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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

          Tuesday, August 26, 2025, Vol. 28, No. 170

                           Headlines



A U S T R A L I A

BENTLEY RESTAURANT: Monopole Restaurant to Close Down in September
BLUESKY BUILDING: Second Creditors' Meeting Set for Aug. 29
EVERGRANDE PROPERTIES: Second Creditors' Meeting Set for Aug. 29
KINGFISHER TRUST 2025-1: Moody's Gives Ba2 Rating to AUD9MM E Notes
MA MONEY 2025-2: S&P Assigns Prelim. B(sf) Rating on Class F Notes

MARLO GROUP: Second Creditors' Meeting Set for Aug. 29
NEWSTEAD CAPITAL: First Creditors' Meeting Set for Aug. 29
OLD MANLY: Sydney Music Venue and Pub to Close in September
PROCURET: Hamilton Locke Advises iPartners on Recapitalisation
RAF TRUST 2025-1: S&P Assigns B+(sf) Rating on Class F Notes

TOP SHELF: First Creditors' Meeting Set for Aug. 28


C H I N A

CHINA EVERGRANDE: Delisted From Hong Kong Stock Exchange
LONGI GREEN: H1 Net Loss Narrows as Solar Installations Surge


H O N G   K O N G

ROAD KING: Moody's Downgrades CFR to Ca, Outlook Remains Negative


I N D I A

5 CORE: CARE Keeps D Debt Rating in Not Cooperating Category
A. R. FISH: CARE Lowers Rating on INR6.49cr LT Loan to B-
A1 PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
AAHIL PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating
ABCI AGROCHEM: Ind-Ra Assigns BB+ Bank Loan Rating

ACB LTD: Ind-Ra Keeps D Rating in NonCooperating
AGD BIO: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
AMITEX AGRO: Ind-Ra Withdraws B+ Bank Loan Rating
ANGUL SUKINDA: Ind-Ra Cuts Bank Loan Rating to BB+
ANSARI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating

ARIDO CERAMIC: CARE Keeps B- Debt Rating in Not Cooperating
ATOZ INFRACON: CARE Lowers Rating on INR15.50cr LT Loan to B+
BALLARPUR INDUSTRIES: Ind-Ra Keeps D Rating in NonCooperating
BIJLEE KANDASAMY: Ind-Ra Assigns BB Loan Rating, Outlook Stable
BRAND STUDIO: Ind-Ra Cuts Bank Loan Rating to BB+

DCDC HEALTH: Ind-Ra Withdraws B Bank Loan Rating
DIAMOND FZE: Ind-Ra Keeps D Loan Rating in NonCooperating
DIAMOND INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
DIAMOND LIMITED: Ind-Ra Keeps D Loan Rating in NonCooperating
DRRSB PCT: Ind-Ra Cuts Bank Loan Rating to BB-

DUTTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
EKCON INFRA: CARE Lowers Rating on INR6.0cr LT Loan to D
EXCELL TECHNOLOGY: Ind-Ra Cuts Bank Loan Rating to BB-
FIRESTAR DIAMOND: Ind-Ra Keeps D Loan Rating in NonCooperating
GVR BEHARI: Ind-Ra Keeps D Loan Rating in NonCooperating

GVR PANNA: Ind-Ra Keeps D Loan Rating in NonCooperating
HARMAN PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating
HELLA INFRA: Moody's Lowers CFR to 'B1', Outlook Stable
JAI GURUDEV: CARE Keeps B- Debt Rating in Not Cooperating Category
K. P. INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating

KADAMBARI PARBOILED: CARE Keeps B- Debt Rating in Not Cooperating
LAVA INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB+
MADHU OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
MAGHALAKSHMI PLAAZAA: Ind-Ra Affirms BB+ Bank Loan Rating
MAGNUM ESTATES: Ind-Ra Withdraws BB Bank Loan Rating

MAGNUM SEA: Ind-Ra Keeps BB Loan Rating in NonCooperating
MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
MEDVARSITY ONLINE: Ind-Ra Withdraws BB- Term Loan Rating
MEGHALAYA INFRATECH: Ind-Ra Hikes Loan Rating to B+
N A CONSTRUCTION: Ind-Ra Cuts Bank Loan Rating to BB+

N. S. POLYMER: CARE Keeps D Debt Ratings in Not Cooperating
ND PATIL: Ind-Ra Hikes Bank Loan Rating to BB-
PATNA BAKHTIYARPUR: Ind-Ra Keeps D Loan Rating in NonCooperating
POWER ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
PRIDE COKE: Ind-Ra Cuts Bank Loan Rating to D

PROPUS DESIGNS: CARE Keeps C Debt Rating in Not Cooperating
R R HOLIDAY: Ind-Ra Cuts Bank Loan Rating to D
RISHI ICE: CARE Lowers Rating on INR2.22cr LT Loa to B+
RITUDHAN SUPPLIERS: Ind-Ra Moves BB+ Rating to NonCooperating
RK ROAD: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable

