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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

          Wednesday, June 11, 2025, Vol. 28, No. 116

                           Headlines



A U S T R A L I A

AFG 2025-1P: S&P Assigns B (sf) Rating to Class F Notes
BBY LIMITED: Ex-CEO Charged With Aiding Dishonest Conduct
GFG ALLIANCE: Placed Whyalla Port Company Into Administration
LINK MINING: First Creditors' Meeting Set for June 13
MARGARET RIVER: First Creditors' Meeting Set for June 13

ONESTEEL: SA Rules Out Taking Equity Stake in Whyalla Steelworks
REDBAR EXCAVATIONS: First Creditors' Meeting Set for June 17
REDZED TRUST 2025-2: Fitch Assigns B+sf Final Rating to Cl. F Notes
SANTHOSHI ENTERPRISES: First Creditors' Meeting Set for June 17
TOYS R US: First Creditors' Meeting Set for June 17

TRITON TRUST 2018-1: Fitch Affirms 'BB-sf' Rating on Class E Notes


C H I N A

CHINA EVERGRANDE: Hong Kong Court Orders Wind Up of Unit
COUNTRY GARDEN: May Sales Drop 28% With No Revival in Sight


I N D I A

AVADH MERCHANTS: Insolvency Resolution Process Case Summary
BHARAT SHEET: CARE Lowers Rating on INR5.77cr LT Loan to B-
BIPIN KUMAR: ICRA Keeps B+/A4 Keeps Ratings in Not Cooperating
BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category
BYJU'S: Cofounder Wants GLAS Trust Removed from Creditors Committee

CABS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
DEEPAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating
EMCO ELECTRODYNE: CARE Keeps B- Debt Rating in Not Cooperating
EXCEL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
EXCEL GENERATORS: CARE Keeps B- Debt Rating in Not Cooperating

FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating
GAV AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
HINDUSTAN FIBRE: ICRA Withdraws B+ Rating on INR3.99cr Term Loan
J. B. ROLLING: CARE Lowers Rating on INR47.66cr LT Loan to B+
J.I. ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating

KAUSHALYA SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating
KOHINOOR INDIA: CARE Lowers Rating on INR10cr LT Loan to B-
KUNAL FOUNDER: CARE Keeps B- Debt Rating in Not Cooperating
LAKSHYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
MAHALAXMI AGRO: CARE Keeps D Debt Rating in Not Cooperating

PASHUPATI DAIRIES : Insolvency Resolution Process Case Summary
POPULAR SCOOTERS: CARE Keeps B Debt Rating in Not Cooperating
PRABHU DAYAL: CARE Keeps D Debt Rating in Not Cooperating
PURVA METAL: ICRA Withdraws B+ Rating on INR28cr LT Loan
RURAL FAIRPRICE: ICRA Keeps D Debt Rating in Not Cooperating

S. K. HATCHERIES: CARE Keeps D Debt Rating in Not Cooperating
SMT. BHARTO: CARE Keeps B- Debt Rating in Not Cooperating
SPICEJET LTD: NCLT Asks Lessors to File Valid Power of Attorney
STAR FACILITIES: Insolvency Resolution Process Case Summary
SUSEE TRUCKS: ICRA Keeps B Debt Rating in Not Cooperating

TELEECRE NETWORK: CARE Keeps C Debt Rating in Not Cooperating
TULIP TELECOM: ICRA Keeps D Debt Rating in Not Cooperating
WORLDS WINDOW: Insolvency Resolution Process Case Summary


J A P A N

UNIVERSAL ENTERTAINMENT: S&P Affirms 'B' LT ICR, Outlook Now Neg.


N E W   Z E A L A N D

KAPITI COAST: Court to Hear Wind-Up Petition on June 17
MEAT MERCHANT: Geoff Falloon Appointed as Administrator
MEDICINE INFORMATION: Court to Hear Wind-Up Petition on June 17
MILKYLOVE LIMITED: Court to Hear Wind-Up Petition on June 19
ORGANIC SOLUTIONS: Goes Into Voluntary Liquidation

VANZ MOTOR: Blacklock Rose Appointed as Receivers


P A K I S T A N

PAKISTAN: Economy Grew 2.7% in FY 2025, Survey Shows


S I N G A P O R E

BEOW HOCK: Court Enters Wind-Up Order
FULFILL MOTORING: Court Enters Wind-Up Order
MEATERY LLP: Court Enters Wind-Up Order
NAT AIRE: Court Enters Wind-Up Order
SMART BERRIIS: Creditors' Meeting Set for June 19


                           - - - - -


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

AFG 2025-1P: S&P Assigns B (sf) Rating to Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Perpetual Corporate Trust Ltd. as trustee for AFG 2025-1P
Trust in respect of Series 2025-1P.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio and we believe the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated notes comprises note subordination and lenders'
mortgage insurance on 10.34% of the portfolio."

The various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 1.0% of the aggregate
outstanding amount of the notes, subject to a floor of A$500,000,
and the principal draw function are sufficient to ensure timely
payment of interest.

An extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date is available to meet
extraordinary expenses. The reserve is to be topped up from excess
spread, if any, to the extent it has been drawn.

S&P has assessed the counterparty exposure to Australia and New
Zealand Banking Group Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the bank account
and liquidity facility include downgrade language consistent with
S&P Global Ratings' counterparty criteria.

  Ratings Assigned

  AFG 2025-1P Trust in respect of Series 2025-1P

  Class A1-S, A$180,000,000: AAA (sf)
  Class A1-L, A$280,000,000: AAA (sf)
  Class A2, A$16,450,000: AAA (sf)
  Class B, A$9,550,000: AA (sf)
  Class C, A$7,500,000: A (sf)
  Class D, A$2,000,000: BBB (sf)
  Class E, A$2,250,000: BB (sf)
  Class F, A$750,000: B (sf)
  Class G, A$1,500,000: Not rated


BBY LIMITED: Ex-CEO Charged With Aiding Dishonest Conduct
---------------------------------------------------------
The former Chief Executive Officer of stockbroking firm BBY Limited
(BBY), Arunesh Narain Maharaj, appeared on June 10 in the Downing
Centre Local Court charged with aiding, abetting, counselling or
procuring BBY's dishonest conduct.

Mr. Maharaj is charged with one offence contrary to sections
1041G(1) and 1311 of the Corporations Act 2001 (Cth) and section
11.2(1) of the Criminal Code (Cth).

ASIC alleges that between about June 10, 2014 and about Dec. 16,
2014, Mr. Maharaj aided, abetted, counselled or procured BBY in the
course of carrying on a financial services business, to engage in
dishonest conduct in communications with ASX Ltd and its
subsidiaries, in relation to a AUD192 million acquisition of shares
in Aquila Resources Ltd on behalf of a client.

The matter was adjourned for further mention on Aug. 5, 2025.

This matter is being prosecuted by the Office of the Director of
Public Prosecutions (Cth) (CDPP) following a referral from ASIC.

The offence carries a maximum penalty of 10 years' imprisonment, or
a fine of 4,500 penalty units (AUD765,000) or three times the total
value of benefits obtained (or both). The maximum period of
imprisonment has subsequently been increased.

Mr. Maharaj is the subject of two existing charges arising out of
ASIC's investigation into BBY for aiding, abetting, counselling or
procuring the dishonest obtaining of a financial advantage for BBY
from St George Bank.

BBY was a former stockbroking and financial services business. It
was placed into voluntary administration on May 17, 2015 and
liquidation on June 22, 2015.

ASIC suspended BBY's AFS licence in May 2015. That suspension
remained in place until its licence was cancelled in June 2021.

ASIC's investigation into BBY is ongoing.


GFG ALLIANCE: Placed Whyalla Port Company Into Administration
-------------------------------------------------------------
ABC News reports that GFG Alliance has placed its subsidiary
company which formerly operated the Whyalla port into
administration, after the state government intervened in an
ownership dispute over the facility.

The ABC relates that the company, Whyalla Ports Pty Ltd, was
embroiled in a Federal Court case launched by Whyalla steelworks
administrators KordaMentha, which wants control of the port so it
can sell the steelworks as an integrated asset.

According to the ABC, the state government recently intervened by
introducing law changes to "clarify" that the port is owned by
OneSteel Manufacturing - the GFG subsidiary that operated the
steelworks before being tipped into administration - rather than
Whyalla Ports Pty Ltd.

In a statement released on June 7, a GFG Alliance spokesperson said
the law change left it with "no option but to place Whyalla Ports
Pty Ltd into voluntary administration".

The spokesperson added that the company was "confident" the Federal
Court case would have been decided in its favour "had the
Australian legal system been allowed to determine the matter in the
usual way," the ABC relays.

"Whyalla Ports revenue has been severely impacted by the actions of
the South Australian Government," the spokesperson said.

"Whyalla Ports Pty Ltd is unable to engage in any commercial
activity after the termination of its lease and the seizure of
assets by the South Australian Government at the request of the
Administrators.

