---

       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

          Monday, April 7, 2025, Vol. 28, No. 69

                           Headlines



A U S T R A L I A

AVO INTEGRITY: First Creditors' Meeting Set for April 11
EPSILON HEALTHCARE: Completes DOCA for Epsilon Pharma
GREYSCAN AUSTRALIA: First Creditors' Meeting Set for April 11
HIPURA PTY: Impact Minerals Proposes to Acquire Company
JAMES HOSPITALITY: First Creditors' Meeting Set for April 9

RMA CONSTRUCTIONS: First Creditors' Meeting Set for April 9
STAR ENTERTAINMENT: Asks Bally's to Fatten Up a Bail-out
TILING TAS: First Creditors' Meeting Set for April 10


C H I N A

ZW DATA: Registers 400,000 Shares Under 2024 Equity Incentive Plan


I N D I A

ASHOK HANDLOOMS: ICRA Keeps B Debt Rating in Not Cooperating
CHEMTRADE OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ECHANDA URJA: CARE Reaffirms D Rating on INR311.47cr LT Loan
HOTLINE CAPITAL: CARE Lowers Rating on INR100cr LT/ST Loan to C/A4
J.V. GOKAL: CARE Moves D Debt Rating to Not Cooperating Category

KALINGA MEDIA: CARE Lowers Rating on INR5cr LT Loan to B+
MAHESHWAR HYDEL: CARE Keeps D Debt Rating in Not Cooperating
MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
MK ROAD: CARE Assigns B+ Rating to INR50cr Long Term Loan
NAVA NIRMAN: CARE Moves D Debt Ratings to Not Cooperating Category

NAVA PADMINI: CARE Moves B+ Debt Rating to Not Cooperating
NUPOWER RENEWABLES: CARE Reaffirms D Rating on INR138.22cr Loan
NUPOWER WIND: CARE Reaffirms D Rating on INR56.51cr LT Loan
OMEGA SEIKI: CARE Raises Rating on INR20cr LT Loan to B+
PRASAD MULTI: ICRA Keeps D Debt Ratings in Not Cooperating

PRINT SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
QURESHI INTERNATIONAL: ICRA Keeps B+ Rating in Not Cooperating
REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating
S S SUPER: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SEYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

SGROYAL CAPITAL: CARE Reaffirms B+ Rating on INR15cr LT Loan
SHIVANGAN FOOD: ICRA Keeps B Debt Ratings in Not Cooperating
SHREESOMNIDHI INFRA: CARE Moves B Rating to Not Cooperating
TRICHY THANJAVUR: ICRA Keeps D Debt Rating in Not Cooperating
VARDHMAN ROLLER: ICRA Keeps D Debt Ratings in Not Cooperating

VIKAS COT: ICRA Keeps D Debt Ratings in Not Cooperating Category
ZOMATO LTD: NCLT Dismisses Insolvency Plea vs. Food Delivery Firm


N E W   Z E A L A N D

DC BUSINESS: Court to Hear Wind-Up Petition on April 11
HACHI HACHI: Sushi Brand Placed in Voluntary Liquidation
HIKURANGI ENTERPRISES: Creditors' Proofs of Debt Due on May 16
MOTIVE TRADING LIMITED: Court to Hear Wind-Up Petition on May 9
SANDRINGHAM FRUITS: Commences Wind-Up Proceedings

SWISSFLOORS NZ: Creditors' Proofs of Debt Due on May 1
WELLINGTON RUGBY: 'Technically Insolvent', Chair Rhys Barlow Says


S I N G A P O R E

ALPHA DX: Court to Hear Wind-Up Petition on April 8
MKC HOLDINGS: Creditors' Proofs of Debt Due on April 28
NOA HOME: Creditors' Proofs of Debt Due on April 28
SHIROI NAKA: Creditors' Proofs of Debt Due on April 29
SRE VENTURE: Creditors' Proofs of Debt Due on April 29



X X X X X X X X

[] Trump's Tariffs Hit Garment Makers in Bangladesh and Sri Lanka

                           - - - - -


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

AVO INTEGRITY: First Creditors' Meeting Set for April 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of AVO
Integrity Group Pty Ltd will be held on April 11, 2025 at 10:00
a.m. via electronic means.

Stephen John Michell of PCI Partners Pty Ltd was appointed as
administrator of the company on April 1, 2025.


EPSILON HEALTHCARE: Completes DOCA for Epsilon Pharma
-----------------------------------------------------
TipRanks reports that Epsilon Healthcare Limited has successfully
effectuated the Deed of Company Arrangement (DOCA) for its
subsidiary, Epsilon Pharma Pty Ltd, as of April 2, 2025.  This
development marks the extinguishment of participating creditors'
claims and signifies that the company is no longer under the DOCA,
following a similar effectuation for Epsilon Clinics Pty Ltd in
February 2025, TipRanks relates.  This strategic move is expected
to positively impact Epsilon Healthcare's operational stability and
market positioning.

Based in Sydney, Australia, Epsilon Healthcare Limited (ASX: APN)
-- https://epsilonhealthcare.com.au/ -- operates as a healthcare
and pharmaceuticals company primarily in Australia and Canada. It
engages in the manufacture and distribution of hydroponics
equipment, materials, and nutrients; and development and delivery
of medicinal cannabis, as well as provides turnkey cannabis
cultivation solutions. The company was formerly known as THC Global
Group Limited and changed its name to Epsilon Healthcare Limited in
February 2021.

Ian Purchas and Hugh Armenis of SV Partners were appointed as
administrators of the company on Dec. 17, 2023.


GREYSCAN AUSTRALIA: First Creditors' Meeting Set for April 11
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Greyscan Australia Pty Ltd;
          - Greyscan Holdco Pty Ltd;
          - Greyscan IP Pty Ltd;
          - Greyscan OS Pty Ltd; and
          - Greyscan Pty Ltd

will be held on April 11, 2025 at 10:30 a.m. via Microsoft Teams.

Lee Crosthwaite of Worrells was appointed as administrator of the
company on April 1, 2025.


HIPURA PTY: Impact Minerals Proposes to Acquire Company
-------------------------------------------------------
TipRanks reports that Impact Minerals Limited has proposed to
acquire Hipura Pty Ltd through a Deed of Company Arrangement,
following Hipura's voluntary administration. This acquisition, if
successful, would provide Impact with analytical equipment and
facility access to support its Lake Hope HPA Project, potentially
accelerating its research efforts.

Impact Minerals Limited operates in the mining industry, focusing
on high purity alumina (HPA) projects. The company is engaged in
research and development activities, particularly in collaboration
with engineering and research institutions.

Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions on
Jan. 2, 2025, were appointed as Administrators of Hipura Pty Ltd.


JAMES HOSPITALITY: First Creditors' Meeting Set for April 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of James
Hospitality Investments Pty Ltd (trading as The Wolf Windsor) and
AMPS Enterprises Pty Ltd (trading as Norman South Yarra) will be
held on April 9, 2025 at 11:00 a.m. via teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on March 28, 2025.


RMA CONSTRUCTIONS: First Creditors' Meeting Set for April 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of RMA
Constructions Pty Ltd will be held on April 9, 2025 at 3:00 p.m.
via virtual meeting technology.

Henry Kwok and Antony Resnick of DVT Group were appointed as
administrators of the company on March 28, 2025.


STAR ENTERTAINMENT: Asks Bally's to Fatten Up a Bail-out
--------------------------------------------------------
The Australian Financial Review reports that Star Entertainment and
its advisers have asked potential financier Bally's Corporation and
its backers to increase their AUD250 million funding proposal for
the company, in a bid to raise quick cash and stave off
administrators.

The Financial Review relates that three sources with knowledge of
the talks, not authorised to speak publicly, said Star and its
bankers and the Bally's consortium and its advisers had been
trading term sheets since late last month, seeking to negotiate a
deal that would ensure Star continued to be run as a going
concern.

While numbers are yet to be agreed, the term sheets include
proposed capital injection worth considerably more than Bally's
earlier AUD250 million offer, and leave room for investors
including Star's biggest shareholder publican Bruce Mathieson and
his BMG Group, the Financial Review notes.

The Financial Review says the talks are understood to centre around
the sale of convertible notes, which would convert into Star equity
should Bally's and its other backers gain probity approval.

The deal could also leave room for an equity placement, with Star
able to place shares worth up to a 15 per cent stake in the company
without prior shareholder approval.

Any proposal would be expected to lead to a change of control and
would also require lender and shareholder approval. Lender sources
said they had yet to agree to anything or see any firm terms.

There is considerable scepticism that Star will be able to secure
an agreement with Bally's, the Financial Review states.

Star shares last traded at 11 cents, valuing the company's equity
at AUD316 million. The company's shares have been in a trading halt
since February, when they were unable to sign the company's
half-year accounts on solvency concerns. Those concerns are yet to
be abated and Star's regulators and government are watching
closely.

According to the Financial Review, the talks with Bally and its
syndicate come after Star's earlier plans to raise nearly AUD1
billion in debt to repay existing lenders collapsed last week.

Star was in late-stage talks to borrow AUD740 million from
Melbourne-based property investor Salter Brothers for five years,
and another AUD250 million from US-based King Street Capital
Management. The latter was a short-term bridge loan.

Neither funder could get the desired security for their loans.
Salter Brothers confirmed it had withdrawn its proposal on April 2,
the Financial Review says.

The Financial Review notes that Star continues to hold talks to
sell its 50 per cent stake in the Queens Wharf project in Brisbane
to its Hong Kong joint venture partners for AUD50 million cash and
interests in hotels on the Gold Coast. It has already banked the
cash.

The Financial Review relates that sources said discussions had
slowed last week. Star earlier said it was seeking to have
long-form agreements in place for the deal by April 30. However,
others involved said they were working to an April 3 deadline. It
had yet to be signed.

The various talks come as Star's board has chief executive Steve
McCann and its bankers at UBS desperately seeking to raise fresh
funds. The board has still been unable to sign the December 31
accounts and has consulting firm FTI lined up as a potential
administrator, the Financial Review adds.

                     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.


TILING TAS: First Creditors' Meeting Set for April 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tiling Tas
Pty Ltd will be held on April 10, 2025 at 10:00 a.m. via
videoconference only.

Shelley-Maree Brooks of Rodgers Reidy (TAS) Pty Ltd was appointed
as administrator of the company on April 1, 2025.




=========
C H I N A
=========

ZW DATA: Registers 400,000 Shares Under 2024 Equity Incentive Plan
------------------------------------------------------------------
ZW Data Action Technologies Inc. filed a Registration Statement on
Form S-8 with the U.S. Securities and Exchange Commission to
register 400,000 shares reserved and available for issuance
pursuant to the ZW Data Action Technologies Inc. 2024 Omnibus
Equity Incentive Plan adopted by the Board of Directors of the
Company and approved by the Company's shareholders at the 2024
annual shareholder meeting.