RWL HEALTHWORLD: Ind-Ra Keeps D Rating in NonCooperating
SADBHAV ENGINEERING: Ind-Ra Keeps D Loan Rating in NonCooperating
SADGURU POLY: CARE Keeps B- Debt Rating in Not Cooperating
SAFIR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
SAI KRIPA: CARE Keeps D Debt Rating in Not Cooperating Category

SARVALOKA TEXTILES: Ind-Ra Affirms BB+ Bank Loan Rating
SHITALPUR MOHINDER: CARE Keeps B- Debt Rating in Not Cooperating
SHIVALIK REMEDIES: CARE Keeps B- Debt Rating in Not Cooperating
SUPREME MILLS: CARE Keeps B- Debt Rating in Not Cooperating
SURAJ ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category

SWIFT MERCHANDISE: Ind-Ra Cuts Bank Loan Rating to BB+
TRINITY ENGINEERS: Ind-Ra Assigns BB Bank Loan Rating
UTTAM GALVA: Ind-Ra Keeps D Bank Rating in NonCooperating


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


M A L A Y S I A

1MDB: JPMorgan to Pay US$330MM to Malaysia to Settle 1MDB Claims
IVORY PROPERTIES: Faces Suspension, De-Listing After Failed Appeal


N E W   Z E A L A N D

ABI SOLUTIONS: Creditors' Proofs of Debt Due on Sept. 22
BRACKIT HOMES: Reynolds & Associates Appointed as Liquidators
BSM CARTAGE: Creditors' Proofs of Debt Due on Sept. 26
CLEARVIEW WINDOWS: Court to Hear Wind-Up Petition on Sept. 1
CONSTRUCTION TECH: Creditors' Proofs of Debt Due on Sept. 11

EZICAB (2016) LIMITED: Creditors' Proofs of Debt Due on Sept. 8
GRATTAN COLLISION: Creditors' Proofs of Debt Due on Sept. 10
HERMES SOLUTIONS: Court to Hear Wind-Up Petition on Aug. 28
INTERNATIONAL CORP: Court to Hear Wind-Up Petition on Sept. 5
VASTAR LIMITED: Court to Hear Wind-Up Petition on Sept. 25



P A K I S T A N

PAKISTAN WATER: Moody's Ups CFR to Caa1 & Alters Outlook to Stable


P H I L I P P I N E S

VILLAR LAND: 'Reluctantly' Reduces Land Estimates By 99%


S I N G A P O R E

AMAZINGTECH PTE: Placed Under Interim Judicial Management
J+F PRIVATE: Court Enters Wind-Up Order
MARUBENI AGRO: Creditors' Proofs of Debt Due on Sept. 22
QUANTUM LEAP: Court to Hear Wind-Up Petition on Sept. 5
Z3M PTE: Court Enters Wind-Up Order



X X X X X X X X

FIRESTAR INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating

                           - - - - -


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

BENTLEY RESTAURANT: Monopole Restaurant to Close Down in September
------------------------------------------------------------------
News.com.au reports that widely acclaimed Sydney restaurant
Monopole will close its doors in September.

According to news.com.au, owners Brent Savage and Nick Hildebrandt
confirmed the shock closure this week, blaming lease challenges at
the CBD site.

"We're extremely proud of what we've achieved at Monopole, both in
the original Potts Point location and the CBD, an enormous amount
of talent has graced both the kitchen and the floor," they said in
a joint statement.

"Monopole was a groundbreaking wine bar when we opened it and has
always pushed the envelope, holding two hats for 10 years and
winning multiple awards for its wine list."

The Modern French restaurant was originally positioned in Potts
Point but moved to the CBD in late 2020 where it overlooks
Australia Square, news.com.au notes.

News.com.au says the closure marks another hit to the city's
beleaguered hospitality industry, which has struggled to fully
recover from the ravages of the Covid era.

The restaurant is part of the Bentley Restaurant Group, which also
boasts the Bentley Restaurant and Bar, King Clarence, Eleven
Barrack and Brasserie 1930.

The restaurant will serve its last dinner on September 6.


BLUESKY BUILDING: Second Creditors' Meeting Set for Aug. 29
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bluesky
Building and Construction Group Pty Ltd has been set for Aug. 29,
2025, at 10:300 a.m. via Teleconference and Video Conference Only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 28, 2025 at 5:00 p.m.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on July 25, 2025.


EVERGRANDE PROPERTIES: Second Creditors' Meeting Set for Aug. 29
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Evergrande
Properties Pty Ltd As Trustee for Evergrande Properties Trust has
been set for Aug. 29, 2025, at 10:00 a.m. via teleconference/online
video teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 28, 2025 at 5:00 p.m.

