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

                     A S I A   P A C I F I C

          Monday, June 9, 2025, Vol. 28, No. 114

                           Headlines



A U S T R A L I A

BUNDANOON SANDSTONE: First Creditors' Meeting Set for June 12
CRIMSON BOND 2022-1P: S&P Raises Class F Notes Rating to B+ (sf)
EDUCARE TRAINING: Enters Voluntary Administration
GEMINI PRIME 2025-1: S&P Assigns B (sf) Rating to Class F Notes
NUFARM LIMITED: Fitch Puts 'BB' Long-Term IDR on Watch Negative

PANORAMA AUTO 2025-2P: Fitch Assigns 'BB(EXP)sf' Rating to E Notes
SCR GLOBAL: First Creditors' Meeting Set for June 12
SPIRITCORP PTY: First Creditors' Meeting Set for June 12
STRONGROOM AI: Creditors Vote to Liquidate; Asset to be Sold
USMAN DENTAL: First Creditors' Meeting Set for June 12

VALIANT SPACE: First Creditors' Meeting Set for June 12


C H I N A

CBAK ENERGY: OKs One-Year Program to Repurchase $20 Million Shares


I N D I A

ABHIJEET FERROTECH: Insolvency Resolution Process Case Summary
ACE INFOTEXIS: Ind-Ra Moves BB Loan Rating to NonCooperating
AKR INDUSTRIES: Ind-Ra Moves BB Loan Rating to NonCooperating
AMRITSAR MSW: Insolvency Resolution Process Case Summary
ARAVIND CERAMICS: Ind-Ra Hikes Term Loan Rating to BB+

ARTEMIS AUTO: CARE Keeps D Debt Rating in Not Cooperating
B.K. THRESHERS: ICRA Keeps D Debt Ratings in Not Cooperating
BRIGHTSTAR INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
CHANDRA BHAGAT: CARE Keeps D Debt Ratings in Not Cooperating
CHOUNDESHWARI SAHAKARI: Ind-Ra Moves BB Rating to NonCooperating

COATALL FILMS: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
D S HOME CONSTRUCTION: Insolvency Resolution Process Case Summary
DHRUV WELLNESS: CARE Keeps D Debt Rating in Not Cooperating
GLS FILMS: CARE Lowers Rating on INR80.25cr LT Loan to D

HANUMAN TEA: Insolvency Resolution Process Case Summary
HPCL-MITTAL ENERGY: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
INDO NIPPON: Voluntary Liquidation Process Case Summary
INDUSTRIAL PROGRESIVE: CARE Keeps D Debt Rating in Not Cooperating
JAIDEEP SHIKSHA: CARE Keeps C Debt Rating in Not Cooperating

KARPAGAMBAL MILLS: Ind-Ra Cuts Bank Loan Rating to BB
KONARK SYNTHETIC: CARE Keeps D Debt Ratings in Not Cooperating
L-COMPS AND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
LEEL ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
MAANASA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating

MAKIN LABORATORIES: Ind-Ra Assigns BB+ Rating, Outlook Stable
METROPOLIS LOGISTICS: Insolvency Resolution Process Case Summary
MISHTANN SHOPPEE: Insolvency Resolution Process Case Summary
MUKAND SUMI: Ind-Ra Keeps BB Loan Rating in NonCooperating
MULA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category

NILSHIKHAA PROJECTS: Insolvency Resolution Process Case Summary
OSIA HYPER: Ind-Ra Cuts Bank Loan Rating to BB+
OSWAL KNITTING: CARE Keeps D Debt Ratings in Not Cooperating
OVIS EQUIPMENTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
PARAG AGRO: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable

PARALLAX DECOR: Liquidation Process Case Summary
PMV MALTINGS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
POWER RESEARCH: ICRA Reaffirms D Rating on INR7.0cr LT Loan
RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
SAI LEASING: CARE Keeps D Debt Rating in Not Cooperating Category

SHIVANGI ROLLING: Ind-Ra Cuts LongTerm Loan Rating to BB+
SITI NETWORKS: CARE Keeps D Debt Rating in Not Cooperating
SREEREDDY PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
STARLITE GLOBAL: ICRA Lowers Rating on INR24cr LT Loan to B+
STYLCOVE MODULAR: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable

URBAN FARMART: Voluntary Liquidation Process Case Summary
V.M. BAKERY: ICRA Keeps D Debt Ratings in Not Cooperating
VATIKA SOVEREIGN: CARE Keeps D Debt Rating in Not Cooperating
VEER OVERSEAS: Ind-Ra Withdraws BB+ Bank Loan Rating
VEERTAM COMTRADE: Insolvency Resolution Process Case Summary

VR KONKAN: ICRA Lowers Rating on INR815cr NCDs to D
VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

COSY LIVING: Court to Hear Wind-Up Petition on June 13
ENERGY FARMS: Court to Hear Wind-Up Petition on June 12
INFINITY PROPERTIES: BDO Wellington Appointed as Receivers
JI SHEN: Waterstone Insolvency Appointed as Receivers
OBELISK INDUSTRIAL: Khov Jones Appointed as Receivers

SOLARZERO LIMITED: Customers Trapped With High Fees Wants Out
UNITED COMMERCIAL: Baker Tilly Staples Appointed as Receivers


S I N G A P O R E

BRAEBURN WHISKY: KordaMentha Appointed Provisional Liquidators
CASK 88: KordaMentha Appointed Provisional Liquidators
F50 SINGAPORE: Creditors' Proofs of Debt Due on July 9
NOMURA ASIA: Creditors' Proofs of Debt Due on June 28
SC HOSPITALITY: Court to Hear Wind-Up Petition on June 20

UNICUZ CHINESE: Court to Hear Wind-Up Petition on June 13

                           - - - - -


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

BUNDANOON SANDSTONE: First Creditors' Meeting Set for June 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bundanoon
Sandstone Quarry Pty Ltd will be held on June 12, 2025 at 2:00 p.m.
at the offices of Equinox Building 4 at Level 2, 70 Kent Street in
Deakin and via virtual meeting technology.

Frank Lo Pilato and Adam Cormack of RSM Australia Partners were
appointed as administrators of the company on May 30, 2025.


CRIMSON BOND 2022-1P: S&P Raises Class F Notes Rating to B+ (sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on five note classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Crimson Bond Trust 2022-1P. At
the same time, S&P affirmed its ratings on two classes of notes.

Crimson Bond Trust 2022-1P is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd. (BCS).

The rating actions reflect our view of the credit risk of the pool,
which has been amortizing in line with our expectations. The
underlying collateral portfolio comprises residential mortgage
loans to residents and nonresidents of Australia and to
self-managed superannuation fund (SMSF) borrowers.

As of April 30, 2025, loans to nonresident and SMSF borrowers make
up 19.1% and 50.9% of the pool, respectively. Effective
loan-to-value (LTV) ratios across the pool have been declining,
reducing our expectation of losses for the pool.

As of April 30, 2025, the pool has a balance of about A$179.8
million and a pool factor of about 44.9%. The pool's
weighted-average effective LTV ratio is 65.6% and weighted-average
seasoning is 41.3 months. Loans more than 30 days in arrears make
up 1.2% of the pool, of which 0.4% are more than 90 days in
arrears.

S&P said, "Our expectation is that the various mechanisms to
support liquidity within the transaction, including the loss
reserve, the liquidity reserve, and the principal draw function,
are sufficient under our cash flow stress assumptions to ensure
timely payment of interest. We further note the transaction has
performed to date with no losses or charge-offs, and it has not
required drawing on any of the liquidity support mechanisms."

The transaction is currently repaying principal on a pro-rata basis
and hence there is no further buildup of credit support for most of
the rated notes in percentage terms while all of the pro-rata
triggers are met. The class F notes, however, as the most
subordinated rated note outstanding, also receive the class G
notes' portion of principal collections under pro-rata pay and are
continuing to build credit support. The transaction can only pay
pro-rata up until the first call option date, which is the payment
date in August 2025. After that, if the notes are not called, the
transaction will revert to repaying principal sequentially, and
credit support will again start to build up for the rated notes.

S&P said, "Ratings on some of the classes of rated notes are
constrained below the level that our credit and cash flow analysis
would suggest due to risk considerations such as pool concentration
to nonresidents and sensitivities to the outlook for yield. With a
meaningful concentration to nonresidents, the portfolio is exposed
to macroeconomic events and policies that affect both Australia and
the borrowers' countries of residence or income sources. This could
expose the transaction to potential disruptions in cash flow due to
events or policies affecting the flow of funds between countries.
In our cash flow analysis, we applied additional compressed default
curves to simulate a possible concentrated disruption in cash flow
to the trust.

"The pool is also concentrated to SMSF borrowers. Although as a
subsector the performance of SMSF loans has been strong, we apply
additional adjustment in our credit support calculation to reflect
the more significant consequences of noncompliance in an
ever-changing regulatory landscape, elevated risk profile of SMSF
lending, limited data history of performance in more stressful
economic periods, and its more nuanced underwriting complexity. Due
to the nature of the product, we expect such loans to have lower
prepayment rates compared with typical prime residential loans and
therefore expect the SMSF concentration to continue to increase."

  Ratings Raised

  Crimson Bond Trust 2022-1P

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA+ (sf) from AA (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  Crimson Bond Trust 2022-1P

  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)


EDUCARE TRAINING: Enters Voluntary Administration
-------------------------------------------------
The Sector reports that Educare Training Institute, operating as
Educare College, a registered training organisation based in
Queensland, has entered voluntary administration as of May 2025.

Established in 2012, the college offered vocational education and
training programs, including courses in early childhood education
and care, supported by state government funding.

A report lodged with the Australian Securities and Investments
Commission (ASIC) indicates that the college owes approximately
AUD98,410 to employees, including AUD83,916 in unpaid
superannuation, and AUD348,000 to the Australian Taxation Office,
The Sector discloses. Administrators Matthew Hudson and Terry van
der Velde have noted that the company may have been trading while
insolvent since May 31, 2022, and that the sole director, David
Gross, may have breached his duties of care, diligence, and good
faith, The Sector relates.

Currently, the college's operations are being managed by Next
Vision Education and the NIET Group to minimise disruption to
students. A creditors' meeting is scheduled to determine whether to
wind up the company or approve a Deed of Company Arrangement (DOCA)
that would transfer ownership to Next Vision Education, The Sector
notes. Under the proposed DOCA, all employees would be retained,
and superannuation obligations met, though unsecured creditors
would receive only 4.14 cents per dollar owed. If the DOCA is not
approved, liquidation would likely result in no returns for any
creditors.

According to The Sector, the college's financial difficulties have
been attributed to its reliance on international students and the
impacts of the COVID-19 pandemic. In the current financial year,
Educare generated approximately AUD949,349 in revenue but incurred
a net loss of AUD1.3 million.

This development is among several recent instances of financial
difficulty reported within the vocational education and training
sector.


GEMINI PRIME 2025-1: S&P Assigns B (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Gemini Prime Trust 2025-1.
Gemini Prime Trust 2025-1 is a securitization of prime residential
mortgage loans originated by Brighten Financial Pty Ltd.

The ratings reflect the following factors.

The credit risk of the underlying collateral portfolio, which
comprises 100% prime residential mortgage loans to Australian
resident borrowers, and the credit support provided to each class
of notes are commensurate with the ratings assigned. Credit support
is provided by subordination and excess spread, if any. S&P's
assessment of credit risk considers Brighten Financial's
underwriting standards and approval process, and its servicing
quality.

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, principal draw
function, provision of a liquidity facility, and provision of an
extraordinary expense reserve. Our analysis is on the basis that
the notes are fully redeemed via the principal waterfall mechanism
under the transaction documents by their legal final maturity date,
and we assume the notes are not called at or beyond the call-option
date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
Commonwealth Bank of Australia as liquidity facility provider. We
also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published Oct. 9, 2014, and concluded that there are no constraints
on the maximum rating that can be assigned to the notes."

  Ratings Assigned

  Gemini Prime Trust 2025-1

  Class A-S, A$127.50 million: AAA (sf)
  Class A-L, A$297.50 million: AAA (sf)
  Class A2, A$38.00 million: AAA (sf)
  Class B, A$12.50 million: AA (sf)
  Class C, A$13.75 million: A (sf)
  Class D, A$5.00 million: BBB (sf)
  Class E, A$2.50 million: BB (sf)
  Class F, A$1.50 million: B (sf)
  Class G, A$1.75 million: Not rated


NUFARM LIMITED: Fitch Puts 'BB' Long-Term IDR on Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed Australia-based Nufarm Limited's 'BB'
Long-Term Issuer Default Rating (IDR) on Rating Watch Negative
(RWN). The agency has also placed the 'BB' rating on the senior
unsecured notes issued by Nufarm's wholly owned subsidiaries,
Nufarm Australia Limited and Nufarm Americas Inc., under a dual
tranche structure on RWN. The notes are rated at the same level as
Nufarm's IDR because they represent its direct, unconditional,
unsecured and unsubordinated obligations.

The RWN reflects significant risks to Nufarm's ability to
deleverage its balance sheet given persistent market oversupply and
elevated uncertainties from the US-China trade tension affecting
global trade sentiment, particularly in the US. Fitch expects
Nufarm's EBITDA leverage to remain at around 5.5x in the financial
year ending September 2025 (FY25) before improving to below 4.5x
from FY26 on increased demand, product price recovery, margin
improvement and sustained capex reduction. However, the announced
review of the seed technologies segment could result in a sale, in
whole or in part, with some proceeds possibly used to reduce debt.

Fitch will resolve the RWN once there is greater clarity following
the seed technologies review, including whether it leads to a
transaction, the size and application of the proceeds and Nufarm's
future financial structure, which may take more than six months.

Key Rating Drivers

Potential Divestment of Seed Technologies: Nufarm may fully or
partially sell its stake in the seed technologies business segment.
The process is in its early stages and may not result in a
transaction, but if a transaction does occur, Fitch expects Nufarm
to use some of the proceeds to reduce balance sheet debt, which
could accelerate deleveraging.

Trade War Amplifies Recovery Uncertainty: Crop protection margins
stabilised at 13% in 1HFY25 (FY24: 10%; 1HFY24: 11%), but demand
and price recovery are slower than Fitch expected due to the lack
of a major supply reduction from China. Channel restocking is
likely to stay subdued in the near term, with US-China trade
tensions and tariffs dampening business sentiment. Margins may also
stay suppressed due to widespread discounting to clear existing
inventory. Therefore, Fitch expects EBITDA leverage to remain high
at around 5.5x in FY25, similar to FY24.

Key Priorities: Fitch expects Nufarm to prioritise cost, capex and
net working-capital reduction amid the delayed price recovery and
US-China trade tensions. Nufarm aims to reduce capex, including
capitalised R&D, to under AUD200 million in FY26 (FY25: around
AUD250 million), as peak spending on crop protection concludes.
Inventory turnover improved by 22 days in 1HFY25 from 1HFY24,
excluding a higher omega-3-related inventory. Fitch expects the
cyclical unwinding of net working capital in 2HFY25 to enhance free
cash flow and reduce gross debt from 1HFY25.

Slower Growth in Seed Technologies: Fitch expects the current
weakness in omega-3 prices to affect near-term earnings for the
high-growth, high-margin seed technologies segment, which had
previously helped offset weakness in the crop protection segment.

The company is increasing the commercial scale of its bioenergy
platform alongside new and emerging technologies, but Fitch expects
significant earnings only towards the later years of its rating
horizon to FY28. Consequently, Fitch expects Nufarm to focus on
reducing production costs of omega-3 products and actively managing
inventory to address immediate challenges.

Australia's Robust Demand, Industry Fundamentals: Nufarm's 20%
revenue contribution from Australia exposes it to the potential
demand impact on crop-protection products from drier conditions in
southern Australia in 2HFY25. However, Fitch expects favourable
weather conditions in northern and eastern Australia, and
attractive grain prices to support overall demand and earnings in
FY25, as in FY24.

The global crop-protection industry offers better profitability and
lower price volatility than commodity chemicals, but remains
vulnerable to extreme weather events. Still, the crop-protection
industry has high barriers to entry due to strict regulations and
lengthy product registration processes.

Limited Vertical Integration: Nufarm is heavily reliant on external
purchases, with the majority of its raw-material requirements met
by manufacturers in China. Nufarm's lack of vertical integration
protects its margins to some extent compared with that of peers
amid the currently low raw-material prices. Fitch expects Nufarm to
remain exposed to volatility in raw-material availability and
costs, which will affect its margins as operating conditions
normalise over the medium term.

Strong Market Share: Nufarm has a top-10 market position globally
in terms of crop-protection and seed product sales. It ranks second
in Australia, is the leader in New Zealand, and has strong
positions in segments such as European cereal herbicides, turf and
ornamental crop protection in the US, and phenoxy herbicides
globally. Nufarm also benefits from the sale of products sourced
from Japan's Sumitomo Chemical, the eighth-largest industry player,
under a strategic alliance.

Scale Differentiator: Nufarm's scale remains small compared with
the industry's leading producers, with revenue that is less than
half of the five biggest, although it is well-positioned within the
'BB' category. The ability to provide a comprehensive set of
product solutions to farmers with the help of an extensive
portfolio is a key competitive advantage. Fitch believes Nufarm is
likely to invest in expanding its scale and product range in the
next few years through organic as well as inorganic means.

Moderate Product and Geographical Diversification: Herbicides
contribute around two-thirds of Nufarm's revenue, weakening the
diversification of its portfolio, and dry weather has a significant
impact on demand. Nufarm derived 40% of its crop-protection revenue
from North America in 1HFY25 (FY24: 43%), 30% from APAC (FY24: 29%)
and 30% from Europe (FY24: 28%). However, its geographical
diversification is limited by a lack of presence in Latin America,
one of the largest crop chemical markets, and significant revenue
exposure to the relatively small Australian market.

Peer Analysis

Nufarm is rated at the same level as crop-protection chemical
industry peer UPL Corporation Limited (BB/Negative), whose rating
is based on the consolidated profile of parent UPL Limited. UPL
Corporation has a stronger business profile than Nufarm, while its
financial metrics improved to a similar level to Nufarm's following
equity inflows used for debt repayment.

UPL Corporation's EBITDA is more than 4x that of Nufarm, with
significantly wider EBITDA margins. UPL Corporation also has better
geographical diversification and its product portfolio is more
balanced. UPL Corporation's estimated interest coverage is slightly
weaker than its expectations for Nufarm, but both have similar
leverage to FY28.