A full-text copy of the Registration Statement is available at:


                  https://tinyurl.com/mr2zcm8v

                 About ZW Data Action Technologies

Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.

As of June 30, 2024, ZW Data Action Technologies had $10.8 million
in total assets, $5.6 million in total liabilities, and $5.3
million in total stockholders' equity.




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

ASHOK HANDLOOMS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Ashok Handlooms Factory Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.60       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Ashok Handlooms Factory Private Limited was established in 1946 as
a proprietorship firm and was converted into a private limited
company in 1989. It manufactures home furnishing items, such as bed
sheets, pillow cases, cushion cover sets, curtains, and drapes,
which are marketed under the brand, Sonalika. The company's
manufacturing facility is situated in Meerut (Uttar Pradesh) with
an installed production capacity of 5,000 metres/day.


CHEMTRADE OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating of Chemtrade Overseas Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Chemtrade Overseas Private Limited was incorporated in 1992 and
began its operations in the same year. The company trades in
various chemicals, which find application mainly in the
petrochemicals, pharmaceuticals, paints, textiles, laminates,
pesticides, textile, cosmetics etc. The company's registered office
is in Mumbai.


ECHANDA URJA: CARE Reaffirms D Rating on INR311.47cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of M/s Echanda Urja Private Limited (EUPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank      311.47       CARE D Reaffirmed
   Facilities         

Rationale and key rating drivers

The reaffirmation in the long-term rating of EUPL factors in the
continued delays in repayments of its term loan, as confirmed by
the lenders.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations (i.e., principal and
interest) for minimum 3 continuous months

* Improvement in operational performance of all operational
capacities on a sustained basis

* Positive outcome in favour of the parent company with respect to
the pending investigations

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Ongoing delays in servicing its debt repayments: The company
continues to report delays in repayments of its term loan i.e. on
interest and principal repayments for the month of December 2024,
January 2025 and February 2025. These delays have been caused by
lower-thanexpected power generation during the winter months. The
company plans to settle the outstanding dues in the upcoming
quarters

Liquidity: Poor

The company's cash accruals are expected to be inadequate for
servicing its term loan repayments for FY25.

Assumptions/Covenants: Not Applicable

Incorporated on November 12, 2014, Echanda Urja Private Limited
(EUPL) is promoted by NuPower Renewable Private Limited which holds
70.01% equity shares as on Mar 31, 2023 in the company and balance
equity shares are held by group captive consumers as required under
Group Captive Scheme (GCS). Further, NRPL also holds 100% of the
0.1% Compulsorily Convertible Cumulative Participating Preference
Shares (CCCPS) in the company. The company has operational wind
power generation capacity of 100.50 MW located in Tirunelveli,
Tamil Nadu.


HOTLINE CAPITAL: CARE Lowers Rating on INR100cr LT/ST Loan to C/A4
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hotline Capital Services Private Limited (HCSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           100.00     CARE C; Stable/CARE A4
   Short Term                      LT rating downgraded from
   Bank Facilities                 CARE BB-; Stable and ST rating
                                   Reaffirmed

Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of HCSPL
is on account of irregularities in the payments against debt raised
by the company, which is not rated by CARE Ratings. The
irregularities were on account of ongoing pricing negotiations with
the lender, post which the concerned account was settled by the
company in March 2025 by paying the overdue interest.

The ratings also take into account the small scale of operations
and highly concentrated business profile, inherent uncertainties
and volatility associated with trading operations coupled with high
dependence on capital market, exposure to regulatory and operating
risks.

The ratings have also factored in its long track record of more
than two decades in capital market segment along with experienced
promoters and management team and the company's adequate
capitalisation profile.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations
* Diversification in the revenue stream with reducing share of
proprietary trading

Negative factors

* Increase in net gearing levels beyond 2.5x on sustained basis
* Any adverse impact on liquidity
* Any change(s) in the regulatory environment, which may impact
business operations of the company

Analytical approach: Standalone

CARE has analysed the standalone business and financial risk
profiles of Hotline Capital Services Pvt Ltd.

Outlook: Stable

The 'stable' outlook reflects CARE Ratings' expectation that the
company will maintain adequate capitalization.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale and highly concentrated business profile: The
Company's major chunk of its revenue and profit is coming from its
core business of proprietary trading which accounts for ~57% of its
total income during FY24 (~64% during FY23) whereas revenue from
retail segment is also concentrated amongst four clients. Out of
the total turnover proprietary trading accounted for ~73% during
FY24 (~69% during FY23). The company as of now has only four HNI
clients and are looking to onboard more. Going forward, company's
diversification in business profile and scale of operations would
be key monitorable.

* Uncertainty and volatility associated with trading operations
coupled with high dependence of capital markets: Volatility in
capital markets is influenced by a set of economic, political, and
social factors at global level and is also driven by investors
sentiments. The company's major revenue and profitability is coming
from its core business of proprietary trading and ability to manage
market risk as well as portfolio risk will be a key monitorable.
Further, the company's business model is dependent on availability
and execution of arbitrage opportunities in the capital markets.

* Exposure to regulatory and operational risks: Capital and
commodities market regulator, Securities and Exchange Board of
India (SEBI) board has been constantly stepping up the vigil in the
brokerage industry through series of regulatory changes aimed at
protecting investor's interest. Given the rising volumes and
greater participation by retail investors, the market regulator has
been closely monitoring the sector and has been coming out with
various new regulations at regular intervals. Ability of the
brokers to adapt their technology, systems and risk management
processes in response to the constantly evolving regulatory
landscape without any adverse impact on its overall business
profile remains a monitorable.

Key strengths

* Long track record of the company along with experienced
management: Hotline Capital Services Private Limited started its
operations in the year 2000. The company is led by Mr. Sunil Aneja
is MBA from IMS Indore and has more than 23 years' experience of
Capital market and more than 15 years' experience in derivative
products since the day these were launched in India. He has rich
experience of commodity market trading. The company is also led by
Mr Rajiv Aneja and Mrs Binoo Aneja who have experience of more than
two decades in the capital market industry.

* Adequate capitalization: The company has an adequate tangible net
worth of INR30.17 crores as on March 31, 2024 increased from
INR29.12 crores as on March 31, 2023, on account of internal
accruals. This has further increased to INR30.76 crores as on
September 30, 2024. The total non-fund-based debt is at INR60
crores as on March 31, 2024 and has increased to INR100 crores as
on September 30, 2024. As on March 31, 2024, the gearing (as on adj
total debt including non-fund based debt) stood at 2.13 times, as
against 2.20 times as on March 31, 2023 which has further increased
to 3.39time as on September 30, 2024. The company has also received
debt funding from promoters to the tune of INR33.17 crore as on
September 30, 2024 (as compared to INR33.72 crore as on March 31,
2024) which is used for margin utilization. The resource profile
constitutes of non-fund-based borrowings, i.e, Bank Guarantees
(BGs) which formed 73% of the total debt as on September 30, 2024.
These BGs are backed by FDs to the extent of 25%.
Liquidity: Stretched

As on December 31, 2024, liquidity profile of HCSPL remained
stretched with unencumbered cash balance of INR1.92 crore while its
average margin utilization was around 84.33% for FY24.

Hotline Capital Services Private Limited started its operations in
the year 2000. It offers online equity trading facilities for
investors and traders and provides integrated trading applications
for execution of trades. Company undertakes investments in diverse
portfolios such as Equity, Derivatives, FOREX, IT software, etc. in
order to generate returns. HCSPL also trades in its pro account and
trades on NSE, NSE Derivative, NSE-FX. Company is managed by three
directors namely Mr. Rajiv Aneja, Mr. Sunil Aneja and
Ms. Binoo Aneja who have experience of more than two decades into
capital market and derivative products.

The company is primarily engaged into proprietary trading (mainly
derivatives) and broking. Currently it provides broking services to
HNI clients. The company is looking on currently expanding their
business and have identified several potential clients interested
in working with them. These clients currently execute their trades
through another member broker platform. By shifting this business,
the company anticipates a significant increase in revenue from
brokerage.


J.V. GOKAL: CARE Moves D Debt Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of J.V.
Gokal & Company Private Limited (JVGCPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     119.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from JVGCPL to monitor the ratings vide e-mail communication dated
January 8, 2025, February 6, 2025 and March 3, 2025 among others
and numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE Ratings
has reviewed the rating on the basis of the best available
information which, however, in CARE Ratings' opinion is not
sufficient to arrive at a fair rating. The rating on J.V. Gokal &
Company Private Limited's Bank facilities will be denoted as CARE
D; ISSUER NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:
Key weaknesses

* Delays in debt servicing: As per the no default statement (NDS)
dated January 2, 2025 there were delays in repayment of the EPC or
PSC facility/interest on the EPC or PSC facility availed by the
company.

Liquidity: Poor

JVGCPL liquidity remains poor as reflected by delay in repayment of
the EPC or PSC facility/interest on the EPC or PSC facility availed
by the company

Established on April 10, 1950 by the Gokal Group, J.V Gokal &
Company Private Limited (JVGCPL) is a key player in tea blending,
bagging, packaging, and trading. The company sources all its tea
from major auction centres in India. It operates four blending and
packaging units in West Bengal and Kerala. JVGCPL exports bulk and
packaged tea to CIS countries (mainly Kazakhstan and Russia), North
America (especially Canada), Europe, and Asia with a focus on
China. The company also participates in tenders floated by Coal
India Limited (CIL) to supply, install and commissioning of Rear
Dumpers.


KALINGA MEDIA: CARE Lowers Rating on INR5cr LT Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kalinga Media & Entertainment Private Limited (KMEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B+; Stable

   Short Term Bank      4.63       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category


Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 29, 2024
placed the rating(s) of KMEPL under the 'issuer non-cooperating'
category as KMEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ABC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 22, 2025, March 4, 2025 & March 6, 2025. 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 rating was revised on account of lack of adequate information
and is constrained by moderation in financial performance, inherent
high dependence on advertisement revenue and high competitive
intensity in the news broadcasting space. However, rating derives
strength from its strong promoter group and comfortable leverage
ratio.

Analytical approach: Standalone

Outlook: Stable
Detailed description of key rating drivers:

At the time of last rating on March 29, 2024, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key weaknesses

* Moderation in Financial performance: The total operating income
of the company deteriorated to INR15.53 crores during FY22 as
against INR17.61 crores during FY21. The EBIDTA margins was -1.17%
during FY22 vis-à-vis 10.53 % during FY21. In FY23, the TOI of
company stood at INR15.22 crore with EBIDTA margin of -7.30%. In
FY24, TOI of the company stood at INR18.08 crore with PBILDT margin
of 4.44%.

