---

       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

          Thursday, May 15, 2025, Vol. 28, No. 97

                           Headlines



A U S T R A L I A

ABYSSINIAN LITHIUM: Receivers Invite Buyers for Company's Shares
AUDECO PTY: First Creditors' Meeting Set for May 20
BALTHAZAR WHISKY: Hamilton Locke Advised RSM on Distiller's Revamp
BAREBODS PTY: First Creditors' Meeting Set for May 21
MAA PERFORMANCE: Second Creditors' Meeting Set for May 19

MARQUEE RETAIL: 400 Jobs at Risk as Colette by Colette Collapses
NLI HOPE: Second Creditors' Meeting Set for May 19
NOVACARE SOLUTIONS: Moody's Cuts Rating on Sr. Secured Debt to B1
PLENTI PL 2025-1: Moody's Gives (P)B2 Rating to AUD11.20MM F Notes
RANTARNA PTY: Second Creditors' Meeting Set for May 19



C H I N A

SUNAC CHINA: Offshore Debt Restructuring Hearing Set for Sept. 15


I N D I A

ADINO TELECOM: ICRA Keeps B+ Debt Ratings in Not Cooperating
BELLONA PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
HANUMAN RICE: ICRA Keeps D Debt Ratings in Not Cooperating
INDUSIND BANK: Moody's Affirms 'Ba1' Deposit & Issuer Ratings
JEEVISHA FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating

JET AIRWAYS: Liquidator Puts Office Space in BKC on the Block
KATIRA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
KSHITIJA INFRA: ICRA Keeps B Debt Rating in Not Cooperating
KSK MAHANADI: ICRA Withdraws D Rating on INR12952cr Term Loan
LANDMARK VENEERS: ICRA Keeps B+ Debt Rating in Not Cooperating

LILA DHAR: ICRA Keeps B- Debt Ratings in Not Cooperating
LOTUS OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANGALAM PIPES: ICRA Keeps B+ Debt Ratings in Not Cooperating
MEGHNAD SAHA: ICRA Keeps B+ Debt Rating in Not Cooperating
MODERN AGRO-TECH: ICRA Keeps B Debt Ratings in Not Cooperating

MODERN AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
NVA ASSET: CRISIL Lowers Rating on INR4.64cr PTCs to C(SO)
PERFECT METACRAFT: ICRA Keeps B Debt Ratings in Not Cooperating
POSITIVE MICRON: ICRA Keeps D Debt Ratings in Not Cooperating
PRIYHEER INFRASTRUCTURES: ICRA Keeps B Rating in Not Cooperating

PURANDAR MILK: ICRA Keeps D Debt Ratings in Not Cooperating
R.J. AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
RADHANATH BHUNIA: ICRA Keeps B Debt Rating in Not Cooperating
RAMAPRIYA SOLAR: ICRA Keeps B Debt Rating in Not Cooperating
RISHABH GOLD: ICRA Keeps B+ Debt Ratings in Not Cooperating

RNP SCAFFOLDING: ICRA Keeps B Debt Rating in Not Cooperating
SAI POINT: ICRA Keeps B Debt Rating in Not Cooperating Category
SAMVARDHANA MOTHERSON: Fitch Alters Outlook on 'BB+' IDR to Stable
SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating
SHAMLI STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating

TUTICORIN COAL: NCLT Junks Adani Ports Plea for Delayed Plan


J A P A N

NISSAN MOTOR: Shuts Plants, Culls Jobs After Worst Loss in 25 Yrs


M A L A Y S I A

SAPURA ENERGY: Auditor Flags Going Concern


N E W   Z E A L A N D

CINCH HR: Court to Hear Wind-Up Petition on May 30
NJ & MS HOLDINGS: Court to Hear Wind-Up Petition on May 19
PARA INDIAN: Creditors' Proofs of Debt Due on June 20
READY TRANSPORT: Creditors' Proofs of Debt Due on June 20
WYMOUNT PROPERTY: Creditors' Proofs of Debt Due on May 30



P A K I S T A N

PAKISTAN: Gets 2nd Tranche Under Extended Fund Facility From IMF


S I N G A P O R E

ADERA GLOBAL: Court to Hear Wind-Up Petition on May 30
FABULOUS TAN: Commences Wind-Up Proceedings
OKANE DESIGN: Court Enters Wind-Up Order
TOP HANCE: Court Enters Wind-Up Order

                           - - - - -


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

ABYSSINIAN LITHIUM: Receivers Invite Buyers for Company's Shares
----------------------------------------------------------------
The Receivers of Abyssinian Lithium Limited invite expressions of
interest from potential purchasers of the company.

Messrs. Jason Kardachi and Mitchell Mansfield of Kroll were
appointed joint and several receivers over all shares in the
capital of Abyssinian Lithium Limited on April 8, 2025.

The Company owns a 51% interest in a lithium exploration project
located in the Oromia's region's Guji Zone, Ethiopia. The project
features large high quality hard rock lithium deposits and direct
road and rail options between the mining project and the ports of
Djibouti and Berbera.

Further information in respect of the Company will be provided upon
request to the Receivers. Interested parties should contact the
following on or before May 16, 2025:

James Alexio
Tel: +65 9026 3438
Email: DL. Abyssinian@kroll.com

Jason Yap
Tel: +86 156 1867 3327
Email: DL. Abyssinian@kroll.com


AUDECO PTY: First Creditors' Meeting Set for May 20
---------------------------------------------------
A first meeting of the creditors in the proceedings of Audeco Pty.
Ltd. will be held on May 20, 2025 at 11:30 a.m. at the offices of
Rodgers Reidy at Level 12, 210 Clarence Street in Sydney.

Andrew James Barnden of Rodgers Reidy was appointed as
administrator of the company on May 8, 2025.


BALTHAZAR WHISKY: Hamilton Locke Advised RSM on Distiller's Revamp
------------------------------------------------------------------
Hamilton Locke advised Brett Lord and Jonathon Colbran of RSM
Australia in their capacities as voluntary administrators of
Balthazar Whisky Distillers Pty Ltd on the restructure of the
whisky business, pursuant to a deed of company arrangement (DOCA).

Balthazar formed part of Sovereign Brands, a US-based wine and
spirits brand with products available in more than 80 countries
around the world. Balthazar was established as a whisky distillery
business, which had developed and distilled a significant quantity
of liquid whisky using unique Australian ingredients for
international distribution.

Brett Lord and Jonathon Colbran were appointed as voluntary
administrators on December 19, 2024 by the directors of the
company. The administration was funded by Sovereign Brands.

Soon after their appointment, the administrators conducted a
marketing and sale process in respect of the company's business and
assets, receiving significant interest from a number of interested
parties. The second meeting of creditors was adjourned for up to a
period of 45 business days in circumstances where the
administrators were juggling competing offers –  none of which
were capable of acceptance at that time. Ultimately, a DOCA was
proposed by an entity associated with Paramount Liquor, which was
recommended by creditors and subsequently approved at the resumed
second meeting of creditors on April 8, 2025. The DOCA was executed
on May 2, 2025.

The DOCA contemplates the Proponent acquiring all the shares of
Balthazar, subject to the Deed Administrators obtaining the consent
of the company’s holding company in accordance with section 444GA
of the Corporations Act 2001. Pursuant to the DOCA, creditors will
receive a better return than they would have in a liquidation
scenario.

"Hamilton Locke continues to act for Brett and Jonathon as deed
administrators of the DOCA," Hamilton Locke said.

The Hamilton Locke team that advised RSM Australia was led by Head
of Restructuring and Insolvency, Nicholas Edwards, with support
from lawyers Nimrod Amanuel and Chanse Soth.


BAREBODS PTY: First Creditors' Meeting Set for May 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Barebods Pty
Ltd will be held on May 21, 2025 at 10:00 a.m. virtually via
Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on May 9, 2025.


MAA PERFORMANCE: Second Creditors' Meeting Set for May 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of MAA Performance
Pty Ltd has been set for May 19, 2025 at 11:00 a.m. via virtual
meeting technology.

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 May 16, 2025 at 4:00 p.m.

Michael Caspaney of Menzies Advisory was appointed as administrator
of the company on April 1, 2025.