"These actions have resulted in a complete stop in all revenue
streams and therefore no ability to pay creditors."

The ABC says KordaMentha has continued to operate the port
throughout the ownership dispute, while the state government said
GFG's decision has no impact on the facility's operation.

"The port continues to operate as usual," a state government
spokesperson said, notes the report. "The voluntary administration
of any GFG operation is a matter for GFG."

According to the ABC, GFG claims that the administrators of the
steelworks have "continued to use Whyalla Ports Pty infrastructure
on land leased by Whyalla Ports without effecting payment for use
of the land or infrastructure worth millions of dollars".

But the state government claims that ministerial consent was
required to lease the port and "this consent was neither sought nor
granted".

"The Government had complete confidence in the legal action
undertaken by KordaMentha, however the legislative changes clarify
the consequence of failure to gain consent and will ensure similar
action will not be necessary in future," the government
spokesperson said, according to ABC News.

The ABC says KordaMentha sought to withdraw its legal claim against
Whyalla Ports at a Federal Court hearing on June 10, saying the
government's law changes had achieved what they were seeking.

But the court also heard a cross-claim by the defendant, Whyalla
Ports, would continue, with their lawyers telling the court there
is still a dispute over the ownership of some assets.

The matter is expected to go to trial in August, the ABC notes.

The ABC adds that GFG said on June 7 that its decision to appoint
administrators for Whyalla Ports will have "no operational impact
on the rest of GFG Alliance".

GFG Alliance Australia owns and operates manufacturing companies
InfraBuild; Primary Steel and Mining in South Australia and New
South Wales; and LIBERTY Bell Bay in Tasmania.


LINK MINING: First Creditors' Meeting Set for June 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Link Mining
Services Pty Ltd will be held on June 13, 2025 at 11:00 a.m. at the
offices of SV Partners, 22 Market Street, in Brisbane, QLD, and via
videoconference only.

David Michael Stimpson of SV Partners was appointed as
administrator of the company on June 5, 2025.


MARGARET RIVER: First Creditors' Meeting Set for June 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The Margaret
River Dairy Company Pty Ltd, The Cheeky Cow (WA) Pty Ltd and
Mundella Foods Pty Ltd will be held on June 13, 2025 at 10:00 a.m.
via videoconference only.

Andrew Quinn, Shaun Fernando and Mathieu Tribut of Mackay Goodwin
were appointed as administrators of the company on June 3, 2025.


ONESTEEL: SA Rules Out Taking Equity Stake in Whyalla Steelworks
----------------------------------------------------------------
The Australian Financial Review reports that the South Australian
government has ruled out taking an equity stake in the stricken
Whyalla steelworks after setting aside AUD384 million of provisions
in the state budget in 2025-26 because of a longer-than-expected
sale process.

According to the Financial Review, Treasurer Stephen Mullighan said
the provisions were a safeguard as the complex administration and
sale process undertaken by KordaMentha played out, warning it could
take until the end of calendar 2025 for a new buyer to be found.

The Financial Review relates that Mr. Mullighan said the SA
government would not be taking an equity stake in a new ownership
structure.

"That's not what we're planning for. We don't want that to be the
solution here."

The Financial Review says the provision of AUD384 million for
2025-26 in the state budget handed down on June 5 is for paying the
administrators and stabilising the steelworks. Half of that sum
will eventually be covered by the federal government. A AUD2.4
billion rescue package for the steelworks was announced by Prime
Minister Anthony Albanese and Premier Peter Malinauskas on February
20.

Mr. Mullighan's surplus for 2024-25 ended up being a narrow AUD18
million compared with a forecast made a year ago of AUD248 million,
largely because of the unexpected need for a AUD205 million
injection into the Whyalla steelworks in the 12 months ended June
30, 2025.

He is forecasting a surplus of AUD179 million for 2025-26, but
overall debt levels are rising sharply as the state funds the
AUD15.4 billion North-South Motorway freeway and tunnels project on
the busy South Road in Adelaide and a new women's and children's
hospital in the early stages of construction, the Financial Review
relays.

Net debt is projected to jump by 54 per cent from AUD31.3 billion
in 2024-25 to AUD48.5 billion in 2028-29.

According to the Financial Review, ratings agency Standard & Poor's
said it was carefully monitoring the rising debt. "New spending
could nudge South Australia closer to the downside threshold for
our rating on the state," said S&P analyst Martin Foo.

Big ticket items in the budget included a AUD1.7 billion boost in
health spending over five years, and AUD172 million over the next
six years on increasing the number of police officers by 326, to an
overall 5000, and a rescue package for the Whyalla steelworks.

Mr. Foo said S&P could lower its rating on South Australia if its
overall cash deficits exceed 10 per cent of total revenue on a
sustained basis.

"The buffer in the rating will shrink if, like some other domestic
counterparts, SA loosens its fiscal controls in the lead-up to the
next state election, scheduled for March 2026."

According to the Financial Review, Mr. Mullighan said he was
conscious of the uncertainty in the global economy, but the state
had the capacity to service the debt. "We're taking on the debt to
invest in infrastructure. We can afford to service the debt
costs."

Ratings agencies have been critical of state governments loading up
on debt at a time when the federal government under Albanese has
been warned against rising debt levels and profligate spending.

The Malinauskas government faces the next state election in March
2026, but has a commanding majority in the lower house, holding 29
of the 47 seats, with the Liberal Party led by Vincent Tarzia
regarded as rank outsiders.

The government forced the steelworks, owned by British
industrialist Sanjeev Gupta for seven years, into administration in
mid-February after losing patience from months of unpaid bills and
consistent delays by Gupta on an upgrade.

The Financial Review relates that Mr. Mullighan said potential
buyers with deep pockets and steel industry expertise including
BlueScope, Posco and Nippon Steel had expressed early interest.
"They've got the capability and the capacity."

The administration and sale process was likely to take longer than
expected because when KordaMentha took over the steelworks it was
in a state of disrepair and "badly run down".

The provisions in the budget were sensible because of the
uncertainty about the length of the sale process. "If it's seven,
eight or nine months, we've budgeted prudently, and we've got the
capacity without forcing the budget into deficit."

The Financial Review adds that Mr. Mullighan said he did not expect
the Whyalla sale process to be put under further pressure from the
increase in steel and aluminium import tariffs announced by US
President Donald Trump last week, which jumped from 25 per cent to
50 per cent.

"We don't think it will have an impact. We still remain confident
that we're going to successfully transition this into the hands of
a new buyer."

                   About OneSteel Manufacturing

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

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

The appointment was made by the South Australian Government.


REDBAR EXCAVATIONS: First Creditors' Meeting Set for June 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Redbar
Excavations Pty. Ltd. will be held on June 17, 2025 at 10:00 a.m.
via Microsoft Teams Videoconferencing Facility.

Richard Lawrence of Mackay Goodwin Pty Ltd was appointed as
administrator of the company on June 4, 2025.


REDZED TRUST 2025-2: Fitch Assigns B+sf Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust Series
2025-2's mortgage-backed pass-through floating-rate notes. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited. The notes were issued by Perpetual Trustee
Company Limited in its capacity as trustee of RedZed 2025-2. This
is a separate and distinct series created under a master trust
deed.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
RedZed Trust
Series 2025-2

   A-1-L AU3FN0098646   LT AAAsf New Rating   AAA(EXP)sf
   A-1-S AU3FN0098638   LT AAAsf New Rating   AAA(EXP)sf
   A-2 AU3FN0098653     LT AAAsf New Rating   AAA(EXP)sf
   B AU3FN0098661       LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0098679       LT Asf   New Rating   A(EXP)sf
   D AU3FN0098687       LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0098695       LT BBsf  New Rating   BB(EXP)sf
   F AU3FN0098703       LT B+sf  New Rating   B+(EXP)sf
   G1                   LT NRsf  New Rating   NR(EXP)sf
   G2                   LT NRsf  New Rating   NR(EXP)sf

Transaction Summary

The collateral pool totaled AUD700 million, up from AUD500 million
at the time of the expected ratings. The closing pool consisted of
892 obligors, with a weighted-average (WA) current loan/value ratio
(LVR) of 66.8% and a WA indexed current LVR of 66.6% as of the 30
April 2025 cut-off date.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency
(WAFF) of 19.0% is driven by the WA unindexed current LVR of 66.7%,
low-documentation loans making up 88.9% of the pool, self-employed
borrowers accounting for 94.1% and, under Fitch's methodology,
non-conforming and investment loans forming 15.5% and 44.6% of the
pool respectively.

The 'AAAsf' WA recovery rate (WARR) of 51.6% is driven by the
portfolio's WA indexed scheduled LVR of 68.1%. The 'AAAsf'
portfolio loss of 9.2% is higher than RedZed Trust Series 2024-3's
loss of 8.6%, due primarily to a decrease in the WARR. The class
A-1-S, A-1-L, A-2, B, C, D, E and F notes benefit from credit
enhancement of 20.00%, 20.00%, 12.10%, 6.90%, 4.70%, 2.60%, 1.55%
and 0.45%, respectively.

