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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, April 8, 2025, Vol. 28, No. 70

                           Headlines



A U S T R A L I A

CURIOUS THING: First Creditors' Meeting Set for April 10
GROWTHOPS HOLDINGS: Placed Under Creditors' Voluntary Liquidation
MAID2MATCH PTY: First Creditors' Meeting Set for April 11
MEETINGS INDUSTRY: Enters Voluntary Administration After 50 Years
MEL FOWLER: First Creditors' Meeting Set for April 11

NOW TRUST 2024-1: Moody's Upgrades Rating on Class F Notes to B1
NOW TRUST 2025-1: Moody's Assigns B2 Rating to AUD2.50MM F Notes
ORNATE BANQUETS: First Creditors' Meeting Set for April 10
RARECAFE PTY: First Creditors' Meeting Set for April 10
STAR ENTERTAINMENT: Agrees to AUD300 Million Deal With Bally's

TAURUS TRUST 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes


C H I N A

WEST CHINA CEMENT: Moody's Cuts CFR to 'Caa1, Outlook Negative


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Hikes Senior Unsecured Ratings to B
PAUL Y: Hong Kong Court Orders Construction Firm Into Liquidation


I N D I A

ABSOLUTE ENGINEERS: Voluntary Liquidation Process Case Summary
AKSHAR SPINTEX: CARE Moves D Debt Ratings to Not Cooperating
ANNALAKSHMI ORGANIC: Voluntary Liquidation Process Case Summary
CIRO PHARMA: CARE Reaffirms D Rating on INR120cr LT Loan
GMR AMBALA: ICRA Withdraws B- Rating on INR103.52cr LT Loan

GO FIRST: NCLAT Dismisses Plea Against Carrier's Liquidation
JAY KHODIYAR: CRISIL Reaffirms B Rating on INR7.95cr Cash Loan
JEWEL ROCK: CARE Assigns B+ Issuer Rating
K.V. TEX: CARE Lowers Rating on INR11.17cr LT Loan to C
KNK PROJECTS: CARE Lowers Rating on INR8cr LT Loan to B+

LAZULINE BIOTECH: CRISIL Moves D Debt Ratings to Not Cooperating
MANOJ A: CRISIL Assigns B+ Rating to INR9.5cr Cash Loan
METAWOOD DISPLAY: ICRA Withdraws D Rating on INR20cr LT Loan
MSA STEEL: Insolvency Resolution Process Case Summary
MUTHOOT FINANCE: Moody's Hikes CFR to Ba1, Outlook Remains Stable

NARMADA EXTRUSIONS: CARE Moves D Debt Ratings to Not Cooperating
NEIGHBOURHOOD ESTATES: CARE Assigns B+ Rating to INR50cr LT Loan
NEXU DAY: Voluntary Liquidation Process Case Summary
OSHIYA INDUSTRIES: ICRA Withdraws D Rating on INR22cr ST Loan
PANCHTATWA MILK: Insolvency Resolution Process Case Summary

RAMESWAR AGRO: CARE Lowers Rating on INR12cr LT Loan to B
RLJ CEMENT: CARE Assigns B+ Rating to INR33.66cr LT Loan
SENTHIL KUMAR: CARE Reaffirms B- Rating on INR54.86cr LT Loan
SHAMLAJI EXPRESSWAY: CARE Lowers Rating on INR650cr LT Loan to D
SJD-PRESIDENCY HOMES: CRISIL Assigns B+ Rating to INR20cr Loan

SUBEX ACCOUNT: Voluntary Liquidation Process Case Summary
SVP BUILDERS: ICRA Withdraws B+ Rating on INR50cr Term Loan
SVS ENTERPRISES: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
VADRAJ CEMENT: NCLT Approves Nuvoco Vistas's Acquisition Bid
VISAKHAPATNAM PORT: ICRA Moves B- Debt Rating to Not Cooperating

VNC NUTRITION: CRISIL Assigns B Rating to INR5.5cr Cash Loan


N E W   Z E A L A N D

BLACK ORIGIN: Meat Works Sold After Liquidation
COFFEE108 LIMITED: Creditors' Proofs of Debt Due on May 9
G. REVAKE: Court to Hear Wind-Up Petition on May 9
HAMILTON MOTEL: Court to Hear Wind-Up Petition on May 19
MIGWORKS LIMITED: Creditors' Proofs of Debt Due on May 2

PAUL'S FISHING: Creditors' Proofs of Debt Due on May 9


P H I L I P P I N E S

DITO CME: Leadership Shake-Up Signals Dennis Uy's Imminent Exit


S I N G A P O R E

ASTORIA SOLUTIONS: Commences Wind-Up Proceedings
CHOONG HENG: Creditors' Proofs of Debt Due on May 2
INTERPAY SERVICES: Court Enters Wind-Up Order
MARKET'S BEST: Court to Hear Wind-Up Petition on April 11
SPARKBYFLINT PTE: Commences Wind-Up Proceedings



S R I   L A N K A

SRI LANKA: To Substantially Cut US Tariff and Non-Tariff Barriers


V I E T N A M

HAO HUY: Bank to Auction Floating Restaurant on Saigon River
HOANG SON: Fails to Fully Pay Principal and Interest on Bonds

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

CURIOUS THING: First Creditors' Meeting Set for April 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Curious
Thing Pty Ltd will be held on April 10, 2025 at 12:00 p.m. via Zoom
and at Vincents at Level 14, 25 Martin Place in Sydney.

Henry McKenna of Vincents was appointed as administrator of the
company on March 31, 2025.


GROWTHOPS HOLDINGS: Placed Under Creditors' Voluntary Liquidation
-----------------------------------------------------------------
Campaign Brief reports that GrowthOps, owned by Trimantium, has
entered voluntary administration, placing all its businesses -
including Brisbane full-service agency Khemistry, Sydney PR agency
Forward and several others - into liquidation.

Campaign Brief relates that sources said all operations have
ceased, and staff have been stood down.

GrowthOps, founded by Phillip Kingston, was originally formed in
2017 as part of a large-scale merger, when 15 entrepreneurs merged
their eight, specialist businesses "to create a single execution
partner to better solve the complex challenges that medium and
large organisations face", comprising of AJF Partnership,
Khemistry, 3wks, jtribe, Digital Moshi, KDIS, Voodoo Creative, and
the Institute of Executive Coaching and Leadership (IECL).

Documents filed with ASIC confirm that the company's directors
resolved on March 31 to proceed with a creditors' voluntary
liquidation, Campaign Brief discloses.

In June 2023, GrowthOps announced the merger of Khemistry and GO
Digital and two weeks later AJF Partnership and Penso merged.

Last year, creative agency AJF was absorbed into Khemistry, and key
leadership departures followed as recent as last week with
Khemistry's Managing Director Susan Lyons joining EssenceMediacom,
while General Manager Jo Millington moved to VML in November last
year.

Katherine Sozou and Damien Pasfield of McGrathNicol were appointed
as liquidators of GrowthOps Holdings Pty Ltd and 18 other related
companies on March 31, 2025.

Ms. Sozou and Mr. Pasfield of McGrathNicol were also appointed as
liquidators of GrowthOps Khemistry Pty Ltd and FORWARD Agency PR
Pty Limited on April 1, 2025.


MAID2MATCH PTY: First Creditors' Meeting Set for April 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Maid2Match
Pty Ltd will be held on April 11, 2025 at 11:00 a.m. via virtual
meeting.

Frank Farrugia and Bruce Gleeson of Jones Partners Insolvency &
Restructuring were appointed as administrators of the company on
April 1, 2025.


MEETINGS INDUSTRY: Enters Voluntary Administration After 50 Years
-----------------------------------------------------------------
Australasian Leisure Management reports that the Meetings Industry
Association of Australia Limited trading as Meetings & Events
Australia (MEA), Australia's longest-standing industry body for the
events sector, entered voluntary administration after 50 years of
service to the events industry.

According to the report, MEA will cease operations and appoint an
administrator with MEA noting that rising operating costs and
declining financial backing had made it unsustainable. These
challenges were compounded by the emergence of new industry bodies,
such as the Australian Business Events Association, which
redirected funding away from MEA.

Australasian Leisure Management relates that Vanessa Green, Chair
of MEA advised "it is with great sadness and immense pride that we
share this news. MEA has been a cornerstone of the Australian
events industry for half a century. We close this chapter with
gratitude, for the extraordinary legacy and community we've built
together."

In recent months, MEA has launched new education short courses,
welcomed growing membership, and prepared for this year's national
conference and awards, which will still be announced in the coming
days.

Ms. Green added "we've been heartened by the industry's renewed
engagement, from increased ticket sales to record award entries.

"There's been genuine excitement around our 50th year.
Unfortunately, despite this support, MEA is no longer in a position
to continue operating.

"To everyone who has been part of MEA we thank you. As we close
this chapter, we do so with pride in MEA's legacy and confidence
that the events industry in Australia will continue to thrive
through the passion, creativity, and professionalism of its
people."

Megan Peters, MEA Board Vice-Chair added "this is not the outcome
any of us wanted, but we are deeply proud of what MEA has delivered
for the industry, from nurturing careers and shaping education, to
building networks and recognising excellence through our national
awards, Australasian Leisure Management relays.

"The relationships, learnings and legacy of MEA will endure. The
MEA Board extends heartfelt thanks to the thousands of individuals
and organisations who have contributed to the association's journey
over five decades, including members, educators, volunteers, staff,
sponsors, partners, and industry supporters.


MEL FOWLER: First Creditors' Meeting Set for April 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mel Fowler
Stella Central Pty Ltd will be held on April 11, 2025 at 10:00 a.m.
at the offices of SV Partners at 1st Floor, Corner Sydney & Gordon
Street in Mackay.

Francis Jude O'Neill and David Michael Stimpson of SV Partners were
appointed as administrators of the company on April 1, 2025.


NOW TRUST 2024-1: Moody's Upgrades Rating on Class F Notes to B1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by NOW Trust 2024-1.

Issuer: NOW Trust 2024-1

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 3, 2024
Definitive Rating Assigned Aa2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Jun 3, 2024
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jun 3, 2024
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jun 3, 2024
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated classes in the deal as
credit enhancement for these classes remains commensurate with the
current ratings.

Following the March 2025 payment date, the note subordination
available to the Class B, Class D, Class E and Class F Notes has
increased to 16.6%, 9.0%, 2.2% and 1.6% respectively, from 12.6%,
6.8%, 1.7% and 1.2% at deal close. Principal collections have been
distributed on a sequential basis started with the Class A Notes
since closing. Current outstanding notes as a percentage of the
closing notes balance is 75.4%.

As of end-February 2025, 1.7% of the outstanding pool was 30-plus
day delinquent, and 0.3% was 90-plus day delinquent. The deal has
incurred 1.3% of gross losses (as a percentage of the closing pool
balance), which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained the expected default assumption at 5.5% of
the closing pool balance and the portfolio credit enhancement
assumption at 24.5% from closing.

The transaction is a cash securitisation of unsecured personal
loans, secured personal loans and consumer asset finance loans
(mainly auto loans) extended to obligors located in Australia. All
receivables were originated by Now Finance Group Pty Ltd.

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

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

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

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


NOW TRUST 2025-1: Moody's Assigns B2 Rating to AUD2.50MM F Notes
----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the notes issued
by Perpetual Corporate Trust Limited in its capacity as trustee of
the NOW Trust 2025-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the NOW Trust 2025-1

AUD407.50 million Class A Notes, Assigned Aaa (sf)

AUD9.25 million Class A-X Notes, Assigned Aaa (sf)

AUD32.00 million Class B Notes, Assigned Aa2 (sf)

AUD20.00 million Class C Notes, Assigned A2 (sf)

AUD9.50 million Class D Notes, Assigned Baa2 (sf)

AUD22.50 million Class E Notes, Assigned Ba2 (sf)

AUD2.50 million Class F Notes, Assigned B2 (sf)

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

The transaction is a cash securitisation of unsecured personal
loans, secured personal loans and consumer automotive loans
extended to obligors located in Australia. It is a static
structure. All receivables were originated by Now Finance Group Pty
Ltd (NFG, unrated).

NFG is a private non-bank lender in the Australian consumer loan
market. NFG began originating unsecured personal loans in 2013,
secured personal loans in 2016 and consumer auto finance loans in
2022.

RATINGS RATIONALE

The ratings take into account, among other factors:

-- The limited amount of historical data. NFG began originating
personal loans in 2013, with significant origination growth
beginning in 2017, and started originating automotive loans from
2022. The collateral performance data used in Moody's analysis
reflects NFG's short origination history, particularly for the
automotive loans, and does not cover a full economic cycle. Moody's
have incorporated additional stress into its default assumptions to
account for the limited data.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata principal paydown structure.
Initially, the notes will be repaid on a sequential basis starting
with the Class A notes. Once pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through to Class F Notes. Following the call date, or if the pro
rata conditions are otherwise not satisfied, the principal
collections distribution will revert to sequential. Initially, the
Class A, Class B, Class C, Class D, Class E and Class F Notes
benefit from 18.5%, 12.1%, 8.1%, 6.2%, 1.7% and 1.2% of note
subordination, respectively.

-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
April 2028. If the deal is called by the sponsor before repayment
of the Class A-X Notes under the amortisation schedule in April
2028, the Class A-X Notes will be made whole and repaid in full.
The notes also benefit from access to principal draw.

-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.

-- The liquidity facility in the amount of 1.50% of the aggregate
invested amount of all note balances, subject to a floor of AUD0.80
million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of NFG as servicer, and the back-up servicing
arrangements with AMAL Asset Management Limited.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 23.0%. Moody's mean default rate
for this transaction is 5.1% and the assumed recovery rate is
18.00%. Expected defaults, recoveries and PCE are parameters used
by us to calibrate its lognormal portfolio loss distribution curve
and to associate a probability with each potential future loss
scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 5.61%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for NFG's portfolio.
It also reflects the current macroeconomic trends, and other
similar transactions used as a benchmark.

The PCE of 23.00% is based on Moody's assessments of the pool
taking into account (i) historical data variability; (ii) quantity,
quality and relevance of historical performance data; and (iii)
originator quality and servicer quality.

Key pool features are as follows:

-- Consumer automotive loans constitute 60.0% of the pool,
unsecured personal loans constitute 34.5% of the pool while the
remaining 5.5% is made up of secured personal loans

-- The weighted average interest rate of the portfolio is 13.8%;

-- The weighted average remaining term of the portfolio is 67.6
months; and

-- The weighted average seasoning of the initial portfolio is 10.3
months.