MARQUEE RETAIL: 400 Jobs at Risk as Colette by Colette Collapses
----------------------------------------------------------------
Christopher Kelly at Ragtrader reports that up to 400 jobs are
expected to be lost following the collapse of Marquee Retail Group,
the owner of accessory retailers Colette By Colette Hayman and The
Daily Edited.

Restructuring firm Mackay Goodwin confirmed the news with
Ragtrader, adding that most of the Colette By Colette Hayman stores
are already closed, except for 10 which are currently running stock
clearance sales.

The ten still-operating stores include three in New South Wales,
two in Victoria, four in Queensland and one in Western Australia.

The Daily Edited is also clearing stock with discounts up to 80 per
cent on its online platform.

Once stock in each store is gone, Mackay will close their doors
permanently, Ragtrader relays.

Despite the efforts from the team at Marquee Retail Group, the
business has not been able to recover due to economic headwinds,
Mackay Goodwin reported.

According to Ragtrader, this is the second time the Marquee
business has collapsed since falling into voluntary administration
in 2024. Marquee chairman Bernie Brookes had saved the business
through a deed of company arrangement (DOCA). Prior to that, the
Colette by Colette Hayman retailer collapsed in 2020 before being
bought up by Mr. Brookes.

The Daily Edited also collapsed prior to the Marquee fall in 2024,
falling into voluntary administration in 2022 before being bought
up by Mr. Brookes, Ragtrader relates.

Ragtrader says Mackay Goodwin confirmed it is currently in the
process of working with Marquee Retail Group to wind down all
entities, including Colette and The Daily Edited.

"We are anticipating up to 400 jobs will be lost as a result of the
closures and we will work with the impacted employees to make
claims through government assistance programs once the companies
are placed into liquidation," Mackay shared with Ragtrader.

This marked the second administration process for Colette,
according to Colitco. The brand first registered as CBCH Australia
Pty Ltd in 2012. It specialised in accessories including handbags,
jewellery, and wallets.


NLI HOPE: Second Creditors' Meeting Set for May 19
--------------------------------------------------
A second meeting of creditors in the proceedings of NLI Hope Group
Three Pty Ltd has been set for May 19, 2025 at 11:00 a.m. via
Microsoft Teams.

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 May 16, 2025 at 5:00 p.m.

Jialan Xu and Michael Gerard McCann of Grant Thornton Australia
were appointed as administrators of the company on April 9, 2025.


NOVACARE SOLUTIONS: Moody's Cuts Rating on Sr. Secured Debt to B1
-----------------------------------------------------------------
Moody's Ratings has downgraded Novacare Solutions Partnership's
senior secured rating to B1 from Ba2 and maintained the negative
outlook.

Novacare Solutions Partnership and Novacare Services Pty Ltd
(together known as Novacare), entered into contractual arrangements
with the State of New South Wales (the "state", rated entity New
South Wales Treasury Corporation, Aaa stable) to redevelop and
operate the Mater Hospital precinct in Newcastle, Australia, under
a public private partnership (PPP).

Novacare has subcontracted its facility management services
obligations to Honeywell Limited and Medirest (Australia) Pty Ltd.
These service providers' contractual obligations are backed by
guarantees from their respective highly rated parents Honeywell
International Inc. (A2 stable) and Compass Group PLC (A2 stable).
Plenary Group carries out management services for the SPV.

The downgrade to B1 reflects the further weakening in Novacare's
operating risk profile as indicated by ongoing material levels of
abatement claimed by the state (and mostly disputed by Honeywell),
and absence of any indication that Novacare and the state have been
able to resolve the dispute to date.

The negative outlook reflects the uncertainty as to the timing and
outcome of a resolution of the contested abatements claimed by the
state, and the increasing risk that Novacare could experience a
liquidity shortfall should the abatements crystallize as part of a
resolution at a level in excess of the security provided by
Honeywell.

RATINGS RATIONALE

Novacare continues to report that the state is levying material
abatements, based on the state contending that Honeywell's
operating performance is not meeting contractual requirements.
Moody's assesses the longstanding nature of this situation as
reflecting the inability of the various transaction parties to
agree on a way to resolve the abatements.

Such a situation in Moody's views increases the likelihood that the
parties will enter a formal dispute resolution process.

Given that Honeywell is disputing the majority of these claimed
abatements, the state to date has only deducted the project's
revenue streams by a relatively small percentage compared to the
total potential abatements (and which Novacare fully passed through
to Honeywell).

Still, the magnitude of the disputed abatements is such that a
resolution favoring the state could allow the latter to terminate
the project deed and/or make a substantial monetary claim on
Novacare (based on Moody's understanding of the project
documents).

Novacare has reported that the cumulative amount of the state's
claimed abatements is currently below the face value of Honeywell's
security, meaning that Novacare should not experience a liquidity
shortfall under a scenario where it is liable for the abatements.
However, the rate at which claimed abatements are being levied, if
not addressed, could lead to a scenario where Honeywell's
guarantees will be insufficient to cover the claimed abatements (if
the latter are fully crystallized).

In the absence of Novacare's sponsor implementing countermeasures,
this aforementioned scenario would result in Novacare experiencing
a liquidity shortfall based on its current liquidity resources, a
key credit challenge.

Novacare Solutions Partnership's B1 rating otherwise fundamentally
reflects the Mater Hospital Project's stable and predictable
revenue stream, underpinned by the non-volume-linked availability
payments from the highly rated state counterparty.

The rating also benefits from the project's fully amortizing debt
and absence of refinancing risk as well as a likelihood of high
recovery rates, based on the project's termination payment regime
in the unlikely event of an early termination.

The rating is however constrained by Novacare's high financial
leverage and the predetermined nature of its revenue, because these
factors limit its financial flexibility to manage losses from
unexpected events.

As part of the rating action, Novacare's Governance Issuer Profile
Score, Social Issuer Profile Score and Credit Impact Score have
been changed to G-4, S-3 and CIS-4 respectively (from G-2, S-2 and
CIS-2 previously). Governance considerations weigh on the rating,
reflecting the significant amounts of disputed abatements and
deteriorating relationship with the state. For additional details,
please refer to Moody's General Principles for Assessing
Environmental, Social and Governance Risks methodology.

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

An upgrade of Novacare's rating is unlikely given the increasing
risk of a formal dispute resolution process with uncertain outcome
and consequent liquidity shortage.

Moody's could return the outlook to stable if the abatements are
resolved in the project's favor or in a manner that does not
materially impact its financial profile, and if the operating
performance challenges are resolved.

On the other hand, Moody's could downgrade Novacare's rating if (1)
its operating performance and/or potential abatements are not
resolved and/or are subject to further deterioration; (2) it
becomes likely that the disputed abatements will be settled in the
state's favor; (3) Novacare incurs materially higher-than- expected
costs that cannot be recovered on a timely basis from third
parties; or (4) the credit profile of the facility management
subcontractors weakens materially.

The principal methodology used in this rating was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
Methodology published in March 2023.

Novacare Solutions Partnership and Novacare Services Pty Ltd
(together known as Novacare) contracted with NSW Health to
redevelop and operate the Mater Hospital precinct in Newcastle
under a public private partnership structure, with a concession
period ending in 2033.


PLENTI PL 2025-1: Moody's Gives (P)B2 Rating to AUD11.20MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Corporate Trust Limited in its
capacity as trustee of the Plenti PL & Green ABS Trust 2025-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the Plenti PL & Green ABS Trust 2025-1

AUD190.75 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD80.50 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD25.55 million Class B Notes, Assigned (P)Aa2 (sf)

AUD14.70 million Class C Notes, Assigned (P)A2 (sf)

AUD7.35 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.50 million Class E Notes, Assigned (P)Ba1 (sf)

AUD11.20 million Class F Notes, Assigned (P)B2 (sf)

AUD5.95 million Class G1 Notes is not rated by Moody's

AUD3.50 million Class G2 Notes is not rated by Moody's

Plenti PL & Green ABS Trust 2025-1 is a static cash securitisation
of personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti).