Limited Liquidity Risk: Structural features include a liquidity
facility sized at 1.5% of the class A-1-S to F invested balance,
with a floor of AUD1,050,000. This is sufficient to mitigate
Fitch's payment interruption risk. Other structural features
include a retention amount that redirects excess available income
to repay note principal in reverse sequential order (excluding G1
and G2 notes), with a limit of AUD500,000 and a post-call
amortisation amount that redirects after-tax excess income to repay
note principal through the principal priority of payments
waterfall.

Low Operational and Servicing Risk: RedZed, established in 2006, is
an experienced specialist lender for self-employed borrowers. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with market standards.

Tight Labour Market Supports Outlook: 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 March
2025. Fitch forecasts GDP growth of 1.7% in 2025 and 1.9% in 2026,
with unemployment at 4.3% and 4.2%, respectively.

RATING SENSITIVITIES

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

Downgrade Sensitivities

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing delinquencies
and defaults, which 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.

Note: A-1-S / A-1-L / A-2 / B / C / D / E / F

Ratings: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB-sf / B+sf

Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / BB-sf / Bsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf / B+sf

Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf / B+sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / Bsf

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

Upgrade Sensitivities

An upgrade could result from macroeconomic 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.

The class A ratings are at the highest level on Fitch's scale and
cannot be upgraded. Prepayments to the loans with the largest
obligor exposure, which result in the notes passing Fitch's
concentration test, could lead to positive rating action for the
notes, all else being equal.

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBBsf / BB+sf / B+sf

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

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

DATA ADEQUACY

Prior to transaction closing, 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.

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.

SANTHOSHI ENTERPRISES: First Creditors' Meeting Set for June 17
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Santhoshi
Enterprises Pty td will be held on June 17, 2025 at 11:00 a.m. via
Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on June 4, 2025.


TOYS R US: First Creditors' Meeting Set for June 17
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - TOYS"R"US ANZ LIMITED (trading as 'Artbrands Australia',
       'Melbourne Handcraft Supplies', 'ONLINEARTANDCRAFTSTORE',
       'Riot Art & Craft', 'Riot Creativity', 'Riot IP', 'Riot
       Wholesale' and 'Toy & Hobby Australia');

     - TOYS R US Licensee Pty Ltd (trading as 'BABIES 'R' US',
       'TOYS "R " US' and 'TOYS 'R' US');

     - Hobby Warehouse Pty Ltd; and

     - Mittoni Pty Ltd.

will be held on June 17, 2025 at 12:00 p.m. at BDO Tower 4, Level
18, 727 Collins Street, in Melbourne, Victoria, and via
videoconference only.

Luke Francis Andrews and Duncan Edward Clubb of BDO were appointed
as administrators of the company on June 4, 2025.


TRITON TRUST 2018-1: Fitch Affirms 'BB-sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has affirmed five note classes from Triton Trust No.9
NTX Warehouse Series 2018-1. The warehouse transaction is backed by
a pool of first-ranking Australian full- and low-documentation
conforming mortgage loans originated by Columbus Capital Pty
Limited. The notes were issued by Perpetual Corporate Trust Limited
as trustee for Triton Trust No.9 NTX Warehouse Series 2018-1.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
Triton Trust No.9
NTX Warehouse
Series 2018-1

   A                LT AAsf   Affirmed   AAsf
   B                LT Asf    Affirmed   Asf
   C                LT BBB+sf Affirmed   BBB+sf
   D                LT B+sf   Affirmed   BB+sf
   E                LT BB-sf  Affirmed   BB-sf

KEY RATING DRIVERS

Portfolio Parameters Drive Losses: The transaction has an
availability period; therefore, Fitch's analysis is based on a
proxy pool further stressed by Fitch. The stress levels were
defined based on originator and historical data and Fitch's
forward-looking view. Stresses were applied to several portfolio
characteristics to reflect the historical portfolio composition and
Fitch's expected future portfolio composition of the pool.

The portfolio's 'AAAsf' WA foreclosure frequency of 13.2% is driven
by the stressed WA unindexed loan/value ratio (LVR) of 67.9%,
stressed investment loans (comprising investment loans and
self-managed superannuation funds loans) of 75.0% and
Fitch-adjusted 30+ day arrears of 0.8%. The 'AAAsf' WA recovery
rate of 51.2% is driven by the stressed portfolio's WA indexed
scheduled LVR of 71.4%.

Limited Liquidity Risk: Full cash flow analysis was performed for
the trust using the documented note limits and minimum credit
enhancement (CE). The class A, B, C, D and E notes have documented
minimum CE of 6.5%, 4.0%, 2.5%, 1.45% and 0.95%, respectively,
during the availability period. The transaction employs a
sequential structure after the availability period, with no pro
rata pay down permitted. The transaction also benefits from a
liquidity reserve sized at 1.4% of the outstanding note balance,
subject to a documented floor of AUD375,000. The rated notes pass
all relevant stresses applied in the cash-flow analysis.

Payment of the class A subordinated interest and the class B, C, D
and E residual interest is excluded from its rating analysis. The
class A subordinated interest ranks below losses if an amortisation
event is subsisting, while the class B, C, D and E residual
interest ranks below losses when the outstanding asset balance is
below AUD16.5 million. Non-payment of subordinated or residual
interest will not lead to an event of default, as outlined in the
transaction documentation.

Operational and Servicing Risk: Columbus Capital is a non-bank
financial institution that started lending in 2006. It specialises
in Australian residential mortgage lending and third-party loan
servicing. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards and that there were no material changes that may
affect Columbus Capital's ongoing ability to undertake origination,
administration and collection activities.

The serviceability assessment for Columbus Capital's Easy Refi
products differs from standard market practice. Fitch believes this
may affect credit risk and has applied a loan level adjustment of
1.2x, which increased foreclosure frequency for 15% of the proxy
pool. Fitch may amend the adjustment if information received over
time indicates that the effect may be higher or lower than
assumed.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market. GDP growth was 1.3% in 2024 and unemployment was 4.1% in
April 2025. Fitch forecasts GDP growth at 1.7% in 2025 and 1.9% in
2026, with unemployment at 4.3% and 4.2%, respectively.

RATING SENSITIVITIES

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

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

Downgrade Sensitivity

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.

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

Triton Trust No. 9 NTX Warehouse Series 2018-1

Notes: Class A/B/C/D/E

Current Rating: AAsf/Asf/BBB+sf/BB+sf/BB-sf

Increase defaults by 15%: AA-sf/Asf/BBB+sf/BB+sf/BB-sf

Increase defaults by 30%: A+sf/A-sf/BBBsf/BB+sf/BB-sf

Reduce recoveries by 15%: AA-sf/Asf/BBBsf/BB+sf/BB-sf

Reduce recoveries by 30%: AAsf/BBB+sf/BBB-sf/BBsf/B+sf

Increase defaults by 15% and reduce recoveries by 15%:
A+sf/A-sf/BBB-sf/BB+sf/B+sf

Increase defaults by 30% and reduce defaults by 30%:
A-sf/BBBsf/BBsf/BB-sf/Bsf

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

An upgrade could result from macroeconomic 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 sensitivity

Triton Trust No. 9 NTX Warehouse Series 2018-1 Notes:

Class A/B/C/D/E

Current Rating: AAsf/Asf/BBB+sf/BB+sf/BB-sf

The ratings on the class A to E notes under the scenario of a 15%
reduction in defaults and 15% increase in recoveries are capped by
the revolving period concentration test at 'AAsf', 'Asf', 'BBB+sf',
'BB+sf' and 'BB-sf' respectively. A reduction in the portfolio
parameter for average outstanding amount of all loans or a
reduction in the levels of LMI independent portfolio losses at the
relevant rating level, which would result in the notes passing
Fitch's concentration test, could lead to positive rating action
for the notes, all else being equal.

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 has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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

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

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

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.



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

CHINA EVERGRANDE: Hong Kong Court Orders Wind Up of Unit
--------------------------------------------------------
TipRanks.com reports that China Evergrande Group announced the
appointment of joint and several liquidators to its subsidiary, CEG
Holdings, following a winding-up order by the Hong Kong Court. This
development is part of the ongoing liquidation process of the
company, which has led to the continued suspension of trading in
its shares since January 2024, TipRanks.com relates. Stakeholders
are advised to exercise caution, and those with relevant
information are encouraged to assist in the investigation and asset
realization efforts.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group. Edward Middleton and Tiffany Wong of
Alvarez & Marsal were appointed as the liquidators.

COUNTRY GARDEN: May Sales Drop 28% With No Revival in Sight
-----------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co.'s sales
slide intensified in May, with the developer faring worse than the
broader China housing sector.

The Foshan-based company, once China's largest property firm,
reported monthly sales that dropped 28% from a year earlier to
about CNY3.1 billion (US$431 million), notes Bloomberg calculations
based on filings from June 6.

