company stood leveraged at 2.28x as on the
balance sheet date ending March 31, 2024, on account of high debt
level of the company against small tangible net worth base. Further
owing low gross cash accruals levels, the debt coverage indicators
of the company as marked by interest coverage ratio and total debt
to gross cash accrual stood weak at 1.36x and 25.83x respectively
in FY24 as against 1.14x and 39.63x respectively in FY23.

* Elongated operating cycle: The operating cycle of BHTUL increased
and remained elongated at 316 days in FY24 as against 243 days in
FY23. The deterioration was due to increase in collection period
and inventory holding period from 97 days and 208 days respectively
during FY23 to 102 days and 260 days respectively during FY24. High
inventory days are the result of varied range of fire fighting
vehicles offered by BHTUL to meet the customers' demand, which also
necessitates maintaining of adequate inventory in form of raw
material for smooth running of its production process. BHTUL's high
collection period is owing to long clearance process with the
government departments with regards to clearance of bills raised to
customers. The company procures raw material from traders and
manufactures located in overseas and domestic market and enjoys a
credit period of 1-2 months resulting in an average creditor period
of 46 days in FY24.

* Competitive nature of business and tender driven nature of
business: BHTUL operates in a competitive market for fire-fighting
vehicles marked by the presence of number of players in the
unorganized sector and organized sector. The company majorly
supplies fire-fighting vehicles to public and private sector
entities as well defence sector entities such as the Indian Navy.
Orders for the products are awarded through tender-based system.
Thus, exposing the company to risks associated with tender-based
business, which is characterized by intense competition. The growth
of business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Furthermore, any changes
in the procurement policy or government organization's spending on
firefighting are likely to affect the revenues of the company.

Key strengths

* Experienced and resourceful promoters: Mahesh Chandra Agrawal,
Suresh Chandra Agarwal and Rajesh Kumar Agrawal are directors of
the company, having more than four decades of experience in
manufacturing industry. Company's overall operations are managed by
Mahesh Chandra Agrawal. Suresh Chandra Agarwal and Rajesh Kumar
Agrawal look over supply chain and marketing division.

Liquidity: Stretched

The company has stretched liquidity marked by elongated operating
cycle at 316 days as on March 31, 2024, deteriorating from 243 days
as on March 31, 2023, on account of high inventory and receivables.
The average working capital utilization for trailing twelve months
ending February 2025 stood moderate at ~80%. BHTUL's cash and bank
balance stood at INR2.06cr as on March 31, 2024. The company earned
gross cash accruals of INR0.55 crore in FY24 which are expected to
improve to INR0.63 Crores in FY25. However, the company does not
have any scheduled repayment obligations for FY25. BHTUL's current
ratio stood comfortable at 1.74x, however, quick ratio was below
unity at 0.67x as on March 31, 2024.

Mathura-based (Uttar Pradesh) Brijbasi Hi-Tech Udyog Limited
(BHTUL) incorporated in 1993 by Mr Mahesh Chandra Agrawal, Mr
Suresh Chandra Agrawal and his family members. The company is
engaged in the manufacturing and assembling of fire fighting
vehicles viz. fire vans, water tenders, water bourses, foam tender,
DCP tenders, crash fire tenders. BHTUL is selling its product under
its own brand name i.e., “Brijbasi”. Hot Rolled (HR), Cold Roll
(CR) coil, Aluminium sheet, diesel engine etc. are key raw material
for the manufacturing and assembling of fire fighting vehicles. The
company procures HR/CR coil from the traders located in the
Delhi–NCR. Furthermore, company procures equipment from
intermediaries such as Idex India, MCD (France). The company's
operations are mainly order based and orders are acquired through
process of tender.

COARSER SPINNING: CARE Lowers Rating on INR51.50cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Coarser Spinning Private Limited (CSPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term           51.50      CARE B+; Stable; ISSUER NOT
   Bank Facilities                COOPERATING; Downgraded from
                                  CARE BB-; Stable and moved to
                                  ISSUER NOT COOPERATING category

   Long Term/          13.50      CARE B+; Stable/CARE A4; ISSUER
   Short Term                     NOT COOPERATING; LT rating
   Bank Facilities                downgraded from CARE BB-;Stable
                                  and ST rating reaffirmed and
                                  moved to ISSUER NOT COOPERATING
                                  category
  
Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from CSPL to monitor
the rating vide e-mail communications January 10, 2025, February
10, 2025, February 25, 2025, March 7, 2025, March 10, 2025, March
11, 2025, various telephonic interactions on the above subject and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the rating.

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

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

The ratings have been revised on account of non-availability of
requisite information to conduct the review. The ratings assigned
to the bank facilities of Coarser Spinning Private Limited (CSPL)
are constrained on account of its leveraged capital structure due
to recently completed debt funded capex, susceptibility of
profitability to raw material prices and highly fragmented,
competitive and cyclical nature of textile industry.

The ratings, however, derives strength from experienced partners
and successful completion of capex and commencement of commercial
operations.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects CARE Ratings' expectation that the
company shall continue to benefit from its experienced promoters.

Detailed description of key rating drivers:

Key weaknesses

* Leveraged capital structure: Capital Structure of CSPL continued
to remain leveraged marked by an overall gearing of 2.78 times as
on March 31, 2024 along with weak debt coverage indicators, mainly
due to recently concluded debt funded capex.

* Susceptibility of profitability to raw material prices: Cotton is
the primary raw material used by CSPL for manufacturing of cotton
yarn. The yarn manufacturing industry faces a significant challenge
due to the inherent volatility in cotton prices, which directly
affects its profitability.

* Highly fragmented, competitive, and cyclical nature of industry:
The textile industry is marked by a multitude of players operating
across various segments, ranging from cotton cultivation, yarn
production, fabric weaving, and garment manufacturing due to the
presence of numerous small-scale enterprises alongside larger, more
established companies. This industry's cyclical nature is closely
tied to economic shifts and consumer preferences. It experiences
fluctuations in demand due to changing fashion trends, global
economic conditions, and evolving consumer behaviours.

Key strengths

* Experienced Promoters: Mr. Nirav Patel, the key promoter of the
company has overall business experience of more than 15 years and
experience in the textile industry of more than 5 years. The other
group companies managed by the promoters include Phenix Spinning
Pvt Ltd. engaged in textile spinning business since past 10 years
and Infosense Private Limited (IPL) engaged in ITES and software
business. Further, IPL has given corporate guarantee for bank
facilities of CSPL.

* Successful completion of project and commencement of operations:
CSPL's textile spinning manufacturing plant project was completed
in January 2024 with the total cost of INR99.23 crore funded
through term loan of INR48.79 crore and balance with promoters'
contribution in the form of equity and unsecured loans. The
commercial production started in February 2024. However, this is
against the initial estimated project cost of INR96.51 crore which
was expected to be completed by August 2023. The cost overrun was
entirely funded promoters' contribution. The delay in
commercialisation of project was on account of delay in receipt of
machineries.

Coarser Spinning Private Limited (CSPL), incorporated in November
2021 and located at Lathi, Amreli, Gujarat has set up textile
spinning plant with an installed capacity of 9181 MTPA for
manufacturing of cotton yarn. The project was completed in January
2024 and commercial production started from February 2024.


CONNECTIVITY IT: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Connectivity IT
Solutions Private Limited's (CISPL) bank facilities as follows:

-- INR85.56 mil. Proposed term loan assigned with IND BB+/Stable
     rating;

-- INR105 mil. Non-fund-based working capital limit affirmed with

     IND A4+ rating;

-- INR79.44 mil. (reduced from INR82.08 mil.) Term loan due on
     March 31, 2027 affirmed with IND BB+/Stable rating; and

-- INR130 mil. Fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects an improvement in CISPL's scale of
operations in FY25, due to new customer additions leading to an
increase in product sale and increase in the service income, as
well as comfortable credit metrics in FY25. Ind-Ra expects the
scale of operations to remain at similar levels in FY26, supported
by its strong outstanding order book. The ratings are constrained
by customer concentration risk.  The ratings are, however,
supported by minimal debt, healthy EBITDA margins and the
promoters' 10 years of experience in information technology
solution business.

Detailed Description of Key Rating Drivers

Customer Concentration Risk: In FY24, CISPL's top five customers
contributed around 52.67% to the total revenue (FY23: 66%), of
which 33.65% of the revenue is from a single customer namely
Vodafone Idea Limited (FY23: 32%). However, the risk is mitigated
to some extent by company's ability to add new customers and the
ability to renew contracts with the existing customers. However,
Ind-Ra expects customer concentration risk would continue to be in
the near term.

Improvement in Scale of Operations in FY25; Likely to Sustain in
Medium Term: Ind-Ra expects a substantial increase in the scale of
operations in FY25, due to an increase in orders from new as well
as existing customers, leading to an increase in product sales and
increase in service income. In 9MFY25, CISPL booked revenue of
INR2,949.17 million with EBITDA of INR300.63 million. As of
February 2025, the company had an unexecuted order book of INR2,666
million, which is likely to be executed by FY26. In FY24, the
revenue declined to INR2,324.66 million (FY23: INR2,956 million)
due to the company's decision to not to execute orders of one of
the customer until clearance of its pending dues and to retain the
status of  micro, small, and medium enterprises to avail the
associated benefits. CISPL earns revenue by selling and installing
of CISCO products and other service income such as AMC services,
system integration and network integration services, among others;
and providing inhouse services such as cloud solutions, cyber
security, providing product on rent, among others. In FY24, CISCO
product's sales contributed 49.3% of total revenue (FY23: 64.56%)
while service income contributed 50.64% (35.44%). The agency
expects revenue contribution from service income to increase in the
near term as it offers better margins and is recurring in nature.
Ind-Ra expects the revenue to grow further in the medium term owing
to strong order book in hand and year-on-year increase in service
income.

Healthy EBITDA Margins, Likely to Sustain in Near Term: Ind-Ra
expects the company to generate EBITDA margins of 8%-10% in the
medium term on account of a likely increase in service revenue and
an increase in the scope of technical capabilities in the orders.
CISPL reported EBITDA margins of around 10.12% in 9MFY25. In FY24,
the EBITDA margins increased to 9.02% (FY23: 7.67%) on account of
an increase in revenue contribution from service income. In FY24,
the return on capital employed stood at 32.8% (FY23: 45.4%).

Comfortable Credit Metrics due to Minimal Debt: In FY24, the gross
interest coverage (operating EBITDA/gross interest expense) reduced
to 9.14x (FY23: 10.52x), mainly on account of a decline in the
operating EBITDA. In FY24, the net leverage (adjusted net
debt/operating EBITDAR) stood at 0.88x (FY23: 0.88x). The company
had a low reliance on external debt with total debt of INR228.87
million at FYE24 (FYE23: INR216 million). Ind-Ra expects credit
metrics to remain comfortable in the medium term on account of a
likely improvement in the absolute EBITDA on account of an increase
in the topline.

Experienced Promoters: The ratings are supported by the promoters'
almost a decade of experience in the information technology
solution business.

Liquidity

Stretched:  CISPL's average monthly maximum utilization of its
fund-based limits was around 71.07% over the 12 months ended
January 2025. CISPL had repayment obligations of INR42.9 million
and INR34 million in FY25 and FY26, respectively. In FY24, the net
working capital cycle elongated to 71 days (FY23: 50 days) mainly
due to an increase in the receivable period to 232 days (165 days)
on account of pending dues from one of the customer, which were
duly recovered in FY25. In FY24, the creditor period also increased
to 230 days (FY23: 166 days) due to the extended credit period
offered by suppliers. In FY24, KIPL's cash flow from operations
declined to INR17.77 million (FY23: INR36.22 million) due to
unfavorable changes in working capital. In FY24, the free cash flow
had declined to INR14.76 million (FY23: INR35.02 million). At
FYE24, its cash and cash equivalent stood at INR43.98 million
(FY23: INR16.34 million).