* Inherent high dependence on advertisement revenue: The company's
major source of income is through advertisements as it contributed
over 50% of the total revenue over the past years.

* High competitive intensity in the news broadcasting space: Indian
news broadcasting space is reflected by high degree of competitive
intensity. With large number of channels competing for both
viewership as well as limited corporate advertisement budget, there
is huge focus on exclusive coverage of events, news
collection from remote corners of the country and retention of
journalistic talent. With launch of multiple new channels in all
the segments there is significant competition for viewership
leading to increase in carriage fee. The carriage fee pay-out gets
influenced by other existing/new channels which may have deep
pockets. With digitalisation, multi-system operator (MSO) and other
cable operators will be able to carry more channels leading to
reduction of carriage fee.

Key strengths

* Strong Promoter Group: Though the company has short track record
of promoters, however it is a subsidiary of Kalinga Institute of
Industrial Technology Society (KIIT) which enjoys good reputation
in Eastern India, which is demonstrated by the high enrolment rate
of around 96-98%. KIIT had a total strength of 26,205 students in
Academic year 2018-19 in various undergraduate, post graduate and
doctorial programs at its institutes located in Bhubaneswar,
Odisha.

* Comfortable leverage ratio: The capital structure of the company
is comfortable marked by debt equity ratio of 0.05 times in FY22 as
against 0.16 times in FY21. The overall gearing stands at 0.20
times in FY22 vis-à-vis 0.24 times in FY21. In FY23, the debt
equity ratio stood at 0.01x and overall gearing stood at 0.14x. In
FY24, overall gearing of the company stood at 0.12x.

Incorporated in April, 2013, Kalinga Media & Entertainment Pvt.
Ltd. (KMEPL) is promoted by Mr. Himansu Sekhar Khatua, Mr. Umapada
Bose, Mr. Dwiti Chandragupta Vikramaditya and Mr. Satyendra Patnaik
for setting up a free to air TV news channel viz. 'Kalinga TV.' The
company commenced commercial operation from March 15, 2015. The
channel is available on Pan India basis through Multi System
Operators (MSO's). The channel is engaged in carrying on the
business of TV news, direct telecast of news clippings and short
films, develop and establish news and feature agency utilizing
satellites or other media through its new TV
channel 'Kalinga TV'. KMEPL is a subsidiary of Kalinga Institute of
Industrial Technology Society (KIIT, having 97.56% holding).

MAHESHWAR HYDEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Maheshwar Hydel Power Corporation Limited (SMHPCL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      451.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) had, vide its press release dated
March 31, 2018, placed the rating of SMHPCL under the 'issuer
non-cooperating' category as SMHPCL had failed to provide the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SMHPCL continues to be non-cooperative despite
repeated requests for submission of information through email dated
February 16, 2025, February 26, 2025 and March 08, 2025. In line
with the extant SEBI guidelines, CARE Ratings has reviewed the
rating of the bank facilities on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Analytical approach: Standalone

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

The rating of long-term bank facilities of SMHPCL continues to
factor in the ongoing delays in servicing of debt obligations.

SMHPCL is setting-up 400 MW (10x40 MW) Maheshwar Hydro Power
Project on the river Narmada at Maheshwar near Mandleshwar, Madhya
Pradesh. The project was initially conceived for setting up by the
Narmada Valley Development Authority (NVDA). Later, it was
transferred to erstwhile Madhya Pradesh State Electricity Board
(MPSEB) in 1980, before awarding it to S Kumars group (the group)
as an Independent Power Project. The group created a Special
Purpose Vehicle (SPV) in 1993 in the name of SMHPCL for execution
of the project. The project entailed a total estimated cost of
~INR3,939cr (originally INR2,760 cr) to be funded in a debt to
equity mix of 70:30. The long-term Power purchase agreement (PPA)
for the project was signed in 1994 with erstwhile MPSEB (succeeded
by M.P. Power Management Co Ltd as holding company for all discoms
in M.P). The work on the project which started in the year 1998-99
was stalled in September 2001 due to withdrawal of certain lenders
impacting the financing of the project. Consequently, SMHPCL
approached Power Finance Corporation (PFC) for sanction of debt and
the work on the project was started again in November 2005.


MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Manikanta Cotton Agro
Industries (MCAI) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.66       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.84       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

MCAI was set up as a partnership firm in 2013 by Mr. D. MallaReddy
and Mr. P. Ravinder Reddy and six other partners, with ginning
activity as its main operations. MCAI is a TMC unit, involved in
extraction of cotton lint and cotton seeds from kapas. The firm has
its production facility located at Muthannapeta village, Karimnagar
district, Telangana. At present, it is operating 36 gins and one
pressing unit with a production capacity of 86,400 bales per annum.
The managing partners, Mr.  D. Malla Reddy and Mr. P. Ravinder
Reddy also serve as managing partners of othertextile units namely
M/s Saritha Cotton Industries operating with 24 gins, four oil
expellers and one pressing machine and M/s Sri Balaji Cotton
Industries operating with 40 gins and one pressing unit.


MK ROAD: CARE Assigns B+ Rating to INR50cr Long Term Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of MK Road
Lines (MKR), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       50.00       CARE B+; Stable Assigned
   Facilities         

Rationale and key rating drivers

The rating assigned to the long term bank facilities of MKR takes
into consideration its small scale of operation albeit improving
over the years, constitution as a partnership firm and highly
competitive nature of transportation and logistics business. The
rating further remains constrained due to its leveraged capital
structure, stretched debt coverage indicators and stretched
liquidity position.

The aforementioned weaknesses gets partially offset due to
experience of the promoters in logistics business, reputed client
base and MKR's established infrastructure.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in scale of operation with turnover beyond INR100
crores while maintaining PBILDT margin more than 10%.

* Overall gearing below 5x.

Negative factors

* Any major moderation in gearing from the current levels as a
result of withdrawal of capital or debt funded capex.

* Deterioration in turnover, with TOI below INR40.00 crores.

Analytical approach: Standalone

Outlook: Stable

The stable outlook is based on CARE Ratings Limited's (CARE
Ratings) expectation of sustained growth momentum in scale of
operation while maintaining its profitability margin.

Detailed description of key rating drivers:

Key Weaknesses

* Small scale of operation albeit improvement over the years: The
scale of operation of MKR remained small albeit showing improvement
in the last five years. The Total Operating Income (TOI) of MKR
grew at a compounded annual growth rate (CAGR) of 18.87% in last 5
years ended FY24. On y-o-y basis TOI grew
by 25% to INR52.36 crore in FY24 from INR41.86 crore in FY23 on
account of firm's expansion of customer base and services offered.
The PBILDT margin also improved from FY23 onwards as the firm
reduced dependence on hired fleet and increased its owned fleet
size. The firm reported PBILDT margin of 12.93% in FY24 (FY22:
4.97% and FY23: 11.30%), although, due to high interest rates the
PAT margin moderated significantly to 0.24% ( FY22: 1.47% and FY23:
3.10%). Furthermore, the firm has signed agreement of a tenure of 3
years with Tata Steels Ltd in January, 2024, for providing
logistics services. The same is expected to increase the scale of
operation from FY25 onwards and the company has achieved turnover
of around INR49 crore for till December 31, 2024.

* Constitution as a partnership firm: MKR, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners resulting in reduction of capital base leading to an
adverse effect on capital structure. There have been instances of
withdrawal of capital by the partners during past five years which
led to a low networth base of the entity.

* Highly competitive nature of transportation and logistics
business: The transport business faces intense competition due to
the presence of numerous players with limited fleet sizes in both
organized and unorganized sectors. This high level of fragmentation
results in several challenges: small operators have reduced
bargaining power, making it difficult to negotiate favourable
terms; there are increased storage and handling losses due to
inefficiencies; and resources are not utilized optimally, leading
to higher operational costs. Consequently, these factors
collectively hinder the overall efficiency and profitability of the
transport business.

* Leveraged capital structure and strained debt coverage
indicators: The entity's capital structure stood leveraged, as
marked by an overall gearing of 17.11x as on March, 31, 2024 (3.93x
as on March, 31, 2023) with high reliance on external debt. Its
debt profile largely comprises external debt in the form of vehicle
loans. The firm has started expanding its business backed by orders
from clients, and therefore is increasing its bank borrowing to
enhance the fleet size. The total debt stood at INR34.40 crore as
on March 31, 2024 as against INR13.38 crore as on March 31, 2023.
Furthermore, MKR has continued its purchase of fleet during FY25
and has added around INR21.00 crore of additional term loan in the
capital structure till January, 2025. As articulated by the
management, the bank borrowing is expected to increase further in
FY26 for purchase of more vehicles. As a result, the capital
structure is expected to remain similar in medium term. Debt
coverage indicators also remained strained, with PBILDT interest
coverage at 2.55x in FY24 (5.21x in FY23), and total debt to GCA
(TD/GCA) rising to 7.92x in FY24 from 3.32x in FY23. This
deterioration was due to improved profitability being offset by a
significant increase in debt levels.

Key weaknesses

* Experienced Promoters: MRK was founded by Late Mr. Kailash Pareek
in 2008 in Rourkela, Odisha. The firm is currently managed by its
two experienced partners Shri Nitesh Parekh and Shri Rahul Pareek,
who oversees the day to day operations of the firm. The partners
are well supported by a team of professionals.

* Established infrastructure for logistics: MKR has been providing
logistics services across various states in India for more than a
decade. The operation is controlled by five regional offices
located at Rourkela, Belpahar, Raipur, Jajpur, Nagpur and
Visakhapatnam. The company has started increasing its owned fleet
size from FY23 onwards to increase its scale, and as on December
31, 2024 the company has around 150 owned flatbed trailers for
providing services. Furthermore, as per requirement the firm also
hire fleet form outside. Going ahead, the company is expected to
add around two new vehicle each month which will increase the fleet
size subsequently.

* Reputed client base albeit risk of client concentration: MKR
provides full truck load (FTL) and less-than-truck load (LTL)
transportation services along with project logistics and relocation
services. The firm has a long-standing relationship with various
reputed clients, from which it has been receiving regular orders.
The firm generally gets contract for a tenure of 2 to 3 years and
post expiry the same gets renewed. The client base includes names
like TRL Krosaki Refractories Limited, Tata Steels Limited (CARE
AA+; Stable), RHI Magnesita India Refractories Ltd among others.

Liquidity: Stretched

The liquidity of the firm is marked stretched owing to high debt
repayment obligation during FY25 as against expected cash
generation during the year. Furthermore, in FY26, MKR is estimated
to increase its term loan to purchase fleet, which in turn will
increase the repayment obligation. However, with the projected
increase in scale from FY26 onwards, the liquidity position is
expected to improve. The collection period of the company remained
at 39 days for FY24 (FY23: 45 days). MKR has a sanctioned working
capital limit of INR6.50 crore, which remains around 70% utilised.