Bloomberg says the decline was from an already low base, and was
much steeper than the 8.6% drop in new home sales posted by the
country's top 100 developers.

Falling consumer prices in China are eroding corporate profits and
employee income, leading to suppressed demand for home purchases,
just as the effects of a stimulus blitz last September start to
wear off, according to Bloomberg. Buyers remain concerned about
developers' ability to finish projects on time, leading new-home
sales to drop since March after a brief period of stabilizing.

Country Garden has been counting on a turnaround in sales as the
33-year-old developer continues lengthy restructuring talks more
than a year after defaulting on its debt, Bloomberg states. Yet its
efforts to win backing for a US$14.1 billion offshore restructuring
are running into resistance after a key group of banks said failure
to accept some of their demands would be a "deal breaker",
according to a court hearing last month.

According to Bloomberg, the builder needs support from
three-quarters of debt holders in two individual groups – bank
lenders and bondholders. It has said that it has backing from
holders of 70 per cent of bonds, but even if it gets more from that
class, it still needs bank creditors to get on board to pass the
plan through a "scheme of arrangement" procedure. It has been given
a few months' reprieve from its liquidation petition hearing, with
the next one set for Aug 11.

The builder said it has seen stabilisation signs in a number of
cities, according to a statement citing a May management meeting.
But analysts remain concerned.

Country Garden's contracted sales could face "a protracted
contraction on waning buyer sentiment in China's low-tier cities,"
Bloomberg Intelligence analysts Kristy Hung and Monica Si wrote in
a May report.

                   About Country Garden Holdings

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.



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

AVADH MERCHANTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
DEBTOR: AVADH MERCHANTS PRIVATE LIMITED
        VISHWAKARMA BUILDING,
        86C TOPSIA ROAD(SOUTH),
        KOLKATA, West Bengal, India, 700046

Insolvency Commencement Date: April 29, 2025

Estimated date of closure of
insolvency resolution process: October 26, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Bishwanath Choudhary
              Flat No. 8F, Block 7, Prasad Exotica
              71/3, Canal Circular Road,
              Kolkata, West Bengal, 700054
              Email: Choudhary bishwanath@rediffmail.com

              - and -

              104, S. P. Mukherjee Road,
              Sagar Trade Cube, 2nd Floor, Kolkata - 700026
              Email: cirp.avadhmerchants@gmail.com

Last date for
submission of claims: May 13, 2025



BHARAT SHEET: CARE Lowers Rating on INR5.77cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bharat Sheet Grah Private Limited (BSGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.77       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING and Downgraded from
                                   CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 3, 2024, placed the rating(s) of BSGPL under the 'issuer
non-cooperating' category as BSGPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BSGPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
19, 2025, April 29, 2025 and May 9, 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 assigned to the bank facilities of BSGPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Bharat Sheet Grah Private Limited (BSGPL) (CIN
No.U15139UP2008PTC034537) was incorporated in January, 2008 and
started its commercial operations in March, 2013. The company is
currently managed by Mr. Kaushlendra Kumar Gupta & Mr. Arvind Kumar
Gupta. BSGPL is engaged in renting of its cold storage facility for
potatoes to the local farmers in Sirsaganj, Uttar Pradesh. The
company has two group associates namely; "Sai Sheet Grah";
(established in 2000) engaged in renting of its cold storage
facility and "Sai Rice Mill"; engaged in rice milling.


BIPIN KUMAR: ICRA Keeps B+/A4 Keeps Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Bipin Kumar Agrawal (BKA) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Long Term-          1.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          4.50       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based-                Rating Continues to remain
   Others                         under issuer not cooperating
                                  Category

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

Established in 1987 as a proprietorship firm, BKA is involved in
construction business in Odisha. It has an established track record
of executing Government contracts for construction and maintenance
of roads and bridges. The firm has also been executing contracts
floated by the East Coast Railway for earthwork, civil construction
etc. over the last few years.


BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of BTS Knitss
Process Private Limited (BKPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           0.05       CARE A4; ISSUER NOT
   Bank 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 28, 2024, placed the rating(s) of BKPPL under the 'issuer
non-cooperating' category as BKPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BKPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
13, 2025, April 23, 2025, 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: Stable

Tamilnadu based, B T S Knitss Process Private Limited (BKPPL) was
incorporated on August 24, 2005 and is promoted by Mr. P. Shiva
Kumar (Managing Director) along with his family members as
directors of the company. The company is engaged in dying of
various kinds of fabric at its manufacturing unit located at
Tirupur, Coimbatore District, Tamilnadu. Customers and suppliers of
BKPPL are located in and around Tirupur, Tamilnadu.


BYJU'S: Cofounder Wants GLAS Trust Removed from Creditors Committee
-------------------------------------------------------------------
The Economic Times reports that Riju Ravindran, cofounder and
former promoter of Think and Learn, which owns debt-ridden edtech
firm Byju's, has moved insolvency tribunal NCLT for removal of GLAS
Trust as the financial creditor and from its Committee of
Creditors.

In his petition, Ravindran has alleged that GLAS Trust has
"fraudulently represented itself to be a financial creditor" and
has requested the National Company Law Tribunal to direct it to
"prove its authority to represent the creditors before it," ET
relates.

GLAS Trust, which is representing Byju's US-based creditor, has the
authority to represent merely 17.38% of the voting rights of the
consortium of term loan providers, he submitted.

According to ET, Ravindran said GLAS can take actions on behalf of
lenders only if the action is authorised by lenders holding more
than 50% of the term loan.

GLAS Trust Company LLC, a US-based firm, is the trustee for lenders
to which Byju's owes $1.2 billion.

He has requested NCLT to "direct removal of GLAS Trust Company LLC
from CoC of Think and Learn forthwith and to, consequently, set
aside and declare all decisions taken by the CoC . . . with GLAS
Trust Company LLC, as a member, as nullity."

As an interim measure, Ravindran has also directed NCLT to "stay
CIRP of Think and Learn, till the time GLAS proves it has the
requisite authority of the qualified lenders under the Credit and
Guaranty Agreement dated 24.11.2021 for taking any action under the
said agreement."

According to ET, Ravindran has filed this application in the main
petition filed by the cricket body BCCI, on whose plea Corporate
Insolvency Resolution Process (CIRP) was initiated against the
edtech firm.

He further alleged that GLAS has "fraudulently represented" itself
to be a financial creditor before NCLT and obtained several orders
based on it.

"This fundamental fraud has been perpetrated upon this tribunal by
GLAS by illegally claiming that it has the authority to represent
lenders under the Credit and Guaranty Agreement dated 24.11.2021
without possessing the requisite mandate from 51% of qualified
lenders," it said.

                           About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, the National Company Law Tribunal (NCLT) on July 16 ordered
insolvency proceedings against the company after a complaint by the
Board of Control for Cricket in India (BCCI) for not paying US$19
million in dues. Pankaj Srivastava was appointed as the interim
resolution professional.

Reuters said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.

However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.

CABS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cabs India
Tours and Travels Private Limited (CITTPL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.76       CARE B-; Stable; 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 April 17, 2024, placed the rating(s) of CITTPL under the
'issuer non-cooperating' category as CITTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CITTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
3, 2025, March 13, 2025, March 23, 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

Bengaluru (Karnataka) based Cabs India Tours and Travels Private
Limited (CITTPL) was incorporated as a Private Limited Company by
Mr. M.R. Balasubramanya in 2004. The company is engaged in the
business of providing cab rental services majorly to corporates as
well as hotels and individuals. The company has well reputed
customer base like Cognizant, Asea Brown Boveri (ABB), TATA,
Genpact, Thomas Cook, etc. It owns a fleet of 82 cars which consist
of major brands like Toyota, Mercedes, Audi, Honda, BMW, Jaguar,
etc along with 120 personal chauffers.


DEEPAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deepak Agro
Private Limited (DAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE B-; Stable; 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 30, 2024, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2025,
April 25, 2025, May 5, 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

Uttar Pradesh based Deepak Agro Private Limited (DAPL) is a company
which commenced its operations in March 1994 and is currently being
managed by Mr. Mahesh Chandra Agnihotri and Mr. Deepak Agnihotri.
DAPL is engaged in processing rice and its by-products by
processing paddy, in its processing unit located in Village
Mainpuri, with capacity of manufacturing 20000 quintals of rice
monthly. DAPL procures paddy from local grain markets through open
market and farmers situated locally. It sells its product in
domestic market in nearby regions namely Kanpur, Delhi, Agra,
Lucknow etc. It exports basmati rice in countries like Japan,
Nepal, Bhutan etc. through an exporter based in Gujarat.


