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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

          Thursday, July 10, 2025, Vol. 28, No. 137

                           Headlines



A U S T R A L I A

4MATION TECHNOLOGIES: First Creditors' Meeting Set for July 16
ALLY FASHION: Returns to Business After DOCA Approval
ANNECTO INC: Enters Into Voluntary Administration
CONTENT SECURITY: First Creditors' Meeting Set for July 15
OBP PAGET: First Creditors' Meeting Set for July 16

RLR RESTAURANT: First Creditors' Meeting Set for July 15
TECH PANTRY: First Creditors' Meeting Set for July 15


C H I N A

GAC FIAT: China JV Declared Bankrupt
SINO-OCEAN GROUP: Reports 66.3% Drop in Agreement Sales in June


H O N G   K O N G

GRAND MING: Financial Concerns Mount as Loan Agreement Breached
NEW WORLD: Selling China Property Assets After Loan Deal


I N D I A

ANUNAY FAB: CRISIL Moves B- Ratings to Not Cooperating Category
APM DESIGN: Insolvency Resolution Process Case Summary
APURVA OIL: Insolvency Resolution Process Case Summary
DR BHAI: CRISIL Moves B- Debt Ratings to Not Cooperating Category
ECO GLOBAL: CRISIL Moves B+ Debt Ratings to Not Cooperating

GLOBE PANEL: CRISIL Withdraws B Rating on INR40cr Cash Loan
GREENCHEF APPLIANCES: CRISIL Withdraws B Rating on INR18cr Loan
INFIILOOM INDIA: CRISIL Lowers Rating on INR160cr NCDs to D
INFIILOOM TEXTILES: CRISIL Lowers Rating on INR20cr Loan to C
JAMUNA HATCHERIES: ICRA Reaffirms B+ Rating on INR50cr LT Loan

KARNATAKA POWER: ICRA Lowers Rating on INR19,922.62cr Loan to B+
MANOJ A: CRISIL Moves B Debt Rating to Not Cooperating Category
MRC MILLS: CRISIL Moves B Debt Ratings to Not Cooperating
NEW ERA: CRISIL Raises Rating on INR3.5cr LT Loan to B
NITINSAI CONSTRUCTIONS: CRISIL Withdraws D Rating on INR7cr Loan

PRAGATI CONSTRUCTION: CRISIL Withdraws B Rating on INR6.5cr Loan
PROGRESSIVE CARS: CRISIL Reaffirms B+ Rating on INR37.5cr Loan
SHIVAJI ROLLER: CRISIL Moves B+ Debt Rating to Not Cooperating
STANLEY LIFESTYLES: CRISIL Keeps B+ Ratings in Not Cooperating
SVN AGRO CRISIL Moves B+ Debt Ratings to Not Cooperating

TECHNOFAB ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
THERDOSE PHARMA: ICRA Withdraws D Rating on INR9.53cr LT/ST Loan
VARAD BUILDERS: CRISIL Moves B+ Debt Ratings to Not Cooperating


J A P A N

NISSAN MOTOR: Fitch Assigns 'BB' Rating to US Dollar & Euro Notes
[] JAPAN: 1st Half Bankruptcies Rose to Highest Level in 11 Years


N E W   Z E A L A N D

BEST NEWS: In Receivership; Khov Jones Appointed as Receivers
BREW CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 8
JD MOTORS: Creditors' Proofs of Debt Due on July 22
KINABUILD LIMITED: Court to Hear Wind-Up Petition on Aug. 7
LAWHUB LIMITED: Creditors' Proofs of Debt Due on Aug. 8

PB11 NZ: Court to Hear Wind-Up Petition on July 14


S I N G A P O R E

CAPVEN INVESTMENTS: Placed Under Interim Judicial Management
HWEE MENE: Court to Hear Wind-Up Petition on July 18
LEND EAST: Court to Hear Wind-Up Petition on July 11
LNG EASY: Court to Hear Wind-Up Petition on July 18
MAXEON SOLAR: CEO George Guo Assumes Interim CCO Role

NOSTALGIA WORKS: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Monetary Policy in Right Balance, CB Chief Says


T H A I L A N D

MUANGTHAI CAPITAL: Fitch Rates $3BB Sr. Unsec. GMTN Programme 'BB'
MUANGTHAI CAPITAL: Fitch Rates New USD Sr. Unsec. Notes 'BB(EXP)'

                           - - - - -


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

4MATION TECHNOLOGIES: First Creditors' Meeting Set for July 16
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of 4mation
Technologies Pty Ltd will be held on July 16, 2025 at 11:00 a.m. at
the offices at HoganSprowles Pty Ltd, at Level 1, 44 Pitt Street,
in Sydney, NSW.

Christian Sprowles of HoganSprowles was appointed as administrator
of the company on July 4, 2025.


ALLY FASHION: Returns to Business After DOCA Approval
-----------------------------------------------------
Ragtrader reports that control over the Ally Fashion business has
been returned to the company's director, David Dai, following a
lengthy appeal process that ended with creditors accepting a deed
of company arrangement (DOCA).

Four months ago, the Federal Court of Australia forced Ally Fashion
into liquidation following an application by a landlord for rent
arrears. The court appointed Jeff Marsden and Duncan Clubb of BDO
Australia on Feb. 28, 2025, Ragtrader notes.

During the liquidation process, around 50 Ally Fashion stores were
closed down, with liquidators then entering a license agreement to
allow the remaining stores to continue trading.

On May 15, the liquidation was stayed by the Supreme Court of NSW
and Ally Fashion was placed into administration, allowing creditors
to vote on a DOCA proposed by the director, Ragtrader relates.

According to Ragtrader, the liquidators uncovered that the business
owed AUD56 million across 260 creditors, with the highest-value
creditor being DDT Management Pty Ltd - a related party to the Ally
Fashion business - owed AUD46.1 million.

BDO confirmed with Ragtrader that since the DOCA was accepted on
June 15, control of the company has been passed back to the
director.

However, not all creditors were enthused about the DOCA vote
according to meeting minutes on the day it was accepted, obtained
by Ragtrader via ASIC. One creditor called it inequitable.

That creditor queried the voting thresholds required for the DOCA
proposal, highlighting that the key related party - DTT - had a
significant portion of reported debt, claiming this could have had
an undue influence on the outcome of the resolution, Ragtrader
relates.

"In response, the chairperson [of the meeting] clarified that the
[Corporations Act 2001] does not preclude related party creditors
from voting on resolutions in a creditors meeting," the meeting
minutes read, notes the report. "However, the chairperson noted
that creditors who are dissatisfied with the outcome of the meeting
are able to apply to court for relief."

Ally Fashion's unsecured creditors, which include suppliers,
landlords and utility providers, are expected to receive up to 25
cents on the dollar, according to Ragtrader.

Another creditor asked whether it is the intention of Ally Fashion
to continue paying rent and comply with ongoing obligations under
continuing leases.

The meeting chairperson confirmed that correspondence had been
received from legal representatives acting for a number of
landlords, and advised that it is "the clear intention of the deed
proponent and the company to continue to honour all existing
obligations under leases for stores that remain open, including the
payment of future rent."

"To the extent that any minor amendments to the DOCA be required to
provide continuing landlords with additional comfort, such
amendments can be made following the creditors' approval of the
DOCA but prior to its execution," the minutes read, the report
relates. "The chairperson expressed the view that the current terms
of the DOCA already provide adequate assurance to landlords, but
that the issue would be considered if the DOCA is accepted by
creditors."

Around AUD11.5 million was owed to commercial real estate business
Scentre Group, which manages Westfield shopping centres across
Australia, according to the new documents cited by Ragtrader.

With around 50 stores closed during the liquidation process, Ally
Fashion is believed to be back in business with around 100 stores.


Ragtrader has reached out to Ally Fashion for further comment.


ANNECTO INC: Enters Into Voluntary Administration
-------------------------------------------------
ABC News reports that aged care, disability and veterans care
service provider Annecto Incorporated has entered voluntary
administration, putting entitlement payouts for hundreds of staff
in doubt.

Last month Annecto, which has more than 1,000 employees and 4,400
clients across four states, announced it would stop its community
services by the end of July, the ABC recalls.

On July 7, the Annecto board put the organisation into voluntary
administration, saying the organisation was either insolvent, or
was likely to become insolvent in future, according to
administrators McGrathNicol.

In a letter to staff, the administrators said all staff would be
made redundant, and if there were insufficient funds to pay all
wages, entitlements or redundancy packages, they would be paid on a
pro rata basis, the ABC relates.

If the organisation went into liquidation, McGrathNicol said
employees could apply for payouts under the federal government's
Fair Entitlements Guarantee Act.

Melissa Smith, Kathy Sozou, Shane O'Keeffe & Matthew Hutton of
McGrathNicol were appointed as voluntary administrators of Annecto
Inc. on July 7, 2025.

Annecto Inc. is a disability and aged care support provider.


CONTENT SECURITY: First Creditors' Meeting Set for July 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Content
Security Pty Ltd will be held on July 15, 2025 at 10:00 a.m. via
teleconference only.