Rating Sensitivities

Negative: Deterioration in the scale of operations or a further
elongation of the receivable period, leading to a decline in the
liquidity and  credit metrics with the interest coverage reducing
below 2.5x on a sustained basis, will be negative for the ratings.

Positive: An improvement in liquidity, the timely receipt of
payments from debtors leading to a reduction in the receivable
period and a reduction in customer concentration while maintaining
the current credit metrics will be positive for the ratings.

About the Company

Incorporated in 2015, CISPL is engaged in selling of CISCO products
and attached services along with providing system integration,
network integration and other related services. The company is
located in Bengaluru and is promoted by Narasimaha Murthy.

COTTON BLOSSOM: CRISIL Raises Long Term Debt Ratings to B-
----------------------------------------------------------
Due to inadequate information, Crisil Ratings, in line with the
Securities and Exchange Board of India guidelines, had migrated its
ratings on the bank facilities of Cotton Blossom India Private
Limited (CBIPL) to 'Crisil D/Crisil D Issuer Not Cooperating'.
However, the management has subsequently started sharing the
requisite information necessary for carrying out a comprehensive
review of the ratings. Consequently, Crisil Ratings is migrating
its ratings of CBIPL to 'Crisil B-/Stable/Crisil A4' from 'Crisil
D/Crisil D Issuer Not Cooperating'.

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

   Short Term Rating     -         Crisil A4 (Migrated from
                                   'Crisil D ISSUER NOT
                                   COOPERATING')

The upgrade reflects timely servicing of debt obligations in the
past three months through February 2025, aided by better
liquidity.

The ratings continue to reflect the susceptibility of operating
margin to volatility in raw material prices,
working-capital-intensive operations, and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of the promoters and their established relationships
with customers, and moderate capital structure.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of CIBPL where standalone approach applied.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of operating margin to volatility in raw material
prices: Operating margin has been volatile during the past five
years. The margins have declined to 2.4% in fiscal 2024, from 9.66%
in fiscal 2023, primarily on account of unfavourable raw material
prices. As operations of CBIPL are integrated, with most processing
activities carried out in-house and with effective utilization of
installed capacities, the margin should remain moderate.
Nevertheless, it would be susceptible to fluctuations in raw
material prices and foreign currency rates over the medium term.

* Working-capital-intensive operations: Gross current assets were
high at 248 days as on March 31, 2024, owing to sizeable inventory
of 185 days. Exports are against letter of credit and domestic
sales are either backed by letter of credit or open credit of 30-60
days. Working capital requirements are met via credit extended by
suppliers and external debt.

* Weak Debt Protection Metrics: Interest coverage ratio and net
cash accruals to adjusted debt was at 0.37 times and 0.06 times
respectively as on March 2024.

Strengths:

* Extensive experience of the promoters and established
relationships with customers: The two-decade-long experience of the
promoters in the knitted garments industry has enabled them to
maintain healthy relationships with customers and suppliers. Over
the years, the management has integrated the facilities by setting
up spinning, knitting, and dyeing units in-house.

* Moderate capital structure: Financial risk profile is marked by a
moderate net worth and gearing of INR62.11 crore and around 1.88
times, respectively, as on March 31, 2024.

Liquidity: Stretched

Bank limit utilization is moderate at around 82 percent for the
past twelve months ended February 2025.  Cash accruals are expected
to be over INR8-9 crore which are tightly matched against term debt
obligation of INR6-8 crore over the medium term. Current ratios are
moderate at 1.23 times on March 31, 2024

Outlook: Stable

CBIPL will continue to benefit from the extensive experience of the
promoter and his established relationship with clients.

Rating sensitivity factors

Upward factors:

* Growth in revenue by over 30%, with operating margins at 9-10%,
leading to higher cash accrual
* Improvement in financial risk profile, particularly liquidity.

Downward Factors:

* Decline in revenues or dip in operating profitability below 6-7%,
leading to lower cash accruals
* Deterioration in the financial or liquidity profiles

CBIPL was formed as a partnership between Mr Milton Ambrose John,
his brother, Mr. Joseph Antony John and his sister Philomena John
in 1997, and reconstituted as a private limited company in 2004.
The company manufactures and exports knitted readymade garments,
mainly  hosiery fabrics and knitwear, including T-shirts, pyjamas
and bermudas. It specialises in ladies garments, kidswear and
infantwear.


ELORA MOUNTAIN: CRISIL Assigns B Rating to INR31cr Term Loan
------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B/Stable' rating to the
long-term bank facility of Elora Mountain Resorts Pvt Ltd (EMRPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan      31        Crisil B/Stable (Assigned)

The rating reflects the company's exposure to risks related to
ongoing project and expected leveraged capital structure. These
weaknesses are partially offset by the extensive industry
experience of its promoters in the hospitality industry.

Analytical approach

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

Key rating drivers & detailed description

Weaknesses:

* Exposure to risks related to ongoing project: EMRPL is currently
setting up a luxury resort project, Elora Mountain Resorts, at
Sholayur Village, Palakkad District, Kerala. The resort is expected
to commence commercial operations on October 1, 2026. Demand risk
is also expected to be moderate as the industry is highly
fragmented due to low entry barrier (small capital and
technological requirements). The company will also be exposed to
intense competition. Funding risk remains high as term loan is yet
to be sanctioned towards the project. Disbursement of term loan,
timely completion and successful stabilisation of its operations at
the proposed resort will remain monitorable.

* Expected leveraged capital structure: Gearing is expected to
remain high and debt protection metrics modest as the project is
aggressively funded through a debt-equity ratio of 1.32:1.

Strength:

* Longstanding presence of the promoters: The promoters have
extensive experience in the hospitality industry. They have prior
experience in managing resorts, including Aara Jungle Resorts and
SR Jungle Resorts in Coimbatore, Tamil Nadu. 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

The liquidity is likely to be stretched with modest accrual in the
initial years of operations. In case of shortfalls in cash accrual,
unsecured loans from the promoters is expected to aid the liquidity
to meet operational expenses and repayment obligations, if any.

Outlook: Stable

Crisil Ratings believes EMRPL will benefit over the medium term
from its promoters' extensive industry experience.

Rating sensitivity factors

Upward factors:

* Timely disbursement of debt, supporting completion of project
construction with no major cost overrun
* Improvement in the financial risk profile with gearing of less
than 1.4 times and improvement in liquidity

Downward factors:

* Any cost overrun leading to larger-than-expected debt, resulting
in substantial gearing of over 2 times
* Significant delay in construction of resort further weakening
liquidity

EMRPL was incorporated in July 2024 and is promoted by Mr Janarthan
Santhoosh and Ms Motcha Priya. The company is setting up a luxury
resort project, Elora Mountain Resorts, in Kerala. The resort will
have a restaurant, banquet hall, and other facilities. Commercial
operations are likely to start on October 1, 2026.


G. R. ENGINEERING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. R.
Engineering Private Limited (GREPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         30        CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee        140        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit             5.62     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit &           7        CRISIL B+/Stable (Issuer Not
   Working Capital                  Cooperating)
   Demand Loan             
                                    
   Letter Of Guarantee    52        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       10        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       35        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       33        CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Cash          16.76     CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Working Capital        20        CRISIL B+/Stable (Issuer Not
   Demand Loan                      Cooperating)

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

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

Detailed Rationale

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

Mumbai-based GREPL, the flagship company of the GR group, was
incorporated in 1966 by Mr DP Hariani. The company, currently
managed by Mr RD Hariani, is engaged in EPC of custom-made
equipment for process industries such as refining and
petrochemicals, chemicals, and fertiliser.


GAMA INFRAPROP: Ind-Ra Keeps BB Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gama Infraprop
Private Limited's bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR1,899.50 bil. Term loan* due on December 31, 2028
     maintained in non-cooperating category and withdrawn;

-- INR300 mil. Cash credit* maintained in non-cooperating
     category and withdrawn;

-- INR40 mil. Bank guarantee (BG)** maintained in non-cooperating

     category and withdrawn; and

-- INR350 mil. Letter of credit (LC)** maintained in non-
     cooperating category and withdrawn.

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

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Gama Infraprop, as the agency does not have
adequate information to review the rating. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. Gama Infraprop
has been non-cooperative with the agency since December 2023.

About the Company

Gama Infraprop owns and operates a 225MW gas-based combined cycle
power plant in Mahuakheraganj, Kashipur in the Udham Singh Nagar
district of Uttarakhand.

GLOBUS PETROADDITIONS: CARE Reaffirms B+ Rating on INR24.55cr Loan
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Globus Petroadditions Private Limited (GPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          24.55       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           3.00       CARE A4 Reaffirmed

Rationale and key rating drivers

The reaffirmation in the ratings to the bank facilities of GPPL
remained constrained on account of small scale of operations with
net losses, leveraged capital structure with weak debt coverage
indicators, modest orderbook position and stretched liquidity
position during FY24. The rating is further constrained by
susceptibility of profit margins to fluctuation in raw material
prices and presence in highly competitive and fragmented industry.

The ratings, however, derive strength from experienced promoters
and favourable industry outlook. Furthermore, it derives strength
from improved current year 9MFY25 (refers to period 'April 01,
2024, to December 31, 2024') performance.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Significant improvement in scale of operations marked by Total
operating Income (TOI) of above INR70 crore with improved capacity
utilization on a sustained basis.
* Improvement in capital structure marked by overall gearing ratio
of below unity on a sustained basis.
* Improvement in debt coverage indicators marked by interest
coverage ratio exceeding 3x on a sustained basis.

Negative factors

* Decline in availability of 'Special Denatured Spirit (SDS)'
significantly impacting the sales coupled with substantial increase
in loans and advances from current levels on sustained basis.
*Any un-envisaged incremental borrowings, deteriorating GPPL's
overall gearing ratio over 3.00x on a sustained basis
*Deterioration in liquidity position due to high level of loans and
advances to SDS suppliers.

Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects CARE Ratings belief that the entity shall
sustain its moderate business risk profile over the medium term.

Detailed description of key rating drivers:

Key weaknesses

* Small scale of operations with net losses although improved
current year 9MFY25 performance: The scale of operation marked by
total operating income (TOI) of the company has declined to
INR27.16 crore in FY24 as against Rs. 45.82 crore in FY23. The
impact on TOI was on account of non-availability of key raw
material (Special denatured spirit [SDS]). SDS is required by the
company to produce highly concentrated ethanol (main product sold
by the company). The company can't produce ethanol without SDS.
Also, apart from lower sales, writing off bad debts of INR0.85
crore impacted the profitability at net level. However, in current
year till December 2024, company has reported a TOI of INR61.62
crore as against INR16.34 crore for the same period last year. And
are expecting to close the year with a TOI of INR70 crore. Also,
profitability wise, company is expecting to book a net profit of
around INR1 to 1.5 crore for FY25 as against net level losses
during FY24. The improvement in performance was on account of
increased sales of ethanol due to availability of raw material.

* Modest Order Book: GPPL has an unexecuted order of approximately
5791 kilolitres as of March 18, 2025, reflecting a modest order
book position and short-term revenue visibility. The order value
for this supply, stood at INR35.99 crore. Oil Marketing Companies
(OMCs) secure large ethanol volumes in the 4th quarter to meet
blending targets, while the 2nd quarter bidding helps bridge supply
gaps before the next harvest. This aligns with the sugarcane
harvesting cycle, as ethanol production peaks between November and
March, leading to increased availability and government procurement
during these periods. Additionally, 7,300 kilolitres of orders are
in pipeline. Hence with steady demand and repeat orders from
existing clients, GPPL is well-positioned to strengthen its order
book and improve revenue visibility compared to FY25 levels.