Nufarm is rated one-notch below the 'bb+' Standalone Credit Profile
(SCP) of Syngenta AG (BBB/Stable). Syngenta's rating incorporates a
two-notch uplift from its linkage with indirect parents China
National Chemical Corporation Limited (A-/Stable) and, ultimately,
Sinochem Holdings Corporation Ltd. The rating difference between
Nufarm and Syngenta is due mainly to Syngenta's stronger business
profile.

Nufarm is rated one-notch below soda ash producer Tata Chemicals
Limited (TCL, BB+/Stable). TCL has lower leverage and wider EBITDA
margins than Nufarm. TCL has a strong market position as the
world's third-largest soda ash producer, with a cost advantage
compared with peers. TCL, like Nufarm, is constrained by its small
scale relative to global peers and limited product
diversification.

Nufarm is rated up to three notches below other fertiliser
producers, including OCI N.V. (BB/RWN), The Mosaic Company
(BBB/Stable), ICL Group Ltd. (BBB-/Stable), FMC Corporation
(BBB-/Stable) and CF Industries, Inc. (BBB/Stable). The rating
difference is due to the peers' stronger business profiles.

Key Assumptions

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

- Revenue CAGR of 4% between FY25 and FY28, driven by gradual price
recovery and volume growth;

- Average EBITDA margin (after adding capitalised R&D costs and
adjusting for leases) gradually improving from around 6% in FY24 to
8% by FY28;

- Average annual capex (after adjusting for capitalised R&D costs)
of around AUD140 million between FY25 and FY28, funded mainly by
operations;

- No dividends and spending on acquisitions over the near term to
FY27.

RATING SENSITIVITIES

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

Fitch may resolve the RWN and take negative rating action if there
is no clarity on the outcome of the seed technologies review within
six months, or if the proceeds do not sufficiently reduce EBITDA
leverage below 3.5x on a sustained basis at the completion of the
transaction.

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

Fitch does not expect positive rating action in the short term as
the ratings are on RWN.

Liquidity and Debt Structure

Fitch expects Nufarm to use available liquidity and cash to fund
capex and working-capital requirements, and repay a portion of debt
in the near term. Fitch estimates Nufarm's readily available cash
at around AUD500 million at end-March 2025, higher than the
reported cash and cash equivalents of AUD300 million after
adjustment for working-capital seasonality. Accordingly, cash is
sufficient to meet short-term debt (adjusted for supplier
financing) of around AUD180 million. Long-term debt largely
comprised USD350 million of senior unsecured notes due January 2030
and the drawn-down loans from an asset-based lending (ABL) credit
facility.

The ABL facility is secured against inventory and trade receivables
located in Australia, the US and Canada, and supply chain
financing. The outstanding amount under the ABL facility is
reported as secured debt. The supply chain financing is an
off-balance-sheet arrangement, but Fitch treats a portion of the
amount outstanding as secured debt to adjust for reverse factoring
under its criteria. However, Fitch does not believe the level of
this prior-ranking debt will impair Nufarm's ability to pay senior
unsecured creditors.

Issuer Profile

Nufarm is among the world's 10 largest crop-protection chemical
companies, operating mainly in the post-patent segment. It also has
a small but fast-growing global commercial seed business.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating                 Prior
   -----------              ------                 -----
Nufarm Limited        LT IDR BB  Rating Watch On   BB

Nufarm Australia
Limited

   senior unsecured   LT     BB  Rating Watch On   BB

Nufarm Americas Inc.

   senior unsecured   LT     BB  Rating Watch On   BB

PANORAMA AUTO 2025-2P: Fitch Assigns 'BB(EXP)sf' Rating to E Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2025-2P's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes will be issued by Perpetual Corporate Trust Limited as
trustee for Panorama Auto Trust 2025-2P.

AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, AA-/Stable/F1+)
motor-vehicle dealer finance and novated leasing business.

The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business' employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.

   Entity/Debt           Rating           
   -----------           ------           
Panorama Auto
Trust 2025-2P

   A                 LT NR(EXP)sf  Expected Rating
   B                 LT AA(EXP)sf  Expected Rating
   C                 LT A(EXP)sf   Expected Rating
   Commission Note   LT NR(EXP)sf  Expected Rating
   D                 LT BBB(EXP)sf Expected Rating
   E                 LT BB(EXP)sf  Expected Rating
   G                 LT NR(EXP)sf  Expected Rating

Transaction Summary

The total collateral pool at the 30 April 2025 cut-off date was
AUD600 million. The pool consisted of 12,941 receivables with
weighted-average (WA) seasoning of 2.9 months, WA remaining
maturity of 55.3 months and an average contract balance of
AUD46,364.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Its base-case gross-loss
expectations and 'AAAsf' default multiples are as follows:

Novated leases: 1.0% (7.5x)

Consumer loans: 3.5% (5.25x)

Commercial loans: 4.0% (5.25x)

The recovery base case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a
'AAAsf' recovery haircut of 50.0%. The WA base-case default
assumption is 2.5% and the 'AAAsf' default multiple is 5.64x.

Portfolio performance is supported by Australia's continued growth
and tight labour market. GDP growth was 1.1% for 2024 and
unemployment was 4.1% in April 2025. Fitch forecasts GDP growth of
1.7% in 2025 and 1.9% in 2026, with unemployment at 4.3% and 4.2%,
respectively.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to E notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G notes will increase as the A to E notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.

Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with those of other auto lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 53.6% of the portfolio by receivable value
has balloon amounts payable at maturity.

RATING SENSITIVITIES

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

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

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

Downside Sensitivities

Note: B / C / D / E

Expected Ratings: AAsf/ Asf / BBBsf / BBsf

Increase default rates by 10%: AA-sf/A-sf/BBB-sf/BB-sf

Increase default rates by 25%: A+sf/BBB+sf/BB+sf/B+sf

Increase default rates by 50%: A-sf/BBB-sf/BBsf/below Bsf

Reduce recovery rates by 10%: AA-sf/A-sf/BBB-sf/BB-sf

Reduce recovery rates by 25%: AA-sf/A-sf/BBB-sf/BB-sf

Reduce recovery rates by 50%: AA-sf/A-sf/BB+sf/B+sf

Increase default rates by 10% and reduce recovery rates by 10%:
A+sf/A-sf/BBB-sf/B+sf

Increase default rates by 25% and reduce recovery rates by 25%:
Asf/BBBsf/BBsf/Bsf

Increase default rates by 50% and reduce recovery rates by 50%:
BBB+sf/BB+sf/BB-sf/below Bsf

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

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

Upgrade Sensitivities

Note: B / C / D / E

Expected Ratings: AAsf / Asf / BBBsf / BBsf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BBsf

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

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

DATA ADEQUACY

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

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG Considerations

Panorama Auto Trust 2025-2P, for which EVs form 12.2% of the pool,
has an ESG Relevance Score (RS) of '4' for Energy Management, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. The ESG RS is higher
than the baseline RS of '2' for this general issue in the
Australian auto sector. There is limited credit performance data
for EVs, and available market data show notable differences in
recoveries between EVs and non-EVs. Fitch's analytical approach for
the transaction was not adjusted, due purely to the "green" nature
of the underlying collateral, but Fitch referenced available market
data for EVs in determining its recovery assumptions.

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

SCR GLOBAL: First Creditors' Meeting Set for June 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of SCR Global
Pty Ltd and DPG Australia Pty Ltd will be held on June 12, 2025 at
11:00 p.m. and 12:15 p.m., respectively, at 78 Logan Road in
Wooloongabba and via telephone facilities.

William Roland Robson and Murray Daniel of Robson Cotter Insolvency
Group were appointed as administrators of the company on June 2,
2025.


SPIRITCORP PTY: First Creditors' Meeting Set for June 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Spiritcorp
Pty Ltd will be held on June 12, 2025 at 10:00 a.m. via
teleconference and video conference only.

Hayden Gregory Asper of Worrells was appointed as administrator of
the company on May 30, 2025.


STRONGROOM AI: Creditors Vote to Liquidate; Asset to be Sold
------------------------------------------------------------
The Australian Financial Review reports that pharmaceutical
start-up StrongRoom AI will be liquidated and its assets sold for
scraps after creditors voted against a deed of company arrangement
that would have allowed it to keep operating.

The Financial Review relates that administrators HLB Mann Judd had
recommended creditors vote to liquidate the company and sell its
assets to pharmaceutical entrepreneur Joe Zhou for AUD3 million.
However, after creditors voted to liquidate the company on June 5,
a rival bid was lobbed by early StrongRoom investors Intervalley
Partners, at a slightly higher price.

This new bid must now be considered, in a process that is expected
to take a couple of days, the Financial Review says. Intervalley
had initially proposed to execute a deed of company arrangement for
AUD4.3 million, and keep running the company with some of the
existing founders. Most creditors, including some staff members,
voted against this, and instead supported the liquidation and sale
to Zhou.

StrongRoom imploded in March when its biggest investor, EVP,
accused it of fraud less than a month after investing more than
AUD10 million, the Financial Review recalls. EVP said it had
misrepresented its financial position by claiming government
grants, loans and share payments as revenue, and is pursuing the
matter in the Federal Court.

According to the report, the liquidation would mean EVP recoups
some of the money it invested into StrongRoom, but this may not be
the case for all the other investors.

As part of this process, EVP successfully froze all assets
belonging to the company and some of its directors which meant it
ran out of money to continue trading.

This led to HLB Mann Judd striking a deal with EVP and Joe Zhou,
the owner of the bulk of StrongRoom's debt, where EVP would allow
Zhou to fund company operations as long as he was eventually sold
its assets.

The Financial Review adds that Intervalley's Simon Wright has
accused the administrators of improperly acting in the interest of
EVP and not of all the creditors. HLB Mann Judd were unsuccessful
in getting the Federal Court to endorse their conduct.

StrongRoom claimed to be profitable, with year-on-year growth of
200 per cent and annual recurring revenue of AUD8 million. But it
was actually losing about AUD800,000 a month and, according to the
administrators, had been insolvent since at least October last
year, the Financial Review states.

The Financial Review relates that the administrators said creditors
could be owed AUD3.4 million if an insolvent trading claim is
brought.

HLB Mann Judd's final creditors report - seen by The Australian
Financial Review - highlighted suspected uncommercial transactions,
unfair preference payments and unreasonable director-related
transactions. The administrators will now consider whether to bring
claims against the company as part of the liquidation process.

"[StrongRoom's financial position] would likely appear worse if
revenue recognition, revenue accounting and loan receipts were
adjusted to reflect the actual position," HLB Mann Judd
administrator Todd Gammel said in his final creditors report, the
Financial Review relays.

The report found that employees may be owed up to AUD729,000 and
other secured creditors could be owed as much as AUD27 million. HLB
Mann Judd is set to be paid AUD700,000 for their three-month stint
overseeing the struggling business, adds the Financial Review.

                         About Strong Room

Headquartered in Melbourned, Australia, Strong Room --
https://strongroom.ai/ -- is a drug management platform that uses
AI analytics and facial recognition technology to reduce adverse
drug events in pharmacy, hospital, and aged care facility settings.
The firm offers solutions and technologies including automated
patient verification, powerful reporting, patient alerts, automated
stock management, regular and secure back-ups, multiple terminals,
3D facial mapping, and biometric identification.

As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2025, financiers for Melbourne startup Strongroom AI have forced
the company into administration, amid concerns about the company's
accounts.  On March 28, new regulatory filings with corporate
regular ASIC revealed that Strong Room Technology Pty Ltd was in
external administration.

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

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

USMAN DENTAL: First Creditors' Meeting Set for June 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Usman Dental
1 Pty Ltd, Supercare Dental and Cosmetics 1 Pty Ltd, and Supercare
Dental & Cosmetics Penrith Pty Ltd will be held on June 12, 2025 at
12:00 p.m., 12:30 p.m., 1:00 p.m., respectively, via Zoom virtual
meeting facilities.

Mathieu Tribut, Domenic Calabretta, and Richard Lawrence of Mackay
Goodwin were appointed as administrators of the company on May 30,
2025.


VALIANT SPACE: First Creditors' Meeting Set for June 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Valiant
Space Pty Ltd and Valiant Space Trading Pty Ltd will be held on
June 12, 2025 at 1:30 p.m. via virtual meeting.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on June 2, 2025.





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

CBAK ENERGY: OKs One-Year Program to Repurchase $20 Million Shares
------------------------------------------------------------------
CBAK Energy Technology, Inc. announced that its Board of Directors
approved a share repurchase program with authorization to purchase
up to $20 million of shares of its common stock.

The share repurchase program is designed to return value to
shareholders and support the Company's efforts to regain compliance
with the Nasdaq Stock Market's minimum bid price requirement. CBAK
Energy may repurchase shares from time to time through open market
purchases, in privately negotiated transactions or by other means,
including through the use of trading plans intended to qualify
under Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended, in accordance with applicable securities laws and other
restrictions. The timing and total amount of stock repurchases will
depend upon business, economic and market conditions, corporate and
regulatory requirements, prevailing stock prices, restrictions
under the terms of CBAK Energy's loan agreements and other
considerations. This program terminates on May 20, 2026, may be
suspended or discontinued at any time and does not obligate the
company to acquire any amount of common stock.

"This share repurchase program reflects our confidence in the
long-term value of CBAK Energy," said Zhiguang Hu, Chief Executive
Officer of the Company. "In addition to being a prudent use of
capital, the program is designed to support our stock price and
assist in curing our current Nasdaq minimum bid price deficiency."

"The Company has consistently maintained one of the highest gross
margins in the industry. In 2024, we achieved a gross margin of
31.5% in our battery segment and 23.7% across the entire business.
We continue to serve a growing portfolio of world-class,
internationally recognized customers who have relied on our battery
cells for years. Notably, our flagship product, the Model 32140,
captured 19% of the global market share in 2024. These strong
fundamentals reinforce our belief that the current stock price
significantly undervalues the Company. We are therefore pleased to
initiate this share repurchase program, which we believe will
better reflect the intrinsic value of our business," commented
Jiewei Li, Chief Financial Officer.

                   About CBAK Energy Technology

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 17, 2025, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses incurred
for the prior years and significant short-term debt obligations
maturing in less than one year as of December 31, 2024. All these
factors raise substantial doubt about its ability to continue as a
going concern.

As of Dec. 31, 2024, the Company had $302.2 million in total
assets, $182.2 million in total liabilities, and $120.1 million in
total equity.



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

ABHIJEET FERROTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Abhijeet Ferrotech Limited
FE-83, Sector-III Salt Lake City, Ground Floor,
        Kolkata, Kolkata, West Bengal, India, 700106

Insolvency Commencement Date: May 16, 2025

Estimated date of closure of
insolvency resolution process: November 12, 2025

Court: National Company Law Tribunal, Cuttack Bench

Insolvency
Professional: Satish Kumar Gupta
              Flat No. 17012, Building No. 17,
              Phase 2, Kohinoor City,
              Kurla West, Mumbai, Maharashtra - 400070
              Email ID: satishg19@outlook.com
              Email ID: abhijeetferrocirp@gmail.com

Last date for
submission of claims: May 30, 2025



ACE INFOTEXIS: Ind-Ra Moves BB Loan Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Ace
Infotexis Private Limited's (AIPL) to Negative from stable and
simultaneously migrated the ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
phone calls and emails. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR117.50 mil. Fund-based working capital limits Outlook
     revised to Negative and migrated to non-cooperating category
     with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating; and

-- INR62.50 mil. Non-fund-based working capital limits migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with AIPL while reviewing the
ratings. Ind-Ra had consistently followed up with AIPL over emails
from March 18, 2025, apart from phone calls. The issuer has
submitted no-default statement until February 2025.

Limitations regarding Information Availability

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

About the Company

Established in 1991, Bhopal-based AIPL is promoted by Ashesh Tiwari
and Shashank Rashinkar who has more than two decades of experience
in the human resource management industry. The company is a human
capital management solutions company that provides manpower
sourcing services for organizations across the nation including
on-roll staffing, off-roll staffing, housekeeping and facility
management and security services.

AKR INDUSTRIES: Ind-Ra Moves BB Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on AKR
Industries Private Limited (AKRIPL) bank facilities to Negative
from Stable and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The ratings will now appear as 'IND BB/Negative (ISSUER
NOT COOOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR840 mil. Fund-based working capital limits Outlook revised
     to Negative from Stable; migrated to non-cooperating category

     with IND BB/Negative (ISSUER NOT COOOPERATING)/IND A4+(ISSUER

     NOT COOOPERATING) rating; and

-- INR476 mil. Term loan due on November 1, 2027 Outlook revised
     to Negative from Stable; migrated to non-cooperating category

     with IND BB/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not co-operating; based on the
best available information.

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with AKRIPL while reviewing the
ratings. Ind-Ra had consistently followed up with AKRIPL over
emails starting March 16, 2025, apart from phone calls. The issuer
has submitted the no default statement until March 2025.

Limitations regarding Information Availability

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

About the Company

AKRIPL was incorporated on 26 February 2019, by converting a
partnership firm into a private limited company. The company is
engaged in the business of manufacturing and exporting readymade
garments. The company has its registered office in Tirupur, Tamil
Nadu and is promoted by K Loganathan and L. Radhika.

AMRITSAR MSW: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Amritsar MSW Limited

Regd. Address: Unit 115 of Level 1 & 2,
        Crescent Building, Lado Sarai, Mehrauli,
        Gadaipur, South West Delhi, New Delhi,
        Delhi, India, 110030

        Principal Office: 6th Floor, Plot No.19 & 20,
        Film City, Sector 16A, Gautam Buddha Nagar,
        Noida, Uttar Pradesh, India, 201301

Insolvency Commencement Date: May 9, 2025

Estimated date of closure of
insolvency resolution process: November 11, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: CA Deepak Kumar Goyal
              Flat no 101, Shridher Apartment 884/6,
              Ward no 6, Mehrauli, Near SBI,
              South Delhi, New Delhi-110030
              Email id: ca.deepak.mba@gmail.com

              701, Vikrant Tower 4,
              Rajendra Place, New Delhi-110008
              Email id: cirp.amsw@gmail.com

Last date for
submission of claims: May 29, 2025

ARAVIND CERAMICS: Ind-Ra Hikes Term Loan Rating to BB+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Aravind Ceramics
Private Limited's (ACPL) bank facility's long-term rating to 'IND
BB+' with a Stable Outlook from 'IND BB/Negative (ISSUER NOT
COOPERATING)', while affirming short term rating at 'IND A4+'.