John Vouris and Kathleen Vouris of Hall Chadwick were appointed as
administrators of the company on July 3, 2025.


OBP PAGET: First Creditors' Meeting Set for July 16
---------------------------------------------------
A first meeting of the creditors in the proceedings of OBP Paget
Fuel Pty Ltd (Controller Appointed) in its own right and ATF OBP
Paget Fuel Unit Trust will be held on July 16, 2025 at 11:00 a.m.
via Microsoft Teams.

Aaron Torline of Slaven Torline was appointed as administrator of
the company on July 4, 2025.


RLR RESTAURANT: First Creditors' Meeting Set for July 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - RLR Restaurant Pty Ltd (trading as Sushi Hiro AU)

     - Sushihirosa Pty Ltd (trading as Hiro Grill and Yakitori
       Bar)

     - XSG Group Pty Ltd (trading as Nijumaru Japanese Restaurant)

     - Nijumaru Pty Ltd

     - JRR Trading Pty Ltd (trading as Miyabi Sushi SA)

     - Miyabi Food Company Pty. Ltd.

     - SA Resources Pty Ltd

will be held on July 15, 2025 at 11:00 a.m. via virtual meeting
only.

Ernie Chou of EKC Advisory was appointed as administrator of the
company on July 3, 2025.


TECH PANTRY: First Creditors' Meeting Set for July 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tech Pantry
Pty Ltd will be held on July 15, 2025 at 10:00 a.m. via
videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on July 3, 2025.




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

GAC FIAT: China JV Declared Bankrupt
------------------------------------
Yicai Global reports that a court in China has declared the car
production joint venture of GAC Group and Stellantis bankrupt,
nearly three years after it entered bankruptcy restructuring
following a slump in sales.

Yicai relates that the Changsha Intermediate People's Court
declared GAC Fiat Chrysler Automobiles bankrupt on July 8 due to
insufficient assets to cover its debts and the inability to
restructure or reach a settlement, the JV's administrator announced
the same day.

It has total debt obligations in excess of CNY8.1 billion (USD1.1
billion), of which CNY4 billion is undisputed debt, but only CNY1.9
billion (USD266.7 million) in assets, Yicai discloses citing the
court ruling. A creditors' meeting approved the asset distribution
plan, which will proceed next.

GAC and Stellantis founded GAC Fiat Chrysler in 2011 as a 50:50 JV,
with a total investment of CNY17 billion. It has factories in
Guangzhou and Changsha, which have a combined annual production
capacity of 300,000 vehicles.

After GAC Fiat Chrysler's sales peaked at over 200,000 units in
2017, they started falling and never picked up until the company
officially entered bankruptcy restructuring in October 2022, Yicai
notes.

In the past three years, GAC Fiat Chrysler did not find any
interested investors, Yicai notes. Moreover, five public auctions
for its main assets, including land, buildings, and production
equipment, were held in the period, but all failed due to a lack of
bidders.

One of the reasons for GAC Fiat Chrysler's difficulties in finding
a buyer for its Changsha plant is that it mainly produces fossil
fuel vehicles, a business model increasingly out of sync with the
fast-growing trend toward new energy vehicles, so any buyer would
need to make additional investment to repurpose it, an industry
insider told Yicai.


SINO-OCEAN GROUP: Reports 66.3% Drop in Agreement Sales in June
---------------------------------------------------------------
Dimsumdaily Hong Kong reports that Sino-Ocean Group Holding Limited
has disclosed that its agreement sales for June totalled
approximately CNY2.95 billion, representing a dramatic year-on-year
decline of 66.36%. The total area sold during this period was about
225,200 square metres, with an average sales price of approximately
CNY13,100 per square metre.

In the first half of the year, the company's cumulative agreement
sales reached approximately CNY13.37 billion, covering a total
sales area of around 849,000 square metres, Dimsumdaily discloses.
The average sales price for this period was about CNY15,700 per
square metre.

Sino-Ocean Group Holding Limited (HKEX:03377), formerly Sino-Ocean
Land Holdings Limited, is an investment holding company principally
engaged in property development and property investment in the
People's Republic of China (the PRC). The Company is engaged in
property development in Beijing-Tianjin-Hebei, Northeast, Central
and Southern.  

Once considered one of the stronger names among China's debt-laden
developers, Sino-Ocean became a defaulter in September 2023 when it
suspended payment on all its offshore borrowings.




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

GRAND MING: Financial Concerns Mount as Loan Agreement Breached
---------------------------------------------------------------
Dimsumdaily Hong Kong reports that Grand Ming Group Holdings Ltd
has announced that the group has failed to honour several financial
covenants related to bank loan financing agreements with lenders.
As of the latest disclosure, the outstanding principal amount yet
to be repaid stands at approximately HK$4.795 billion, Dimsumdaily
discloses. The group has secured waivers from certain lenders in
relation to the breaches, involving bank loans of around HK$2.747
billion.

According to Dimsumdaily, the company has highlighted that as part
of various bank financing agreements, they are required to fulfil
several financial covenants, including but not limited to the ratio
of comprehensive EBITDA to comprehensive interest expense,
comprehensive net debt-to-equity ratio, and current ratio.

Dimsumdaily relates that the current ratio has decreased to 0.32
times, reflecting a significant decline from the previous period.
As of March-end, the company's financials indicate a
capital-to-debt ratio of 213.6%, showing a notable increase
year-on-year. The current liabilities have surged to HK$5.530
billion, with bank loans soaring by 106% to HK$50.66 billion. It's
worth noting that out of the total bank loans of HK$5.229 billion,
HK$5.177 billion is secured by collateral with a face value of
HK$8.106 billion.

Additionally, as of March-end, restricted and pledged deposits
amounted to HK$146 million, while cash and bank balances stood at
HK$33.624 million. Comparatively, the same figures at the end of
the previous year were HK$505 million and HK$62.522 million,
respectively.

Grand Ming Group Holdings Limited (HKG:1271) --
https://www.grandming.com.hk/cht/ -- an investment holding company,
engages in the building construction, property leasing, and
property development businesses in Hong Kong. It operates through
Construction, Property Leasing, and Property Development segments.


NEW WORLD: Selling China Property Assets After Loan Deal
--------------------------------------------------------
Bloomberg News reports that New World Development Co. is seeking to
divest real estate projects in mainland China after pulling off an
$11 billion refinancing deal in June, according to people familiar
with the matter.

The Hong Kong developer is planning to sell property assets in
China piecemeal, including landmarks like its K11 buildings in
Hangzhou, Shenzhen and Shanghai, the people said, asking not to be
named because the matter is private, Bloomberg relates.

New World is expediting asset sales as part of its agreement to
secure its June loan refinancing agreement with banks, the people
added. The company favors buyers such as investment funds or
private firms that can make swift decisions and offer faster cash
recovery, one of them said.

According to Bloomberg, the developer remains in the spotlight as
it continues to face liquidity stress and is seeking to raise as
much as $2 billion through a new loan that would be backed by its
crown jewel asset, Victoria Dockside in Hong Kong.

The firm set a commitment deadline for July 11, Bloomberg
previously reported. It's common for borrowers to extend such
deadlines for various reasons in the syndicated loan market.

"The prior refinancing has only eased the liquidity strains but not
reduced overall debt balance," Bloomberg quotes Jeff Zhang, an
analyst with Morningstar Inc., as saying. "Finding buyers with
reasonable valuation may take long durations."

New World had HK$50 billion ($6.4 billion) in completed investment
properties in mainland China as of Dec. 31, according to Bloomberg
Intelligence. Its prospects for selling the assets are clouded by
the country's ongoing real estate downturn and slowing economy.

In Shanghai, the company is seeking CNY2.85 billion ($397 million)
for its K11 tower, according to a property agent brochure. New
World didn't respond to an emailed query.

Controlled by the family empire of Hong Kong tycoon Henry Cheng,
New World has one of the highest debt burdens of any big developer
in the city. Its net debt reached 95.5% of shareholders' equity as
of December, according to Bloomberg Intelligence.

Bloomberg says the funding environment for troubled and small Hong
Kong developers has become increasingly challenging given that
property prices in the city are now around a nine-year low. Banks
are demanding stricter refinancing terms and asking for more credit
enhancements.

New World had been exploring other options earlier in the year,
including holding talks with Chinese state-owned firms about a
potential full sale of the company, Bloomberg relays citing other
people familiar with the matter.

Bloomberg notes that the Cheng clan, worth an estimated $21 billion
as of March, proposed a semi-bailout to New World about two years
ago, when it offered to take a subsidiary private and give the
developer about HK$21.7 billion. The firm reported its first annual
loss in 20 years for the 12 months ended June 2024.

Adrian Cheng, the eldest son of the family's patriarch Henry Cheng,
stepped down as chief executive officer soon after that, and this
month he left the board, Bloomberg says. The Cheng family also owns
a stake in Chow Tai Fook Jewellery Group Ltd. Adrian Cheng's
siblings include Sonia Cheng, who looks after the Rosewood Hotel.

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.