* Moderate capital structure and weak debt coverage indicators: The
capital structure of the company stood leveraged marked by overall
gearing of 2.33x as on March 31, 2024 as against 2.69x as on March
31, 2023. The improvement was due to decrease in debt levels. As on
March 31, 2024, total debt remained at INR28.96 crore which
pertains to Rupee term loan of INR2.00 crore, Unsecured loans from
related parties are INR4.03 crore and working capital borrowings of
INR22.93 crore. Moreover, the debt coverage indicators, marked by
interest coverage improved although stayed weak at 1.18x as on
March 31, 2024 (PY: 0.87x). The improvement was on account of
better profitability and stable interest cost. Also, total debt to
GCA deteriorated and remained weak at 42.40x as on March 31, 2024
(PY: 34.84x), on account of lower cash accruals.

* Presence in highly competitive market: GPPL operates in a highly
fragmented and competitive industry, with a significant portion of
the market controlled by unorganized sector players. The ethanol
manufacturing sector in India has low entry barriers, as production
requires minimal technological inputs, and standardized machinery
is easily available. Additionally, the primary buyers of ethanol
are Oil Marketing Companies (OMCs), which procure through
competitive bidding processes. Given the intense competition, GPPL
has limited bargaining power and, as a result, follows a
competitive pricing strategy to maintain its market position. These
dynamic puts pressure on profit margins, making operational
efficiency and cost management critical for sustaining growth.

* Susceptibility to profit margins due to changes in raw material
prices: GPPL's profitability is influenced by fluctuations in the
price of Specially Denatured Spirit (SDS), its key raw material,
which depends on the seasonal availability of sugarcane. To
minimize the impact of price volatility, the company locks in SDS
prices with local sugar mills by committing a significant portion
of its working capital as advances. While this helps secure supply
and stabilize costs, it also ties up capital. However, GPPL earns
interest on these advances, partially offsetting financing costs.
Additionally, if suppliers fail to deliver on time, a 2% monthly
interest penalty is charged, mitigating risks. Despite these
measures, any sharp increase in SDS prices or supply disruptions
could impact profit margins, as ethanol pricing is often regulated,
limiting the company's ability to pass on costs. Effective
procurement strategies and strong supplier relationships remain key
in managing margin fluctuations and ensuring business
sustainability.

Key strengths

* Experienced promoters: GPPL is promoted by Mr. Damodar Sarda, and
Mr. Satyajit Wachasunder. Mr. Damodar Sarda has 41 years of
experience in diverse industries including ethanol, petrochemicals,
and alcohol industry and Mr. Satyajit Wachasunder has 26 years of
experience each in ethanol, petrochemicals, and alcohol industry.
The experience of promoter's aids GPPL in its day-to-day
decision-making process as well as through the vast experience in
diverse industries, the promoters have been able to develop good
relationship with various stakeholders.

* Expected demand boost for ethanol driven by favourable policy
initiatives from government: The government's biofuel policy aims
to enhance the use of biofuels in the country's energy and
transportation sectors over the next decade. Under the Ethanol
Blended Petrol (EBP) Programme, the government has set a target of
achieving 20% ethanol blending in petrol by the Ethanol Supply Year
(ESY) 2024-25, which concludes in October 2025. As of February 28,
2025, public sector Oil Marketing Companies (OMCs) have
successfully reached an ethanol blending rate of 17.98% for the
ongoing ESY 25. Notably, in February 2025, the blending rate peaked
at 19.68%, demonstrating strong progress toward the 20% ethanol
blending goal for ESY 26. Ethanol, a renewable biofuel, is blended
with petrol to reduce reliance on fossil fuels and curb carbon
emissions, mitigating environmental and health concerns associated
with air pollution and climate change. This policy framework has
created a positive demand outlook for the ethanol industry.
However, a key challenge for companies like GPPL, which produces
ethanol from Specially Denatured Spirits (SDS) without integrating
into the full sugarcane processing value chain, is the increasing
forward integration by sugar mills. As more sugar mills establish
their own ethanol production facilities, standalone ethanol
manufacturers could face potential raw material shortages, posing a
significant business risk.

Liquidity: Stretched

Liquidity continue to remain stretched marked by low cash accruals
against scheduled repayment obligation. The company has a scheduled
debt repayment obligation of INR0.67 crore for next 3 years
(Including FY24), and in FY24, GCA stood low at INR0.68 crore.
However, for FY25, GCA is expected to cross INR2 crore and is
expected to stay in similar levels. Furthermore, management has
articulated that it will continue to infuse funds in case of any
shortfall. Also, average working capital utilisation stood high at
91.45% for last 12 months ending December 2024. Cash flow from
operations stood positive at INR9.58 crore as on March 31, 2024.

Globus Petroadditions Private Limited (GPPL) was established by Mr.
Damodar Govindlal Sarda and Mr. Satyajit Wachasunder on December
30, 2016. However, the operations of the company started from April
1, 2018. The company is engaged in production of ethanol, which is
used as a motor fuel, mainly as a biofuel additive for gasoline.
The manufacturing process takes place at a plant located near Laxmi
Nagar, Nagpur with an installed capacity of 300 lakh litters per
annum. The raw materials required for the production are Special
Denatured Spirit (SDS) which is procured from suppliers located in
and around Solapur, Maharashtra. The supplier base of the company
mainly includes the sugar mills and grain-based distilleries in the
region.


HARIPADA COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of
Haripada Cold Storage Private Limited (HCSPL, part of Paramount
Group) to 'Crisil B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.8        Crisil B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit           4.2        Crisil B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

Crisil Ratings has been consistently following up with HCSPL for
obtaining information through letter and email dated March 17, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HCSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HCSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of HCSPL to 'Crisil B+/Stable Issuer not
cooperating'.

Incorporated in 1992, HCSPL offers cold storage facilities to
potato farmers in Birbhum, West Bengal. The company has installed
capacity of 1.61 lakh quintal per annum. Mr Priyobrata Dev, Ms
Jyotsna Rani Mondal, Mr Satyabrata Dev, Ms Jharna Rani Devi and Mr
Subrata Deb are the promoters.


LEVEL 9: Ind-Ra Withdraws B+ Bank Loan Rating
---------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Level 9 Biz
Private Limited (Level) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR60 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR140 mil. Non-fund-based working capital limit# maintained
     in non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information

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

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Mohali-based Level was incorporated in 2014, as an engineering,
procurement and construction contractor. Yashbir Singh is the
founder and director of the company.

MANGAL VEHICLE: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
Crisil Ratings has migrated the rating on the bank facilities of
Mangal Vehicle to 'Crisil B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     10.5      Crisil B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with Mangal
Vehicle 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 January 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 Mangal Vehicle 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 Mangal Vehicle is consistent with 'Assessing Information
Adequacy Risk'. Based on the last-available information, the rating
on the bank facilities of Mangal Vehicle has been migrated to
'Crisil B+/Stable Issuer Not Cooperating'.

Analytical Approach

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

Mangal Finance group, established in 2005 as a joint flagship
company by its promoters Mr Dilip Ranka and Mr Sachin Soni, is a
Reserve Bank of India registered NBFC focusing on vehicle
financing. The corporate office of the group is based out of
Nagpur. The promoters have been in the automotive segment for 60+
years. The group has financed more than 2000 vehicles each year, in
the last four consecutive years.


MEDEOR HOSPITAL: CARE Reaffirms D Rating on INR270cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed the rating on bank facilities of Medeor
Hospital Limited (MHL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      270.00      CARE D; Reaffirmed
   Facilities                       

Rationale and key rating drivers

The reaffirmation of the rating assigned to the bank facilities of
MHL takes into consideration recent delays in interest payments and
the imposition of penal interest on term loan accounts. Going
forward, improvement in the financial profile of MHL with timely
repayment of bank debt facilities on a sustained basis would remain
a key rating monitorable.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Establishing track record of timely debt servicing of debt
obligations for a continuous period of 90 days.

* Improvement in operational performance and liquidity on a
sustained basis.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Instance of delay in servicing of debt obligations: As per the
bank statement there was a delay in interest servicing by 12 days
for the month of January 2025 mainly due to poor liquidity position
of the company. Consequently, the lender has imposed penal
interest.

* Deteriorated financial risk profile: Owing to continuous
operating losses, the financial risk profile of the company remains
deteriorated.

Liquidity: Poor

The company's liquidity remains poor, evidenced by recent delays in
debt obligations and a negative operational cash flow of INR31.11
crore during FY24 (PY: negative INR23.76 crore). Further, the
current ratio remained below unity at 0.24x as on March 31, 2024
(PY: 0.04x).

Medeor Hospital Limited, incorporated in 2004, was acquired in 2016
by VPS Health care Group of Dubai. VPS healthcare is an integrated
healthcare service provider with 24 operational hospitals, over 125
health centres, 10,000 employees, and medical support services
spread across the Middle East, Europe, and India. Medeor Hospitals
is a chain of multi-specialty hospitals strategically located in
Delhi NCR at Qutab, Dwarka, and Manesar (Gurugram) with a combined
capacity of 808 beds.


NAND ESTATE: CARE Raises Rating on INR49.50cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nand Estate Developers Private Limited (NEDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.50       CARE B+; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Upgraded from
                                   CARE D; Stable outlook assigned

In the absence of minimum information required for the purpose of
rating, CARE Ratings Limited (CARE Ratings) was unable to express
an opinion on the ratings of Nand Estate Developers Private
Limited. Further with the information from public sources regarding
the delay in timely repayment of its debt obligations and in line
with the extant SEBI guidelines, CARE Ratings Limited downgraded
the ratings of bank facilities of the company to 'CARE D; ISSUER
NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE Ratings. CARE Ratings has carried out
a full review of the rating and the rating stands at 'CARE B+;
Stable'.

Rationale and key rating drivers

The upgrade of the rating assigned to the bank facilities of Nand
Estate Developers Private Limited (NEDPL) takes into account the
timely servicing of its debt obligations for more than six months
as reflected from the bank statements as well as confirmed by the
banker. The ratings derive strength from the experienced promoters,
the hotel's strategic location, long-term lease tie-up with reputed
lessee and the maintenance of DSRA for six months.

The rating, however, continue to remain constrained by small scale
of operations, renewability and rollover risk as loan duration
longer than total lease duration, vulnerability of the cash flows
to fluctuation in rentals & rise in interest rates and inherent
cyclical nature of hotel industry and intense competition.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely receipt of rentals and the ability to manage renewal upon
the expiry of lock -in period in the lease agreement
* Improvement in total debt/ profit before interest, lease rentals,
depreciation, and taxation (TD/PBILDT) below 5x

Negative factors

* Delay in execution or sales collections beyond 15 days, impacting
the liquidity profile
* Any increase in debt over and above the current debt level to
fund the upcoming hotel projects and to be serviced through
Saura hotel collection

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects that the company shall sustain its
adequate liquidity with timely rental collections in the near to
medium term for timely debt servicing.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale of operations: The scale of operations remains small,
with a total operating income (TOI) of INR28.63 crore and gross
cash accruals (GCA) of Rs.4.63 crore in FY24 compared to INR27.94
crore and INR4.68 crore, respectively, in FY23. Small scale of
operations not only limits the benefits of scale of operations but
also reduces the financial flexibility. Going forward, the
company's ability to expand the business toward commercial real
estate would remain key from credit perspective.

* Renewability and rollover risk: The lease agreement entered with
the tenant would fall for renewal in FY40 while the lock in period
expires in April 2029 whereas the loan tenure ends in FY40 thereby
emanating rollover risk. Therefore, continuation of lease after
expiry of minimum lease period is a key risk as the renewability
depends on various factors including alternate choices available to
tenants, prevailing rental rates and maintenance of the commercial
property.

* Vulnerability of the cash flows to fluctuation in rentals and
rise in interest rates: The company's cash flow stability depends
on two key external factors: fluctuation in rentals and interest
rates. With stable rental collection from single tenant, cash flows
remain stable. However, any decrease due to competition, tenant
relocation, or economic downturns would directly impact cash flow.
Similarly, the company's debt carries inherent interest rate risk.
Rising rates would increase future EMI payments, potentially
straining cash flow and affecting the debt service coverage ratio
(DSCR). To mitigate these risks, maintaining high occupancy rates
with favourable lease terms and long-term lock in periods is
crucial.

