---

       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

          Wednesday, April 9, 2025, Vol. 28, No. 71

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2025-1P: Fitch Assigns BB+sf Final Rating on E Notes
ALSC ADMIN: First Creditors' Meeting Set for April 16
COMMUNITEER PTY: Second Creditors' Meeting Set for April 11
HARBOUR CITY: Second Creditors' Meeting Set for April 11
LYSN PTY: First Creditors' Meeting Set for April 11

MINERAL RESOURCES: Debt Anxiety Grows Amid Tariff Fears
ODIN ICE: First Creditors' Meeting Set for April 11
ONESTEEL MFG: Gupta Refuses to Hand Over Control of Whyalla Port
PERENTI LIMITED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
[] AUSTRALIA: ASIC Obtains Court Orders to Shut Down 95 Companies



I N D I A

GOLCONDA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
GOOD SHEPHERD: CRISIL Keeps B Debt Ratings in Not Cooperating
GOVIND AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GRADE 1: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
GRANITE ZONE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN EXPRESS: CRISIL Keeps B Debt Ratings in Not Cooperating
HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
IBHA CONSTRUCTIONS: CRISIL Lowers Long/Short Term Ratings to D
IL&FS LTD: Seeks More Time to Complete Resolution

JAISHRIRAM SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
JALAN TRANSOLUTIONS: Insolvency Resolution Process Case Summary
MOBILE TELECOM: CRISIL Keeps D Debt Rating in Not Cooperating
SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
SATYA EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating

SHIVAM MOTORS: CRISIL Lowers Rating INR25.11cr Proposed Loan to B
SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
TAJ AGRO: CRISIL Keeps B Debt Rating in Not Cooperating Category
TCS AND ASSOCIATES: CRISIL Keeps B Rating in Not Cooperating

THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
TILAK RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TJS HOTELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
VALUVANADU CAPITAL: CRISIL Keeps B+ Ratings in Not Cooperating

VAMSADHARA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
VAMSADHARA GINNING: CRISIL Keeps D Ratings in Not Cooperating
VARUN ROAD: CRISIL Keeps B Debt Rating in Not Cooperating
VENKATESHWARA ENT: CRISIL Keeps D Debt Ratings in Not Cooperating
VINDHYA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating

ZEE ENTERTAINMENT: NCLAT Dismisses IDBI Bank's Plea for Insolvency


J A P A N

[] JAPAN: Bankruptcy Hit 11-Year High in FY2024/25, TSR Says


N E W   Z E A L A N D

ADAMAR DESIGNS: Creditors' Proofs of Debt Due on May 2
CONTRACTING LIMITED: Creditors' Proofs of Debt Due on May 15
DU VAL: Owners Ordered to Meet Receivers, Answer Query Under Oath
JACKSON CONSTRUCTION: Court to Hear Wind-Up Petition on May 16
JP HOSPITALITY: Court to Hear Wind-Up Petition on May 6

K & L VISION: Creditors' Proofs of Debt Due on May 5


S I N G A P O R E

ASSISTANCE ONLINE: Creditors' Proofs of Debt Due on May 3
AVPIV KAKAMIGAHARA: Creditors' Proofs of Debt Due on May 5
DASIN RETAIL: Manager Declares Notice of Upcoming EGM 'Invalid'
DELTA CORP: Court to Hear Wind-Up Petition on April 11
KONOHANA INTERNATIONAL: Creditors' Proofs of Debt Due on May 2

NAVIK CAPITAL: Creditors' Proofs of Debt Due on May 5
PUMA ENERGY: Moody's Withdraws 'Ba3' Corporate Family Rating
[] SINGAPORE: Steps Up Efforts to Become Asia's Restructuring Hub

                           - - - - -


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

ALLIED CREDIT 2025-1P: Fitch Assigns BB+sf Final Rating on E Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Allied Credit ABS Trust
2025-1P - Series 1's pass-through floating-rate notes. The notes
are backed by a pool of first-ranking Australian automotive loan
receivables originated by entities related to Allied Credit Pty Ltd
(Allied Credit). The notes will be issued by AMAL Trustees Pty
Limited as trustee for Allied Credit ABS Trust 2025-1P - Series 1.

The final rating on the class B notes is one notch higher than the
expected rating. This was due to a change in the swap notional
balance and the reduction in the transaction's weighted-average
(WA) note margin from the indicative WA margin previously modelled,
which increases the excess spread available.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Allied Credit ABS
Trust 2025-1P –
Series 1

   A-X                 LT NRsf   New Rating   NR(EXP)sf
   A1 AU3FN0096269     LT AAAsf  New Rating   AAA(EXP)sf
   A2                  LT NRsf   New Rating   NR(EXP)sf
   B AU3FN0096277      LT AA+sf  New Rating   AA(EXP)sf
   C AU3FN0096285      LT Asf    New Rating   A(EXP)sf
   D AU3FN0096293      LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0096301      LT BB+sf  New Rating   BB+(EXP)sf
   G                   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The total collateral pool at the 19 March 2025 cut-off date was
AUD700 million and consisted of 19,220 receivables with a WA
seasoning of 8.6 months, WA remaining maturity of 54.5 months and
an average contract balance of AUD36,420.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples as follows:

Platinum: 1.0% (7.50x)

Titanium: 3.0% (5.50x)

Gold: 5.0% (5.00x)

Silver: 8.0% (4.50x)

The recovery base case for electric vehicles (EVs) is 24.0% with a
'AAAsf' recovery haircut of 60.0% and 35.0% for non-EVs with a
'AAAsf' recovery haircut of 50.0%. The WA base-case default
assumption was 2.3% and the 'AAAsf' default multiple was 5.7x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes in 2022-2023. GDP growth was 1.3% in 2024 and
unemployment was 4.1% in February 2025. Fitch forecasts GDP growth
of 1.9% in 2025 and rising to 2.2% in 2026, with unemployment at
4.2% in both years.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A-X note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall, above the class B to E notes.

The class A to E notes will receive principal repayments pro rata
upon satisfaction of the step-down criteria. Fitch's cash flow
analysis incorporates the transaction's structural features and
tests the robustness of the rated notes by stressing default and
recovery rates, prepayments, interest-rate movements and default
timing.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The transaction includes
interest-rate swaps with a fixed schedule that is likely to be
rebalanced, depending on the level of prepayments and defaults.
Hence, the transaction is modelled as fully hedged at all times.

Low Operational and Servicing Risk: All receivables were originated
by related entities of Allied Credit - Allied Retail Finance Pty
Ltd, Dealer Motor Finance Australia Pty Limited, IFSA Pty Ltd,
Allcredit Automotive Finance Pty Ltd, AutoMe Finance Pty Ltd,
MotorCycle Finance Pty Ltd and Mercury Finance Pty Ltd - and
serviced by Allied Retail Finance Pty Ltd. Fitch undertook an
operational review and found that the operations of the originator
and servicer were consistent with market standards for auto
lenders. Allied Credit is not rated by Fitch.

Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated backup servicer is AMAL Asset
Management Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 23.6% of the portfolio by loan value
(including guaranteed future value loans) has balloon amounts
payable at maturity.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. As a result, Fitch
conducts sensitivity analysis by stressing a transaction's initial
base-case assumptions; these include increasing WA defaults and
decreasing the WA recovery rate.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: A1 / B / C / D / E

Rating: AAAsf / AA+sf / Asf / BBBsf / BB+sf

10% defaults increase: AAAsf / AAsf / A-sf / BBBsf / BB+sf

25% defaults increase: AAAsf / AA-sf / BBB+sf / BBB-sf / BBsf

50% defaults increase: AA+sf / Asf / BBBsf / BBsf / B+sf

10% recoveries decrease: AAAsf / AA+sf / Asf / BBBsf / BB+sf

25% recoveries decrease: AAAsf / AAsf / Asf / BBBsf / BBsf

50% recoveries decrease: AAAsf / AAsf / A-sf / BBB-sf / BBsf

10% defaults increase / 10% recoveries decrease: AAAsf / AAsf /
A-sf / BBB-sf / BBsf

25% defaults increase / 25% recoveries decrease: AAAsf / A+sf /
BBB+sf / BB+sf / BB-sf

50% defaults increase / 50% recoveries decrease: AA+sf / A-sf /
BBB-sf / BB-sf / Bsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Economic conditions, loan performance and credit losses that are
better than its baseline scenario or sufficient build-up of credit
enhancement that would fully compensate for credit losses and cash
flow stresses commensurate with higher rating scenarios, all else
being equal.

Upgrade Sensitivities

The class A1 notes are at the highest level on Fitch's scale and
cannot be upgraded.