The instrument-wise rating actions are:

-- INR238 mil. (reduced from INR570 mil.) Fund-based working
     capital limits Long-term rating upgraded; short-term rating
     affirmed with IND BB+/Stable/IND A4+ rating;

-- INR56.70 mil. (reduced from INR65.40 mil.) Term loan due on
     March 31, 2030 upgraded with IND BB+/Stable rating;

-- INR382 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR8 mil. Proposed fund-based working capital limits assigned
     with IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in ACPL's scale of operations
and gross interest coverage in FY24. However, the ratings remain
constrained by the company's modest EBITDA margin and modest net
financial leverage. Ind-Ra expects the scale of operations and
gross interest coverage to have improved in FY25 and in the medium
term but the EBITDA margin to remain stable and the net financial
leverage to deteriorate slightly due to the debt-led capex plan.
However, the ratings are supported by the promoters' experience of
two and a half decades in the tile and sanitary fittings trading
business.

Detailed Description of Key Rating Drivers

Continued Modest EBITDA Margins: The EBITDA margins remained modest
due to the trading nature of the business. The margin declined to
3.96% in FY24 (FY23: 4.24%), due to an increase in freight and
personnel expenses. The return on capital employed was 10.1% in
FY24 (FY23: 11.2%). Ind-Ra expects the EBITDA margins to have
remained at similar levels in FY25 and will continue to do so due
to the similar nature of operations.

Continued Modest Net Financial Leverage: The net financial leverage
(adjusted net debt/operating EBITDA) was modest and deteriorated to
5.58x in FY24 (FY23: 5.04x) due to an increase in the total debt.
Ind-Ra expects the net financial leverage to have deteriorated
further marginally in FY25 and will continue to do so in the medium
term because of the debt-led capex plans and scheduled repayment of
debt obligations.

Improvement in Medium Scale of Operations: The revenue increased to
INR2,872.32 million in FY24 (FY23: INR2,772.87 million), backed by
the opening of a new showroom in Tirunelveli, Tamil Nadu, in June
2024 by an existing dealer and increased brand awareness, resulting
from an aggressive advertisement strategy. In FY25, ACPL achieved
revenue of INR3,586.7 million (provisional). Ind-Ra expects the
revenue to improve further in the medium term due to opening of a
new showroom in Vellore by December 2025 backed by increase in
demand of products by existing and new customers.

Improvement in Gross Interest Coverage in FY24: The gross interest
coverage (operating EBITDA/gross interest expense) improved to
1.65x in FY24 (FY23: 1.49x), due to a decrease in the interest
expenses to INR69 million (INR79.08 million) backed by the
repayment of term loans. Ind-Ra expects the gross interest coverage
to have remained at similar levels in FY25 and will remain so in
the medium term due to an increase in gross interest expenses,
resulting from the increase in total debt, partially offset by a
likely increase in the absolute EBITDA due to an increase in
sales.

Experienced Promoters: ACPL's promoters have two and a half decades
of experience in the tile and sanitary fittings trading business,
which has helped the company establish healthy relationships with
its customers and suppliers.

Liquidity

Stretched: ACPL's average month-end utilization of its fund-based
limits was 99.34% during the 12 months ended April 2025, with 11
instances of overutilization for up to two days. The cash flow from
operations further deteriorated to negative INR286.64 million in
FY24 (FY23: negative INR187.41 million) due to unfavorable changes
in working capital. Consequently, the free cash flow also
deteriorated to negative INR315.09 million in FY24 (FY23: negative
INR191.59 million). The net working capital cycle also elongated to
106 days in FY24 (FY23: 95 days) due to a reduction in the creditor
days to 54 (66). The cash and cash equivalents stood at INR9.62
million at FYE24 (FYE23: INR21.73 million), against scheduled debt
repayment of INR21.7 million and INR16.4 million in FY26 and FY27,
respectively. ACPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage remaining below 1.7x, and/or a further pressure on the
liquidity position, on a sustained basis, could lead to a negative
rating action.

Positive: An improvement in the liquidity profile and the overall
credit metrics, with the  interest coverage exceeding 2.3x, while
maintaining the scale of operations, all on a sustained basis,
could lead to a positive rating action.

About the Company

Incorporated in 1996, Chennai, Tamil Nadu-based ACPL is engaged in
the trading of tiles, sanitary ware and bathroom fittings. The
promoters are Mr. R. Kumar, Mrs. Gayathri, Mr. K. Aravind and Mr. K
Anuj.

ARTEMIS AUTO: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Artemis
Auto India Private Limited (AAIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 15, 2024, placed the rating(s) of AAIPL under the
'issuer non-cooperating' category as AAIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AAIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
1, 2025, March 11, 2025, March 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Artemis Auto India Private Limited (AAIPL) is engaged in the
dealership of passenger cars of Volvo Auto India Private Limited
(VAIL) such as S60, V40, VC60, and VC90, etc., spare parts &
accessories and servicing of vehicles. AAIPL was incorporated in
2010 by Mrs. B. Umamaheswari, Managing Director and Mrs. Nrithya
Sivaganesh, Director and Mr. B. Sivaganesh.


B.K. THRESHERS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of B.K.
Threshers Pvt. Ltd (BKTPL) 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-        120.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        110.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-          4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 category

   Short Term-         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category
  
   Long Term/          5.00      [ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING/[ICRA]D; 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 BKTPL, 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 2009, BKTPL is promoted by Mr. Bellam Kotaiah and
is involved in threshing and re-drying of tobacco in addition to
carrying tobacco exports. The Company setup a 12 TPH (tons per
hour) threshing plant at Kalikivai, near Tangutur, Andhra Pradesh
and the plant commenced operations from April 2012. The company
purchases various types of tobacco (Flue Cured Virginia (FCV) and
non-Virginia tobacco) from Andhra Pradesh and Karnataka tobacco
auction platforms (conducted by Government of India), processes and
sells it to domestic/overseas clients.



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

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         40.00       [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 BIPL, 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.

BIPL is a special purpose vehicle (SPV), incorporated in 2005-06
and promoted by Ruchi Realty Holdings Ltd. (RRHL) and SARE, in a
55:45 joint venture, respectively. The SPV is developing an
integrated residential township, named Ruchi Lifescapes in Jatkhedi
Village, Bhopal, Madhya Pradesh spread over ~85 acres of land. The
township consists of 1,477 housing units, with
amenities like school, dispensary etc.


CHANDRA BHAGAT: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chandra
Bhagat Pharma Limited (CBPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2024, placed the rating(s) of CBPL under the 'issuer
non-cooperating' category as CBPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CBPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2025,
April 24, 2025 and May 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2003, Chandra Bhagat Pharma Pvt. Ltd. (CBPL) (ISIN
Number: INE07QQ01016) is engaged into manufacturing of formulations
and trading of API for both domestic as well as international
markets under the brand name of 'CBC'. During April 2019, CBPL
converted into Limited company and subsequently listed on BSE on
Feb. 14, 2020.The company manufactures formulations by outsourcing
to third party on job work basis. The company has a
well-diversified product portfolio marked by its presence across
many therapeutic segments such as cardiovascular agents,
antibiotics, anti-arthritic, anti-fungal, anti-viral,
antimalarial and miscellaneous drug. Under the trading segment,
CBPL procures its key API mainly from domestic market and
international market and sells in the domestic as well as in
international market.


CHOUNDESHWARI SAHAKARI: Ind-Ra Moves BB Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Choundeshwari Sahakari Soot Girani Limited's (CSSGL) bank
facilities to Negative from Stable and has simultaneously migrated
the rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency through phone calls and emails. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

The instrument-wise rating action is:

-- INR200 mil. Fund-based working capital limits Outlook revised
     to Negative and Migrated to non-cooperating category with IND

     BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with CSSGL while reviewing the
ratings. Ind-Ra had consistently followed up with CSSGL over emails
starting March 3, 2025, apart from phone calls. The issuer has
submitted the no default statement until April 2025.

Limitations regarding Information Availability

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

About the Company

Registered in 1991, CSSGL is a co-operative organization formed
under the leadership of the Devang Koshti Samaj and its steering
committee and commenced its operations in 1996. All its members are
weavers and it is based in Maharashtra, and manufactures 100%
cotton yarn with capacity of 25,000 spindles.

COATALL FILMS: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Coatall Films Private
Limited's (CFPL) bank facilities as follows:

-- INR130 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR180 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR22.80 mil. Proposed fund-based working capital limits
     assigned with IND BB+/Stable/IND A4+ rating; and

-- INR67.20 mil. Term loan due on July 31, 2026 assigned with IND

     BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect CFPL's small scale of operations, modest EBITDA
margin and elongated working capital cycle. In FY26, Ind-Ra expects
an improvement in the scale of operations, working capital cycle
and a marginal growth in EBITDA margin. The ratings are supported
by the comfortable credit metrics and the promoters' experience in
the thermal lamination industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: In FY25 (unaudited numbers), CFPL's
revenue grew to INR917.57 million (FY24: INR675.67 million; FY23:
INR772.6 million),  led by an increase in demand, resulting from
the addition of new customers. In FY24, despite higher capacity
utilization of 44% (FY23:40%), CFPL's  revenue had declined as a
price correction in international markets led to a decline in
market realization to INR258 per kg (FY23: INR321.8/kg). The EBITDA
rose to INR31.26 million in FY24 (FY23: INR19.23 million) due to
stabilization in raw material prices. The company had an order book
of INR48.42 million as of March 2025, to be executed by June 2025.
The total installed capacity stood at 6,000 MT per annum in FY25,
while the capacity utilization increased to 54% during the
year(FY24:44%, FY23: 40%).  The company plans to purchase a unit of
coating machinery for INR30.5 million, which is likely to be
completed by October 2025, leading to capacity expansion.
Consequently, In FY26, Ind-Ra expects the revenue to improve
marginally from FY25 levels.

Modest EBITDA Margin: In FY25, the EBITDA margin improved to 8.92%
(FY24: 4.63%; FY23: 2.49%), as the growth in scale of operations
led to better fixed cost absorption. In FY24, CFPL's EBITDA margin
had improved due to stabilization in input costs. The ROCE was 2.9%
in FY24 (FY23: 0.5%). In FY26, Ind-Ra expects a slight improvement
in the EBITDA margin on account of a slight growth in the scale of
operations.

Exposure to Currency Fluctuation Risk Could Impact Profitability:
The company does have some natural hedging practices in place. In
FY25, 55% or raw material was imported from South Korea and
Bangladesh (FY24:62%; FY23:82%), while  78% of produce was exported
to the USA, UK and other European countries (FY24:65%, FY23:84%),
thereby exposing the company to forex risks. Any steep movement in
the exchange rates in the short term could impact CFPL's
profitability.

Comfortable Credit Metrics: CFPL's credit metrics improved in FY24
due to a decline in overall debt levels and associated interest
costs along with a rise in the absolute EBITDA. The interest
coverage (operating EBITDA/gross interest expenses) was 1.86x in
FY24 (FY23: 1.07x) and the net leverage (total adjusted net
debt/operating EBITDAR) was 6.26x (12.41x). and Ind-Ra expects the
metrics to have improved in FY25, and believes the metrics would
continue to improve in FY26, supported by  a decline in overall
debt levels. Furthermore, CFPL's planned capex of INR30.5 million
will be funded entirely through internal accruals.

Experienced Promoter: The ratings are supported by the promoters'
experience of nearly four decades  in the thermal lamination
industry, which has helped the company to establish strong
relationships with customers as well as suppliers.

Liquidity

Stretched: The net working capital cycle remained elongated and
stretched to 103 days in FY24 (FY23: 92 days), mainly due to an
increase in debtor days to 47 days (35 days). CFPL provides a
credit period of 30-40 days its customers and receives a credit
period of 30-35 days from its suppliers. The inventory holding
period ranges between 30-40 days (with raw material holding of 30
days, work-in-progress of seven days and finished good stocking of
10-12 days). CFPL had debt repayment obligations of INR44.9 million
in FY25, and it has debt obligations of INR41.4 million and INR18
million in FY26 and FY27, respectively. The cash flow from
operations improved to INR37.89 million in FY24 (FY23: INR4.78
million) due to higher operating EBITDA.  The free cash flow rose
to INR31.94 million in FY24 (FY23: INR1.25 million). The cash and
cash equivalents stood at INR49.8 million at FYE24 (FYE23: INR45.6
million). CFPL's average maximum utilization of the fund-based
limits was 65.6% and that of the non-fund-based limits was 53.07%
during the 12 months ended April 2025. CFPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
weaker-than-expected credit metrics and/or pressure on the
liquidity position, could lead to negative rating action.

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

About the Company

Incorporated in June 2017, CFPL, which is located in the
Delhi-Mumbai Industrial Corridor (DMIC) in Aurangabad, Maharashtra,
commenced operations in April 2019. CFPL manufactures and exports
thermal lamination films, and its facility has an installed
capacity of 6,000MT per annum. The lamination is used as protective
surface coating over print, and it is used for several purposes
such as the production of high-end magazines and it is also
utilized in the graphic card industry.

COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Colour
Cottex Private Limited (CCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      78.98       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 24, 2024, placed the rating(s) of CCPL under the 'issuer
non-cooperating' category as CCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 9, 2025,
April 19, 2025, April 29, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in June 2012, Colour Cottex Private Limited (CCPL) is
engaged in the manufacturing and trading of readymade garments
(primarily T-shirts) and knitted cloth. The company is currently
operating with Mr Rajesh Dhanda as the Managing Director. The
manufacturing unit of the company is located in Ludhiana, Punjab
having an installed capacity of 10,80,000 pieces for ready-made
garments and 936 tons for knitted cloth as on March 30, 2016. The
company also engages in trading of garments and cloth.


D S HOME CONSTRUCTION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: D S Home Construction Private Limited

        Registered Address:
        A-67, South Extension-II,
        South Delhi, Delhi 110049, India

Insolvency Commencement Date: May 9, 2025

Court: National Company Law Tribunal, New Delhi, Bench-VI

Estimated date of closure of
insolvency resolution process: November 5, 2025

Insolvency professional: Vaneet Bhatia

Interim Resolution
Professional: Vaneet Bhatia
              H No. 19 Bharat Apartments,
              Sector 13, Rohini, North West,
              National Capital Territory of Delhi - 110085
              Email: vaneetbhatia4@gmail.com

              -- and --

              Mavent Restructuring Services LLP
              S-376, Panchsheel Park,
              South Delhi, New Delhi - 110017
              Email: cirp.dshome@gmail.com

Last date for
submission of claims: May 28, 2025


DHRUV WELLNESS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhruv
Wellness Limited (DWL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 16, 2024, placed the rating(s) of DWL under the 'issuer
non-cooperating' category as DWL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DWL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 1, 2025,
April 11, 2025 and April 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Established in 2005 by Mr. Pravin Kumar Prajapati as a
proprietorship entity, Dhruv Agency (DA), with Mrs. Anita Prajapati
as the proprietor) was later converted into a private limited
company and renamed as Dhruv Wellness Private Limited (DWPL) in
March 2015, thereafter which it was converted into a public limited
company and renamed as Dhruv Wellness Limited (DWL)
[ISIN: INE109Y01011] in July 2017. DWL is engaged in trading &
distributorship of various pharmaceutical & cosmetic products which
are sold to various retailers and wholesalers mainly in the Western
suburbs of Mumbai and outskirts also. Some of the said products are
procured by the company directly from the principal manufacturers
of the same for whom the company acts
as a distributor, whereas the rest of the products are procured
from other wholesalers of the same. Moreover, the company also
undertakes manufacturing of ayurvedic medicines under its own brand
"Dhruv", however such manufacturing is completely outsourced to
Savita Health Care Private Limited.


GLS FILMS: CARE Lowers Rating on INR80.25cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
GLS Films Industries Private Limited (GFIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       80.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE BB; Stable

   Long Term/          127.75      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB;
                                   Stable/CARE A4

   Long Term Bank       32.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated September 3, 2024, placed the rating(s) of GFIPL under the
'issuer non-cooperating' category as GFIPL had failed to provide
information for monitoring of the rating for the rating exercise
agreed to in its Rating Agreement. GFIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated May 29, 2025 and May 30, 2025
among others.

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

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

The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers the
delays in debt servicing as recognized from auditors' comments in
FY24 audit report.

Analytical approach: Standalone, however factoring linkages with
GLS Polyfilms Private Limited where the company has provided
Corporate Guarantee to the bankers of GLS Polyfilms Private
Limited.

Outlook: Not applicable

GLS Films Industries Private Limited (GFIPL), a GLS Group company
based in Gurugram and Faridabad having almost 3 decades of
experience in manufacturing of flexible packaging materials like
printed/unprinted laminated rolls, pouches, window metalized films,
laminated tubes for food& beverage, FMCG, Industrial and Agro
Products. Mr. Rajesh Goyal, Group Chairman have more than 27 years
of experience in manufacturing of different flexible packing
solutions. Their manufacturing set-up at Gurgaon has Rotogravure
printing capabilities up to 9 colours and lamination capabilities
to produce solvent based adhesive lamination, solvent free adhesive
lamination and extraction lamination. The finishing operations is
well equipped with technologies i.e. Shrink sleeves of PVC and PET
in cut and roll form, UV cured coatings, water-based heat seal
coatings, hot melt coated soap wrappers and regular formats of
preformed pouches.


HANUMAN TEA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Hanuman Tea Co Ltd
38, Netaji Subhas Road, 2nd floor,
        Kolkata, West Bengal India, 700001

Insolvency Commencement Date: May 17, 2025

Estimated date of closure of
insolvency resolution process: November 13, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Ashish Giria
       493/C/A, GT Road, Vivek Vihar 5th Floor,
              Howrah-711102, West Bengal
              Email: ashishgiria@gmail.com
              Email: hanumantea25.cirp@gmail.com

Last date for
submission of claims: May 31, 2025



HPCL-MITTAL ENERGY: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed India-based HPCL-Mittal Energy Limited's
(HMEL) Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook
is Stable. The agency has also affirmed the ratings on the USD375
million 5.25% senior unsecured notes due 2027 and USD300 million
5.45% senior unsecured notes due 2026 at 'BB'.

The Stable Outlook reflects its view that HMEL is likely to
generate positive free cash flows (FCF) and deleverage over the
next few years, aided by a gradual EBITDA recovery and low capex
intensity, and that its sustainable capital structure remains
commensurate with its standalone credit profile (SCP) of 'bb-'.

HMEL's SCP is underpinned by its strong asset quality, driven by
its high-complexity refinery with a Nelson complexity index of
12.6, one of the highest in APAC. The SCP also benefits from
integration between HMEL's refinery and petrochemical operations,
compared to standalone refiners or petrochemical producers. These
benefits are balanced by HMEL's single plant location and exposure
to the cyclical nature of the international refining industry.