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

ANUNAY FAB: CRISIL Moves B- Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Anunay Fab Limited (AFL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Credit        1        Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit           16.34     Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               5.5      Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital
   Facility               58.16     Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with AFL for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of AFL to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from AFL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on AFL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AFL
migrated to 'Crisil B-/Stable/Crisil A4 Issuer not cooperating'.  

AFL was incorporated in 1992 by Mr. Radheshyam Agrawal and his
sons, Mr. Purushottam Agrawal and Mr. Anjani Agrawal. The company
is engaged in manufacturing and exporting cotton textile products
like bedsheets, bed-sheet sets, pillow covers, cotton bags, etc.
AFL has manufacturing facility located in Ahmedabad- Gujarat.



APM DESIGN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: APM DESIGN BUILD PRIVATE LIMITED
BSN Hari & D Ravishankar No.1,
        Hara Housing, Gutte Anjaneya Street,
        Arekempanahalli, Hosur Main Road,
        Wilson Garden, Bangalore,
        Bangalore South, Karnataka, India, 560027

Insolvency Commencement Date: May 23, 2025

Estimated date of closure of
insolvency resolution process: December 18, 2025 (180 Days)

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Gagan Gulati
       A-179, First Floor, Sudershan Park,
              New Delhi 110015
              Email address: advocategulati@gmail.com

              - and -

              I-23, L.G.F, Lajpat Nagar III,
              New Delhi, Delhi 110024
              Email address: cirpapmdesign@gmail.com

Last date for
submission of claims: July 5, 2025



APURVA OIL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Apurva Oil and Industries Private Limited
Plot No. A-23/1, MIDC, Amaravati, 444605 Maharashtra Bharat
  
Insolvency Commencement Date: June 17, 2025

Estimated date of closure of
insolvency resolution process: December 14, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench-I
Insolvency
Professional: Charudutt Pandhrinath Marathe
       Gomed, 915, Khare Town, Dharampeth, Nagpur-440 010.
              Email: CharuduttM@yahoo.co.in.
              Email: IP.ApurvaOil@gmail.com

Last date for
submission of claims: July 1, 2025


DR BHAI: CRISIL Moves B- Debt Ratings to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Dr Bhai Ganpatrao Deshmukh Shetkari Sahakari Soot Girni Limited
(SSSGL; previouslu known as Shetkari Sahakari Soot Girani Limited),
as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     1.5       Crisil B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital        2         Crisil A4 (ISSUER NOT
   Demand Loan                      COOPERATING; Rating Migrated)

   Working Capital        3         Crisil A4 (ISSUER NOT
   Demand Loan                      COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with SSSGL for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of SSSGL to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from SSSGL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on SSSGL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SSSGL
migrated to 'Crisil B-/Stable/Crisil A4 Issuer not cooperating'.  

SSSGL, established in 1980 as a cooperative society under the
Maharashtra Co-operative Society Act, 1960, is managed by Mr S. G.
Anuse. The society manufactures cotton yarn. It has a ginning,
pressing and spinning unit, and its two units are in Solapur,
Maharashtra, with combined capacity of 43,104 spindles.


ECO GLOBAL: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Eco Global Sales Corp (EGSC), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.06      Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4.94      Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            5         Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with EGSC for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, Crisil also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of EGSC to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from EGSC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on EGSC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EGSC
migrated to 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'.  

EGSC was set up in 2017. The firm undertakes the supply and
installation of solar energy products and equipment in Batala,
Punjab. It is owned and managed by Mr Rohit Sharma.


GLOBE PANEL: CRISIL Withdraws B Rating on INR40cr Cash Loan
-----------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
Globe Panel Industries India Private Limited (GPIIPL) on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with Crisil Rating's
policy on withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             20       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             40       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             25       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             20       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Loan Against            40       Crisil B/Stable/Issuer Not  
   Property                         Cooperating (Withdrawn)

   Long Term Loan          10       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with GPIIPL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GPIIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
GPIIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, Crisil Ratings has
continued the rating on bank facilities of GPIIPL to 'Crisil
B/Stable Issuer not cooperating'.  

GPIPL was incorporated in 2010 by the promoters, Mr Sarwan Agrawal
and Mr Sanjeev Agrawal. The company manufactures plywood,
laminates, flush doors, formaldehyde and other allied products. It
has six manufacturing facilities in Yamunagar (Haryana) and all the
products are sold under its brand, GL Plywood.


GREENCHEF APPLIANCES: CRISIL Withdraws B Rating on INR18cr Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Greenchef Appliances Limited (GAL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1         Crisil A4 (Issuer Not
                                    Cooperating) (Withdrawn)

   Foreign Letter
   of Credit              1         Crisil B/Stable(Issuer Not
                                    Cooperating) (Withdrawn)

   Open Cash Credit      18         Crisil B/Stable(Issuer Not
                                    Cooperating) (Withdrawn)

Crisil Ratings has been consistently following up with GAL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GAL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, Crisil Ratings has continued the
ratings on bank facilities of GAL to 'Crisil B/Stable/Crisil A4
Issuer not cooperating'.  

Crisil Ratings has withdrawn its ratings on the bank facilities of
GAL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.

GAL was formed in 2010 under the leadership of Mr. Sukhlal Jain.
The Karnataka-based company is involved in manufacturing and
trading of home and kitchen appliances.


INFIILOOM INDIA: CRISIL Lowers Rating on INR160cr NCDs to D
-----------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank loan
facilities and non-convertible debentures of Infiiloom India Pvt
Ltd (IIPL) to 'Crisil D/Crisil D' from 'Crisil BB+/Stable/Crisil
A4+'.

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

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

   Non Convertible
   Debentures             160       Crisil D (Downgraded from
                                    'Crisil BB+/Stable')

The rating action is due to non-repayment of interest & principal
debt repayment of Non-Convertible Debentures (NCD) due in month of
June 2025 and overall stretched liquidity in the group.

Analytical Approach

Crisil Ratings has combined the business and financial risk
profiles of IIPL and its subsidiaries: Infiiloom Trading DMCC,
Infiiloom Brands Pvt Ltd, Infiiloom Inc USA and ITPL. The first
three are sales arms of IIPL in the overseas markets while ITPL is
the new manufacturing facility based at Silvassa.

Unsecured Loans from the promoters and related parties as on March
31, 2024 of INR55.8 crore has been treated as debt. In current
fiscal 2025 of above, INR21 crore has been converted into equity
and INR23.5 crores has been subordinated to NCD by the company.


Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing: IIPL has not made repayment of interest
& principal debt repayment of Non-Convertible Debentures (NCD) due
in in month of June 2025 since same is under discussion for
deferral.

* Large working capital requirement: Gross current assets (GCAs)
were 354 days driven by inventory of 218 days, with low debtors of
39 days, as on March 31, 2024. Inventory remained high due to the
presence of higher work-in-progress and finished goods amidst lower
offtake. With the growing scale of operations, incremental working
capital requirement will be large and its efficient management
remains critical.

* Weak financial risk profile: Sharp decline in the operating
performance in fiscal 2024 impacted the group's financial risk
profile. Networth dropped to INR79 crore as on March 31, 2024 from
INR140 crore as on March 31, 2023. Gearing more than doubled to
5.59 times from 2.7 times due to availment of project loan for the
new facility in Silvassa under ITPL and reduction in networth. With
operating losses, debt protection metrics deteriorated and are
expected to be weaker in the near term. Improvement in the
financial risk profile with recovery in revenue and operating
margin will remain monitorable.

Strengths:

* Extensive experience of the promoters: Experience of over two
decades of the promoters in the socks industry, their sound
understanding of technology and market dynamics continue to support
the business. The promoters are supported by an experienced
professional management team. The management has successfully
diversified the customer base in the recent past by adding
customers in the overseas market across geographies.

* Established market position: The company is one of the largest
socks exporters in India and has an established track record in
supplying leg wear to reputed overseas brands.  It generates more
than 80% of revenue from exports to the US, Europe and Japan. The
group also supplies specialty socks to the Ministry of Defence,
Government of India every year. The group has large capacity of
2620 machines, underpinning its leadership position. The group
diversified its customer base by adding new customers in Europe, US
and Japan. The group has also tied up for launching innerwear for
Aeropostale, Nautica, Reebok and Nine-west, where revenue streams
are expected in the medium term.

Liquidity: Poor

The company has not made repayment of interest & principal debt of
Non-Convertible Debentures (NCD) due in month of June 2025.

Rating sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least more than 90
days
* Improvement in the financial risk profile and liquidity

IIPL, promoted by Mr Rohit Pal, manufactures and exports socks. It
has four major facilities: two in Maharashtra (in Pune and Nashik),
one in Andhra Pradesh (Nellore, acquired in fiscal 2021 and
expanded thereafter) and other in Silvassa, which is under its
subsidiary- ITPL.