Founded in 2008 by Kailash Pareek, MK Road Lines (MKR) is based in
Rourkela, Odisha. MKR offers a range of services including
transportation, ODC handling, project logistics, relocation, and
full truck load services. These services cater to various
industries such as residential, commercial, mining, oil, gas,
engineering, and construction.

NAVA NIRMAN: CARE Moves D Debt Ratings to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Nava
Nirman Fabrication Private Limited (NNFPL) to Issuer Not
Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      8.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from NNFPL to
monitor the rating(s) vide e-mail communications/letters dated
March 3, 2025, March 6, 2025, and March 11, 2025 among others and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE Ratings
Ltd. has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating. Further, NNFPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on NNFPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings continue to be placed in the default grade on account
of ongoing delays in debt servicing.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on April 16, 2024, the following were
the weaknesses.

Key weaknesses

* Delays in debt servicing and overdraws in fund based working
capital limits: There have been ongoing delays in repayment of term
loans in case of facilities not rated by CARE. Also, there has been
ongoing overdrawals in the Cash credit facilities rated by CARE
majorly due to stretching of payment from debtors leading cash flow
mismatches.

Nava Nirman Fabrication Private Limited (NNFPL), incorporated in
2009 is promoted by Mr. Subodh Kumar Dutta and family. NNFPL is an
approved Class-I supplier of Indian Railways for manufacturing,
fabrication and supplying of complete locomotive shells, DETC,
bogies, underframe which includes roofs, side walls, driver's desk,
steel casting, ingots and forgings, mechanized steel, and wagon
components primarily for Chittaranjan Locomotive Works (CLW),
Diesel Locomotive Works (DLW) and Zonal Railways. The overall
affairs of the company are looked after by its two directors, Mr.
Subodh Kumar Dutta, and Mr. Sourav Dutta along with a team of
experienced professionals.


NAVA PADMINI: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Nava
Padmini Spices (NPS) to Issuer Not Cooperating category.

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

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from NPS to monitor
the rating vide e-mail communications dated November 7, 2024,
November 29, 2024, January 7, 2025, January 13, 2025, January 17,
2025, January 21, 2025, January 22, 2025, January 24, 2025, January
31, 2025, February 6, 2025, March 17, 2025 and March 19, 2025 among
others and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating. Further, Nava Padmini
Spices (NPS) has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The ratings on NPS's
bank facilities will now be denoted as 'CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings assigned to the bank facilities of Nava Padmini Spices
(NPS) remain constrained on account of moderate scale of operations
despite significant rise in the same, thin profitability margins
and leveraged capital structure with weak debt coverage indicators
during FY24(Unaudited, FY refers to period April 1 to March 31).
The ratings are further constrained on account of exposure to price
volatility and seasonality of raw materials, presence in a highly
fragmented and competitive agrocommodity industry and
proprietorship constitution of the firm. The ratings however
favourable factor in a comfortable
operating cycle, extensive experience of the promoters, capital
infusion during the year and stable industry outlook.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers

At the time of last rating on February 20, 2024 the following were
the rating strengths and weaknesses (updated based on financials
shared by NPS)

Key weaknesses

* Moderate scale of operations despite significant rise in the same
and thin profitability margins: NPS's scale of operations grew
significantly by 97.32% in FY24 marked by increase in total
operating income (TOI) to INR151.56 crore in FY24 as compared to
INR76.81 crore in FY23. Despite the improvement in scale of
operations, margins continue to remain thin this owing to the
trading nature of operations. Thus, PBILDT margin and PAT margin
was 2.21% and 0.63% respectively in FY24 compared to 0.84% and
0.73% respectively in FY23.

* Leveraged capital structure and weak debt coverage indicators:
NPS's capital structure deteriorated over previous year primary due
to increase in overall debt mainly in form of working capital
borrowing and continue to remained leveraged as marked by overall
gearing ratio of 6.23x as on March 31, 2024 deteriorated from 3.80x
as on March 31, 2023. Further, debt coverage indicators also
weakened as a result of higher overall debt along with high finance
cost against low absolute profitability. Thus, TD/GCA stood high at
27.44 years as on March 31, 2024(13.44 years as on March 31, 2023)
and interest coverage ratio was modest of 2.02x in FY24 (2.03x in
FY23.

* Exposure to price volatility and seasonality of raw materials:
NPS is into the processing of chillis which are the primary raw
material. The profitability is vulnerable to fluctuations in raw
material prices due to the commoditized nature of the business and
the limited level of value addition. Furthermore, the agrobased
commodities are seasonal and are available readily only for a few
months in a year requiring adequate stocking levels of raw
materials. The agro raw materials as required by the firm are
commodities and their prices are linked to the demand-supply
scenario, which in turn depends upon other external factors like
rainfall and international prices, thereby exposing the firm
profitability to changes in raw material prices.

* Presence in a highly fragmented and competitive agro-commodity
industry: Nava Padmini operates in a competitive and highly
fragmented agro-commodity industry which has a presence of large
number of small and medium scale players. Further, the overall
value addition in the trading industry is very low which translates
into thin profitability. For its exports, Nava Padmini also faces
intense competition from large established players in the industry
(which contributes majority of its turnover), who have global
sourcing and customer base.

* Constitution of the entity being a proprietorship firm: NPS being
a proprietorship firm has the inherent risk of possibility of
withdrawal of capital by the proprietor at the time of personal
contingency and the firm being dissolved upon the
death/retirement/insolvency. Moreover, firms have restricted access
to external borrowings as credit worthiness of the proprietor being
the key factor affecting credit decision for the
lenders.

Key strengths

* Comfortable operating cycle: The operating cycle of NPS was
comfortable at 39 days during FY24 (47 days during FY23). NPS' raw
materials are predominantly agro commodities which are seasonal in
nature and are available readily only for a few months in a year
requiring adequate stocking levels of raw materials due to which it
had 44 Inventory days, NPS extends credit period ranges from 0-30
days to its clientele leading to average collection of 18 days. NPS
procured raw materials from traders located in Punjab, New Delhi,
Andhra Pradesh, Rajasthan, Karnataka, Telangana etc., who offer
credit periods ranging from 15-45 days.

* Experienced management with long track record in the trading of
agri-commodities: NPS was incorporated by Nagaraju Dongari having
more than two decades of experience in agriculture w.r.t to
procurements, processing, and supply chain. He overlooks the
day-to-day operations. By virtue of being in the trading nature of
operations for considerable period of about two decades, he has
developed strong business relation with suppliers and buyers.

* Capital infusion by proprietor: The proprietor has been infusing
funds to support the increasing scale of operations in the past.
The proprietor infused additional capital worth INR1.47 crore
during FY24.

Stable Industry Outlook

Asia-Pacific dominates the market, as India is the world's largest
producer, consumer, and exporter of dry chillies. India's top
importers are China, the United States, Thailand, Sri Lanka, and
Indonesia. Andhra Pradesh is the primary producer of chillies in
the country, followed by Karnataka, Rajasthan, and Gujarat.
Chillies are grown for various uses, including vegetables, spices,
condiments, sauces, and pickles. Among other major producers, India
is the world's top producer and consumer of chilli. The demand for
the world-famous Sannam S4 dry red chillies is very high worldwide.
It is grown in the states of Andhra Pradesh,
Rajasthan, Maharashtra, Assam, and Madhya Pradesh. Therefore,
increasing the demand for cuisine and restaurant foods and consumer
demand for flavoured foods will raise the growth of the dry chilli
market, which will be anticipated to grow in the coming years.

Telangana-based Nava Padmini Spices was established in the year
2019 and promoted by Mr. Nagaraju Dongari. The firm is engaged in
the processing (stem cut) and trading of chillies. The procurement
of chillies is from the local farmers.

NUPOWER RENEWABLES: CARE Reaffirms D Rating on INR138.22cr Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of NuPower Renewables Private Limited (NRPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank      138.22       CARE D Reaffirmed
   Facilities         

Rationale and key rating drivers

The reaffirmation in the long-term rating of NRPL factors in the
continued delays in repayments of its term loan, as confirmed by
the lenders.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations (i.e., principal and
interest) for minimum 3 continuous months.

* Improvement in operational performance of all operational
capacities on a sustained basis.

* Positive outcome in favour of the parent company with respect to
the pending investigations

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:
Key weaknesses

* Ongoing delays in servicing its debt repayments: The company
continues to report delays in repayments of its term loan i.e. on
interest and principal repayments for the month of December 2024,
January 2025 and February 2025. The delays were primarily due to an
unexpected machinery breakdown that led to a loss of revenue.
However, the situation has since improved, and debt servicing
is expected to strengthen going forward. The company has cleared
all overdue payments to Canara Bank up to February in the month of
March.

Liquidity: Poor

The company's cash accruals are expected to be inadequate for
servicing its term loan repayments for FY25.

Assumptions/Covenants: Not Applicable

NuPower Renewables Private Limited (NRPL), incorporated on December
24, 2008, is the promoter company of NuPower Group. The major
shareholders of NRPL are DH Renewables Holding Limited (holds
54.99% stake), Pinnacle Energy (Promoter owned Trust holds 33.17%
stake) and Supreme Energy Private Limited (holds 10.10% stake). The
company is engaged in generation of power through wind with
operational capacity of 45.15 MW as on December 31, 2023. Apart
from NRPL, the group also has operational capacities in its
subsidiaries i.e. Echanda Urja Private Limited (100.50 MW in Tamil
Nadu) and NuPower Wind Farms Limited (34.25 MW in Tamil Nadu).

NUPOWER WIND: CARE Reaffirms D Rating on INR56.51cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of NuPower Wind Farms Limited (NWFL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       56.51       CARE D Reaffirmed
   Facilities         

Rationale and key rating drivers

The reaffirmation in the long-term rating of NWFL factors in the
continued delays in repayments of its term loan, as confirmed by
the lenders.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations (i.e., principal and
interest) for minimum continuous 3 months

* Improvement in operational performance on a sustained basis.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Ongoing delays in servicing its debt repayments: The company
continues to report delays in repayments of its term loan i.e. on
interest and principal repayments for the month of December 2024,
January 2025 and February 2025. These delays have been caused by
lower-thanexpected power generation during the winter months. The
company plans to settle the outstanding dues in the upcoming
quarters with improvement in power generation.

Liquidity: Poor

The company's cash accruals are expected to be inadequate for
servicing its term loan repayments for FY25.

Assumptions/Covenants: Not Applicable

Incorporated on July 24, 2013, NuPower Wind Farms Limited (NWFL) is
promoted by NuPower Renewable Private Limited (NRPL), which holds
70.18% stake as on Mar 31, 2024. The balance stake is held by group
captive consumers as per Group Captive Scheme (GCS). The company
has operational wind power generation capacity of 34.25 MW located
in Tamil Nadu.