Neil McLean and Brodie Hilet of Rodgers Reidy were appointed as
administrators of the company on July 25, 2025.


KINGFISHER TRUST 2025-1: Moody's Gives Ba2 Rating to AUD9MM E Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
six classes of notes issued by Perpetual Corporate Trust Limited as
trustee of the Kingfisher Trust 2025-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher
Trust 2025-1

AUD1,380.00 million Class A1 Notes, Assigned Aaa (sf)

AUD49.50 million Class A2 Notes, Assigned Aaa (sf)

AUD37.50 million Class B Notes, Assigned Aa2 (sf)

AUD13.50 million Class C Notes, Assigned A2 (sf)

AUD7.50 million Class D Notes, Assigned Baa2 (sf)

AUD9.00 million Class E Notes, Assigned Ba2 (sf)

The AUD3.00 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of prime Australian residential
mortgages. All mortgages were originated and are serviced by
Australia and New Zealand Banking Group Limited (ANZ,
Aa2/P-1/Aa1(cr)/P-1(cr)). As of March 31, 2025, ANZ's Australian
mortgage assets totaled AUD333 billion, with overall group lending
amounting to AUD820 billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance; evaluation of the capital structure and credit
enhancement provided to the notes; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.00% of the notes' balance; the legal structure; and
the credit strength and experience of ANZ as servicer.

Moody's considers the transaction benefits from various credit
strengths such as relatively high subordination to the Class A1
Notes, a low weighted average scheduled loan-to-value (LTV), and a
highly seasoned portfolio. However, Moody's note that the
transaction features some credit weaknesses such as further
advances, the pro rata amortization of Class A1 to Class F Notes,
and a relatively high proportion of non-purchase loans (60.9%).

MILAN Stressed Loss for the collateral pool – representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario – is 3.0%. Moody's expected loss for
this transaction is 0.30%, which represents a stressed,
through-the-cycle loss relative to Australian historical data.

The key transactional features are as follows:

-- The Class A1 Notes benefit from 8% initial note subordination.
The excess subordination provides additional credit support in an
event that portfolio performance is worse than expected.

-- The notes will initially be repaid on a sequential basis. On or
after the second anniversary from the closing date, all notes may
be able to participate in proportional principal collections
distribution subject to pro rata criteria being met. The pro rata
criteria include, among others, the credit support provided to the
Class A1 Notes being equal to or greater than 2 times the support
provided on the closing date and no unreimbursed charge-offs.

-- A liquidity facility, provided by ANZ in the amount of 1.0% of
the aggregate invested amount of all notes at that time, with a
floor of AUD1,500,000. The liquidity facility will be available
where trust income, drawing on the excess reserve and principal
collections are insufficient to meet the required payments.

-- There is a basis swap in place to hedge any potential mismatch
between the movements of the variable rates charged on the
receivables and the 1 month bank bill swap rate (BBSW) paid on the
notes. The swap supplements the threshold rate mechanism – a
standard feature of Australian RMBS – and provides ANZ with
greater flexibility not to adjust the variable interest rate of the
mortgage loans in the portfolio, should this be detrimental for
business or performance reasons.

The key portfolio features are as follows:

-- The portfolio has a low weighted-average scheduled LTV ratio of
62.2% and 6.2% of the loans have a scheduled LTV ratio above 80%.

-- The portfolio is well seasoned, with a weighted-average
seasoning of 51.8 months.

-- The portfolio has a relatively high proportion of loans that
are secured by investment properties (42.0%).

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expects include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and lack of
transactional governance.


MA MONEY 2025-2: S&P Assigns Prelim. B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as
trustee of MA Money Residential Securitisation Trust 2025-2. MA
Money Residential Securitisation Trust 2025-2 is a securitization
of nonconforming and prime residential mortgages originated by MA
Money Financial Services Pty Ltd. (MA Money).

The preliminary ratings we have assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. Our assessment of credit risk considers MA
Money's underwriting standards and approval process as well as its
servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said. "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."


  Preliminary Ratings Assigned

  MA Money Residential Securitisation Trust 2025-2

  Class A1S, A$179.25 million: AAA (sf)
  Class A1L, A$220.75 million: AAA (sf)
  Class A2, A$30.25 million: AAA (sf)
  Class B, A$17.25 million: AA (sf)
  Class C, A$31.00 million: A (sf)
  Class D, A$10.00 million: BBB (sf)
  Class E, A$5.00 million: BB (sf)
  Class F, A$3.75 million: B (sf)
  Class G1, A$1.38 million: Not rated
  Class G2, A$1.37 million: Not rated


MARLO GROUP: Second Creditors' Meeting Set for Aug. 29
------------------------------------------------------
A second meeting of creditors in the proceedings of The Marlo Group
Pty Ltd has been set for Aug. 29, 2025, at 11:00 a.m. via Microsoft
Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 28, 2025 at 4:00 p.m.

Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on July 28, 2025.


NEWSTEAD CAPITAL: First Creditors' Meeting Set for Aug. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Newstead
Capital Group Pty Ltd will be held on Aug. 29, 2025 at 10:00 a.m.
via teleconference only.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of the company on Aug. 19, 2025.


OLD MANLY: Sydney Music Venue and Pub to Close in September
-----------------------------------------------------------
News.com.au reports that beloved Sydney music venue and pub The Old
Manly Boatshed is closing down.

News.com.au relates that the venue will close its doors in
mid-September, owner Goff Burgess revealed late on Aug. 21, ending
a 38-year run for the longstanding institution.

"Due to circumstances beyond our control, it is with deep sadness
and regret that after 38 years of continuous live entertainment,
music, dancing, comedy, restaurant and bar, our beloved venue is
being forced to close its doors," news.com.au quotes Mr. Burgess as
saying.

The venue sits between the Manly Wharf ferry stop and Manly Beach
on The Corso strip.

"From its beginnings as a restaurant, bar and live music venue on
Darley Road, to the digging of the tunnel to create what we know
today, the Old Manly Boatshed has grown into Australia's
longest-running live music and comedy venue," Mr. Burgess said.

"The Boaty has echoed with the sounds of laughter and live comedy,
the pulse of live music, the voices of would-be entertainers and
live band karaoke, plus the stories of thousands who have found
their way through these porthole doors and navigated their way down
the iconic stairway into the beating heart of entertainment in
Manly.

"To say this is a shock is a total understatement. While it's hard
to imagine Manly without The Boaty, what remains is the legacy
we've built together."

According to news.com.au, hundreds of punters have taken to social
media to express their shock and sadness at the news.

"The Boatshed is such a Manly institution, it's so sad to see it
go," one wrote.

"One of the only remaining venues that had a soul and has not been
gentrified. That's why we all loved it. Such a leveller and patrons
from all ages."

Another said while it was a "very sad day", there was a lot to be
"acknowledged and celebrated," news.com.au relays.

"Throughout the 38 years, the Boatshed has been a constant
supporter of breaking bands and upcoming musicians," they said.

"Many of Australia's finest musicians have graced the Boatshed
stage and for many starting out, Goff and the Boatshed's support
was integral to them being able to make a career of it all.

"Goff and The Old Manly Boatshed over many, many years has made an
immeasurable contribution to the Australian music industry and
deserves to be acknowledged and celebrated for it. On ya Goffie."

News.com.au notes that the Boatshed's closure follows a string of
live venue closures across Sydney and Australia, as the pub and
music industry struggles to recover from Covid and cost-of-living
shocks.


PROCURET: Hamilton Locke Advises iPartners on Recapitalisation
--------------------------------------------------------------
Hamilton Locke has acted for investment manager iPartners as
secured creditor on the successful recapitalisation of Procuret, a
B2B business payment platform operating in the Australian market.

Following Procuret entering voluntary administration, the
administrator appointed continued to trade the business with the
support of iPartners and undertake a sales process. The ultimately
successful transaction was implemented via a Deed of Company
Arrangement (DOCA) accepted by all creditors, and it included new
financing arrangements to support the reconfigured Procuret
business for the future. Hamilton Locke brought together a team of
Finance, Restructuring & Insolvency and Corporate experts to
implement the transaction, advising iPartners on all aspects of the
transaction and working closely with the administrator Rajiv Goyal
at Aston Chase Group as part of the process.

Partners Andrew Vincent and Nick Edwards led the restructuring
negotiations for iPartners, whilst partner Cristín McCoy led
related corporate aspects. The Hamilton Locke team was ably
supported by lawyers Joanna Wang, Mianna Chan and Lorenzo Ricci.

Commenting on the transaction, Andrew and Nick said:

"The successful recapitalisation of Procuret was a complex
transaction, requiring a mix of legal expertise including general
corporate finance, securitization, insolvency and corporate
workstreams. We are proud to have worked alongside our client
iPartners to secure this outcome."

                           About Procuret

Sydney-based Procuret is a payments fintech. It enables suppliers
to offer payments in installments. They provide a buy now pay later
solution for business-to-business transactions.

Rajiv Goyal and Andrew McEvoy of Aston Chace Group were appointed
as administrators of Procuret Holding Pty Limited, El Unicorn Pty
Ltd, Procuret Operating Pty Limited, Procuret Funding Pty Ltd,
Procuret Funding No.2 Pty Ltd, Procuret Funding No.3 Pty Limited,
Procuret Funding No.4 Pty Limited, Procuret Funding No.5 Pty Ltd
and Procuret Security Holding Pty Ltd on Jan. 16, 2025.