* Inherent cyclical nature of hotel industry and intense
competition: Hotel industry is inherent cyclical in nature with
demand linked to economic scenario. The performance of the hotel
also depends on the parameters like location of the property,
demand supply scenario; target customers etc.

* Upcoming projects: The company is planning to develop a 12,000
sqft banquet hall within the hotel premises. The application for
site map approval from the development authority is currently in
progress. Additionally, the company is working on a project to
construct a hotel with 90 rooms in Pune. The land for this project
has been acquired for around INR10 crore, and the site map is in
the finalisation process. However, final cost estimates are not yet
decided. The work is expected to commence in around 1 -2 years. Any
increase in debt beyond the current level to fund the upcoming
hotel construction, impacting Saura Hotel's cash flows, will be a
key rating sensitivity.

Key strengths

* Timely servicing of debt obligations: The company is timely
servicing its ongoing debt obligations as reflected from the bank
statements as well as confirmed by the banker, stating no delays
and defaults for the past six months as on March 18, 2025.

* Experience promoters: The company was promoted by Mr. Nand
Kishore Maghrani who had more than four decades of experience in
developing properties for commercial and residential use. Now, the
company is being managed by Mr. Sunil Manghrani and Ms. Deepa
Manghrani, both of whom have around 20 years of experience in the
leasing business with this company. Together, the promoters oversee
the overall operations of the company. The directors have an
adequate acumen about various business aspects and industry
dynamics, which is likely to benefit the company in the long run.

* Strategic location of hotel: Agra is one of India's major tourist
destinations, primarily due to the “Taj Mahal”, one of the
seven wonders of the world, which attracts a significant number of
tourists. NEDPL's “Saura hotel” is located approximately 1.5 km
from the Taj Mahal. The hotel is easily accessible from the Airport
(12 km), Railway station (6 km) and Bus stand (7km).

* Maintenance of DSRA for 6 months: The company has taken a (full
form) LRD loan of INR40 crore from Canara Bank, which will be
repaid in 58 quarterly instalments ending in March 2039. Further,
in line with the sanctioned terms and conditions of the lender, the
company is required to maintain
Debt Service Reserve Account (DSRA) equivalent to 6 months of debt
servicing.

* Long-term lease tie-ups with reputed lessee: The company has
signed a lease agreement for 100% of the total land area. The lease
tenure extends until FY39 with a lock-in period of five years and a
7% rent escalation every 36 months. The lessee is currently within
the lock-in period, providing comfort on revenue visibility.
However, tenant profile is concentrated towards single reputed
tenant, Mahindra Holidays & Resorts India Limited.

Liquidity: Adequate

The company is expecting lease rentals (net TDS) of ~8.28 crore for
FY26 against repayment obligation (Principal+ Interest) of INR6.17
crore. Additionally, the company maintains DSRA of 6 months and
apart from this, liquidity is also supported by unencumbered free
cash and cash equivalents ~INR6 crore as on Dec 31, 2024.

Incorporated in 1991, NEDPL is a Agra based company, engaged in
real estate activities. NEDPL is promoted by Mr. Sunil Manghrani
and Ms. Deepa Manghrani. NEDPL has entered into an agreement with
Mahindra Holidays and Resorts India Limited for 15 years (April
2024-April 2039). The “Saura” hotel (previously known as Ramada
Plaza) is situated at Agra, offers a leasable area of 0.85 lakh
square feet and commenced commercial operations from April 2015. It
is a 5 star hotel consisting of total 145 rooms, in-house dining
venues, swimming Pool, spa, club lounge, fitness center, a captive
retail shopping area with modern
conveniences offered for leisure & business travellers.


NCS ESTATES: CRISIL Reaffirms B+ Rating on INR19.57cr Term Loan
---------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facilities of NCS Estates Pvt Ltd (NCSEPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Drop Line
   Overdraft Facility    2.43       Crisil B+/Stable (Reaffirmed)

   Term Loan            19.57       Crisil B+/Stable (Reaffirmed)

The rating continues to reflect the company's subdued financial
risk profile with modest debt service coverage ratio (DSCR), and
exposure to risks related to timely renewal of lease contracts.
These weaknesses are partially offset by the extensive experience
of NCSEPL's management and their healthy relationships with
customers as well as reputed clientele. The rating also factors in
potential benefits arising from the prime location of the mall
property, moderate occupancy rate and revenue visibility from
long-term lease contracts.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Subdued financial risk profile: The financial risk profile is
constrained by modest networth of INR8.98 crore as on March 31,
2024. The networth is expected to increase over the medium term
backed by accretion to reserve. The capital structure is leveraged
with DSCR projected at 0.81 time for fiscal 2025. The DSCR is
expected to increase over 1 time from fiscal 2026 with increased
occupancy of the mall leading to steady cash flow sufficient to
meet the debt obligation as well as maintenance and other
administrative expenses of the company. Promoter backing in the
form of unsecured loan and modest liquidity of INR0.50-1.00 crore
and security deposits shall aid in debt servicing in fiscals 2025
and 2026. Maintenance of DSCR around 1 time and timely servicing of
term debt will remain monitorable.

* Exposure to risks related to timely renewal of lease contracts:
The company's lease agreements are long term (typically of 10-20
years) with a lock-in period of 36 months. The clients could
potentially move out on expiry of the contract, which can adversely
affect the lease rental income. However, this risk is mitigated by
the competitive rates offered by NCSEPL and the considerable
fit-out charges incurred by the clients.

Strengths:

* Extensive experience of the management: The two-decade-long
presence of the promoters in the real estate development industry
has ensured healthy occupancy of 61.74% for the mall as of February
2025. The promoters have maintained healthy relationships with most
tenants, which ensures steady cash flow generation in the form of
lease rentals. Moreover, average lease contract tenure of 10-20
years and lock-in period of three years offer sufficient revenue
visibility for the medium term. The management's proactive approach
towards asset maintenance to ensure tenant longevity and quality
will benefit the company through healthy occupancy and steady
increase in rentals.

* Reputed clientele: Tenants such as Reliance Trends, Inox PVR Ltd,
Burger King, Skechers and Metro shoes account for almost 71% of the
total leased-out area in the mall, thereby minimising the risk of
delay in rentals. Substantial investment by Trends and INOX reduces
the risk of non-renewal of the lease agreement. Thus, rental
agreements with reputed clients reduces the occupancy risk for the
multiplex-cum-shopping mall. Furthermore, a portion of the total
rent is through revenue-share income. The asset is strategically
located and the lease structure is well secured, with tenure of
10-20 years and inbuilt ~15% revenue escalation clause every three
years.

Liquidity: Stretched

Liquidity remains stretched with DSCR projected around 0.81 time
for fiscal 2025. The DSCR is expected to increase over 1 time from
fiscal 2026. In the absence of any external working capital limits,
bank limit utilisation remains nil. The current ratio was modest at
0.48 time on March 31, 2024. The company maintains moderate
unencumbered cash and bank balance of INR0.50-1.00 crore. Promoter
backing in the form of unsecured loan is available whenever needed,
which cushions liquidity.

Outlook: Stable

Crisil Ratings believes NCSEPL will maintain steady collection of
lease rentals over the medium term, backed by agreements with large
brands.

Rating sensitivity factors

Upward factors:

* Lease out of more than 80% of the mall space and steady flow of
rentals from tenants
* Significant improvement in DSCR to over 1.05 times, supported by
substantial cash flow

Downward factors:

* Drawdown of more-than-expected debt or issues in timely renewal
of contracts and/or refinancing of loans, leading to DSCR of less
than 1 time on a consistent basis
* High vacancy rate or low lease rentals, reducing cash flow and
weakening the debt protection metrics

NCSEPL was incorporated in 2007 and is promoted by the Sarawgi
family. It is engaged in commercial real estate and operates the
NCS Square Mall in Guwahati, Assam, which has been operational
since January 26, 2022. The mall (1 basement + ground + six
stories) has retail shops, a multiplex and food court. It currently
has occupancy of 61.74%


PUNJAB RICELAND: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Punjab Riceland
Private Limited's (PRPL) bank facilities as follows:

-- INR550 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR250 mil. Proposed fund-based working capital limits
     assigned with IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect PRPL's small scale of operations, modest EBITDA
margins and modest credit metrics. In FY25, Ind-Ra expects the
scale of operation to remain at FY24 levels. However, ratings are
supported by the promoters' experience of nearly five decades in
the rice mills business.

Detailed Description of Key Rating Drivers

Small Scale of Operations:  PRPL's  revenue declined to INR1,853.40
million in FY24 (FY23: INR2,399.36 million), as the company reduced
its exports owing to lower margins and high exposure to foreign
currency risk.  The EBITDA, however, rose to INR94.53 million in
FY24 (INR80.18 million), owing to increased focus on domestic
sales,  which offer higher profitability. During 11MFY25, PRPL
booked revenue of INR1,649.23 million. In FY25, Ind-Ra expects the
revenue to be stable on a yoy basis.

Modest EBITDA Margins:  PRPL's EBITDA margin increased to 5.10% in
FY24 (FY23: 3.34%) because of increased focus on domestic sales of
rice, which yield higher margins. The return on capital employed
was 8.9% in FY24 (FY23: 8.3%). The margin improved to 5.4% in
11MFY25 owing to sustained focus on domestic sales. Ind-Ra expects
the EBITDA margin to remain at similar levels in FY25.

Modest Credit Metrics:  PRPL's interest coverage (operating
EBITDA/gross interest expenses) declined to 3.29x in FY24 (FY23:
3.37x) on account of increased gross interest expenses due to
higher utilization of bank limits. The net leverage (total adjusted
net debt/operating EBITDAR) remained stable at 6.38x in FY24
(FYY23: 6.38x). In FY25, despite the likely stability in EBITDA,
Ind-Ra expects the interest coverage  to deteriorate slightly
because of an increase in gross interest expenses.  The net
leverage is likely to remain stable in FY25.

Experienced promoters: The ratings are supported by the promoters'
experience of nearly five decades in the rice mills business, which
has  helped the company establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: PRPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations remained negative and
deteriorated further to negative INR70.30 million in FY24 (FY23:
negative INR23.24 million) because of unfavorable changes of
INR135.85 million in the working capital in FY24 (FY23: INR62.53
million). Furthermore, the free cash flow deteriorated to negative
INR91.37 million in FY24 (FY23: negative INR32.83 million) due to
the capex of INR21.07 million undertaken by the company during the
year (INR9.59 million). The net working capital cycle remained
elongated and stretched further to 199 days in FY24 (FY23: 130
days), mainly due to an increase in inventory days to 165 days (100
days). PRPL does not have any debt repayment obligations in FY25
and FY26. The cash and cash equivalents stood at INR8.01 million at
FYE24 (FYE23: INR0.79 million). PRPL's average maximum utilization
of the fund-based limits was 61.20% during the 12 months ended
February 2025.

Rating Sensitivities

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

Positive: A substantial increase in the scale of operations while
maintaining the overall credit metrics, including the interest
coverage remaining above 2.5x, and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

Incorporated in 1993, PRPL operates a rice mill with a capacity of
25,200 metric tons annually. Based in Amritsar, Punjab, PRPL sells
rice domestically and also exports the same. PRPL is promoted by
Rajiv Aggarwal and family.

PURBANCHAL PAPER: CRISIL Reaffirms B+ Rating on INR16.24cr Loan
---------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facility of Purbanchal Paper Mill LLP (PPML).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              8.76      Crisil B+/Stable (Reaffirmed)
   Term Loan             16.24      Crisil B+/Stable (Reaffirmed)

The rating reflects the extensive experience of the partners in the
paper industry. This benefit is offset by leveraged capital
structure, exposure to intense competition and cyclicality in the
industrial paper industry.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Leveraged capital structure: The capital structure is leveraged
as indicated by gearing and total outside liabilities to tangible
networth (TOLTNW) ratio estimated at 6.56 times and 7.89 times,
respectively, as on March 31, 2025. This is because capital
expenditure (capex) was funded via term loan of INR4 crore and now
the debt is expected to increase on account of bank limit
utilisation to support the working capital. Moderation in these
ratios supported by absence of any further debt-funded capex plan
and repayment of loans will remain monitorable.