HMEL's IDR benefits from a two-notch uplift from its SCP of 'bb-',
based on its assessment that its parent, Hindustan Petroleum
Corporation Limited (HPCL, BBB-/Stable; SCP: bb), has 'Medium'
overall incentives to support HMEL, in line with Fitch's Parent and
Subsidiary Linkage (PSL) Rating Criteria.

Key Rating Drivers

Clear Deleveraging Path: Fitch expects HMEL's EBITDA net leverage
to improve to below 4x in the financial year ending March 2027
(FY27), from around 5.5x in FY26 (FY25E: 7.5x). The deleveraging
will be aided by adequate positive FCF generation as EBITDA
improves from the FY25 lows, albeit to lower than mid-cycle levels,
and capex intensity staying low. Its FY26 leverage estimate could
be lower by around 0.4x, if the non-recurring impact of the
refinery's planned major maintenance shutdown is excluded.

Gradual EBITDA Recovery: Fitch expects HMEL's EBITDA to rise to
around INR56 billion in FY26 (FY25E: INR45 billion). This reflects
lower fuel, power and feedstock costs, as Brent crude oil prices
fall to USD65 per barrel (FY25: USD78 per barrel), in line with
Fitch's assumptions. Persistent oversupply in the refining and
petrochemical industry will hinder a more meaningful margin
recovery in FY26. However, improvement in supply conditions and 0.5
million tonnes of enhanced refining capacity after debottlenecking
will drive EBITDA up to INR80 billion in FY27.

Low Capex Intensity: Fitch expects HMEL's capex intensity to fall
to an average of 2% over FY26-FY28, from 5% over FY21-FY25, after
completion of its petrochemical plant at FYE23. Capex in the next
few years will be spent on maintenance, enhancing efficiencies,
energy transition projects and HMEL's modest entry into the energy
retailing market. However, HMEL's management does not intend to
undertake any significantly large investments until the company's
net leverage is on track towards 3.5x or lower.

'Medium' Strategic, 'Weak' Legal Incentives: Fitch believes HPCL
has 'Medium' strategic incentive to support HMEL, should it face
financial difficulties. HMEL provides competitive advantages to
HPCL, as it is the sole refinery catering to the parent's product
needs in the north Indian market and helps reduce the gap between
HPCL's marketing and refining volume. HMEL also adds to the
parent's diversification in petrochemicals. The absence of
guaranteed debt, or cross-default provisions in HPCL's debt,
results in a 'Weak' legal incentive assessment.

'Medium' Operational Incentive: Fitch believes HPCL has 'Medium'
operational incentive to support HMEL. HMEL contributes over 25% of
HPCL's marketing volumes and HPCL has a take-or-pay off-take
agreement for all of HMEL's liquid products, except naphtha.
Management overlap is assessed as 'Medium' with three common
directors - HPCL's chairman and managing director is HMEL's
chairman, while HPCL's finance director and refinery director are
board members.

Bond Ratings Notched Down: Fitch has rated HMEL's USD300 million
5.45% senior unsecured bonds due 2026 and USD375 million 5.25%
senior unsecured notes due 2027 one notch below its IDR due to
secured leverage of above 4.0x over FY24-FY25, despite its share of
secured debt declining in FY25. A sustained improvement in capital
structure with lower prior-ranking debt and average recoveries can
result in the bonds being rated at the same level as the IDR.

Peer Analysis

HMEL's PSL assessment is similar to that of PTT Global Chemical
Company Limited (PTTGC, BBB-/Stable), which benefits from a
two-notch uplift from its SCP of 'bb' due to parent PTT Public
Company Limited's (BBB+/Stable) incentives to support the
subsidiary. Fitch assesses that PTT has 'Medium' strategic and
operational incentive to support PTTGC as the subsidiary is a
leading petrochemical company in southeast Asia, has
cost-competitive feedstock supply and product offtake agreements
with its parent.

HMEL's SCP is one notch lower than that of HPCL's SCP of 'bb'. This
mainly reflects HPCL's larger scale as one of India's biggest
fuel-marketing companies, with around 11% of India's refining
capacity and 24% market share in fuel retail outlets,
notwithstanding HMEL's better refining asset quality.

Binh Son Refining and Petrochemical Joint Stock Company's (BSR,
BB+/Stable) SCP is assessed on a similar level as that of HMEL.
BSR's business profile is weaker than HMEL's, given its smaller
scale, weaker asset quality and lower integration into
petrochemical operations. However, this is offset by BSR's net cash
financial structure being much stronger than HMEL's EBITDA net
leverage, justifying the similar SCPs.

Key Assumptions

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

- Brent crude oil prices of USD65 a barrel in FY26-FY27 and USD63.8
in FY28.

- Gross refining margins of around USD10.3 per barrel in FY26,
USD11.8 in FY27 and mid-cycle levels of around USD12 thereafter.

- Refinery utilisation rate of around 115% over the rating horizon
to FY28, except for the 105% in FY26 on a planned maintenance
shutdown.

- EBITDA of around INR56 billion in FY26, climbing to INR80
billion-85 billion in FY27-FY28.

- Annual capex of INR15 billion over FY26-FY27 before increasing to
around INR30 billion from FY28

- Dividend payout ratio of 35% over FY26-FY28.

RATING SENSITIVITIES

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

- Worsening of HMEL's EBITDA net leverage to above 5.0x on a
sustained basis, while the parent's incentives to support remain
unchanged

- Downgrade of HPCL's rating, provided incentives to support remain
unchanged

- Weakening of incentives for HPCL to support HMEL

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

- A rating upgrade is unlikely as long as HMEL's SCP is more than
one notch below HPCL's rating and its assessment of incentives to
support remains intact.

Liquidity and Debt Structure

HMEL had a cash balance of INR9.1 billion as of September 2024 and
undrawn working capital facilities of INR37 billion at end-March
2024. HMEL had INR114 billion of debt maturities in FY25, which
Fitch believes it would have refinanced given its robust operating
profile. Fitch expects HMEL to be able to secure adequate funding
when needed, due to its good access to the domestic debt market,
where it has strong relationships with Indian banks, and the
offshore market, where it raised US dollar bonds in 2017 and 2019.

Issuer Profile

HMEL, a joint venture between HPCL and Mittal Energy Investment Pte
Ltd, operates a highly complex refinery with capacity of 11.3
million tonnes (mt) per year and an integrated petrochemical plant
with capacity of around 2mt per year in northern India.

Public Ratings with Credit Linkage to other ratings

HMEL's ratings incorporate a two-notch uplift from its SCP due to
the 'Medium' support incentive from its parent, HPCL.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating          Prior
   -----------              ------          -----
HPCL-Mittal Energy
Limited               LT IDR BB+ Affirmed   BB+

   senior unsecured   LT     BB  Affirmed   BB

INDO NIPPON: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Indo Nippon Precision Components Private Limited
B20, SIPCOT Industrial Park, Irungattukottai,
        Kancheepuram, Chennai- 602 105

Liquidation Commencement Date: May 14, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Ms. Chitra Srinivas
    ASTA AVM, Flat B4E, P.V. Rajamannar Salai,
           K.K. Nagar, Chennai - 600078
           E-mail: schitra18@gmail.com
           Mobile Number: +91 9884355245

Last date for
submission of claims: June 13, 2025


INDUSTRIAL PROGRESIVE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Industrial
Progresive India Limited (IPIL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      55.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 28, 2024, placed the rating(s) of IPIL under the 'issuer
non-cooperating' category as IPIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IPIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 13, 2025,
April 23, 2025 and May 3, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Industrial Progressive (India) Limited (IPIL), promoted by Mr.
Subash Goel and his associates, was incorporated on 19th November
1984 as a public limited company. However, the company started its
operations from 1992 onwards with initial capacity of 2 lakh litres
per day (LLPD) of milk. Mr. Rajesh Gandhi, MD looks after the
operations of the company. The original
promoter Mr. Goel had sold his stake to Mr. Gandhi in Sept 2010.
The company is engaged in the manufacturing of various Milk
products under the brand name "Doaba" and "Milk Country". "Doaba"
caters to North India especially Haryana and Rajasthan whereas
"Milk Country" caters to the demand of Andhra Pradesh, Kerala and
Tamil Nadu. The manufacturing products range of the company
includes Ghee, Skimmed Milk Powder (SMP), Butter, Casein, Whey
Powder and Liquid Milk.

JAIDEEP SHIKSHA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jaideep
Shiksha Utthan Samiti (JSUS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2024, placed the rating(s) of JSUS under the 'issuer
non-cooperating' category as JSUS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JSUS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2025,
April 24, 2025 and May 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Jaideep Shiksha Utthan Samiti (JSU) got registered under the
Society Registration Act- 1860 in 1996 and is currently being
managed by Mr. Jagdish Jaglan, Mrs. Sudesh Jaglan, Mr. Ankit Singh,
Mr. Ramphal Singh, Mr. Rajinder Singh, Mr. Yudhvir Singh and Mrs.
Bimla as the members with an objective to provide education
service. The society is running one school under the name of
"Greenwood Public School" and two colleges under the name of
"Greenwood College of Education" and "Greenwood Degree College" in
Karnal, Haryana. Greenwood Public School is offering classes from
Nursery to 8th standard and is Haryana Board of School Education
(HBSE) affiliated and whereas the colleges are offering courses
like B.A., B.Com, B.Sc, B.Ed, JBT/D.Ed, Post Graduate diploma in
Yoga, certificate course in Yoga which are duly approved by NCTE
(National Council for Teacher Education) and are also affiliated to
Kurukshetra University, Kurukshetra (KUK).

KARPAGAMBAL MILLS: Ind-Ra Cuts Bank Loan Rating to BB
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sree Karpagambal
Mills Ltd.'s (SKML) bank facility's long-term rating to 'IND BB'
with a Stable Outlook from 'IND BB+/Negative (ISSUER NOT
COOPERATING)', while affirming short term rating at IND A4+ as
follows:

-- INR623.90 mil. Term loan due on March 31, 2034 downgraded with

     IND BB/Stable rating;

-- INR235 mil. Fund-based working capital limit Long-term rating
     downgraded; short-term rating affirmed with IND BB/Stable/IND

     A4+ rating; and

-- INR9.80 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects  deterioration in SKML's scale of
operations, EBITDA margins and credit metrics in FY24. However,
Ind-Ra expects the scale of operations, EBITDA margins and credit
metrics to improve in the medium term due to installation of
additional 18,720 spindles. The ratings are also constrained by the
inherent textile industry risk. However, the ratings are supported
by the promoters experience of more than six decades in the yarn
and fabric manufacturing industry.

Detailed Description of Key Rating Drivers

Deterioration in Scale of Operations: The revenue declined to
INR1,057.2 million in FY24 (FY23: INR1,207.1 million), due to an
increase in raw cotton prices in the domestic market as well as
lower demand for spinning yarns in the domestic and global markets.
In FY25, the revenue declined further to INR920 million due to a
change in counts of spindles of existing capacity backed by demand
for low value, new products. However, Ind-Ra expects the revenue to
increase in FY26 due to the installation of additional automated
18,720 spindles, which will help increase production and thereby
sales. The scale of operations remain small.

Decline in EBITDA Margins: The EBITDA margins were modest and
contracted to 6.23% in FY24 (FY23: 8.17%) due to an increase in
power and wage cost, which are largely uncontrollable. Furthermore,
the margins have been volatile owing to the fluctuations in raw
material prices. The return on capital employed declined to 4.4% in
FY24 (FY23: 7.2%). In FY25, Ind-Ra expects the EBITDA margins to
have increased but remained modest due to a change in spindle count
of existing capacity. Ind-Ra expects the margins to rise in the
medium term due to savings in power and wage cost after the
installation of additional 18,720 automated spindles.

Deterioration in Credit Metrics:  In FY24, the net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 8.19x in FY24
(FY23: 4.36x) due to an increase in secured debt from bank to
INR243.1 million (INR190.4 million) and unsecured debt from the
promoters to INR138.4 million (INR101.8 million). The interest
coverage (operating EBITDA/gross interest expenses) also
deteriorated to 1.31x in FY24 (FY23: 1.93x) because of a decline in
the EBITDA to INR65.9 million (INR98.6 million). However, Ind-Ra
expects the credit metrics to marginally improve in FY25 and
further in the medium term owing to a likely increase in the
EBITDA. The company has completed the capex for installing
additional automated 18,270 spindles and minor building
alterations, which start began operations from May 2025. The
balance amount of capex was funded through internal accruals and
unsecured loans from the promoters.

Inherent Textile Industry Risk: The company faces intense
competition in the textile industry due to the existence of a large
number of organized and unorganized players, and low entry
barriers. Furthermore, cotton prices in India are regulated through
a fixed minimum support price by the government, and cotton players
depend on price parity. The price of raw cotton also depends on the
area under production, annual yield, international demand supply
scenario, export quota decided by the government and the previous
year's inventory, exposing it to price volatility risk.

Experienced Promoters: SKML's promoters have more than six decades
of experience in yarn and fabric manufacturing, leading to
well-established relationships with customers as well as
suppliers.

Liquidity

Stretched: SKML's average maximum utilization of the fund-based
limits was 92.05% during the 12 months ended March 2025. In FY24,
the cash flow from operations turned negative to INR34.9 million
(FY23: INR59.5 million) on account of unfavorable changes in
working capital. The free cash flow also turned negative to
INR105.3 million in FY24 (FY23: INR56.8 million) due to capex of
INR70.4 million (INR2.7 million). In FY24, the net working capital
cycle stretched to 102 days (FY23: 97 days), due to an increase in
debtor days to 52  (48) and a decline in the creditor days to 35
(40). SKML had cash and cash equivalents amounting to INR14.6
million at FYE24. It has repayment obligations of INR73 million in
FY26 and INR71 million in FY27. SKML does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or weakening of the
liquidity position, both on a sustained basis, will be negative for
the ratings.

Positive: Achieving a substantial increase in the scale of
operations, along with an improvement in the liquidity position and
the credit metrics, with the net leverage falling below 3.5x, on a
sustained basis, will be positive for the ratings.

About the Company

Incorporated in 1956, SKML manufactures cotton yarn and fabrics.
The company's manufacturing unit located in Rajapalyam, Tamil Nadu
has an installed capacity of  48,000 spindles for the yarn division
and 54 looms for the fabric division. The company also has solar
windmill with a total installed capacity of 5MW. The company has
set up an automated 18,720 spindles in April 2025. The company is
promoted by Mr. A. Palaniappan.

KONARK SYNTHETIC: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Konark
Synthetic Limited (KSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.70       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 24, 2024, placed the rating(s) of KSL under the 'issuer
non-cooperating' category as KSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KSL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 9, 2025,
April 19, 2025 and April 29, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Konark (ISIN: INE517D01019), incorporated in 1984, is primarily
engaged in the manufacturing specialty yarn and fabric. Apart from
the manufacturing activities the company is also involved in job
work for ready-made garments and trading of processed fabrics. The
company has three units namely Yarn unit in Silvaasa, Fabric unit
in Sarigram (Gujarat) and the Garment manufacturing unit in
Bangalore and has been certified as an ISO 9001:2000 company. The
Company's product range includes yarn dyed and piece dyed polyester
fabrics and its blends with cotton, linen, rayon and silk. It
provides texturized and air texturized yarn in India. Its apparel
product range includes trousers, shirts and shorts.


L-COMPS AND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of L-Comps
and Impex Private Limited (LIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      5.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 21, 2024, placed the rating(s) of LIPL under the 'issuer
non-cooperating' category as LIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 6, 2025,
April 16, 2025, April 26, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

L-Comps & Impex Pvt. Ltd. (LIPL), promoted by Mr Puneet Gupta, was
incorporated in 1979. The company is engaged in importing various
FMCG products like Juices, Chocolates, Cookies, Jams, honey, Olive
oil, Yoghurt etc. for sale in the domestic market (through its
distributor network all over India). LIPL imports its products
mainly from Italy and other European countries.


LEEL ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Leel
Electricals Limited (LEEL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      455.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          595.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) vide its press release dated
March 15, 2024, placed the rating(s) of LEL under the 'issuer
non-cooperating' category as LEL had failed to provide information
for monitoring of the ratings as agreed to in its Rating Agreement.
LEL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 2, 2025,
February 12, 2025, and February 22, 2025, among others.

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

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

Rating sensitivities: Factors likely to lead to rating actions: Not
applicable

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Per press release dated March 15, 2024, following were the rating
strengths and weaknesses.

Key Strengths: Not applicable

Key weaknesses

* CARE Ratings has not received information from the company.
However, the company was under corporate insolvency resolution
process in NCLT. Honourable NCLT in its order dated March 21, 2024,
has approved sale of LEL as going concern to Krishna Ventures
Limited.

Liquidity: Not available

LEEL was incorporated in 1987 and operates in the HVAC segment. It
is engaged in the manufacturing of condenser and evaporator coils
and contract manufacturing for air conditioners (ACs) for various
brands. LEEL was also into retailing ACs and consumer durable
products like LCD/ LED TVs, washing machines, freezers, etc. the
company, however had sold its consumer durable business comprising
of business of importing, trading, marketing, exporting,
distribution, sale of air conditioners, televisions, washing
machines and other household appliances and assembling of
televisions under the brand "LLOYD" and all of the rights, title,
interest, licensees, contracts, assets, continuing employees,
intellectual property including the brand, logo, trademark "LLOYD"
as a going concern on slump sale basis to Havells India Ltd.
Pursuant to the transaction, the company has also changed its name
to 'LEEL Electricals Ltd.' LEEL has six manufacturing/ assembly
units located at Rajasthan, Himachal Pradesh, Tamil Nadu, Haryana
and Uttarakhand. On a consolidated basis, LEEL operates two
subsidiaries, namely, Lloyd Coils Europe s.r.o (LCE) engaged in
manufacturing of coils and finned pack heat exchangers and Noske
Kaeser Company (NKC) which is engaged in engineering, manufacturing
and providing system solutions and components for the transport
industry in the fields of air conditioning, refrigeration, piping,
firefighting, CBRN protection and related services.


MAANASA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Maanasa
Enterprises Private Limited (SMEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 11, 2024, placed the rating(s) of SMEPL under the
'issuer non-cooperating' category as SMEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 25, 2025, March 7, 2025, March 17, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Sri Maanasa Enterprises Private Ltd. (SMEPL) was incorporated on
August 10, 2012. The company was started as a partnership firm in
2007 under the name of M/s. Sri Maanasa Enterprises at Kakinada
with a single retail outlet before being incorporated as  private
limited concern. In 2011, another retail outlet was started in
Vizag under the name of Sri Maanasa Garments Private
Limited and subsequently, in 2013, both the units got amalgamated
into the present form of Sri Maanasa Enterprises Private Ltd. The
company is engaged in textile trading business dealing in men's,
women's and children's garments, and currently operates four retail
outlets; one each in Vizag and Eluru and two in Kakinada, Andhra
Pradesh. The entire shareholding lies with the
promoters and their relatives. Mr. Krishna Murthy Gollapudy
(Managing Director) has around 15 years of experience in the retail
industry.