                         About the Group

IIPL, promoted by Mr Rohit Pal, manufactures and exports socks. It
has three facilities - two in Maharashtra (in Pune and Nashik) and
one in Andhra Pradesh (Nellore)

ITPL, incorporated in December 2021, is a subsidiary of IIPL, which
manufactures and exports socks in Silvassa


INFIILOOM TEXTILES: CRISIL Lowers Rating on INR20cr Loan to C
-------------------------------------------------------------
Crisil Ratings has downgraded its rating on the long term bank loan
facilities of Infiiloom Textiles Private Limited (ITPL) to 'Crisil
C' from 'Crisil BB/Stable'. The rating action is due stretched
liquidity at the group level.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        Crisil C (Downgraded from
                                    'Crisil BB/Stable')

   Cash Credit            10        Crisil C (Downgraded from
                                    'Crisil BB/Stable')

   Cash Credit            10        Crisil C (Downgraded from
                                    'Crisil BB/Stable')

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Networth was negative as on March
31, 2024 due to losses in fiscal 2024. The debt levels are high as
the company had availed debt to set up the plant. Due to low
revenue in the nascent stage and high debt levels, the debt
protection metrics were weak. With replacement on the bank term
loan with debt from the parent, the financial profile may improve
and will be monitored.

* Nascent stage of operations: The company started its commercial
operations in September 2023. The revenue has been minimal in
fiscal 2024 and remained lower in the first half of fiscal 2025 due
to the nascent stage of operations.  Ramp up in the scale of
operations with sustained operating margin will be a key
monitorable.

Strength:

* Extensive experience of the promoters and healthy demand
prospects: The promoters' experience of two decades in the socks
business, sound understanding of technology and market dynamics,
and healthy relationships with suppliers and customers will
continue to support the business.  IIPL has successfully
diversified its clientele in the past three years and added
customers in the overseas market. It also supplies specialty socks
to the government of India. Furthermore, it is one of the largest
socks exporters in India and has an established track record in
supplying legwear to reputed overseas brands.

Liquidity: Poor

ITPL has poor liquidity with low cash accrual to meet incremental
working capital requirement. It has no debt obligation. ITPL's bank
limits were utilised at 96% on average in the six months through
November 2024.

Rating sensitivity factors

Upward factors

* Successful ramp-up of operations along with healthy operating
margin, leading to cash accrual higher than INR5 crore
* Improvement in the financial profile and liquidity
* Track record of timely debt servicing for at least more than 90
days in the parent company

Downward factors

* Delay in ramp-up leading to significantly lower than expected
cash accrual less than INR2 crore
* Delay in servicing of outstanding debt obligations

ITPL, incorporated in December 2021, is a subsidiary of IIPL, which
manufactures and exports socks in Silvassa.

IIPL, promoted by Mr Rohit Pal, manufactures and exports socks. It
has three facilities - two in Maharashtra (in Pune and Nashik) and
one in Andhra Pradesh (Nellore).


JAMUNA HATCHERIES: ICRA Reaffirms B+ Rating on INR50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Jamuna
Hatcheries Private Limited (JHPL), as:

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         37.73       [ICRA]B+ (Stable) reaffirmed
   Fund Based-                    
   Term Loans                      

   Long Term-         50.00       [ICRA]B+ (Stable); reaffirmed/  
   Fund Based-                    assigned for enhanced amount
   Cash Credit                    

   Long-term-          4.27       [ICRA]B+ (Stable); reaffirmed/
   Unallocated                    assigned for enhanced amount
   
Rationale

The rating reaffirmation for the bank lines of JHPL considers the
extensive experience of the promoters in the poultry business
spanning over 30 years, and JHPL's partially integrated poultry
operations including breeder farms, contract farming, feed mill
enabling the company to streamline its operations in line with the
industry trends. ICRA notes that the company outsources its
hatchery operations to the third party.

However, the rating remains constrained on account of the company's
modest scale of operations reflecting in the operating revenue of
INR70.6 crore in FY2025. The rating is further constrained by the
company's subdued financial profile, as indicated by its leveraged
capital structure and stretched coverage metrics with total
debt/OPBIDTA of 9.9 times and DSCR of 0.7 times as on March 31,
2025. Nonetheless, regular infusion of funds from the promoters has
supported the company's liquidity. The rating further remains
vulnerable to the fluctuations in raw material prices, mainly maize
and soya, volatility in broiler realisations, risks arising from
disease outbreaks, along with the cyclical and the fragmented
nature of the poultry industry.
The Stable outlook on the rating reflects ICRA's opinion that JHPL
will benefit from the prospects of increase in revenue on the back
of improved capacity utilisation of feed mill operations coupled
with the industry's favourable demand prospects.

Key rating drivers and their description

Credit strengths

* Significant experience of the promoters in the poultry industry:
The promoters have an established presence with over three decades
of experience in the poultry industry, resulting in long
relationships with customers and suppliers.

* Partially integrated poultry operations with diverse product mix:
The company has breeder, contract farming, broilers and feed
operations. The company has its own feed mill and plans to increase
its sales to third parties, resulting in enhanced revenue mix,
going forward. The hatcheries operations are outsourced, but other
operations are integrated that is in line with the industry
standards.

Credit challenges

* Modest scale of operations and weak financial profile: The firm's
scale of operations remains modest, with revenues of INR70.6 crore
in FY2025. However, the scale is expected to grow, going forward,
with increased revenues likely to be derived from the higher
capacity utilisation of feed mill operations. The company's capital
structure remains leveraged with TD/TNW of 14.0
times as on March 31, 2025, owing to low accruals. Moreover, its
coverage metrics are stretched with total debt/OPBIDTA of 9.9 times
and DSCR of 0.7 times as on March 31, 2025. This apart, given the
high inventory holding, the company's liquidity position is
stretched. Nevertheless, ICRA notes that the company's promoters
have infused funds on a regular basis to support the company's
working capital requirements.

* Stretched working capital cycle: JHPL's working capital cycle is
stretched as the company procures healthy volumes of raw materials
such as maize and soya during the procurement season for its
requirement, reflecting in working capital intensity (NWC/OI) ratio
of 99.2% as on March 31, 2025. The company is managing its working
capital cycle through an extended credit period offered by its
suppliers and fund infusion by promoters.

* Vulnerability to rise in feed prices and cyclicality associated
with the Indian poultry industry, including exposure to disease
outbreaks: Maize and soya, which account for ~70% of raw material
consumption, form the key components in poultry feed. Thus,
fluctuation in price of these agro commodities would impact the
company's profitability. The company's operations are also affected
by the cyclicality associated with the Indian poultry industry and
are exposed to the inherent industry risk of disease outbreak (bird
flu or avian influenza).

Liquidity position: Stretched

The company's liquidity position is stretched with limited buffer
in the working capital limits and low free cash balance of INR3.5
crore as on March 31, 2025. The company is expected to generate
retained cash flows of INR1-2 crore against the repayment
obligations of INR10-11 crore over the next 12 months and therefore
require funding support from banks and promoters to meet its
working capital obligations. The company has a cash credit facility
with a sanctioned amount of INR50 crore, which was enhanced from
INR31.25 crore in February 2025. The average utilisation of the
working capital limits was high during FY2025.

Rating sensitivities

Positive factors – ICRA could upgrade JHPL's rating in case of a
healthy growth in revenues and earnings, leading to an improvement
in the liquidity position and debt coverage metrics. Specific
credit metric that could lead to a rating upgrade includes DSCR of
over 1.1 times on a sustained basis.

Negative factors – Pressure on the rating could arise if there is
any material decline in revenues or margins, adversely impacting
JHPL's cash flows or debt metrics on a sustained basis. A
deterioration in the working capital cycle, further impacting the
company's liquidity position, could also be a trigger for a rating
downgrade.

Jamuna Hatcheries Private Limited (JHPL) was incorporated in
February 2018 by Mr. Etela Jamuna Reddy and Mr. Etela Nithin Reddy
and commenced operations in September 2018. It is involved in the
business of poultry breeding, hatching of eggs, broiler farming
(through contract farming) and selling day-old chicks. The
company's broiler contract farming capacity is ~11.4 lakh birds per
batch (140 sheds). The company also has own feed mill, which
suffices its internal feed requirements and provides additional
source of revenue through third-party sale.


KARNATAKA POWER: ICRA Lowers Rating on INR19,922.62cr Loan to B+
----------------------------------------------------------------
ICRA has downgraded the long-term rating on the bank facilities of
Karnataka Power Corporation Limited (KPCL). The entity's ratings
continue to remain under 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-       19,922.62     [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating downgraded
   Cash Credit                    from [ICRA]BB (Stable); ISSUER
                                  NOT COOPERATING and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          978.50     [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating downgraded
   Cash Credit                    from [ICRA]BB (Stable); ISSUER
                                  NOT COOPERATING and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          194.00     [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based-                COOPERATING; Rating downgraded
                                  from [ICRA]BB (Stable); ISSUER
                                  NOT COOPERATING and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-       13,407.00    [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Short Term                     to remain under 'Issuer Not
   Loan                           Cooperating' category

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

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

KPCL is the state-owned power generation company of the Government
of Karnataka (GoK) with an operational power generating capacity of
8,738 MW, comprising hydel power generation capacity of 3,680 MW,
thermal capacity of 5,020 MW and renewable capacity of 39 MW. The
thermal generation capacity of the company also includes a 1,600-MW
thermal power project under a JV with BHEL, namely Raichur Power
Corporation Limited (RPCL). The company supplies power generated
from its stations to the five-state owned distribution utilities in
Karnataka under long-term power purchase agreements (PPAs).