Notes: B / C / D / E

Rating: AA+sf / Asf / BBBsf / BB+sf

10% defaults decrease / 10% recoveries increase: AA+sf / A+sf /
BBB+sf / BBB-sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

ESG Considerations

Allied Credit ABS Trust 2025-1P - Series 1, for which EVs form 1.5%
of the pool, has an ESG Relevance Score (RS) of '4' (impact on
credit) for Energy Management, above the baseline RS of '2' (no
impact) for this issue in the Australian auto sector, due to the
limited credit performance data for EVs. Available market data show
notable differences in recoveries between EVs and non-EVs. Fitch's
analytical approach for the transaction was not adjusted, due
purely to the "green" nature of the underlying collateral, but
Fitch referenced available market data for EVs in determining
recovery assumptions.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


ALSC ADMIN: First Creditors' Meeting Set for April 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of ALSC Admin
Pty Ltd, ALSC Australasia Pty Ltd, ALSC Mornington Pty Ltd, and
Australian Cosmetic & Laser Clinic Pty Ltd will be held on April
16, 2025 at 11:00 a.m. at the offices of Kennedy Ryan Advisory at
Level 4, 15 Queen Street in Melbourne.

Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on April 4, 2025.


COMMUNITEER PTY: Second Creditors' Meeting Set for April 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Communiteer Pty
Ltd has been set for April 11, 2025 at 3:30 p.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 10, 2025 at 5:00 p.m.

Alexander Man Chun Siu of Hall Chadwick was appointed as
administrator of the company on March 7, 2025.


HARBOUR CITY: Second Creditors' Meeting Set for April 11
--------------------------------------------------------
A second meeting of creditors in the proceedings Of Harbour City
Hospitality Pty Ltd has been set for April 11, 2025 at 12:00 p.m.
at the offices of Mackay Goodwin at Level 12, 20 Bridge Street in
Sydney and via teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 10, 2025 at 5:00 p.m.

Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as
administrators of the company on March 7, 2025.


LYSN PTY: First Creditors' Meeting Set for April 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of Lysn Pty.
Ltd. will be held on April 11, 2025 at 11:00 a.m. at the offices of
Vincents at Level 14, 25 Martin Place in Sydney and via Zoom.

Henry McKenna of Vincents was appointed as administrator of the
company on April 1, 2025.


MINERAL RESOURCES: Debt Anxiety Grows Amid Tariff Fears
-------------------------------------------------------
The Australian Financial Review reports that Mineral Resources'
debt is trading at widening discount as investors fear for the
diversified mining group's ability to repay billions of dollars in
loans as it grapples with higher costs and difficult economic
conditions.

Shares in MinRes, the West Australian-headquartered lithium and
iron ore miner founded by prominent mining executive Chris Ellison,
have lost one-third of their value since last week, dragging its
market capitalisation to AUD3.3 billion - well below the value of
the company's AUD5.8 billion debt pile, the Financial Review
discloses.

Lithium miners across the ASX have been particularly badly affected
by the Trump administration's trade tariffs, with investors fearing
they will slow the sale of electric vehicles, a key use for the
battery mineral.

MinRes shares fell 12 per cent on April 7 to AUD16.72, a level not
seen since the COVID-19 pandemic. Last May, MinRes shares were
trading at almost AUD80. Shares in Liontown Resources and IGO
declined 8 per cent and 5 per cent respectively on April 7, while
PLS, formerly known as Pilbara Minerals, lost 4 per cent.

But MinRes' unsecured US dollar bonds are also trading at discounts
of between 5 per cent and 10 per cent to their face value,
suggesting investors are now less confident of the company's
ability to repay that debt, the Financial Review relays.

"We are not surprised by the blowout in MinRes spreads, which are
now finally starting to reflect . . . deteriorating credit quality
and an increasing probability of default," the Financial Review
quotes Ben Lyons, an analyst at Jarden, as saying.

"We had been surprised at how resilient trading in the US unsecured
notes had been, prior to the recent precipitous declines. Clearly
the equity market has had a better handle on the rapid
deterioration in MinRes' operating and financial performance, and
the poor fiscal stewardship . . . which has enabled the current
dire balance sheet settings."

The Financial Review notes that MinRes has been bleeding cash from
its lithium division after low prices forced the loss-making miner
to mothball operations at Bald Hill, a project close to Kalgoorlie
in the Goldfields region.

Over six months, MinRes has also cut its iron ore production, axed
dividends, and flagged it will have to spend significantly more
money than expected repairing a crucial iron ore haul road.

"MinRes has substantial liquidity, no imminent maturity pressure
and no financial maintenance covenants on its US bonds. The change
in bond pricing has no impact on interest expense, serviceability
or capacity to refinance," the miner said.

"The first US bond does not mature for two years and from May 2025
there is the opportunity to refinance or extend. We have full
confidence in our access to capital markets and ability to
refinance the notes in coming years," it added.

The miner's debt includes US$3.1 billion (AUD5.2 billion) of
unsecured, greenback-denominated bonds. A US$700 million bond that
matures in May 2030 has recorded hefty falls over the past few days
and is trading at roughly 91 cents in the dollar. It was trading at
par late last month.

Other bonds are also trading at discounts. Some US$625 million in
unsecured notes due in November 2027 are trading at 95 cents, while
another US$1.8 billion is trading at between 91 cents and 96 cents
in the dollar.

Jarden's Lyons, who has been negative on MinRes stock for some
time, estimates the company owes more than AUD7 billion in total if
the pre-sale of AUD600 million of iron ore and other liabilities
are included, the Financial Review relays.

                           About MinRes

Based in Osborne Park, Australia, Mineral Resources Limited
(ASX:MIN) -- https://www.mineralresources.com.au/ -- is an
ASX-listed company operating across mining services, as well as
mining of iron ore and lithium minerals.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
12, 2024, Moody's Ratings has affirmed the Ba3 corporate family
rating of Mineral Resources Limited (MinRes). At the same time,
Moody's have affirmed the Ba3 senior unsecured bond ratings and
changed the outlook to negative from stable.

The TCR-AP reported on March 7, 2025, Fitch Ratings has downgraded
Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to
'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded
MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'.

The rating downgrade reflects MinRes' high leverage and increased
deleveraging risks over the medium term. Fitch expects EBITDA net
leverage to worsen to 7.3x in the financial year ending June 2025
(FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28,
considering Fitch's mid-cycle price assumptions. Reported net debt
increased by AUD656 million to AUD5.1 billion at end-December 2024,
despite AUD1.9 billion in cash proceeds from the sale of a 49%
stake in the Onslow Iron haul road and gas assets. Around AUD320
million of the increase in the company's debt was related to the
revaluation of its USD3.1 billion in bonds.

The Negative Outlook reflects the execution risks associated with
its planned cost improvements, capex discipline and production
ramp-up at its Onslow iron ore project that may keep leverage above
its expectations, which could lead to negative rating action.


ODIN ICE: First Creditors' Meeting Set for April 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of Odin Ice
Baths Pty Ltd will be held on April 11, 2025 at 10:00 a.m. at the
offices of Mcleods Accounting at Level 5, 145 Eagle Street in
Brisbane.

Nick Keramos and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on April 1, 2025.


ONESTEEL MFG: Gupta Refuses to Hand Over Control of Whyalla Port
----------------------------------------------------------------
The Australian Financial Review reports that British industrialist
Sanjeev Gupta is refusing to hand over control of the port at
Whyalla's steelworks, forcing the plant's administrators to warn
the dispute could derail the sale of the struggling plant.

KordaMentha were appointed to run the operations – which Mr.
Gupta had run since he acquired the collapsed ASX-listed Arrium
steel business in 2017 – two months ago, after the South
Australian government seized control of the plant amid growing
concerns it was not financially viable.

According to the Financial Review, the state and federal
governments are proposing to provide billions of dollars of funding
as part of plans to find a new owner for the plant, one of the
country's largest, and the main employer in the town 380km north of
Adelaide. The administrators have previously flagged that there are
several interested parties, but said this can only happen if the
port is sold with the plant.

In an affidavit filed with the Federal Court, KordaMentha's Michael
Korda said the dispute urgently needed to be resolved for a sale
process at the steelworks - losing AUD1 million every day - to
begin, the Financial Review relays. The administrators were given
AUD400 million by the state to fund operations from February.

The port is used to bring in magnetite ore from mines run by the
business, and to ship the finished product made by the steelworks.

The Financial Review says Mr. Korda, in his affidavit, claims that
the failure to hand over control of the port could lead to the
permanent shutdown of operations.

"The sale or recapitalisation process needs to commence in the near
term and must be completed as soon as possible because of the
quantum of the current daily losses, the limited funding of the
administrators, and the anxiety and hardship that the uncertainty
is causing . . . employees, contractors, suppliers, and the
township of Whyalla," he wrote.

"If the administrators run out of funding or the sale and
recapitalisation process cannot be undertaken before that time, or
the sale process fails because of an inability to pass title to key
assets, or it is otherwise unsuccessful, then OneSteel's operations
may need to close down."

The Financial Review, citing Mr. Korda's court filings, says an
entity related to Mr. Gupta, known as Whyalla Ports Pty Ltd, told
KordaMentha that it held the lease to the port that ran for 99
years from June 29, 2018, and it remained in force.