OMEGA SEIKI: CARE Raises Rating on INR20cr LT Loan to B+
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Omega Seiki Mobility Private Limited (OSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B+; Stable; Upgraded from
   Facilities                      CARE D; Stable outlook assigned

Rationale and key rating drivers

The upgrade in the long-term rating assigned to the bank facilities
of OSMPL factors in default free track of more than ninety days
(since July 2024) in debt servicing of the credit facilities. The
rating further derives strength from resourcefulness of the
promoters as reflected by infusion of funds in the form of
unsecured loans, experience of the promoters in managing
diversified businesses such as electric mobility, auto components
etc, and reputed clientele of the company. However, the rating
continues to remain constrained by the company's nascent and
loss-making operation leading to a weak financial risk profile and
due to its presence in a highly competitive industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in scale of operations, as marked by total operating
income (TOI) above INR75 crore and gross cash accruals (GCA) above
INR5 crore on a sustained basis.

* Equity infusion leading to improvement in financial risk profile,
as marked by overall gearing of less than 1.50x.

Negative factors

* Decline in TOI by more than 10% from envisaged level.

* Significant withdrawal of unsecured promoters' loans and/or
delayed financial support by promoters, leading to a stretched
liquidity position.

* Elongation of operating cycle beyond 60 days.

Analytical approach: Standalone, after factoring in linkages with
holding company, Omega Seiki Private Limited (OSPL).

Outlook: Stable

Stable outlook reflects CARE Ratings Limited's (CARE Ratings')
opinion that OSMPL shall continue to benefit from experienced and
resourceful promoters, who shall continue to provide timely
financial support as envisaged.

Detailed description of the key rating drivers

Key weaknesses

* Nascent stage and loss-making operations: In FY24 (refers to the
period from April 01, 2023 to March 31, 2024), OSMPL achieved a TOI
of INR24.68 crore (PY: INR6.61 crore), largely backed by the orders
from Smartshift Logistics Solutions Private Limited (Porter).
However, the business with Porter continues to remain loss marking
as marked by net loss of INR34.30 crore reported by the company in
FY24 (PY: INR3.47 crore). In 9MFY25 (refers to the period from
April 1, 2024 to December 31, 2024), the company achieved TOI of
~INR13 crore and reported net loss of ~Rs.16 crore. Going forward,
the company is expected to achieve break even at profit before
interest, lease rentals, depreciation and taxation (PBILDT) level
in FY27. Also, OSMPL is expected to continue making losses over the
next two fiscal year years (FY26-27) owing to high lease rentals.
As on March 31, 2024, the company maintained fleet of 3500
vehicles.

OMSPL has been gradually shifting its dependence on business with
Porter, to starting rental business with players such as Vijaya
Sales, among others and providing end-to-end transportation
solutions for players such as Flipkart group. Thus, its operations
is currently in nascent stage.

* Weak financial risk profile: The continued net losses reported by
OMSPL in past two fiscal years (FY23-24) has resulted in erosion of
its tangible networth. In FY24, OSPL (immediate parent) had made
equity infusion of INR13.78 crore in OSMPL and also infused funds
in the form of unsecured loans to the tune of INR32.95 crore,
primarily to fund the cash losses sustained by OSMPL and to support
timely debt servicing by OMSPL. In 9MFY25, the company's promoters
including OSPL, further infused funds in the form of unsecured
loans to the tune of INR46.64 crore. As on December 31, 2024, the
total debt comprises of unsecured promoters' loan (~INR94 crore),
term loans and operating lease liabilities (~INR40 crore). The
financial risk profile of the company is weak as tangible net worth
is expected to remain negative over medium term on account of
envisaged losses. Going forward, funding of cash losses and debt
servicing obligations shall continue to be supported by infusion of
fund by promoters.

* Presence in a highly competitive industry: Fleet management
industry is a growing industry owing to favourable government
regulations especially subsidies for electric vehicle (EVs) fleet.
The major business is concentrated with top four players such as
WheelsEye, LocoNav, Uffizio and Letstrack catering diverse industry
segment and geographies through their Global Positioning System
(GPS)-enabled fleet vehicles. Other notable players in the segment
are Autoplant, Axestrack, Volty and Fleetx. Remaining fleet
management industry is fragmented among small players having
negligible market share. Competitive market reduces negotiation
power of the small and upcoming players resulting in lower margins
and elongated collection period.

Key strengths

* Experienced and resourceful promoters with continued financial
and technical support: OSMPL was founded by Mr. Uday Narang in year
2019. It is wholly owned subsidiary of OSPL (Omega Seiki Private
Limited), which is a leading manufacturer in EV Space. Mr. Uday
Narang has a rich experience of around two decades as a fund
manager in the U.S.A. and more than half a decade with OSPL. OSMPL
is procuring fleet requirement from OSPL. The management is common
between both the entities. As explained above, promoter group are
infusing funds to support business operations and timely debt
servicing by OSMPL; thus, demonstrating strong financial support.
Also, OSMPL benefits from OSPL's established network with
e-commerce and logistic players. OSMPL also gets technical support
from OSPL in terms of getting additional
contracts by leveraging existing network of OSPL. Further, OSMPL
gets maintenance support from its OSPL, for all the vehicles
operated. Moreover, OSMPL share synergies with OSPL with regard to
marketing and human resources and thus reduces duplication of
efforts and results in cost savings to some extent.

* Reputed Clientele: OSMPL is associated with reputed players in
logistic and e-commerce industry such as Porter, Innovative Retail
Concepts Private Limited (Big Basket), Instakart Services Private
Limited, Flipkart and Amazon, among others. As a fleet management
company, its fortunes are tied to growth in e-commerce and logistic
industry which are further cyclic in nature. The growing e-commerce
segment and existing relations of OSPL (parent company) with
various e-commerce players is expected to benefit the marketing
initiatives of OSMPL and adding new reputed names to its
clientele.

Liquidity: Stretched

OSMPL's liquidity position is stretched, as marked by negative GCA
envisaged for FY25, resulting in debt service coverage ratio (DSCR)
below unity. The company is expected to achieve a break even at
PBILDT level in FY27. The funding for cash losses incurred by the
company till then and annual repayment obligations shall be met
through infusion of funds by promoters in the form of unsecured
loans. As articulated by management, promoters of the company shall
continue to provide timely financial support going forward due to
their resourcefulness.  OSMPL is a fleet management company based
in Delhi. It was incorporated in June 2019, however, the operations
commenced in FY22. The company's operations is currently at nascent
stage, and it is maintaining EV fleet for renting out to logistic
players.


PRASAD MULTI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Prasad Multi
Services Pvt. Ltd.in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D ISSUER NOT COOPERATING /[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         9.78       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         2.27       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term/         1.11      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Incorporated in 1999, Prasad Multi Services Private Limited is
primarily involved in the construction and infrastructure
equipments rental business to reputed companies like Larsen & Turbo
(L&T), Reliance Industries Limited (RIL), TATA Steel, Adani Group
etc. PMS also provides other facilities like ready mix concrete
(RMC), operations and maintenance (O&M) and annual maintenance
contract (AMC) services. PMS was promoted by Kavar family, who have
more than a decade of experience in the construction equipment
solution business through their associations with PMS Piling &
Infrastructure Pvt. Ltd., Shree Buildcon, Prasad Marine Services
Pvt. Ltd. and PMS Infotech Pvt. Ltd.


PRINT SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Print
Solutions Private Limited (PSPL) in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         19.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Print Solutions Private Limited (PSPL) was promoted by Mr. Dushyant
Pahare and was later acquired by its current owners, Mr. Gurjeet
Singh Chhabra and family. The company is a part of the Century 21
Group, which is involved in real estate development in Indore and
other parts of India. It has leased out the land and the building
constructed on it to Malwa Hospitalities Pvt. Ltd, which has in
turn developed a 181-room hotel – Effotel Hotel – on the same.


QURESHI INTERNATIONAL: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Qureshi International Private Limited (QIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

QIPL is established in 1974 by Mr. Hajid Mohd Yaqoob Qureshi and is
involved in processing of fresh and frozen halal boneless buffalo
meat and edible offals. The company sources buffalo carcass from
butchers, who are a part of the Qureshi community. The butchers use
government slaughtering facility and sell to QIPL. Its processing
facility has provision for deboning, packaging and storing in the
chilling plant, which has a capacity of 12,000MT/year. In FY2017,
the company has invested Rs. 5.10 crore in Telangana Foods Private
Limited (TFPL). TFPL is a 100% subsidiary of QIPL, which is into
processing of buffalo meat and exports to countries such as
Vietnam, China, the CIS countries, Kuwait, Iraq, West and Central
Africa. Its processing unit is in Medchal, Telangana. Further, TFPL
has the requisite approvals for export of meat and QIPL started
exporting through TFPL instead of other merchant exporters.


REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Reddy Pharmaceuticals Limited
(RPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]C; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         2.70      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         7.30      [ICRA]C; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Reddy Pharmaceuticals Limited (RPL) was incorporated in 1996 and
has been engaged in trading of pharmaceutical products. The company
forayed into manufacturing of Active Pharmaceutical Ingredients
(APIs) and Intermediates during FY2017 after taking over an
existing facility from Jupiter Biotech Limited in Rudraram,
Patancheru Mandal, Telangana. The company is currently
manufacturing anti-fungal APIs such as Itraconazole.



S S SUPER: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of S S
Super Foods Private Limited (SSSFPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-        129.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

S S Super Foods Private Limited (SSSFPL) was incorporated in
February 2020 as a special purpose vehicle by three promotor
families. The company is in process of setting up a cattle feed
manufacturing facility through PPP mode in Chikkaballapur,
Karnataka. It has a lease agreement for land and supply agreement
for 15 years with Karnataka CoOperative Milk Producer's Federation
Limited (KMF) rated [ICRA]A+(Stable)/A1+ to supply cattle feed. The
company plans to set up a 500 MTPD capacity plant with a project
cost of ~INR87.16 crore which is likely to commence its operations
from September 2022.


SEYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Seya
Industries Limited (SIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      509.95      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had placed the rating(s) of SIL
under the 'issuer non-cooperating' category, vide its press release
dated January 14, 2020, as SIL had failed to provide information
for monitoring of the rating. SIL continues to be non-cooperative,
despite repeated requests for submission of information through
phone calls and e-mails dated February 19, 2025, March 1, 2025, and
March 11, 2025. In line with the existing SEBI guidelines, CARE
Ratings has reviewed the rating based on the best available
information. However, in CARE Ratings' opinion, this information is
not sufficient to determine 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 ratings.

Detailed description of the key rating drivers:

Key weaknesses

* Ongoing delays in debt servicing: SIL's debt servicing has been
irregular in the recent past, as indicated by overutilisation of
its working capital limits for over 30 days and delays in payment
of debt servicing obligations towards its term loans.