MAKIN LABORATORIES: Ind-Ra Assigns BB+ Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Makin Laboratories
Private Limited's (MLPL) bank facilities as follows:

-- INR100 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR190 mil. Term loan due on April 7, 2034 assigned with IND
     BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect MLPL's small scale of operations, average
credit metrics and stretched liquidity during FY24. Ind-Ra expects
the scale of operations to have improved in FY25 and to increase
further in the medium term  However, the ratings are supported by
the company's healthy EBITDA margins and experienced promoters.

Detailed Description of Key Rating Drivers

Small Scale of Operations: MLPL has a small scale of operations
with its revenue increasing to INR528.42 million in FY24 (FY23:
INR423.10 million), on account of increased product offerings. Its
EBITDA also increased to INR64.82 million in FY24 (FY23: INR50
million), due to a decrease in the cost of goods. Till 11MFY25,
MLPL booked revenue of INR707 million with EBITDA of INR87.45
million. In FY25, Ind-Ra expects the scale of operations to have
improved, considering the 11MFY25 performance along with increased
demand of products from customers.

Average Credit Metrics: MLPL's interest coverage (operating
EBITDA/gross interest expenses) was 3.6x in FY24 (FY23: 2.6x) and
the net leverage (total adjusted net debt/operating EBITDAR) was
3.4x (4x). The credit metrics improved in FY24 due to the increase
in EBITDA along with scheduled debt repayments. Ind-Ra expects the
credit metrics to have improved in FY25 and it might continue so in
the medium term, due to the increase in EBITDA coupled by scheduled
debt repayments. CPL has planned capex of INR50 million to
completed by FY26, which will be funded through a term loan of
INR35 million, equity of INR7 million and rest INR8 million through
internal accruals and unsecured loans.

Healthy EBITDA Margins: MLPL earned healthy EBITDA margin of 12.27%
in FY24 (FY23: 11.82%) with a return on capital employed of 14.1%
(10.9%). In FY24, the EBITDA margin improved due to the decrease in
the cost of goods. In 11MFY25, MLPL earned EBITDA of INR87.45
million and margins of 12.40%. Ind-Ra expects the ROCE to have been
above 15% and EBITDA margins to have been on similar lines in FY25.
The agency expects EBITDA margin to remain at a similar level in
the medium term.

Experienced Promoters: MIPL's promoters have more than one decade
of experience in the pharmaceutical industry, leading to
established relationships with customers as well as suppliers.

Liquidity

Stretched: MLPL's average maximum utilization of the fund-based
limits was 92.63% during the 12 months ended February 2025. MLPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The net
working capital cycle reduced but remained elongated at 147 days in
FY24 (FY23: 200 days), on account of decreased inventory days to
135 days (171 days). The cash flow from operations increased to
INR36.59 million in FY24 (FY23: INR20.48 million), on account of
the increase in EBITDA. Furthermore, the free cash flow stayed on a
similar level at negative INR10.68 million in FY24 (FY23: negative
INR10.24 million) due to the company incurring capex of INR47.27
million (INR30.72 million).  MLPL has debt repayment obligations of
INR19.30 million and INR19.8 million in FY26 and FY27,
respectively. The cash and cash equivalents stood at INR0.14
million at FYE24 (FYE23: INR3.81 million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the working capital cycle along with liquidity
position, could lead to a negative rating action.

Positive: A substantial increase in the scale of operations while
reducing net leverage below 3x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

MLPL founded in 1987 specializes in the R&D and manufacturing of
nutraceuticals, herbals, and cosmeceuticals, serving both domestic
and international markets. The company has a manufacturing facility
is in Pithampur, Madhya Pradesh. MLPL manufactures forms, including
capsules, tablets, liquids, sachets, powders, creams, oils,
ointments, aerosols, and malts. It has a WHO-GMP certified
facility, featuring in-house formulation and analytical
development.

METROPOLIS LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Metropolis Logistics Private Limited
K-2, 832 Khasra No.-834,
        Near Mata Chowk - Mahipalpur,
        New Delhi 110037 (as per order)

        Plot No. 50, G/F, Kh. No. 1128,
        В-Block, Rangpuri Extension, Mahipalpur,
        South West Delhi - 110037, India (as per MCA)

Insolvency Commencement Date: May 16, 2025

Estimated date of closure of
insolvency resolution process: November 12, 2025

Court: National Company Law Tribunal, New Delhi Bench-V

Insolvency
Professional: Harman Jit Singh
              #332, Phase-1, Near Singla Clinic,
              Sahibzada Ajit Singh Nagar - 160055, Punjab
              Email: ipcaharmanghai@gmail.com
              Email: irpmetropolislogistics@gmail.com

Last date for
submission of claims: June 2, 2025

MISHTANN SHOPPEE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mishthan Shoppee India Private Limited
        Office No D-1201 Titanium Business Park,
        Corporate Road, Makarba, Jivraj Park,
        Ahmedabad-380051 Gujarat, India

Insolvency Commencement Date: May 16, 2025

Estimated date of closure of
insolvency resolution process: November 12, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Shubham Agarwal Goyal
              A-402, "Aaryabhumi" Opp. M. G Party Plot,
              Jodhpur Char Rasta, Satellite
              Ahmedabad-380015, Gujarat
              Email: fcs.shubhamgoyal@gmail.com
              Email: cirp.msipl@gmail.com

Last date for
submission of claims: June 2, 2025


MUKAND SUMI: Ind-Ra Keeps BB Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mukand Sumi
Metal Processing Limited's (MSMPL) bank facility's ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR400 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR30 mil. Non-fund-based working capital limits# maintained
     in non-cooperating category and withdrawn.

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

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MSMPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. MSMPL has been
non-cooperative with the agency since January 29, 2021.

About the Company

MSMPL is a wholly owned subsidiary of Mukand Limited which is
engaged in the manufacturing of bright bars and wires of special
alloy steel and stainless steel.

MULA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Mula Agro Products 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-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Mula, 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 1993, Mula Agro Products Pvt Ltd (Mula) is engaged
in the processing of milk and manufacturing of milk products. The
operations of the company are collectively managed by its
directors, who have an experience of over two decades in the dairy
industry. The company's manufacturing facility is located at
Rahuri, Ahmednagar and has a processing capacity of 100,000 litres
per day. The manufacturing facility is well equipped with the
requisite infrastructure of collection, chilling, pasteurization,
grading, packaging and storage of milk and milk derived products.


NILSHIKHAA PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Nilshikhaa Projects Limited

        Registered Address:
        R-211, Mahalaxmi Nagar,
        Near Bombay Hospital, Indore,
        Madhya Pradesh, India, 452010

Insolvency Commencement Date: April 28, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: November 2, 2025

Insolvency professional: Chaya Gupta

Interim Resolution
Professional: Chaya Gupta
              1, Bima Nagar, 202,
              Almas Dreams Apartment,
              Near Anand Bazaar, Indore,
              Madhya Pradesh, 452018
              Email Id: guptachayacs@gmail.com

              -- and --

              911, Apollo Premier,
              Near Vijay Nagar Square,
              Indore - 452010, M.P
              Email Id: cirp.nilshikhaa@gmail.com

Last date for
submission of claims: May 20, 2025


OSIA HYPER: Ind-Ra Cuts Bank Loan Rating to BB+
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Osia Hyper
Retail Limited's (OHRL) bank facilities' ratings to 'IND BB+' from
'IND BBB+' while placing the ratings on Rating Watch with
Developing Implications, as follows:

-- INR990 mil. Fund-based working capital limit Downgraded;
     placed on Rating Watch with Developing Implications with IND
     BB+/Rating Watch with Developing Implications; and

-- INR100 mil. Non-fund-based working capital limit downgraded;
     placed on Rating Watch with Developing Implications with IND
     A4+/Rating Watch with Developing Implications.

Detailed Rationale of the Rating Action

The downgrade reflects OHRL's delayed payments towards an
operational creditor on the Trade Receivables Discounting System
(TReDS) platform of Receivable Exchange of India Limited (RXIL).
The management is in the process of raising additional funds
through availing debt of INR1,500 million, which will be used to
repay the entire outstanding of the TReDS platform and funding
future working capital requirements. OHRL raised about INR1,250
million through equity proceeds in the last week of March 2025. The
Rating Watch with Developing Implications reflects timely
sanctioning of new facility and the planned deployment of equity
proceeds in 1QFY26 for managing liquidity.

Detailed Description of Key Rating Drivers

Delays in Honoring Dues on TReDS Platform: OHRL had availed
factoring arrangements on the TReDS platform of Receivable Exchange
of India Limited (RXIL), wherein the arrangement is such that all
micro, small and medium enterprises suppliers discount their
invoices with the registered banks and the buyers have to pay the
outstanding amount along with the interest to the registered
bankers on the due date. Unity Small Finance Bank vide an email
dated May 26, 2025 brought to Ind-Ra's notice that OHRL has dues
amounting to INR98.74 million and the same has not been cleared by
the company. According to OHRL's management, OHRL could not make
the payments on the due dates due to supply-side issues.
Furthermore, the management has informed the agency that they plan
to close the entire outstanding from the TReDS platform in FY26
itself by raising an additional debt of around INR1,500 million,
for which the in-principal sanction letter is already in place.

Geographical Concentration: While the company has a comfortable
market position in Gujarat, it is venturing into new states. It
opened a new store in Jhansi, Uttar Pradesh in FY24 and four new
Hypermart stores in FY25 - one in Deesa (Gujarat), three in
Dehradun (Uttarakhand), one in Kanpur (Uttar Pradesh) and one in
Pune (Maharashtra). However, Ind-Ra expects the geographical
concentration risk to remain in the near-to-medium term as Gujarat
contributed about 98.41% to the total revenue in FY25.

Intense Competition in Retail Sector, but Considerable Scope for
Growth: The organized retail sector is characterized by intense
competition. Deep-pocketed foreign players as well as rapid
expansion of the ecommerce industry have been posing a threat to
the traditional brick and mortar stores. Furthermore, the sector is
highly susceptible to economic cycles, especially in discretionary
categories, such as apparel. However, the penetration of organized
retail in the food and grocery category is quite low compared to
other categories, with more resilient demand trends, indicating
significant scope for growth for the organized retail players.

Strong Revenue Growth in FY24 and FY25; Future Expansion Plans: As
per FY25 provisional financials, OHRL's revenue increased to
INR13,695.84 million in FY25 (FY24: INR11,444.74 million; FY23:
INR7,388 million), led by the opening of four new hypermart stores
in Deesa (Gujarat),  Dehradun (Uttarakhand), Kanpur (Uttar Pradesh)
and Pune (Maharashtra) during FY25, and the closure of five stores
in Ahmedabad, which contributed merely 0.33% to the FY25 revenue.
The increase in revenue was also supported by an increase in
footfall, owing to higher average transaction value.  Ind-Ra
expects the revenue to improve in the medium term on account of
addition of new stores from FY26.

Average Profitability Margins; Largely Stable Credit Metrics in
FY24: OHRL's EBITDA increased to INR732.83 million in FY25 (FY24:
INR703.52 million, FY23: INR409.86 million), in line with the
increase in revenue. The EBITDA margin was around 5.35% in FY25
(FY24: 6.15%, FY23: 5.55%, FY22: 4.44%), primarily on account of
discontinuation of two mini stores, which generated relatively
lower margin than hyper retail stores and closure of three
loss-making stores in Gujarat. The return on capital employed was
14.1% as per FY25 provisional financials (FY24: 21.6%, FY23:
16.1%). Despite the surge in the absolute EBITDA in FY24, the net
leverage (net debt/EBITDA) improved only marginally to 1.56x in
FY24 (FY23: 2.76x) and interest coverage (EBITDA/gross interest
expense) to 2.08x (1.86x). This was on account of a significant
increase in finance cost due to an increase in unsecured debt from
financial institutions and directors, invoice bill discounting
facility and a higher utilization of the fund-based working capital
limits. Ind-Ra expects the credit metrics to remain comfortable
over the medium term, supported by the company's healthy operating
performance and the planned equity raise for funding its future
expansion plan

Experienced Promoters: Dhirendra Chopra, OHRL's key promoter, has
over 20 years of experience in the retail industry. Before
establishing OHRL, he was employed with National Handloom Co Pvt
Ltd and was responsible for expanding the latter's reach in
Ahmedabad. The promoters have also been extending funding support
to the company in the form of equity infusion and unsecured loans
and are likely to continue to do so in the future.

Liquidity

Poor: The average utilization of the sanctioned fund-based limits
was 94.05% for the 14 months ended February 2025. Despite the
improvement in EBITDA, the cash flow from operations remained
negative at INR239.45 million in FY24 (FY23: negative INR277.58
million), primarily on account of an inventory-led increase in the
net working capital and the opening of new stores. The net working
capital cycle improved to 98 days in FY24 (FY23: 153 days) because
of an improvement in the inventory holding period to 107 days (173
days). In FY24, the company had cash and equivalents of INR139.64
million (FY23: INR112.45 million; FY22: INR20.54 million). The
company raised INR1,250 million duringFY25 through fresh equity
infusion. OHRL had a debt obligation of INR81.1 million in FY25,
which was repaid. OHRL has scheduled term loan repayments of INR243
million and INR 81.6 million in FY26 and FY27, respectively.

Rating Sensitivities

The Rating Watch with Developing Implications indicates that the
rating could either be downgraded or affirmed or upgraded upon
resolution. Ind-Ra expects to resolve the rating watch upon
successful sanctioning and disbursement of new working capital
limits and once the agency receives clarity on the usage of the
equity proceeds. Ind-Ra will review the ratings within six months.

About the Company

Incorporated in 2014, OHRL (formerly Mapple Exim Private Limited)
is engaged in the retailing of consumer products across categories,
including food, beverages, groceries, clothes, home appliances,
furniture, handcraft, footwear, and toys, among other related
products. The company has 31 stores spread across various cities in
Gujarat, one store each in Maharashtra and Uttarakhand, and two
stores in Uttar Pradesh.

OSWAL KNITTING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Oswal
Knitting and Spinning Industries Limited (OKSIL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 27, 2024, placed the rating(s) of OKSIL under the 'issuer
non-cooperating' category as OKSIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OKSIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
12, 2025, April 22, 2025, May 2, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Promoted by Oswal family of Ludhiana, Oswal Knitting and Spinning
Industries Limited (OKSIL), was incorporated in 1992. OKSIL is
engaged in the trading of various types of yarn and fabric as well
as manufacturing of hosiery and woolen apparels for men and women
at its manufacturing facility located at Ludhiana, Punjab. The
company sells its readymade garments under the brand name of
'Oswal' through its exclusive showrooms and through various
wholesalers and retailers.

OVIS EQUIPMENTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Ovis Equipments Private
Limited (OEPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-         11.00       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based-                COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          8.95       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with OEPL, 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.

OEPL was established in 1987. OEPL is focused on manufacturing
diesel shunting locomotives which are generally in the power range
of up to 1600HPs.  OEPL also manufactures self-driven trolleys,
overhead track maintenance vehicles, spare parts required for
specialized wagons etc. The company has two sister concerns, Omega
Engineering Services and OSIV Technologies. Both are partnership
firms with OEPL's promoters as partners. 3 Omega Engineering
Services provides spare parts to be used in locomotives. OSIV
Technologies is a designing firm. OEPL is also accredited with ISO
9001:2008 certification.

PARAG AGRO: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Parag Agro Foods and Allied Products Private Limited's
(PAFAPPL) bank facilities:

-- INR814.28 mil. (reduced from INR1,249.50 bil.) Term loan due
     on March 31, 2031 affirmed with IND BB+/Stable rating;

-- INR77.57 mil. Proposed fund-based working capital limits
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR1.650 bil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects PAFAPPL's continued medium scale of
operations, modest credit metrics, and the regulatory and
agro-climate risk in the sugar industry. The ratings also factor in
the high working capital requirement.  The ratings are supported by
partial lifting of the ban on sugar exports, the improvement in
EBITDA margins in FY24, the increased capacity of PAFAPPL's sugar
factory, its established track record in the sugar industry, and
the presence of an experienced management team.

Detailed Description of Key Rating Drivers

Medium Scale of  Operations; Revenue Declined  in FY24 but Improved
in FY25: PAFAPPL's  revenue fell to INR2,643 million in FY24 (FY23:
INR4,545.89 million) due to the ban on sugar exports imposed by the
government to stabilize domestic sugar prices. Furthermore,
domestic sugar sales were low due to an increase in the  fair and
remunerative prices (FRP) towards the end of FY24. However, in FY25
(provisional numbers), the revenue increased by 23%-24% yoy as the
sugar export ban was partially lifted in January 2025.
Subsequently, the company has utilized its allotted export quota
and also purchased export quota from other sugar factories. The
high inventory stock from FY24 was also cleared. Furthermore, in
the upcoming sugar season 2025-26 (SS; November to March), the
monsoon is likely to be above normal, leading to higher sugarcane
availability. Given these factors, Ind-Ra expects an increase in
the revenue in the medium term.

Credit Metrics Likely to Remain Modest in Medium term: In FY24,
PAFAPPL's net leverage (adjusted net debt/operating EBITDA)
increased to 5.78x (FY23: 4.41x) due to an increase in working
capital requirement, on account of high inventory, and lower
EBITDA, resulting from the drop in revenue and export ban. The
interest coverage ratio (EBITDA/gross interest expense) improved
slightly to 2.17x in FY24 (FY23: 2.07x) as overall interest costs
decreased due to a decline in long-term debt. In FY24, the company
incurred capex of INR170 million for expanding the capacity of its
sugar factory to 6,000 tons of cane crushed per day (TCD)  from
4,500TCD and for increasing the capacity of its distillery unit to
100  kiloliters per day (KLPD) from 45KLPD. Ind-Ra expects the
metrics to have improved  in FY25 as the company has not availed
any new long-term debt and also due to improved EBITDA. PAFAPPL
does not plan to undertake any further capex, apart from regular
maintenance capex,  in the medium term, and therefore, the agency
does not expect any increase in long-term debt over this period.
However, given the increased capacity, the working capital
requirement is likely to increase  in the medium term. Despite
this, Ind-Ra expects the overall credit metrics to improve in the
medium term, due to repayments of long-term loans and likely
improvement in EBITDA.