The Financial Review relates that KordaMentha argues that the
legislation dating back to 1958, when BHP owned the operations,
maintains that only a OneSteel entity - as the steelworks is
formally known – is authorised to operate the port. The
administrators also claim there are conflicting accounts about
whether a lease was actually signed in 2018, describing this as
"extremely concerning".

According to KordaMentha, Mr. Gupta is paying just AUD12,000 a year
for the port.

Mr. Gupta has previously criticised the seizure of the steelworks
as "unexpected and unprecedented" and "the wrong course of action".
When he acquired the business, the businessman said he would invest
more than AUD1 billion into the plant, upgrading its ageing
furnace. This did not happen, and the plant has suffered several
shutdowns, most recently last month, when KordaMentha was forced to
pause production for repairs.

The OneSteel business owes creditors AUD1.35 billion, and
KordaMentha has said it was losing AUD1.5 million every day before
its appointment, the Financial Review discloses.

"They just haven't spent money on this business. The business is
running on empty," Sebastian Hams, a KordaMentha partner overseeing
the administration, said last month. "It is a really dangerous
position to get into."

The Financial Review adds that the administrators have claimed that
OneSteel was losing money partly because it was selling its
products too cheaply to other parts of Mr. Gupta's business, which
has been under financial strain since the collapse of its main
financier, Greensill, in 2021. While Mr. Gupta's GFG Alliance once
owned a string of steel mills in Europe, Britain and the United
States, they have been mothballed or are being pursued for
bankruptcy.

                   About OneSteel Manufacturing

OneSteel Manufacturing Pty Limited manufactures steel products. The
Company offers a variety of products including steel pipes, valves,
and sheets.

On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing Pty Ltd, the owner and
operator of the Whyalla steelworks and the iron ore mining
operations in the Middlebank Range (together, 'Whyalla Steelworks
and Mining') in South Australia.

The appointment was made by the South Australian Government.


PERENTI LIMITED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Perenti Limited's
Long-Term Issuer Default Rating at 'BB+'. The Outlook is Stable.
Fitch has also affirmed the rating on the USD350 million senior
unsecured bond due April 2029 issued by Perenti Finance Pty Ltd.
The bond is fully guaranteed by Perenti.

The affirmation reflects the company's consistent financial and
operational performance and its enhanced scale following the
integration of DDH1 Group. The rating reflects Perenti's
disciplined approach to contracting, which helps it maintain strong
margins and free cash generation. The revised sensitivities reflect
these operational and financial improvements. Fitch expects revenue
growth to slow during the financial years ending June 2026 (FY26)
to FY29, but Perenti aims to improve operational efficiency to
achieve a 10% EBITA margin, aligning more closely with
investment-grade peers.

Perenti's financial profile has strengthened. EBITDA net leverage
decreased to 0.7x in FY24 and should further decline to 0.6x in
FY25. Fitch expects leverage to stay below the company's long-term
target of 1.0x on reduced capital intensity, as reflected in the
Stable Outlook.

Key Rating Drivers

Manageable Contract Renewal Risk: Perenti's work-in-hand declined
to AUD4.7 billion over the last two years as of December 2024
(FY22: AUD6.5 billion), reflecting the expiration of large
contracts. However, the contract mining business has a high rate of
contract renewal success and Perenti is in the late stage of
renegotiations for four contracts, valued at over AUD2.0 billion.
Some of the company's key projects are approaching the life of mine
limits over the next five year, but it has signed new contracts in
Australia and North America.

Improving FCF Generation: Fitch expects Perenti to continue
improving revenue visibility, maintain positive free cash flow
(FCF) and increase the EBITA margin to its long-term target of 10%.
This will support cash flow, even in weak commodity markets, and
align cash flow visibility with that of investment-grade peers. The
EBITA margin widened to 9.4% in FY24 (FY23: 9.2%), supported by
Perenti's focus on operational efficiency and corporate overheads.
It also generated AUD132 million in Fitch-calculated FCF before
dividends, against negative FCF in FY21- FY23.

Stable Cash Flow from Underground Mining: The underground mining
division generated around AUD2.1 billion in revenue in FY24.
Underground mining work-in-hand was AUD3.3 billion as of June 2024
(FY23: AUD3.4 billion), or more than half of Perenti's order book
of AUD5.1 billion.

Perenti's focus on underground mining supports its ability to
generate stable cash flow through the cycle, buffering the company
against cyclical commodity prices. This stability is underpinned by
the low-cost position of the mines Perenti serves, a focus on
production-related services, and higher entry barriers and lower
capital intensity compared with surface mining.

Leading Market Position in Australia: Perenti is Australia's
second-largest mining-services company, with around AUD1.7 billion
in revenue from the country in FY24. Its Australian work-in-hand
was AUD2.4 billion in FYE24 (FYE23: AUD2.1 billion), reaching
almost half of its order book. Fitch expects domestic mining
activity to continue expanding, although it will be cyclical. This
should support steady demand for Perenti's services and offset
declines in revenue in high-risk mining jurisdictions, where the
company plans to reduce operations over time.

Conservative Financial Policy: Fitch expects Fitch-defined EBITDA
net leverage to remain at or below Perenti's long-term target of
1.0x in the next few years, due to higher EBITDA generation and
lower capex intensity. Fitch believes successful deleveraging and a
commitment to maintaining a conservative financial profile will
better position the company to withstand commodity price downturns.
Perenti maintains conservative leverage metrics through capital
management initiatives, such as limiting capex, suspending
dividends and divesting non-core assets.

Improving Jurisdictional Risk Profile: Perenti continues to focus
its strategy on stable jurisdictions, bringing its operating risk
profile in line with that of investment-grade peers. Following the
DDH1 acquisition, with around 90% of revenue derived from
Australia, the company's exposure to stable jurisdictions —
including Australia (AAA/Stable), the United States of America
(AA+/Stable), Canada (AA+/Stable), Botswana and Europe —
increased to around 70% in 1HFY25, up from around 60% in FY23.

Peer Analysis

Perenti's business profile is supported by its leading position in
underground mining services and diversified operations by service
offerings, commodities and customers. This compares favourably
against its Indonesia-based peer, PT Bukit Makmur Mandiri Utama
(BB-/Stable), which has a less diversified business model and
higher concentration in lower-quality counterparties.

Perenti's revenue is largely derived from medium- to long-term
contracts of three to five years, with short-term contracts typical
only in its rental and drilling segments, at less than 24%. This
provides better revenue visibility compared to Australia-based
Emeco Holdings Limited (BB-/Stable), whose business model is built
on rental services.

Perenti's operational scale in terms of revenue increased to AUD3.3
billion in FY24, following the acquisition of DDH1. However, this
is still significantly smaller than the operational scale of
Australia-based diversified services provider, Downer EDI Limited
(BBB/Stable), which generates around AUD11 billion in revenue and
holds work-in-hand 7x that of Perenti. However, Perenti has a
stronger financial profile is stronger, with falling EBITDA net
leverage Fitch expects leverage to further decline to 0.6x in FY25,
which is somewhat stronger than the average profile of mining and
diversified services issuers.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Annual revenue growth of 2%-3% over FY25-FY28

- Fitch-adjusted group EBITDA margin of around 18.7% over the next
four years (FY24: 18.5%)

- Net capex of AUD330 million in FY25 and then 10% of revenue on
average (FY24: 10%)

- No new acquisitions or divestments

- Dividends of 40% of net profit after tax from FY25 as net
leverage remains below 1x

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA net leverage rising above 2.0x for a sustained period

- Weakening market position, including weak execution of its
business strategy or inability to renew or replace expiring
contracts.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Fitch does not expect positive rating action over the next year
or two, as Perenti integrates new businesses and transitions to
low-risk mining jurisdictions. However, an improved Fitch-defined
EBIT margin to around 8.5%, while keeping EBITDA net leverage below
1.5x, could lead to an upgrade.

Liquidity and Debt Structure

Perenti had cash and equivalents of AUD459.1 million at FYE24,
sufficient to repay the remining USD203 million on its USD450
million bonds maturing October 2025. The company also holds AUD445
million of syndicated facilities, with AUD70 million drawn as of
FYE24. The next material maturity is its USD350 million senior
unsecured notes due April 2029.

Issuer Profile

Perenti is a leading global provider of contract mining, drilling
and other mining services. It has become one of the largest mining
services companies listed on the Australian Securities Exchange
since operations started in 1987.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Perenti Limited       LT IDR BB+  Affirmed   BB+

Perenti Finance
Pty Ltd

   senior unsecured   LT     BB+  Affirmed   BB+


[] AUSTRALIA: ASIC Obtains Court Orders to Shut Down 95 Companies
-----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) is
warning consumers to remain vigilant when engaging with online
investment websites and mobile applications after successfully
applying to wind-up 95 companies, many of which ASIC believes may
be associated with online investment and romance baiting scams,
also known as 'pig butchering' scams.

The Federal Court granted ASIC's application to wind-up the 95
companies on just and equitable grounds after ASIC found most of
the companies had been incorporated with false information.