* Time overrun in ongoing capex: SIL has been undertaking capital
expenditure to expand its manufacturing facilities. The scope of
the project was revised in the past, leading to time overruns.

Liquidity: Poor

Significantly high working capital utilisation indicating SIL's
poor liquidity position. This has also restrained SIL's ability to
service its debt obligations in a timely manner.

Incorporated on October 11, 1990, as Sriman Organic Chemical
Industries Private Limited, SIL is engaged in manufacturing of
benzene based organic chemicals, including mono chloro benzene
(MCB), para nitro chloro benzene (PNCB), ortho nitro chloro benzene
(ONCB), 3,3 di chlorobenzidine (3,3 DCB), 2,4 di nitro chloro
benzene (2,4 DNCB) and para nitro aniline (PNA) and byproducts such
as sulphuric and hydrochloric acid, which find application in
pharmaceutical, dyes, agrochemical, fertilizer and rubber
industries. The manufacturing facility is at Tarapur, Boisar
(Maharashtra).


SGROYAL CAPITAL: CARE Reaffirms B+ Rating on INR15cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of SGRoyal Capital Private Limited (SGRCPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       15.00       CARE B+; Stable Reaffirmed
   Facilities         

Rationale and key rating drivers

The reaffirmation of the rating assigned to the long-term bank
facilities of SGRCPL takes into account its small scale of
operations with high business concentration and modest
profitability. The rating also remains constrained by SGRCPL's
exposure to relatively riskier borrower segment and lack of
portfolio seasoning which is reflected in moderation in asset
quality metrics. The rating, however, favourably factors in
promoter experience and adequate capitalisation levels.

Rating sensitivities: Factors likely to lead to rating actions
Positive factors: Factors that could individually or collectively
lead to positive rating action/upgrade:

* Significant improvement in scale of operations and geographical
diversification, while maintaining the capital structure

* Improved seasoning of loan book

Negative factors: Factors that could individually or collectively
lead to negative rating action/downgrade:

* Significantly deteriorating asset quality
* Gearing remaining above 5x on sustained basis
* Deterioration in capital adequacy and overall liquidity

Analytical approach: Standalone business profile of SGROYAL Capital
Private Limited (SGRCPL)
Outlook: Stable

The 'Stable' outlook factors in CARE Rating Limited's (CARE
Ratings) expectations that need based growth capital will be
infused by the promoter to drive business.

Detailed description of key rating drivers:

Key Weaknesses

* Small scale of operations and concentrated business: Incorporated
in 2022, SGRoyal Capital Private Limited started lending operations
in January 2023. SGRCPL is a relatively small sized non-banking
financial company (NBFC) with loan portfolio of  INR27.25 crore as
on September 30, 2024, against  INR10.23 crore as on September 30,
2023. As on September 30, 2024, the product portfolio is
concentrated towards LAP segment contributing 68% [March 31, 2024:
54% and September 30, 2024: 40%], Business Loan – MSME
contributing 17% [March 31, 2024: 23% and September 30, 2024: 33%],
Personal Loan contributing 11% [March 31, 2024: 18% and September
30, 2024: 27%], Electric Vehicle Loan contributing 2% [March 31,
2024: 5%] and Mahila Samooh Loan contributing 2%. Geographically,
100% of SGRCPL's portfolio is concentrated in the state of
Rajasthan with seven branches as on September 30,2024, which
exposes the company to high credit risks. Considering small scale
of operations, CARE Ratings expects the company's portfolio
concentration to remain high in the medium term.

* Lack of portfolio seasoning with exposure to relatively riskier
borrower segment: Incorporated in 2022, SGRPL has an average
portfolio tenor of one to four years for its loan products. The
average ticket size of the portfolio ranges from INR0.004 crore to
INR0.08 crore. Consequently, the asset quality of the portfolio is
yet to be fully established. The asset quality of the company is
exposed to the risks arising from exposure to customers like
farmers, dairy farmers, kirana store owners and tea stall owners,
who have greater vulnerability to economic shocks due to dependence
on seasonal factors. Overall GNPA and Net NPA (NNPA) stood at 0.53%
and 0.00%, respectively, as on March 31, 2024 (NPA recognition
180+dpd). As on September 30, 2024, GNPA and NNPA levels increased
to 4.73% and 3.61% majorly from Business MSME Loan and Electric
Vehicle Loan as company's focus shifted towards the LAP segment.
From April 01, 2025, company will start recognizing NPA at 90+dpd.
As per 90+dpd buckets, GNPA stood at 7.77% as on March 31, 2024
which further decreased to 4.67% as on September 30, 2024. The
nascent stage of operations and lack of portfolio seasonality is
reflected in moderation in overall asset quality metrics. Ontime
portfolio has deteriorated from 82.81% as on March 31, 2024 to
80.37% as on September 30, 2024.
Going forward, the company's ability to maintain asset quality
while scaling up the portfolio in existing and newer geographies
will be a key monitorable.

* Modest profitability metrics: SGRPL's disbursement increased to
INR14 crore during FY24 as against  INR4 crore during FY23, led by
LAP segment (49%), Business Loan - MSME (21%), Personal Loan (24%)
and Electric Vehicle Loan (6%). Backed by higher disbursements and
expansion in business operations, loan portfolio of the company
increased from  INR3.98 crore as on March 31, 2023 to  INR14.97
crore as on March 31, 2024 and rose further to  INR27.25 crore as
on September 30, 2024 [September 30, 2023:  INR10.23 crore]. The
company's overall blended yield on portfolio stood at 22.6% during
H1FY25, whereas cost of borrowings stood at 13.50% resulting into a
spread of 9.10%. Company reported ROTA of 3.43% during H1FY25. With
the company's thrust on growth, the ability of the company to
manage its credit and opex costs and in turn profitability will
remain a key monitorable.
Key strengths

* Resourceful promoters: SGRCPL was co-promoted by Mr. Trilok Saini
and Mr. Harendra Singh. Following Mr. Saini's resignation in
February 2024, Mr. Indrajeet Sharma has taken over his role. Mr.
Harendra Singh has over 29 years' experience in the construction
industry and is currently Managing Director (MD), H.G. Infra
Engineering Limited. The company is actively managed by Mr.
Indrajeet Sharma – Managing Director, Mr. Gopal Lal Gupta –
Chief Financial Advisor, Ms. Vandana Boolchandani – Compliance
Head and Mr. Ankit Jain – Credit Head. The senior management team
has an average tenure of two years with the company's operations.

* Adequate capitalisation: Considering the nascent stage of
operations, CAR and Tier-I CAR stood at 34.61% each respectively as
on September 30, 2024. Since its inception in February 2022, the
company has received  INR10.1 crore equity from its existing
promoters. As on September 30, 2024, the company's gearing stood at
2.03x as against 0.66x as on March 31, 2024. While the current
capitalisation levels are adequate for near-term growth, its
ability to consistently raise capital for augmenting future growth
is a key monitorable.

Liquidity: Adequate

As on September 30, 2024, cash and liquid investments for the next
12 months stood at INR1.94 crore and loan receivables stood at
INR10.8 crore as against debt obligations of  INR4.32 crore.

Incorporated in February 2022, SGROYAL Capital Private Limited
(SGRCPL) is an RBI-registered non-deposit taking NBFC. Company
received license in November 2022 and started its operations in
January 2023. Promoters are involved in overall management of the
company. SGRCPL is primarily engaged in financing LAP (secured
against property), MSME Loans (unsecured), personal loans
(unsecured) and EV loans (E-rickshaws). As on September 30, 2024,
the company operates in Rajasthan with seven branches. Majority of
the business is concentrated in rural and semi-urban areas. SGRCPL
has AUM of INR27.25 crore as on September 30, 2024.


SHIVANGAN FOOD: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Shivangan Food and Pharma Products Private Limited (SFPPPL) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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


Shivangan Food And Pharma Products Private Limited (SFPPPL) was
incorporated in 2015 and has ventured into production of food grade
and pharma grade starch from maize. The location of the plant is
adjacent to one of the largest starch manufacturers of India,
Universal Starch and Allied Chemicals Limited (USACL), at Dondiacha
in Dhule, Maharashtra. As per the agreement with USACL, their idle
capacity will be used by SFPPL for converting maize into slurry.
USACL manufactures multiple starch grades by crushing maize. The
company has set up a 130 TPD maize starch plant for manufacture of
food and pharma grade starch, maize germ, maize gluten and fibre.
The commercial operations of the plant started from October 2017.
Once fully operational, the plant is expected be the only fully
automated unit in India manufacturing starch in a clean room
environment.  


SHREESOMNIDHI INFRA: CARE Moves B Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Shreesomnidhi Infrasolutions Private Limited (SIPL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer rating         -         CARE B; Stable; ISSUER NOT
                                   COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Rating Limited (CARE Ratings) has been seeking information
from SIPL to monitor the ratings vide e-mail communications dated
January 20, 2025, January 28, 2025, and February 6, 2025, among
others and multiple phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE Ratings has reviewed the ratings based on best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The issuer rating on SIPL
will now be denoted as CARE B; ISSUER NOT COOPERATING.

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

The rating takes into account limited track record of business with
limited project execution capabilities and revenue visibility in
the medium term, elongated operating cycle indicating stretched
liquidity position, moderate profit margins, susceptibility to
fluctuation in construction material prices, presence in highly
fragmented and competitive construction industry and tender driven
nature of business, experienced management in civil construction
business and comfortable capital structure.

Detailed description of key rating drivers:

At the time of last rating on May 10, 2024, the following were the
rating strengths and weaknesses:

Key weaknesses

* Limited track record of business with modest capacity of project
execution: SIPL has a limited track record of operations of four
years in civil construction roads, bridges, etc. SIPL works as
sub-contractor for private players in civil construction activity
for the projects which are primarily funded by Central Government
or State Government. Over the years of past four years, the size of
the executed projects has remained modest, with instances of
termination/foreclosure of projects by Ministry of Road Transport &
Highways (MoRTH).

* Lack of revenue visibility in medium term due to absence of order
book: Currently, SIPL does not have any orders in hand however,
company through a 50:50 JV with Eagle Infra India Limited (EIIL)
has formed a special purpose vehicle (SPV) named Kante Waked
Highways Private Limited (KWHPL) to execute a HAM based
road project to be received through harmonious substitution
(subject to confirmation from Ministry of Road Transport and
Highways (MoRTH) and Public Works Department (PWD)) from Kante
Waked Multi Projects Private Limited (KWMPPL), an SPV of Roadways
Solution India Infra Limited. SIPL, as an Engineering, procurement
and construction (EPC) contractor for the said project has executed
construction work to the tune of INR156 crore (total contract value
of INR792 crore), rest of the work is expected to be executed by
EIIL. As on February 29, 2024, SIPL does not have any other orders
in hand, indicating lack of revenue visibility. SIPL's total
operating income remained moderate at INR83.62 crore in FY23
(period refers to April 01 to March 31) and INR53.81 crore in
8MFY24 (period refers to April 1 to November 30). Going forward,
SIPL intends to bid for new EPC contracts floated by private
players as well as by government authorities.