Methodology Underlying the Rating Action

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

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

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

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


ORNATE BANQUETS: First Creditors' Meeting Set for April 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ornate
Banquets Pty Ltd will be held on April 10, 2025 at 10:00 a.m. at
165 Camberwell Road in Hawthorn East and via Microsoft Teams.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on April 2, 2025.


RARECAFE PTY: First Creditors' Meeting Set for April 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Rarecafe Pty
Ltd will be held on April 10, 2025 at 11:00 a.m. via video
conference.

Kenneth Michael Whittingham and Mark Julian Robinson of Fort
Restructuring were appointed as administrators of the company on
March 31, 2025.


STAR ENTERTAINMENT: Agrees to AUD300 Million Deal With Bally's
--------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment's
board has agreed to hand control of the casino group to US-based
Bally's Corporation in a AUD300 million deal, which will stave off
financial collapse.

The Financial Review relates that three sources with knowledge of
the matter, not authorised to speak publicly, said the proposal has
received the support of Star's board, led by chairwoman Anne Ward,
and its lenders over the weekend.

Lawyers are finalising paperwork and a deal could be signed as
early as April 7, the sources said.

Under the plans, Bally's will inject about AUD250 million while
Star's largest shareholder, billionaire publican Bruce Mathieson,
will provide more than AUD50 million, the Financial Review relates.
Star is expected to receive some of this money before the end of
the week, allowing it to meet its near-term financial obligations.

A deal with Bally's should end the most tumultuous period in Star's
history, the Financial Review notes. Star chief executive Steve
McCann has attempted to find a long-term financial solution for the
company since his arrival last July, when he realised the casino
group was facing a multimillion-dollar cost blowout at its new
Queens Wharf entertainment precinct in Brisbane.

He managed to secure an additional AUD100 million loan from Star's
existing lenders in September, which came with a second tranche
contingent on meeting several conditions. Those conditions were not
met, putting Star under severe financial pressure once again, the
Financial Review notes.

Mr. McCann warned investors in January that the company had just
AUD79 million in cash, which ultimately meant the board could not
sign off on its half-year financial accounts, the Financial Review
recalls. He then explored a range of options, including a AUD750
million lifeline from property investor Salter Brothers and a
AUD250 million loan from US firm King Street Capital Management.
Neither deal was secured.

Separately, Star has also agreed to offload its 50 per cent stake
in the Queens Wharf precinct to its business partners, Chow Tai
Fook Enterprises and Far East Consortium, for AUD50 million cash
and interest in hotels on the Gold Coast, the Financial Review
relays.

Bally's owns 19 casinos in the US along with a string of other
entertainment assets. The company's initial proposal, sent by
chairman Soo Kim to Star's chair Ward on March 10, offered AUD250
million in exchange for at least a 50.1 per cent stake in Star. It
did not include a price or precise terms.

According to the Financial Review, Mr. Mathieson has a 10 per cent
stake in Star and is its largest shareholder. He already has
probity approval from casino regulators to increase his stake to 20
per cent. He would need to apply again to increase beyond that
threshold.

Mr. Mathieson is expected to have a larger stake in Star and board
representation following the Bally's deal, sources said.

The Australian Financial Review first revealed Bally's interest in
Star when Kim flew to Australia in February to visit the group's
casinos. Kim also met Star's bankers in New York in September.
However, there was no proposal until March.

                      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.


TAURUS TRUST 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to notes to be
issued by BNY Trust Company of Australia Limited in its capacity as
the trustee of the Taurus 2025-1 Trust.

Issuer: BNY Trust Company of Australia Limited in its capacity as
the trustee of the Taurus 2025-1 Trust

AUD245.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD4.60 million Class A1-X Notes, Assigned (P)Aaa (sf)

AUD52.50 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD27.65 million Class B Notes, Assigned (P)Aa2 (sf)

AUD7.35 million Class C Notes, Assigned (P)A2 (sf)

AUD7.70 million Class D Notes, Assigned (P)Baa2 (sf)

AUD7.70 million Class E Notes, Assigned (P)Ba2 (sf)

AUD1.40 million Class F Notes, Assigned (P)B2 (sf)

The AUD0.7 million Class G Notes is not rated by us.

Taurus 2025-1 Trust transaction is a static cash securitisation of
consumer and commercial auto loan receivables extended to prime
borrowers in Australia. Taurus Finance Holdings Pty Limited
(Taurus) originated and services the receivables. Taurus is a
finance company that originates retail auto loans and provides
floorplan finance to automotive dealers. Taurus was founded in 2016
and started originating retail auto loans in October 2019. As of
January 31, 2025, Taurus had a loan portfolio of AUD783.3 million
of retail auto loans.

RATINGS RATIONALE

The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 1.50% of the
invested amount of all rated notes subject to a floor of
AUD525,000, the legal structure, and the experience of Taurus as
servicer.

According to Moody's analysis, the transaction benefits from the
prime nature of the obligors and the strong historical performance
of Taurus's loan portfolio with delinquencies and losses since
October 2019 lower than for comparable auto loan originators.
However, the limited nature of historical performance data,
presents a challenge as the future performance of auto loans could
be subject to greater variability than the current data indicates.

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 15.0%. Moody's mean expected
default rate for this transaction is 2.6% and the assumed recovery
rate is 30.0%. Expected defaults, recoveries and PCE are parameters
used by us to calibrate Moody's lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the cash flow model to rate auto
ABS.

Moody's assumed mean default rate is stressed compared to observed
levels of default, with only 281 loans written off between October
2019 and January 2025. To address the limited performance history,
Moody's have benchmarked Taurus's portfolio performance, portfolio
characteristics, underwriting and credit policies to comparable
originators. Moody's have also overlaid additional stresses into
Moody's loss assumptions to account for the limited origination and
operational history.

The PCE of 15.0% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessments of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iii) servicer quality, (iv) certain pool characteristics, such as
asset concentration.

Key transactional features are as follows:

-- Principal collections will be at first distributed pari passu
and rateably to the Class A1 notes and Class A2 Notes; then
sequentially from Class B to Class G Notes. Once the step down
conditions are satisfied, all notes, excluding the Class G Notes,
may participate in proportional principal collections distribution.
The step down conditions include, among others, subordination to
the Class A2 Notes of at least 1.5 times the initial Class A2
subordination, no charge offs on any of the notes and average
arrears greater than 90 days not exceeding 4.0% of the aggregate
loan amount. Principal pay-down will revert to sequential once the
aggregate stated amount of the notes (excluding the Class A1-X
Notes) is less than 20.0% of the aggregate invested amount of the
notes (excluding Class A1-X Notes) at closing, or on or after the
payment date in April 2028.

-- A swap provided by National Australia Bank Limited
(Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the fixed rate assets and the floating rate liabilities.
The notional balance of the swap will follow a schedule based on
the repayment profile of the assets, assuming a certain prepayment
rate.

-- BNY Trust Company of Australia Limited (BNY), a wholly owned
subsidiary of The Bank of New York Mellon (Aa1/P-1) acts as the
standby servicer. BNY has delegated the standby servicer function
to Verofi Pty Limited (Verofi), a specialist third-party standby
servicer under a memorandum of understanding with Verofi. However,
BNY retains legal responsibility for the standby servicer's
contractual obligations. If Taurus is terminated or retires as
servicer, BNY will take over the legal responsibility of the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Key pool features are as follows:

-- The pool consists of 91.5% consumer loans and 8.5% of
commercial loans.

-- Interest rates in the portfolio range from 6.1% to 16.9%, with
a weighted average interest rate of 10.9%.

-- The weighted average seasoning of the portfolio is 6.3 months,
while the weighted average remaining term of the portfolio is 61.0
months.

Methodology Underlying the Rating Action:

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

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

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

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




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

WEST CHINA CEMENT: Moody's Cuts CFR to 'Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Ratings has downgraded West China Cement Limited's (WCC)
corporate family rating to Caa1 from B3 and its senior unsecured
ratings to Caa2 from Caa1, and maintained the negative outlook.

"The downgrade and negative outlook reflect the company's still
weak liquidity and lack of concrete progress in refinancing its
upcoming USD600 million bond, which will mature in July 2026", says
Roy Zhang, a Moody's Ratings Vice President and Senior Analyst, who
is the lead analyst for WCC.

"Although the company is exploring several options to repay or
refinance the USD600 million bond, significant uncertainty remains
regarding its ability to fully repay the obligation in a timely
manner," adds Zhang.

RATINGS RATIONALE

WCC's Caa1 CFR reflects the company's high refinancing risk and
weak liquidity amid increasing maturities over the next 12-18
months. The rating also considers its exposure to industry
cyclicality, limited operation scale and product diversification,
large investment requirements and high execution risks related to
its overseas expansion projects such as cash repatriation. In
addition, the company maintains an aggressive financial policy,
indicated by its high reliance on short-term financing, although
its debt leverage has remained moderate. These factors altogether
offset the company's dominant market share in cement production in
central and southern Shaanxi province, and its long track record of
operations.

WCC plans to primarily use internal cash resources to repay the
USD600 million bond due in July 2026. A substantial portion of the
cash flow will be generated from the company's overseas
operations.

Moody's expects the company's adjusted EBITDA to grow to
approximately RMB4 billion by 2025, up from RMB2.7 billion in 2024.
This growth will be driven by increased production volume from the
ramp-up of new overseas plants, with the overseas market
contributing about two-thirds of the total.

However, the visibility regarding the repatriation of a substantial
amount of overseas funds to the holding company in the upcoming
months remains unclear. This uncertainty negatively affects the
company's ability to repay the USD600 million bond maturing in July
2026 with internal funds.

WCC has also maintained significant investment needs for overseas
market expansion. As of December 31, 2024, capital commitments
amounted to around RMB3.7billion. Moody's expects the majority of
these commitments to be related to the construction of new
production facilities in Africa. While the company can partly fund
these commitments from available banking facilities, the large
investment commitments will still strain the internal funds
available for debt repayment.

Other potential liquidity sources include the sales proceeds from
the disposal of non-core onshore assets and refinancing through the
offshore bond market. However, there are uncertainties regarding
the timeliness and sufficiency of proceeds from assets disposal and
USD bonds issuance.

WCC's liquidity remains weak, with its unrestricted cash to
short-term debt ratio at a low 30% as of December 2024. Moody's
estimates that the company's cash and cash-like sources, together
with its operating cash flow, are insufficient to cover its
short-term debts, dividend payout and capital expenditure over the
next 12-18 months.

The Caa2 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that most of WCC's claims are at its operating
subsidiaries, which have priority over the senior unsecured claims
at the holding company in a bankruptcy scenario.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG considerations have a negative impact on WCC's ratings. The
company's exposure to environmental and social risks, including
carbon transition, natural capital, waste and pollution risks, is
in line with those of rated cement producers.

In terms of governance risk, the company continuously demonstrates
high risk appetite despite increasing maturities and the execution
risks related to its fast expansion in Africa. It has also
maintained an aggressive financial policy with high reliance on
short-term financing.

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

Moody's could downgrade the ratings if WCC defaults on its debt
repayment.

Upward rating pressure on WCC's ratings is unlikely, given the
negative outlook.

However, positive rating momentum could occur if the company makes
substantial progress in debt repayment or debt refinancing.

The principal methodology used in these ratings was Building
Materials published in September 2021.


West China Cement Limited (WCC) is a leading cement producer in
terms of capacity in China's Shaanxi province. As of December 2024,
its annual production capacity was 39.3 million tons.

Most of WCC's plants are located in the central and southern parts
of Shaanxi province. The company has an established presence in
Xinjiang and Guizhou in China, and in Mozambique, Ethiopia, the
Democratic Republic of the Congo and Uzbekistan through its new
facilities and acquisitions.

WCC was 32.3% owned by its founder and chairman Zhang Jimin, and
29.1% owned by Anhui Conch Cement Company Limited as of December
2024.

WCC listed on the Hong Kong Stock Exchange in August 2010.




=================
H O N G   K O N G
=================

CATHAY PACIFIC: Egan-Jones Hikes Senior Unsecured Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company on April 3, 2025, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Cathay Pacific Airways Ltd. to B from B-.  EJR also maintained
the rating on commercial paper issued by the Company.

Cathay Pacific Airways Limited, or simply Cathay Pacific, is the
flag carrier of Hong Kong, with its head office and main hub
located at Hong Kong International Airport.


PAUL Y: Hong Kong Court Orders Construction Firm Into Liquidation
-----------------------------------------------------------------
South China Morning Post reports that Paul Y Engineering Group, one
of the largest construction firms in Hong Kong, has been ordered
into liquidation.

According to the Post, the High Court on March 31 issued the
winding-up orders against the 79-year-old group and its subsidiary
Paul Y Management.

The orders came a month after the court appointed two provisional
liquidators for five of the debt-ridden group's subsidiaries to
address debt issues and formulate a restructuring plan, the Post
says.

The Post relates that a government spokesman said last month that
13 public works projects, including 12 joint ventures with other
construction firms, would be affected by Paul Y's liquidation.

Two projects related to the development of the Lok Ma Chau Loop, an
area near the border with mainland China earmarked for a hi-tech
zone, are managed by the Civil Engineering and Development
Department and include direct road links and site formation work.

The only contract solely undertaken by Paul Y for the management
and maintenance of roads on Hong Kong Island is nearing
completion.

The Post adds the spokesman said the Development Bureau believed
the impact of Paul Y's looming liquidation was manageable, with the
joint-venture participants concerned willing to undertake the
remaining works without its involvement.

Last year, a Hong Kong construction union accused Paul Y of failing
to pay HK$2 million (US$257,106) in wages and more than HK$60
million in subcontractor costs on a student hostel project for the
Hong Kong University of Science and Technology, saying the client
had appointed another firm to finish the work, the Post recalls.

Two of Paul Y's subsidiaries, Paul Y Construction Co and Paul Y
General Contractors, were sued last month for more than HK$9.5
million by one of its subcontractors for allegedly defaulting
payment for several public construction works.

Paul Y was founded in 1946 in Shanghai and subsequently expanded
into Hong Kong, becoming one of the city's largest contractors. It
worked on commercial and residential buildings, roads, runways,
railways, tunnels and bridges in the city and Macau.

Major projects listed on the group's website include the Cheung
Kong Center, Cyberport, mass transit underground stations and the
Cross-Harbour Tunnel.