Plenti is an Australian non-bank lender providing consumer and
commercial loans, including unsecured personal loans, renewable
energy loans, secured auto loans and renewable BNPL contracts, to
prime borrowers in Australia. Plenti is a 100%-owned subsidiary of
Plenti Group Limited, established in 2014 and listed on the
Australian stock exchange. As of March 2025, Plenti has originated
circa AUD3.1 billion in personal and renewable energy loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- Historical performance data. Plenti was established in 2014,
with significant origination growth beginning in 2015 for personal
loans, in 2017 for green personal loans and from 2021 onwards for
renewable energy buy-now-pay-later (BNPL) loans. The collateral
performance data used in Moody's analysis reflects Plenti's short
origination history for BNPL loans and does not cover a full
economic cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes (Class A1 and A1-G Notes). Once pro rata paydown conditions
are satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
distributions will revert to sequential. Initially, the Class A,
Class B, Class C, Class D, Class E and Class F Notes benefit from
22.5%, 15.2%, 11.0%, 8.9%, 5.9% and 2.7% of note subordination,
respectively.

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

-- The liquidity facility in the amount of 1.5% of the note
balances, subject to a floor of AUD1.5 million.

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

-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 5.0%, a
recovery rate of 10.0%, and a Aaa portfolio credit enhancement
("PCE") of 24.5%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by us to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 3.9%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 24.5% is broadly in line with other comparable
Australian personal loan and renewable energy ABS deals and is
based on Moody's assessments of the pool taking into account (i)
historical data variability, (ii) quantity, quality and relevance
of historical performance data, (iii) originator quality, (iv)
servicer quality, (v) certain pool characteristics, such as asset
concentration.

The key pool features are as follows:

-- The weighted average interest rate of the portfolio is 11.2%,
with interest rates ranging from 4.1% to 29.0%.

-- The weighted average Equifax credit score of the portfolio is
around 807.

-- The weighted average remaining term of the portfolio is 63.4
months. The weighted average seasoning of the initial portfolio is
6.2 months.

-- Renewable energy receivables constitute 24.4% of the portfolio,
of which 3.2% are green fixed interest-bearing loans and 21.2% are
BNPL loans. Renewable energy loans are extended to obligors for the
purchase and installation of residential renewable energy equipment
such as solar panels and home batteries. Renewable energy
receivables have historically displayed lower loss rates than other
personal loans.

Methodology Underlying the Rating Action:

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

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

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

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


RANTARNA PTY: Second Creditors' Meeting Set for May 19
------------------------------------------------------
A second meeting of creditors in the proceedings of Rantarna Pty
Ltd has been set for May 19, 2025 at 11:00 a.m. at the offices of
HoganSprowles at Level 1, 44 Pitt Street in Sydney and virtually
via Zoom.

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 May 16, 2025 at 4:00 p.m.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on April 3, 2025.




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

SUNAC CHINA: Offshore Debt Restructuring Hearing Set for Sept. 15
-----------------------------------------------------------------
The Standard reports that Sunac China said a convening hearing
regarding its offshore debt restructuring is scheduled for
September 15.

The Standard relates that the hearing will seek approval from the
High Court of Hong Kong to convene the scheme meeting for creditors
to consider the proposed restructuring plan, according to a filing
on May 13.

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its NZD9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.

Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.



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

ADINO TELECOM: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Adino Telecom
Limited (ATL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".


                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         1.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          4.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
   Others                         under issuer not cooperating
                                  category

   Long Term/          3.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Long Term-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in the year 1992, Adino Telecom Ltd (ATL) is engaged
in various business verticals such as wireless integration business
for 'last mile' connectivity, sale & installation of Closed Circu
it Television (CCTV) systems, execution of DIAL 100 projects for
police force and networking solutions for various clients. The
company is mainly promoted by Mr. Vijay Mansukhani and other family
members, who have a long track record in wireless integrations
service & networking solutions business.


BELLONA PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Bellona Paper
Mill Pvt. Ltd. (Bellona) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Short Term-           1.0        [ICRA]A4 ISSUER NOT
   Non Fund Based                   COOPERATING; Rating continues
   Others                           to remain under 'Issuer Not
                                    Cooperating' category

   Long Term/            3.19       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                      ISSUER NOT COOPERATING;
   Unallocated                      Rating Continues to remain
                                    under issuer not cooperating
                                    category

   Long Term-            4.01       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                      COOPERATING; Rating continues
   Term Loan                        to remain under 'Issuer Not
                                    Cooperating' category


   Long Term-            9.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                      COOPERATING; Rating continues
   Cash Credit                      to remain under 'Issuer Not
                                    Cooperating' category

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

Morbi based Bellona Paper Mill Pvt. Ltd. (Bellona) was incorporated
in October 2015 by Mr. Pankaj Patel, Mr. Ashish Marvaniya and Mr.
Bharat Loriya. The company is into manufacturing kraft paper with
an installed capacity of 150 tonnes per day. Bellona manufactures
kraft paper in varying burst factor (18-24) specifications which
find their end usage in production of corrugated boxes used for
packaging of ceramic tiles, textile yarn etc.



HANUMAN RICE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Hanuman Rice
Mills (HRM) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term-        5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

HRM was established in 1990 as a partnership firm with Mr. Shiv
Parshad, Mr. Sushil Garg, Mr. Rajesh Garg and Mr. Subhash Garg as
partners in equal ratio. After the demise of Mr. Subhash Garg in
2009, the partnership firm was reconstituted and Mr. Vipin Garg was
admitted as a partner with equal share in the firm. HRM carries out
processing and trading of rice in the domestic market and also
exports to the Middle East and Europe. HRM has two plants with an
overall capacity of 10 tonnes per hour at Taraori, Karnal
(Haryana).


INDUSIND BANK: Moody's Affirms 'Ba1' Deposit & Issuer Ratings
-------------------------------------------------------------
Moody's Ratings has affirmed IndusInd Bank Limited's Ba1 long-term
(LT) foreign currency (FC) and local currency (LC) bank deposits
and issuer ratings and Not Prime (NP) short-term (ST) FC and LC
bank deposits and issuer ratings. Moody's have also affirmed
IndusInd's (P)Ba1 senior unsecured medium term note program rating,
Ba1 LT and NP ST FC and LC counterparty risk ratings, Ba1(cr) and
NP(cr) LT and ST counterparty risk assessments respectively.

At the same time, Moody's have downgraded IndusInd's Baseline
Credit Assessment (BCA) and adjusted BCA to ba2 from ba1.

The rating action concludes the review for downgrade of BCA and
adjusted BCA initiated on March 17, 2025.

Moody's have revised the outlook, where applicable, to negative
from stable.              

RATINGS RATIONALE

The affirmation of IndusInd's Ba1 ratings considers the bank's
strong capital, core profitability and adequate liquidity which
will help mitigate near term risks to its funding and asset
quality. The Ba1 ratings are one notch above the bank's ba2 BCA to
reflect Moody's assumptions of moderate level of government support
for the bank, in times of need.

However, Moody's have changed the rating outlook to negative from
stable to reflect the potential for further impact in the bank's
solvency, funding, or liquidity, as IndusInd continues efforts to
stabilize its operations and strategy under a new management team.

The downgrade of IndusInd's standalone credit strength, or BCA to
ba2 from ba1 reflects weakness in its internal controls as
highlighted by the discrepancy in derivatives accounting,
inadequate management oversight and concerns about the bank's
medium term strategy due to resignation of senior leadership
without adequate succession planning. Moody's considers these
issues as governance risks under Moody's Environmental, Social and
Governance (ESG) framework. Consequently, Moody's have lowered the
bank's Governance Issuer Profile Score to 4 from 3 and have made a
negative corporate behavior adjustment in the bank's standalone
assessment.

At the end of April 2025, IndusInd's Managing Director & CEO and
Deputy CEO resigned from their positions following the completion
of the review by the external agency of the discrepancy in
accounting for derivative transactions. While the external agency's
estimate of the one-off loss was in line with the bank's internal
estimate as reported on March 10, 2025, the accounting lapse
highlights inadequate internal controls. The resignation of the top
management has also raised concerns on other potential lapses which
may get uncovered over the next few quarters.

IndusInd's asset quality is experiencing some stress with gross
nonperforming loans (NPL) ratio deteriorating to 2.3% at the end of
December 2024 from 1.9% at the end of March 2024, due to an
increase in NPLs in the microfinance and credit card loan segment
amid industry wide challenges in subprime retail loans. The bank is
also conducting an internal review of its microfinance business
before finalizing the accounts for the quarter ending March 2025,
in response to concerns raised to management. While Moody's expects
IndusInd's NPLs to increase further, the bank's adequate
provisioning will limit the impact on profitability and capital.