The Court agreed with ASIC in finding that there was a justifiable
lack of confidence in the conduct and management of each of the 95
companies, with Justice Stewart calling the case for winding up
each company "overwhelming".

Many of the companies were also associated with websites and apps,
which ASIC believes may have been involved in facilitating
suspected scam activity by tricking consumers into making
investments in phoney foreign exchange, digital assets or
commodities trading. ASIC has taken steps to have numerous related
websites and apps taken down.

ASIC Deputy Chair Sarah Court said, "ASIC believes many of these
companies were set up with the aim of providing a veneer of
credibility by purporting to provide genuine services.  This action
has shut these companies down and protects consumers from entities
with no proper management or control, including some that were
associated with potentially fraudulent activity."

Ms Court said that scammers were using increasingly complex
techniques to target their victims, including setting up sham
companies and professional looking websites and apps, to lull
victims into a false sense of security. ASIC also suspects that, in
some cases, the companies were incorporated using stolen
identities.

"Scammers will use every tool they can think of to steal people's
money and personal information. ASIC takes action to frustrate
their efforts, including by prosecuting those that help facilitate
their conduct and taking down over 130 scam websites each week. Our
ongoing work to uplift and improve our registry system will also
help to prevent conduct such as this from occurring in the
future."

"However, these scams are like hydras: you shut down one and two
more take its place. That's why we're warning consumers that the
threat of scams and identity fraud remains high. We remind
consumers to be vigilant," said Ms Court.

Catherine Conneely and Thomas Birch of Cor Cordis have been
appointed by the Court as joint liquidators of the 95 companies.

Romance baiting is a type of scam in which offenders often devote
long periods of time, usually on social media, to gain the trust of
victims before encouraging them to make investments, such as in
digital assets and/or contracts for difference such as margin FX,
often via professional looking websites or apps. Victims think they
are trading on legitimate platforms, but they are actually fake
platforms, created by the offenders, that are often designed to
look identical to well-known sites. Victims' money is deposited
into accounts controlled by the offenders and never seen again.

The winding up action is the latest in ASIC's ongoing efforts to
combat investment scams.

ASIC is removing around 130 scam websites a week, with the
latest Enforcement and Regulatory Update indicating that more
than 10,000 sites have been taken down, including 7,227 fake
investment platform scams, 1,564 phishing scam hyperlinks and 1,257
cryptocurrency investment scams.

In December 2024, ASIC sued HSBC Australia for allegedly failing to
adequately protect customers scammed out of millions of dollars.

In March 2025, Brendan Gunn was charged for allegedly dealing in
the proceeds of crime connected to an international scam ring
following an ASIC investigation.

The companies shut down on just and equitable grounds are:

     - 19 Securities Pty Limited (ACN 667 009 743) 
     - 24-U Pty Ltd (ACN 660 136 603)  
     - 90Rich Markets Pty Ltd (ACN 679 210 032) 
     - Aleos Capital Markets Pty Ltd (ACN 664 271 925)  
     - Aleos Capital Pty Ltd (ACN 674 120 015) 
     - Atom Global Markets Pty Ltd (ACN 678 573 138) 
     - Audrn Financial Group Pty Ltd (ACN 602 539 462) 
     - Aus Financial Australia Pty Ltd (ACN 663 182 536) 
     - Ausfit Mart Pty Ltd (ACN 664 142 241) 
     - Aximtrade Pty Ltd (ACN 655 873 377) 
     - BHP Markets Pty Ltd (ACN 658 757 745) 
     - BKS Markets Pty Ltd (ACN 668 857 976) 
     - Broad Times International Pty Limited (ACN 671 961 890) 
     - Bullant Capital (Aus) Pty Ltd (ACN 663 849 956) 
     - Caitu International Securities Pty Ltd (ACN 664 050 926) 

     - Cerram Meta Click Pty Ltd (ACN 644 633 063) 
     - Cloud Bridge Capital Pty Ltd (ACN 661 715 966) 
     - CLSA Capital Group Inv Pty Ltd (ACN 676 141 512) 
     - Como Trade Pty Limited (ACN 662 933 799) 
     - Dakin International Pty Ltd (ACN 658 014 656) 
     - Discovery Capital Group Pty Ltd (ACN 667 981 437) 
     - Enclave Prime Pty Ltd (ACN 662 396 278) 
     - Extreme Global Pty Ltd (ACN 670 559 672) 
     - Extrend Cap International Pty Ltd (ACN 658 757 807) 
     - Fox Digi Pty Ltd (ACN 663 890 506) 
     - Gaoman Capital Group Trading Pty Ltd (ACN 659 170 073) 
     - Gaosheng AR Pty Ltd (ACN 661 750 330) 
     - Genesis Capital Resources Pty Ltd (ACN 661 621 469) 
     - Geo Securities Pty Ltd (ACN 662 140 418) 
     - Gold Rush Global Group Pty Ltd (ACN 666 677 265) 
     - Gold Rush Group Pty Ltd (ACN 658 757 772) 
     - Goldton Securities Pty Ltd (ACN 658 356 097) 
     - Goldwell Global Pty Ltd (ACN 669 654 540) 
     - Gongde International Pty Limited (ACN 669 729 793) 
     - Great Plan Service Pty Limited (ACN 669 595 288) 
     - Great Virtue Pty Limited (ACN 668 832 826) 
     - Gse Global International Pty Ltd (ACN 660 196 396) 
     - GTS Energy Markets Group Pty Limited (ACN 645 815 569) 
     - Guang Quan International Pty Ltd (ACN 668 974 383) 
     - Guangyu Securities Pty Limited (ACN 668 451 429) 
     - Guanhong Securities Pty Limited (ACN 661 474 577) 
     - Guofa International Pty Ltd (ACN 671 454 265) 
     - Guotai International Pty Ltd (ACN 670 790 655) 
     - Heng Fu Tong Securities Pty Ltd (ACN 680 316 705) 
     - Hontak International Pty Ltd (ACN 671 706 335) 
     - Hus Global Pty Ltd (ACN 677 904 102) 
     - Hus Us Pty Ltd (ACN 677 474 289) 
     - IEXS Global Pty Ltd (ACN 664 408 226) 
     - Illu Markets Group Pty Ltd (ACN 666 124 492) 
     - International Finance Asia Pty Ltd (ACN 670 137 345) 
     - Intrade Us Pty Ltd (ACN 676 946 606) 
     - Inuc Global Pty Ltd (ACN 678 172 962) 
     - Invdom Pty Ltd (ACN 675 681 268) 
     - Jinhou International Pty Limited (ACN 664 819 210)  
     - Jinte Net Blockchain Pty Ltd (ACN 643 223 965) 
     - Juncheng Trade Pty Ltd (ACN 675 132 895) 
     - Katy Capital Pty Ltd (ACN 652 540 120) 
     - Khama Capita Pty Ltd (ACN 662 934 072) 
     - Kwakol Markets Pty Ltd (ACN 656 656 665) 
     - Mercury Securities Group Pty Ltd (ACN 663 112 221) 
     - Nasd Trading Group Pty Limited (ACN 660 933 059) 
     - Newrgy Pty Ltd (ACN 659 949 014)  
     - Oceanus Wealth Securities Pty Ltd (ACN 667 232 644) 
     - QRS Global Pty Ltd (ACN 665 543 966) 
     - Rac Markets Pty Ltd (ACN 662 485 967) 
     - Rayz Liquidity Pty Ltd (ACN 670 366 542) 
     - Rena Markets Pty Ltd (ACN 664 271 854) 
     - Rhino Securities Pty Ltd (ACN 662 588 427) 
     - Rich Gold Group Pty Ltd (ACN 676 210 441) 
     - Ridder Trader Pty Ltd (ACN 643 571 377) 
     - Rising Sun Capital Pty Ltd (ACN 661 452 759) 
     - RN Prime Pty Ltd (ACN 664 101 937) 
     - Rootie Tech Solutions Pty Ltd (ACN 663 868 237) 
     - Royal Tungsten Pty Ltd (ACN 659 522 540) 
     - Ruifu International Pty Ltd (ACN 670 605 893) 
     - Ruisen Securities Pty Limited (ACN 666 827 550) 
     - Seventy Investech Pty Ltd (ACN 665 400 699) 
     - Shan Yu International Pty Limited (ACN 668 038 944) 
     - Sophie Capital Financial Trading Pty Ltd (ACN 658 204
347) 
     - Standard Holding Group Pty Ltd (ACN 659 150 642) 
     - Titan Capital Markets Pty Ltd (ACN 658 387 118) 
     - Topmax Global Pty Ltd (ACN 662 561 748) 
     - Tradehall Pty Ltd (ACN 641 032 402) 
     - Tradewill Global Pty Limited (ACN 653 239 500) 
     - Trillion Global Capital Pty Ltd (ACN 660 834 757) 
     - Tshan Markets Pty Ltd (ACN 674 120 140) 
     - Tuotenda Capital Group Pty Ltd (ACN 654 956 153) 
     - Upone Global Financial Services Pty Ltd (ACN 675 268 774) 

     - Volmax Group Pty Ltd (ACN 658 899 640) 
     - Vorex Trading Pty Ltd (ACN 656 321 792) 
     - VSFX Financial Pty Ltd (ACN 651 792 488) 
     - Yinrui International Pty Limited (ACN 671 080 658) 
     - Yuying International Pty Limited (ACN 669 482 526) 
     - Zhongke Global Pty Ltd (ACN 670 931 905) 
     - Zhongying Global Pty Ltd (ACN 663 466 073) 




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

GOLCONDA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Golconda
Textiles Private Limited (GTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.55        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit           11          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     0.45       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              4          CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with GTPL for
obtaining information through letter and email dated March 12, 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 GTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).