RAF TRUST 2025-1: S&P Assigns B+(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
asset-backed securities (ABS) issued by RMC Fiduciary Services Pty
Ltd. as trustee of RAF Trust in respect of RAF ABS Series 2025-1.
The notes are backed by a pool of commercial chattel mortgage
agreements secured by motor vehicles and wheeled and nonwheeled
equipment originated by Resimac Asset Finance Pty Ltd. (RAF).

This is the second securitization of auto and equipment assets
originated by RAF. The ratings reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support available are commensurate with the ratings
assigned. Credit support for the rated notes is provided in the
form of subordination and excess spread.

All contract payments, including balloon payments, are an
obligation of the borrower. As a result, the trust is not exposed
to any market-value risk associated with the sale of the underlying
assets financed (on performing receivables), which is a risk that
can be associated with other products, such as operating leases.

The issuer can meet timely payment of interest and ultimate
repayment of principal under rating stresses commensurate with the
ratings assigned. Key rating factors are the level of subordination
provided to the rated notes and liquidity support in the form of
principal collections and a liquidity facility.

The legal structure of the issuer, which is established as a
special-purpose entity, meets our criteria for insolvency
remoteness.

The counterparty exposure is to Westpac Banking Corp. as bank
account provider and interest rate swap provider and National
Australia Bank Ltd. as liquidity facility provider and interest
rate swap provider. The transaction documents include downgrade
language consistent with S&P's counterparty criteria.

  Ratings Assigned

  RAF Trust - RAF ABS Series 2025-1

  Class A, A$377.0 million: AAA (sf)
  Class B, A$25.5 million: AA (sf)
  Class C, A$25.0 million: A (sf)
  Class D, A$24.5 million: BBB (sf)
  Class E, A$10.0 million: BB+ (sf)
  Class F, A$7.0 million: B+ (sf)
  Class G, A$31.0 million: Not rated


TOP SHELF: First Creditors' Meeting Set for Aug. 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of Top Shelf
International Holdings Ltd, Top Shelf International Pty Ltd, Top
Shelf International Packaging Pty Ltd, and Top Shelf International
Brands Pty Ltd will be held on Aug. 28, 2025 at 3:00 p.m. via
virtual facilities only.

Robert Smith and Matthew Hutton of McGrathNicol were appointed as
administrators of the company on Aug. 18, 2025.




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

CHINA EVERGRANDE: Delisted From Hong Kong Stock Exchange
--------------------------------------------------------
ChannelNews Asia reports that shares in heavily indebted China
Evergrande Group were taken off the Hong Kong Stock Exchange on
Aug. 25, capping a grim reversal of fortune for the once-booming
property developer.

A committee at the bourse had decided earlier this month to cancel
Evergrande's listing after it failed to meet a July deadline to
resume trading - suspended since early last year.

According to CNA, the delisting on Aug. 25 marks the latest
milestone for a firm whose painful downward spiral has become
symbolic of China's long-standing property sector woes.

Once the country's biggest real estate firm, Evergrande was worth
more than US$50 billion at its peak and helped propel China's rapid
economic growth in recent decades.

But it defaulted in 2021 after years of struggling to repay
creditors.

A Hong Kong court issued a winding-up order for Evergrande in
January 2024, ruling that the company had failed to come up with a
suitable debt repayment plan.

CNA notes that liquidators have made moves to recover creditors'
investments, including filing a lawsuit against PwC and its
mainland Chinese arm for their role in auditing the debt-ridden
developer.

The firm's debt load is bigger than the previously estimated amount
of US$27.5 billion, CNA discloses citing a filing earlier this
month attributed to liquidators Edward Middleton and Tiffany Wong.

The statement added that China Evergrande Group was a holding
company and that liquidators had assumed control of more than 100
companies within the group.

Evergrande's saga - and similar issues faced by other property
giants including Country Garden and Vanke - have been closely
followed by observers assessing the health of the world's
second-largest economy, according to CNA.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

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


LONGI GREEN: H1 Net Loss Narrows as Solar Installations Surge
-------------------------------------------------------------
Bloomberg News reports that Longi Green Energy Technology posted a
narrower first-half loss as a surge in solar panel installations
helped limit the impact of industry overcapacity.

The company reported a net loss of CNY2.6 billion in the first six
months, according to a statement on Aug. 22, compared with a loss
of CNY5.2 billion a year earlier, Bloomberg discloses. The
improvement came after developers rushed to install projects to
lock in better returns ahead of less favourable pricing policies
from June.

According to Bloomberg, Longi said that the solar industry
continued to face intense competition during the first half of the
year, with persistent supply-demand imbalances weighing on the
sector. It added that the industry faces a difficult transition,
characterised by overcapacity, margin pressures and shifting market
dynamics.