Meanwhile, IndusInd has taken steps to improve its liquidity in the
quarter ended March 2025 by issuing certificate of deposits and
other market borrowings. Its daily average liquidity coverage ratio
(LCR) improved to 136.2% during the quarter ended March 2025 from
118.4% in the previous quarter.  

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

Given the negative outlook, an upgrade of IndusInd bank's ratings
is unlikely over next 12-18 months.

Moody's could change the outlook to stable if the bank (1)
stabilizes its senior leadership positions and (2) maintains a
stable credit profile including its solvency, funding and
liquidity.

Moody's would downgrade IndusInd's ratings if (1)   the bank's
capital ratios declines because of lower profitability and
inability to raise external capital; (2) its funding or liquidity
weakens substantially; or (3) there is a sustained deterioration in
asset quality, or if the rate of new NPL formation is significantly
higher than previously experienced. Specifically, a decline in
tangible common equity (TCE) to risk weighted assets (RWA) ratio
below 11% or decline in net income to tangible assets below 0.5% on
a sustained basis will result in a rating downgrade.

Environmental, social and governance (ESG) considerations is a key
driver of the rating action. IndusInd's ESG Credit Impact Score of
CIS-3, reflects that ESG considerations have a limited impact on
the current credit rating with potential for greater negative
impact over time.

The principal methodology used in these ratings was Banks published
in November 2024.

IndusInd Bank Limited is headquartered in Mumbai and reported
consolidated assets of INR5.5 trillion ($64.2 billion) as of
December 31, 2024.


JEEVISHA FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Jeevisha Foods Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.80       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Jeevisha Foods Private Limited was incorporated in 2013 and is
engaged in milling of basmati rice. The manufacturing unit of the
firm is based in Kaithal (Haryana) with a milling capacity of 8
tonnes per hour (TPH) and has sortex machinery with a capacity of 8
TPH. The operations of the firm are actively managed by Mr. Nikhil
Chhabra.


JET AIRWAYS: Liquidator Puts Office Space in BKC on the Block
-------------------------------------------------------------
The Economic Times reports that a government-appointed liquidator
has put an entire office floor owned by defunct Jet Airways in
commercial tower Godrej BKC in Mumbai's business district
Bandra-Kurla Complex (BKC) on the block. The liquidator has set a
reserve price of INR335.24 crore for the property to be auctioned
next month under the Insolvency & Bankruptcy Code, 2016.

Brookfield Asset Management, which previously acquired two floors
in the same building, holds the right of first refusal, ET
relates.

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.

On Nov. 7, 2024, the Supreme Court ordered the liquidation of Jet
Airways, after finding a National Company Law Appellate Tribunal
(NCLAT) judgment was in flagrant disregard of the the top court's
January 2023 judgment. According to The Economic Times, the top
court stated that the NCLAT disregarded the Court's January 2023
order by allowing the adjustment of a INR150 crore performance bank
guarantee (PBG) against an infusion requirement of INR350 crore
from the Jalan-Kalrock Consortium (JKC), Jet Airways' resolution
applicant.


KATIRA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Katira Construction Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         21.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         43.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-       163.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Katira Construction Limited was established by Mr. Rasik Katira in
1981 as the proprietorship concern, 'M/s Katira Construction
Company'. In April 2003, the firm was reconstituted as a closely
held public limited company. The company constructs buildings,
houses and roads mainly for government and semi government bodies.
At present, it is managed by the Katira and the Thacker families,
who have extensive experience, spanning around three decades, in
the construction industry.



KSHITIJA INFRA: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank Facility of
Kshitija Infrastructure Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         25.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in December 2000, Kshitija Infrastructure Private
Limited is a closely held private limited company, based out of
Mumbai, Maharashtra. The company is managed by Mr. Kamlesh G. Mehta
who has an experience of more than a decade in the real estate
industry. KIPL is engaged in the development of a residential
project under the name 'Laxmi Building' in Byculla, Mumbai.



KSK MAHANADI: ICRA Withdraws D Rating on INR12952cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
KSK Mahanadi Power Company Limited (KMPCL) at the request of the
company, based on the no objection certificate (NOC) and no dues
certificate (NDC) received from the bankers and in accordance with
ICRA's policy on withdrawal of credit ratings. ICRA does not have
adequate information to review the ratings.

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        1120.0     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Long-term-       12952.0     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Term Loan                     

   Short Term-        857.0     [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                     Withdrawn
   Based-Others       

   Long Term/         773.0     [ICRA]D; ISSUER NOT COOPERATING/
   Short Term-                  [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based               [ICRA]D; ISSUER NOT COOPERATING;


The Key rating drivers and their description, Liquidity position
and Rating sensitivities have not been captured as the rated
instruments are being withdrawn.

KMPCL was set-up to develop 3600 MW (6 x 600 MW) domestic
coal-based power project at Nariyara village, Janjgir-Champa
District of Chhattisgarh. The current operational capacity is 1,800
MW (3 x 600 MW), while balance of plant (BOP) is in place for the
entire 3,600 MW. In March 2025, JSW Energy Limited (JSWEL)
completed the acquisition of KMPCL as per the approved resolution
plan submitted by the company under the corporate insolvency
resolution process of the Insolvency and Bankruptcy Code, 2016.
JSWEL holds 74% of the equity shares of the company and the secured
financial creditors collectively hold the balance 26% equity
shares.


LANDMARK VENEERS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Landmark Veneers Private Limited (LVPL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        15.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Landmark Veneers Private Limited (LVPL) was incorporated in the
year 1997 by Mr. Rakesh Agarwal and other family members. The
promoters have long standing experience in manufacturing of timber
products, plywood and veneers through their association with other
group companies. LVPL operates from its plant located at
Gandhidham, with an installed capacity of manufacturing 10,000
cubic metres of veneers annually. LVPL is also engaged in trading
of imported timber. LVPL is a part of Purbanchal group.


LILA DHAR: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Lila Dhar
Devki Nandan in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Lila Dhar Devki Nandan is a proprietorship firm incorporated in
1994 and is involved in the business of road construction for the
government departments. The proprietor of the firm is Mr. Devki
Nandan Golyan who has been in this business for the past four
decades. The firm is registered as "AA+" Class Contractors by the
PWD, Rajasthan. Mr. Golyan is currently the president of P.W.D.
Contractors Association, Zone-Bikaner. The firm has been engaged in
the roads construction works for Government Organizations which
includes largely RWD, Rajasthan.


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

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.15       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established in May 2017, Lotus Overseas (LO) is a partnership firm
promoted and managed by Mr. Manish Pipaliya and Mr. Chhagan
Pipaliya. The firm is involved in processing and trading in
agro-commodities such as groundnuts, sesame and cumin. The firm's
commercial operations commenced from October 2017. Its
manufacturing facility is located at Junagadh in Gujarat. The
promoters have experience of more than a decade in the
agro-commodity sector.



MANGALAM PIPES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mangalam
Pipes Pvt Ltd in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.40        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.69        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category
   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.47        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Mangalam Pipes Pvt Ltd. was incorporated in 2008 by promoters who
have experience in this domain since 1986. It is the manufacturer
and supplier of HDPE Pipes, HDPE coils, fittings and accessories.
It also undertakes jointing, welding services for hdpe pipes. The
company products are sold under the brand name "Mangalam". It has
500 dealers/sub dealers covering Karnataka, Tamilnadu, Kerala,
Maharashtra and some part of Andhra Pradesh. It manufactures pipes
with diameters ranging from 20-315mm in all prescribed pressure
classes. The company has a manufacturing capacity of 6000
tn/annum.


MEGHNAD SAHA: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Meghnad Saha Institute of
Technology (MSIT) in the 'Issuer Not Cooperating' category. The
rating denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2001, MSIT is a college based out of Kolkata, West
Bengal, and is managed by The Academy of Higher Education, a
charitable trust. MSIT offers undergraduate and postgraduate  
courses across streams including engineering and management.