EMCO ELECTRODYNE: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of EMCO
Electrodyne Private Limited (EEPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; 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 June 3, 2024, placed the rating(s) of EEPL under the 'issuer
non-cooperating' category as EEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 19, 2025,
April 29, 2025, May 9, 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 assigned to the bank facilities of EEPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

The entity was incorporated as a private limited company by the
name of Emco Danubius Alternators India Private Limited in April
1994. However, in June 1995, the company was renamed to Emco
Electrodyne Private Limited (EEPL) and is currently being managed
by Mr. Piara Singh Matharoo, Mrs. Surinder Matharoo, Mr. J.S.
Matharoo. The company is engaged in the manufacturing of motor
coils, roebel stator bars, wound stator capsules, cast iron stator
frame, generator, three phase induction motor and
repairing/rewinding & overhauling of generators and motors at its
manufacturing facility located in Mohali, Punjab. Besides EEPL, the
directors are also engaged in managing another group concerns
namely Emco Switch Gears Private Limited and Emco Dynamics India.


EXCEL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Excel Foods Private Limited (EFPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

As part of its process and in accordance with its rating agreement
with EFPL, 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 1987, Excel Foods Private Limited (EFPL) processes
and exports tropical fruit pulp (with focus mainly on products such
as Alphonso Mango Pulp, Totapuri Mango pulp, Kesar Mango pulp,
Pineapple Pulp, Guava Pulp and Papaya Pulp). It also markets
bottled jams/sauces and juices under the private label of 'Excel
Foods' catering primarily to institutions like hotels and
restaurants locally i.e. in Hubli. With its processing facility
located at Hubli, Karnataka, it is close to the mango growing belt
of the western India which extends from Ratnagiri to Dharwad. Its
peak processing capacity is 4500 MT per month. It sources both
conventionally grown fruits and organically grown fruits. From 2011
onwards, the company has completely moved away from the job work
model to its own processing and marketing of fruit pulp and juices
primarily for the export market of Europe and USA.


EXCEL GENERATORS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Excel
Generators Private Limited (EGPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.50       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 28, 2024, placed the rating(s) of EGPL under the 'issuer
non-cooperating' category as EGPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 13, 2025,
April 23, 2025, 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).

The ratings for EGPL have been revised on account of
non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Excel Generators Private Limited (EGPL) was incorporated in 1996,
promoted by Mr. Madhavan along with his spouse Mrs. Sheela
Madhavan. The company is engaged in assembling of DG sets and
providing services like installation, testing, commission and
annual maintenance services. EGPL is an authorized distributor for
rotary UPS from Euro-Diesel S.A., Belgium.

FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Future
Corporate Resources Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING" and "PP-MLD[ICRA]D
ISSUER NOT COOPERATING" for Market Linked Debenture Long Term.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Principal           437.11     PP-MLD [ICRA]D; ISSUER NOT
   Protected Market               COOPERATING; Rating Continues
   Linked Debenture               to remain under issuer not
   Programme (PP-MLD)             cooperating category

   Short-term          130.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                 Rating continues to remain under
   Others                         'Issuer Not Cooperating'
                                  Category

   Long-term-          226.67     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                     Rating Continues to remain under
   Term Loan                      'Issuer Not Cooperating'
                                  Category

   Long-term-          50.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                     Rating Continues to remain under
   Cash Credit                    'Issuer Not Cooperating'
                                  Category

As part of its process and in accordance with its rating agreement
with Future Corporate Resources Private 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.

Future Corporate Resources Private Limited (erstwhile Suhani
Trading & Investment Consultants Private Limited), a Future Group
company, came into existence in its current form with effect from
March 31, 2017, after its amalgamation with the six Companies -
Future Corporate Resources Limited (FCRL), PIL Industries Limited,
Weavette Business Ventures Limited, Manz Retail Private Limited,
ESES Commercials Private Limited, and Gargi Business Ventures
Private Limited. The name of the company was changed to FCRPL with
effect from December 11, 2018. FCRPL is primarily an investment
company/holding company of the Future Group, facilitating the
funding of Group companies through various investments and lending
of loans and advances, and providing services to scale up/support
the retail business of the Group. The company, moreover, acts as a
media services and fabric trading arm of the Future Group. FCRPL is
engaged in other allied businesses as well that were earlier under
FCRL, including mobile connection services in a tieup with Tata
DoCoMo under the brand, 'T24', the customer loyalty programme,
'Payback', the leasing of information technology assets (software
as well as hardware) and management consultancy services.


GAV AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Gav
Agro Private Limited (GAPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

   Long-term-        10.15      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Established in June 2013, GAPL commenced commercial milling in
February 2016. The manufacturing unit of the company is located at
Lucknow-Sultanpur road with a capacity of milling 8 tons of paddy
per day (TPH). The active promoters in GAPL are Mr. Pradeep Kumar,
Mr. Ajai Kumar Gupta and Mr. Om Prakash who have vast experience in
rice milling business.


HINDUSTAN FIBRE: ICRA Withdraws B+ Rating on INR3.99cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Mangalmurti Bio-Chem Private Limited (MBCPL), at the request of the
company and based on the No due Certificate received from its
lenders. The Key Rating Drivers and their Description, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                     

   Long Term-          3.99       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                       

Mangalmurti Bio-Chem Private Limited (MBCPL) was established in
2011 and commenced commercial production of granulated NPK
(Nitrogen, Phosphorus, and Potassium) mixture fertilisers in
October2012. MBPL is engaged in the manufacture of predominantly
three grades of granulated NPK mixture fertilisers, viz., 20:10:10,
20:05:20 and 20:20:00 and soil nutrient-12:32:06 (denoting
respective proportions of Calcium, Magnesium and Sulphur). The
promoters of the company have nearly a decade's experience in the
field of manufacture of fertilisers. The manufacturing facility of
the company is located at Mangrol, Surat (Gujarat) and is equipped
with an installed capacity of 18,000 metric tonnes per annum
(MTPA).


J. B. ROLLING: CARE Lowers Rating on INR47.66cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
J. B. Rolling Mills Limited (JBRML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      47.66       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB

   Short Term Bank      8.00       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 24, 2024, placed the rating(s) of JBRML under the 'issuer
non-cooperating' category as JBRML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JBRML 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).

The ratings assigned to the bank facilities of JBRML have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Not Applicable

JBRML was initially incorporated in 1996 as Shri Ganpati Opthalmic
Glass (India) Ltd. The name was subsequently changed to Shri
Ganpati Concast (India) Ltd (SGCL) in 2003. During 2008, SGCL was
acquired by the current promoters and amalgamated with Shri
Nilkanth Ispat Udyog Private Limited and J.B Rolling Mills Private
Limited (both were promoter group companies in existence since
2003). The resultant entity got its present name (JBRML) vide fresh
certificate of incorporation in 2010. JBRML is engaged in the
manufacturing of MS Ingots and MS bars/TMT, MS angle, channel and
girders. JBRML sells its products under the brand of "Jai Bharat"
which is an established brand of structural steel products in north
India, including states such as Himachal Pradesh, Haryana, Uttar
Pradesh, Rajasthan other parts of North India.

J.I. ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of J.I. Enterprises in the
'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           2.56       [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long term-           0.44       [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating Continues
   term loan                       to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-           6.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Continues
   Cash Credit                     to remain under the 'Issuer
                                   Not Cooperating' category

As part of its process and in accordance with its rating agreement
with J.I. Enterprises, 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.

The firm was established in 2003 as a proprietorship firm by Mr.
Rajeev Kumar. Initially the firm was carrying out rice milling
operations from leased plant. However, in the year 2010 firm
purchased its own rice milling plant thus increasing its scale of
operations. Firm is having its manufacturing unit at Nadana Road,
Taraori, Karnal with an installed milling capacity of 2 tons per
hour of paddy and sorting capacity of 4 tons per hour. JIE is
engaged in the business of processing and trading of rice in
domestic market. However, the firm is involved in indirect export
sales to Nigeria and Kuwait.

KAUSHALYA SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaushalya
Spinners (KS) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.09       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 31, 2024, placed the rating(s) of KS under the 'issuer
non-cooperating' category as KS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 16, 2025,
April 26, 2025, May 6, 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

Kaushalya Spinners (KS), based in Panipat, Haryana was established
in 1995 as a partnership firm. The firm is currently being managed
by Mr. Jagdish Rai Jain, Mr. Sachin Jain and Mr. Raman Jain as its
partners. KS is presently engaged in manufacturing of mink
blankets, polyester fabric and semi-finished 3D bed-sheets at its
facility located in Panipat, Haryana.


KOHINOOR INDIA: CARE Lowers Rating on INR10cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kohinoor India Private Limited (KIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B

   Short Term Bank      5.00       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 24, 2024, placed the rating(s) of KIPL under the 'issuer
non-cooperating' category as KIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KIPL 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).

The ratings assigned to the bank facilities of KIPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Incorporated in 1989, KIPL is engaged in the manufacturing and
trading of rubber products like bicycle tyre, auto tubes, rubber
sheets and trading of natural rubber and rubber chemicals. The
company also engages in export of its products. Group concerns of
the company include Eastman Reclamations and Kohinoor Reclamations
also engaged in a similar line of business.