MANOJ A: CRISIL Moves B Debt Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Manoj .A., as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.5       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with Manoj .A.
for obtaining NDS through letters/emails dated April 30, 2025, May
30, 2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of Manoj .A. to confirm timely debt servicing
during these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from Manoj .A., which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Further, non-sharing of NDS by issuers may
reflect operational issues faced by issuers in some cases. On the
other hand, it may be a beginning of a general non-cooperation and
may extend to non-submission of other information.

Crisil Ratings believes that rating action on Manoj .A. is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of Manoj
.A. migrated to 'Crisil B+/Stable Issuer not cooperating'.  

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


MRC MILLS: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of MRC Mills Private Limited (MRCMPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan    7.22       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Secured Overdraft
   Facility             10.50       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)


   Term Loan            32.28       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up MRCMPL for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of MRCMPL to confirm timely debt servicing
during these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from MRCMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on MRCMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of MRCMPL
migrated to 'Crisil B/Stable Issuer not cooperating'.  

MRCMPL was incorporated in 2010. The company undertakes textile
printing and processing at its facilities in Karur and Cuddalore
(both in Tamil Nadu).

Operations are managed by the promoter, Mr K Chinnasamy and his
family members.


NEW ERA: CRISIL Raises Rating on INR3.5cr LT Loan to B
------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, Crisil Ratings had migrated its
ratings on the bank facilities of New Era Industries (NEI) to
'Crisil B-/Stable/Crisil A4 Issuer not cooperating'. However, the
company's management has subsequently started sharing the
information necessary for a comprehensive review of the ratings.
Consequently, Crisil Ratings is migrating the ratings to 'Crisil
B/Stable/Crisil A4' from 'Crisil B-/Stable/Crisil A4 Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         3.5       Crisil A4 (Migrated from
                                    'Crisil A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            1.5       Crisil B/Stable (Migrated
                                    from 'Crisil B-/Stable ISSUER
                                    NOT COOPERATING')

   Import Letter of       3.5       Crisil A4 (Migrated from
   Credit Limit                     'Crisil A4 ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.5       Crisil B/Stable (Migrated
   Bank Loan Facility               from 'Crisil B-/Stable ISSUER
                                    NOT COOPERATING')

The ratings continue to reflect the large working capital
requirement and modest scale of operations of the New Era group.
These weaknesses are partially offset by the extensive experience
of the group's partners in the exterior décor segment and healthy
capital structure.

Analytical Approach

Crisil Ratings has combined the business and financial risk
profiles of NEI and New Era Living Deco Co Ltd (Vietnam) [NELDCL].
This is because the two entities, together referred to as the New
Era group, have the same management and partners, and significant
business synergies. Crisil Ratings has not consolidated New Era
Living Deco FZE (Dubai) as it has no operations currently.

Unsecured loan of INR1.3 crore as on March 31, 2025, from the
partners and their relatives, is treated as debt as this is
need-based funds and shall be subsequently withdrawn.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Operations of NEI continue to
remain working capital intensive as reflected in estimated gross
current assets of 100-160 days as on March 31, 2025, driven by high
inventory and receivables. The working capital requirement will
remain large over the medium term owing to high-value orders in
hand.

* Modest scale of operations: The exterior decor industry is highly
fragmented with many organised players offering cheap substitutes
such as architectural wall panels, glass and low-quality wooden
flooring to ceramic cladding. This reduces the bargaining power of
the group with customers. Hence, revenue was subdued at INR13.5
crore in fiscal 2025 as against INR2.9 crore in fiscal 2024. Small
scale in turn restricts the ability to bid for large projects.  

Strengths:

* Extensive experience of the partners: The group has been in the
exterior decor business for more than 15 years and provides
solutions to corporates as well as high-networth individuals. Over
the years, the partners have established a strong clientele. The
same is supported by orderbook of INR12-15 crore as of May 2025,
which provides revenue visibility over the medium term.

* Healthy capital structure: The capital structure was healthy
owing to low reliance on external funds yielding low total outside
liabilities to tangible networth ratio of 0.72 time as on March 31,
2025.

Liquidity: Poor

Bank limit utilisation was low at 22.2% on average for the 12
months ended March 31, 2025.  However, the firm availed
non-fund-based bank limit, which remains 80-85% utilised. Annual
cash accrual is expected at INR8-10 lakh against yearly term debt
obligation of INR2-3 lakh over the medium term and will cushion
liquidity. The current ratio was healthy at 4.39 times as on March
31, 2025.


Outlook: Stable

Crisil Ratings believes the New Era group will continue to benefit
from the extensive experience of its partners.

Rating sensitivity factors

Upward factors

* Significant growth in revenue while maintaining the operating
margin over 12%, leading to net cash accrual above INR1 crore
* Efficient management of working capital, leading to improvement
in the liquidity profile

Downward factors

* Revenue below INR6 crore with operating margin less than 3%
* Any large, debt-funded capital expenditure or high reliance on
working capital limit, resulting in deterioration of liquidity

NEI was set up as a partnership firm by Anil Khanna and Manju
Khanna in the early 1980s. It imports and installs exterior
cladding, surfacing and finishes.

Vietnam-based NELDCL was established by Aman Khanna. It buys
terracotta, wooden and metal cladding from suppliers and resells to
customers in India, Bangladesh and Nepal.


NITINSAI CONSTRUCTIONS: CRISIL Withdraws D Rating on INR7cr Loan
----------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
Nitinsai Constructions Private Limited (NCPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with Crisil Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         7         Crisil D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit/           1.5       Crisil D/Issuer Not
   Overdraft facility               Cooperating (Withdrawn)

   Inland/Import          2         Crisil D/Issuer Not
   Letter of Credit                 Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with NCPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, Crisil Ratings has continued the
ratings on bank facilities of NCPL to 'Crisil D/Crisil D Issuer not
cooperating'.  

NCPL was set up in 2010 by Mr. Y Krishna Murali and his family. The
company is in the civil construction business, and undertakes
irrigation works and construction of roads and railway bridges.
NCPL is based in Hyderabad.


PRAGATI CONSTRUCTION: CRISIL Withdraws B Rating on INR6.5cr Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Pragati Construction - Pune (PCP), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.5       Crisil A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            6.5       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Loan Against
   Property               5.31      Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Cash
   Credit Limit           6         Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with PCP for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PCP. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on PCP is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PCP continues to be 'Crisil B/Stable/Crisil A4 Issuer
Not Cooperating'.

Crisil Ratings has withdrawn its ratings on the bank facilities of
PCP on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities

Set up in Pune in 2015, PC is promoted by Amar Deshmukh. PC is
engaged in civil construction works, such as construction of roads
and bridges.


PROGRESSIVE CARS: CRISIL Reaffirms B+ Rating on INR37.5cr Loan
--------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facilities of Progressive Cars Private Limited
(PCPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding      3.24      Crisil B+/Stable (Reaffirmed)
   Facility               

   Inventory Funding     25         Crisil B+/Stable (Reaffirmed)
   Facility               

   Inventory Funding      3.5       Crisil B+/Stable (Reaffirmed)
   Facility               

   Inventory Funding     12.5       Crisil B+/Stable (Reaffirmed)
   Facility               

   Inventory Funding     10         Crisil B+/Stable (Reaffirmed)
   Facility               

   Inventory Funding      5         Crisil B+/Stable (Reaffirmed)
   Facility
               
   Inventory Funding     37.5       Crisil B+/Stable (Reaffirmed)
   Facility               

   Inventory Funding      0.28      Crisil B+/Stable (Reaffirmed)
   Facility

   Inventory Funding      8.5       Crisil B+/Stable (Reaffirmed)
   Facility               

   Working Capital        0.76      Crisil B+/Stable (Reaffirmed)
   Term Loan               

The rating continues to reflect low operating margin and leveraged
capital structure of the company. These weaknesses are partly
offset by the extensive experience of the promoters in the
automotive dealership business and their funding support and
moderate scale of operations.

Analytical approach

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

Unsecured loan (INR9.07 crore as on March 31, 2025) extended by the
promoters and their relatives has been regarded as neither debt nor
equity as the loan is expected to remain in the business over the
medium term.

Key rating drivers and detailed description

Weaknesses:

* Low profit margin: Although the operating margin rose by 76 basis
points to 2.28% in fiscal 2024, from 1.52% in fiscal 2023, it is
likely to remain modest due to the trading nature of business. The
margin is estimated at 2.37% in fiscal 2025 and may remain at
similar levels over the medium term as well. Also, despite the
increase in the operating margin, the net margin was muted at 0.27%
in fiscal 2024, as against 0.33% in fiscal 2023, due to higher
reliance on external debt to fund inventory.

* Leveraged capital structure: Adjusted gearing stood at 12.25
times and total outside liabilities to adjusted networth ratio at
12.67 times as on March 31, 2024. Though the ratios are estimated
to have improved marginally as on March 31, 2025, the capital
structure may continue to be highly leveraged over the medium
term.

Strengths:

* Extensive experience and funding support of the promoters: The
promoters have more than three decades of experience in the
automotive dealership business; their strong understanding of
market dynamics, healthy relations with customers and suppliers and
need-based funding support (via capital and unsecured loans) should
continue to aid the business.