MODERN AGRO-TECH: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Modern
Agro-Tech Industries (MATI) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.55        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           3.45        [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Established in August 2010 as a partnership firm, Modern Agro-Tech
Industries (MATI) has a rice milling unit with an annual milling
capacity of 28,600 MT of paddy. The manufacturing facility of the
firm is situated in Cooch Behar, West Bengal. Commercial production
at the unit commenced in September, 2015. The firm is being managed
by four partners Mr. Sukumar Saha, Ms. Shilpa Saha, Mr. Sunil Kr
Jain and Ms. Navita Jain, on an equal profit-sharing basis.


MODERN AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Modern Agro Mills (MAM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Modern Agro Mills (MAM) is a partnership firm. The firm was
purchased by Mr. Nishant Malik in 2008. Earlier the firm used to
operate by the name of Anand Rice Mills. MAM is engaged in
processing and trading of basmati rice. The firm has a milling
capacity of 8 tonnes per hour at Karnal (Haryana). The byproducts
of basmati rice i.e., husk, rice bran and 'phak' are sold in the
domestic market.


NVA ASSET: CRISIL Lowers Rating on INR4.64cr PTCs to C(SO)
----------------------------------------------------------
Crisil Ratings has downgraded the rating on Series 1 Senior Tranche
Pass Through Certificates (PTCs) issued by NVA Asset 1 Trust to
'Crisil C (SO)' from 'Crisil B- (SO)' and removed it from 'Rating
Watch With Negative Implications'. The transaction is originated by
Connect Residuary Private Limited (Connect; not rated by Crisil).
The PTCs are backed by lease payments from AGS Transact
Technologies Limited (AGS; rated 'Crisil D'). The lease is
non-cancellable and the liability to pay the present value of
unexpired rentals remains with AGS.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Series 1 Senior       4.64       Crisil C (SO) Downgraded from
   Tranche PTCs                     'Crisil B- (SO)'; Removed
                                    from 'Rating Watch with
                                    Negative Implications'

The rating action follows non-payment of expected payout by AGS on
the quarterly payout due as on April 30, 2025. Until this delay,
AGS made the previous 8 quarterly payouts as per schedule. The
transaction still has 4 quarterly payouts including the payout that
was expected on April 30, 2025.

* Payment structure: The transaction has an ultimate interest and
ultimate principal (UIUP) payment structure, where payouts are
expected on a quarterly basis but both interest and principal are
promised only by maturity date i.e. April 9, 2026. This provides
significant time until default, allowing for possible recoveries
with improvement in the credit situation of AGS.

Connect assigned rentals (excluding GST net of TDS) of INR14.91
crores to 'NVA Asset I Trust ', settled by Beacon Trusteeship
Limited for a purchase consideration of INR12.82 crores. AGS pays
the rentals directly in an escrow account from which the Trustee
approves the fund transfer to the Trust collection and payout (C&P)
account.

* Adequacy of credit enhancement: The transaction has a 'Par'
structure with no internal support. There is no internal or
external credit enhancement in the structure.

The PTC investors' recourse is limited to the rent receivables and
the underlying assets (ATMs) hypothecated in favour of the Trust.

Key Rating Drivers & Detailed Description

Weaknesses:

* Credit quality of the obligor: The performance of the instrument
is dependent on the AGS's credit profile.  The outstanding rating
on the obligor is Crisil D.

* Receivables are non-financial obligation: The rentals are in the
nature of operating obligations. As per Agreement, the rental
obligations are non-cancellable and for primary business purpose,
which provides comfort regarding the rental repayments.

Strengths:

* Ultimate interest and Principal structure: This structure allows
adequate support to cover for delays. Also, there is a gap of 69
days between the last quarterly payout (Jan 30,2026) and the legal
maturity (April 9, 2026).

* Non extinguishing nature of the obligation: The rental agreement
read with other transaction documents provides that the obligations
can be terminated only at the instance of the Trust and even in
case of termination, the liability to pay the Present Value of
unexpired rentals stands for AGS.

Liquidity: Poor

Liquidity is poor given the obligor AGS' credit profile.

Rating Sensitivity factors

Upward factor:

* Upgrade in the rating of the obligor

Downward factors:

* AGS continues to delay or miss payments until maturity or close
to maturity
* Non-adherence to the key transaction terms envisaged at the time
of the rating

Rating Assumptions

To assess the total cashflows available for payouts to PTC
investors, Crisil Ratings has factored the following in its
analysis:

1) Credit quality of the underlying: The performance of the
instrument is dependent on the underlying obligor's capacity to pay
the rentals.

2) Commingling Risk: The funds come in an escrow account, from
which the funds are transferred by the Trustee to the Trust C&P
account. Crisil Ratings does not envisage any commingling risk with
the servicer for this transaction.


                  About AGS Transact Technologies

AGS is one of India's leading providers of end-to-end cash and
digital payment solutions including customised solutions serving
the banking, retail, petroleum and transit sectors. Its operations
cover approximately 2,200 cities and towns, servicing about
4,90,000 machines or customer touch points across India as on March
31, 2024. AGS has two main subsidiaries – SVIL (engaged in cash
management services) and ITSL (engaged in creating and dealing with
electronic payment systems). The company has also expanded its
operations to Southeast Asia and other countries by forming
overseas stepdown subsidiaries in Sri Lanka, Philippines and
Cambodia through a subsidiary in Singapore


PERFECT METACRAFT: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Perfect
Metacraft LLP in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

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

   Long Term-         15.35        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short-term         (8.25)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Others                          remain under 'Issuer Not
                                   Cooperating' category

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

Perfect Metacraft LLP manufactures sanitary ware items and door
hardware items on OEM basis for domestic as well as overseas
customers. The company will engage in it will market its door
hardware products under the brand name of'EGRESS'. It has planned
to install capacity to manufacture 43,00,000 units of products
namely faucet handle, taps, zinc plated handle and other
components.


POSITIVE MICRON: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Positive
Micron LLP (PML) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category


   Long-term-        13.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term-Non     1.35      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                   Rating continues to remain in
   Others                       the 'Issuer Not Cooperating'
                                Category

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

Formed on July 19, 2017; Positive Micron LLP (PML) is established
as a limited liability partnership firm by Mr. Pritesh Shirvi, Mr.
Chetan Halvadia Mr. Dilip Jethaloja and their family members. The
promoters of the firm have over a decade of experience in the
ceramic industry and trading. PML plans to manufacture soda potash
(feldspar) of 70-80 microns quality. The product find applications
in various industries such as ceramic tiles, cement manufacturing,
glass industries, etc. however the company will majorly cater to
the ceramic industry.  


PRIYHEER INFRASTRUCTURES: ICRA Keeps B Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank Facility of
Priyheer Infrastructures Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Priyheer Infrastructures Private Limited develops and leases out
property to corporate clients. The company which was incorporated
in 2006 is managed by Mr. Ajit Patel, who is a Civil Engineer
having an experience of over a decade in the real estate industry.


PURANDAR MILK: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Purandar Milk and Agro
Products Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         1.10      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         0.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Purandar Milk and Agro Products Limited was established in 2000 and
commenced operations in 2001. The company is involved in
procurement, processing and sale of milk and milk products, trading
of petroleum products, petrol and diesel and weigh bridge
operations. The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'. PMAPL is part of
Silver Jubilee Group promoted by Mr. Sanjay Jagtap which has
diversified interests ranging from automobile dealership, dairy,
real estate to investment advisory services.
The prominent among them include Silver Jubilee Motors Limited
(promoted along with Mr. Kiranpalsingh Ahluwalia) involved in sales
and services of Mahindra and Mahindra utility vehicles. PMAPL has
set up a 5000 metric ton per month capacity cold storage plant in
Khalad, Pune (Maharashtra).


R.J. AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of R.J. Agro Industries (RJAI)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1995, M/S R. J. AgroIndustries (RJAI) is a
partnership firm and is engaged in the milling of Basmati and Non
Basmati paddy. The firm is promoted by Mr. Brij Lal Garg and his
family members. The processing facility of firm is in Cheeka
(Kaithal). The plant capacity stands at 2 MTPH (~12000 MT per
Annum).