KUNAL FOUNDER: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kunal
Founder and engineers Private Limited (KFEPL) continues to remain
in the 'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.40       CARE B-; Stable; 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 June 3, 2024, placed the rating(s) of KFEPL under the 'issuer
non-cooperating' category as KFEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KFEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
19, 2025, April 29, 2025 and May 9, 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

The entity was established as a partnership firm in April, 1978
under the name of Kunal Founder and Engineers. In May, 1996 the
name and constitution of the firm changed to its present one i.e.
Kunal Founder and Engineers Private Limited (KFE). The company is
currently being managed and promoted by Mr. Subhash Mahajan and Mr.
Yuvraj Mahajan. The company is engaged in the manufacturing of
automotive components like flywheel, brake housing, wet bar
steering brackets, excel brackets etc. with total installed
capacity of 1,900 metric tonnes of automotive components per annum
at its manufacturing facility in Sahibzada Ajit Singh Nagar,
Punjab. Besides KFE, one of the directors is also engaged in
another group concern namely, Bharat Foundry, which is a
proprietorship firm established in 2004 and is engaged in similar
line of business.


LAKSHYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshya
Food (India) Limited (LFIL) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.45       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 24, 2024, placed the rating(s) of LFIL under the 'issuer
non-cooperating' category as LFIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LFIL 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: Stable

Haryana-based, LFIL was initially setup in 2007 as a private
limited company. However, it was reconstituted as a public limited
company in 2008. LFIL is promoted by Mr. Ankit Redhu (son of Mr.
Baljit Singh Redhu) and Venture Capitalist funds Bellamoosh
Investments LLP and Lalsham Ventures LLP. The company has a dairy
farm and a milk-processing unit in Jind (Haryana) with an installed
capacity of processing raw milk of 1.5 lakh liters per day (LLPD).
It sells dairy products, such as pasteurised milk, ghee, butter,
curd, paneer, flavoured milk, Khoya, sweets and ice-cream, under
the brand name- 'Lakshya'. LFIL is an ISO 22000-2005 certified
company for the purpose of Food Safety Management System. Earlier,
LFIL had three group concerns viz. Redhu Hatcheries Private
Limited, Redhu Farms Private Limited and JM Feed Mills Private
Limited engaged in poultry business. With the resignation of the
common directors from LFIL, these companies, now remain related
parties of LFIL.

MAHALAXMI AGRO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Agro Mills (Prop. D.M. Agro Products Private Limited) (MAM)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.77       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 31, 2024, placed the rating(s) of MAM under the 'issuer
non-cooperating' category as MAM had failed to provide information
for monitoring of the rating and as agreed to in its Rating
Agreement. MAM continues to be noncooperative despite repeated
requests for submission of information through e-mails dated April
16, 2025, April 26, 2025, May 6, 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

Uttar Pradesh based Mahalaxmi Agro Mills (MAM) was established in
the year January 1996 under the company D.M. Agro Products Private
Limited as a private limited and is currently managed by Mr.
Pradeep Kumar Maheshwari, Mr. Prabhat Kumar Maheshwari and Mr.
Anurag Maheshwari. MAM is engaged in the milling, processing and
trading of paddy at its manufacturing facility located in Mainpuri,
Uttar Pradesh. The firm is also engaged in processing of groundnuts
at the same manufacturing facility.

PASHUPATI DAIRIES : Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Pashupa Dairies Private Limited
F-82, lst Floor, Shivaji Place Rajouri Garden,
        West Delhi, New Delhi, Delhi, India 110027

Insolvency Commencement Date: May 19, 2025

Estimated date of closure of
insolvency resolution process: November 15, 2025 (180 days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: CMA Sandeep Goel
              401, Pratap Bhawan,
              5 Bahadur Shah Zafr Marg,
              Central Delhi 110002
              Email: cmasandeepgoel@gmail.com

              - and -

              SD-73, Pitampura, Delhi - 110034
              Email: cirp.pashupati@gmail.com

Last date for
submission of claims: June 2, 2025


POPULAR SCOOTERS: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Popular
Scooters Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B; Stable; 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 April 16, 2024, placed the rating(s) of PSPL under the
'issuer non-cooperating' category as PSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
2, 2025, March 12, 2025, March 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's opinion is not sufficient to
arrive at a fair rating.

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

The ratings assigned to the bank facilities of PSPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Chennai based, Popular Scooters Private Limited (PSPL) was
incorporated in the year 1999 by Mr Deepak Singh Kohli. Currently,
the company is authorized dealer for sale of 2-wheeler spare parts
and lubricants of TVS Motors Limited. The company has been
associated with TVS Motors limited for over 14 years and enjoys
loyal customer bases that have been associated with the company for
more than a decade. Currently, Mr. Rajesh Kumar manages the day to
day operations of the company.


PRABHU DAYAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prabhu
Dayal And Brothers (PDB) continues 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

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 3, 2024, placed the rating(s) of PDB under the 'issuer
non-cooperating' category as PDB had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PDB continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 19, 2025,
April 29, 2025 and May 9, 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

Uttar Pradesh based, Prabhu Dayal and Brothers (PDB) was
established in October 1988 as a partnership firm and is currently
managed by Mr. Rajendra Prasad and Mrs. Shashi Arora sharing
profits and losses equally. PDB is engaged in the distribution and
trading of fertilizers, pesticides, seeds and other allied
products. The firm procures these traded products from
manufacturers all over India and further sells these products to
the retailers and farmers who are situated in Allahabad, Ghaziabad
and nearby regions.


PURVA METAL: ICRA Withdraws B+ Rating on INR28cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Purva Metal Sections Pvt Ltd, at the request of the company and
based on the No due Certificate received from its lenders. The Key
Rating Drivers and their Description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-         28.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                      

Incorporated in 2000, Purva Metal Sections Private Limited (PMSPL)
is engaged in manufacturing high frequency induction welded steel
pipes i.e., Electric Resistance Welded (ERW) pipes and tubes. It
has a capacity to manufacture 175,000 MTPA of ERW pipes and tubes,
recently enhanced in April 2018 from 100,000 MTPA. Though the
company was incorporated in 2000, the commercial production
commenced only in FY2014. Its manufacturing facility is in Malur
near Bangalore, Karnataka.


RURAL FAIRPRICE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Rural Fairprice Wholesale
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Non-convertible    670.00     [ICRA]D; ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
   Programme                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Rural Fairprice Wholesale 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.

Incorporated on September 1, 2009, Rural Fairprice Wholesale
Limited was a wholly owned subsidiary of Future Corporate Resources
Private Limited. With effect from April 1, 2019, Allfab Syntects
and Commission Agency Private limits hold 100% stake in the
company. Initially incorporated with an objective to supply Future
group's products through Public Distribution System (PDS) in the
rural parts of Rajasthan with Future group's another entity Future
Consumer Limited (FCL). However, the same did not materialize and
currently only FCL is supplying the products in Rajasthan through
PDS and there were no operations in RFWL. However, the management
decided to engage RFWL in the business of trading in all kinds of
fashion, foods, FMCG and other related products. RFWL is engaged in
bulk procurement of the products to get better discounts and the
same is subsequently supplied to other Future group entities. The
company started trading business in Q4 FY2018.


S. K. HATCHERIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. K.
Hatcheries (SKH) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.23       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 SKH under the 'issuer
non-cooperating' category as SKH had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SKH continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2025,
April 24, 2025 and May 04, 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

S. K. Hatcheries (SKH) was established in 2005 by Mr. Ramehar Singh
as a proprietorship firm and is engaged in poultry farming of egg
laying poultry birds (chicken) and trading of broiler hen in the
poultry farm located in Village Jatauli, Haryana. Firm procures
feeding material i.e. maize, millets, soyabean, DCP (Di Calcium
Phosphate), vitamins and medicines etc. from suppliers based in
Delhi NCR.


SMT. BHARTO: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Smt. Bharto
Devi Educational Trust (SBDET) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; 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 24, 2024, placed the rating(s) of SBDET under the 'issuer
non-cooperating' category as SBDET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBDET 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: Stable

Gurugram, Haryana based Smt. Bharto Devi Educational Trust (SBDET)
was established in 2017. Mr. Yogesh Dahiya is the trustee of the
trust and the trust was setup with an objective to provide
educational services. SBD operates as school in the name of
"Imperial Heritage School" in Sector - 4, Gurugram. The school
provides primary and secondary education from Nursery to IX
standard and is affiliated with The Central Board of Secondary
Education (CBSE). SBDET has gradually expanded the scale of
operations over the years and had total student strength of 268
during academic year 2020-21. Moreover, the trust has also filed
application for the affiliation of XII standard.

SPICEJET LTD: NCLT Asks Lessors to File Valid Power of Attorney
---------------------------------------------------------------
The Economic Times reports that insolvency tribunal NCLT has
directed three aircraft lessors of low-cost carrier SpiceJet to
file a valid Power of Attorney existing at the present point in
time.

According to ET, the National Company Law Tribunal (NCLT) direction
came during a hearing on the petitions filed by the three lessors -
AWAS 36698 Ireland, AWAS 36694 Ireland and AWAS 36695 Ireland.