Although solar additions rose to record levels as a result, the
passing of the deadline has left manufacturers like Longi still
facing the same deep-seated problem of overcapacity that has
hammered profits over the last couple of years, Bloomberg relates.

In response, the industry had turned to funding plant retirements,
Bloomberg says. Chinese authorities have amped up their rhetoric
against so-called involution, pledging to put an end to the ruinous
competition that bedevils a number of Chinese industries.

In a meeting with solar firms this week, the government vowed to
curb low-price, "disorderly competition" and push for outdated
capacity to be eliminated, adds Bloomberg.

LONGi Green Energy Technology Co., Ltd. manufactures solar energy
products. The Company produces monocrystalline silicon ingots,
monocrystalline silicon wafers, semiconductor materials, solar
cells, and other products. LONGi Green Energy Technology mainly
operates businesses in China.




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

ROAD KING: Moody's Downgrades CFR to Ca, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded Road King Infrastructure Limited's
corporate family rating to Ca from Caa2.

At the same time, Moody's have downgraded to C from Caa3 the backed
senior unsecured ratings on the notes issued by the company's
financing vehicles: RKI Overseas Finance 2017 (A) Limited, RKP
Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A) Limited,
RKPF Overseas 2019 (E) Limited and RKPF Overseas 2020 (A) Limited.

Moody's have also maintained the negative outlook.

"The downgrade of Road King's ratings and the negative outlook
reflect the company's weak liquidity following its missed interest
payments, and Moody's expectations of weak recovery prospects for
its bondholders," says Daniel Zhou, a Moody's Ratings Assistant
Vice President and Analyst.

RATINGS RATIONALE

On August 14, 2025, Road King announced that it did not pay
interest on some offshore bonds by scheduled dates in July 2025. In
the announcement, the company also mentioned that it would suspend
payments for its offshore debts, including USD bonds. [1]

The missed interest payments and suspension of offshore debt
servicing reflect Road King's weak liquidity and constrained
financial flexibility. This could trigger a cross default and
accelerate the repayment of the company's other debt obligations.

As a result, the company will likely go through a debt
restructuring process and have to rely on asset sales or
investments from potential investors to generate funds for debt
servicing. However, these fundraising activities entail high
execution risk and the recovery prospects for creditors remain
uncertain.

Road King's C senior unsecured ratings are one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that most of Road King's
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the expected recovery
rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Road King's governance risk assessment reflects its weak financial
and liquidity management, as reflected by the missed interest
payments and suspension of offshore debt servicing.

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

Moody's could downgrade Road King's CFR if the recovery prospects
for its creditors deteriorate.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Road King
improves its liquidity position materially and repays its maturing
debt obligations on time.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Road King's Ca CFR is two notches below the scorecard-indicated
outcome of Caa2. This reflects the company's weak liquidity and
recovery prospects for creditors in case of bankruptcy.

Road King has a property development portfolio in China. The
company is listed on Hong Kong Stock Exchange.




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

5 CORE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of 5 Core
Acoustics Private Limited (5CAPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of 5CAPL under the
'issuer non-cooperating' category as 5CAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. 5CAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
30, 2025, July 10, 2025, July 20, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

5 Core Acoustics Private Limited (5CAPL) was incorporated in
September, 1995 under the name of Rajindra Mattresses Private
Limited (RMPL) with the main purpose of manufacturing car seats,
bedding, etc. However, in 2014, RMPL was acquired by the promoters
of the '5 Core' group, Mr. Amarjit Singh Kalra and his wife, Ms.
Surinder Kaur Kalra and the name of the company was changed to 5
Core Acoustics Private Limited in December, 2014. Presently, the
company is involved in the manufacturing and assembling of public
address (PA) systems and components, including loud speakers,
amplifiers, microphones, and woofers, and related electronic and
electrical equipment. The company commenced operations in December,
2014 and its manufacturing facility is located in Bhiwadi,
Rajasthan.

A. R. FISH: CARE Lowers Rating on INR6.49cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
A. R. Fish Products (ARFP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.49       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 11, 2024, placed the rating(s) of ARFP under the 'issuer
non-cooperating' category as ARFP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ARFP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 27, 2025, June
6, 2025, June 16, 2025 among others.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Undi (Andhra Pradesh) based A. R. Fish Products (ARFP), formerly
known as A. R. Marine Products was established as a partnership
firm in the year 1996 by Mr. D. Narayana Reddy, Mr. S.V.S.V. Prasad
Reddy, Mr. D. Ammireddy, Mr. S. Sattireddy, Mr. S. Venkatrama
Reddy, Mr. S. Bramma Reddy, Mr. D. Manikyam, Ms. K. Vijaya Lakshmi,
Mr. K Satyanarayana Reddy and Mr. D. Devendra Reddy. In 2006, the
name of A. R. Marine Products was changed to A. R. Fish Products
(ARFP). However, the partnership was reconstituted in 2010 after
demise of Mr. K Satyanarayana Reddy. The other partners continued
the partnership under same name and style. The firm is involved in
manufacturing of fish meal, supplements and fish oil with the total
installed capacity of approx. 18,000 ton per annum. Currently, Mr.
D. Narayana Reddy and Mr. S.V.S.V. Prasad Reddy manage the day to
day operations of the firm.