* Moderate scale of operations: Scale of operations has grown over
the past three fiscals, as compared to the past, driven by higher
demand for passenger vehicles of Tata Motors Ltd. PCPL has also
been allotted a new dealership for the Gandhinagar (Gujarat) area
as well. Thus, revenue grew to around INR555.00 crore in fiscal
2025, from INR544.74 crore in fiscal 2024.

Liquidity: Stretched

Along with high reliance on the bank limit, the company has also
availed of ad hoc limit at several instances during the year.
Current ratio remained below unity for the past few years and may
remain so going forward as well. Cash accrual is projected at
INR2.5-3.5 crore per annum, barely sufficient to meet the yearly
debt obligation of INR2-3 crore over the medium term.

Outlook: Stable

PCPL will continue to benefit from the extensive experience of its
promoters and their healthy relationship with the principal - Tata
Motors Ltd.

Rating sensitivity factors

Upward factors

* Improvement in the financial risk profile, marked by gearing
below 6 times
* Improvement in the working capital cycle, with gross current
assets (GCAs) less than 45 days

Downward factors

* Decline in revenue or operating margin, leading to
lower-than-envisaged cash accrual
* Stretch in the working capital cycle, with GCAs more than 75
days

Ahmedabad (Gujarat)-based PCPL was incorporated in November 1999 by
Mr Hiralal Gupta and Mr Avinash Gupta. The company runs an
authorised dealership and service centre for passenger cars
manufactured by Tata Motors Ltd. It has showrooms and workshops at
Ahmedabad and Anand (Gujarat) and plans to open a new showroom at
Gandhinagar.


SHIVAJI ROLLER: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Shivaji Roller Flour Mills Private Limited (SRFMPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with SRFMPL for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of SRFMPL to confirm timely debt servicing
during these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from SRFMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on SRFMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SRFMPL
migrated to 'Crisil B+/Stable Issuer not cooperating'.  

SRFMPL was set up in 1972 by Mr B R Goyal. The company produces
wheat products such as all-purpose flour (maida) and wheat flour
(atta) at its unit in Navi Mumbai, Maharashtra.


STANLEY LIFESTYLES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Stanley
Lifestyles Limited (SLL) continue to be 'Crisil B+/Stable/Crisil A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1          Crisil A4 (Issuer Not
                                    Cooperating)

   Cash Credit           5.5        Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit          17.5        Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           3          Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit     11.5        Crisil A4 (Issuer Not
                                    Cooperating)

   Letter of Credit      3          Crisil A4 (Issuer Not
                                    Cooperating)

   Letter of Credit      9          Crisil A4 (Issuer Not
                                    Cooperating)

   Term Loan             3          Crisil B+/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SLL for
obtaining information through letters and emails dated May 2, 2025
and May 5, 2025 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SLL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SLL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLL continues to be 'Crisil B+/Stable/Crisil A4 Issuer Not
Cooperating'.

The Stanley group consists of two entities, SLL and Stanley Retail
Limited (SRL), which were set up in 1996 and 2001, respectively.
SLL manufactures leather-based furniture and leather car seat
covers. SRL is a furniture retailer. The group's day-to-day
operations are managed by the managing director Mr. Sunil Suresh
and his wife Mrs. Shubha Sunil.


SVN AGRO CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of SVN Agro Refineries (SAR), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            25        Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            24        Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital
   Demand Loan            10        Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with SAR for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of SAR to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from SAR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on SAR is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SAR
migrated to 'Crisil B+/Stable Issuer not cooperating'.  

Established as partnership firm, SAR is engaged in refining of
sunflower oil, manufacturing and trading of RBD Palm oil. The firm
has one manufacturing facility with an installed capacity of 5000
tons per year and 12000 tons per year of RBD palm oil. The firm is
based in Vengaivasal near Tamil Nadu and is owned & managed by Mr.
S V N Ravi Varma.


TECHNOFAB ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Technofab
Engineering Limited (TEL) continue to be 'Crisil D/Crisil D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          83       Crisil D (Issuer Not
                                    Cooperating)

   Bank Guarantee          52       Crisil D (Issuer Not
                                    Cooperating)

   Bank Guarantee         375       Crisil D (Issuer Not
                                    Cooperating)

   Bank Guarantee         107       Crisil D (Issuer Not
                                    Cooperating)

   Bank Guarantee          45       Crisil D (Issuer Not
                                    Cooperating)

   Bank Guarantee         130       Crisil D (Issuer Not
                                    Cooperating)

   Cash Credit             10       Crisil D (Issuer Not
                                    Cooperating)

   Cash Credit             12.5     Crisil D (Issuer Not
                                    Cooperating)

   Cash Credit             52       Crisil D (Issuer Not
                                    Cooperating)

   Cash Credit             18.5     Crisil D (Issuer Not
                                    Cooperating)

   Cash Credit              7       Crisil D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility       8       Crisil D (Issuer Not
                                    Cooperating)

   Proposed Long Term     160       Crisil D (Issuer Not
   Bank Loan Facility               Cooperating)

Crisil Ratings has been consistently following up with TEL for
obtaining information through letter and email dated May 14, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TEL, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TEL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'.

Analytical Approach

Crisil Ratings has combined the business and financial risk
profiles of TEL and its subsidiaries, Arihant Flour Mills Pvt Ltd,
Woodlands Instruments Pvt Ltd, and Rivu Infrastructural Developers
Pvt Ltd, considering their strong financial and operational
linkages.

Incorporated in 1971, TEL provides EPC services on a turnkey basis.
It undertakes balance-of-plant and electro-mechanical projects in
the power, oil and gas, water and waste-water treatment, and other
industrial and infrastructure sectors in India and abroad. The
corporate office and manufacturing unit for fabrication and
assembly are in Faridabad, Haryana. The company is listed on the
Bombay Stock Exchange and the National Stock Exchange.


THERDOSE PHARMA: ICRA Withdraws D Rating on INR9.53cr LT/ST Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Therdose Pharma Private Limited at the request of the company and
based on the No Due Certificate/Closure certificate received from
its bankers. The Key Rating Drivers and their description,
Liquidity Position, Rating Sensitivities, Key Financial Indicator
have not been captured as the rated instruments are being
withdrawn.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         7.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                    

   Long-term-         5.47       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Term Loan                     

   Long Term/         9.53       [ICRA]D; ISSUER NOT COOPERATING/
   Short Term-                   [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Withdrawn

   Short Term-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Withdrawn
   Based-Others                  

Therdose Pharma Pvt. Ltd. (TPPL) was incorporated in 2003 in the
name of Oshadha Therapeutical Private Limited in the owned premises
in Hyderabad. In 2005, the company's name was changed to Therdose
Pharma Private Limited (TPPL). The manufacturing unit cum
administration office of the company is situated in Hyderabad. The
company is engaged in drug.


VARAD BUILDERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Varad Builders (VB), as:

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      5        Crisil B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               5        Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with VB for
obtaining NDS through letters/emails dated April 30, 2025, May 30,
2025 and June 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of VB to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from VB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on VB is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of VB migrated to
'Crisil B+/Stable Issuer not cooperating'.  

VB is presently developing a project, Prajatitk in Badlapur
(Mumbai). The project comprises of 5 apartment buildings. The firm
was incorporated in 2019 as a partnership by Mr Chetan Apte and his
family members.




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

NISSAN MOTOR: Fitch Assigns 'BB' Rating to US Dollar & Euro Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB' to Nissan Motor Co.,
Ltd.'s (BB/Negative) proposed senior unsecured US dollar and euro
notes.

The proposed notes are rated in line with Nissan's Long-Term
Foreign-Currency Issuer Default Rating (IDR), as they represent the
company's direct, unsecured and unsubordinated obligations, and
rank pari passu with all its other unsecured and unsubordinated
debt. The proceeds will be used for general corporate purposes.

The company expects the proceeds from the new notes to be used to
prefund the refinancing of maturing notes. Fitch does not expect
the company's net debt balance after issuance to change materially,
leaving the company's financial structure unchanged.

Key Rating Drivers

Macro Uncertainties, Higher Downside Risk: Tariffs announced by the
US administration on auto imports are likely to lead to production
cuts and increased costs, affecting automotive issuers'
profitability and weakening consumer demand. Following Fitch's
updated Global Economic Outlook in April 2025, Fitch has revised
its US light vehicle sales assumption down to 15.2 million from
16.3 million earlier this year. As a result, Fitch has changed its
2025 outlook for the global automotive sector to 'deteriorating'
from 'neutral'.

Tariffs to Hit Operating Profit: Fitch estimates the 25% tariff on
US imports from outside North America and an average 20% on imports
from Mexico and Canada to cause EBIT margin to drop by 250bp in the
fiscal year ending March 2026 (FYE26). Nissan manufactures half of
its US sales outside the country, which leaves it highly exposed to
uncertainties over implementation of tariffs in the US. Fitch also
assumes a 2% decline in the company's consolidated unit sales in
FYE26.