* Susceptibility of profitability to fluctuation in raw material
prices: Profitability is susceptible to fluctuation in raw material
prices. The price of wastepaper depends on global demand-supply
factors and is highly volatile. Hence, any adverse volatility in
the raw material prices can adversely affect profitability over the
medium term.

* Exposure to intense competition: The Indian industrial paper
industry is highly fragmented with several organised and
unorganised players. The level of fragmentation is even higher in
the industrial paper segment (which accounts for a major portion of
the total paper industry) wherein unorganised players hold majority
of the market share. Rapid growth in the number of small mills has
been on account of low entry barriers (the cost of setting up an
industrial paper plant is relatively low as most smaller capacities
are waste-paper-based and involve low investment in technology) and
government policies (several excise concessions and other benefits
to small paper mills are granted from time to time). Additionally,
the company's presence is restricted because of the nascent stage
of its operations.

Strength:

* Longstanding presence of the partners: Experience of around two
decades in diversified industries has helped the partners to
develop business relationships in the region. Their strong
understanding of market dynamics and established relationships with
suppliers and customers should help the firm scale up operations
over the medium term. The firm commenced its full-fledged
operations from April 2023 and recorded a turnover of ~Rs 58 crore
during the third quarter of fiscal 2025 with an expectation to
close the fiscal at ~ INR85 crore. Timely ramp up in the scale of
operations with increased capacity utilisation and the addition of
more customers will remain monitorable.

Liquidity: Stretched

PPML has availed term loan of INR25.74 crore, which creates yearly
debt obligation of INR6.6 crore which will start from fiscals 2025
to 2028. With the full-fledged commencement of the operations in
April 2023, timely ramp up in scale is expected to lead to net cash
accrual of INR3-6 crore annually over the medium term, however the
same will remain monitorable. Further, the firm has availed the
working capital limit whose utlisation remains at 98% to support
its operations and the partners are ready to infuse unsecured loan
in the business to support liquidity.

Outlook: Stable

PPML will continue to benefit from the partners' extensive
experience and funding support from them.

Rating sensitivity factors

Upward factors:

* Successful ramp up of operations, leading to sustenance of
operating margin at 7-8% and higher-than-expected net cash accrual
* Improvement in the financial risk profile with reduction in
TOLTNW

Downward factors:

* Major debt-funded capex, weakening the financial risk profile and
liquidity
* Lower-than-expected revenue, leading to net cash accrual below
INR1 crore

PPML is a limited liability partnership firm formed under The
Limited Liability Partnership Act, 2008. It was incorporated on
January 11, 2021. The firm is promoted by Assam-based M P Agarwalla
(Manab Agarwalla, Ajay Agarwalla and family) which undertakes works
contracts for the Public Works Department, National Highways and
Infrastructure Development Corporation Ltd (NHIDCL) and Water
Resource Department among others. PPML manufactures, processes,
imports, exports and deals in all kinds of paper, including kraft
paper.

PPML has set up a plant to manufacture kraft paper in Goalpara,
Assam, with an installed capacity of 100 tonne per day.  The plant
is operational as on date.

The partners of PPML include Ajay Agarwalla, Aditya Agarwalla,
Manab Agarwalla, Santosh Devi Patwari, Venus Agarwalla, Shyam
Patwari, Bikash Agarwalla and Raj Kumar Agarwalla.


RARE SS: Ind-Ra Withdraws B+ Bank Loan Rating
---------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rare SS
Properties India Private Limited's (RSSPIPL) bank facilities'
ratings in the non-cooperating category and has simultaneously
withdrawn the same as follows:

-- INR2.20 bil. Term loan* due on March 31, 2032 maintained in
     non-cooperating category and withdrawn.

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

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

RSSPIPL is a real estate holding company that owns and operates
about 7,50,000 square feet of retail space in Tamil Nadu. The
promoters of the company are Sabapathy Rajaratnam (owns 59.58%
stake) and Revathy Rajaratnam (39.7%). The Chennai property houses
two Saravana Stores  Jewels and the Madurai property houses both
Saravana Stores  Jewels and Saravana Stores Tex. Both Saravana
Stores  Jewels and Saravana Stores Tex are owned by the same
promoters.

RELIANCE CAPITAL: Lenders Withdraws Plea as IIHL Takeover Complete
------------------------------------------------------------------
The Economic Times, citing the Press Trust of India (PTI), reports
that Reliance Capital's lenders have withdrawn their petition
against IndusInd International Holdings Ltd (IIHL) before the
National Company Law Appellate Tribunal (NCLAT).

ET relates that the Committee of Creditors (CoC) informed NCLAT
that IIHL had fully executed the resolution plan by transferring
the required payment amounts as per the agreement.

The CoC sought NCLAT's permission to withdraw its appeal against
the National Company Law Tribunal (NCLT) order, citing the
successful implementation of the resolution plan by IIHL.

Granting the withdrawal request, NCLAT observed that neither the
administrator's counsel nor IIHL objected to the move, ET says.

"In the circumstances, the said application stands allowed.
Accordingly, the appeal is disposed of as withdrawn. Pending
applications, if any, are also disposed of," PTI quoted a
two-member bench of Justice Yogesh Khanna and Ajai Das Mehrotra as
saying in its March 24, 2025 order, ET relays.

ET notes that IIHL had won the bid to acquire the financially
troubled firm in April 2023 with an offer of INR9,650 crore under
the Corporate Insolvency Resolution Process (CIRP) of the
Insolvency and Bankruptcy Code (IBC).

Under the terms of the resolution plan and its approval order, IIHL
was originally required to complete the implementation by
May 27, 2024. However, this deadline was later extended to August
10, 2024.

"During the extended period, steps were taken by IIHL, with
cooperation from the Administrator of the Corporate Debtor (RCap)
and the CoC towards implementation of the resolution plan and a
process note capturing the implementation steps was submitted by
IIHL, as agreed upon by the parties and as approved by the CoC,"
submitted lender's counsel, which was also noted by NCLAT in its
order.

In 2024, debt-ridden Reliance Capital's lenders had moved NCLAT
seeking changes to an order by the Mumbai Bench of NCLT, which, on
July 23, 2024, had directed IIHL to deposit INR2,750 crore as an
equity component into the CoC escrow accounts, ET recalls.

They requested NCLAT to instruct IIHL to "allow interest on the
Upfront Cash Amount till August 8, 2024" and to "allow interest on
the debt component of Upfront Cash Amount from August 8, 2024 till
Transfer Date which is the date of payment of Upfront Cash Amount"
of INR9,650 crore.

NCLAT had issued a notice to IIHL regarding the matter on September
13, 2024.

                       About Reliance Capital

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

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

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

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

On March 19, 2025, IndusInd International Holdings Limited (IIHL)
officially took control of Reliance Capital after completing the
lengthy three-year resolution process and settling payments with
the firm's lenders.

IIHL has now assumed control of Reliance Capital's board and its
key subsidiaries, including Reliance Nippon Life Insurance,
Reliance General Insurance, Reliance Securities, and Reliance Asset
Reconstruction, according to the Economic Times.


SADBHAV INFRASTRUCTURE: CARE Cuts Rating on INR200cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sadbhav Infrastructure Projects Limited (SIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           200        CARE B-; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and LT rating
                                   downgraded from CARE B; Stable
                                   outlook assigned, and ST rating

                                   reaffirmed and removed from
                                   Rating Watch with Negative
                                   Implications

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 12, 2024,
November 22, 2024, and December 2, 2024 among others.

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

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

The ratings have been revised on account of non-availability of
information pertaining to conclusion of stake sale, realisation of
stake sale proceeds and utilisation of the same along with status
of project progress in its hybrid annuity model (HAM) projects,
which have previously been delayed for various reasons.
Notwithstanding the extension of time (EOT) granted by authority,
delay in completion of these projects beyond agreed upon timelines,
exposes company to performance risk thereby attracting levy of
damages etc. The rating also factors issuance of notice of
termination of concession agreement (CA) by two if its
subsidiariesRohtak Panipat Tollway Private Limited (RPTPL) and
Rohtak Hissar Tollways Private Limited (RHTPL) to National Highways
Authority of India (NHAI; rated CARE AAA; Stable) on account of
Force Majeure Event. Inordinate delays in projects execution are
expected to deteriorate financial performance of the company in the
medium term.  Furthermore, the liquidity of Sadbhav group continued
to remain stretched given inordinate delay in materialization of
various fund-raising plans and elongated gross current asset days.


Nevertheless, rating continues to derive strength from the
established track record of the Sadbhav group in construction
segment along with favourable prospects of road sectors amidst
surge in competitive industry.

Analytical approach: Combined

CARE has taken a combined view of SEL (standalone) and SIPL
(standalone) for analytical purpose. This is because majority of
the long-term debt raised in SIPL is backed by unconditional and
irrevocable corporate guarantee of SEL. Further, SEL and SIPL have
operational and financial linkages for funding investment in new
projects, bridging of shortfall in select SPVs as well as
upstreaming of cash flow of SPVs.

Outlook: Stable

Detailed description of key rating drivers

At the time of last rating on December 28, 2023, the following were
the rating strengths and weaknesses:

Key weaknesses

* Sustained delay in the execution of various HAM projects: As
against the expectation of gradual ramp-up in the pace of
execution, it continued to remain slow leading to delay in all its
ongoing HAM projects. The physical progress of works as on March
31, 2022, in respect of Sadbhav Vidarbha Highway Private Limited
(SVHPL), Sadbhav Kim Expressway Private Limited (SKEPL) and Sadbhav
Nainital Highway Private Limited (SNHPL) continued to remain
delayed. In addition, NHAI has also issued notice of intention to
terminate CA in one of the HAM projects SBHPL due to delay in
completion of work beyond EOT. Furthermore, two if its
subsidiaries- Rohtak Panipat Tollway Private Limited (RPTPL) and
Rohtak Hissar Tollways Private Limited (RHTPL)have issued notice of
termination of concession agreement (CA) to National Highways
Authority of India (NHAI; rated CARE AAA; Stable) on account of
Force Majeure Event. Inordinate
delay in project execution along with curing such delays beyond
permitted extension of time (EOT) heightens risk related to levy of
damages by authority as per contractual terms which is further
expected to deteriorate the credit profile as well as financial
performance of the group.

* Inordinate delay in receipt of various stake sale proceeds:
During past review, materialization of various fund- raising plans
including ARRIL, MBCNL and stake sale in various operational HAM
projects was envisaged to improve the liquidity position of the
group. The stake sale transaction in ARRIL was expected to be
concluded by Q4FY22. However, the same is still awaited despite
receipt of NOC from Authority during November 2020. As indicated by
the management, ARRIL has received cash inflow of around INR98
crore during Q1FY23 towards payment compensation of exempted cars
from the authority, majority of which have been used towards
working capital requirements. Sadbhav group had also entered into
stake sale agreement with Adani group for sale of its entire stake
in MBCNL and the part proceeds from the same were envisaged to be
received by October 2021. Management indicated receipt of part
tranche of INR290 crore during Q4FY22 while balance tranche of
INR260 crore was envisaged post receipt of approval from Government
of Maharashtra (GoM) and completion of balance residual work by
Q2FY23. Latest information on the deals is not available.

Key Strengths

* Established track record of the Sadbhav group in Indian
construction sector: Sadbhav Group has a track record of over two
decades in the Indian road construction sector. SEL has
successfully completed construction of more than 8,400 lane km of
road projects since its establishment.