Regulatory Risks and Agro-climate Risks: The sugar industry is
regulated and vulnerable to government policies as it is classified
as an essential commodity. Besides setting quotas for sugar
exports, the government has implemented various regulations such as
fixing the raw material prices in the form of state-advised prices
and fair and remunerative prices. All these factors impact the
cultivation patterns of sugarcane in the country, and thus, affect
the profitability of sugar companies. Furthermore, being an
agro-based Industry, the sugar business is susceptible to the
vagaries of monsoons. The production and recovery from sugarcane
heavily influences the performance of the sugar industry.
Sugarcane, cultivated in the tropical and subtropical region, is a
water-intensive crop. As such, the water requirements have to be
met through rainfall or irrigation. In India, agriculture is
primarily dependent on agro-climatic conditions. Poor rainfall and
drought impact the production, yields and recovery from sugarcane,
which adversely affects sugar manufacturing companies.

Modest  EBITDA Margin; Improvement in Margins in FY24: In FY24,
despite the decline in the revenue, PAFAPPL's EBITDA margins
improved to 18.14% (FY23: 12.24%) due to a decrease in the cost of
goods sold on account of higher closing inventory. In FY24, the
ROCE was 7.8% (FY23: 10.4%). Ind-Ra expects the EBITDA margins to
have remained stable in FY25, and expects the margins to range
between 17%-18% in the medium term, led by improved recovery rate
of sugar from sugarcane. The gross recovery rate increased to
11.85% in FY25 (FY24: 11.46%), as informed by the management, and
is likely to remain at similar levels in the medium term.

Established Track Record: PAFAPPL has been operating in the
industry for more than a decade. This, along with its experienced
management, has led to established relationships with suppliers
(farmers). Furthermore, the company has diversified its operations
by setting up a co-generation unit in Maharashtra, which has a
relatively stable regulatory environment compared to other states
in the country.

Liquidity

Stretched: In FY24, PAFAPPL's cash and cash equivalent stood at
INR28.85 million (FY23: INR14.02 million). The company's average
maximum utilization of the fund-based limits was 68.93% during the
12 months ended February 2025, with no instances of
overutilization. The cash flow from operations turned negative at
INR125.29 million in FY24 (FY23: INR1,111.96 million), because of
increased working capital requirements. In FY24, the company had
incurred capex of INR170 million for expanding the capacity of its
sugar factory to 6,000TCD from 4,500TCD and expansion of its
distillery to 100 KLPD from 45KLPD. PAFAPPL does not plan to
undertake any capex apart from regular maintenance capex  in the
medium term, and therefore, the agency does not expect any increase
in long-term borrowings over this period. The company receives
payments for sugar in advance, and it makes payments to suppliers
within 20 days. In FY24, the inventory days increased to 352 days
(124 days) due to low domestic sales and the ban on exports.
However, since the ban has been partially lifted from January 2025,
the inventory days are likely to fall in the medium term.

PAFAPPL had repayment obligation of INR279.09 million in FY25. For
FY26 and FY27, the company has repayment obligations of INR261.84
million and INR207.22 million, respectively. Furthermore, PAFAPPL
does not have any capital market exposure and relies on banks and
financial institutions for the funding of its working capital
requirements.

Rating Sensitivities

Negative: A  substantial decline in the scale of operations or
deterioration in credit metrics, with the net financial leverage
remaining above 4x, will be negative for the ratings.

Positive: A substantial improvement in the balance sheet structure,
along with an improvement in the liquidity, including the current
ratio and credit metrics, with the  net financial leverage falling
below 3.5x, all on a sustained basis, will be positive for the
ratings.

About the Company

Incorporated in 2013; PAFAPPL, with its registered office at
Ravadewadi, Pune Maharastra, is engaged in the manufacturing of
sugar, molasses, ethanol and co-generation of power. The company is
promoted by the Mutha Family. PAFAPPL is a closely held company and
its entire shareholding is held by the promoters.

The company started with a sugar manufacturing unit with an
installed capacity of 4,500TCD. It expanded the capacity of its
sugar crushing facility to 6,000TCD during FY25. The company has
integrated operations, with a distillery that has a licensed
capacity of 100KLPD (currently operating at 45KLPD capacity) and a
cogeneration power plant of 14MW, capacity which uses bagasse as
fuel and an incineration boiler.

PARALLAX DECOR: Liquidation Process Case Summary
------------------------------------------------
Debtor: PARALLAX DECOR PRIVATE LIMITED
115, ACME INDUSTRIAL ESTATE,
        I.B.PATEL ROAD, GOREGAON (EAST),
        MUMBAI, Maharashtra, India - 400063

Liquidation Commencement Date: May 14, 2025

Court: National Company Law Tribunal, New Delhi Principal Bench

Liquidator: CA Vinod Dongare
     Office No-8, Sukhwani Fortune,
            First Floor, Above Gharonda Hotel,
            Near City International School
            Morwadi Court Road, Morwadi,
            Pimpri, Pune 411018
            Email: cavinoddongare@gmail.com
            Email: liquidation.parallax@gmail.com

Last date for
submission of claims: June 13, 2025


PMV MALTINGS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated PMV Maltings Private
Limited's (PMVMPL) bank facilities as follows:

-- INR300 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR100 mil. Proposed fund-based working capital limits
     assigned with IND BB+/Stable/IND A4+ rating;

-- INR41.50 mil. Proposed term loan assigned with IND BB+/Stable
     rating; and

-- INR218.50 mil. Term loan due on June 1, 2032 assigned with IND

     BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect PMVMPL's modest operating profitability and
volatility in the margins in FY25, stretched liquidity position and
high customer concentration. However, the ratings are supported by
the company's medium scale of operations and average credit metrics
which are likely to have improved in FY25.

Detailed Description of Key Rating Drivers

Modest EBITDA Margins Susceptible to Fluctuations in Barley Prices:
The EBITDA margins declined to 7.73% in FY24 (FY23: 12.34%) led by
the volatility in raw material (barley) prices. PMVMPL generally
has one-year contracts with its major customers, therefore, any
change in the prices of raw material impacts its profitability.
Barley is a seasonal agricultural commodity with prices influenced
by climate conditions and availability between March and June.
Since the company is unable to directly pass on the increase in
price to its customers, any major shift can adversely affect
margins. Although, periodic price hikes by clients provide some
buffer. In FY25, PMVMPL recorded an EBITDA of INR185.77 million
with a margin of 9.51%. The margin is likely to be in the range of
8%-12% in the near term on account of the similar nature of
operations.

High Customer Concentration: PMVMPL supplies malt to established
players in the liquor and fast-moving consumer goods sectors,
including United Breweries Limited, Hindustan Unilever Limited, and
Carlsberg India Private Limited, among  others. While the client
portfolio is concentrated, repeated business from long-term clients
offers revenue stability and reflects customer confidence.

Highly Regulated Industry: The liquor sector in India is regulated
by complex legal frameworks, high duties, and advertising
restrictions. The regulatory frameworks vary significantly by
state, with potential prohibitions in certain regions. This poses
challenges for new entrants but also acts as a protective barrier
for incumbents such as PMVMPL. However, state authorities have
shown the flexibility in approving capacity expansions for the
existing players.

Stretched Liquidity: Please refer to the liquidity section below.

Medium Scale of Operations: The revenue from operations grew to
INR2,014.66 million in FY24 (FY23: INR1,532.58 million), led by an
increase in sales volume to 119,923 tons (107,161 tons) and
realization per metric ton. The capacity utilization improved to
68% in FY24 (FY23: 63%) and is further expected to improve to about
75% in FY25. The revenue declined to INR1,953.8 million in FY25,
due to a reduction in realization per ton, although there is an
increase in the sales volume to 133,165 tons. In FY25, the share of
revenue from job work increased to 45.15% (FY24: 39.69%) while that
for the manufacturing and sale of malt declined to 54.85% (60.31%).
Ind-Ra expects the revenue to sustain at similar levels in FY26 on
account of similar nature of operations.

Average Credit Metrics; Likely to have Improved in FY25: The
interest coverage (EBITDA/gross interest expense) and net leverage
(net debt/EBITDA) deteriorated to 2.19x in FY24 (2.99x) and 5.39x
(4.15x), respectively. The deterioration in credit metrics was due
to a decline in the EBITDA to INR155.76 million (INR189.14
million), along with an increase in the gross interest expense to
INR71.14 million (INR63.19 million) and total debt to INR870.37
million (INR816.32 million). The total debt includes the preference
share capital of INR1,00.7 million, the repayment for the same
would begin from FY26. The credit metrics are likely to have
improved in FY25 and will continue to do so in the medium term led
by a likely improvement in the profitability and reducing total
debt and gross interest expense.

Liquidity

Stretched: The average maximum utilization of the fund-based limits
was 97.09% for the 12 months ended February 2025. In March 2025,
the month-end utilization declined to 80%. The company is under
discussion with the bank for enhancement of the fund-based limits
to INR400 million from INR300 million. PMVMPL holds cash and cash
equivalents at INR30.33 million at FYE24 (FYE23: INR30.98 million).
The cash flow from operations turned positive to INR36.49 million
in FY24 (FY23: negative INR152.14 million) owing to favorable
changes in the working capital. Consequently, the free cash flow
improved to negative INR50.56 million in FY24 (FY23: negative
INR216.68 million) but remained negative due to capex of INR87.05
million (INR64.54 million). Ind-Ra expects the cash flow from
operations and free cash flow to have improved in FY25, led by
favorable changes in working capital. As of January 1, 2025,
debtors amounting to INR132.8 million were overdue for six months.


The company has repayment obligations including redeemable
preference shares of INR82.1 million and INR99 million in FY26 and
FY27, respectively, which are likely to be met by internal
accruals. Furthermore, PMVMPL does not have any capital market
exposure and relies on a single bank to meet its funding
requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or profitability
leading to deterioration in the credit metrics or any deterioration
in the business profile, or a decline in the liquidity position,
all on a sustained basis, could lead to a negative rating action.

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

About the Company

Incorporated in 2008, PMVMPL is engaged in the manufacturing and
selling of barley malt. The  company has a total malting capacity
of 1,80,000 tons annually and operates two malting plants in
Pataudi (Haryana) and Kashipur (Uttarakhand).

POWER RESEARCH: ICRA Reaffirms D Rating on INR7.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Power
Research and Development Consultants Private Limited (PRDC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          7.00        [ICRA]D; Reaffirmed
   Fund Based-                     
   Cash Credit         

Rationale

The rating reaffirmation considers the continued irregularities
observed in the debt-servicing of some lenders by PRDC during the
months of February and March 2025. The same reflects the continued
stretched liquidity position of the entity owing to delayed
receivables cycle. PRDC's elevated working capital intensity has
resulted in fully utilised working capital limits, with negligible
cushion in the available working capital limits. The entity has to
raise the unsecured loans from various non-banking finance entities
(NBFCs) at exorbitantly high interest rate, further impacting the
entity's coverage metrics in FY2025. The rating is also tempered by
the company's high sectoral concentration with the major portion of
its revenues derived from the power system domain. ICRA notes that
small scale operations expose the company to the risks associated
with a prolonged industry downturn.

The rating, however, continues to derive comfort from the extensive
experience of its promoters in the power systems design and
consulting segment. The rating also factors in the potential
revenue growth in the software development segment, supported by
the company's ability to develop indigenous products at competitive
pricing. This rating favourably considers PRDC's reputed customer
base, including government entities, which reduces its counterparty
credit risk. Nonetheless, timely
debt servicing by the entity going forward would remain the key
rating monitorable.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: PRDC's Managing Director, Dr.
R. Nagaraja, has an extensive experience of over two decades in the
power systems industry. The extensive industry knowledge of the
promoters and the proven operational track record of PRDC enabled
the company in establishing strong relationships with key customers
and suppliers. The rating takes comfort from the company's high
level of competency in the field of power consultancy and its
continuous research towards new product development, beneficial
largely to power utility companies.

* Reputed customer base: The customers of PRDC are government-owned
power utility companies like North Eastern Regional Power
Committee, Odisha Power Transmission Corporation Limited, Karnataka
Power Transmission Corporation Limited (KPTCL), Bangalore
Electricity Supply Company Limited (BESCOM) etc., which reduce the
counterparty credit risk, as evident from its low bad debt in the
previous years. This apart, the company has been consistently
adding new customers to reduce the concentration risk. The company
is looking to increasingly collect advances from customers to ease
the pressure on working capital.

Credit challenges

* Continued delay in debt-servicing in recent months: The entity's
debt-servicing continues to witness irregularities. Although the
entity has repaid the project related term loan in FY2025 (on which
they had initially delayed) there has been irregularities in
servicing of short-term borrowing facilities availed from a
portfolio of NBFCs, wherein the entities witness delays in the
month of February and March 2025. Timely debt servicing by the
entity going forward would remain the key rating
monitorable.

* Modest capital structure and weak debt coverage indicators:
PRDC's capital structure remained modest with a total debt to
OPBDITA of 3.5 times as on March 31, 2024, which elevated to almost
5 times as on 9M FY2025. The debt coverage indicators also remained
weak with a DSCR and an estimated DSCR of 1.12 times and 0.71 times
as of March end in FY2024 and FY2025 respectively.

* Stretched receivables leading to elevated working capital
intensity: PRDC's customer profile mainly comprises state utilities
and other government clients owing to which the receivables cycle
remains stretched and leads to high working capital intensive
nature of operations. Given the milestone-based contracts, PRDC's
unbilled revenue also remains elevated,
increasing the working capital intensity, and leading to weak free
cash flow generation.

* High sectoral concentration: Large exposure of the company's
revenues to the power systems domain leads to significant sectoral
concentration risk. However, new softwares like Dynamic Security
Assessment and Discom REPOSE remain a key focus area of growth for
the company, which would reduce the sectoral concentration risk to
an extent.

* Small scale of operations exposes the company to risks associated
with a prolonged industry downtrend: The small scale of the
company's operations makes it more vulnerable to the risk of a
prolonged industry downtrend. ICRA notes that the revenue of the
company is yet to touch the pre-Covid level as the pandemic has
adversely impacted PRDC's performance, leading to a slower pace of
order execution and a build-up of receivables.

Liquidity position: Poor

PRDC's liquidity is poor, as reflected in the delays in fulfilling
its debt repayment obligations as well as various small ticket
loans taken at high interest rates from NBFCs to support its
operations.

Rating sensitivities

Positive factors – ICRA could upgrade the ratings if the company
demonstrates a timely debt servicing track record, supported by an
improvement in the overall liquidity and the profitability on a
sustained basis.

Negative factors – Not Applicable

Established in 1994 and promoted by Dr. R Nagaraja, PRDC is
involved in power systems consultancy services. PRDC also develops
software for power network design and analysis in the name of
MiPower, Mi AFAS, Mi DS2 etc. PRDC further provides automation and
power system solutions, wherein the company designs the embedded
systems as per customers' requirements, while the manufacturing
process is outsourced. The company carries out projects for state
electricity boards and utilities, independent power producers and
companies in other industries such as cement, steel and sugar. It
has also been recognised by the Visvesvaraya Technological
University as an affiliated research centre, which allows PRDC to
provide training to power engineers working in state/regional
electricity boards, generation, transmission and distribution
companies, among others.


RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RPN
Engineers Chennai Private Limited (RECPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.26       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.87       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 12, 2024, placed the rating(s) of RECPL under the
'issuer non-cooperating' category as RECPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RECPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 26, 2025, March 8, 2025, March 18, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

RECPL was established as a proprietorship firm (M/s. Lookmans
Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and was
reconstituted into a private limited in May 1999 in Chennai. RPN is
engaged in the business of civil and mechanical constructions like
laying of pipes for state and central government agencies and
contract work for the Indian railways.

SAI LEASING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Leasing
Company (SLC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.28       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 28, 2024, placed the rating(s) of SLC under the 'issuer
non-cooperating' category as SLC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SLC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 13, 2025,
April 23, 2025 and May 3, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Sai Leasing Company (SLC) was established in September, 2016 as a
partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing
profit and losses equally. SLC is engaged in providing of
construction material like aluminum scaffoldings, shuttering
plates, planks and other equipment's such as cranes to various
contractors, builders and developers located in the Chandigarh
Tricity area (Chandigarh, Panchkula and Mohali) on rental basis.
The premises of the firm are based in Zirakpur, Punjab. The firm
started its commercial operations in April, 2019.

SHIVANGI ROLLING: Ind-Ra Cuts LongTerm Loan Rating to BB+
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shivangi Rolling
Mills Private Limited's (SRMPL) bank facility's long-term rating to
'IND BB+' with a Stable Outlook from 'IND BBB-' and short-term
rating to 'IND A4+' from 'IND A3'.

The instrument-wise rating actions are:

-- INR51 mil. Term loan due on March 31, 2032 assigned with IND
     BB+/Stable rating;

-- INR175 mil. (reduced from INR225.27 mil.) Fund-based working
     capital limits* downgraded with IND BB+/Stable/IND A4+
     rating; and

-- INR274 mil. Term loan due on March 31, 2032 downgraded with
     IND BB+/Stable rating.

*Out of INR70.27 million of proposed fund-based limits, INR20
million is now allocated in fund-based limits

Detailed Rationale of the Rating Action

The downgrade reflects SRMPL's continued modest credit metrics and
EBITDA margins in FY25, resulting in stretched liquidity.
Furthermore, the company's  performance was  weaker-than-Ind-Ra's
expectation in FY25 with a lower EBITDA generation, leading to
higher net debt levels and a reduced liquidity cushion. However,
achieving operating profit margin in line with the agency's
expectation and managing any liquidity crunch will be a key rating
monitorable in the medium term. Ind-Ra expects the sales volumes to
improve in FY26, led by an improvement in capacity utilization with
the additional capacities becoming operational from FY24.

Detailed Description of Key Rating Drivers

Credit Metrics Remain Modest: SRMPL's interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.5x in FY24 (FY23:
3.70x) and net leverage (adjusted net debt/operating EBITDAR) to
10.99x (3.69x), due to a decline in the EBITDA to INR51.5 million
(INR124.90 million) and an increase in the debt to INR568.80
million (INR477.80 million). Furthermore, the company availed a new
loan of INR80 million during FY25. Thus, Ind-Ra expects the credit
metrics to have deteriorated further in FY25 and will continue to
do so in the medium term, due to an increase in long-term debt and
a likely increase in working capital limits.