RADHANATH BHUNIA: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term of M/s. Radhanath Bhunia & Sons (RNBS)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1976 as a partnership firm, M/s. Radhanath Bhunia &
Sons (RNBS) is involved in the civil construction business, which
includes earth work like cutting, filling, making of embankment,
construction of road, minor bridges, building, railwaytrack,
platform shed etc. The firm is being managed by Mr. Tapan Kumar
Bhunia and Mr. Sourav Bhunia. RNBS is registered as a Class-I
contractor with the India Railways, Rites Limited, PWD-Roads (West
Bengal) and the Irrigation Department (West Bengal).


RAMAPRIYA SOLAR: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Ramapriya Solar Energy
Private Limited (RSEPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Ramapriya Solar Energy Private Limited (RSEPL) was incorporated in
May 2015 as a Special Purpose Vehicle (SPV) to set up 2 MW Solar
Power Project in Chitradurga District, Karnataka under the Farmer's
Scheme allotted to Mr. T R Bheemaneedi. The solar power plant is
expected to be commissioned in October 2016 and a Power Purchase
Agreement (PPA) has been signed by SPD with BESCOM for a period of
25 years.


RISHABH GOLD: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Rishabh Gold
Jewels (India) Private Limited (RGJIPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          2.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Rishabh Gold Jewels (India) Private Limited (RGJIPL) is gold
jewellery retailer based out of Bangalore. It ispromoted by Mr.
Anand Jain, Mr. Arun Jain and Mr. Ajay Jain and their family. It
operates 4 outlets in Nagrathpet area in central Bangalore. The
company is also in the process of setting up a gold refining and
jewellery manufacturing facility in Bangalore.


RNP SCAFFOLDING: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of RNP Scaffolding & Formwork Private Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         30.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term
   Interchangeable   (5.00)        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

RNP Scaffolding & Framework Pvt. Ltd. is established as a private
limited company in 2013 and started operations since January2014.
It manufactures scaffolding and formworks which have applications
in construction, real estate and industrial sectors. Scaffolding is
a temporary structure used to support labour and material for
construction, repair and maintenance activity. It has scaffolding
and formworks manufacturing facility in Navi Mumbai. RNP group has
other group companies: 'RNP affolding Pvt. Ltd.' which is into
manufacture and supply of scaffolding accessories and M.S Pipes and
'RNP Concrete (I) Pvt. Ltd .Which is into manufacture and supply of
ready-mixconcrete.


SAI POINT: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Sai
Point Bikes and Cars (SPBC) in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         12.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category


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

Established in 2015, Sai Point Bikes and Cars (SPBC) is a
proprietorship concern started by Mr. Dilip Patil. The company
refurbishes and sells pre-owned luxury cars of known brands, mainly
Audi, Mercedes Benz, BMW and Jaguar and has two showrooms -one in
Mumbai and the other in Pune. SPBC is part of the established Sai
Point Group, based in Thane, Maharashtra. The group's flagship
company Sai Point Automobiles Private is an authorised dealer of
two wheelers and spare parts manufactured by Honda Motorcycle and
Scooter India, Private Limited. The other group companies are also
involved in automobile (four-wheeler) dealership and vehicle
financing and construction businesses.


SAMVARDHANA MOTHERSON: Fitch Alters Outlook on 'BB+' IDR to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on the Long-Term Issuer
Default Ratings (IDRs) of India's Samvardhana Motherson
International Limited (SAMIL) and its Netherlands-based subsidiary
Samvardhana Motherson Automotive Systems Group BV (SMRP BV) to
Stable from Positive, and affirmed the IDRs at 'BB+'. Fitch has
also affirmed the senior secured notes issued by SMRP BV and
another subsidiary, Motherson Global Investments B.V. (MGI BV) -
both guaranteed by SAMIL - at 'BBB-'/'RR2'. Concurrently, Fitch has
withdrawn SMRP BV's IDR.

The Outlook revision reflects Fitch's expectation that the recent
deterioration in the global automotive industry conditions and US
tariff-related uncertainty will limit further improvement in
SAMIL's financial leverage, despite a recent reduction in the
financial year ended 31 March 2025 (FY25) due to SAMIL's equity
issuance and a measured approach to M&A. The Stable Outlook
reflects SAMIL's strong leverage headroom.

The rating on SAMIL reflects its leading market position as a large
Tier 1 auto supplier, well-diversified business profile and
longstanding relationships with financially strong customers. These
mitigate sector-specific risks, including cyclicality and
dependence on original equipment manufacturers (OEMs). The rating
also factors in SAMIL's well-executed expansion strategy.

Fitch has chosen to withdraw SMRP BV's IDR as it is no longer
considered to be relevant to the agency's coverage.

Key Rating Drivers

Deteriorating Sector Outlook; Macro Uncertainties: Fitch's 2025
Outlook for the global automotive sector was revised to
'deteriorating' from 'neutral' due to the impact of the tariff war
on the Global Economic Outlook. Fitch expects auto volumes in US
and Europe, two of SAMIL's key markets, to decline by low single
digits in 2025 from a year ago. Uncertainties to the outlook will
arise from tariff-related developments and supply-chain
complexities.

Lower Profitability: Fitch expects SAMIL's EBITDA margins to drop
to 8.0%-8.5% over FY26 and FY27 from its estimated 9% in FY25, in
line with its changed sector view, on lower global automotive
volumes and tariff-related cost pressures. Uncertainty around
tariffs and potential cost sharing could pose further downside
risks, despite SAMIL's moderate exposure to the US market at 20% of
total sales and local production footprint spread across the US and
Mexico.

Comfortable Leverage Headroom: Fitch expects EBITDA net leverage to
remain largely steady at around 1.7x over FY26 and FY27, well below
the 2.5x threshold for a negative rating action. Fitch estimates
EBITDA net leverage to have improved to 1.7x by March 2025, from
2.3x a year ago, as SAMIL repaid debt with most of the proceeds
from its INR64.4 billion equity and convertibles issuance in
September 2024. Its measured capex and dividend payouts should
drive positive FCF after FY25. Its rating case does not include
further acquisitions due to lack of visibility.

Customer Relationships Underpin Leadership: SAMIL's wide product
range underpins its long-term relationships with top global OEMs,
evident from its more than USD87 billion order book as of September
2024. This mitigates risks from competition and weak negotiating
power against large OEMs. SMRP BV is a leading supplier of exterior
mirrors, bumpers, dashboards and door panels for premium cars and
wiring harnesses for commercial vehicles, while SAMIL leads in
wiring harnesses for cars in India.

Solid Business Profile: SAMIL's revenue is poised to grow to more
than USD13 billion in FY25 - up by 44% from FY23, following a
number of acquisitions with robust market positions. SAMIL's
dependence on its largest customer, Volkswagen AG (A-/Negative),
has reduced to around 23% of sales from 44% in FY15, and on Europe,
its biggest market, to 38% from close to 50%. SAMIL has also
enhanced its product offerings, capabilities and customer proximity
after acquiring Germany's SAS Autosystemtechnik GmbH and the assets
of Dr. Schneider Holding GmbH.

SAMIL's acquisitions in Japan, including Yachiyo Industry Co.,
Ltd., Ichikoh Industries Ltd. and, more recently, Atsumitec Co.
Ltd, have broadened its OEM relationships outside Europe and added
new products such as sunroofs, fuel tanks and transmission parts.
The acquisition of France-based AD Industries - a provider of
components for aircraft engines and medical devices - and ongoing
investments in non-auto segments will help SAMIL diversify its
end-market exposure away from autos.

Acquisition Strategy Mitigates Risks: Fitch believes SAMIL's
acquisition strategy, which includes identifying attractively
priced targets that are strategically suitable and adhering to
prudent funding practices, mitigates risks from its aim of raising
revenue substantially, as articulated in its five-year plans. Its
net leverage improved from 2.5x in FY23 despite the completion of
more than 16 acquisitions with a combined enterprise value of close
to USD1 billion since January 2023. Still, any large debt-funded
acquisition may put pressure on the rating.

SMRP BV Rated on Consolidated Profile: Fitch views SAMIL as having
a stronger credit profile than its 100% subsidiary SMRP BV. SMRP
BV's large financial contribution underpins the parent's high
strategic incentive to support, reflected in regular financial
assistance. Integrated management and decision-making drive the
high operational support incentive, despite limited operational
dependency. Fitch assesses the legal incentive as 'Strong' due to
SAMIL's guarantees for SMRP BV's long-term debt and cross-default
clauses in the parent's long-term debt.