GOOD SHEPHERD: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Good Shepherd
Educational Trust - Trivandrum (GSE) continue to be 'Crisil
B/Stable Issuer not cooperating'.

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with GSE for
obtaining information through letter and email dated March 12, 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 GSE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GSE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GSE continues to be 'Crisil B/Stable Issuer not cooperating'.

GSET Trivandrum is trust started in Thiruvananthapuram is engaged
in providing education service through its school, The School of
Good Shepherd which is affiliated to CBSE board was started in
2002.


GOVIND AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Govind Agro
Foods (GAF) continue to be 'Crisil D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit             5         CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with GAF for
obtaining information through letter and email dated March 12, 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 GAF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GAF continues to be 'Crisil D Issuer not cooperating'.

Set up in July 2009 as a partnership firm by Mr. Subhash Chand and
his son, Mr. Neeraj Kumar, GAF processes basmati rice and sells to
domestic players, which export it to the Middle East.


GRADE 1: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grade 1
Timbers (GT) continues to be 'Crisil B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           15        CRISIL B+/Stable (Issuer Not
                                   Cooperating)

Crisil Ratings has been consistently following up with GT for
obtaining information through letter and email dated March 12, 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 GT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of GT
continues to be 'Crisil B+/Stable Issuer not cooperating'.

Established in October 2017 in Telangana as a proprietorship firm
by Mr. Lakshmana Rao, GT trades and processes timber. The firm
started commercial operations from February 2018.


GRANITE ZONE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Granite Zone
India Private Limited (GZPL) continue to be 'Crisil B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          2         CRISIL B+/Stable (Issuer Not
                                  Cooperating)

   Long Term Loan       4         CRISIL B+/Stable (Issuer Not
                                  Cooperating)

Crisil Ratings has been consistently following up with GZPL for
obtaining information through letter and email dated March 12, 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 GZPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GZPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GZPL continues to be 'Crisil B+/Stable Issuer not cooperating'.

Set up in 2007, GZPL processes rough granite blocks into granite
slabs and tiles. The company is promoted by Mr. Rameshwar Lal
Bhutra and Mr. Devendra Kumar Soni.


GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greccy Knit
(GK) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             5.43        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GK for
obtaining information through letter and email dated March 12, 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 GK, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of GK
continues to be 'Crisil D Issuer not cooperating'.

Incorporated in 2014, GK is a partnership firm, which is setting up
a unit to manufacture grey fabrics, to be used in sarees and other
garments. It is being promoted by Mr. Bharat Zalavadiya and his son
Mr. Gaurang Zalavadiya.


GREEN EXPRESS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Green Express
Carriers Private Limited (GECPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             12        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GECPL for
obtaining information through letter and email dated March 12, 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 GECPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GECPL continues to be 'Crisil B/Stable Issuer not cooperating'.

Incorporated in 2015, New Delhi-based GECPL is owned and managed by
Mr. Tejinderjit Singh Dang and Mr. Kamal Deep Singh Dang. It
provides third-party logistics solutions through its 45 branch
offices across India.


HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haryana Oils
and Soya Limited (HOSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       95         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with HOSL for
obtaining information through letter and email dated March 12, 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 HOSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HOSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HOSL continues to be 'Crisil D/Crisil D Issuer not cooperating'.

Based in Delhi, HOSL is primarily into trading of edible oil, de
oiled cakes and other agricultural commodities and is managed by
Mr. Laxmi Chand Aggarwal, Mr. Sanjeev Aggarwal, and Mr. Rajesh
Aggarwal. Previously, HOSL involved in the production of rice bran
oil and de-oiled cake (DOC) and was taken over by the current
promoters in 1994.


IBHA CONSTRUCTIONS: CRISIL Lowers Long/Short Term Ratings to D
--------------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank facilities of
IBHA Constructions Private Limited (IBHACPL) to 'Crisil D/Crisil D'
from 'Crisil B/Stable/Crisil A4'.

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

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

The rating downgrade reflects the delays by IBHACPL in meeting its
long-term debt obligation over the six months through February
2025, owing to delay in receipts from customers resulting in
stretched liquidity. The account has remained overdrawn for more
than 30 straight days in the six months through March 2025.

IBHACPL remains susceptible to risks inherent in tender-based
operations and has large working capital requirement. The company
benefits from the extensive experience of its promoters in the
construction industry.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: The company had gross current
assets of 120-356 days over the three fiscals ended March 31, 2024.
Its large working capital requirement arises from substantial
receivables and inventory.

* Susceptibility to risks inherent in tender-based operations:
IBHACPL's revenue and profitability depend entirely on its ability
to win tenders. Intense competition necessitates aggressive bidding
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. Sustained increase in scale along with stable operating
margin remains monitorable.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over two decades in the civil construction
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

Liquidity: Poor

The company has had instances of delays in long-term debt servicing
in the six months through February 2025, owing to stretched
liquidity. Bank limit utilisation was high at 99.83% on average for
the 12 months through May 2024. The current ratio was 1.85 times on
March 31, 2024. The promoters are likely to extend support in the
form of unsecured loans to meet working capital requirement.

Rating sensitivity factors

Upward factors

* Track record of timely debt servicing for 90 days or more
* Sustained revenue growth of over 35% and sustenance of operating
margin, leading to higher cash accrual
* Improvement in the working capital cycle leading to better
liquidity and financial risk profile

IBHACPL was incorporated in 2015 and is located in Bengaluru. The
company is engaged in civil construction works, such as
construction of road, bridges and allied works. It is managed by
Mirjan Arunkumar Ganesh, Barkur Raghavendra Adiga and Subhas
Kuppayya Naik.



IL&FS LTD: Seeks More Time to Complete Resolution
-------------------------------------------------
The Times of India reports that IL&FS has requested an extension
from the National Company Law Appellate Tribunal (NCLAT) to resolve
57 out of the 108 entities still in limbo, citing substantial
progress in its ongoing restructuring.  In its affidavit, the
company reported that it has successfully resolved 197 of its 302
subsidiaries, which are no longer part of the insolvency process.
To date, lenders have recovered INR45,000 crore of the INR99,000
crore owed, while the recovery target has been increased to
INR61,000 crore.

According to TOI, the Appellate Tribunal had originally set March
31, 2025, as the deadline for the completion of the resolution
process for 58 entities.  Since then, the company has successfully
extricated Rohtas Bio Energy from insolvency proceedings.  The
latest filing, however, underscores the need for continued
protection from lender actions for 57 remaining entities, most of
which are at an advanced stage of resolution.  These entities, some
awaiting approval from the NCLT, face delays due to factors outside
IL&FS's control.

TOI relates that the list of 57 companies include several large
infrastructure entities including the Chenani Nashri Tunnelways,
where a deal has been struck with Cube Highways, which will
eventually address a debt of INR5,449 crore.

Among the challenges the company faces are the arbitrary withdrawal
of approvals from government bodies, obstructive actions by
lenders, and the auto-debiting of escrow accounts. These
disruptions are compounded by delays in payments from govt agencies
like NHAI and NHIDCL.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- was a non-banking finance company
that provided credit and other services such as debt syndication
and corporate advisory.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


JAISHRIRAM SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaishriram
Sugar and Agro Products Limited (JSAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       0.69        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest       0.13        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Sugar Pledge         29.15        CRISIL D (Issuer Not
   Cash Credit                       Cooperating)

   Term Loan             0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             5.29        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.93        CRISIL D (Issuer Not
                                     Cooperating)
       
   Term Loan             0.02        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JSAPL for
obtaining information through letter and email dated March 12, 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 JSAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JSAPL continues to be 'Crisil D Issuer not cooperating'.

JSAPL, incorporated in February 2006, has a sugar plant with
capacity to crush 1,600 tonne of cane per day, and a 5-megawatt
co-generation plant. The plants, at Halgaon in Ahmednagar,
Maharashtra, commenced commercial operations in fiscal 2013.