Continued Modest EBITDA Margins: After the significant decline in
FY24, the EBITDA  improved to INR168 million in FY25 (provisional)
owing to an increase in sales volume and better absorption of fixed
costs. Consequently, the EBITDA margins improved to  5.78%  in FY25
(FY24: 1.85%; FY23: 3.82%). However, the  sustainability of
margins in the medium term will be a key monitorable on account of
volatility in raw material prices and lower realization in FY25
(FY25: INR38,122/metric ton; FY24: INR50,443/metric ton). The
return on capital employed was 3.60% in FY24 (FY23: 15.6%). The
EBITDA per ton was INR935 in FY24 (FY23: INR2,482). Raw material is
the largest component of the total cost of sales of steel products,
accounting for 76%. The agency expects the margins to remain
susceptible to fluctuations in raw material prices.

Stretched Liquidity: Refer to the liquidity section below.

Continued Medium Scale of Operations: The revenue declined to
INR2,777.50 million in FY24 (FY23: INR3,269.80 million) on account
of a fall in steel prices. However, in FY25, the revenue increased
to INR2,970 million owing to an increase in sales  volumes to
76,635 metric tons per annum; FY24: 55,062 metric tons per annum)
on the back of additional capacities, despite the fall in price
realizations due to a continuous increase in steel scrap prices.
Ind-Ra expects the revenue to improve further in the medium term
supported by a likely increase in capacity utilization and an
improvement in efficiency, along with a resilient demand for
steel.

SRMPL incurred capex of INR280 million during FY23-FY24 to increase
its total thermo-mechanically treated (TMT) bar manufacturing
capacity to 1,20,000mtpa  from 84,000mtpa in FY23, resulting in the
improvement in revenue in FY25. The  commercial production from the
said capex has already begun, although, the capacity utilization
declined to 62% in FY24 (FY23: 82%). Ind-Ra expects an increase in
the overall capacity utilization from FY26. The increase in
capacity will help SRMPL to increase its scale of operations over
the medium-to-long term.

Moreover, the company is planning to build a shredding plant for
scrap, for which, it will incur a capex of INR105 million. The
capex will be funded through bank debt of INR80 million and the
remaining partially through unsecured loans and internal accruals.
The bank loan of INR36 million was disbursed in April 2025; the
proceeds were used for civil and machinery-related payments. The
capex will be completed by September 2025. However, successful
integration of the said unit and fluctuations in steel prices will
be a key monitorable.

Promoter's Experience: SRMPL is managed by Divyanshu Bansal, and
the management has been in the steel-making business and
manufacturing of TMT bars for about two decades. This has helped
the company establish healthy relationships with its customers and
suppliers.

Liquidity

Stretched: SRMPL's average maximum utilization of the fund-based
working capital limits was 99.49% for the 12 months ended March
2025. The company's debt service coverage ratio will be below 1.0x
in FY26 amid scheduled debt repayments of INR108.14 million and
INR87.34 million in FY26 and FY27, respectively. Any further stress
on the liquidity shall be supported by unsecured loans from the
promoters. However, the company will further increase the
fund-based limits, if required, to support the additional capacity.
The net cash conversion cycle, albeit moderate, improved to 26 days
in FY24 (FY23: 38 days),  majorly due to a decrease in the
inventory holding period to 23 days (42 days). The cash flow from
operations improved to INR174.40 million in FY24 (FY23: INR0.50
million) due to lower working capital requirements, resulting from
a decline in the scale. However, the free cash flow remained
negative and deteriorated further to INR105.70 million (FY23:
negative INR85.10 million) because of unfavorable working capital
changes. At FYE24, the cash and cash equivalents decreased to
INR2.80 million  (FYE23: INR17.10 million;  FYE22: INR9.60
million).

Rating Sensitivities

Negative: Any deterioration in the scale of operations or liquidity
or credit metrics will be negative for the ratings.

Positive: A significant improvement in the scale of operations,
along with an improvement in the overall liquidity and the net
leverage reducing below 4.0x, all on a sustained basis, will be
positive for the ratings.

About the Company

Incorporated in 2002, SRPL manufactures TMT bars at its 120,000MTPA
factory in Dhar, Madhya Pradesh. Divyanshu Bansal is the promoter.
The company operates under the brand name Shivangi, catering to the
institutional segment and retailers.

SITI NETWORKS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Siti
Networks Limited (SNL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      87.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SNL to monitor
the rating vide e-mail communications dated March 7, 2025, March 2,
2025, March 1, 2025, and February 25, 2025, and numerous phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on SNL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Analytical approach: Consolidated

CARE has taken a consolidated view wherein SNL and its 25
subsidiaries, 1 associate entity and 1 joint venture are
considered.

Detailed description of key rating drivers:

At the time of last rating on April 1, 2024, the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange):

Key weaknesses

* On-going delay in debt servicing: As per the recent audit report
for FY24 and Audit Report available with the company's stock
exchange disclosure for FY24 results, there are ongoing delays in
debt servicing.

Siti Networks Limited (SNL) is a part of Essel group, which is one
of India's leading business houses with a diverse portfolio of
assets in media, packaging, entertainment, technology-enabled
services, infrastructure development and education. It has grown to
be India's largest Multi-System Operator (MSO) and a leading wired
broadband service provider. SNL has been providing services in
analogue and digital mode, armed with technical capability to
provide features like Video on Demand, Pay per View, Over-The-Top
content, Electronic Programming Guide and Gaming through a Set Top
Box. All products are marketed under SITI brand name. The cable
operations of SITI Networks Limited were launched in June 1994. It
was then a 100% subsidiary of Zee Telefilms Limited (ZTL). On March
31, 2006, as per the Scheme of Arrangement approved by the High
Court in Mumbai, Zee Telefilms Limited (ZTL) was renamed as Zee
Entertainment Enterprises Limited (ZEEL) and was demerged into 4
companies, WWIL was one of them. All the TV distribution business
of ZTL, which was under SITI Networks Limited was transferred to
WWIL.

SREEREDDY PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SreeReddy
Properties Private Limited (SPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.34       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 12, 2024, placed the rating(s) of SPPL under the
'issuer non-cooperating' category as SPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 26, 2025, March 8, 2025, March 18, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Bangalore (Karnataka) based, SreeReddy Properties Private Limited
(SPPL) was incorporated in the year 2009. Its promoters are Mr.
Sirish Kumar Reddy (Managing Director) and Mrs. Jamuna Sirish
Reddy. The company is engaged in the construction and development
of residential townships, apartments, shopping malls and commercial
complexes.


STARLITE GLOBAL: ICRA Lowers Rating on INR24cr LT Loan to B+
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Starlite Global Enterprises (India) Limited (SGEIL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         24.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating Downgraded
   Cash Credit                     from [ICRA]BB-(Stable); ISSUER
                                   NOT COOPERATING and continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

Rationale

The rating is downgrade because of lack of adequate information
regarding SGEIL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Starlite Global Enterprises (India) Limited, 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.

SGEIL is classified under the Starlite Group, headed by Mr. Ram
Gopal Patwari and his sons, Mr. Sandeep, and Mr. Sanjay Patwari.
The company earns revenues from the commercial project, 3-MW solar
power plant and through selling of land/plot in the Hyderabad
region.


STYLCOVE MODULAR: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Stylcove Modulars
Private Limited's (SMPL) bank facilities as follows:

-- INR355.9 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR2,291.1 bil. Term loan due on September 30, 2034 assigned
     with IND BB+/Stable rating.

Analytical Approach

Ind-Ra has taken a fully consolidated view of SMPL and its 100%
parent PWDS Extrusions Private Limited (debt rated at 'IND
BBB-'/Stable), jointly referred to as the PWDS group, to arrive at
the ratings in view of the strong strategic linkages along with
moderate-to-strong legal and operational ties between the companies
and the common management. Ind-Ra has notched down the rating from
consolidated rating in view of SMPL's weaker credit profile and
ongoing debt-led capex.

Detailed Rationale of the Rating Action

The ratings reflect SMPL's ongoing debt-led capex which is likely
to deteriorate the consolidated credit metrics in the near term.
SMPL is a loss-making entity. The ratings however are supported by
the established brand name of Prominance backed by its experienced
promoters, which led to an improvement in PWDS's operations in FY24
with stable margins.

List of Key Rating Drivers

Weaknesses

Higher-cost NCD issuance to support group liquidity
Stabilization of operations in subsidiary along with new capex
plans

Likely deterioration in credit metrics in near term
Forex risk and counter veiling duty (CVD) impact on import

Strengths

Established brand name backed by experienced promoters
PWDS remains profitable with stable margins, despite losses in
subsidiary

SMPL likely to leverage group integration to compete effectively in
home interior market

Favorable demand outlook for unplasticized polyvinyl chloride
(uPVC) profiles and windows in India
SMPL receives strategic investments to fund operations

Detailed Description of Key Rating Drivers

Higher-cost NCD Issuance to Support Group Liquidity: The company
has raised secured, redeemable NCDs worth INR500 million from Spark
Alternative Investment Trust. The drawdown of INR300 million was
completed in March 2025, with the remaining amount being drawn in
1QFY26. The NCDs have a lock-in period of two years and a repayment
tenure of 48 months, including an 18-month moratorium for each
drawdown. The interest rate will be 14.5% per annum, serviced
monthly. This funding will used for maintaining liquidity for the
group, supporting its growth and that of its subsidiary. The
repayment of NCDs will be managed through the company's internal
accruals, as existing repayments are nominal. Though the interest
rate is on a slightly higher side, Ind-Ra expects this funding to
provide additional buffer to the liquidity of the group if
required.

Stabilization of Operations in Subsidiary along with New Capex
Plans: While the entire investment in SMPL is backed by a strategic
investor, the successful stabilization of its operations is a key
monitorable as the subsidiary has yet to break even.  SMPL is
engaged in the interior designing business and sofa manufacturing.
SMPL is expanding its capacity by establishing a new facility, at
an estimated project cost of around INR2,950 million. The financial
closure for the same has already been achieved, with the State Bank
of India ('IND AAA'/Stable) providing INR1,500 million and the Bank
of Maharashtra covering the remaining term loan exposure of INR650
million. These loans have a moratorium period of two years and
elongated repayment spread over eight years.

The company has already bought in land worth INR352 million as
their share of contribution. The rest of the funds are likely to be
bought in by the management over the years in line with project
implementation. Until SMPL generates profit, the parent or the
promoters will be infusing funds to repay the interest payment, and
the two-year moratorium will provide adequate time for the company
to generate profits. While the existing capacity has not fully
utilized, the management expects this new expansion to be needed to
capture the future increasing demand for the home interiors which
would be possible to meet its existing capacity. The management
expects the capex to be commissioned by September 2026. Although
Ind-Ra expects the repayment to be supported by the financial
strength of the group, the profitability of the subsidiary
continues to be a key rating monitorable.

Likely Deterioration in Credit Metrics in Near Term:  The
consolidated interest coverage ratio (operating EBITDA/gross
interest expense) slightly deteriorated to 4.64x in FY24 (FY23:
5.2x) owing to an increase in the interest cost to INR67.34 million
(INR42.39 million). PWDS had availed term loans of INR200 million
and increased its working capital limit, leading to an increase in
the total debt to INR1,009 million in FY24 (FY23: INR576 million).
This led to a slight increase in the net leverage (adjusted net
debt/operating EBITDAR) to 2.86x in FY24 (FY23: 1.04x). Ind-Ra
expects the credit metrics to moderate over the near term on
account of the additional debt incurred for the debt-funded capex
in SMPL and the enhancement of a working capital limit in PWDS
which is likely to be used.

Forex Risk and CVD Impact on Imports: The company does not have any
forex hedging mechanism to mitigate the price fluctuations of raw
material imports done by company which exposes the entity to forex
fluctuations to the extent of imports. While CVD if levied may
further increase the cost of raw materials, the company would be
able to pass on this cost to its customers with ease.

Established Brand Name, Backed by Experienced Promoters:  PWDS
manufactures uPVC window systems under the brand name of Prominance
at its 21,252 metric tons per annum facility in Coimbatore, Tamil
Nadu. PWDS has been able to penetrate the market and grow
exponentially over the past seven years, backed by the strength of
the promoters. PWDS provides a 20-year warranty for its uPVC
windows and doors, which as per management is backed by the 25,000
hours of testing that the company had completed before entering the
market. This gives the company a competitive edge over its peers.
Since PWDS is already engaged in supplying uPVC doors and windows
for individual houses, residential campuses, and commercial office
spaces, the management looks to expand to interior solutions under
SMPL which will be a forward integration.

K. Thangavelu, one of the promoter directors of PWDS, is also one
of the founder-directors of Agni Steels Pvt Ltd, which manufactures
thermo-mechanically treated bars, sponge iron and billets. Another
promoter director of PWDS, llangovan Thangavelu, is a director in
Zigma Global Environ Solutions P Ltd, which is engaged in the bio
mining of municipal wastes and is a leading player in the segment
in India.

PWDS Remains Profitable with Stable Margins despite Losses in
Subsidiary: On a standalone basis, PWDS continues to be the
financially stronger entity, with revenue improving to INR2,338
million in FY24 (FY23: INR2,125 million) and operating margins
expanding to 19.71% (17.17%), due to the healthy brand name PWDS
has established with its customers which is converted into new
orders. While the parent company remains healthy on a standalone
basis, SMPL has not yet reached its break-even point. SMPL reported
an EBITDA loss of INR147 million in FY24 (FY23: negative INR144
million), primarily due to the costs associated with developing
real-time dynamic studio software and the human resources deployed
towards the same.

The consolidated revenue improved to INR2,653 million in FY24
(FY23: INR2,146 million), on account of an increase in the number
of orders executed by PWDS. In FY24, PWDS increased its capacity to
13,527MT from 9,720MT in FY23, and the volume sold rose to 11,204MT
from 9,194MT. The realization per MT improved to INR214,905 for
9MFY25 (FY24: INR209,389). PWDS further increased the annual
installed capacity to 21,252MT during FY24 for INR250 million,
which was funded through INR200 million in term loans and the rest
through internal accruals. During FY25, the group earned revenue of
INR3,486 million as per provisional financials. Over 50% of PWDS's
revenue comes from the profile segment, but the management expects
future revenue to come from the baffel, soffit, and aluminum
segments. The agency anticipates revenue growth in the near term
due to the capacity enhancement and additional revenue from SMPL
starting in FY26.

The consolidated EBITDA margins rose, but remained average, to
11.77% in FY24 (FY23: 10.28%) due to a better absorption of fixed
costs, driven by the growth in the revenue and the sale of
high-margin products in PWDS. PWDS's EBITDA/MT increased to
INR41,145 in FY24 (FY23: INR39,589), justifying the margins. The
return on capital employed reduced to 12% in FY24 (FY23: 16.4%).
With a likely stabilization in the operations of SMPL in FY26 and
the continued sale of high-margin products of PWDS, Ind-Ra expects
the consolidated margins to have improved yoy in FY25 and to
improve further in FY26.

SMPL Likely to Leverage Group Integration to Compete Effectively in
Home Interior Market: The home interior segment faces intense
competition, with many unorganized players in the market. These
players often act as aggregators, connecting customers with various
service providers rather than offering direct services themselves.
SMPL can leverage the established brand name and experienced
promoters to stand out in the competitive landscape. Additionally,
since the group is fully integrated and raw materials can be
sourced from the uPVC segment, SMPL is likely to be able to provide
products at a competitive price compared to its aggregators.

Favorable Demand Outlook for uPVC Profiles and Windows in India:
While uPVC windows and door systems are already established in the
rest of the world, they are still gaining a foothold in the Indian
market. However, the awareness regarding uPVC windows/doors and
their usefulness in energy conservation have led to their increased
acceptance in the real estate sector in the country. Over the next
10-15 years, the share of uPVCs is likely to grow in both new and
replacement sales, mainly fueled by large, high-rise apartment
projects in urban cities. PWDS has a network over 600 window
fabricators, with its customers mainly being individual builders in
the real estate sector. PWDS's strategy is to penetrate into tier-2
cities, which would help it to expand its market share across
India.

SMPL Receives Strategic Investment to Fund Operations: Till March
2024, SMPL received INR1,000 million as unsecured loans from PWDS
which was raised from external strategic investors by diluting the
shareholding of the latter. During FY25, as outlined in the
sanction letter for the new loan for the capex to be done in SMPL,
INR893.2 million of these unsecured loans were converted into
compulsorily convertible preference shares, and INR100 million was
converted into equity. From these funds, INR350 million was
allocated for purchasing a land parcel to facilitate the capacity
expansion in FY24. The rest was utilized to cover operational
losses and to finance research for the development of new software
which would show interior design on a real time basis with instant
price quote.

Liquidity

Stretched: The consolidated average peak working capital limit
utilization remained above 95% over the 12 months ended April 2025.
Also, PWDS had taken a temporary adhoc limit of INR57.5 million
during December 2024 which was closed in January 2025. This was,
however, mitigated by the incremental new limits of working capital
availed by PWDS. PWDS has total sanctioned fund-based limits of
INR880 million and non-fund-based limits of INR170 million and SMPL
had a sanctioned working capital of INR350 million in FY25. Also,
the existing limits of PWDS from Union Bank of India ('IND
AAA'/Stable) are to be taken over by the State Bank of India, which
are the lead bankers of SMPL in order to monitor the operations of
PWDS, being the parent of SMPL.

The group's free cash flow deteriorated to negative INR618 million
in FY24 (FY23: negative INR509million) due to the capex of INR699
million (INR258 million). The absolute working capital increased to
INR1,046.18 million in FY24 (FY23: INR623.54million). The working
capital cycle stretched to 230 days in FY24 (FY23: 143 days), due
to an increase in the inventory period to 186 days (143 days)
because of the management's decision to get a price advantage of
any fall in the price of the uPVC resin which is the primary raw
material for uPVC door manufacturing. It had also accumulated
virgin aluminum for manufacturing  aluminum products. The creditor
days increased to 41 in FY24 (FY23: 36) and the debtor days rose to
85 (72). The group has total repayment obligations of INR67.25
million and INR234.56 million for FY26 and FY27, respectively,
which are likely to be repaid using group support. The group had
cash and bank balances of INR115.67 million at FYE24 (FYE23:
INR347.55 million).

Rating Sensitivities

Negative: Substantial decline in the scale of operations and
profitability on a consolidated basis or delays in capex completion
leading to any cost/time overrun in SMPL or substantial
deterioration in the liquidity or a weakening of the linkages with
PWDS could be negative for the ratings.

Positive: Substantial improvement in the scale of operations and
profitability on a consolidated basis, capex completion without any
cost/time overrun and ramp-up in the scale and profit in SMPL after
capex completion could be positive for the ratings.

About the Company

SMPL manufactures interior modular furniture under the brand name
HOMWORKS at its rental facility in Coimbatore. It is a wholly owned
subsidiary of PWDS.