* Moderate profit margins: SIPL's incurred operating loss of
INR1.53 crore in FY23 vis-à-vis operating profit of INR3.34 crore
in FY22 on account of increase in subcontract charges, rent charges
and labour charges. However, company achieved net profit of INR4.82
crore in FY23 vis-àvis INR5.50 crore in FY22 on account of
non-operating income. Further during 8MFY24, company reported
operating loss of INR0.74 crore and profit before tax of INR2.99
crore.

* Susceptibility to fluctuation in construction material prices:
Cement, steel and other construction material are used extensively
by SIPL for its project execution. Prices of these materials are
volatile in nature. Also, the company does not have in-built price
escalation clause for its existing project. Accordingly, any
variations in the prices of raw material is expected to affect the
profitability margins of SIPL.

* Presence in highly fragmented and competitive construction
industry and tender driven nature of business: The construction
industry is fragmented in nature with a large number of medium
scale players present at regional level. This coupled with the
tender-driven nature of contracts poses huge competition and puts
pressure on the profit margins of the players.

SIPL is a regional player with civil and structural works contracts
primarily concentrated towards few clients. Furthermore, SIPL faces
fierce competition from other companies for new orders.

Key strengths

* Experienced management in civil construction business: The
promoters of SIPL, Mr. Nitin S. Sastakar, CEO & Managing Director,
Mr. Abhay Mane, Director and Mr. Abhijit Pawar, Director have
reasonable experience in the field of civil construction road
infrastructural works, etc. Having successfully executed a few
private projects, SIPL has gained reputation and has established
good relationship with its clients enabled repetitive orders. All
the promoters are supported by experienced second line of
management.

* Comfortable capital structure: Owing to absence of external debt
and high net worth base, capital structure of the company remained
comfortable since last two years ended FY23. During FY22, company
raised funds through equity share capital of around INR250 crore
including share premium and repaid the external borrowings which
led to increase in net worth base to INR243.80 crore as on March
31, 2022 from INR(11.71) crore as on March 31, 2021. Therefore,
capital structure improved and remained comfortable. Going forward,
company does not any plan to avail external debt. However, SIPL and
EIIL have jointly extended corporate guarantee to the bank
facilities availed by the SPV to the tune of INR514 crore.

Liquidity: Stretched

Liquidity position of the company remained stretched due to
elongated debtors and inventory period, as majority of the funds
are blocked in debtors resulting in high collection period of 320
days in FY23 vis-à-vis INR231 days in FY22. Further inventory days
also remained high at 173 days in FY23 vis-à-vis 320 days in FY22.
This, coupled with other current assets in the form of advances to
suppliers and deposits also remained high which led to gross
current assets period of 1170 days in FY23 vis-à-vis 1473 in FY22.
High working capital requirement is majorly funded through
shareholders' funds infused in FY22 and partially by creditors.
However, company's creditors remained low which resulted in average
creditors' period of 58 days in FY23 vis-à-vis 48 days in FY22.
Considering all the above, operation of the company remained highly
working capital intensive. SIPL also has low free cash and bank
balance of INR0.12 crore as on March 31, 2023 and INR0.37 crore as
on November 30, 2023. Further company has equity commitments of
INR116.18 crore in FY25 in its SPVs for HAM projects which will be
funded through the same debtor's
recovery going forward.

Analytical approach: Standalone

Outlook: Stable

Shreesomnidhi Infrasolutions Private Limited (SIPL) was established
as a private limited company in 2018 is engaged in civil
construction and maintenance of roads and bridges. SIPL primarily
works as sub-contractor for private civil construction companies.
It has its registered office situated in Pune.

TRICHY THANJAVUR: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Trichy
Thanjavur Expressways Limited (TTEL) in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-       162.07      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

TTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL) for the strengthening and widening of an
existing 55.75 km long stretch between Trichy-Thanjavur on National
Highway (NH) - 67. The project has been awarded by National Highway
Authority of India (NHAI) on Build-Operate-Toll (BOT) basis, with a
concession period of 20 years starting June 2006. The scheduled
Commercial Operations Date (COD) of the project was June 2009;
however, after a delay of more than 22 months, the company achieved
the COD in May 2011. The project road connects Thanjavur, a
prominent tourist city to Trichy and other places in the western
part of South India. Trichy is a key city for tourists visiting
Thanjavur, as the former houses the nearest airport.


VARDHMAN ROLLER: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Vardhman Roller Flour Mills Private Limited (VRFMPL)
in  the 'Issuer Not Cooperating' category. The rating are denoted
as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".


                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         0.40      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-         0.15      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        28.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in the year 1997 by members of the Jain family, VRFMPL
is engaged in the wheat milling business. VRFMPL has an established
operational track record of more than 15 years. The company has an
annual installed capacity to mill upto 72000 metric tonne per annum
(MTPA) of wheat to produce wheat flour, refined flour, suji and
bran The Company's milling facility is located in Meerut (Uttar
Pradesh) and it sells its products under the 'Double Kalash'
brand.


VIKAS COT: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Vikas Cot Fiber Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         1.32      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term-        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.68      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Vikas Cot Fiber Private Limited was incorporated in May 2008 by
Khandelwal Family in Sendhwa, Madhya Pradesh. The company is
engaged in cotton ginning and pressing. VCF is also involved in
cotton trading. The company manufactures lint from kapas (raw
cotton) and undertakes pressing operation to produce bales. Cotton
seed is the byproduct of ginning operation which the company sells
to oil extraction units.


ZOMATO LTD: NCLT Dismisses Insolvency Plea vs. Food Delivery Firm
-----------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
Delhi on April 3 dismissed an insolvency plea filed against food
delivery giant Zomato by uniform supplier Nona Lifestyle over an
alleged payment default of INR1.64 crore.

According to Livemint.com, the NCLT dismissed the insolvency plea
against Zomato on procedural grounds, citing non-compliance with
the Insolvency and Bankruptcy Code (IBC).

Livemint.com relates that the tribunal ruled that Nona Lifestyle
had failed to properly serve the mandatory notice under Section 8
of the IBC before filing the case. The original plea had already
been dismissed in November 2024 after Nona Lifestyle's lawyer
failed to appear for the hearing. When the company later sought to
restore the case, the tribunal rejected the request, stating that
an invalid plea could not be revived.

Business-to-business (B2B) apparel manufacturer Nona Lifestyle
sought to initiate a Corporate Insolvency Resolution Process (CIRP)
against Zomato, claiming non-payment for uniforms and merchandise,
including ICC World Cup 2023 apparel, Livemint.com notes.

According to Nona Lifestyle, Zomato placed multiple orders in 2023
for rider uniforms, trousers, and World Cup jerseys but later
delayed payments and refused deliveries, citing storage issues. The
plea detailed specific purchase orders and alleged that Zomato's
actions led to financial losses, Livemint.com relays.

In a purchase order dated July 18, 2023, Zomato allegedly ordered
32,724 rider t-shirts, generating five invoices worth INR16.47
lakh. Nona Lifestyle delivered 11,210 t-shirts, which Zomato
acknowledged, but the remaining 21,500 were not delivered due to
payment disputes. The undelivered stock remains in Nona Lifestyle's
warehouse, incurring storage costs.

Another order, dated June 6, 2023, covered 35,000 t-shirts valued
at INR51.45 lakh, with delivery due by August 7, 2023. However,
Nona Lifestyle admitted to delays of 21 to 73 days, attracting
penalties under Zomato's agreement.

Livemint.com relates that the supplier further alleged that Zomato
pressured it into offering discounts through "threats and warnings"
and later refused to accept remaining World Cup jerseys, citing a
"failed campaign." Since the jerseys were custom-made, they could
not be resold.

Zomato denied the allegations, stating that Nona Lifestyle
repeatedly missed delivery deadlines, triggering contractual
penalties, Livemint.com says. It argued that the delays caused
"substantial reputational and goodwill damage" and maintained that
it only paid for delivered jerseys after adjusting penalties and
advance payments.

                        About Zomato Limited

Headquartered in Gurugram, India, Zomato Limited --
http://www.zomato.com/-- operates as an online food delivery
company in India and internationally. Its technology platform
connects customers, restaurant partners, and delivery partners. The
company also operates Hyperpure, a procurement solution that
supplies ingredients and kitchen products to restaurant partners.
It offers restaurant search and discovery, online order, pick up,
and table reservations services.




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

DC BUSINESS: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------
A petition to wind up the operations of DC Business Trustee Limited
will be heard before the High Court at Auckland on April 11, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 30, 2025.

The Petitioner's solicitor is:

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


HACHI HACHI: Sushi Brand Placed in Voluntary Liquidation
--------------------------------------------------------
Tim Cronshaw at Otago Daily Times reports that a Christchurch
takeaway and restaurant business with sushi outlets under the Hachi
Hachi brand has folded owing staff holiday pay and a hefty tax
bill.

The seven companies owned by Hachi Hachi founders and directors
Titi Khemarangsan and Bundit Kijpalakorn were placed in voluntary
liquidation on March 25, ODT discloses.

According to ODT, initial liquidator reports for the businesses
amounted collectively to a total estimated shortfall of NZD2.54
million, including NZD1.37 million owed to Inland Revenue in income
tax for employees' wages (PAYE) and goods and service tax.

This included nearly NZD130,000 in holiday pay owed to
out-of-pocket staff.

ODT relates that the liquidator noted Inland Revenue had begun
recovery action, the directors placing the companies in voluntary
liquidation after seeking professional advice.

ODT notes that the eateries had struggled through Covid-19
lockdowns with trading slowing the past year.

Bush Inn Sushi House Ltd, operating as Hachi Hachi at the Bush Inn
Shopping Centre, had the largest money owing after trading was
ceased last month.

A total estimated shortfall to all creditors of NZD890,000 included
staff holiday pay owing NZD97,000 and IRD seeking GST and PAYE
payments of NZD500,000, ODT discloses.

Spice Paragon Victoria Ltd closed a restaurant traded under the
name Spice Paragon in January last year when an attempt was made to
surrender the lease with the landlord in Victoria St.

An estimated NZD700,000 total shortfall included IRD being owed
NZD400,000 and unsecured creditors NZD300,000.

A Hachi Hachi Cashel Ltd cafe, which stopped trading as Hachi Hachi
last month in Hereford St, had the same reasons placed for
insolvency, ODT says.