JALAN TRANSOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Jalan Transolutions (India) Limited
206, Ajnara Bhawan D-Block
        Market Vivek Vihar
        Delhi - 110095, India

Insolvency Commencement Date: March 4, 2025

Estimated date of closure of
insolvency resolution process: August 31, 2025

Court: National Company Law Tribunal, Delhi Bench

Insolvency
Professional: Sudhanshu Gupta
       311, Agarwal Chambers-2
              Plot No. 30, 31 Veer Savarkar Block
              Opposite Metro Pillar No. 58
              Sharkarpur, East Delhi-110092
              Email: jalantransolutions.cirp@gmail.com

Last date for
submission of claims: April 3, 2025


MOBILE TELECOM: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mobile
Telecommunications Limited (MTL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     14         CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with MTL for
obtaining information through letter and email dated March 12, 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 MTL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MTL continues to be 'Crisil D Issuer not cooperating'.

Established in 1995 by Mr. Anil Ved Mehta, MTL manufactures and
trades in electronic hardware. It is listed on the Bombay Stock
Exchange.


SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sarvodya
Hospital (SH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               19        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SH for
obtaining information through letter and email dated March 12, 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 SH, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SH
continues to be 'Crisil D Issuer not cooperating'.

Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.


SATYA EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of The Satya
Educational Society (SES) continues to be 'Crisil B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          25        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SES for
obtaining information through letter and email dated March 12, 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 SES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SES continues to be 'Crisil B/Stable Issuer not cooperating'.

SES was established in 2001 as a charitable educational society,
managed by Mr. Satyavir Yadav, his wife Ms Sarla Yadav, and their
son Mr. Nitin Yadav. It operates four Central Board of Secondary
Education (CBSE)-affiliated schools, under the EIS brand, in
Haryana.



SHIVAM MOTORS: CRISIL Lowers Rating INR25.11cr Proposed Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of Shivam
Motors Private Limited (SMPL) to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BB-/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           23         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Drop Line             2.59       CRISIL B/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   Facility                         'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer     8.00       CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')
                                    
   Proposed Working     25.11       CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan            10.30       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Working Capital      12.00       CRISIL B/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated March 12, 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 SMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SMPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

Incorporated in 1983 and promoted Mr. Kailash Gupta, SMPL is an
authorised dealer of commercial vehicles of TML in Chhattisgarh.
SMPL has six full-fledged showroom, workshop and spare parts outlet
at Bilaspur, Ambikapur, Korba, Raigarh, Chaampa and Pendra. SMPL
has also set up body building unit which is operational since
fiscal 2013.


SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Plyboard Limited (SPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SPL for
obtaining information through letter and email dated March 12, 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 SPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.

Incorporated in 1996, SPL is promoted by Mr. Sumer Chand Jain. The
company manufactures plyboard, block boards, and flush doors, and
also trades in timber. Its manufacturing facility is in Jaipur.


T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T.R.
Chemicals Limited (TRCL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        0.86       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term     2.88       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.91       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        1.35       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with TRCL for
obtaining information through letter and email dated March 12, 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 TRCL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TRCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TRCL continues to be 'Crisil D/Crisil D Issuer not cooperating'.

TRCL was established as a private limited company in 1997, promoted
by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It was
subsequently reconstituted as a closely held limited company. TRCL
manufactures sponge iron and phenolic resins at its facilities in
Barpali (Orissa).


TAJ AGRO: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Taj Agro
Commodities Private Limited (Taj) continues to be 'Crisil B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             50        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Taj for
obtaining information through letter and email dated March 12, 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 Taj, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Taj
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Taj continues to be 'Crisil B/Stable Issuer not cooperating'.

Incorporated in 2004, Taj is engaged in trading of pulses, chick
peas, red and green lentils, green peas, black mapte, moong beans,
pigeon peas, yellow peas, and brown and black eye beans. Mr.
Himmatlal Chandra and Mr. Jayesh Ganatra are the promoters.


TCS AND ASSOCIATES: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of TCS and
Associates Private Limited (TCS) continues to be 'Crisil B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory              1.3        Crisil B/Stable (Issuer Not
   Funding Facility                  Cooperating)

Crisil Ratings has been consistently following up with TCS for
obtaining information through letter and email dated March 12, 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 TCS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TCS continues to be 'Crisil B/Stable Issuer not cooperating'.

Incorporated in 2002, TCS is promoted by Mr. Sanjeev Saluja and Mr.
Sandeep Dahiya. It is an authorised dealer of MSIL in Faridabad,
Haryana, where it has a showroom and two workshops.


THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thampuran
Cashews (TC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit           5        CRISIL D (Issuer Not
   in Foreign Currency               Cooperating)

Crisil Ratings has been consistently following up with TC for
obtaining information through letter and email dated March 12, 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 TC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TC
continues to be 'Crisil D/Crisil D Issuer not cooperating'.

Set up as a proprietorship concern in 2007 by Mr. Pepsin Raj, TC
processes raw cashew nuts. The firm is based in Kollam (Kerala).


TILAK RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tilak Ram
Babu Ram Private Limited (TRBR) continue to be 'Crisil B+/Stable
Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          15        CRISIL B+/Stable (Issuer Not
                                  Cooperating)

   Proposed Cash         1        CRISIL B+/Stable (Issuer Not
   Credit Limit                   Cooperating)

   Proposed Fund-        3        CRISIL B+/Stable (Issuer Not
   Based Bank Limits              Cooperating)

Crisil Ratings has been consistently following up with TRBR for
obtaining information through letter and email dated March 12, 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 TRBR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TRBR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TRBR continues to be 'Crisil B+/Stable Issuer not cooperating'.

TRBR was set up in 2012, by the promoter, Mr. Raj Kumar Garg, based
in Haryana. In April 2013, TRBR acquired Tilak Industries, Mr.
Garg's proprietorship firm formed in 1992, at Tohna, Haryana. TRBR
trades in cotton bales.


TJS HOTELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of TJS Hotels
(TJS) continues to be 'Crisil B+/Stable Issuer not cooperating'.

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

Crisil Ratings has been consistently following up with TJS for
obtaining information through letter and email dated March 12, 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 TJS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TJS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TJS continues to be 'Crisil B+/Stable Issuer not cooperating'.

Established in June 2017 as a partnership firm, TJS is constructing
a building to run a hotel and restaurant business in Pali. Mr.
Girvar Singh Rathore, Mr. Niranjan Rathore and Mr. Pushpendra
Kanwar are partners in the firm.


VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Vaishnovi
Infratech Limited (VIL) continue to be 'Crisil D/Crisil D Issuer
not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       30         Crisil D (Issuer Not
                                   Cooperating)

   Bank Guarantee       25         Crisil D (Issuer Not
                                   Cooperating)

   Cash Credit          16         Crisil D (Issuer Not
                                   Cooperating)

   Cash Credit           9         Crisil D (Issuer Not
                                   Cooperating)

Crisil Ratings has been consistently following up with VIL for
obtaining information through letter and email dated March 12, 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 VIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.

VIL, set up in 2006 by Mr. T Ganagadhar Rao and his family members,
undertakes civil construction, and irrigation and road works. It is
based in Hyderabad.


VALUVANADU CAPITAL: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities and Non
Convertible Debentures of Valuvanadu Capital Limited (Valuvanadu
Capital) continue to be 'Crisil B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Non Convertible         10       CRISIL B+/Stable (ISSUER NOT
   Debentures                       COOPERATING)

Crisil Ratings has been consistently following up with Valuvanadu
Capital for getting information. Crisil Ratings requested
cooperation and information from the issuer through its letter
dated March 19, 2025. However, the issuer has continued to be
non-cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-co-operations by a rated entity may be a result of
deterioration in its credit 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 Valuvanadu Capital, which
restricts Crisil Ratings' ability to take a forward looking view on
the entity's credit quality. Crisil Ratings believes that rating
action on Valuvanadu Capital is consistent with 'Assessing
Information Adequacy Risk'.

Based on the last available information, the ratings on bank
facilities and Non Convertible Debentures of Valuvanadu Capital
continues to be 'Crisil B+/Stable Issuer Not Cooperating'.

Valuvanadu Capital is an unlisted public company incorporated on
16th April 1986. It is classified as a public limited company and
has its registered office in New Delhi. They received their NBFC
license in November 2020 and started their NBFC operations in
October 2021. The promotors & management of the company have vast
experience of around 22 years in the field of gold loan financing.


VAMSADHARA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vamsadhara
Cotton Industries (VCI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VCI for
obtaining information through letter and email dated March 12, 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 VCI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VCI continues to be 'Crisil D Issuer not cooperating'.

Established in 2013, VCI is a partnership firm based in Guntur,
Andhra Pradesh - is engaged in ginning cotton.


VAMSADHARA GINNING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vamsadhara
Ginning and Pressing Industries (VGPI) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          2.69      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.31      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with VGPI for
obtaining information through letter and email dated March 12, 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 VGPI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VGPI continues to be 'Crisil D Issuer not cooperating'.

Established in 2017, VGPI is into ginning of cotton. The firm,
located in Guntur (Andhra Pradesh), commenced commercial operation
in February 2017 and fiscal 2018 is the first full year of
operations. Operations are managed by Mr. Sontineni Venkateswara
Rao.