A1 PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A1 Papers
Private Limited (APPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.66      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 21, 2024, placed the rating(s) of APPL under the
'issuer non-cooperating' category as APPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
7, 2025, July 17, 2025 and July 27, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

A1 Papers Private Limited (APPL) was incorporated as a private
limited company in December, 1989. The company is currently being
looked after by Mr. Simranjot Singh Sethi and Ms. Ayana Sethi. APPL
was incorporated with an aim to set up a manufacturing facility at
Ludhiana, Punjab for manufacturing of corrugated boxes. The company
manufactures corrugated boxes of different sizes which finds
application in packaging industry. The commercial operations of the
company commenced in April, 2017.


AAHIL PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aahil
Products Company Private Limited (APCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.91       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 27, 2024, placed the rating(s) of APCPL under the
'issuer non-cooperating' category as APCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
13, 2025, July 23, 2025, August 2, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Aahil Products Company Private Limited (APCPL), was incorporated in
2013, by Mr. Ashpak S. Loga de and Mrs. Mahrunnisa A. Logade. APCPL
is engaged in manufacturing of diverse range of steel fencing
systems like palisade fence system, chain link fence, fencing
posts, barbed wires, razor wire, gabions, weld mesh system,
scaffoldings, cylinder rings etc. The manufacturing facility is
located at Khalapur, Raigad, Maharashtra.


ABCI AGROCHEM: Ind-Ra Assigns BB+ Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has rated ABCI Agrochem Private
Limited's (ABCIAPL) bank facilities as follows:

-- INR350 mil. Bank loan facilities assigned with IND BB+/Stable
     /IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect ABCIAPL's small scale of operations and the
likelihood of the same being sustained over the medium term along
with its stretched liquidity in FY25. The ratings are supported by
the promoter's extensive experience in the agrochemical industry,
and comfortable EBITDA margins as well as credit metrics in FY25.
In FY26, Ind-Ra expects the margins and credit metrics to remain
stable.

Detailed Description of Key Rating Drivers

Small Scale of Operation: The rating reflects ABCIAPL's small scale
of operations as indicated by a revenue of INR1,912.10 million in
FY25 (FY24: INR1,735.86 million) and an EBITDA of INR67 million
(INR57.62 million). In FY25, the revenue improved due to an
increase in the demand arising from the company's association with
new channel partners. At end-June 2025, ABCIAPL had booked a
revenue of INR907.41 million. Initially, the company had one
manufacturing unit with a capacity of 12,500 kilo liters; in April
2025, its new manufacturing units with a total capacity of 3,500
kilo liters per metric tons, commenced operations. Ind-Ra expects
this expansion to support further revenue improvement in FY26.

Stretched Liquidity: Please refer to the liquidity section below.

Comfortable EBITDA Margin: In FY25, ABCIAPL's EBITDA margin
improved marginally to 3.50% (FY24: 3.32%), primarily due to the
benefits received on raw material purchase. The return on capital
employed was 23.4% in FY25 (FY24: 38.6%). In FY26, Ind-Ra expects
the EBITDA margin to remain at similar levels due to the similar
nature of operations.

Comfortable Credit Metrics: In FY25, ABCIAPL's credit metrics
remained comfortable despite deterioration. The interest coverage
(operating EBITDA/gross interest expenses) was 7.43x in FY25 (FY24:
14.44x) and the net leverage (adjusted net debt/operating EBITDAR)
was 2.75x (1.28x). The interest coverage deteriorate due to an
increase in the interest from unsecured loan and net leverage
deteriorate due to the addition of new term loan of INR14.15
million for setting up of new manufacturing unit. In FY26, Ind-Ra
expects the interest coverage to deteriorate further due to the
addition of the new term loan interest and the net leverage to
improve on account of the schedule repayment of term loan.

Promoter's Experience: The ratings are supported by promoter's
nearly decade in agrochemical industry, leading to established
relationships with suppliers and customers.

Liquidity

Stretched: ABCIAPL's average maximum utilization of the fund-based
limits was 83.57% during the 12 months ended June 2025. The cash
flow from operations remained negative at INR93.55 million in FY25
(FY24: negative INR95.90 million) due to an increase in the working
capital requirements. Furthermore, the free cash flow remained
negative at INR126.74 million (FY24: negative INR140.92 million)
due to capex of INR33.19 million. The net working capital cycle
elongated to 62 days in FY25 (FY24: 40 days), mainly on account of
an increase in the inventory days to 117 (73), a fall in debtor
days to 25 (51) and a decline in creditor days to 80 (83). The cash
and cash equivalents stood at INR24.57 million at FYE25 (FYE24:
INR13.02 million). ABCIAPL has debt repayment obligations of
INR16.2 million in FY26.  ABCIAPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

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

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage falling below 2.2x and/or further pressure on the
liquidity position, could lead to a negative rating action.