* Thrust of government on infrastructure development: Continued
government thrust on the road construction sector augurs well for
SIPL's growth prospects in the medium term. Under the government's
National Infrastructure Pipeline (NIP), a substantial outlay on
road construction – ~18% of the overall INR111 trillion plan –
is expected to provide the necessary impetus to companies operating
in this segment. Railway station redevelopment projects aim to
redevelop 400 railway station across India at INR1 lakh crore
through the Public Private Partnership (PPP) mode. The power sector
is poised for growth, driven by continuous affordable power, higher
electric mobility envisaged to be supplied through rapid addition
in renewable capacity, and storage. This is likely to provide
adequate growth opportunities in inter-state transmission,
intra-state transmission, and cross border transmission. Increased
focus of GOI on overall Infrastructure development is expected to
benefit players such as SIPL, given its strong execution track
record.

Liquidity: Stretched

Gross current asset days elongated to 637 days during FY21 owing
large proportion of receivables for ongoing HAM projects. Stretched
current assets levels, sustained delay in scaling up of operations
owing to large proportion of slow-moving order book and cost
overrun in ongoing HAM projects are the prominent reasons for the
stretched liquidity. Liquidity position was earlier expected to
ease out gradually with improvement in the pace of execution and
receipt of large cash inflow of around INR1100 crore in H1FY22 to
shore up liquidity. Nevertheless, the liquidity of the group
continued to remain stretched indicating no
meaningful improvement in the gross current asset days.

Utilization of the fund based working capital limits for the
trailing twelve months ended April 2022 stood high. Liquidity is
expected to remain weak given execution delays and in ordinate
delay in materialization of various fund-raising plans.

Incorporated in 1988 and founded by late Shri Vishnubhai Patel, SEL
operates majorly across four distinct business areas in the
infrastructure sector viz. EPC of its own BOT road projects, cash
contract-based road and metro rail EPC projects, irrigation, and
mining. SEL had floated a wholly-owned subsidiary – SIPL as a
holding company of build-operate-transfer (BOT) projects in 2007.
On July 1, 2019, SIPL has announced that they have executed Share
Purchase Agreements with IndInfravit Trust (IndInfravit) for
selling their entire equity stake in their nine operational build
operate transfer (BOT) special purpose vehicles (SPV) (seven toll
and two annuity-based projects). SIPL has sold its entire stake in
eight operational BOT SPV's while the stake sale is awaited in one
operational SPV. Post the transaction, Sadbhav group has a
portfolio of 14 BOT projects (four operational toll road projects,
ten under construction HAM projects of which four HAM projects have
received PCOD on partial length).


SHAKTHI MURUGAN: Ind-Ra Affirms BB- Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Shakthi Murugan Textiles' (SMT) bank facilities:

-- INR92.22 mil. Term loan due on September 30, 2028 affirmed
     with IND BB-/Stable rating;

-- INR85 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable/IND A4+ rating;

-- INR145 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR85 mil. Fund-based working capital limit assigned with IND
     BB-/Stable/IND A4+ rating; and

-- INR65 mil. Proposed bank facility assigned with IND BB-/Stable

     rating.

Detailed Rationale of the Rating Action

The affirmation reflects SMT's continued small scale of operations,
modest credit metrics and modest EBITDA margin in FY24. Ind-Ra
expects the EBITDA margin to remain at similar level in FY25, while
the credit metrics are likely to improve slightly due to the
absence of any debt-led capex during the year. The ratings are
supported by the promoter's experience of more than two decades in
the spinning and weaving industry.

Detailed Description of Key Rating Drivers

Scale of Operations Remains Small; Revenue Declined in FY24 but
Likely to Rise in FY25: SMT's revenue declined to INR378.28 million
in FY24 (FY23: INR607.46 million) as the weaving division, which
accounted for 50% of the revenue, was completely shut shortly
before March 2023 and restarted its operations only in May 2024. In
10MFY25, SMT was able to generate revenue of INR590 million due to
increased demand for cotton in India.  Ind-Ra expects SMT's revenue
to improve on a yoy basis in FY25. SMT caters only to the domestic
market.

Modest EBITDA Margins; Fall in Profitability in FY24: SMT's EBITDA
margins fell to 8.46% in FY24 (FY23: 12.02%), due to an increase in
the direct and administrative expenses. The return on capital
employed was 3.4% in FY24 (FY23: 1%). However, the agency expects
the return on capital employed to improve to above 8% over the
medium term.  In FY25, Ind-Ra expects the EBITDA margin to remain
in line with FY24 levels owing to the absence of any major change
in the cost structure of the business and similar operations.

Continued Modest Credit Metrics: SMT's credit metrics deteriorated
in FY24 due to a decrease in the EBITDA to INR32.01 million (FY23:
INR73.03 million). The interest coverage (operating EBITDA/gross
interest expenses) was 4.55x in FY24 (FY23: 4.56x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 8.99x
(4.39x). In FY25, Ind-Ra expects SMT's credit metrics to improve
slightly due to the absence of any debt-led capex during the year.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly 22 years in the spinning and weaving industry,
which has helped the firm to establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: SMT has scheduled debt obligations of INR32.9 and
INR24.7 million for FY25 and FY26, respectively. SMT's average
maximum utilization of the fund-based limits was 67.70% for the 12
months ended January  2025. At end-FY24, the firm had unencumbered
cash of INR3.71 million (FY23: INR4.05 million). Despite an
increase in debtor days to 122 days (25), the working capital cycle
turned negative at 11 days in FY24 (FY23: 24 days), due to an
increase in creditors days to 240 days (47 days).  The firm's cash
flow from operations turned positive at INR68.39 million in FY24
(FY23: negative INR64.60 million) due to favorable changes in
working capital. The free cash flow turned positive at INR64.39
million in FY24 (FY23:negative INR257.77 million) owing to the
absence of any capex.

Rating Sensitivities

Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics, with the net
leverage falling below 4.2x, and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

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

About the Company

Incorporated in 2000 as a partnership firm, SMT is engaged in the
manufacturing of textiles, with three divisions, namely spinning,
weaving and power, in Coimbatore. The partners in the firm are R.
Murugesan, M. Naveen, Shanti Subramanian and Velumani Shanmugham.

SPECON TILES: CARE Lowers Rating on INR44.90cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Specon Tiles LLP (STL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term           44.90      CARE B+; Stable; ISSUER NOT
   Bank Facilities                COOPERATING; Downgraded from
                                  CARE BB-; Stable and moved to
                                  ISSUER NOT COOPERATING category

   Long Term/          22.50      CARE B+; Stable/CARE A4; ISSUER
   Short Term                     NOT COOPERATING; LT rating
   Bank Facilities                downgraded from CARE BB-;Stable
                                  and ST rating reaffirmed and
                                  moved to ISSUER NOT COOPERATING
                                  category

   Short Term           0.52      CARE A4; ISSUER NOT COOPERATING;
   Bank Facilities                Rating moved to ISSUER NOT
                                  COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from STL to monitor
the rating vide e-mail communications dated March 17, 2025, March
7, 2025, February 25, 2025, January 10, 2025, various telephonic
interactions on the above subject and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the rating.

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

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

The ratings have been revised on account of non-availability of
requisite information to conduct the review. The rating assigned to
the bank facilities of Specon Tiles LLP (STL) are constrained on
account of scaling up risk associated with recently concluded debt
funded capex, susceptibility of profitability to raw material and
fuel price volatility and presence in a competitive and fragmented
industry.

The ratings derive strength from its experienced promoters in
ceramic industry and location advantage with presence in ceramic
cluster of India.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects CARE Ratings' expectation that the
firm shall benefit from its experienced promoters in the ceramic
Industry.

Detailed description of key rating drivers:

Key weaknesses

* Scaling up risk associated with recently concluded debt funded
capex: STL has set up a greenfield Glazed Vitrified Tiles (GVT)
manufacturing plant with an installed capacity of 1,26,000 MTPA.
The project was completed and got operational in May 2024. In
H1FY25, STL reported a TOI of INR25.39 crores.

* Presence in a competitive and fragmented ceramic industry: The
ceramic industry comprises of many organized as well as unorganized
players manufacturing similar products i.e. Glazed
Vitrified Tiles and slabs for domestic and international markets
due to low entry barriers, limited product differentiation and
limited capital requirement. This results in intense competition
and limited pricing power for players operating in this industry.
Also, ceramic industry is highly dependent on the real estate
market which in turn closely follows the macro-economic cycle.
Thus, any negative impact on real estate industry will adversely
affect the prospects of ceramic tiles industry.

* Susceptibility of profit margin to volatility in raw material and
fuel prices: Raw material and fuel form major cost for tiles
manufacturing entities. Companies generally use gas and electricity
to operate machinery. The profitability of STL remains susceptible
to the volatility in prices of raw material and fuel especially gas
prices given its limited ability to pass on the rise to customers
amidst intense competition in the industry.

Key strengths

* Experienced promoters in ceramic industry: Specon Tiles LLP (STL)
is promoted by 15 partners with Mr. Dignesh Kaila and Mr. Kishor
Dulera as designated partners. Partners of the firm have 15 to 20
years of experience in the ceramic industry through other
entities.

* Location advantage due to presence in ceramic cluster in Morbi:
STL's plant is located at Wankaner, Rajkot, Gujarat close to Morbi,
world's 2nd largest ceramic manufacturing cluster. Morbi
accounts for 90% of the total ceramic production in India and
houses more than 600 units engaged in manufacturing of wall tiles,
vitrified tiles, floor tiles, sanitary wares, roofing tiles and
such other products. It provides advantage in terms of raw material
sourcing, easy availability of skilled manpower and lower freight
cost due to proximity to Kandla port.

Specon Tiles LLP (STL) was incorporated in September 2023. STL has
set up a greenfield Glazed Vitrified Tiles (GVT) manufacturing
plant with an installed capacity of 1,26,000 MTPA. The project
commenced commercial operations from May 2024.


SPICEJET LTD: Settles Dispute with Willis Lease Finance
-------------------------------------------------------
The Economic Times reports that SpiceJet has successfully settled
its dispute with Willis Lease Finance Corporation, a leading global
aircraft engine lessor. As part of the agreement, Willis Lease has
withdrawn its insolvency case against the low-cost carrier.

This settlement follows a series of agreements SpiceJet has secured
in recent months, supported by an INR3,000 crore infusion through a
Qualified Institutional Placement (QIP) in September 2024 and an
additional INR294.09 crore infusion by promoter Ajay Singh, ET
relates.

"This successful settlement with Willis Lease reflects the positive
impact of our financial restructuring strategy. The QIP and the
subsequent promoter funding have strengthened our ability to
resolve long-standing disputes, enhance financial stability, and
drive operational growth. We deeply appreciate the continued
support of our partners and stakeholders as we work towards
building a stronger and more resilient SpiceJet," ET quotes Ajay
Singh, Chairman and Managing Director, SpiceJet, as saying.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

SpiceJet has faced a series of insolvency petitions from various
parties in the National Company Law Tribunal (NCLT) and and the
appellate tribunal NCLAT over pending dues. These include Willis
Lease Finance Wilmington Trust SP Services (Dublin), and Engine
Lease Finance BV.

As reported in the Troubled Company Reporter-Asia Pacific in late
September 2024, the NCLT) on Sept. 23 issued notice to SpiceJet
over the plea filed by one of its operational creditors, Techjockey
Infotech Pvt Ltd, which claimed a default of nearly INR1.2 crore
owed by SpiceJet against software services availed by them.

The TCR-AP last week reported that SpiceJet Ltd is facing
insolvency proceedings from Indonesia's PT BBN Airlines over unpaid
lease rentals totalling US$5.94 million.

The National Company Law Tribunal (NCLT), Delhi bench, heard the
case on March 21 but has yet to issue a notice after SpiceJet
sought time to respond. The next hearing has been scheduled for
April 21, Livemint.com said.


VAMA INDUSTRIES: Ind-Ra Withdraws D Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vama Industries
Limited's (VIL) bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR75 mil. Fund-based working capital limits (long-term/short-
     term) maintained in non-cooperating category and withdrawn;
     and

-- INR170 mil. Non-fund-based working capital limits (short-term)

     maintained in non-cooperating category and withdrawn.