Three aircraft lessors filed insolvency pleas against SpiceJet over
a default of INR77 crore in April 2024.

However, earlier this week, when the NCLT started hearing on June
2, it was pointed out that the person who had filed a petition on
behalf of these lessors, his power of attorney was valid till Feb.
11, 2025, ET relays.

ET says the NCLT in its order noted that counsel appearing for
SpiceJet drew its attention to the Power of Attorney given to the
persons who have filed this petition was valid only up to February
11, 2025.

It was contended on behalf of SpiceJet's counsel that no fresh
Power of Attorney after that date has been brought on record.

"In order to continue the proceeding by the person who has
initiated this petition, there must be a valid Power of Attorney
existing at present point of time," the NCLT said, notes the
report.

On this, counsel representing aircraft lessors submitted that he
would file fresh Power of Attorney and for that purpose, sought
time.

"In view of this, list the matter on July 3, 2025," said the NCLT,
ET relates.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

SpiceJet has faced a series of insolvency petitions from various
parties in the National Company Law Tribunal (NCLT) and and the
appellate tribunal NCLAT over pending dues. These include Willis
Lease Finance Wilmington Trust SP Services (Dublin), and Engine
Lease Finance BV.

As reported in the Troubled Company Reporter-Asia Pacific in late
September 2024, the NCLT) on Sept. 23 issued notice to SpiceJet
over the plea filed by one of its operational creditors, Techjockey
Infotech Pvt Ltd, which claimed a default of nearly INR1.2 crore
owed by SpiceJet against software services availed by them.

The TCR-AP last week reported that SpiceJet Ltd is facing
insolvency proceedings from Indonesia's PT BBN Airlines over unpaid
lease rentals totalling US$5.94 million.

The National Company Law Tribunal (NCLT), Delhi bench, heard the
case on March 21 but has yet to issue a notice after SpiceJet
sought time to respond. The next hearing has been scheduled for
April 21, Livemint.com said.

STAR FACILITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: STAR FACILITIES MANAGEMENT LIMITED
Half Basement no. 1,
        Sandhya Deep Building 15,
        East of Kailash, South Delhi,
        New Delhi, Delhi, India, 110065

Insolvency Commencement Date: May 16, 2025

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

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Atul Mittal
              Aarsh Resolution Professionals Pvt Ltd
              174, BALCO Apartments, Plot No. 58,
              IP Extn., Patparganj, Delhi-110092
              Email: atulmittalip135@gmail.com

              - and -

              163, BALCO Apartments, Plot No.58,
              IP Extn., Patparganj, Delhi-110092
              Email: cirp.starfacilitiesmgmgltd@gmail.com

Last date for
submission of claims: May 30, 2025

SUSEE TRUCKS: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Susee
Trucks Private Limited (STPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

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

The rating is based on limited cooperation from the entity since
the time it was last rated in July 2024. As part of its process and
in accordance with its rating agreement with STPL, 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.
Furthermore, ICRA has been consistently following up with STPL for
obtaining the monthly 'No Default Statement' (NDS). However,
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 ratings continue
to be in the "Issuer Not Cooperating" category. The rating is based
on the best available information.

Incorporated in 2004, Susee Trucks Private Limited is the sole
authorised dealer of SCVs and LCVs for Tata Motors Limited in Tamil
Nadu, across six districts, namely, Vellore, Thiruvannamalai,
Kanchipuram, Tirupattur, Vandavasi and Sriperumbudur. It has four
3S showrooms and multiple sales showrooms. The company is a part of
the larger Susee Group, with interests in various businesses
including logistics, packaging and education, apart from auto
dealership. The company's day-to-day operations are managed by Mr.
S. Manivannan.



TELEECRE NETWORK: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Teleecare
Network India Private Limited (TNIPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      90.00       CARE C; Stable; 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 28, 2024, placed the rating(s) of TNIPL under the 'issuer
non-cooperating' category as TNIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TNIPL 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: Stable

TNIPL was incorporated in 2009 and is part of the Optiemus Group.
OIL holds 46.22% in TNILP and the remaining share are held by
promoters and associates as on March 31, 2019. The company owns and
distributes "Zen" brand of mobile handsets. Optiemus Infracom
Limited (OIL) was originally incorporated in the year 1993 as
Akanksha Finvest Limited (AFL) as a Non-Banking Financial Company
(NBFC). The name of the merged entity was subsequently changed to
the current one: Optiemus Infracom Limited in June 2011. OIL is the
flagship company of the Optiemus Group and has been engaged in
distribution of mobile handsets of reputed brands like Nokia and
Samsung for last 25 years. OIL had started operations with
distribution of Nokia handsets from 1995 till 2006. Thereafter, in
2006, the Company left Nokia to take the distribution of Samsung.

TULIP TELECOM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Debenture Programme of Tulip Telecom Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING ".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible    150.00       [ICRA]D; ISSUER NOT
   Debenture                       COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

As part of its process and in accordance with its rating agreement
with Tulip, 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 1992, by Retired Lt. Col. H.S. Bedi, as a private
limited company involved in trading of software, Tulip Telecom
Limited (Tulip), formerly Tulip IT Services Limited has since
diversified its operations to other related areas such as selling
of hardware products, network integration, VPN data connectivity
and managed services. The company became a public limited company
and was renamed to Tulip Software Ltd.; the name was further
changed to Tulip IT Services Ltd. in 2002 and to Tulip Telecom
Limited in 2008.


WORLDS WINDOW: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Worlds Window Exim Pvt Ltd
37A, Basement, C Block,
        Qutub Vihar, Phase-I, DC Goyla,
        South West Delhi,
        Delhi, India, 110071

Insolvency Commencement Date: May 16, 2025

Estimated date of closure of
insolvency resolution process: November 16, 2025

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

Insolvency
Professional: CA Umesh Garg
              C-334, Рocket C, Sarita Vihar,
              New Delhi – 110076
              Email: umeshg60@gmail.com

              - and -

              E-45, Lower Ground Floor,
              Block E, Lajpat Nagar-III,
              New Delhi, Delhi 110024
              Email: cirpworldswindowexim@gmail.com

Last date for
submission of claims: June 3, 2025





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

UNIVERSAL ENTERTAINMENT: S&P Affirms 'B' LT ICR, Outlook Now Neg.
-----------------------------------------------------------------
S&P Global Ratings has revised to negative from stable its outlook
on its long-term issuer credit ratings on Universal Entertainment
Corp. (UE). At the same time, S&P affirmed its 'B' long-term issuer
credit rating and 'B' long-term senior debt rating on the company.

S&P said, "The outlook revision reflects our view that UE's
performance in both its domestic gaming machine and the
Philippines' casino resort businesses has fallen far short of our
previous expectations. This raises the possibility that its
financial condition will continue to deteriorate over the next year
or so.

"Downward pressure on earnings in the company's gaming machine
business is likely to continue, in our view. We believe weak
compliance with pachinko machine regulations for new models in this
business remains a risk to a UE earnings recovery.

"We expect the company to develop new models and win orders,
leading to a maintained gradual recovery through the second half of
fiscal 2025 (full year ends Dec. 31, 2025). EBITDA of this business
for fiscal 2025 will be approximately JPY11 billion, in our
assumption. However, if new models under development fail to pass
compliance tests and sales of pachislot machines do not accumulate,
we believe the business may not recover as much as we assume."

The Philippines' casino resort business is likely to see only a
modest improvement in earnings. The number of international
tourists visiting the Philippines is increasing only slowly and
increased competition in the country's casino resort market has
worsened the business environment for UE, in S&P's opinion.

The company is promoting measures such as strengthening non-gaming
activities in areas other than casinos in the resort and reducing
costs. However, S&P expects EBITDA for this business to be only
around JPY24 billion over the next year or so.

S&P said, "We expect UE's consolidated EBITDA to recover from a
bottom of JPY21.2 billion in fiscal 2024 to about JPY29 billion
this fiscal year. This would be about 70% of the EBITDA booked in a
relatively strong fiscal 2023.

"There is a certain possibility that earnings may fall short of
expectations and the outlook for recovery may be pushed back. We
believe the risk of the company breaching financial covenants, such
as a lower limit of interest coverage, is low at this point.
However, we still believe that a slow turnaround could limit its
capacity.

"Due to the slow recovery in overall earnings, we expect the
company's key cash flow ratios to remain below our previous
expectations over the next year or so. The company's debt to EBITDA
(to include lease obligations and not to deduct cash and deposits)
was expected to improve significantly to less than 5x in the
current fiscal year from 8.9x in December 2024. However, due to
this review, we expect the ratio to recover to only about 6x by the
end of December 2025.

"As of March 2025, the company's cash and deposits on hand had
declined significantly, so we are closely examining the outlook for
a liquidity recovery. The company raised a total of US$800 million
in long-term bonds and loans in the July-September quarter of 2024,
resulting in a significant improvement in liquidity. The amount of
debt due over the next 12 months is likely to remain at around JPY1
billion. However, due to the deterioration in business performance,
cash and deposits on hand on a consolidated basis decreased
significantly to about JPY21 billion at the end of March 2025 (more
than JPY40 billion at the end of March 2024).