VARUN ROAD: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Varun Road
Carriers (VRC) continues to be 'Crisil B/Stable Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        5        Crisil B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

Crisil Ratings has been consistently following up with VRC for
obtaining information through letter and email dated March 12, 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 VRC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VRC continues to be 'Crisil B/Stable Issuer not cooperating'.

Established in 2008 as a partnership firm based out of
Visakhapatnam Andhra Pradesh and is promoted by Mr. Abhimany Jha,
VRC offers logistics solutions through full truck load services,
primarily for the aqua feed industry.


VENKATESHWARA ENT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Venkateshwara Enterprises (SVE) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with SVE for
obtaining information through letter and email dated March 12, 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 SVE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVE continues to be 'Crisil D/Crisil D Issuer not cooperating'.

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.


VINDHYA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vindhya
Cereals Private Limited (VCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           32          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.62       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              4.38       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VCPL for
obtaining information through letter and email dated March 12, 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 VCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VCPL continues to be 'Crisil D Issuer not cooperating'.

VCPL, established in 2009 by Mr. Kamlesh Kumar Argal, mills and
processes basmati rice. The manufacturing facility is at
Obedullaganj in Raisen, Madhya Pradesh.


ZEE ENTERTAINMENT: NCLAT Dismisses IDBI Bank's Plea for Insolvency
------------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on April 7 dismissed the plea of IDBI Bank which
sought to initiate insolvency proceedings against Zee
Entertainment.  A two-member NCLAT bench upheld the order passed by
the Mumbai bench of the National Company Law Tribunal (NCLT), which
had earlier rejected the private lender's plea to initiate
insolvency proceedings against Zee Entertainment Enterprises Ltd
(ZEEL).

However, the appellate tribunal granted liberty to IDBI Bank to
move a fresh plea for default outside of the period mentioned in
section 10A of the Insolvency & Bankruptcy Code, ET relates.

Section 10A mandates that no application for initiation of the
corporate insolvency resolution process (CIRP) can be filed against
any debtor by any financial and operational creditor for any
default arising on or after March 25, 2020, for a period of one
year.

This special provision was inserted in the IBC by the government to
help companies after economic activities had resumed post-lockdown
in phases during the Covid pandemic.

According to ET, IDBI Bank had challenged the NCLT order passed on
May 19, 2023, in which the tribunal had set aside its plea,
observing that it was barred under Section 10A of the Insolvency &
Bankruptcy Code (IBC).

In its order, the NCLT bench had said that ZEEL, which was the
corporate guarantor for the loan availed by Siti Networks -- the
principal borrower of IDBI Bank -- has committed a default.

However, the default was committed during the timeline specified
under section 10A of the IBC, ET relays.

The NCLT said Section 10A bars absolutely and forever the filing of
any application under Sections 7, 9 and 10 of the Code for defaults
committed on or after March 25, 2020, up to March 25, 2021.

ET says Siti Networks has taken a loan of INR150 crore for a
working capital facility, and as per the agreement, it has to
maintain a Debt Service Reserve Account (DSRA).

In DSRA, a credit balance equal to two quarters of interest on
working capital was required to be maintained by Siti Networks at
all times till the repayment. However, there was a default.

On March 5, 2021, IDBI Bank invoked the guarantee provided by ZEEL
and called to pay INR61.97 crore with further interest from
February 18, 2021, ET says. It claimed an amount of INR149.60 crore
in default.

                      About Zee Entertainment

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.

According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.

Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.




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

[] JAPAN: Bankruptcy Hit 11-Year High in FY2024/25, TSR Says
------------------------------------------------------------
Reuters reports that Japan's bankruptcy filings in fiscal 2024
totalled 10,144, the most in 11 years, credit research firm Tokyo
Shoko Research (TSR) said on April 7, amid rising uncertainties
around the Bank of Japan's rate hike schedule.

Reuters, citing TSR, discloses that the number of bankruptcies in
the 12 months to March was the largest since fiscal 2013's 10,536,
and grew by 12% from the previous year. Most industries, except for
financial and transportation sectors, had more bankruptcies than in
the previous year, the data showed.

However, the total amount of debt in bankruptcy was JPY2.37
trillion ($16.08 billion) in fiscal 2024, down from JPY2.46
trillion in fiscal 2023, as relatively more small- and mid-sized
firms went bankrupt, TSR said.

The largest debtor was the former Mitsubishi Aircraft Corp, which
was liquidated last year with 641 billion yen in debt, after the
termination of the Mitsubishi SpaceJet commercial airplane project,
according to TSR, Reuters relays.

Reuters notes that bankruptcy data is one of the indicators BOJ
policymakers monitor to gauge the Japanese economy's soundness.
Governor Kazuo Ueda has said the central bank will keep raising
interest rates if sustained wage hikes, including at smaller firms,
support consumption-led economic growth.




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

ADAMAR DESIGNS: Creditors' Proofs of Debt Due on May 2
------------------------------------------------------
Creditors of Adamar Designs Limited and Central Sheetmetals 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 2, 2025.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


CONTRACTING LIMITED: Creditors' Proofs of Debt Due on May 15
------------------------------------------------------------
Creditors of Contracting Limited are required to file their proofs
of debt by May 15, 2025, to be included in the company's dividend
distribution.

The High Court at Christchurch appointed Tony Leonard Maginness and
Jared Waiata Booth of Baker Tilly Staples Rodway Auckland as
liquidators on April 3, 2025.


DU VAL: Owners Ordered to Meet Receivers, Answer Query Under Oath
-----------------------------------------------------------------
Stuff.co.nz reports that the owners of the troubled Du Val property
group have been ordered to meet with receivers and answer questions
under oath about their personal assets and more.

According to Stuff, the High Court issued the ruling after Kenyon
and Charlotte Clarke refused to meet with receivers PwC.

Du Val's 70 entities are in statutory management, owing more than
NZD300 million, and the Clarkes are in personal receivership, with
their assets frozen.

The receivers have been trying to interview the couple in part to
understand which of the assets in their possession are theirs
personally, and which belong to Du Val entities.

In her decision, Justice Jane Anderson said the Clarkes did have
some genuine reasons for refusing to be interviewed so far, Stuff
relays.

"The Clarkes' legitimate concern was that they remained without
legal counsel and would be attending an interview without a legal
adviser accompanying them," she said.

However, they had since engaged Ron Mansfield, KC, who was entitled
to sit in on the interview with receivers.

Stuff relates that the couple had also argued that the receivers
had a conflict of interest because they were also the statutory
managers of the Du Val companies. But Anderson did not agree that
was a problem.

"Unless and until the receivers are discharged, they are charged
with performing the function of preserving the assets for the
benefit of aggrieved persons," her judgment said.

"The court should not impede the performance of that duty on the
basis of an alleged conflict for so long as they remain in their
role."

                         About Du Val Group

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

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

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


JACKSON CONSTRUCTION: Court to Hear Wind-Up Petition on May 16
--------------------------------------------------------------
A petition to wind up the operations of Jackson Construction
Limited will be heard before the High Court at Auckland on May 16,
2025, at 10:00 a.m.

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

The Petitioner's solicitor is:

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


JP HOSPITALITY: Court to Hear Wind-Up Petition on May 6
-------------------------------------------------------
A petition to wind up the operations of JP Hospitality Solutions
Limited will be heard before the High Court at Rotorua on May 6,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 16, 2025.

The Petitioner's solicitor is:

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


K & L VISION: Creditors' Proofs of Debt Due on May 5
----------------------------------------------------
Creditors of K & L Vision Limited are required to file their proofs
of debt by May 5, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 2, 2025.

The company's liquidators are:

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




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

ASSISTANCE ONLINE: Creditors' Proofs of Debt Due on May 3
---------------------------------------------------------
Creditors of Assistance Online Pte Ltd are required to file their
proofs of debt by May 3, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Mr. Chan Yee Hong
          CLA Global TS Risk Advisory
          80 Robinson Road, #25-00
          Singapore 068898


AVPIV KAKAMIGAHARA: Creditors' Proofs of Debt Due on May 5
----------------------------------------------------------
Creditors of Avpiv Kakamigahara SG Holding Pte. Ltd. and Avpiv
Shiroi SG Holding Pte. Ltd. are required to file their proofs of
debt by May 5, 2025, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Chek Khai Juat
          Tay Tuan Leng
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


DASIN RETAIL: Manager Declares Notice of Upcoming EGM 'Invalid'
---------------------------------------------------------------
The Business Times reports that the trustee-manager of Dasin Retail
Trust has declared an upcoming extraordinary general meeting (EGM)
called by several dissenting unitholders "invalid and ineffective",
and that any resolutions passed during the meeting will be void.

Its board – with the exclusion of minority directors – has
recommended that unitholders do not participate in the proposed
EGM, which is set to take place on April 17, BT relates.  The
trustee-manager also does not intend to participate in the meeting,
it said in a bourse filing on April 7.