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with VIL while reviewing the
ratings. Ind-Ra had consistently followed up with VIL over emails
starting October 12, 2022, apart from phone calls. The issuer has
not submitted non-default statement for the last 12 months ended
February 2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of VIL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. VI has been
non-cooperative with the agency since October 12, 2022.

About the Company

VIL has been placed under the non-cooperation by issuer category by
CRISIL Ltd. due to inadequate information provided by the company.

VASUDEV ALUCAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Vasudev
Alucan Private Limited (VAPL) continue to be 'Crisil B+/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B+/Stable (ISSUER
                                     NOT COOPERATING')

   Term Loan               3.5       CRISIL B+/Stable (ISSUER
                                     NOT COOPERATING')

Crisil Ratings has been consistently following up with VAPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VAPL was incorporated in August 2017 by the promoters, Mr Rakesh
Kumar Gupta and Ms Meenakshi Gupta. The company manufactures
aluminium cans and jars at its facility in Meerut, Uttar Pradesh,
which can produce 90,000-1,00,000 units on a daily basis.


VIP CLOTHING: Ind-Ra Hikes Bank Loan Rating to BB+
--------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded VIP Clothing
Limited's (VIPCL) long-term debt to 'IND BB+' from 'IND BB' with a
Stable Outlook and affirmed the short-term debt at 'IND A4+', while
resolving the Rating Watch with Positive Implications as follows:

-- INR616.30 mil. Fund-based working capital limit Long-term
     rating upgraded; short-term rating affirmed; Off Rating Watch

     with Positive Implications with IND BB+/Stable/IND A4+
     rating;

-- INR67.40 mil. Working capital term loan Upgraded; Off Rating
     Watch with Positive Implications with IND BB+/Stable rating;

-- INR323.50 mil. Non-fund-based working capital limit Affirmed;
     Off Rating Watch with Positive Implications with IND A4+
     rating; and

-- INR42.80 mil. Proposed non-fund-based working capital limit
     affirmed; Off Rating Watch with Positive Implications with
     IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in VIPCL's scale of operations
in 9MFY25. The ratings factors in VIPCL's stretched liquidity and
modest credit metrics. The ratings are supported by the promoter's
nearly four decades of experience in the manufacturing of hosiery
garments and the company's brands recall.

Ind-Ra has resolved the Rating Watch with Positive Implications
after getting a clarity on the receipt of the proceeds of the
equity and warrant issue by the company and its utilization.

Detailed Description of Key Rating Drivers

Modest EBITDA Margins despite Improvement: In FY25, Ind-Ra expects
VIPCL's EBITDA margins to improve, led by better absorption of
fixed costs and an improvement in the scale of operations. For
9MFY25, VIPCL booked EBITDA margin of 6.38%. Its EBITDA margins
deteriorated to negative 3.19% in FY24 (FY23: 5.78%), due to a
decline in the scale of operations, leading to inefficient
absorption of fixed costs and an increase in personnel expenses on
account of hiring of sales staff. The return on capital employed
stood at negative 3.8% in FY24 (FY23: 3.6%). Raw material
procurement and conversion costs are the major cost of
manufacturing. Fabric and yarn, which are procured domestically,
are the major raw material of the company. In FY24, the cost of
manufacturing accounted for 72.22% of total revenue (FY23:
70.22%).

Modest Credit Metrics; likely to Improve: In FY25, Ind-Ra expects a
marginal improvement in the credit metrics supported by the
increase in its overall EBITDA and scheduled debt repayments. In
FY24, the credit metrics were modest due to operating loss
incurred.

Improvement in Scale of Operations, likely to Sustain: In FY25,
Ind-Ra expects a significant improvement in the scale of
operations, on account of the introduction of new products and
stable demand. For 9MFY25, VIPCL booked the revenue of INR1,719.792
million. In FY24, VIPCL's revenue declined to INR1814.18 million
(FY23: INR1,988.9 million) with the EBITDA of negative INR57.92
million (INR114.89 million) due to less sales in 4Q. The
significant reduction in its revenue was mainly due to the
imposition of payment rules by government under Micro, Small and
Medium Enterprises (MSME) Act. As a result, retailers reduced
placing orders to distributors (who were registered under MSME
Act), leading to VIPCL's sales to distributors reducing in 4Q. The
majority of VIPCL's revenue is being derived from 'VIP Vest', which
comprised 54% of total revenue in FY24 (FY23: 51%) and from 'Briefs
(Frenchie)' which accounted for 25% (24%); and rest from other
products. VIPCL sales the products through various channels which
includes departmental stores, general trade stores, own website,
distributor channel and retail stores and canteen stores
department; of which the majority of the revenue is generated
through the distributor channel and Retail stores. Its domestic
sales accounted for 94.08% of its revenue in FY24 (FY23: 90.94%),
with the rest coming from exports.

Established Market Position and Experienced Promoters: The ratings
are supported by the promoters' nearly four decades of experience
in the manufacturing of hosiery garments and has established its
own brand name, namely, 'VIP', 'Frenchie', 'Feelings', 'Leader' and
'Brat'. VIPCL have a distribution network with more than 350
distributors across India and it also sells its products through
e-commerce sellers, exclusive brand outlets, military stores,
modern trade and general trade stores.

Liquidity

Stretched: In FY24, VIPCL working capital cycle increased to 327
days (FY23: 309 days) on account of an increase in the inventory
days to 281 days (240 days), with debtors days of 117 days (124
days) and creditors period of 72 (55). The management states that
the working capital cycle will remain elongated due to maintaining
high inventory levels following multiple stock keeping units and
further the textile industry usually works on 90 days credit
period. At end-March 2024, around 35% of the total receivables were
outstanding for over 180 days, which is a key rating monitorable.
VIPCL's average maximum monthly utilization of its fund-based
limits was around 85.57% and non-fund-based limits was around
71.83% of the sanctioned limits over the 12 months ended January
2025. VIPCL had debt repayment obligations of INR34 million and
INR33.4 million in FY25 and FY26, respectively. Furthermore, the
company does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.


In FY24, the cash flow from operations declined to INR20.87 million
(FY23: INR40.67 million) due to negative operating EBITDA, with
free cash flow declining to INR19.17 million (INR38.33 million). At
FYE24, cash and cash equivalent stood at INR3 million (FYE23:
INR112.73 million). In August 2024, VIPCL raised INR972.41 million,
of which INR418.77 million was raised through the issue of
93,06,000 equity shares at a price of INR45 and the rest INR553.64
million through the issue of 1,23,03,000 warrants, which are
convertible into equity share at a price of INR45. Of the total
fund raised, the company received INR307.5 million till date.

Rating Sensitivities

Negative: A substantial decline in the operating profitability,
leading to deterioration of the credit profile along with the net
leverage exceeding 4.5x or higher-than-expected capex or stretching
of the working capital cycle, resulting in deterioration in
liquidity, will be negative for the ratings.

Positive: A substantial improvement in the operating profitability
leading to an improvement in the credit metrics along with an
improvement in the working capital cycle and the liquidity
position, will be positive for the ratings.

About the Company

VIPCL was incorporated in 1991 by Sunil Pathare and Kapil Pathare.
It is engaged in manufacturing and selling of under garments under
different brand names for men, women and kids. Its registered
office is in Mumbai and has two manufacturing facilities in Tamil
Nadu and West Bengal.

WELGA FOODS: CRISIL Raises Ratings on INR14.50cr Loan to B+
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Welga Foods Ltd (WFL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.50       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Term Loan     0.57       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital        1.19       CRISIL B+/Stable (Upgraded
   Demand Loan                       from 'CRISIL B/Stable')

   Working Capital        2.08       CRISIL B+/Stable (Upgraded
   Demand Loan                       from 'CRISIL B/Stable')

Crisil Ratings has upgraded its rating on the long-term bank
facilities of WFL to 'Crisil B+/Stable' from 'Crisil B/Stable'.

The rating upgrade considers a belief that the business risk
profile of the company will continue to improve over the medium
term driven by sustaining revenue growth and improvement in
operating margins. Operating margin improved to 10% till December
2024 (4.5% in fiscal 2024) and is expected at range 8-10% over the
medium term. This improvement is owing to better realisation of
agricultural products in fiscal 2025 and expansion of
non-agricultural products such as soya chaap from the earlier 5-10%
revenue contribution to 15-20% in the current fiscal. Revenue is
also likely to increase at a compound annual growth rate (CAGR) of
6-7% over the three fiscals through 2025. Revenue is estimated at
INR30-32 crore for fiscal 2025 (with INR26 crore reported till
December 2024), driven by dynamic pricing and healthy demand for
frozen products. The company is also increasing its capacity, with
a new cold storage being constructed in Gurugram (Haryana),
expected to commence operations over the medium term. Steady growth
in revenue and profitability along with timely stabilisation of the
capital expenditure will remain monitorable.

The rating also factors in the company's below-average financial
risk profile, led by weak capital structure with expected gearing
of 15-16 times as on March 31, 2025, and subdued debt protection
metrics with interest coverage and net cash accrual to total debt
(NCATD) ratios projected at 1.5-1.7 times and 0.05-0.06 time,
respectively, for fiscal 2025. Further, liquidity is stretched by
lower cushion in bank lines but sufficient net cash accruals to
meet the repayment obligations.

The rating reflects WFL's weak financial risk profile and volatile
operating margin due to seasonal nature of business. These
weaknesses are partially offset by extensive experience of the
promoters in the packaged foods industry and growing scale of
operations.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Volatile operating profitability and
exceptional losses incurred kept networth low at INR0.34 crore on
March 31, 2024, which may improve to INR1.5-2.5 crore over the
medium term with better operating profitability. Further, large
working capital debt should keep gearing at 15-16 times as on March
31, 2025. Debt protection metrics were subdued, with interest
coverage and NCATD ratios projected at 1.5-1.7 times and 0.05-0.06
time, respectively, for fiscal 2025. Moreover, the company plans to
raise additional debt of INR13-14 crore in fiscal 2026 to expand
its capacities. Since project development remains large, timely
completion of the same with no major cost & time overrun will be
closely monitored. Sustained improvement in the financial risk
profile, amid capacity expansion and debt proposed to be
undertaken, remains a key rating sensitivity factor.

* Volatile operating margin: The operating margin has been
fluctuating between 4% and 8% during the three fiscals through
March 2024 due to the seasonal nature of the commodity business
strained by liquidation of higher-cost inventory and lower
absorption of fixed overheads. With diversification of business
into frozen food such as soya chaap, which is non-seasonal in
nature, the margin may improve and stabilise at 8-10% over the
medium term. Sustainable increase in profitability, also
strengthening the financial risk profile, will be a key rating
sensitivity factor.

Strengths:

* Extensive experience of the promoters: The promoters have more
than three decades of experience in the packaged foods industry;
their strong understanding of market dynamics and healthy relations
with customers and suppliers should continue to support the
business. Further, the company is increasing its capacity, with a
new cold storage being constructed in Gurugram that is likely to
commence operations over the medium term. The expected introduction
of new frozen snacks and non-seasonal items will also drive revenue
growth. Operating income is likely to increase at a CAGR of 6-7%
for the three fiscals through 2025. Revenue is projected at
INR30-32 crore for fiscal 2025 (with INR26 crore reported till
December 2024).

* Growing scale of operations: Steady revenue growth should be
aided by increase in agricultural prices, rising demand for frozen
foods and introduction of new products such as soya chaap, mix
vegetable, corns etc. A strong network of distributors enables the
company to cater to northern regions such as Kanpur, Bareilly and
Noida in Uttar Pradesh, Delhi, Jaipur, Haryana etc. The company
also supplies to hotel chains and Zomato Hyperpure. Thus, revenue
is projected at INR30-32 crore for fiscal 2025, a 20% growth from
2024 levels.