Notes Rated Above IDR: SMRP BV's EUR100 million notes due 2025 are
secured by assets and equity pledges at its key subsidiaries, while
MGI BV's USD350 million notes are secured by a pledge of its equity
shares held by SAMIL's subsidiaries. The collateral qualifies as a
Category 2 first lien, as defined in Fitch's Corporates Recovery
Ratings and Instrument Ratings Criteria, supporting a Recovery
Rating of 'RR2' and a one-notch uplift from the guarantor's rating,
which is SAMIL's IDR.

No Constraint on Recovery Rating: The holders of both the secured
notes have recourse to a guarantee by SAMIL, an Indian entity, but
this will not subject the notes to a cap on the Recovery Rating as
described under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria. Its view is based on the flexibility bondholders
will have in enforcing the collateral without having to pursue
SAMIL's guarantee first or waiting for the completion of any
insolvency process in India.

Peer Analysis

SAMIL's scale, diversification, leading market positions and
largely driveline-agnostic products position it well against
Fitch-rated auto supplier peers.

SAMIL has greater scale and business diversification than Mexico's
Metalsa S.A.P.I. de C.V. (BBB-/Stable) and Nemak, S.A.B. de C.V.
(BBB-/Negative), and Brazil's Tupy S.A. (BB+/Stable). SAMIL's
one-notch lower rating than Metalsa reflects the latter's stronger
financial profile characterised by lower leverage and higher
profitability.

Nemak's rating benefits from its strong competitive position as the
sole supplier in 90% of its product portfolio, underpinning wider
margins. Nonetheless, Fitch expects Nemak's leverage to remain
higher than that of SAMIL amid uncertainty regarding tariffs in the
US - its primary market - underscoring the Negative Outlook.

SAMIL is rated at the same level as Tupy, reflecting Tupy's leading
market position in high-value-added cast-iron structural components
and their similar leverage. SAMIL is rated one notch above the US's
Dana Incorporated (BB/Stable), reflecting SAMIL's stronger business
diversification and Fitch's expectations of Dana's higher leverage
as a result of investments enabling its transition to electric
vehicles.

Key Assumptions

- SAMIL's consolidated revenue growth to slow to low single digits
in FY26 on subdued auto volumes, which will be offset by revenue
contributions from acquired businesses.

- EBITDA margin to reduce to 8.3% in FY26 from the close to 9%
estimated in FY25, amid weak volumes and cost pressures.

- Capex to average between 3% and 4% of sales over FY25 and FY26
(FY24: 4.2%).

- Dividend payouts to remain below 40% of net income over the next
few years.

RATING SENSITIVITIES

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

- SAMIL's consolidated EBITDA net leverage, after Fitch's
adjustment for factoring, remaining above 2.5x for a sustained
period.

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

- SAMIL maintaining a disciplined financial policy and prudent
approach to M&A, leading to a sustained improvement in consolidated
EBITDA net leverage, after Fitch's adjustment for factoring, to
below 1.5x;

- SAMIL's FCF margin being sustained above 1.5%

Liquidity and Debt Structure

SAMIL's liquidity remained adequate, with Fitch-estimated
consolidated readily available cash of INR43.1 billion as of FYE25.
The undrawn portion of its INR33.9 billion of committed revolving
credit facilities will sufficiently cover INR27.1 billion in
Fitch-estimated near-term maturities of long-term debt, including
SMRP BV's EUR100 million of bonds due in June 2025. Fitch expects
SAMIL to roll over a moderate amount of short-term working-capital
debt in the normal course of business.

Fitch estimates SAMIL's annual debt maturities will be around INR40
billion in FY27 and less than INR5 billion in FY28. Fitch expects
positive FCF after FY25, although a portion of its debt maturities
will be due for refinancing. SAMIL's improved leverage should aid
in refinancing and Fitch expects it to address these maturities
well in advance, in line with its record.

Issuer Profile

SAMIL is a leading global Tier 1 automotive components supplier
focused on rear-view vision systems, interior and exterior modules,
integrated assemblies, wiring harnesses and other products in the
global automotive industry.

Summary of Financial Adjustments

Fitch treats INR9.9 billion in FY24 (equivalent to 1% of sales) as
restricted cash for intra-year working-capital volatility.

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           Recovery   Prior
   -----------                ------           --------   -----
Samvardhana Motherson
International Limited   LT IDR BB+  Affirmed              BB+

Samvardhana Motherson
Automotive Systems
Group BV                LT IDR BB+  Affirmed              BB+
                        LT IDR WD   Withdrawn

   senior secured       LT     BBB- Affirmed     RR2      BBB-

Motherson Global
Investments B.V.

   senior secured       LT     BBB- Affirmed     RR2      BBB-


SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sargam Metals
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         8.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated in 1970, Sargam Metals Private Limited is primarily
engaged in manufacture of aluminium, zinc and manganese ingots
(contributes to ~85% of total revenues), which are used as raw
materials in foundries for producing cast products. SMPL is also
engaged in manufacture of cathode protection products, which are
used in ships, off-shore structures such as platforms, sub-sea
pipelines and structures such as jetty, wharves and barges. The
company has an alloy production facility with an installed capacity
of 7800 MT in SIPCOT Industrial estate in Cheyyar (Tamil Nadu)
recently shifted from Manapakkam, Chennai. The company is managed
by Mr. S Arun and is closely held by the promoter group.


SHAMLI STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Shamli Steels
Private Limited (SSPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable);ISSUER NOT COOPERATING
/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         20.54        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

SSPL was established in 1999 by Mr. Surender Jain and Mr. Sandeep
Jain to manufacture mild steel (MS) ingots at its facility in
Shamli, Uttar Pradesh, with an initial manufacturing capacity of
around 14,400 tons per annum (TPA) which was enhanced to 27,000
MTPA in February, 2013. In 2009, Mr Sudhir Kumar Bansal joined SSPL
and the promoters decided to forward integrate into rolled products
and established a MS rolling mill with a capacity of 90,000 TPA.
SSPL is a part of the Jai Bharat Group, and sells the rolled
products under the brand 'Jai Bharat Steels'.


TUTICORIN COAL: NCLT Junks Adani Ports Plea for Delayed Plan
------------------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal has dismissed an application filed by Adani
Ports and Special Economic Zone to submit a delayed resolution plan
for the closely held Tuticorin Coal Terminal. Instead, it said it
will want more bidders/continue to evaluate the current resolution
plan offered by Seapol.

ET relates that the tribunal noted the company's improved financial
performance during the CIRP, suggesting broader investor interest.
Currently, lenders are evaluating a proposal from Seapol Port, the
remaining bidder for the asset.

Tuticorin Coal Terminal Private Limited (TCTPL) provided marine
services. The Company managed bulk ports including coal,
fertilizer, and general cargo terminals. Tuticorin Coal Terminal
served customers in India.

In 2020, Bank of India initiated insolvency proceedings against
TCTPL due to unpaid dues amounting to INR90.87 crore.

TCTPL was admitted to insolvency in February 2020.




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

NISSAN MOTOR: Shuts Plants, Culls Jobs After Worst Loss in 25 Yrs
-----------------------------------------------------------------
Bloomberg News reports that Nissan Motor Co. vowed to close seven
factories and slash 20,000 jobs after posting its biggest annual
loss since French carmaker Renault SA rescued it from near
bankruptcy a quarter century ago.

According to Bloomberg, the Japanese automaker decided against
issuing an operating profit forecast for the fiscal year ending
March 2026, and reported a net loss of JPY670.9 billion ($4.5
billion) for the year that ended in March.

"The reality is clear," Bloomberg quotes Nissan's newly minted
Chief Executive Officer Ivan Espinosa as saying on May 13 in his
first post-earnings briefing since taking the top job in April.
"Nissan must prioritize self-improvement with greater urgency and
speed."

Mr. Espinosa, who has held roles at Nissan since 2003, is
accelerating its restructuring. The carmaker will close the seven
manufacturing facilities by the 2027 fiscal year, with annual
production capacity set to fall to 2.5 million units from 3.5
million last year. Details around which seven facilities would
close weren't given, Bloomberg notes.

Bloomberg relates that Nissan also confirmed it will cut 20,000
jobs, including the loss of 9,000 roles it announced in November.
The measures are aimed at cutting costs by JPY500 billion.