Staff working at the cafe were owed an estimated NZD30,000 in
holiday pay, while IRD was seeking about NZD350,000 and unsecured
creditors were owed NZD200,000 for a total estimated shortfall of
NZD573,000.

Victoria Sushi House Company Ltd wound up its restaurant trading
under the Hachi Hachi brand in Victoria St in January last year
when the lease was also surrendered to the landlord, recalls ODT.

The IRD was due NZD100,000 and unsecured creditors NZD150,000 for
an estimated NZD250,000 total shortfall.

A Pad Thai Pan eatery under Good Brotherhood Ltd in the central
city owed the IRD NZD500 and unsecured creditors NZD40,000.

The business ceased trading in January last year.

Hachi Hachi Rangiora Company Ltd closed its Rangiora restaurant
trading as the Smokehouse in January last year and owed IRD
NZD20,000 and unsecured creditors an estimated NZD40,000, ODT
relays.

Sushi Burrito NZ Ltd stopped trading as the Roll and Bowl at the
same time, and is estimated to owe unsecured creditors NZD30,000
and IRD NZD2000.

Liquidator Brenton Hunt, of Insolvency Matters, has given creditors
until April 25 to make a claim, adds ODT.

Attempts would be made to sell some of the businesses as a going
concern or retrieve money owed by the sale of plant and equipment.


HIKURANGI ENTERPRISES: Creditors' Proofs of Debt Due on May 16
--------------------------------------------------------------
Creditors of Hikurangi Enterprises Limited (trading as Hikurangi
Enterprises Limited) are required to file their proofs of debt by
May 16, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 27, 2025.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu
          Auckland 0651


MOTIVE TRADING LIMITED: Court to Hear Wind-Up Petition on May 9
---------------------------------------------------------------
A petition to wind up the operations of Motive Trading Limited will
be heard before the High Court at Auckland on May 9, 2025, at 10:45
a.m.

David Scott Woomack filed the petition against the company on
Feb. 18, 2025.

The Petitioner's solicitor is:

          Oscar Joseph Ward
          Urlich Milne Lawyers Limited
          3 Owens Road
          Epsom
          Auckland 1023


SANDRINGHAM FRUITS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Sandringham Fruits and Veges Limited on March 30, 2025,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


SWISSFLOORS NZ: Creditors' Proofs of Debt Due on May 1
------------------------------------------------------
Creditors of Swissfloors NZ Limited are required to file their
proofs of debt by May 1, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 27, 2025.

The company's liquidator is:

          Ryan Eathorne
          InSolve Partners
          PO Box 24366
          Wellington


WELLINGTON RUGBY: 'Technically Insolvent', Chair Rhys Barlow Says
-----------------------------------------------------------------
The Post reports that a former chair of the Wellington Rugby
Football Union (WRFU) has warned that the troubled union is
"technically insolvent" after years of overspending and needs to
sell its Hurricanes shareholding and slash overheads simply to keep
going.

The Post relates that Rhys Barlow, who chaired the WRFU between
1999-2003, attended the union's AGM last week when the NZD1.18
million loss for 2024 was presented and offered a dire assessment
of the WRFU's predicament.

"They've got an overhead structure of NZD6 million which has
remained constant for the last three years," Mr. Barlow told The
Post on April 3.

"It was NZD6.3 million in 2022, it was NZD5.85 million in 2023 and
it was just over NZD6 million in 2024.

"So there's been no real direction to trim overheads and that is
the issue, knowing that they've had a falling revenue base.

"The reason I said they were technically insolvent was because
current liabilities exceed current assets by nearly NZD650,000.

"If all liabilities were called in tomorrow they just simply
wouldn't have the cash or debtors to cover their liabilities.

"The only way that Wellington's going to get out of this mess is by
selling off their [50%] share of the Hurricanes investment."

According to The Post, Mr. Barlow said it was difficult to put a
value on that Hurricanes share, given the fickle nature of the
market, but said the WRFU needed to raise NZD1.2 million-NZD1.5
million to simply get back into the black.

The crisis had been brewing for years, Mr. Barlow said, and
Wellington had only avoided another NZD1 million loss in 2022
because it used the NZD1 million investment from Silver Lake to
cover that deficit, The Post relays.

"It hasn't been managed well at all over the last four years," Mr.
Barlow said.

Mr. Barlow, a chartered accountant by profession, had some sympathy
for the WRFU in the sense that during Super Rugby's heyday the
Hurricanes could return a profit of anywhere between NZD6
million-NZD8 million, which was then distributed among the
contributing provincial unions.

But he said the WRFU needed to accept those days "were over" and
cut their cloth accordingly, and their failure to do in recent
years could now lead to job losses, The Post relays.

Even after the sale of the Hurricanes shares, Mr. Barlow said they
still needed to cut more than NZD1 million from their overheads to
get back into financial shape.

"It's very hard in today's climate," The Post quotes Mr. Barlow as
saying.

"And to be honest, if they're going to achieve that they're going
have to cut people - that's the reality of it.

"Some of these overhead costs are fixed, particularly when you're
running a high-performance organisation.

"Some of the [player] contracts are hard and fast. They've got to
honour those.

"So as I see it [the budget reduction] is cutting of people, which
is sad."

The Post notes that Wellington took out an overdraft of almost
NZD300,000 last year to keep the organisation going, and has a new
chair - Phil Holden - in place as it tries to repair the books.

It is likely that New Zealand Rugby would step in with a loan if
Wellington's participation in the NPC was in jeopardy, although the
fact that the WRFU had to go for an overdraft suggests that NZ
Rugby first and foremost wants the provincial unions to stand on
their own two feet.

While NZ Rugby funding for the provincial unions dipped in 2024,
there was a significant increase negotiated by the unions in 2022
in exchange for support of the Silver Lake proposal.

In 2023, NZ Rugby funding for the 26 provincial unions leapt to
NZD43.5 million, an NZD11.5 million increase from 2021 - on top of
the one-off NZD1 million Silver Lake injection for the 14 NPC
unions and NZD500,000 each for the Heartland unions, The Post
notes.

Mr. Barlow also believed the WRFU should return to Rugby League
Park from the expensive NZCIS facility in Upper Hutt, while it
could also save money by playing out of Jerry Collins Stadium at
Porirua Park, instead of holding games at Sky Stadium, The Post
adds.

The Wellington Rugby Football Union (WRFU) is the official
governing body of rugby union in the city of Wellington, in New
Zealand.




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

ALPHA DX: Court to Hear Wind-Up Petition on April 8
---------------------------------------------------
A petition to wind up the operations of Alpha Dx Group Limited will
be heard before the High Court of Singapore on April 8, 2025, at
10:00 a.m.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road
          Level 5
          Singapore 049909


MKC HOLDINGS: Creditors' Proofs of Debt Due on April 28
-------------------------------------------------------
Creditors of MKC Holdings Pte. Ltd. are required to file their
proofs of debt by April 28, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 25, 2025.

The company's liquidators are:

          Leow Quek Shiong
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NOA HOME: Creditors' Proofs of Debt Due on April 28
---------------------------------------------------
Creditors of Noa Home Singapore Pte. Ltd. are required to file
their proofs of debt by April 28, 2025, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Leow Quek Shiong
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SHIROI NAKA: Creditors' Proofs of Debt Due on April 29
------------------------------------------------------
Creditors of Shiroi Naka Pte. Ltd. are required to file their
proofs of debt by April 29, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 19, 2025.

The company's liquidator is:

          Chek Khai Juat
          c/o Tricor Singapore
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 04861


SRE VENTURE: Creditors' Proofs of Debt Due on April 29
------------------------------------------------------
Creditors of SRE Venture 17 Pte. Ltd. and SRE Australia 12 Pte.
Ltd. are required to file their proofs of debt by April 29, 2025,
to be included in the company's dividend distribution.

The companies commenced wind-up proceedings on March 11, 2025.

The company's liquidator is:

          Chek Khai Juat
          c/o Tricor Singapore
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 04861




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

[] Trump's Tariffs Hit Garment Makers in Bangladesh and Sri Lanka
-----------------------------------------------------------------
The New York Times reports that through Covid, political chaos, and
economic disarray, Sri Lanka and Bangladesh kept one industry
central to their hopes of prosperity afloat: the manufacturing of
ready-made garments, with the United States as their main market.

Then came President Trump's tariffs.

NY Times says the two countries are reeling after Sri Lanka was hit
with 44 percent tariffs and Bangladesh subjected to 37 percent
levies. Officials in both countries scrambled to contain panic
among business leaders, who worried that they may no longer be able
to compete with bigger manufacturing powers, and that their orders
could shift to places with lower tariffs and greater industrial
muscle, NY Times relates.

"We will have to write our obituary notice," NY Times quotes Tuli
Cooray, a consultant at the Joint Apparel Association Forum of Sri
Lanka, an industry association, as saying. "Forty-four percent is
no joke."

According to NY Times, the Trump administration's tariffs have hit
countries at the heart of the global apparel industry especially
hard. An analysis by William Blair, an equity research firm, showed
that the countries that produce 85 percent of U.S. apparel imports
faced an average tariff of 32 percent.

Targeting the manufacturers not only upends the economies of these
nations, but also adds to the burden of U.S. companies, analysts
warned, NY Times notes.  Mr. William Blair said merchandise costs
could go up by about 30 percent and American consumers may
ultimately feel the pinch.

Bangladesh sends more than US$7 billion of clothing to the U.S.
every year. The country's garment manufacturing industry makes up
80 percent of its total exports and employs more than four million
people, mostly women. Bangladesh has one of the highest female work
force participation rates in the region, which has helped lift a
large section of the population out of poverty.

The garment industry is crucial, as the country tries to stabilize
its economy after widespread protests and violence last year
toppled its autocratic leader.

"Just as the world economy was starting to recover and we were
seeing our sales in the U.S. increase, this kind of decision - a
trade war, or a tariff war - has now posed a new challenge and
uncertainty," NY Times quotes Mohiuddin Rubel, a former director of
the Bangladesh Garment Manufacturers and Exporters Association, as
saying.

"There are many garment factories in Bangladesh that work solely
for the U.S. market - some with 80 percent, some even 100 percent.
These factories have made large investments just for US orders," he
added. "This decision will put such businesses in danger."

In Sri Lanka, the garment industry employs more than 350,000
people, producing apparel for companies such as Nike and Victoria's
Secret, NY Times says. Garments make up about half of the country's
total exports, and the vast majority go to the U.S.

After the country's economy crashed in 2022, it has been slowly
stabilizing with the help of aid from neighbors like India and a
bailout from the International Monetary Fund.

"We are trying to see if there is space for reduction before
implementation on April 9 through discussions, especially
considering the difficult situation we are in," said Anil Jayantha
Fernando, Sri Lanka's deputy minister for economic development.



                           *********


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

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

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

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

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



                *** End of Transmission ***