Liquidity: Poor

Bank limit utilisation was around 82% during the 12 months through
December 2024. Cash accrual is expected at INR1.3-1.6 crore per
annum, against yearly debt obligation of INR0.6-0.7 crore over the
medium term; the surplus cash will aid liquidity. Current ratio
stood low at 0.89 time on March 31, 2024. Need-based funds (equity
and unsecured loan) extended by the promoters should support
operations.

Outlook: Stable

WFL will continue to benefit from the extensive experience of its
promoters and their established relationship with customers.

Rating sensitivity factors

Upward factors:

* Steady revenue growth and operating margin sustaining at 8-10%,
leading to net cash accrual of INR2-3 crore
* Steady accretion to reserve and healthy profitability, resulting
in strong networth and lower reliance on external debt, leading to
the TOLTNW ratio improving to less than 4 times
* Timely commencement of commercial production from enhanced
capacity, strengthening the business and financial risk profiles of
the company

Downward factors:

* Decline in revenue and/or operating profitability, resulting in
net cash accrual below INR1 crore
* Delay in commencement of commercial production, weakening the
business and financial risk profiles of the company

WFL manufactures and sells frozen peas and other vegetables under
its brand, Welga's. Its processing plant is in Badaun (Uttar
Pradesh).


WISDOM SOCIAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Wisdom Social
Welfare Trust (WSWT) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      10        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with WSWT for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

WSWT was estbalished in 2010 by Sachdeva family as an educational
trust. At present the trust runs Wisdom World School in
Kurukshetra, Haryana and is being promoted by Mr. Harish Sachdeva
and family.


YOUVAAKSHI REFINERIES: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Youvaakshi
Refineries India Private Limited (YRIPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Cash          60       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING)

Crisil Ratings has been consistently following up with YRIPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, YRIPL is planning to acquire an edible oil
refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh.
Currently it is into trading of edible oil.

KOCIPL, incorporated in 2017, is engaged in trading of crude edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

SGK, incorporated in 2017, is engaged in trading of refined edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.


YOUVAKKSHI MARKETING: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Youvakkshi
Marketing India Private Limited (YMIPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       15      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with YMIPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, YMIPL is into production of mineral water in
the name of 'Youvakshi' and trading of food products like rice,
spices, red chillies, spices, onion, ginger etc. It is promoted by
Mr. Gummadi Venkateswerllu.


YOUVAKSHI FOOD: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Youvakshi Food
Products India Private Limited (YFPPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash         30        CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING)

Crisil Ratings has been consistently following up with YFPPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in January 2019, YFPPL is expected to be engaged in
trading of food products. It is promoted by Mr. Gummadi
Venkateswerllu.


YOUVAKSHI INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Youvakshi
Infra Projects Private Limited (YIPPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with YIPPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2017, YIPPL is into trading of infra related
products like steel, cement, aluminum etc. It is promoted by Mr.
Gummadi Venkateswerllu. Operations are expected to commence in
FY20.


YOUVAKSHI SHOPPING: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Shopping Malls India Private Limited (YSMPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash           30        CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with YSMPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2017, YSMPL is planning to acquire a shopping
complex based out of Hyderabad, Telangana. Currently it is into
trading of ladies garments. Post the acquisition it is expected to
venture in retailing of gold ornaments along with ladies premium
sarees.

DSCPL, incorporated in 2018, is expected to engage in retailing of
ladies and kids wear. Operations have not commenced yet.


YOUVAKSHI-A-MINES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of
Youvakshi-A-Mines India Private Limited (YAMPL) continues to be
'Crisil B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      90       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with YAMPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, YAMPL is into trading of granites. It is also
setting up a unit for cutting and processing of granite. It is
promoted by Mr. Gummadi Venkateswerllu.




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

TOSHIBA CORP: S&P Withdraws 'B+' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings has withdrawn its issuer credit rating on the
domestic commercial paper program of Japan-based Toshiba Corp.
(B+/Stable/B) at the company's request.

At the time of the withdrawal, the issue credit rating was 'B'.




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

BA FIRE: Court to Hear Wind-Up Petition on April 8
--------------------------------------------------
A petition to wind up the operations of BA Fire Limited will be
heard before the High Court at Wellington on April 8, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 11, 2025.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services
          Asteron Centre
          55 Featherston Street (PO Box 895)
          Wellington 6011


JSVM GILL: Court to Hear Wind-Up Petition on April 8
----------------------------------------------------
A petition to wind up the operations of JSVM Gill Limited will be
heard before the High Court at Wellington on April 8, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 11, 2025.

The Petitioner's solicitor is:

          Claudia Elizabeth Mazuecos
          Legal Services
          Asteron Centre
          55 Featherston Street (PO Box 895)
          Wellington 6011


LITTLE BLUE: Creditors' Proofs of Debt Due on May 7
---------------------------------------------------
Creditors of Little Blue Bach Limited are required to file their
proofs of debt by May 7, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 26, 2025.

The company's liquidator is:

          Lynda Smart
          Rodgers Reidy
          PO Box 39090
          Harewood
          Christchurch 8545


NIGEL M & JACQUELYN: Creditors' Proofs of Debt Due on April 17
--------------------------------------------------------------
Creditors of Nigel M & Jacquelyn N Benton Limited are required to
file their proofs of debt by April 17, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 21, 2025.

The company's liquidator is Gregory Victor Millar.


YOUR DECOR: Court to Hear Wind-Up Petition on April 8
-----------------------------------------------------
A petition to wind up the operations of Your Decor Limited will be
heard before the High Court at Wellington on April 8, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 7, 2025.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services
          Asteron Centre
          55 Featherston Street (PO Box 895)
          Wellington 6011




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

328 FOOD: Commences Wind-Up Proceedings
---------------------------------------
Members of 328 Food House Pte. Ltd. on March 18, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Ng Hoe Kiat Keith
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


EXCHANGE ASIA: Commences Wind-Up Proceedings
--------------------------------------------
Members of The Exchange Asia Square Pte. Ltd. on March 20, 2025,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Mr. Yiong Kok Kong
          180 Cecil Street, #12-04
          Singapore 069546


KTO OIL: Creditors' Meetings Set for April 15
---------------------------------------------
KTO Oil & Gas Pte. Ltd. will hold a meeting for its creditors on
April 15, 2025, at 2:30 p.m., via Zoom.

Agenda of the meeting includes:

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

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

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

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

Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the Company on March 18, 2025.


STARLITE IMPEX: Court to Hear Wind-Up Petition on April 11
----------------------------------------------------------
A petition to wind up the operations of Starlite Impex Private
Limited will be heard before the High Court of Singapore on
April 11, 2025, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on March 18, 2025.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          18 Cross Street, #14-01
          Singapore 048423


VISUAL INVENTIVES: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------------
A petition to wind up the operations of Visual Inventives Pte. Ltd.
will be heard before the High Court of Singapore on April 11, 2025,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on March 18, 2025.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          18 Cross Street, #14-01
          Singapore 048423




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

BALAAN CO: Files for Corporate Rehabilitation
---------------------------------------------
Korea JoongAng Daily reports that the embattled luxury retail
platform Balaan has filed for corporate rehabilitation after
accumulating up to KRW13 billion (US$8.9 million) in debt to its
sellers and will "swiftly" seek a buyer.

According to the report, Balaan suspended all new purchases on
Friday afternoon [March 28], having reportedly failed to pay out
its sellers for the past week. The rehabilitation procedure, which
is analogous to debt restructuring and the United States' Chapter
11, will allow the company to "safely pay the partners' bonds and
reevaluate the sustainability of the Balaan platform," Balaan CEO
Choi Hyung-rok said March 30.

Customers are unable to purchase any products listed on the
platform as of press time, with all payment options, including
credit card and Balaan Pay, the platform's proprietary payment
service, nonoperational, JoongAng Daily says. Balaan's payment page
reads that "all payment options are unavailable" and that it was
"working to resume services as soon as possible," without providing
further explanation or a recovery timeline.

"We raised a portion of the investment that we had planned, but it
took longer than expected to get an additional amount, which led to
a short-term liquidity crunch," JoongAng Daily quotes Choi as
saying.

"There has been no damage done to the consumers and the amount of
unpaid digital bonds are smaller than Balaan's [average] monthly
transaction volume. Starting this month, we have been cutting down
on various expenses, such as coupons, to turn a profit."

Balaan will accelerate the sales of its shares as it pursues an
offer, according to Choi. He will seek a mergers and acquisitions
adviser within this week and later search for a buyer.

"We aim to attract external investors and significantly improve our
cash flow to rapidly enhance the stability and growth potential of
our business before the approval of the rehabilitation plan," Choi
said. "We hope to pay our partners' bonds with the new investor."

JoongAng Daily says the filing was submitted to the Seoul
Bankruptcy Court in southern Seoul.

Based in Seoul, South Korea, Balaan Co., Ltd. offers a range of
products including clothing, footwear, and accessories for women,
men, and children, as well as pre-loved items and golf apparel.
Balaan primarily serves the fashion market, catering to consumers
seeking designer goods.  


HOMEPLUS CO: Shinyoung Securities to File Criminal Complaints
-------------------------------------------------------------
The Korea Times reports that the fallout from Homeplus' entry into
corporate rehabilitation is escalating into legal disputes, with
Shinyoung Securities and other brokerage firms set to file criminal
complaints against the retailer and its management, industry
officials said on March 31.

According to the Korea Times, Shinyoung Securities, which issued
Homeplus' asset-backed short-term bonds (ABSTBs) through a special
purpose company, along with Eugene Investment & Securities, Hana
Securities and Hyundai Motor Securities, which sold these bonds,
are considering filing fraud charges against the country's No. 2
supermarket chain and its management as early as this week.

They have since appointed attorneys from law firm Yulchon, among
others.

However, the brokerages decided not to include MBK Partners, the
private equity firm and largest shareholder of Homeplus, as a
target of the complaint at this stage.

On March 4, the retailer suddenly filed for corporate
rehabilitation with the Seoul Bankruptcy Court, stating, "The
decision was inevitable to proactively ease potential short-term
financial burdens arising from a credit rating downgrade."

Its corporate bond rating was downgraded from A3 to A3- on Feb.
28.

The Korea Times relates that the brokerages believe that the
supermarket chain was aware of its credit rating downgrade in
advance but still allowed the issuance of ABSTBs. The brokerages,
unaware of this, moved forward with the issuance and distribution,
and as a result, retail investors are at risk of suffering losses
following Homeplus' entry into corporate rehabilitation.

On March 18, during an inquiry session at the National Assembly,
Shinyoung Securities President Geum Jeong-ho criticized Homeplus
for applying for rehabilitation just one business day after its
credit rating downgrade, without implementing any self-rescue
measures, calling it "an unprecedented case," the Korea Times
relays.

In response to a question about whether this could be seen as a
"responsibility-evading surprise rehabilitation filing," Geum said,
"It's not for me to judge, but those in the capital markets may
view it that way."

The Korea Times, meanwhile, reports that a domestically listed
company already filed fraud charges against Michael ByungJu Kim,
chairman of MBK Partners, and Kim Kwang-il, a partner at MBK
Partners and co-CEO of Homeplus, as well as Homeplus co-CEO Joh
Ju-yeon, accusing them of knowing in advance about the credit
rating downgrade but concealing it while issuing short-term bonds.

According to the complaint, the company purchased a total of
KRW13.8 billion ($9.4 million) worth of Homeplus' electronic
short-term bonds and ABSTBs between Jan. 10 and Feb. 28.

The company stated in the complaint that Homeplus management was
fully aware of the deterioration in the firm's financial condition
and the risk that payments for commercial paper, electronic
short-term bonds and ABSTBs could be suspended or defaulted, the
Korea Times relates.

"Homeplus did not inform securities firms, prospective purchasing
companies or individuals about these risks, despite having plans to
apply for rehabilitation in the near future," the complaint read.

                         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, 2025,
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, citing the company's lack of
efforts to improve its financial health.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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