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

ABSOLUTE ENGINEERS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Absolute Engineers Private Limited
312, Abhishree Building,
        3RD Floor Near Star India Bazar, Satellite,
        Ahmedabad, Gujarat, India - 380015

Liquidation Commencement Date: March 15, 2025

Court: National Company Law Tribunal Ahmedabad Bench

Liquidator: Kiram Shah
     608, Sakar-1
            Near Gandhigram Railway Station
            Ashram Road, Ahmedabad - 380009
     Email: dhruvitks@gmail.com
            Email: kiranshah.ip@gmail.com
            Mobile: 9825506911
            Mobile: 9974911231

Last date for
submission of claims: April 14, 2025


AKSHAR SPINTEX: CARE Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Akshar
Spintex limited (ASL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            16.92      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term            1.35      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) has been seeking information from
ASL to monitor the ratings vide email communications dated January
6, 2025, January 9, 2025, January 13, 2025, February 3, 2025, March
16, 2025, March 18, 2025, March 20, 2025 and March 27, 2025 amongst
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. Further, ASL
has not paid the surveillance fees for the rating exercise agreed
to in its rating agreement. In line with the extant SEBI
guidelines, CARE Ratings' rating on ASL'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).

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on August 8, 2024, the following were
the rating weaknesses considered.

The revision in the rating assigned to the facilities of Akshar
Spintex Limited (ASL), takes into account instances of the delays
in servicing debt obligations on account of poor liquidity
position.
Key weaknesses

* Delays in debt servicing: As per the bank statements received,
there have been multiple instances of delays in debt servicing in
the term loan account.

Liquidity: Poor

ASL has poor liquidity as marked by almost full fund-based working
capital utilisation and low cash and bank balance resulting in
delay in the debt servicing. Average and maximum utilization of
fund-based limits remained 96% and 100% respectively during past 12
months ended June 2024.

Assumptions/Covenants: Not applicable

Jamnagar, Gujarat based, Akshar Spintex Limited (ASL) was
incorporated as a private limited company in June 2013 by Mr. Amit
Gadhiya and Mr. Ashok Bhalala. Then in December 2017, the company
converted into a public limited company and got listed on BSE in
the same year. ASL manufactures carded, combed and compact cotton
yarn of finer quality ranging between 16s to 44s counts having
24,480 spindles with an installed capacity of 6,000 Metric Tons Per
Annum (MTPA) as on March 31, 2024, and operates from its sole
manufacturing facility located at Haripar, Jamnagar, Gujarat.


ANNALAKSHMI ORGANIC: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Annalakshmi Organic Farms Private Limited
New No. 18, Old No. 22, 2nd Cross Street, Lake Area,
        Nungambakkam, Chennai
        600034, Tamil Nadu

Liquidation Commencement Date: March 20, 2025

Court: National Company Law Tribunal Chennai Bench

Liquidator: Sreenivasa Rao Gangisetty
     Flat 3C, 3rd Floor, Ark Srisai Enclave,
           New No.10,
            Valliammal Garden 1st Street,
            Rangarajapuram, Kodambakkam, Chennai 600024
            Mobile: 9840426264
            Email: gsrandco2020@gmail.com

Last date for
submission of claims: April 9, 2025


CIRO PHARMA: CARE Reaffirms D Rating on INR120cr LT Loan
--------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
CIRO Pharma Private Limited (CPPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank      120.00       CARE D Reaffirmed
   Facilities                        

   Long Term/           20.00       CARE D/CARE D Reaffirmed
   Short Term                       
   Bank Facilities      

Rationale and key rating drivers

The reaffirmation of ratings assigned to the bank facilities of
CPPL is on account of delays in interest servicing towards the
project term loan rated by CARE Ratings Ltd (CARE).

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Company's ability to meet the curing period guidelines as
stipulated by SEBI by demonstrating a delay free track record.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Delays in Debt Servicing Obligations: There was a delay in
interest servicing in the project term loan. As per the latest bank
statements there have been instances of delay in interest servicing
in its project term loan.

* Exposure to regulatory risk: The company is exposed to regulatory
risk as the pharmaceutical industry is highly regulated in many
other countries and requires various approvals, licenses,
registrations and permissions for business activities. The approval
process for a new product registration is complex, lengthy and
expensive. Apart from above the ability of the company to continue
to observe the regulatory and Current Good Manufacturing Practices
(CGMP) standards without receiving any critical observations from
regulatory authorities are viewed critically from business and
credit risk point of view.

Key strength

* Experienced and resourceful promoters, and a qualified management
team: CIRO Pharma is promoted by Dr. K. Govinda Reddy and three
other directors: Smt. K. Harshitha Reddy, Mr. Y Madhusudan Reddy,
and Mr. K Someshwar. Dr. K. Govinda Reddy has 27 years of
experience as the Managing Director of KGR Industries, primarily
involved in the export and import of mining equipment.
Additionally, he has a decade of experience as an educationalist,
leading KGR Institutions, with KGR Institute of Technology and
Management being a prominent entity. Mr. Y Madhusudan Reddy serves
as the Secretary & Correspondent to Lenora Institute of Dental
Sciences & Hospital in Rajahmundry, Andhra Pradesh, established in
2008. He is also a director of Bell Pharmaceuticals, engaged in
contract development and manufacturing of different formulations.
Smt. K Harshitha Reddy is the director of Planet India Remedies Pvt
Ltd, a US FDA approved facility engaged in the manufacturing of
packaging materials and HDPE containers of various sizes. Dr. K.
Someshwar, a pharmacist and research scientist, has over 20 years
of experience in various pharmaceutical industries, including roles
at Dr. Reddy's Laboratories, KP Labs (as CEO), and Veritaz Pharma
(A unit of Aurobindo Pharma). He is also a member of Indian
Pharmaceutical Association (IPA), Indian Pharmacological Society
(IPS), among others. Additionally, KGR Rigs and Mining Equipment
has extended a corporate guarantee to CIRO Pharma for its term
debt.

Liquidity: Poor

Liquidity is poor marked by minimal cashflow generation as of now
as the company started commercial operations from November
2024.

CIRO Pharma Private Limited was incorporated in July 2020, with a
focus on manufacturing, formulating, and processing various
biopharmaceuticals and antibiotics, particularly life-saving
formulations such as anti-cancer products. The company has acquired
6.37 acres of land in Siddipet District, Telangana, for its
facility from Telangana State Industrial Infrastructure Corporation
Limited (TSIIC Ltd). CIRO Pharma aims to initially sell its
products domestically through third-party pharmaceutical companies.
The company also plans to set up a R&D facility at the same
location. The project was initially expected to achieve COD in
April 2024. However, due to a change in scope aimed at increasing
capacity, the revised project cost, factoring in revised cost, now
stands at INR298 crore. The additional cost was funded by the
promoters. With the project revision, the revised COD was set for
November 2024, which the company successfully achieved.


GMR AMBALA: ICRA Withdraws B- Rating on INR103.52cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
GMR Ambala - Chandigarh Expressways Private Limited at the  request
of the company and based on the No Objection Certificate (NOC)
received from the bankers, and in accordance with ICRA's policy on
withdrawal of credit ratings. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The key rating drivers,
liquidity position and rating sensitivities have not been captured
as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term          103.52      ICRA]B- (Stable); withdrawn
   Fund-based-
   Term loan          
                                  
   Long-term           72.81      [ICRA]B- (Stable); withdrawn
   Fund-based-
   Others              

GACEPL is a special purpose vehicle (SPV) set up by the GMR Group
entities (major shareholders are GMR Highways Limited 51.65%, GMR
Energy Limited –24.66% and GMR Power and Infra Limited) for
executing a build operate transfer (BOT) toll based project on a
20-year concession agreement (initially ending on May 2026, now
extended till August 2027 owing to suspension of toll in past due
to pandemic and farmer protest) with the NHAI.  The project scope
entails improvement and O&M including strengthening, widening of
the existing two-lane road to a four-lane dual carriageway for 35
km stretch on the Ambala-Chandigarh (NH-21/NH-22) highway. The
project was completed on schedule and achieved commercial operation
date (COD) on November 14, 2008. The toll collection on the project
highway started from December 10, 2008.


GO FIRST: NCLAT Dismisses Plea Against Carrier's Liquidation
------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on April 4 dismissed a batch of petitions filed
against the liquidation of grounded carrier Go First.  A
three-member NCLAT bench led by Chairperson Justice Ashok Bhushan
upheld the earlier order passed by the Delhi bench of the National
Company Law Tribunal (NCLT), which had, on January 20, ordered for
the airline's liquidation.

Rejecting the petition by Busy Bee Airways, NCLAT said it did not
find any infirmity in the order of the Adjudicating Authority, ET
relates.

The order was pronounced in the open court and a detailed order is
still awaited.

Busy Bee Airways, Bhartiya Kamgar Sena Mumbai, and Captain Arjun
Dhawan had challenged the NCLT order of liquidation of Go First, ET
relays.

According to ET, Busy Bee Airways has submitted that it is ready to
acquire Go First as a going concern as it still has valuable assets
and a licence from the Directorate General of Civil Aviation (DGCA)
to operate.

Travel portal EaseMyTrip's Co-Founder Nishant Pitti is the majority
shareholder in Busy Bee Airways.

ET says Bhartiya Kamgar Sena Mumbai, a trade union body, had
submitted that around 5,000 workers would be left with nothing if
the company is liquidated.

The trade union body requested to keep the airline as a going
concern until arbitration with American engine maker Pratt &
Whitney concludes at the Singapore International Arbitration
Centre, ET adds.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

As recently reported in the Troubled Company Reporter-Asia Pacific,
the National Company Law Tribunal (NCLT) on Jan. 20, 2025, ordered
the liquidation of budget airline Go First Airways.

A Bench of NCLT, led by Judicial Member Mahendra Khandelwal and
Technical Member Dr Sanjeev Ranjan, granted the liquidation
petition filed by the airline's Committee of Creditors (CoC),
Business Standard related citing Bar and Bench.


JAY KHODIYAR: CRISIL Reaffirms B Rating on INR7.95cr Cash Loan
--------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the
long-term bank facility of Jay Khodiyar Cotton Pvt Ltd (JKCPL).

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          7.95       CRISIL B/Stable (Reaffirmed)

The reaffirmation follows the stable business risk profile, with
operating margin expected to increase to 2.0-2.4% in fiscal 2025
from 1.66% in fiscal 2024. The revenue of the company has declined
to INR30-32 crore in fiscal 2025 from INR53.24 crore in fiscal
2024. The financial risk profile has remained stable, with expected
gearing of 0.7-0.8 time as on March 31, 2025.

The rating continues to reflect the modest scale of operations of
JKCPL amid intense competition, and the vulnerability of its
profitability to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of the
promoters in the cotton industry and the company's moderate
financial risk profile.

Analytical approach

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

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations: JKCPL's business risk profile is
constrained by its scale of operations in the intensely competitive
cotton industry. The scale of operations, which declined to
INR29.90 crore till mid-March 2025 from INR53.24 crore in fiscal
2024, will continue to limit the company's operating flexibility.
The company is expected to close fiscal 2025 with revenue of
INR30-32 crore. Any significant deviation in the scale of
operations will remain monitorable.

* Susceptibility of profitability to volatility in raw material
prices: Cotton, the key raw material, accounted for 96-98% of the
operating income in the past five years. Thus, any sharp
fluctuation in the raw material cost can adversely impact on the
operating margin.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of more than two decades in the cotton industry, their
understanding of the local market dynamics and established
relationships with cotton farmers should continue to support the
business.

* Moderate financial risk profile: The financial risk profile is
supported by comfortable capital structure, with gearing of 1.22
times and total outside liabilities to tangible networth (TOLTNW)
ratio of 1.76 times as on March 31, 2024, despite adjusted networth
of just INR5.56 crore. The debt protection metrics were adequate as
indicated by interest coverage ratio of 1.70 times in fiscal 2024.
In the absence of any large, debt-funded capital expenditure
(capex) and given the thin profitability, the company's financial
risk profile is expected to remain stable over the medium term.

Liquidity: Stretched

Bank limit utilisation was moderate at 51.65% on average for the 12
months through November 2024. Annual cash accrual is expected to be
over INR25 lakhs against nil term debt obligation over the medium
term, and will cushion liquidity. The current ratio was moderate at
1.29 times as on March 31, 2024.

Outlook: Stable

Crisil Ratings believes JKCPL will continue to benefit from the
extensive experience of its promoters.

Rating sensitivity factors

Upward factors:

* Significant increase in revenue, with steady operating margin,
leading to accrual of over INR0.80 crore on sustained basis
* Improvement in the TOLANW ratio

Downward factors:

* Stretch in the working capital cycle resulting in TOLANW ratio
above 3.5 times
* Large, debt-funded capex or sharp rise in the working capital
requirement, weakening the financial risk profile

JKCPL was incorporated in 2007, promoted by Mr Nanabhai Kalsariya,
Mr Nagjibhai Rathod and Mr Mangal Bhai Ladumor. The company is
engaged in ginning and pressing of cotton into bales and extracting
cotton seeds. Its manufacturing facility is in Mahuva, near
Bhavnagar in Gujarat.


JEWEL ROCK: CARE Assigns B+ Issuer Rating
-----------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jewel
Rock Hire Purchase and Leasing Private Limited (Jewel Rock), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Issuer rating        0.00        CARE B+; Stable Assigned

Rationale and key rating drivers

The rating assigned to issuer rating of Jewel Rock is constrained
by small scale of operations with geographical concentration of
portfolio, moderate profitability, low capital base and
concentrated resource profile. The rating draws comfort from the
asset quality metrics despite limited track record.

Rating sensitivities: Factors likely to lead to rating actions

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

* Improvement in the scale of operations and good asset quality and
profitability on a sustained basis.
* Significant infusion of equity capital.

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

* Weakening of asset quality levels in turn affecting
profitability
* Significant weakening of capitalisation levels with overall
gearing above 6x on a sustained basis.
* Significant weakening of liquidity profile.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes the entity shall
sustain its moderate financial risk profile over the medium term.

Detailed description of key rating drivers:

Key weakness

* Small scale of operations with geographical concentration of
portfolio: Jewel rock Hire Purchase and Leasing Private Limited was
incorporated in 1996. However, the company has been taken over by
the current promoters from the erstwhile founders in 2021. The
company primarily offers gold loans with a smaller portion in
microfinance and small business loans. The company's assets under
management (AUM) stood at INR17.81 crore as on March 31, 2024, and
INR21.59 crore as on December 31, 2024. Despite an expanding branch
network, operations remain concentrated in 23 branches across
Kerala.