"The negative outlook reflects our view that recovery is likely to
be slower than we had expected and that the company's key cash flow
ratios have deteriorated. The operating environment remains
challenging for its flagship gaming machine and casino resort
businesses.

"We will consider a downgrade if we believe the likelihood of any
of the scenarios below increases in the next three to six months or
so."

The consolidated EBITDA for fiscal 2025 will fall below JPY29
billion as both the gaming machine and casino resort businesses do
not recover as expected.
As a result of the slow recovery in earnings, consolidated cash and
deposits on hand will decline from the level at the end of March
2025.

The decline in business performance raises the possibility that
existing debt will run afoul of financial covenants.

On the other hand, S&P will consider revising the outlook to stable
if the profitability of its mainstay gaming machine and casino
resort businesses improves significantly and its debt to EBITDA
ratio looks likely to remain below 5x.

Ratings List

Ratings Affirmed  

Universal Entertainment Corp.

  Senior Unsecured B

  Ratings Affirmed; CreditWatch/Outlook Action  
                                      To           From

  Universal Entertainment Corp.

   Issuer Credit Rating        B/Negative/--    B/Stable/--




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

KAPITI COAST: Court to Hear Wind-Up Petition on June 17
-------------------------------------------------------
A petition to wind up the operations of Kapiti Coast Painting
Limited will be heard before the High Court at Wellington on June
17, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 14, 2025.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services, 55 Featherston Street
          PO Box 895
          Wellington 6011


MEAT MERCHANT: Geoff Falloon Appointed as Administrator
-------------------------------------------------------
Geoff Falloon of Biz Rescue on June 8, 2025, were appointed as
administrator of The Meat Merchant NZ Limited.

The administrator may be reached at:

          Biz Rescue Limited
          PO Box 27
          Nelson


MEDICINE INFORMATION: Court to Hear Wind-Up Petition on June 17
---------------------------------------------------------------
A petition to wind up the operations of Medicine Information
Systems (2012) Limited will be heard before the High Court at
Wellington on June 17, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 14, 2025.

The Petitioner's solicitor is:

          Ashley Ashika Singh
          Legal Services
          55 Featherston Street
          PO Box 895
          Wellington 6011


MILKYLOVE LIMITED: Court to Hear Wind-Up Petition on June 19
------------------------------------------------------------
A petition to wind up the operations of Milkylove Limited will be
heard before the High Court at Palmerston on June 19, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 22, 2025.

The Petitioner's solicitor is:

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


ORGANIC SOLUTIONS: Goes Into Voluntary Liquidation
--------------------------------------------------
Otago Daily Times reports that a North Otago organic vegetable
growing business, recently approached to appear on Country
Calendar, has gone into voluntary liquidation owing more than NZD1
million, while a subsidiary company owes more than NZD300,000.

Organic Solutions, which traded as Oamaru Organics, is 53.45% owned
by James Porteous - who is also the sole director - and
Australian-based Lanson International Holdings Pty Ltd (46.55%).

Touted as the largest organic market garden in the South Island, it
sold vegetables both at a roadside stall at Totara and through the
Otago Farmers Market.

In a statement, Mr. Porteous said the farm had "long struggled with
chronic overstaffing", which significantly increased its financial
burden and led to an accumulation of debt with the IRD, according
to ODT.

He said he stepped in to directly manage farm operations in August,
reducing staff numbers from nine to one and introducing
mechanisation.

ODT relates that Mr. Porteous said the farm became compliant with
all ongoing tax obligations and began rapidly repaying historic tax
arrears. Per-hectare revenue increased 39% and he proposed a
"realistic" repayment plan, which was declined by the IRD.

The company would continue to operate and supply customers to the
best of its ability throughout the farm sale process, he said.

Incorporated in 2014, it originally owned Thai restaurants around
the South Island and bought the 23ha farm - one of its main
suppliers - for NZD1.7 million in 2019 to maintain supply.

The deal was later found to have breached the Overseas Investment
Act because Lanson International Holdings - whose majority
shareholder was Mr Porteous' friend Marc Lanson - owned more than
46%.

The rules stated Australians could not have more than a 25% share
of any purchase of New Zealand land bigger than 5ha without gaining
consent first. Organic Solutions was fined NZD20,000 and
retrospective consent had to be sought.

In his first report, liquidator Brenton Hunt, of Insolvency
Matters, said the majority of the restaurants were closed due to
the outcome of the Covid-19 restrictions.

According to the report, Mr. Porteous said the business had
struggled to be economic for some time. Inland Revenue payments had
fallen behind and the IRD had begun recovery action. The last
annual accounts completed for the company were in March 2022.

Plant and equipment and motor vehicles were to be collected and
sold and there was finance owing on vehicles, Mr. Hunt said. The
land and buildings were also to be listed and sold (first mortgage
owing).

Under preferential creditors, staff holiday pay was estimated at
NZD10,000 and GST and PAYE were estimated at NZD900,000, ODT
discloses.

Unsecured creditors were estimated to be owed NZD1m and the total
estimated shortfall to all creditors was estimated at
NZD1,279,500.

An associated company, Southern Organics, which is wholly owned by
Organic Solutions, of which Mr Porteous was also sole director, was
placed in voluntary liquidation the same day, ODT notes.


VANZ MOTOR: Blacklock Rose Appointed as Receivers
-------------------------------------------------
Benjamin Francis and Garry Whimp of Blacklock Rose on June 4, 2025,
were appointed as receivers and managers of Vanz Motor Limited.

The receivers and managers may be reached at:

       Blacklock Rose Limited
       PO Box 6709
       Victoria Street West
       Auckland 1142




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

PAKISTAN: Economy Grew 2.7% in FY 2025, Survey Shows
----------------------------------------------------
Reuters reports that Pakistan's economy likely grew 2.7% in the
fiscal year ending June 2025 after expanding 2.5% in the previous
year, the government's annual snapshot of economic performance
showed on June 9, a day before the federal budget is unveiled.

Reuters relates that the government initially targeted 3.6% growth
in gross domestic product for this financial year, but lowered that
to 2.7% last month. The International Monetary Fund expects growth
of 2.6% this financial year and 3.6% next.

Prime Minister Shehbaz Sharif's government is aiming for 4.2%
growth next fiscal year amid competing priorities, including
boosting investment, maintaining a primary surplus, and managing
defence spending amid tensions with India.

According to Reuters, Finance Minister Muhammad Aurangzeb said he
did not want the economy to expand too quickly, which has led in
the past to a surge in imports.

"Don't get into a sugar rush," Reuters quotes Aurangzeb as saying.
"Because the moment we go into a consumption-led growth, and our
imports go haywire and our balance of payments problem intensifies,
that sort of derails the entire discussion," he told a press
conference.

For fiscal 2025, growth was held back by a reduction in output from
large-scale manufacturing and a decline in major crops.
Agricultural sector growth of 0.6% was the lowest in nine years,
hit by adverse weather.

Topline Securities, a local brokerage, said the 2.7% growth in
fiscal 2025 was well below Pakistan's long-term average of 4.7%,
and was likely to be revised down due to optimistic assumptions on
industrial output.

The government's total revenue for the first three quarters of
fiscal 2025 was PKR13.37 trillion, the survey showed, up 36.7% over
the previous year.

Pakistan had a current account surplus of $1.9 billion in the nine
months compared with a deficit of $200 million in the same period a
year earlier, it showed.

The central bank, in a bid to encourage growth, has cut its policy
rate by more than 1,000 basis points this fiscal year. Its latest
cut last month brought the key rate to 11%, resuming an easing
cycle that had brought rates down from 22% after a pause in March.

Reuters relates that Aurangzeb said easier credit terms should
bolster the economic recovery.

The fiscal deficit was 2.6% of GDP in the first three quarters of
the fiscal year. Inflation was seen at 4.6% for the year, Reuters
discloses.

The update comes as Pakistan's economy is stabilising but remains
fragile as the country navigates reforms under a $7 billion IMF
programme.

Pakistan's federal budget for the next fiscal year starting July
was released on June 10.

                           About Pakistan

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

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




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

BEOW HOCK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on May 30, 2025, to
wind up the operations of Beow Hock Engineering Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



FULFILL MOTORING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on May 23, 2025, to
wind up the operations of Fulfill Motoring Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MEATERY LLP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 30, 2025, to
wind up the operations of The Meatery LLP.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NAT AIRE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on May 23, 2025, to
wind up the operations of Nat Aire Engineering Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SMART BERRIIS: Creditors' Meeting Set for June 19
-------------------------------------------------
Smart Berriis @ Tai Seng Pte. Ltd. will hold a meeting for its
creditors on June 19, 2025, at 3:00 p.m., at 133 New Bridge Road
#08-01 Chinatown Point, in Singapore and using audio-visual
conference tool.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.



                           *********


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
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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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