Mitigation Measures: Nissan has reduced its capacity utilisation
through FYE25 to tackle its inventory problem and may shift
production to the US by tapping idle capacities there. However, the
production shift will be gradual and require additional costs,
while production costs are likely to be higher there, adding to
profitability pressures.

Additional Restructuring: Nissan's restructuring plan includes
reducing production capacity, headcount and expenses to offset the
increased costs in FYE25. Management, under new CEO Ivan Espinosa,
announced additional cost-reduction measures on 13 May 2025,
specifically addressing the company's rising variable costs. These
initiatives will bolster earnings and cash generation. However,
Fitch believes these measures will weigh on profitability and cash
flow in the short term and will take at least a couple of years
before having a net positive effect on FCF.

Solid Capital Structure: Fitch expects Nissan's capital structure
to remain in line with those of higher-rated peers. Nissan's
financial structure and financial flexibility are assessed at
'bbb-' and 'a-', respectively, in Fitch's Ratings Navigator for the
industry. These support the company's rating while auto
profitability is weak. Profitability from FYE27 should benefit from
its restructuring.

Long-Term Strategy Unclear: Although Honda Motor Co., Ltd
(A/Stable) and Nissan ended discussions for a merger on 13
February, the two companies, along with Mitsubishi Motors
Corporation, maintain their alliance for electrification. The
alliance is poised to significantly accelerate investment and
development in electric vehicles by leveraging shared technology
and economies of scale. This is particularly important for Nissan,
which has a smaller scale in the auto industry and lags competitors
in battery electric vehicle (BEV) sales.

Fitch does not anticipate the new management to significantly alter
Nissan's general strategy of focusing on the alliance, regional
strengths and brands. Consequently, Fitch expects the business
profile to remain broadly unchanged from FYE25 to FYE28.

Business Profile Intact: Nissan's business profile is solid for its
ratings. Although its sales volumes and market share have reduced
since the restructuring in 2020, it maintains competitive positions
in various markets and subsectors in the global auto market. The
company's large scale and strong diversification also support its
business profile.

Peer Analysis

On a standalone basis, Nissan is smaller than General Motors
Company (BBB/Positive), Ford Motor Company (BBB-/Stable),
Stellantis N.V. (BBB/Stable) and Hyundai Motor Company (A-/Stable).
It is comparable to the automotive operations of Honda, although
Honda benefits from its strong motorcycle operations. However,
Nissan's alliance with equity-accounted affiliate Mitsubishi
Motors, Renault and potentially Honda provides substantial capacity
for economies of scale and synergies.

Nissan's brand positioning is moderately weaker than that of its
rated global peers. Nonetheless, Fitch believes Nissan's product
and geographic diversification, along with its competitive
positions in the global auto market, supports its market share and
revenue scale. Nissan is more similar in market position and
diversification to Ford and Stellantis.

Recently, Nissan's credit profile has been weaker than that of
global auto manufacturers in the 'BBB' category, such as GM, Ford
and Stellantis. Nissan's operating and FCF margins have been lower
and are currently weak for its rating. However, its low leverage
and maintenance of a net cash position are considered strong for
its current rating and compare well with higher-rated peers.

Key Assumptions

Fitch's Key Assumptions within the Rating Case for the Issuer

- 2% decline in consolidated unit sales in FYE26, followed by 0.9%
growth in FYE27 and 0% in FYE28.

- 25% tariff for imports into the US from outside North America,
and an average 20% for imports from Mexico and Canada.

- Initial 80% absorption of tariff costs and gradual decline (i.e.,
price increase) over the years.

- Gradual production shift from Japan and Mexico to the US in FYE26
and FYE27.

RATING SENSITIVITIES

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

- Failure to establish a clear trend towards breakeven in operating
profit and FCF in the auto segment, excluding non-recurring
restructuring charges, by FYE27.

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

- The Outlook will be revised to Stable if the negative
sensitivities are not met.

Liquidity and Debt Structure

Fitch expects Nissan's auto segment to maintain a net cash position
with about JPY1 trillion-1.3 trillion of cash and cash equivalents
between FYE26 and FYE28, despite the large negative FCF Fitch
forecasts in FYE26. Its forecast does not include any cash inflow
from asset disposals. Nissan also has an unused committed line of
over JPY1.5 trillion, which supports both its auto and sales
financing arms.

Fitch sets aside JPY281 billion of cash in its financial
projections — equivalent to 2.5% of auto segment revenue — as a
reserve for seasonal working capital, as it is not immediately
accessible. Additionally, Fitch deducted JPY182.1 billion from cash
and cash equivalents of the Nissan parent/auto segment and
allocated it to financial services.

Issuer Profile

Nissan is a leading full-line global automobile manufacturer. It
was Japan's fourth-largest automaker by sales volume in 2024 and
13th largest worldwide, based on data from Wards Intelligence.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating           
   -----------              ------           
Nissan Motor Co., Ltd.

   senior unsecured      LT BB  New Rating

[] JAPAN: 1st Half Bankruptcies Rose to Highest Level in 11 Years
-----------------------------------------------------------------
Japan Today reports that the number of corporate bankruptcies in
Japan in the first half of 2025 rose to the highest level in 11
years, with those hurt by a labor shortage showing a notable
increase, a survey by a credit research company showed July 8.

The failures involving debts of at least JPY10 million were up 1.2
percent from the same period a year earlier, rising for the fourth
consecutive year and reaching their highest level since 2014, Japan
Today discloses citing Tokyo Shoko Research.

According to Japan Today, bankruptcy filings have been on the rise
as the country's labor shortage, higher materials prices and rises
in interest rates hit small and midsize companies hard.

Firms with fewer than 10 employees made up 89.8 percent of the
total bankruptcies, facing difficulties in hiring workers with the
labor crunch keeping upward pressure on wages, Japan Today relays.

The end of special tax breaks provided since the COVID-19 pandemic
has also squeezed small businesses, it said.

A total of 172 companies blamed employment issues for their
bankruptcies, such as difficulties in recruiting and employees
leaving their jobs, the highest ever for the six-month period and
up from 146 a year earlier, adds Japan Today.




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

BEST NEWS: In Receivership; Khov Jones Appointed as Receivers
-------------------------------------------------------------
Andrew Bevin of Newsroom reports that Best News Entertainment,
which describes itself as New Zealand's largest Chinese-language
media company, has been placed into receivership less than four
years after the liquidation of its predecessor, World TV.

Receivership was initiated by Taiwanese investor Fu-nu Tsai, the
company's largest shareholder, who holds 60% ownership of Best News
Entertainment. The remaining 40% is held by the company's sole
director, Lynn Li Mei Chang, based in Auckland.

Steven Khov and Kieran Jones of insolvency firm Khov Jones were
appointed receivers under a general security deed dating back to
March 2021. That was when Tsai acquired the company's assets out of
the liquidation of the World TV group of companies, according to
Newsroom. The group operated from June 2000 until its liquidation
in 2021.
Tsai was its largest shareholder holding a 21.6% stake. He was owed
$1.78 million as a secured creditor.

Best News Entertainment declined to comment directly and referred
Newsroom's request for comment to the receivers.

Steven Khov confirmed that operations would continue while options
are considered.

"We will look to sell the business and/or its assets in due
course," Khov said, notes the report.

Recent filings suggest a potential shift in ownership or branding,
relates Newsroom. Specifically, general manager Jody Chang
registered on May 5, 2025, a new company, AM936 Limited, where he
is listed as sole director and shareholder. AM936 is both the
frequency for Chinese Voice and the name of its digital platform.

              About Best News Entertainment

Best News Entertainment operates the Chinese-language radio
stations Chinese Voice and Love FM, as well as NZ936, a digital
news platform it describes as equivalent of Stuff for the Chinese
community. It also runs Freeview channel TV32 (formerly TV28),
which features original content, news programs, and state
programming from Taiwan, Hong Kong, and China. It also briefly
previously operated the English-language channel Panda TV, which
closed in October 2021.

The company's 2021 media kit disclosed that Best News has a market
share of over 90% of the Chinese TV audience in New Zealand. It
said 56,800 members of the Chinese community tuned into TV28, and
Chinese Voice and Love FM both boasted daily audiences of more than
32,000. Its YouTube channel also boasts 378,000 subscribers.


BREW CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 8
----------------------------------------------------------
Creditors of Brew Construction Limited are required to file their
proofs of debt by Aug. 8, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


JD MOTORS: Creditors' Proofs of Debt Due on July 22
---------------------------------------------------
Creditors of JD Motors Limited are required to file their proofs of
debt by July 22, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 23, 2025.

The company's liquidators are:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


KINABUILD LIMITED: Court to Hear Wind-Up Petition on Aug. 7
-----------------------------------------------------------
A petition to wind up the operations of Kinabuild Limited will be
heard before the High Court at Christchurch on Aug. 7, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 3, 2025.

The Petitioner's solicitor is:

          Derick Lotz
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


LAWHUB LIMITED: Creditors' Proofs of Debt Due on Aug. 8
-------------------------------------------------------
Creditors of Lawhub Limited are required to file their proofs of
debt by Aug. 8, 2025, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Andrew Marchel Oorschot
          Ashton Wheelans Chartered Accountants
          PO Box 13042
          Christchurch


PB11 NZ: Court to Hear Wind-Up Petition on July 14
--------------------------------------------------
A petition to wind up the operations of PB11 NZ Limited will be
heard before the High Court at Hamilton on July 14, 2025, at 10:45
a.m.