* Moderate profitability: The company had turned profitable in
FY24. The company has reported a profit of INR0.79 crore against
income of INR4 crore compared to a loss of INR0.35 crore against
total income of INR1.60 crore reported in FY23. Net income margin
(NIM) improved to 17.40% in FY24 compared to 14.53% in FY23
supported by improvement in yields, lower cost of funds and capital
infusion. Opex as a percentage of total assets stood at 10.55% in
FY24 compared to 19.95% in FY23 despite increase in the number of
branches. The credit cost as a percentage of total assets for FY24
stood at 0.77% compared to 0.91% in FY23. The return on total
assets (ROTA) for FY24 stood at 5.09%. The NIM for 9MFY25 stood at
14.92% and the opex has slightly increased to 11.59% in 9MFY25
resulting in a ROTA of 3.43% for 9MFY25.
Key strengths

* Good asset quality despite limited track record: The company has
reported a gross non-performing assets (GNPA) and net
non-performing assets (NNPA) of 1.91% and 0.50%, respectively, as
on March 31, 2024, compared to 2.65% and 0.99%, respectively, as on
March 31, 2023. The company was recognising NPA on 120 days past
due basis until March 2024 and is now transitioning to 90 days past
due. The company faces higher delinquencies and NPAs in the
short-term personal loan segment. The company's ability to control
delinquencies and maintain good asset quality while growing the
scale of operations remain crucial. Significant proportion of the
portfolio being gold loan provides comfort.

Liquidity: Adequate

The company's cash and cash equivalents stood at INR1.68 crore as
on December 31, 2024. NCD has tenor ranging from three years to
five years, whereas the loan portfolio has a tenor of up to one
year. The liquidity is adequate considering the portfolio's shorter
tenure of the portfolio in compar to long term borrowings and the
current scale of operations with overall gearing remaining lower.

Jewel Rock Hire Purchase and Leasing Private Limited is a
Non-Banking Financial Company (NBFC) established on January 1,
1996, in Thrissur, Kerala. In 2021, new promoters have acquired the
company and expanded in new areas, resulting in growth. The company
has presence across 23 branches in Kerala.


K.V. TEX: CARE Lowers Rating on INR11.17cr LT Loan to C
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
K.V. Tex Firm (KV Tex), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.17       CARE C Downgraded from
   Facilities                      CARE BB-; Stable

   Long Term/          23.00       CARE C/CARE A4 Assigned
   Short Term
   Bank Facilities     

Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of KV
Tex factors in delays in debt servicing on one of its term loan
facilities (not rated by CARE Rating Ltd.,). Rating remains
constrained by the moderate scale of operations and geographical
concentration risk arising out of fewer showrooms which are in
close proximity to each other, moderate capital structure, highly
competitive nature of textile retailing industry and capital
withdrawal risk associated with the partnership firm. However, the
rating continues to derive comfort from the experience of the
promoters and long track record of operations of the firm.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Satisfactory track record of timely repayment and servicing of
debt obligation for a continuous period of 90 days.
* Improvement in Total operating income (TOI) to INR350 Cr.
* Sustenance of profit before interest, lease rentals,
depreciation, and taxation (PBILDT) margin above 8%.
Negative factors

* Deterioration of capital structure with overall gearing above
4x.
* Any further strain in the liquidity profile of the firm.

Analytical approach: Standalone

Detailed description of key rating drivers:

Key weaknesses

* Delay in debt servicing: As per the due diligence exercise
conducted by CARE Ratings Ltd., it is understood that the company
has delays in servicing the availed loan facilities (not rated by
CARE Rating Ltd.,).

* Moderate capital structure and capital withdrawal risk associated
with partnership firm: The capital structure of the firm remained
moderate with the overall gearing at 2.35x as of March 2024 (PY
2.44x). Further, the firm continued to remain as a closely held
partnership firm since inception and capital withdrawal risk is
inherent to the partnership nature of the firm.

* Geographical concentration risk and presence in competitive
industry: Firm's outlets, including the proposed showroom, are
located at Cuddalore and Puducherry region in close proximity to
one another, exposing the firm to geographical concentration risk.
Furthermore, in addition to local competition, stores in Cuddalore
and Puducherry face competition due to their proximity to Chennai,
which has wider offerings with the presence of other
established/organised/unorganised retailers, resulting in intense
competition in attracting/retaining customers.

Key strengths

* Long track record of operations: The firm has been operational
for nearly three decades and currently operates three showrooms in
Cuddalore and Puducherry (all of which are owned) with a total
retail space of 1.55 lakh sq. ft., with products catering to lower
middle-class & middle-class segment. Cuddalore showroom was started
in 2013 while the outlet at Puducherry which commenced operation in
2018 faced closure due to issues on the construction like
insufficient parking space as identified by the municipal
corporation. However the outlet resumed its operation by the end of
2021. The firm also has 3 warehouses with total area of 65,000 sq.
ft. (of which 1 warehouse is owned with area of 25,000 sq. ft). The
outlets are large format retail stores. Major sale volume is
derived from sales of readymade garments of men, women, and
children.

* Experienced promoters: The promoters have three decades of
experience in the textile retail industry. M. Venkateshwaran,
managing partner, oversees the day-to-day operations of the textile
showrooms. He is supported by other partners in the day-to-day
operations.

Liquidity: Poor

The firm's liquidity profile is likely to be poor, with generated
gross cash accruals has not sufficient to meet the debt payment
liabilities in FY25, and the promoter's fresh capital infusion is
expected to assist the firm in meeting the required outgo. The
firm's average working capital utilization for the 12-month period
ended January 2025 was 80%, and the operational cycle remained
negative during FY24 due to credit periods ranging from 45 to 60
days provided by suppliers.

KV Tex is a partnership firm founded in 2013 by the brothers
Kannappan and Venkateswaran, together with their spouses. The firm
operates large-format retail outlets, with a major focus on
textiles. KV Tex is currently operating with a retail space of 1.55
lakh square feet over three showrooms, two of which are in
Cuddalore and the other in Puducherry.

KNK PROJECTS: CARE Lowers Rating on INR8cr LT Loan to B+
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
KNK Projects Private Limited (KNK), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            8.00       CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Downgraded from
                                   CARE BB-; Negative and moved to

                                   ISSUER NOT COOPERATING category

   Short Term          37.25       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; LT rating
                                   downgraded from CARE BB-;
                                   Outlook revised from Negative
                                   and ST rating reaffirmed and
                                   moved to ISSUER NOT COOPERATING

                                   category

   Short Term          30.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

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

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

The long-term rating has been downgraded on account of company's
modest and declining scale of operations, elongation in operating
cycle and deterioration in capital structure and debt coverage
indicators in FY24 (refers to the period from April 1 to March 31).
Further, the rating continues to remain constrained by risk
associated with its concentrated though moderate order book
position, project execution risk inherent in various infrastructure
projects and highly competitive nature of industry along with
business risk associated with tender-based orders. The rating,
however, continues to draw comfort from the experienced
promoters and moderate profitability margins.

Analytical approach: Standalone

Outlook: Stable
Detailed description of the key rating drivers:

At the time of last rating on February 22, 2024, the following were
the rating strengths and weaknesses:

(updated based on information provided by the client)

Key weaknesses

* Modest and declining scale of operations: KNK's scale of
operations continue to remain modest and declining as marked by
total operating income (TOI) and gross cash accruals (GCA) of
INR61.40 crore and INR7.70 crore respectively, during FY24 (FY
refers to the period April 1 to March 31) as against INR100.80
crore and INR14.51 crore respectively, during FY23. The modest
scale of operations in a competitive industry limits the bidding
capability, pricing power and benefits of economies of scale.
Moreover, KNK's scale of operations remained declining for the
period FY22-FY24 (refers to the period April 1 to March
31) mainly on account of lower execution of contracts pertaining
mainly to Punjab government. Further, the company has achieved
total operating income of ~Rs.49.00 crore during 11MFY25 (refers to
the period April 1, 2024 to February 28, 2025; based on provisional
results) and is expected to book revenue of ~Rs.70.00 crore in
FY25.

* Elongation in operating cycle: The operating cycle of the company
elongated as marked by 124 days for FY24 as against 32 days for
FY23 due to slow realization from the government departments
primarily Punjab government due to non-availability of funds within
the departments. Thus, the average collection period elongated and
stood at 153 days for FY24. The company raises bills on milestone
basis and thereon which gets acknowledge by client after necessary
inspection of work done by the respective departments. Post the
inspection, department clears the payment within 1-2 months
(maximum) by deducting certain percentage of bill raised (ranging
from 5-6% of bill amount) in the form of retention money, which
they refund after submission of bank guarantee/after one year from
the completion of contract. On the other hand, the company receives
an average credit period of around 1-2 months from its suppliers.
Thus, the same has led to stretched liquidity position of the
company which resulted in high utilization of almost more than 95%
of its working capital limits for the past 12 months period ending
February, 2025.

* Deterioration in capital structure and debt coverage indicators:
The capital structure of the company as marked by overall gearing
ratio has deteriorated and stood at 0.28x as on March 31, 2024
showing moderation from 0.25x as on March 31, 2023 mainly on
account of higher utilization of working capital borrowings as on
balance sheet date. Further, the debt coverage indicators of the
company have also deteriorated as marked by interest coverage ratio
and total debt to GCA which stood at 6.58x and 1.65x respectively,
for FY24 as against 17.56x and 0.65x respectively, for FY23. The
deterioration is on the back of a substantial increase in the
utilization of working capital borrowings as on balance sheet,
consequently leading to higher total debt and finance cost.

* Concentrated though moderate order book position: KNK has an
unexecuted order book position of ~INR42.81 crore as on December
31, 2024 which is equivalent to ~3.95x the total operating income
achieved in FY24. The tenor of the construction contracts to be
executed varies up to a maximum of 3 years depending upon the type
of contract bid and awarded, thereby reflecting revenue visibility
over the medium term. However, the present unexecuted order book is
concentrated around 78% towards contracts from Faridabad
Metropolitan Development Authority (FMDA), Haryana and Public
Health Engineering Department (PHED), Haryana. Thus, the company is
exposed to the risk of any unfavourable changes in the policies
towards award of new contracts. Furthermore, effective and timely
execution of the orders has a direct impact on the
total income and margins of the company.

* Project execution risk inherent in various infrastructure
projects: Given the nature of projects awarded, KNK is exposed to
inherent risk in terms of delays in certain projects undertaken by
the company due to delay in approvals and sanction from regulatory
bodies such as land acquisition issues, thus exposing KNK towards
the risk of delay in projects resulting in a delay in the
realization of revenue growth. Furthermore, the company's ability
to execute a project in timely manner would be led by its own
operational efficiency and timely stage payments received from its
clients which is also crucial
from credit perspective.

* Highly competitive nature of industry along with business risk
associated with tender-based orders: KNK operates in a highly
competitive construction industry wherein it faces direct
competition from various organized and unorganized players in the
market given the low barriers to entry. There are number of small
and regional players catering to the same market which has limited
the bargaining power of the company. KNK receives all of its
majority of work orders from government/ public sector
undertakings. The risk arises from the fact that any changes in
geo-political environment and policy matters would affect all the
projects at large. Further, any changes in the government policy or
government spending on projects are likely to affect the revenues
of the company. The company majorly undertakes government projects
which are awarded through the tenderbased system. This exposes the
company towards risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder.

Key strengths

* Experienced promoters: KNK is a family run business. Mr. Shankar
Khandelwal, Mr. Nishant Khandelwal and Mr. Nikhil Khandelwal are
the directors, and they collectively look after the overall
operations of the company. Mr. Shankar Khandelwal is a graduate and
holds experience of more than four decades in executing water
supply contracts through his association with this entity and in
individual capacity. He is ably supported by his two sons namely,
Mr. Nishant Khandelwal and Mr. Nikhil Khandelwal having
considerable experience of varied up to one decade in executing
water supply contracts through their association with this entity.

* Moderate profitability margins: The company majorly undertakes
government projects, which are awarded through the tender based
system and ~80% of TOI is generated from the contracts which were
procured through sub-contracting. The PBILDT margin of the company
declined however, continue to remain moderate and stood at 17.91%
in FY24 as against 19.80% in FY23 owing to higher execution of
contracts which were majorly in its initial phase of its execution
and generally fetches lower margins due to higher expenditure
involved. Further, PAT margin also declined and stood at 11.52% in
FY24 as against 13.95% in FY22 backed by decline in PBILDT levels.

Liquidity: Stretched

The liquidity position of the company remained stretched on account
of high utilization of more than 95% of its working capital limits
for the past 12 month's period ending February, 2025 due to
elongated collection period caused by delay in the realizations
from various government departments. Further, the company has low
free cash & bank balances which stood at Rs.0.13 crore as on March
31, 2024. However, the company has reported net cash accruals (NCA)
to the extent of INR7.70 crore during FY24 and is expected to
generate NCA of more than INR8.00 crore for FY25 against repayment
obligations of
~INR0.31 crore in same year.

New Delhi, Delhi based KNK Projects Private Limited (KNK) was
incorporated in March, 2016 as a private limited company. The
company is currently being managed by Mr. Shankar Khandelwal, Mr.
Nishant Khandelwal and Mr. Nikhil Khandelwal. The company
undertakes water supply contracts for setting up of water supply
systems, laying of water supply distribution networks, wastewater
treatment plants on turnkey basis (design, construction, supply,
installation, testing and commissioning) and its operation &
maintenance related works mainly for government departments like
Public Health Engineering Department, (Haryana), Madhya Pradesh
Urban Development Company Limited, (Madhya Pradesh), Madhya Pradesh
Jal Nigam (Madhya Pradesh), Department of Water Supply & Sanitation
(DWSS) (Punjab), etc. In order to get the business, company has to
participate in tenders floated by government companies. The company
has geographical coverage across Haryana, Madhya Pradesh and
Punjab. The company is having a joint venture partnership firm
namely, "M/s KNK JWIL JV". It is a joint venture between "M/s KNK
Projects Private Limited" and "M/s JWIL Infra Limited" having 60:40
ownership.


LAZULINE BIOTECH: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of
Lazuline Biotech Private Limited (LBPL) to 'Crisil D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          5.07        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           6.93       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan       4.95       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan      17          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan      30          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with LBPL for
obtaining information through letter and email dated March 11, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011, LBPL is setting up a unit for manufacturing
of biosimilars. The products proposed are antigens, industrial
enzymes and therapeutic and reagent biotech products.

Promoters of the company are Ramireddy Tummuru, Satya Latha
Kandimalla, Kumar Venkata Naga Prasad Kandimalla, Sriram Prasad
Papani.


MANOJ A: CRISIL Assigns B+ Rating to INR9.5cr Cash Loan
-------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the
long-term bank facility of Manoj A.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           9.5       Crisil B+/Stable (Assigned)

The rating reflects susceptibility to risks inherent in
tender-based business, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
proprietor in the civil construction industry.

Analytical approach

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

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to risks inherent in tender-based business:
Revenue and profitability entirely depend on the ability to win
tenders. Because of intense competition, the firm has to bid
aggressively to get contracts, which restricts the operating
margin. Also, given the cyclicality inherent in the construction
industry, the ability to maintain profitability through operating
efficiency becomes critical.