According to BT, the trustee-manager said it was made aware of the
notice of the EGM when it was published in The Business Times on
Apr 2. The notice informed unitholders that the EGM is scheduled to
be held on April 17 at 2:00 p.m. at The Workshop @ Science Park 2,
and attached an online link for unitholders to access EGM
documents.

The notice stated that Resolution 3 of the requisition notice was
the only resolution tabled for consideration at the EGM.

Resolution 3 seeks approval for the proposed termination of FTI
Consulting (Singapore) as adviser to Dasin Retail Trust with
immediate effect, and for a new adviser to be appointed in its
place by the unitholders to assist with the restructuring of the
trust's financial obligations.

It also seeks approval for the trustee-manager "to do all such acts
and things, including executing all such documents as may be
required, as may be necessary or expedient or in the interests of
Dasin Retail Trust to give effect to the foregoing".

In the bourse filing on April 7, the trustee manager said it was
not involved in preparing or issuing the EGM documents, nor has it
conducted an independent review or verification of the documents'
contents, BT relays.

It added that it takes no responsibility "for the accuracy,
correctness, completeness, relevance or appropriateness" of any EGM
documents or any statements contained within.

Upon advice from its legal adviser, the trustee-manager reiterated
that Resolution 3 of the requisition notice is "ultra vires the
EGM", because "the removal and appointment of a financial adviser
falls within the full and absolute powers of the trustee-manager
under the trust deed".

Ocean Metro Mall, one of three malls in Dasin Retail Trust's
initial portfolio. A group of unitholders are seeking to
internalise the trust's trustee-manager as well as replace its
adviser.

It explained that an ultra vires resolution has no binding effect.
Even if passed, Resolution 3 "shall not have the effect of
compelling the trustee-manager to comply with the matters set out
therein".

The trustee-manager added that the notice of EGM is also invalid
because it relates to a proposal to convene an EGM three months
from the deposit of the requisition notice, which is March 27,
2025.

However, as the EGM is proposed to be held on Apr 17, "this renders
the EGM, and consequently, the notice of EGM, invalid, ineffective
and/or void", it said.

According to BT, the trustee-manager also pointed out that the
notice of the EGM was issued by one of the requisitionists, Michael
Chui; CGS International Securities Singapore and Phillip
Securities. These three parties hold in aggregate more than 50 per
cent of the total voting rights of all the requisitionists, as
opposed to being issued by all the requisitionists.

It said it has not heard from Chui since it issued an update on
March 20 on why it would not convene the EGM, in response to Chui's
demand for the EGM to be held.

In addition, the board - with the exception of Zhang Zhencheng and
his alternate Zhang Zhongming - disagrees with the allegations made
by the requisitionists against FTI.

Zhang Zhenceng is a non-executive director of the trust's board. He
earlier brought on a lawsuit against the trust's lead independent
director, Tan Huay Lim.

BT says the trustee-manager also believes the termination of FTI as
adviser for the restructuring "is against the interest of the
unitholders as a whole", noting that progress has been made related
to the restructuring "as clearly shown from the grant of the
moratorium by the court".

It added that in granting the moratorium, the court found that
"there was a reasonable prospect of the intended scheme of
arrangement working and being acceptable to the general run of
creditors".

Thus, the trustee-manager said this further attempt to call an EGM
was "done in bad faith to undermine the moratorium granted by the
court and frustrate the restructuring efforts for the benefit of
Zhang Zhencheng and his affiliates".

Lastly, the trustee-manager's board - other than the minority
directors - said it was of the view that the minority directors are
conflicted in relation to the matters on its latest announcement on
rendering the upcoming EGM invalid.

As its announcement was not reviewed by the minority directors, it
asserted that the opinion of the majority directors in this filing
should not be taken to represent the views of minority directors,
adds BT.

                        About Dasin Retail

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd. ("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, Dasin Retail Trust has received a notice declaring
that an event of default has occurred under its onshore syndicated
term loan facility of up to CNY400 million (SGD74.6 million).

Issued by the Bank of China's Zhongshan branch as the facility and
security agent of the onshore facility, the bank is claiming an
outstanding sum of CNY355.2 million plus interest after the term
loan matured on Dec. 31, 2022, according to the Business Times.

This interest shall go on accruing until full payment is made by
Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial
Property Management, noted the trustee-manager late on Sept. 4,
2023.

Notices of these facilities were dated Aug. 31, and issued to the
trust's subsidiaries, including Zhongshan Yuanxin.

According to BT, Dasin's trustee-manager said it is continuing to
explore available options for the restructuring exercise with
lenders under its various facilities.

BT added the announcement comes weeks after Dasin Retail Trust
received separate notices of default occurring under its Singapore
dollar and US dollar-denominated offshore syndicated term loan
facility of up to SGD430 million, as well as a Singapore dollar and
Hong Kong dollar-denominated offshore syndicated term loan facility
of up to SGD106.6 million.


DELTA CORP: Court to Hear Wind-Up Petition on April 11
------------------------------------------------------
A petition to wind up the operations of Delta Corp Shipping Pte.
Ltd. will be heard before the High Court of Singapore on April 11,
2025, at 10:00 a.m.

Raiser International Shipping Co., Limited filed the petition
against the company on March 18, 2025.

The Petitioner's solicitors are:

          Resource Law LLC
          10 Collyer Quay
          #18-01, Ocean Financial Centre
          Singapore 049315


KONOHANA INTERNATIONAL: Creditors' Proofs of Debt Due on May 2
--------------------------------------------------------------
Creditors of Konohana International 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 26, 2025.

The company's liquidators are:

          Tan Suah Pin
          Loh Li Er Lydia
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


NAVIK CAPITAL: Creditors' Proofs of Debt Due on May 5
-----------------------------------------------------
Creditors of Navik Capital (Singapore) Pte. Ltd. are required to
file their proofs of debt by May 5, 2025, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Chek Khai Juat
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


PUMA ENERGY: Moody's Withdraws 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's Ratings has withdrawn Puma Energy Holdings Pte. Ltd's (Puma
Energy, the company) Ba3 long term corporate family rating and
Ba3-PD probability of default rating. Concurrently, Moody's also
withdrew the Ba3 rating of the backed senior unsecured notes due
2029 and the Ba3 rating of the backed senior unsecured notes due
2026, both issued by Puma International Financing S.A. and
guaranteed by Puma Energy. The outlook on both entities prior to
withdrawal was stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) for Moody's own
business reasons.

COMPANY PROFILE

Headquartered in Singapore, Puma Energy is a downstream oil group
that stores, supplies and distributes refined oil products, largely
in emerging markets. Trafigura Group Pte. Ltd., a global commodity
trader, established Puma Energy in 1997 and remains its dominant
shareholder.


[] SINGAPORE: Steps Up Efforts to Become Asia's Restructuring Hub
-----------------------------------------------------------------
Bloomberg News reports that Singapore's policymakers are wrapping
up the public feedback process on proposed changes to its
insolvency law, part of a broader effort to enhance its appeal as a
hub for corporate restructuring in Asia.

A key change would broaden a provision in restructuring plans,
known as cross-class cramdowns, to prevent shareholders from
dissenting, according to a Ministry of Law report. The proposals
would also streamline the process of disposing a debtor's property
or issuing new shares, and recommend building incentives into
restructuring managers' compensation.

According to Bloomberg, the public consultation period will close
on April 8, after which the Ministry of Law will draft a bill to be
read in parliament before the proposals are enacted.

The recommendations are the latest in the ministry's ongoing
efforts to refresh insolvency rules under the Companies Act, which
the state began years ago to make Singapore's bankruptcy courts
more appealing to investors.

"In the Asian context, where many companies are closely held by
families, this could be a significant move if it results in these
families losing control in these companies" Bloomberg quotes Mohan
Gopalan, director for corporate restructuring & workouts at law
firm Drew & Napier, as saying commenting on the proposed changes on
the cross-class cramdown.

In 2016, Singapore went through a similar exercise to update its
insolvency law, adopting a set of committee recommendations. They
included practices similar to tools laid out in the US bankruptcy
code's Chapter 11, such as offering automatic stay of legal and
enforcement actions for debtors.

A key recommendation in the policymakers' latest report is to
broaden a so-called "cross-class cramdown" provision to allow
creditors to force a restructuring plan on dissenting
shareholders.

Bloomberg relates that Joel Chng, restructuring and insolvency
partner at law firm WongPartnership, said the fix is "aimed at
resolving the issue of shareholders holding out on a viable
restructuring plan in order to obtain a better outcome for
themselves."

But the report also suggests there could be an exception for
shareholders to retain their interest if they contribute "new
value."

The structure for fees paid to judicial managers – ones who take
over management of debtor companies during restructuring – also
may change, as the report recommends adding "success fees." This
could incentivise the mangers to prevent long-drawn restructurings
and the costs associated with them, Mr. Gopalan said.



                           *********


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

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

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

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

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



                *** End of Transmission ***