Harman Impex (NZ) Limited filed the petition against the company on
June 6, 2025.

The Petitioner's solicitor is:

          Peter James Broad
          Level 1, 1/208 Great South Road
          Papatoetoe
          Auckland




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

CAPVEN INVESTMENTS: Placed Under Interim Judicial Management
------------------------------------------------------------
Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on June 27, 2025,
was appointed as Interim Judicial Manager of Capven Investments
Private Limited.

The Interim Judicial Manager reached at:

          Ellyn Tan Huixian
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536


HWEE MENE: Court to Hear Wind-Up Petition on July 18
----------------------------------------------------
A petition to wind up the operations of Hwee Mene Building
Construction Pte. Ltd. will be heard before the High Court of
Singapore on July 18, 2025, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on June 25, 2025.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 TheConcourse
          Singapore 199555


LEND EAST: Court to Hear Wind-Up Petition on July 11
----------------------------------------------------
A petition to wind up the operations of Lend East IV 2 Pte. Ltd.
will be heard before the High Court of Singapore on July 11, 2025,
at 10:00 a.m.

Goldfinch Foundation filed the petition against the company on June
18, 2025.

The Petitioner's solicitors are:

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


LNG EASY: Court to Hear Wind-Up Petition on July 18
---------------------------------------------------
A petition to wind up the operations of LNG Easy (S) Private
Limited will be heard before the High Court of Singapore on July
18, 2025, at 10:00 a.m.

Shanghai Hengda (Jituan) Youxian Gongsi filed the petition against
the company on June 25, 2025.

The Petitioner's solicitors are:

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


MAXEON SOLAR: CEO George Guo Assumes Interim CCO Role
-----------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that its
Chief Commercial Officer, Vikas Desai, would depart the Company at
the end of June 2025.

George Guo, the Company's Chief Executive Officer, assumed the
responsibilities of Chief Commercial Officer on an interim basis.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.

NOSTALGIA WORKS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 20, 2025, to
wind up the operations of Nostalgia Works and Services 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




=================
S R I   L A N K A
=================

SRI LANKA: Monetary Policy in Right Balance, CB Chief Says
----------------------------------------------------------
Reuters reports that Sri Lanka has the right balance of monetary
policy at the moment, and domestic inflation is expected to turn
positive around next month, Central Bank of Sri Lanka Governor P.
Weerasinghe said on July 9.

Sri Lanka's inflation, which was minus 0.6% year-on-year in June,
is expected to reach the central bank's target of 5% in the next
four to six quarters, Weerasinghe said on a panel at the Reuters
NEXT Asia summit in Singapore.

"I think we are in a right balance in the monetary policy. We have
some space if we are to relax further, but I think right now we
have a cautious approach," he added, notes the report.

Supported by a $2.9 billion programme from the International
Monetary Fund, Sri Lanka has steadily recovered from a financial
crisis caused by a severe shortfall of foreign exchange reserves
three years ago, according to Reuters.

The island nation's economy recovered to grow 5% in 2024, and the
World Bank predicts it will expand 3.5% this year.

Buoyed by low inflation, the CBSL cut policy rates by 25 basis
points in May to promote growth. Growth for this year is expected
to be between 4% and 5%, Weerasinghe said.

But Sri Lanka's economic and social stability is vulnerable to
global trade risks, the IMF said while approving the fifth review
of its bailout last week, Reuters relays.

Before they were suspended for three months, U.S. import tariffs of
44% on Sri Lanka threatened to affect about $3 billion of the
island nation's exports and possibly undermine its economic
recovery, Reuters says.

Reuters adds the CBSL is closely monitoring the impact of U.S.
tariffs on Sri Lanka, Weerasinghe said, while noting that monetary
policy was mainly focused on the domestic economy.

                          About Sri Lanka

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

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

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

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

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



===============
T H A I L A N D
===============

MUANGTHAI CAPITAL: Fitch Rates $3BB Sr. Unsec. GMTN Programme 'BB'
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Thailand-based
Muangthai Capital Public Company Limited's (MTC, BB/Stable) USD3.0
billion senior unsecured global medium-term note (GMTN) programme.
The programme allows for borrowings of various tenors and
currencies in the form of senior unsecured, unsubordinated notes.
The proceeds will be used for eligible projects under MTC's social
bond framework.

Notes issued under the programme will be subject to
maintenance-based covenants that require the issuer to maintain a
risk-adjusted capital ratio of at least 15% and a net stage 3 asset
ratio not exceeding 7% at all times. The programme also contains
change-of-control and delisting clauses, which would provide
noteholders with the option to require redemption of the notes if
the founding family's ownership and control in MTC ceases to be
more than 50.1% of the voting rights, or if the company is delisted
or suspended for more than a certain period from the Stock Exchange
of Thailand.

Key Rating Drivers

MTC's senior unsecured GMTN programme is rated at the same level as
the company's Long-Term Issuer Default Rating (IDR), as notes
issued under the programme will rank pari passu with the issuer's
other unsecured obligations. The impact of individual issues under
the programme on MTC's overall credit profile will be assessed at
the time of issuance, and it should not be assumed that programme
ratings apply to every issue made under the programme.

MTC's IDR is underpinned by its standalone credit profile. The
company is one of the largest non-bank consumer finance companies
in Thailand and holds a significant market share in vehicle title
loans. For more details on the issuer's rating drivers and
sensitivities, please refer to "Fitch Assigns Muangthai Capital
First-Time 'BB' IDR; Outlook Stable; Rates Proposed Bonds
'BB(EXP)'", published on 12 September 2024.

RATING SENSITIVITIES

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

A downgrade of MTC's Long-Term IDR would lead to a similar action
on the rating of the GMTN programme.

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

An upgrade of MTC's Long-Term IDR would lead to a similar action on
the rating of the GMTN programme.

ESG Considerations

MTC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance company
sector. This reflects its retail-focused operations, which expose
it to risks around fair lending practices, pricing transparency,
repossession, foreclosure and collection practices, whereby
aggressive practices in these areas may subject the company to
legal or regulatory and reputational risk that may damage its
credit profile. The score of '3' for this factor reflects its view
that such risks are adequately managed and have a low impact on the
company's credit profile.

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

   Entity/Debt               Rating           
   -----------               ------           
Muangthai Capital
Public Company Limited

   senior unsecured       LT BB  New Rating

MUANGTHAI CAPITAL: Fitch Rates New USD Sr. Unsec. Notes 'BB(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term rating of
'BB(EXP)' to Muangthai Capital Public Company Limited's (MTC,
BB/Stable) proposed US dollar senior unsecured amortising social
notes. The final rating is subject to the receipt of final
documentation conforming to information already received.

The notes will be issued under MTC's USD3.0 billion global
medium-term note (GMTN) programme, dated 6 July 2025, and will have
amortising principal redemption features. The notes will also be
subject to maintenance-based covenants that require the company to
maintain a risk-adjusted capital ratio of at least 15% and a net
stage 3 asset ratio not exceeding 7% at all times, as well as
change-of-control and delisting clauses, which would provide
noteholders with the option to require redemption of the notes if
the founding family's ownership and control in MTC ceases to be
more than 50.1% of the voting rights, or if the company is delisted
or suspended for more than a certain period from the Stock Exchange
of Thailand.

The proceeds will be used to finance or refinance eligible projects
and activities under MTC's social bond framework.

Key Rating Drivers

The proposed senior unsecured notes are rated at the same level as
MTC's Long-Term Issuer Default Rating (IDR), as they will
constitute the company's unsubordinated unsecured and obligations
and rank pari passu with the issuer's other similar obligations.

MTC's IDR is underpinned by its standalone credit profile. The
company is one of the largest non-bank consumer finance companies
in Thailand, with a significant market share in vehicle title
loans. For more details on MTC's key rating drivers and
sensitivities, please refer to Fitch Assigns Muangthai Capital
First-Time 'BB' IDR; Outlook Stable; Rates Proposed Bonds
'BB(EXP)', published on 12 September 2024.

RATING SENSITIVITIES

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

The expected rating on the proposed notes would be downgraded if
the company's Long-Term IDR were to be downgraded.

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

An upgrade of MTC's Long-Term IDR would result in similar action on
the expected rating of the proposed notes.

Date of Relevant Committee

03 July 2025

ESG Considerations

MTC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance company
sector. This reflects its retail-focused operations, which expose
it to risks around fair lending practices, pricing transparency,
repossession, foreclosure and collection practices, whereby
aggressive practices in these areas may subject the company to
legal or regulatory and reputational risk that may damage its
credit profile. The score of '3' for this factor reflects its view
that such risks are adequately managed and have a low impact on the
company's credit profile.

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

   Entity/Debt               Rating           
   -----------               ------           
Muangthai Capital
Public Company Limited

   senior unsecured       LT BB(EXP)  Expected Rating


                           *********


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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***