* Large working capital requirement: Operations are working capital
extensive, as reflected in gross current assets of 268.3-213.7 days
over the three fiscals through 2024 and 268.3 days as on March 31,
2024. The working capital cycle remains stretched owing to large
inventory over 200 days.

Strength:

* Extensive industry experience of the proprietor, supporting scale
of operations: The proprietor has experience of over two decades in
the civil construction industry. This has given them an
understanding of the market dynamics and enabled them to establish
relationships with suppliers and customers. The company achieved
revenue of INR16-20 crore in the three fiscals through 2024.
Revenue is expected at a similar level in fiscal 2025, supported by
order book of INR20 crore as of December 2024.

Liquidity: Stretched

Cash accrual, expected above INR0.73 crore per fiscal, will
sufficiently cover yearly term debt obligation of INR0.64 crore
over the medium term. Current ratio was healthy at 1.13 times as on
March 31, 2024.

Outlook: Stable

Crisil Ratings believes Manoj A will continue to benefit from the
extensive experience of the proprietor and his established
relationships with clients.

Rating sensitivity factors

Upward factors

* Significant increase in revenue and sustenance of operating
margin leading to net cash accrual over INR1.5 crore
* Improvement in the working capital cycle

Downward factors

* Decline is revenue and fall in operating margin below 7% leading
to lower net cash accrual
* Further stretch in the working capital cycle weakening the
liquidity and financial risk profile

Set up in 2017 as a proprietorship, Manoj A undertakes civil
construction works, such as construction of roads and bridges, as
well as canal works, irrigation works and electrification works.
The firm is based in Palakkad, Kerala.


METAWOOD DISPLAY: ICRA Withdraws D Rating on INR20cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Metawood Display System due to Strike Off. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed. The Key Rating Drivers and
their description, Liquidity Position, Rating Sensitivities, Key
Financial Indicator have not been captured as the rated instruments
are being withdrawn.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

Metawood Display Systems (MDS) was established in 1997 as a
partnership firm by Mr. Sachin Doshi and Mr. Chandravadan Doshi.
MDS is engaged in manufacturing and trading of modular furniture
used in offices, educational institutes and homes. Its product
profile includes workstations, partitions, storages, meeting
tables, institutional furniture etc. which are designed and
developed as per the needs of the customers.


MSA STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M.S.A Steel & Alloys Private Limited
7th KM Mille Stone
        Opposite Rana Girder
        Meerut Road, Muzaffarnagar
        Uttar Pradesh, India, 251003,

Insolvency Commencement Date: March 18, 2025

Estimated date of closure of
insolvency resolution process: September 14, 2025

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Ankit Agrawal
       62A, KK Hospital Road
              Near Swamvar Wedding Hall
              (Rajendra Nagar)
              Bareilly, Uttar Pradesh -243122
              Email: ankitaqarwalcs@gmail.com
              Email: cirp.msa@gmail.com

Last date for
submission of claims: April 1, 2025


MUTHOOT FINANCE: Moody's Hikes CFR to Ba1, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Muthoot Finance Limited's (Muthoot)
long-term corporate family rating to Ba1 from Ba2. The rating
outlook remains stable.

RATINGS RATIONALE

The upgrade of Muthoot's ratings reflects its strong credit
profile, supported by its leading franchise and solid track record
in the gold financing industry in India.

Muthoot's strong operational controls and risk management practices
in the gold financing portfolio support its growth and asset
quality. Despite strong competition and aggressive lending
practices by other banks and non-bank financial institutions, the
company has maintained its underwriting standards resulting in
consistent loan growth and stable asset quality.

Muthoot is most profitable among Moody's rated Indian finance
companies, and its profitability is a significant credit strength.
Net income to average managed assets was strong at 4.9% in the nine
months ended December 2024, supported by a high net interest margin
and low credit costs on gold financing.

The company's superior profitability supports internal
capitalization, reflected in its tangible common equity to total
managed assets (TCE/TMA) of around 23.3% at the end of December
2024.

However, Muthoot's subsidiaries involved in non-gold financing have
grown rapidly in recent years, while their asset quality has
started to deteriorate. Muthoot's consolidated problem loans as a
percentage of gross loans increased to 4.1% as of the end of
December 2024 from 3.0% at the end of March 2024. Also the
consolidated credit costs, measured as loan loss provisions to
average total assets, more than doubled to 1.5% (annualized) in the
nine months ended December 2024 from 0.5% (annualized) in the
previous year, because of a substantial rise in delinquencies in
its microfinance loans, a trend similar to other industry players.

Muthoot's ability to reduce problem loans while maintaining low net
charge-offs is a key monitorable. Nevertheless, Moody's expects
that the impact of subsidiaries' higher credit costs on Muthoot's
overall loan portfolio will be moderate because gold financing
remains the company's focus.

Muthoot relies on bank borrowings for a major portion of its
funding requirements. Bank borrowings constituted 56% of its
funding mix as of the end of December 2024. In recent years, the
company has diversified its funding sources to more stable,
long-term funding sources as well as foreign currency borrowing
through external commercial borrowings, which is credit positive.
Similar to many finance companies in Asia, Muthoot maintains modest
liquidity on its balance sheet, approximately 6.0% of its total
assets as of December 2024, which covers about 2 months of debt
repayment. The short duration and liquid nature of its loans, as
well as its well-established access to banks and debt market
investors mitigate the risks.

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

Given Muthoot's strong credit profile, Moody's could upgrade the
company's rating if the operating environment for gold financiers
in India improves further and if Muthoot maintains its dominance in
the gold financing industry, supported by strong operational
controls and risk management. The rating upgrade will be subject to
Muthoot maintaining stable credit fundamentals, consistent and
predictable profitability, and debt-servicing ability. The rating
upgrade will also be subject to Muthoot maintaining a large share
of gold loans in its portfolio and not aggressively growing in
riskier segments.

Moody's will downgrade Muthoot's rating if its asset quality or
capitalization deteriorates, such that its TCE/TMA declines below
17.0% without clear visibility into a capital raising plan; or its
access to funding worsens. A downgrade is also likely in the event
of a significant regulatory change that affects the company's
growth or profitability.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance Companies
published in July 2024.

COMPANY PROFILE

Muthoot Finance Limited is headquartered in Kochi and reported
consolidated loan assets under management of INR1.11 trillion
($12.8 billion) as of December 31, 2024.


NARMADA EXTRUSIONS: CARE Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Narmada
Extrusions Limited (NEL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           47.04       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category
   
   Short Term          49.18       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) has been seeking information from
NEL to monitor the rating(s) vide e-mail communications March 10,
2025, March 7, 2025, March 4, 2025, February 28, 2025, February 25,
2025, February 3, 2025, January 20, 2025, and January 6, 2025, and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE Ratings
Ltd. (CARE Ratings) has reviewed the rating based on the best
available information which however, in CARE Ratings opinion is not
sufficient to arrive at a fair rating. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on NEL bank facilities will
now be denoted as CARE D/ CARE D; ISSUER NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers

At the time of last rating on April 3, 2024, the following were the
rating weaknesses considered.

Key Weaknesses

* On-going delays in debt servicing: There are delays in servicing
of debt obligations i.e. in repayment of term loans along with over
drawls in working capital bank borrowing facility due to liquidity
crunch faced by NEL on account of negative impact on packaging
industry during covid and post covid due to Russia – Ukraine war
which substantially increased NEL's main raw material price i.e.
crude oil prices.

Liquidity: Poor

The company has poor liquidity position marked by on-going delays
in debt servicing.

Incorporated in August 1984, NEL is an ISI 9000:2008 certified
company promoted by Mr. Mahesh Mittal and his family based out of
Indore. NEL manufactures and trades in HDPE and PP bags catering to
the packaging needs of cement, fertilizers, sugar, salt, flour,
chemicals, food grains industries etc. The manufacturing facilities
of NEL are located at Indore with an installed capacity of 17,500
Metric Tonnes (MT) of fabrics and bags per annum as on March 31,
2023. Apart from the manufacturing of HDPE & PP bags, NEL also acts
as a Carrying and Forwarding (C&F) Agent for GAIL (India) Limited
and trades in plastic granules.


NEIGHBOURHOOD ESTATES: CARE Assigns B+ Rating to INR50cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Neighbourhood Estates (NE), as:

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

Rationale and key rating drivers

Rating assigned to the bank facility of NE considers its nascent
stage of project execution with construction yet to begin, inherent
saleability risks and the inherent cyclicality in real estate
industry. These rating weaknesses are however, partially offset by
its partners having an established track record in the business
through other partnership firms.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely completion of the ongoing project with estimated project
cost.
* 30% booking of the ongoing project within next 12 months

Negative factors

* Cost overruns or unforeseen delays in the completion of the
project.

* Delay in sales launch of ongoing project or sales of less than
10% in next 12 months

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects CARE Ratings Limited's (CARE
Ratings') expectation of the firm being able to execute the project
in timely manner backed by experience of partners in real estate.

Detailed description of key rating drivers:

Key weaknesses

* Nascent stage of project execution with negligible project
progress: The project is in nascent stage with RERA approval
expected in mid of May 2025 and term debt expected to be sanctioned
soon after. Currently, partners have brought in funds of INR_crore
to fund land acquisition. Timely completion of the project within
estimated project cost will be a key monitorable.

* High concentration in Bengaluru residential market and exposure
to inherent cyclicality in real-estate industry: NE is exposed to
concentration risk as its business is significantly dependent on
the performance of the real-estate market, primarily in Bengaluru,
where its entire ongoing and upcoming projects are located. Being a
cyclical industry, real estate depends on macro-economic factors
and the company's dependence on a particular geography further
heightens such risk.

Key strengths

* Established track record of the partners in Real estate business:
NE is a partnership firm promoted by Mr. Pradeep S, Manohar Naidu
(both as Managing Partners), K. Babu Naidu, Ramesh Babu V, and D.
Lokeshwar Reddy. They are partners in other partnership firms,
collectively known as the United Group (eg. United Developers rayed
CARE BB-; Stable, United Sai Greenwoods, United Infrastructures,
etc.). Five of them branched out to venture into the premium real
estate development business with this firm. Each of the partners
have a minimum real estate experience of 10 years having completed
projects under the United Group tag such as United Meadows and
United Highlands. The partners have built 5.36lsf of area and has
under construction project of 13.6lsf.

Liquidity profile of NE is stretched marked by early stages of
project execution and inherent execution and saleability risk
associated with such projects. Debt is yet to be tied for the
ongoing project. The partners are expected to contribute INR35-38
Cr funds out of which INR27.6 Cr have already been infused
primarily pertaining to land acquisition cost. Further, the firm
has approached for initial sanction of INR50 Cr. of term loan.

NE is a partnership firm based in Bengaluru. 5 partners from the
United group (United Developers and United Sai Greenwoods, etc)
have separately launched this firm where the managing partners are
Mr. S. Pradeep and Mr. Manohar Naidu. The firm is into residential
real estate development and is planning to launch a premium villas
project on 8.75 acres of land in Bommanahalli, Bengaluru.

NEXU DAY: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Nexus Day Surgery Centers Private Limited
Station Plaza, Unit No. B/25,
        Station Road, Bhandup West,
        Mumbai, Maharashtra,
        India, 400078

Liquidation Commencement Date: March 20, 2025

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Pranav Damania
            407, Sanjar Enclave,
            Opposite Milap Cinema, S.V Road,
            Kandivali West, Mumbai - 400067
            Email: pranav@winadvisors.co.in
            Contact No: +91 98204 69825

Last date for
submission of claims: April 19, 2025


OSHIYA INDUSTRIES: ICRA Withdraws D Rating on INR22cr ST Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Oshiya Industries Private Limited due to dissolution of the
company. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, Key Financial Indicator have not
been captured as the rated instruments are being withdrawn.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Short-term        22.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Withdrawn
   Others                       

Incorporated in June 2007, OIPL is primarily involved in the
trading of various iron and steel products such as hot rolled (HR)
coils, mild steel (MS) sheets, steel plates/rods, cold rolled (CR)
coils, sheets, bars, galvanised pipes, beams and ferrous metal
scrap. The name of the company was changed to Oshiya Industries
Private Limited in March 2012, from Kuber Steel Traders Private
Limited. It is a part of the Shree Oshiya Group of industries which
refers to a consortium of companies promoted and managed by the
Ranka family.


PANCHTATWA MILK: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Panchtatwa Milk Industries Private Limited
Gat No. 307 Takali Fata Daund Pilanwadi
        Pune, Maharashtra - 412207

Insolvency Commencement Date: March 19, 2025

Estimated date of closure of
insolvency resolution process: September 15, 2025

Court: National Company Law Tribunal, Mumbai Bench-VI

Insolvency
Professional: Mr. Anshul Gupta
              410, 4th Floor, Blue Rose Industrial Estate
              Near Metro Mall and Tata Power Petrol Pump Western
Express Highway
              Borivali East – 400066 Mumbai
              Email: contactanshulgupta@gmail.com

              410, 4th Floor, Blue Rose Industrial Estate
              Near Metro Mall and Tata Power Petrol Pump Western
Express Highway,
              Borivali East – 400066 Mumbai
              Email: ibc.panchtatwa@gmail.com

Last date for
submission of claims: April 2, 2025


RAMESWAR AGRO: CARE Lowers Rating on INR12cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rameswar Agro Industries Private Limited (RAIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            12.00      CARE B; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Downgraded from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term           0.50       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from RAIPL to
monitor the rating(s) vide email communications dated November 29,
2024, December, 10 2024, January, 10 2025 and Feb. 6, 2025 and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE Ratings
Ltd. has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating. Further Rameswar Agro
Industries Private Limited has not paid the surveillance fees for
the rating exercise agreed to in its Rating Agreement. The rating
of Rameswar Agro Industries Private Limited's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING*/CARE A4
ISSUER NOT COOPERATING.

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

The ratings have been revised on account of lack of clarity on
future growth strategy and inability to monitor the performance of
the company, which is critical for assessing the credit risk
profile of the company. The rating remains constrained by small
scale of operation with moderate profitability margins, moderate
financial risk profile, highly fragmented, competitive, and
cyclical industry, working capital intensive nature of operation
and profit margins subject to government regulations and raw
material price fluctuations.

The rating however derives strength from experienced promoters with
long track record of operations and proximity to paddy growing
areas.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook assigned to the long-term rating is based on
the ability of the company to sustain its financial performance and
the capital structure under the guidance of experienced promoters
over the medium term and expected need base infusion of fund from
the promoters.