URBAN FARMART: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Urban Farmart India Private Limited
        Flat No. 501, 5th Floor, Plot No. 13,
        Cyber Heights, Road No. 2, Banjara Hills,
        Hyderabad, Telangana, India, 500034
   
Liquidation Commencement Date: May 8, 2025

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Govada Venkata Subbarao
            Rajiv Swagruha Apartments, Flat No. 106,
            Block A - 05 Classic Diamond Towers,
            Anand Nagar, GSI Bandlaguda,
            Next to D-Mart Hyderabad, Telangana, 500068
            Email: govada.subbaraol@gmail.com
            Email: cirp.ufipl@gmail.com

Last date for
submission of claims: June 13, 2025


V.M. BAKERY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of V.M. Bakery Products Private
Limited (VMBPPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term-         2.80       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         5.40       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         2.00       [ICRA]D; 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 VMBPPL, 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 2012, VM Bakery Products Private Limited (VMBPPL)
is into the business of manufacturing of bakery products such as
biscuits (~60% of top line in FY2017), cookies (~30% of top line in
FY2017) and other bakery products like rusks and cakes. Company has
its manufacturing facility at Vijayawada, Andhra Pradesh. VMBPPL
commenced commercial operation in
April 2016 and is selling its product under the brand name "Just
Breads". Mr. C. Vinay Kumar, the managing director, has a decade
long experience in the bakery business.


VATIKA SOVEREIGN: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Sovereign Park Private Limited (VSPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      182.97      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 17, 2024, placed the rating(s) of VSPPL under the 'issuer
non-cooperating' category as VSPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VSPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
2, 2025, April 12, 2025, April 22, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

VSPPL was incorporated in 2011 for the purpose of real estate
project development. The company is a step-down subsidiary of
Vatika Limited, Group's flagship company. VSPPL is developing a
9.68 acres luxurious residential towers at a cost of INR645 crores,
part of Vatika India Next (An integrated township with area
spanning over 677 acres having residential- floors, plots,
villas, group housing, gated towns and commercial projects) in
Sector 99, Gurgaon with saleable area of 68.02 lakh square feet
(lsf). The project is a joint venture between Vatika Limited and
GIC, Singapore's sovereign wealth fund. Project is designed by
Arcop, Canada and Landscaping is designed by M. Paul Friedberg, New
York.

VEER OVERSEAS: Ind-Ra Withdraws BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Veer Overseas Limited's (VOL) bank facilities:

-- INR2.555 bil. Fund-based working capital limits* affirmed and
     withdrawn.

*Affirmed at IND BB+/Stable/IND A4+ before being withdrawn

Detailed Rationale of the Rating Action

The affirmation reflects VOL's  continued modest EBITDA margins and
modest credit metrics, and the likelihood of the same remaining at
similar levels in the near term. The ratings are supported by VOL's
experienced promoters and the large scale of operations.
Furthermore, Ind-Ra expects the scale of operations to be sustained
in the near term.

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

Detailed Description of Key Rating Drivers

Modest EBITDA Margins: VOL's EBITDA margins ranged between
4.91%-4.66% over FY21-FY24 (FY24: 4.66%; FY23: 4.45%) because of
low-value addition, high competition, and volatility in price of
raw material (paddy) and packaging material, as well as high
shipping cost. The cost of raw material accounts for 87%-88% of the
company's operating expenses, due to procurement of paddy.
Furthermore, the operating profitability remains susceptible to
volatility in raw material prices, which essentially depends on the
total agricultural output. Since the company processes basmati
rice, the fluctuations in raw material prices are largely factored
into the final output prices. The government regulations pertaining
to procurement policies also impact the raw material availability.
The return on capital employed stood at 11.7% in FY24 (FY23:
11.1%). In the rice industry, the margins are largely modest and
stable as the industry is marked by volumetric sales and there is
no significant value addition in the finished product. In 9MFY25,
VOL recorded EBITDA margin 3.74%. Ind-Ra expects the margins to
have been at similar levels in FY25 and believes it would remain
stable over the near term.

Modest Credit Metrics: In FY24, the interest coverage (operating
EBITDAR/gross interest expense) reduced marginally to 1.19x (FY23:
1.20x) due to an increase in finance cost. However, the net
leverage (adjusted net debt/operating EBITDAR) improved to 6.87x in
FY24 (FY23: 6.92x) due to an increase in the EBITDA to INR387.53
million (INR357.98 million). Ind-Ra expects the credit metrics to
have remained at similar levels in FY25, and  believes they would
be largely stable over the near term due to the absence of any
major debt-funded capex plans.

Commodity Nature of Business: The rating factors in the seasonal
nature of the business, exposure to commodity risk and the
competitive nature of the industry that VOL operates in. The rice
industry in India is characterized by intense competition, with the
presence of a large number of both organized and unorganized
players, which is attributed to low-entry barriers such as low
capital and low technical requirements of the business, and a
liberal policy regime. As a result, the profitability in the rice
processing businesses tends to be modest. However, the company's
strong connectivity to end-markets helps it mitigate the risk and
enables it to book comfortable cash profits. VOL's profitability
remains vulnerable to  the sharp volatility in paddy prices, which
are highly dependent on monsoon, demand, currency fluctuation
acreage under cultivation, and government regulations. The company
has been mitigating the currency fluctuation risk by maintaining
forward contract limits.    

Large Scale of Operations; Increase in Revenue in FY24: VOL's
revenue increased to INR8,309.95 million in FY24 (FY23: INR8,036.50
million), largely led by an increase in the prices of basmati rice.
The company caters to both domestic and exports markets. Exports
contribute 70%-75% to VOL's revenue, and domestic sales account for
the balance 25%-30%. In FY24, the capacity utilization stood at
84%. In 9MFY25, the company booked revenue of INR5,805.2 million.
India is a leading exporter of basmati rice and VOL is engaged in
the processing and export of the same. This along with increased
demand for basmati rice is likely to result in continued revenue
growth  over FY25-FY26.

VOL has a single product portfolio i.e. basmati rice. In the
domestic market, the company sells rice under different brands,
while it exports rice under private labelling. Also, in FY25, the
company started expanding to new markets in and around the Middle
East, albeit at lower margins.

Experienced Promoters: The promoters have over five decades in the
rice industry, leading to established relationships with its
customers and suppliers.

Liquidity

Stretched: VOL's average maximum utilization of the fund-based
limits was around 80.50%, including 97.47% for export packaging
credit and 64.5% for cash credit limits, during the 12 months ended
March 2025. The cash flow from operations turned negative at
INR146.66 million in FY24 (FY23: INR52.87 million) due to
unfavorable working capital changes, resulting from the increase in
scale. Ind-Ra expects the cash flow from operations to improve in
the near term, due to the likely improvement in its operating
EBITDA. In FY24, despite an increase in the payable period to 89
days (FY23: 65 days), the working capital cycle remained stretched
and deteriorated to 166 days (155 days) owing to an increase in the
inventory holding period to 227 days (200 days) The inventory
holding period was stretched due to the seasonal nature of the
product and the increase in scale of operations. The peak season
for procuring paddy is October to December; thus, VOL procures
70%-75% of its paddy requirement during this period. The remaining
25%-30% of paddy is procured in the non-peak season, depending upon
demand. Ind-Ra expects the working capital cycle to remain at
similar levels in the near term. The company's unencumbered cash
balance stood at INR17.81 million at FYE24 (FYE23: INR3.68
million).

The company does not have any significant long-term debt repayment
obligations, other than vehicle loan repayment of INR0.60 million
in FY25 and INR0.7 million in FY26. VOL does not have any capital
market exposure and relies only on banks and financial institutions
to meet its funding requirements.

About the Company

Incorporated in 1970, Haryana-based VOL is engaged in the milling
and processing of basmati rice.  VOL supplies a wide range  of
Indian basmati rice varieties to the domestic as well as overseas
markets. The company has rice milling capacity of 81,000MT per
annum and sorting and packaging capacity of 1,25,000MT per annum.

VEERTAM COMTRADE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Veertam Comtrade Private Limited

        Registered Address:
        L-14, 2nd Floor, Pramukh Vihar,
        Phase-III, Naroli Road, Silvassa,
        Dadra & Nagar Haveli – 396230

Insolvency Commencement Date: May 14, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 10, 2025

Insolvency professional: Nilesh Kothari

Interim Resolution
Professional: Nilesh Kothari
              A-703, Iskon Riverside,
              Near Shelaleikh Society, Shahibaug,
              Ahmadabad, Gujarat 380004
              Email Id: ca.nkothari@gmail.com

              -- and --

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

Last date for
submission of claims: May 28, 2025


VR KONKAN: ICRA Lowers Rating on INR815cr NCDs to D
---------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of VR
Konkan Private Limited (VRKPL), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-convertible       815.00      [ICRA]D; downgraded from
   debentures                        [ICRA]B+ (Stable)


Rationale

As per the sanctioned terms of the rated non-convertible debentures
(NCDs) of VRKPL, the interest payment was due on May 30, 2025,
subject to cash flow availability (pay-as-able basis). The proposed
mixed-use project by VRKPL is yet to be started. Therefore, cash
flows are not available, and the interest will be accrued. However,
as per ICRA's policy on default recognition, the rating has been
moved to [ICRA]D since the payment was not made on defined due
date. Further, there is no visibility on cash flows in the medium
term. The proposed project is favourably located on the Eastern
Expressway Highway, which connects Thane to the eastern suburbs and
central Mumbai. The promoter group - Virtuous Retail South Asia
(VRSA) has a track record in developing and operating retail mall
assets in India.

Key rating drivers and their description

Credit strengths

* Favourable location of proposed project: The project site is
located on the Eastern Expressway Highway, which connects Thane to
the eastern suburbs and central Mumbai. Thane has become an
upmarket residential area with good social infrastructure
facilities like recreational centres, schools and colleges within
approachable limits. The proposed area is also connected to major
locations in the city through road and railway networks, thereby
enhancing the marketability of the project post its launch.

* Experience of sponsor and management in developing and operating
retail malls in India: VRKPL is a subsidiary of Moribus Holding Pte
Limited, which in turn is 100% held by the VRSA Group. VRSA is a
23:77 joint venture (JV) between the Xander Group (through Virtuous
Retail Pte Limited) and APG Asset Management, a Dutch pension fund.
At present, the Group operates six retail malls in India with a
total leasable area of 5.6 million square feet (msf).

Credit challenges

* Delay in debt servicing due to inadequate cash flows as the
project is yet to be launched: As per the sanctioned terms of the
rated NCDs of VRKPL, the interest payment was due on May 30, 2025,
subject to cash flow availability (pay-as-able basis). The proposed
mixed-use project by VRKPL is yet to be started. Therefore, cash
flows are not available, and the interest will be
accrued. However, as per ICRA's policy on default recognition, the
rating has been moved to [ICRA]D since the payment was not made on
defined due date. Further, there is no visibility on cash flows in
the medium term.

Liquidity position: Poor

The company's liquidity position is poor, as the project is yet to
be launched and it does not have adequate cash flows to repay the
debt obligations. However, the rated NCDs have flexible terms with
interest payment subject to cash flow availability and
the interest payment is expected to be accrued.

Rating sensitivities

Positive factors – The rating can be upgraded on timely servicing
of debt obligations for a continuous period of at least 3
months.

Negative factors – NA

VRKPL was incorporated on May 23, 2019, to set up an asset in
Thane. It plans to construct a mixed-use asset including mall, flex
office, residential and service apartments. At present, the key
approvals required for construction are yet to be received and
active development of the project has been suspended since October
2022.


VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of VSG
Ventures Private Limited (VVPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 28, 2024, placed the rating(s) of VVPL under the 'issuer
non-cooperating' category as VVPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 13, 2025,
April 23, 2025 and May 3, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Delhi-based VVPL (erstwhile Yash Ceramics Private Limited Ltd, name
changed on April 25, 2013), incorporated in June 4, 1997, was
promoted by Mr Suresh Chand Garg and Mr Atul Chanana. Currently,
the company is engaged in the manufacturing of aluminium wires,
aluminium alloy wires and copper clad aluminum wires. The
manufacturing facility of the unit is located at
Bahadurgarh, Haryana. The company mainly caters to the domestic
market. The company has an associate concern "Garg Inox Limited"
also engaged in the business of manufacturing of stainless-steel
wires, bright bars, zinc wires, aluminium wires, and copper clad
aluminium wires.




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

COSY LIVING: Court to Hear Wind-Up Petition on June 13
------------------------------------------------------
A petition to wind up the operations of Cosy Living Limited will be
heard before the High Court at Auckland on June 13, 2025, at 10:45
a.m.

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

The Petitioner's solicitor is:

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


ENERGY FARMS: Court to Hear Wind-Up Petition on June 12
-------------------------------------------------------
A petition to wind up the operations of Energy Farms Limited will
be heard before the High Court at Auckland on June 12, 2025, at
10:45 a.m.

Environmental Protection Authorit filed the petition against the
company on Feb. 18, 2025.

The Petitioner's solicitor is:
          Jaesen Robert Sumner
          c/o Ford Sumner Lawyers
          Level 7, 45 Johnston Street
          Wellington Central
          Wellington 6011


INFINITY PROPERTIES: BDO Wellington Appointed as Receivers
----------------------------------------------------------
Jessica Jane Kellow and Iain Bruce Shephard of BDO Wellington on
June 5, 2025, were appointed as receivers and managers of Infinity
Properties NZ Limited, Paragon Corporation Limited and Paragon
Estate Limited.

The receivers and managers may be reached at:

          BDO Wellington Limited
          Level 1, 50 Customhouse Quay
          Wellington 6011


JI SHEN: Waterstone Insolvency Appointed as Receivers
-----------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on May 29,
2025, were appointed as receivers and managers of Ji Shen.

The receivers and managers may be reached at:

       Waterstone Insolvency
       16 Piermark Drive
       Rosedale
       Auckland 0632


OBELISK INDUSTRIAL: Khov Jones Appointed as Receivers
-----------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on June 4, 2025, were
appointed as receivers and managers of Obelisk Industrial Limited.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


SOLARZERO LIMITED: Customers Trapped With High Fees Wants Out
-------------------------------------------------------------
Newsroom reports that customers of collapsed solar power company
SolarZero said everyone is looking for a way out as they grapple
with the high cost of buying their way out of contracts, a lack of
the savings they were promised on their power bills, and the
disconnection of a free customer service line.

The country's largest solar power supplier, which was bought from
its Kiwi founders by the US investment fund BlackRock in 2022,
announced in November last year it was being put into liquidation,
Newsroom notes. All 160 staff were terminated with immediate effect
and nearly NZD40 million was left owing to employees, tradies,
suppliers and other creditors.

According to Newsroom, liquidators Grant Thornton have previously
claimed that though the company is not signing new contracts, the
terms of those held by the 15,000-plus existing customers are still
being honoured. Third-party servicing company Verofi is responsible
for servicing these contracts.

Verofi tells Newsroom there are still adequate staff servicing
SolarZero contracts, that any rise in costs are in line with these
contracts and that "90 percent of customers successfully [transfer]
the energy service when selling their home".

But a number of customers tell of their struggles with the service
they are receiving, as well as difficulties selling homes with
panels in place and quotes upwards of NZD20,000 to buy the system
outright or have it moved from one house to another, Newsroom
relays.

Newsroom relates that Conrad Spohr, who signed up to SolarZero in
June last year, said "everybody is looking for a way to get out".

Mr. Spohr lives in Paekakariki, north of Wellington, in what he
describes as a standard family house. Someone he knew locally had
signed up with the clean energy service and had connected him and
his wife with a company representative. Spohr says in hindsight, he
doesn't think the pair "dug deep enough".

Now he is "playing table tennis" with customer service, attempting
to have a technician sent out to begin the process of buying the
panels and, he hopes, terminating his contract, Newsroom relays.

                          About SolarZero

SolarZero offered customers solar power systems. SolarZero is owned
by US private equity firm BlackRock and had 160 employees across
offices in Auckland, Christchurch, and Wanaka.

Solarzero Limited, Solarzero Energy Services Limited, Solarzero
Developments Limited, Solarzero Commercial Ppas Limited, and
Solarzero Public Sector Ppas Limited commenced wind-up proceedings
on Nov. 26, 2024.

Grp III NZ Bidco Limited commenced wind-up proceedings on Nov. 27,
2024.

The company's liquidators are:

          Stephen Speers Keen
          Malcolm Russell Moore
          Grant Thornton New Zealand
          PO Box 1961, Auckland


UNITED COMMERCIAL: Baker Tilly Staples Appointed as Receivers
-------------------------------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway Auckland on June 5, 2025, were appointed as
receivers and managers of United Commercial Limited.

The receivers and managers may be reached at:

          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140




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

BRAEBURN WHISKY: KordaMentha Appointed Provisional Liquidators
--------------------------------------------------------------
Cameron Duncan and David Kim of KordaMentha have been appointed as
provisional liquidators of Braeburn Whisky Pte Ltd.

The provisional liquidators may be reached at:

          Cameron Duncan
          David Kim
          KordaMentha Pte Ltd
          50 Raffles Place
          #25-01 Singapore Land Tower
          Singapore 048623


CASK 88: KordaMentha Appointed Provisional Liquidators
------------------------------------------------------
Cameron Duncan and David Kim of KordaMentha have been appointed as
provisional liquidators of Cask 88 Trading Pte Ltd.

The provisional liquidators may be reached at:

          Cameron Duncan
          David Kim
          KordaMentha Pte Ltd
          50 Raffles Place
          #25-01 Singapore Land Tower
          Singapore 048623


F50 SINGAPORE: Creditors' Proofs of Debt Due on July 9
------------------------------------------------------
Creditors of F50 Singapore Pte. Limited are required to file their
proofs of debt by July 9, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 30, 2025.

The company's liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942

NOMURA ASIA: Creditors' Proofs of Debt Due on June 28
-----------------------------------------------------
Creditors of Nomura Asia Investment (MB) Pte. Ltd. are required to
file their proofs of debt by June 28, 2025, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Sam Kok Weng
          Lie Kok Keong
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936


SC HOSPITALITY: Court to Hear Wind-Up Petition on June 20
---------------------------------------------------------
A petition to wind up the operations of SC Hospitality Singapore
Pte. Ltd. will be heard before the High Court of Singapore on June
20, 2025, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on May 27,
2025.

The Petitioner's solicitors are:

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


UNICUZ CHINESE: Court to Hear Wind-Up Petition on June 13
---------------------------------------------------------
A petition to wind up the operations of Unicuz Chinese Cuisine Pte.
Ltd. will be heard before the High Court of Singapore on June  13,
2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 21, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098



                           *********


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.

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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
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