According to Bloomberg, the ailing Japanese automaker has struggled
to turnaround its business as its aging lineup failed to win over
consumers in the US and China. It had already replaced most of its
top executives after efforts to combine with Honda Motor Co. fell
apart earlier this year, leaving it in urgent need of another
lifeline.

Asked whether he had any regrets regarding the Honda deal falling
through, Mr. Espinosa said the rival carmaker was still "one of
many candidates" when it comes to projects, partnerships,
integration, capital investments and spinoffs, Bloomberg relays.
Despite the failed merger, Nissan and Honda have previously said
they are continuing a strategic relationship focused on EVs and
batteries.

"I cannot give you a timeline now but we are working actively on
it. The sooner the better," Mr. Espinosa said on any date for a new
partnership.

According to Bloomberg, Mr. Espinosa's changes signal a more
decisive way forward than that forged by previous CEO Makoto
Uchida, who was criticized for not being aggressive enough. He
expressed his reluctance to shutter factories during the talks with
Honda, citing Nissan's pride and the need to maintain its
operational independence.

Since his departure, Nissan has indicated broader plans to cut
output, announcing last week that it was abandoning a proposal to
build a battery plant in Fukuoka in order to focus on its own
recovery.

But even with deepening cuts, Nissan faces an uphill battle in
finding a financial savior, Bloomberg notes.

Hon Hai Precision Industry Co. had emerged as a front-runner post
Honda, with Chairman Young Liu saying in February his company had
approached Nissan and Honda about potential cooperation when the
two were involved in talks to combine, Bloomberg recalls. The
Taiwanese iPhone maker known as Foxconn has been clear about its
desire to assemble electric vehicles for Japanese automakers and
earlier this month signed an agreement with Mitsubishi Motors Corp.
to do just that.

Meanwhile, Nissan's restructuring efforts risk being derailed by US
tariffs on imported cars and auto parts, Bloomberg says. The
carmaker said it expects to see a JPY450 billion impact from
policies, which is included in its forecast for a JPY200 billion
operating loss in the first quarter.

Exports from Mexico and Japan account for almost 45% of Nissan's
sales in the US, Chief Financial Officer Jeremie Papin said. Duties
will affect 300,000 units in exports from Mexico, and 120,000 units
from Japan, he said.

                         About Nissan Motor

Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
worldwide.

Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
and senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.

S&P Global Ratings, on March 7, 2025, lowered its long-term issuer
credit ratings on Nissan Motor and its overseas subsidiaries to
'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'. The negative outlook reflects S&P's view that the
company's creditworthiness may continue to deteriorate as a
challenging operating environment hampers profitability improvement
and free cash flow losses continue.

Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.



===============
M A L A Y S I A
===============

SAPURA ENERGY: Auditor Flags Going Concern
------------------------------------------
The Star reports that Sapura Energy Bhd's external auditors Messrs.
Ernst & Young PLT (EY) issued an unqualified audit opinion with a
material uncertainty related to going concern in the independent
auditors' report for the financial year ended Jan. 31, 2025.

In a filing with Bursa Malaysia, Sapura Energy said its auditor
highlighted that the group's current liabilities exceeded its
current assets by MYR11.2 billion and MYR4.3 billion respectively,
and noted that the group is facing severe liquidity constraints,
The Star relates.

Nevertheless, EY said the financial statements of the group and of
the company have been prepared on a going concern basis, the
validity of which is highly dependent on the timely approvals,
execution and completion of the proposed regularisation plan on or
before the long stop date on March 11, 2026, which is necessary for
the schemes of arrangement (SOA), the conditional funding agreement
and the commercial settlements related to terminated engineering &
construction (E&C) projects to take effect within the stipulated
timeframe, according to The Star.

In a separate statement, Sapura Energy said previously, in
financial years 2022, 2023 and 2024, the external auditors also
flagged material uncertainty related to going concern in the group
and the company's financial statements.

The Star says the material uncertainty included, amongst others,
extensions of restraining orders, achieving favourable outcomes of
the legal claims for terminated E&C projects and the successful and
timely implementation of the proposed SOA with at least 75%
approval from relevant scheme creditors in the court convened
meetings.

"Over the years, Sapura Energy has been able to achieve these
critical milestones, enabling the group to proceed with the
finalisation of its proposed regularisation plan, with a target to
submit to Bursa Malaysia in May 2025," it said.

Sapura Energy is currently preparing the circular in relation to
the proposed regularisation plan for submission to Bursa in May
2025 and anticipates that the restructuring effective date will be
achieved by August 2025 or latest by the longstop date, The Star
adds.

                        About Sapura Energy

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.

Sapura Energy Bhd announced on May 31, 2022, that it has been
classified as a PN17 listed issuer due to going concerns on its
shareholders' equity position less than 50% of its share capital.

Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50% of its share capital of
MYR10.9 billion.




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

CINCH HR: Court to Hear Wind-Up Petition on May 30
--------------------------------------------------
A petition to wind up the operations of Cinch HR Limited will be
heard before the High Court at Auckland on May 30, 2025, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 26, 2025.

The Petitioner's solicitor is:

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


NJ & MS HOLDINGS: Court to Hear Wind-Up Petition on May 19
----------------------------------------------------------
A petition to wind up the operations of NJ & MS Holdings Limited
will be heard before the High Court at Greymouth on May 19, 2025,
at 11:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 19, 2025.

The Petitioner's solicitor is:

          Kelly King
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


PARA INDIAN: Creditors' Proofs of Debt Due on June 20
-----------------------------------------------------
Creditors of Para Indian Takeaway Limited are required to file
their proofs of debt by June 20, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 8, 2025.

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland


READY TRANSPORT: Creditors' Proofs of Debt Due on June 20
---------------------------------------------------------
Creditors of Ready Transport Group Limited, Elemental Transport
Limited, Meadowlands Pharmacy Limited, Clinch Construction Limited,
NZ Electrical Limited, Wise Men Maintenance Limited and Hindmarsh
Drainage Contractors Limited are required to file their proofs of
debt by June 20, 2025, to be included in the company's dividend
distribution.

Ready Transport Group Limited, Elemental Transport Limited, and
Meadowlands Pharmacy Limited commenced wind-up proceedings on May
5, 2025.

Clinch Construction Limited, NZ Electrical Limited, Wise Men
Maintenance Limited and Hindmarsh Drainage Contractors Limited
commenced wind-up proceedings on May 7, 2025.

The company's liquidator is:

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


WYMOUNT PROPERTY: Creditors' Proofs of Debt Due on May 30
---------------------------------------------------------
Creditors of Wymount Property Services Limited are required to file
their proofs of debt by May 30, 2025, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Keaton Pronk and Daniel Zhang
of McDonald Vague as liquidators on Feb. 5, 2025.





===============
P A K I S T A N
===============

PAKISTAN: Gets 2nd Tranche Under Extended Fund Facility From IMF
----------------------------------------------------------------
Reuters reports that Pakistan has received the second tranche of
special drawing rights worth SDR760 million ($1,023 million) from
the International Monetary Fund under the extended fund facility
programme, the country's central bank said in a post on X on May
14.

The amount will be reflected in its foreign exchange reserves for
the week ending May 16, the State Bank of Pakistan said, Reuters
relays.

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'.
The Outlook is Stable.




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

ADERA GLOBAL: Court to Hear Wind-Up Petition on May 30
------------------------------------------------------
A petition to wind up the operations of Adera Global Pte. Ltd. will
be heard before the High Court of Singapore on May 30, 2025, at
10:00 a.m.

DBS Bank filed the petition against the company on May 6, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


FABULOUS TAN: Commences Wind-Up Proceedings
-------------------------------------------
Members of Fabulous Tan Pte. Ltd., Fabulous Health Pte. Ltd., and
Fabulous Aesthetics Pte. Ltd. on April 29, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Chee Fung Mei
          Chee FM & Associates
          110 Middle Road
          #05-03 Chiat Hong Building
          Singapore 188968


OKANE DESIGN: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on May 2, 2025, to
wind up the operations of Okane Design Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          C/o BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


TOP HANCE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on April 25, 2025, to
wind up the operations of Top Hance Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          C/o BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



                           *********


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 ***