Detailed description of key rating drivers:

Key weaknesses

At the time of last rating on February 7, 2024, the following were
the rating strengths and weaknesses.

* Small scale of operation with moderate profitability margins: The
scale of operations deteriorated and continued to remain small
marked by TOI of INR22.64 crore (FY23: 29.62 Cr) and networth of
INR 10.41 crore as on March 31, 2024. PBILDT margin marginally
decreased from 9.78% in FY23 to 9.52% in FY24. The small scale of
operation restricts the financial flexibility of the company at the
time of stress.

* Moderate financial risk profile: The capital structure of the
company marginally improved, although remained moderate, marked by
the overall gearing ratio of 1.27x as on March 31, 2024, as against
1.51x as on March 31, 2023. This apart, interest coverage ratio
also remained satisfactory 1.45x in FY24. The debt protection
metrics also remained weak marked by high TDGCA of 23.10x as on
March 31, 2024.

* Highly fragmented, competitive, and cyclical industry:
Bhubaneswar and nearby districts of Odisha has many rice mills. The
high fragmentation and competitive nature of industry due to low
entry barriers and presence of many players in the organized and
unorganized sector puts pressure on the profitability margins.

* Working capital intensive nature of operation: Paddy, the main
raw material for RAIPL is available at reasonable prices during
crop season, from October to January. Owing to the seasonality of
rice harvest, the business requires maintaining higher raw material
inventory. Accordingly, the working capital intensity remains high.
The operating cycle of the company deteriorated to 502 days during
FY24 as compared to 354 days in FY23.

* Profit margins subject to government regulations and raw material
price fluctuations: RAIPL is into processing and milling of rice
from paddy. The Government of India (GOI), every year decides a
minimum support price (MSP - to be paid to paddy growers) for paddy
which limits the bargaining power of rice millers over the farmers.
The sale of rice in the open market is also regulated by the
government. Given the market determined prices for finished product
vis-a-vis fixed acquisition cost for raw material, the
profitability margins are highly vulnerable. Such a situation does
not augur well for the company, especially in times of high paddy
cultivation.

Key strengths

* Experienced promoters with long track record of operations: RAIPL
is currently managed by Mr. Sukhamaya Das, who is having over two
decades of experience in similar line of business. This apart, the
company started from 1990, thus having long track record of
operation.

* Proximity to paddy growing areas: RAIPL plant is located near
Bhubaneswar in Odisha, which is in proximity to the paddy growing
areas of the country. Hence, RAIPL's presence in the paddy growing
region results in benefits derived from a lower logistic
expenditure (both on transportation and storage), easy availability
and procurement of raw materials at effective prices.

Odisha based Rameswar Agro Industries Private Limited (RAIPL) was
incorporated in January 1990 to initiate a rice milling business.
In this view, the company has installed a processing unit at
Industrial Estate, Bhagwanpur in Bhubaneswar with an installed
capacity of Rice production of 32,000 MTPA, Flour Production of
8640 MTPA. The company produce rice and rice brain and flour. The
day-to-day affairs of the company are looked after by Mr.
Sukhamaya Das (director) along with other two directors and a team
of experienced personnel.

RLJ CEMENT: CARE Assigns B+ Rating to INR33.66cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RLJ
Cement Limited (RLJ), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term
   Bank Facilities      33.66      CARE B+; Stable Assigned


   Long Term/           21.34      CARE B+; Stable/
   Short Term                      CARE A4 Assigned
   Bank Facilities      

Rationale and key rating drivers

The ratings assigned to the bank facilities of RLJ factor in small
scale of operations, leveraged capital structure marked by high
overall gearing, lack of backward integration such as captive
limestone mines and captive power plant making its profitability
vulnerable to fluctuations in the prices of raw materials.
Additionally, the ratings are also constrained by sizeable
debt-funded capex pertaining to capacity expansion and concentrated
customer base. However, the rating is supported by healthy
profitability margins, experienced management team, long-term
contract with Prism Johnson Limited (PJL) and a comfortable
operating cycle.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Growth in scale of operations to INR100 Crores while maintain
PBILDT margins above 8% on a sustained basis.

* Improvement in financial risk profile marked by overall gearing


SENTHIL KUMAR: CARE Reaffirms B- Rating on INR54.86cr LT Loan
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Senthil Kumar Textiles (SKT), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            54.86      CARE B-; Stable Reaffirmed
   Bank Facilities                  

Rationale and key rating drivers

Rating assigned to the bank facilities of SKT continues to be
constrained by its weak financial risk profile marked by reducing
profitability margin, working capital intensive operations and
leveraged capital structure. Further, the rating is impacted by
presence of SKT in highly competitive and fragmented retail market
and constitution of entity as partnership firm. These rating
weaknesses are partially offset by experienced partners, improving
scale of operations and its association with international brands
of different companies.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Sustainable improvement in the scale of operations more than
INR125 Cr with PBDIT margins above 10%

Negative factors

* Inability of the promoters to infuse funds in timely manner
leading to deterioration in liquidity.

Analytical approach: Standalone

Outlook: Stable

Stable Outlook reflects CARE Ratings expectation that the firm will
be able to sustain its scale of operations aided by its long
presence in the business.

Detailed description of key rating drivers:

Key weaknesses

* Weak Financial Risk Profile: The PBIDT margin has declined and
stood at 9.07% in FY24 as compared to 10.90% in FY23 owing to
higher raw material cost and intense competition. The overall
capital structure of the firm improved but stood leveraged,
reflected by overall gearing of 2.27x as on March 31, 2024 (PYE:
2.56x). The PBIDT interest Coverage moderated marginally and stood
at 1.24x in FY24 as against 1.20x in FY23.

* Modest scale of operations albeit improving: Total Operating
Income (TOI) grew by 13% to INR106.46 crore in FY24 over FY23 on
account of improved demand from customers and improvement in sales
realisation. It has modest net worth base, which stood at INR27.84
crore as on March 31, 2024. Scale of operations remained moderate,
which limits the entity's ability to scale up the business
significantly. However, impact of increasing competitive exposure
and increasing consumer preference towards e-commerce, remains to
be seen.

* Working capital intensive nature of operations: Retail business
is highly working capital intensive mainly on account of high level
of inventory required to be maintained by the retailers to ensure
ready availability of stock. SKT has to maintain fixed level of
inventory for display and to guard against supply shortages. The
average inventory level improved and stood at 268 days in FY24 from
292 days in FY23 (FY22:417 days) as majority of the old inventory
(pre covid) has been cleared through big discounts and schemes as
the same has gone out of fashion. The firm receives credit period
of 90 to 120 days from its supplier depending on the relationship.

* Highly competitive and fragmented retail market: Indian retail
industry is highly fragmented in nature. The industry is dominated
by unorganized retailers which are small players. The industry has
a large number of small players due to the low entry barriers and
low investment required for starting a retail store. The high
degree of fragmentation also leads to stiff competition amongst the
retailers. Smaller firms in general are more vulnerable to intense
competition and have limited pricing flexibility, which constrains
their profitability as well.

* Constitution of the entity as partnership firm: Constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partner's capital at the time of personal contingency which
can adversely affect its capital structure. Furthermore,
partnership firms have restricted access to external
borrowings as credit worthiness of the partners would be key
factors affecting credit decision for the lenders.

Key strengths

* Experienced partners: The partners have experience of around two
decades in the garment retailing business. All the partners are
actively involved in day to day operations of the firm with active
support from a team of experienced personnel.

* Association with international brands of different companies:
Being present in the industry since long, the partners have
established relationship with all the major premium brands. This
includes leading men's/women's/kid's wear brands such as Nike, Lee,
Wrangler, Levi's, Puma, Adidas, Phosphorous, Proline etc.

Liquidity: Stretched

Liquidity profile of the firm stood stretched marked by the tightly
matched accruals to repayment obligations. Working capital limits
were almost fully utilised at 92% for the last 6 months ending
Feb-25. Current ratio stood above unity at 1.36x as on March 31,
2024. Timely infusion of funds from partners would be critical for
the firm to ensure timely debt repayments.

SKT is a partnership firm established in June 2011 by six partners
based out of Tamil Nadu. The firm commenced its operation from
December 2012. SKT is engaged in the business of retailing of
various international and domestic branded apparels and
accessories. This apart, the firm also offers wide range of
designer sarees, Banaras silk sarees, Kanchipuram sarees, etc. SKT
offers these products through its showroom at Mysore and Tumkur in
Karnataka.


SHAMLAJI EXPRESSWAY: CARE Lowers Rating on INR650cr LT Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shamlaji Expressway Highway Limited (SEPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           650.00      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Downgraded from CARE B;
                                   Negative and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SEPL to monitor
the rating vide email communications dated August 29, 2024,
September 5, 2024, March 18, 2025 and March 19, 2025 and numerous
phone calls. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. Further, SEPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on bank facilities of SEPL 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 ratings.

The revision in the rating assigned to the facilities of SEPL,
takes into account instances of delays in servicing debt
obligations due to poor liquidity position as confirmed from
interaction with lender. Inordinate delay in receipt of PCOD and
subsequent annuities from the authority has led to poor liquidity
position leading to delays in debt servicing.

Analytical approach: Standalone.

Outlook: Not applicable
Detailed description of key rating drivers:

At the time of last rating on November 28, 2024, the following were
the rating strengths and weaknesses (updated for the information
available).

Key weaknesses

* Delays in debt servicing owing to inordinate delay in issuance of
PCOD: As per interaction with the lenders, there are delay in debt
servicing obligations of SEPL. The company received appointed date
on January 2, 2019. COVID-19-related disruptions, extended monsoon
on project stretch, delay in shifting of utilities, frequent
revisions in designs and drawings (of ROBs), flyover issues, and
non-receipt of unencumbered length have significantly delayed the
project progress. Subsequently, the authority had also granted
provisional extension of time (EOT) for PCOD till September 4,
2023, by reserving the right of imposing damages. In October 2023,
Independent Engineer (IE) via letter dated October 25, 2023, has
recommended PCOD for the completed work of 87.30% and had
recommended EOT upto March 31, 2024, for completion of balance
work. The balance work to the tune of INR164.30 crore is divided
into Punch List- A to be completed within 90 days of declaration of
PCOD, while Punch List-B is delinked for the issuance of PCOD and
shall be completed as per mutually agreed timeline of supplementary
agreement. However, the receipt of PCOD/COD is still awaited.
Meanwhile, NHAI issued suspension notice subsequently owing
inordinate delay in project completion. The suspension notice was
challenged by SEPL before Delhi High Court and all the pending
issues between NHAI and SEPL were referred to Arbitration and the
same is since pending adjudication. In such a scenario, it is
apprehended that during pendency of the arbitral proceedings, the
annuity payments receivable by SEPL from the Authority will be
delayed leading to poor liquidity at SEPL level, leading to delays
in debt servicing.

* Inherent O&M risk associated with the project; albeit partly
mitigated through proposed signing of fixed price O&M contract with
the sponsor:

Although inflation-indexed O&M annuity partly mitigates O&M risk,
developers would continue to face the risk of sharp increase in O&M
cost due to more-than-envisaged wear and tear and aggressive
bidding in O&M cost, which may moderate cash flow resilience.
However, SEPL needs to enter into fixed price and fixed time O&M
contract with the sponsor, CEL, before achievement of COD,
mitigating O&M risk to an extent.

* Inherent interest rate risk: SEPL is exposed to inherent interest
rate risk considering floating rate of interest rate with interest
reset clause. Thus, any adverse movement in the company's interest
rate without commensurate alignment in the interest annuities shall
impact its debt coverage indicators. The interest rate risk is
partially mitigated considering receipt of the interest annuity at
the applicable bank rate + 300 bps.

Key strengths

* Favourable clauses in model CA of HAM projects to address
execution challenges: The model CA of HAM projects include
favourable clauses such as achievement of at least 80% Right of Way
(RoW) before declaring an appointed date for the project and
provision for granting deemed completion of the project in case
100% of the work is completed on the RoW, which becomes available
to it within 180 days of the appointed date. These clauses were
expected to address certain issues plaguing the sector, primarily
on account of delay in land acquisition during the construction
phase. Besides, stringent clauses for levy of damages, encashment
of performance security as well as the requirement of additional
performance security in case of delay in execution due to reasons
attributed to the concessionaire also exert some pressure on the
developer for ensuring timely execution.

* Low funding risk and permitted price escalation: HAM model
entails lower sponsor contribution during construction period
considering 40% construction support from NHAI, availability of 10%
mobilisation advances on bid project cost (BPC) at bank rate, and
availability of interest-bearing working capital loan on
intermittent milestones. BPC and O&M cost shall be
inflation-indexed (through a price index multiple [PIM]), which is
the weighted average of wholesale price index (WPI) and consumer
price index (CPI) in 70:30 ratio, protecting the developers against
price escalation to an extent.

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation-indexed O&M annuity and bank rate linked
interest annuity: During operational phase, cash flow is assured in
the form of annuity payments from NHAI on semi-annual basis
covering 60% of the project completion cost and interest at 'bank
rate plus 3%' on reducing balance and inflation-indexed O&M
annuity. However, the non-linear transmission of the bank rate over
the lending rate may expose the company's debt coverage indicators
and cash flow resilience to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of the Parliament as a statutory body,
NHAI functions as the nodal agency for development, maintenance,
and management of the national highways in the country. NHAI is
vested with executive powers for developing national highways in
India by the Ministry of Road Transport & Highways (MoRTH). The
outlook on NHAI reflects the outlook on the sovereign, whose direct
and indirect support continues to be the key rating driver.

* Wide experience of the sponsor in road construction, albeit with
moderation in the credit profile of CEL: CEL has experience of
successfully operating and maintaining build-operate-transfer (BOT)
road projects for over two decades. In FY24, CEL witnessed a dip in
total operating income (TOI), amounting to INR496 crore from INR632
crore in FY23, and moderation in CEL's business profile due to
lower order book position leading to low revenue visibility in
medium term and substantial increase in funding support
requirements for its under construction projects in case of
sustained delay in achievement of PCOD in SEPL. Nevertheless, CEL
has experience of successfully operating and maintaining
build-operate and transfer (BOT) road projects for over two
decades. CEL has demonstrated its project execution capabilities in
these projects with commencement of toll revenue in line with the
original schedule. Tail period of close to six years of the project
also offers economic incentive to CEL to support the project.

SEPL, a special purpose vehicle (SPV), incorporated and owned by
CEL has entered a 17-year CA (including construction period of 730
days from appointed date) with NHAI for the design, build, operate
and transfer (DBOT) of 93.21 km road on hybrid annuity basis. The
project under consideration aims at development of six-laning
highway, starting from Rajasthan/Gujarat Border and ending at
Motachiloda with approximate design length of 93.210 km. The total
cost of the project is INR1,361 crore being funded through
construction grant from NHAI of INR544 crore, debt of INR650 crore
and balance through promoter's contribution. The stretch received
appointed date on January 2, 2019.


SJD-PRESIDENCY HOMES: CRISIL Assigns B+ Rating to INR20cr Loan
--------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the
long-term bank facility of SJD-Presidency Homes LLP (SJDPH).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Term Loan     20         Crisil B+/Stable (Assigned)

The rating reflects the extensive experience of the firm's partners
in the real estate industry. This strength is partially offset by
exposure to saleability risks associated with ongoing projects,
modest booking for these, geographic concentration in its revenue
profile and susceptibility to cyclicality in the real estate
sector.

Analytical Approach:

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks associated with ongoing projects: The projects
have received combined bookings of less than 5% leading to modest
customer advances. Thus, the operating performance will remain
susceptible to timely completion of the projects and flow of
customer advances.

* Geographic concentration in its revenue profile: SJDPH's business
risk profile is susceptible to geographic concentration as its
ongoing projects are based in Bhubaneswar (Odisha). Any sharp
slowdown in the real estate market in the region may have a direct
impact on the saleability and realisation of projects.

Strength:

* Extensive industry experience of the partners: SJDPH benefits
from the partners' extensive experience in real estate development.
The partners have been engaged in this segment for more than two
decades through its group company, S J Developers & Housing Pvt
Ltd, one of the leading real estate companies in Odisha. Thus, the
partners have had a successful project implementation track record
mainly in Bhubaneswar.

Liquidity: Poor

SJDPH has adequate liquidity for funding the construction of its
ongoing projects as well as upcoming projects through a mix of
customer advances, unsecured loans and bank loans. The advances for
the ongoing construction of the project are expected to scale up
from next fiscal year as RERA approval expected to be received by
March 2025. Although the cash flow from the project is expected to
remain sufficient to meet the term debt obligation, any unforeseen
delay in project construction might result in cost overrun, thereby
affecting repayment of term debt. Further any delay in receipt of
advances from customers may also impact the company's liquidity in
a significant way.

Outlook: Stable

Crisil Ratings believes SJDPH will continue to benefit from its
partners' extensive industry experience.

Rating sensitivity factors

Upward factors

* Early completion of ongoing project and high customer advances,
resulting in substantial cash flow from operations.
* Increase in bookings to over 40% with customer advances over
INR60 crore.

Downward factors

* Significant delay in cash inflow with collection from customers
below 20%.
* Higher-than-expected increase in debt, with slower-than-expected
collections or delay in execution.
* Low cash flow from operations (because of subdued response to, or
delay in completion of, ongoing project), weakening the financial
risk profile and liquidity.

Incorporated as a limited liability partnership firm in December
2021, SJDPH is a Bhubaneswar-based residential real estate
developer.

Debidutta Mishra, Matrudutta Mishra, Suryakanta Nanda, Aditya
Saraf, Parag Kedia and Satyabrata Mohapatra are key partners of
SJDPH.


SUBEX ACCOUNT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Subex Account Aggregator Services Private Limited
No. 10/8/8, Second Floor, 24th Main, 25th A Cross,
        Parangipalya, Sector-2,
        HSR Layout, Bangalore,
        Karnataka, India, 560102

Liquidation Commencement Date: March 20, 2025

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Hari Babu Thota
     #41/1, 11th Cross, 8th Main,
            2nd Block, Jayanagar, Bengaluru - 560011
            Email: liquidator.saas@gmail.com
            Mobile: +91 97402 37291

Last date for
submission of claims: April 19, 2025


SVP BUILDERS: ICRA Withdraws B+ Rating on INR50cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
SVP Builders (I) Limited, based on the request of the company and
the No Due Certificate or Closure certificate received from its
lender's. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, Key Financial Indicators have not
been captured as the rated instruments are being withdrawn.

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          50.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    Withdrawn
   Term Loan                       

   Long Term-          20.00      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    Withdrawn
                                   
The flagship company of SVP Group, SVP Builders (I) Limited, is a
real estate development company with presence in commercial and
residential real estate. The company has executed various real
estate residential projects mainly in Ghaziabad like 'Gulmohar
Enclave' in Nehru Nagar (Ghaziabad), 'Gulmohar Residency' in
Indirapuram (Ghaziabad), 'Gulmohar Garden' in Raj Nagar Extension
(Ghaziabad), and 'Gulmohar Vatika' in Wave City (Ghaziabad).
Further, it has entered into a partnership with its promoter, Mr.
Vijay Kumar Jindal, in the firm -Friends land Developers [rated
[ICRA] B (Stable) Issuer not Cooperating], to develop 'Gulmohar
Greens' near Hindon Air Force Station in Ghaziabad. And has also
entered a partnership with Ashok Wadia Group for undertaking
development of a residential real estate project – Grand Royale -
at Kaushambi.


SVS ENTERPRISES: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
SVS Enterprises (SVS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           5.00       CARE B+; Stable Reaffirmed


   Short Term Bank
   Facilities           1.50       CARE A4 Reaffirmed


Rationale and key rating drivers

The reaffirmation of the ratings assigned to the bank facilities of
SVS remains constrained by its small scale of operations in FY24
(FY refers to April 1 to March 31) and during 9MFY25, limited
short-term revenue visibility due to a low order book position,
moderate capital structure and debt coverage indicators in FY24,
and an elongated operating cycle. Rating is also constrained by its
partnership constitution which poses an inherent risk of capital
withdrawal, and the firm faces intense competition in the highly
fragmented industry due to the tender-based nature of operations.
However, the ratings continue to derive strength from SVS's
established track record, with promoter having more than 2 decades
of experience in the construction industry, and satisfactory
profitability margins.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations marked by total operating income
increasing beyond INR25 crores with sustain its PBILDT margin of
above 10% leads to substantial increase in gross cash accruals
(cash profits)

* Improvement in capital structure marked by overall gearing ratio
below unity

Negative factors

* Decline in total operating income to below INR10 crores

* Any deterioration in capital structure above 3 times as a result
of withdrawal of partners' capital or increase in reliance on debt

Analytical approach: Standalone

Outlook: Stable

CARE believes that the entity will continue to benefit from its
experienced promoters in the construction industry.

Detailed description of key rating drivers:

Key weaknesses

* Small scale of operations: In FY24, the firm witnessed a ~15%
decline in revenue from INR14.81 crore in FY23 to INR12.59 crore in
FY24. The current order book stands at INR13 crore for FY26, with
operations expected to improve based on the current and anticipated
orders. The firm reported a TOI of approximately INR7.02 crore in
11MFY25, with a major portion of billing expected in the last
quarter. The management projects a TOI of around INR11 crore for
FY25.

* Short term revenue visibility from order book: SVS has an
unexecuted order book of INR16 crore as of January 31, 2025, which
majority of order to be executed in FY26. The order book to TOI
ratio stands at 1.55x of the gross billing in FY24. The order is
from MES, a government agencies, which reduces the firm's
counterparty risk.

* Moderation and leveraged capital structure and debt coverage
indicators: The firm's overall gearing ratio moderated to 2.37x as
of March 31, 2024, compared to 2.00x on March 31, 2023, due to an
increase in total debt. The rise in debt levels is attributed to
unsecured business loans availed from Bajaj Finance and Sundaram
Finance, as of March 31, 2024. The firm's net worth remains small
at INR2.99 crore as of March 31, 2024. The debt coverage indicator,
marked by TDGCA, weakened to 11.27x as of March 31, 2024, from
6.82x as on March 31, 2023. Additionally, the coverage indicator
marked by PBILDT/interest coverage declined to 1.85x in FY24 from
2.31x in FY23.

* Elongated working capital cycle: The operating cycle deteriorated
from 92 days in FY23 to 142 days in FY24 due to higher inventory
days and lower creditor days. The firm's monthly collections
averaged around 22% of the total gross receivables over the past 12
months ending December 2024.

* Highly fragmented industry with intense competition from other
players due to tender based nature of operations: The firm secures
100% of its work orders from government organizations, all through
tenders. Its revenues depend on the firm's ability to successfully
bid for these tenders. Profitability margins remain under pressure
due to the industry's competitive nature. However, the partners'
two decades of industry experience partially mitigates this risk.
Nonetheless, the presence of numerous fragmented and unorganized
players makes the civil construction sector highly competitive.

* Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Being a partnership firm, SVS faces the
inherent risk of capital withdrawal during personal contingencies,
which could adversely impact its capital structure. Additionally,
partnerships have limited access to external borrowings, as lenders
primarily consider the creditworthiness of the partners when making
credit decisions. The firm has withdrawn its entire profit for
FY24.

Key strengths

* Established track record with experienced promoter for more than
two decades in construction industry: SVS was established in the
year 2002 as a partnership firm; hence, it has established track
record of operations. The Managing Partner of the firm is Mr. B.
Srinivasa Rao, who is a civil engineer by qualification, has an
experience of more than two decades in subcontract works and
manages the day-to-day operations of the firm. Due to long term
presence in the market, the promoter has established good
relationships with its customers and suppliers which enables the
firm to bag new orders.

* Improved and satisfactory profitability margins: The
profitability margins, as indicated by PBILDT, slightly improved
from 9.73% in FY23 to 10.28% in FY24 due to a lower cost of sales,
which accounted for 89.72% of TOI in FY24 compared to 90.27% in
FY23. However, the PAT margins declined to 4.03% as of March 31,
2024, from 4.96% as of March 31, 2024, driven by an increase in
finance costs from 4.20% of TOI in FY23 to 5.56% in FY24

Liquidity: Stretched

The firm's liquidity position remains stretched, marked by low cash
accruals relative to its repayment obligations of INR0.48 crore in
FY25 and INR0.50 crore in FY26. The collection period is prolonged
due to delayed payments from government departments. Its bank
limits are highly utilized, with an average utilization of around
90% over the past 12 months ending February 2025. The cash and bank
balance stood low as of March 31, 2024. The current ratio is just
above unity of 1.09x as of March 31, 2024.

SVS Enterprises (SVS) was established in 2002 as a partnership
firm. The firm is a class I contractor with Military Engineer
Services (MES), Director General of Naval projects. The firm's
registered office is located at Visakhapatnam, Andhra Pradesh. The
firm is involved in civil contract works i.e., construction of
buildings for the state and central government departments. SVS
purchases its raw material such as steel, cement etc., from the
dealers located in and around Vishakhapatnam. The firm also
constructs buildings for local government entities like Andhra
Pradesh Medical Service & Infrastructure Development Corporation
(APMSIDC), Andhra Pradesh Capital Region Development Authority
(APCRDA), etc.


VADRAJ CEMENT: NCLT Approves Nuvoco Vistas's Acquisition Bid
------------------------------------------------------------
The Economic Times reports that the Mumbai bench of insolvency
tribunal NCLT has approved the bid of Nirma Group firm Nuvoco
Vistas to acquire debt-ridden Vadraj Cement, which includes an
upfront payment of Rs 1,800 crore.  The acquisition will help
Nuvoco Vistas boost its installed cement capacity by over 20 per
cent, reaching around 31 MTPA, the company said in a statement.

"The Resolution Plan includes an upfront payment of Rs 1,800 crore.
Nuvoco intends to fund the transaction without a significant rise
in its consolidated debt levels," said Nuvoco Vistas, ET relays.

Nuvoco is positioned as the fifth-largest cement maker in India.

"The acquisition will be undertaken through Vanya Corporation, a
wholly-owned subsidiary of Nuvoco Vistas. Subsequently, Vanya will
be merged with Vadraj Cement, as outlined in the Resolution Plan.
After the merger, Vadraj Cement will become the wholly-owned
subsidiary of the company," it said.

ET relates that Nuvoco will additionally invest around Rs 1,200
crore to operationalise the assets, which have remained suspended
for almost 7 years.

"A phased investment will be spread over 15-18 months from the date
of actual handover by the Committee of Creditors towards getting
the facility running and driving operational improvements across
the VCL plants. The estimated target date to commence production is
around Q3 FY27," it said.

Vadraj Cements facilities include a 3.5 MTPA (million tonnes per
annum) clinker unit in Kutch and a 6 MMTPA grinding unit in Surat.

Additionally, VCL owns limestone reserves, ensuring a consistent
and sustainable supply of raw materials for future production.

"The captive jetty in Kutch further enhances logistical efficiency.
With this acquisition, Nuvoco's total cement production capacity is
set to increase to approx 31 MTPA, consolidating its position as
the fifth-largest cement group in India for the long term," it
said.

Commenting on the development, Nuvoco Vistas Managing Director
Jayakumar Krishnaswamy said: "This will drive logistics
optimisation, streamline operations, and improve competitiveness,
providing the company with better market access and a strengthened
supply chain across key regions and enable us to deliver greater
value".

                        About Vadraj Cement

Vadraj Cement Limited was founded in 1996. The Company's line of
business includes the manufacturing of hydraulic cement.

As reported in the Troubled Company Reporter-Asia Pacific in early
February 2024, the Mumbai bench of the insolvency tribunal has
ordered initiation of insolvency proceedings against Vadraj Cement,
a group company of the bankrupt ABG Shipyard, after the cement
manufacturer defaulted on dues of more than INR87 crore to
state-run Punjab National Bank (PNB).

The bench appointed Pulkit Gupta, a partner at EY (debt and special
situations) as the interim resolution professional who will manage
the day-to-day affairs of the company, Livemint.com discloses. In
November 2023, the Economic Times reported that Adani Group, JSW
Cement and ArcelorMittal were in running to buy the bankrupt
Gujarat-based firm.

In January 2025, Nirma Group promoted Nuvoco Vistas Corp emerged as
the successful resolution applicant for Vadraj Cement.


VISAKHAPATNAM PORT: ICRA Moves B- Debt Rating to Not Cooperating
----------------------------------------------------------------
ICRA has moved the rating for the bank facilities of Visakhapatnam
Port Logistics Park Ltd (VPLPL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT
COOPERATING".  

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term           91.51      [ICRA]B-(Stable) ISSUER NOT
   Fund-based-                    COOPERATING; Rating moved to   
   Term loan                      'Issuer Not Cooperating'
                                  category

As part of its process and in accordance with its rating agreement
with VPLPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
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, a rating view has been
taken on the entity based on the best available information.

VPLPL is a joint venture of Balmer Lawrie &. Co. Ltd. (BLCL) with a
60% stake and Visakhapatnam Port Trust (VPT) with a 40% stake.
VPLPL was incorporated in 2014 to develop a multi-modal logistics
hub at the Visakhapatnam port.  The project achieved the commercial
operation date (CoD) in October 2019.  


VNC NUTRITION: CRISIL Assigns B Rating to INR5.5cr Cash Loan
------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B/Stable/Crisil A4' ratings
to the bank loan facilities of VNC Nutrition Foods Pvt Ltd (VNC).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.5        Crisil B/Stable (Assigned)

   Drop Line             0.9        Crisil B/Stable (Assigned)
   Overdraft Facility               

   Drop Line             1.2        Crisil B/Stable (Assigned)
   Overdraft Facility               

   Drop Line             0.5        Crisil B/Stable (Assigned)
   Overdraft Facility               

   Short Term Loan       0.83       Crisil A4 (Assigned)

   Term Loan             3.31       Crisil B/Stable (Assigned)

   Working Capital       1.15       Crisil A4 (Assigned)
   Demand Loan                      

   Working Capital       1.11       Crisil B/Stable (Assigned)
   Loan                             

The ratings reflect susceptibility of the operating performance to
climatic conditions and volatility in raw material prices and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the promoters in the agricultural
products processing and trading business and increasing scale of
operations.

Analytical approach

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

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and favourable climatic conditions. Thus, VNC
is exposed to the risk of limited availability of its key raw
material and volatility in input cost during unfavourable climatic
conditions.

* Large working capital requirement: Gross current assets (GCAs)
were 110 days as on March 31, 2024, driven by receivables of 21
days and inventory of 66 days. Efficient management of the working
capital cycle and timely realisation of receivables remain
monitorable.

Strengths:

* Extensive experience of the promoters: The promoters have around
two decades of experience in the agricultural products processing
and trading business; their strong understanding of market dynamics
and healthy relationships with suppliers and customers should
continue to support the business.

* Increasing scale of operations: Revenue increased to INR44.48
crore in fiscal 2024, from INR32.13 crore in fiscal 2023, due to
higher sales volume backed by better demand and new products added
in the portfolio. Revenue is reported at INR50.05 crore till
February 2025 and expected at more than INR55 crore in fiscal
2025.

Liquidity: Stretched

Bank limit utilisation was high at 94% on average for the 12 months
through February 2025. Cash accrual is expected at INR2-4 crore per
annum, against yearly debt obligation of around INR1.6 crore over
the medium term. Liquidity remained stretched due to large working
capital requirement, marked by GCAs of 110 days as on March 31,
2024.

Outlook: Stable

VNC will continue to benefit from the extensive experience of the
management and longstanding relationships with suppliers and
customers.

Rating sensitivity factors

Upward factors:

* Substantial and sustainable increase in revenue and
profitability, resulting in net cash accrual more than INR3 crore
* Improvement in the working capital cycle, with GCAs moderating to
below 80 days

Downward factors:

* Steady decline in revenue or operating margin, resulting in
insufficient cash accrual against maturing debt
* Further stretch in the working capital cycle, with GCAs
increasing above 140 days

VNC was set up in 2002 as a proprietorship firm by Mr Vinod N Patel
and got reconstituted into a private-limited company in 2012; it is
based in Gujarat. The company processes and trades in various types
of agricultural products such as peanuts, wheat, chickpeas, roasted
chana, roasted soyabean, etc. Mr Vinodbhai Nanjibhai Patel and Mr
Harshadbhai V Chosaliya own and manage the business.




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

BLACK ORIGIN: Meat Works Sold After Liquidation
-----------------------------------------------
Steve Hepburn at Otago Daily Times reports that a meat works in
Gore, previously home to a Japanese Wagyu beef operation which went
into liquidation late last year, has been sold.

According to ODT, the works went up for sale in February just a
matter of weeks after companies associated with the operation went
into liquidation.

Black Origin Meat Processors (Gore) Ltd was put into liquidation by
a shareholders' resolution in December.

The plant is owned by Blue Sky Meats (Gore).

The company was put into liquidation just five days after the plant
operator went into liquidation, ODT notes.

Blue Sky Meats and Black Origin Meat Processors share the same
shareholders.

ODT says Blue Sky Meats allowed Black Origin Meat Processors Ltd to
operate and remove any stock remaining on site until December 27
when the site was shut down.

Simon Dalton, of Gerry Rea Partners, of Auckland, was appointed
liquidator of Blue Sky Meats (Gore), ODT discloses.

He confirmed on April 3 a successful tender process was run for the
sale of the works with a number of competitive tenders put forward,
according to ODT.

He said the sale of the site had been agreed and was being worked
through.

More information would be revealed when he was able to do so.

He did not answer questions about the price paid for the works, ODT
states.

The plant sits on just over 6ha of leasehold land owned by the Gore
District Council.

The site had previously catered to horses, deer and beef and was
capable of handling large animals.

Black Origin had unsecured creditors listed at being owed more than
NZD3.1 million, a report said last year, ODT discloses.

Black Origin Meat Processors (Gore) Ltd, which was incorporated in
December 2021, operated a meat processing business in Gore.  It
managed a Japanese Wagyu beef operation and its marketing arm
promoted its Wagyu beef as a perfect combination of New Zealand's
lush grass, high-quality grain, pure water and clean air, along
with traditional Japanese farming techniques.


COFFEE108 LIMITED: Creditors' Proofs of Debt Due on May 9
---------------------------------------------------------
Creditors of Coffee108 Limited, Sugar Plum Cafe Limited, NZ Sound
Limited, Bubble Teas Town Limited and MGP1 Limited are required to
file their proofs of debt by May 9, 2025, to be included in the
company's dividend distribution.

Coffee108 Limited commenced wind-up proceedings on March 10, 2025.

Sugar Plum Cafe Limited commenced wind-up proceedings on March 15,
2025.

NZ Sound Limited commenced wind-up proceedings on March 17, 2025.

Bubble Teas Town Limited commenced wind-up proceedings on March 27,
2025.

MGP1 Limited commenced wind-up proceedings on March 31, 2025.

The company's liquidator is:

          Garry Whimp
          Benjamin Francis
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


G. REVAKE: Court to Hear Wind-Up Petition on May 9
--------------------------------------------------
A petition to wind up the operations of G. Revake Builders Limited
will be heard before the High Court at Auckland on May 9, 2025, at
10:45 a.m.

Carters Building Supplies Limited filed the petition against the
company on Feb. 21, 2025.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          KPMG Building
          Level 7, 85 Alexandra Street
          Hamilton 3240


HAMILTON MOTEL: Court to Hear Wind-Up Petition on May 19
--------------------------------------------------------
A petition to wind up the operations of Hamilton Motel Limited will
be heard before the High Court at Hamilton on May 19, 2025, at
10:45 a.m.

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

The Petitioner's solicitor is:

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


MIGWORKS LIMITED: Creditors' Proofs of Debt Due on May 2
--------------------------------------------------------
Creditors of Migworks Limited are required to file their proofs of
debt by May 2, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 1, 2025.

The company's liquidators are:

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


PAUL'S FISHING: Creditors' Proofs of Debt Due on May 9
------------------------------------------------------
Creditors of Paul's Fishing Systems Limited are required to file
their proofs of debt by May 9, 2025, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland




=====================
P H I L I P P I N E S
=====================

DITO CME: Leadership Shake-Up Signals Dennis Uy's Imminent Exit
---------------------------------------------------------------
Bilyonaryo.com reports that DITO CME Holdings, the parent company
of DITO Telecommunity, is undergoing significant changes at both
the executive and board levels, signaling the growing influence of
Summit Telco Group, the largest shareholder in the third mobile
telecommunications provider in the Philippines.

These leadership adjustments indicate the likely exit of
businessman Dennis Uy from the company he established during the
tenure of his ally, former President Rodrigo Duterte,
Bilyonaryo.com relates.

According to Bilyonaryo.com, a Babbler said the recent changes at
DITO CME are part of a strategy to ensure a smooth transition of
control.

On April 4, DITO CME announced the resignation of Cherylyn Uy,
Dennis Uy's wife, from her role as treasurer, though she will
remain on the company's board. The company also disclosed that
Raouf A. Kizilbash had stepped down from the board.

"More changes are expected, particularly at the DITO CME level," a
source told Bilyonaryo. "This restructuring signals that the
transition is being managed effectively to avoid disruptions."

Cherylyn, who had served as treasurer for six years, has been
replaced by Kim Jay Villamar, while Chun Lam Chan has taken over
Kizilbash's board seat. Both Cherylyn and Kizilbash cited personal
reasons for their resignations, Bilyonaryo.com notes.

Mr. Villamar, who joined DITO CME Ventures as senior finance
manager in December 2024, and Chan, who became chief financial
executive at DITO Telecommunity in August 2024, are seen as key
figures in the company's evolving leadership structure.

These changes follow Summit Telco Group's recent acquisition of an
additional 9 billion shares in DITO CME, further diluting Dennis
Uy's stake in the company, Bilyonaryo.com notes. Prior to this,
Summit Telco already held 22.76% of DITO CME after purchasing 4.89
billion shares in 2023.

Bilyonaryo.com relates that the funds raised from the share sale
were used to strengthen DITO Telecommunity's equity base,
facilitating negotiations with Chinese creditors to restructure a
$1.18 billion bridge loan into a $3.9 billion long-term financing
package.

Summit Telco's additional purchase now accounts for approximately
30% of DITO CME's expanded total of 30.49 billion shares, further
reducing Mr. Uy's holding in the company, Bilyonaryo.com says.

Given the capital-intensive nature of the telecom industry, coupled
with the increasing financial demands of his other ventures -
including Phoenix Petroleum, Chelsea Logistics, and a casino
project in Cebu—industry sources believe Mr. Uy is poised to
divest from DITO CME entirely, according to Bilyonaryo.com.

"DITO Telecom still faces challenges in achieving profitability,
despite ongoing improvements," the Babbler said. "As Dennis Uy's
stake continues to shrink, it is expected that he will eventually
exit the company."

                          About DITO CME

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
(PSE:DITO) -- https://ditocmeholdings.ph/ -- engages in the
provision of telecommunications, multimedia, and information
technology services.

DITO CME Holdings, which owns 44% of DITO Telecommunity, reported
losses of PHP19.6 billion in 2023, which bring its total red ink to
PHP68 billion since 2020.




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

ASTORIA SOLUTIONS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Astoria Solutions Pte. Ltd. on March 19, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Chian Yeow Hang
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Singapore 051531


CHOONG HENG: Creditors' Proofs of Debt Due on May 2
---------------------------------------------------
Creditors of Choong Heng Plastics Pte Ltd are required to file
their proofs of debt by May 2, 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:

          Chan Leng Leng
          c/o 20 Kramat Lane
          #03-02 United House
          Singapore 228773


INTERPAY SERVICES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on March 21, 2025, to
wind up the operations of Interpay Services Pte. Ltd.

Bluefield Advisors Limited filed the petition against the company.

The company's liquidators are:

          David Dong-Won Kim
          Cameron Lindsay Duncan
          c/o KordaMentha Pte Ltd
          16 Collyer Quay #30-01
          Singapore 049318


MARKET'S BEST: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------------
A petition to wind up the operations of Market's Best Pte. Ltd.
will be heard before the High Court of Singapore on April 11, 2025,
at 10:00 a.m.

Ban Choon Marketing Pte Ltd filed the petition against the company
on March 17, 2025.

The Petitioner's solicitors are:

          WhiteFern LLC
          9 Raffles Place
          #18-06 Republic Plaza Tower 1
          Singapore 048619


SPARKBYFLINT PTE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Sparkbyflint Pte. Ltd. on March 21, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Chian Yeow Hang
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Singapore 051531




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S R I   L A N K A
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SRI LANKA: To Substantially Cut US Tariff and Non-Tariff Barriers
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Reuters reports that Sri Lanka is ready to engage with the United
States in strengthening trade relations, the island nation said on
April 4, committing to substantially reduce tariff and non-tariff
barriers that hinder trade and investment.

U.S. President Donald Trump's government imposed a 44% tariff,
which will affect about $3 billion of exports, Sri Lanka's finance
ministry said in a statement, according to Reuters.

Reuters relates that Sri Lanka is concerned the tariffs will hurt
its economy, which is recovering from a severe financial crisis
triggered by a shortfall of dollars three years ago.

"Considering our export exposure and potential slowdown in global
demand, we are concerned that our recovery path could be
constrained," the statement added.

Supported by a $2.9 billion bailout from the International Monetary
Fund (IMF) the island nation posted growth of 5% last year.

                         About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia.  Sri Jayawardenepura Kotte is its legislative capital, and
Colombo is its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR
to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024.  Fitch
also upgraded the Long-Term Local-Currency IDR to 'CCC+', from
'CCC-', to align with the Long-Term Foreign-Currency IDR.

Moody's also upgraded Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca on Dec. 23, 2024.  The outlook is stable.

S&P Global Ratings on Dec. 27, 2024, affirmed its 'SD/SD'
(selective default) long- and short-term foreign currency and
'CCC+/C' long- and short-term local currency sovereign credit
ratings on Sri Lanka.  The outlook on the long-term local currency
rating is stable.




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V I E T N A M
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HAO HUY: Bank to Auction Floating Restaurant on Saigon River
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VnExpress.net reports that state-owned lender Agribank will auction
the ship Elisa, a floating restaurant on the Saigon River that was
used as collateral for a VND134 billion (US$5.2 million) loan of
Hao Huy Trading Company Limited.

VnExpress.net relates that the HCMC Property Auction Service Center
said the auction will be held on April 18.

The starting price will be set at VND134 billion, equal to the
value of the loan, and bidders are required to deposit 20%, or
nearly VND27 billion.

According to VnExpress.net, the boat of Hao Huy company, built in
2007, can accommodate 1,000 guests and is a popular venue for
viewing fireworks during Vietnam's various holidays.

Unlike other floating restaurants on the river, the Elisa is docked
at Saigon Port in District 4.

Hao Huy, incorporated in 2005, claims that the Elisa is the largest
floating restaurant in Ho Chi Minh City.


HOANG SON: Fails to Fully Pay Principal and Interest on Bonds
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FiinPro reports that Hoang Son Joint-Stock Investment Power -
Construction Trade Company was accused of failing to fully pay the
principal and interest on bonds due on March 25, 2025. These bond
issuances had a total outstanding value of nearly VND 1,000
billion.

Hoang Son Joint-Stock Investment Power - Construction Trade Company
as a multi-industry company, operating in fields such as:
construction of traffic, irrigation, civil and electrical works;
investment and operation of hydropower projects, investing in
traffic projects in the form of BOT, real estate, trading
construction materials (Steel, asphalt, sanitary ware, furniture,
decoration), etc.



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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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.

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