About the Company

ABCIAPL was incorporated in 2019. The company is based at Bathinda,
Punjab and engaged in manufacturing of pesticides, insecticides,
herbicides, etc. which are used in the agricultural sector.

ACB LTD: Ind-Ra Keeps D Rating in NonCooperating
------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained ACB (India)
Ltd.'s instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR3,5841.25 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ACB (India) Ltd while
reviewing the rating. Ind-Ra had consistently followed up with ACB
(India) Ltd over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of ACB (India) Ltd on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect ACB (India) Ltd.'s credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

ACB, a flagship company of the Aryan Group, was incorporated on
March 14, 1997. The company is engaged in coal beneficiation and
sale. It has set up six coal washeries in Chhattisgarh, Maharashtra
and Orissa. Besides the coal beneficiation business, the company
generates power through 330MW thermal power plants and 15MW
windmill. The company's power plant operations are mainly supported
by its power purchase agreements with state electricity boards.

AGD BIO: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed AGD Bio Medicals
Pvt Ltd.'s (AGDPL) bank facilities' rating at 'IND BB+'. The
Outlook is Stable.

The detailed rating action is:

-- INR200 mil. Bank loan facilities affirmed with IND BB+/Stable/

     IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings remain constrained by AGDPL's small scale of operations
and stretched liquidity in FY25 (provisional numbers), and the
likelihood of the liquidity remaining stretched in the
near-to-medium term. However, Ind-Ra expects the scale to grow over
the medium term on the back of the launch of new instruments and
their reagents. The ratings remain supported by company's healthy
EBITDA margins, comfortable credit metrics and long operational
track record. Furthermore, the EBITDA margins are likely to improve
in the medium term as the company shifts to 100% in-house
manufacturing of diagnostic instruments. The credit metrics are
likely to largely remain stable over the medium term.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: AGDPL's scale of operations
remained small in FY25, but its revenue improved on a yoy basis to
INR713 million during the year (FY24: INR634 million) owing to an
increase in the demand for diagnostic reagents along with the
addition of new customers. The EBITDA increased to INR76 million
(FY24: INR50 million). Diagnostic reagents accounted for 50% of the
total revenue in FY25 (FY24: 46%), followed by diagnostic
instruments sale at 36% (41%).  In the medium term, Ind-Ra expects
the revenue and scale to grow further, driven by the launch of new
instruments and its reagents.

Stretched Liquidity: Please refer to the liquidity section.

Healthy EBITDA Margins: In FY25, AGDPL's EBITDA margin rose to
10.68% (FY24: 8.03%) owing to a decline in the cost of goods sold,
driven by higher contribution of in-house manufactured diagnostic
instruments. The return on capital employed stood at 17.3% (12.4%).
At present, approximately 85% of the instruments are manufactured
in-house. The company plans to shift to 100% in-house manufacturing
of instruments in the medium term. Consequently, Ind-Ra expects the
EBITDA margin to improve in the medium term.

Continued Comfortable Credit Metrics: In FY25, AGDPL's credit
metrics remained comfortable, with gross interest coverage
(operating EBITDA/ gross interest expenses) of 6.3x (FY24: 4.7x)
and net leverage (net debt/operating EBITDA) 0.7x (1.6x). In FY25,
the credit metrics improved due to the increase in EBITDA.  In
FY26, AGDPL has not planned any major capex. Hence, Ind-Ra expects
the credit metrics to remain at similar levels.

Long Operational Track Record; Experienced Promoters: The promoters
have about three decades of experience in manufacturing, marketing
and designing of diagnostic equipment and their reagents, which has
helped the company establish strong relationships with customers as
well as suppliers.

Liquidity

Stretched: The net working capital cycle remained elongated at 241
days in FY25 (FY24: 241 days). The company provides credit period
of 45 days to its customers and receives credit period of around 30
days from its suppliers. The inventory holding period ranges
between 190-220 days. AGDPL's average maximum utilization of the
fund-based limits was 75.15% and that of the non-fund-based limits
was 22.84 % during the 12 months ended May 2025. The utilization is
likely to have remained at similar levels in the subsequent period.
The cash flow from operations turned positive at INR40 million in
FY25 (FY24: negative INR2 million) and the free cash flow turned
positive at INR30 million (FY24: negative INR26.88 million), mainly
due to the growth in EBITDA and relatively low increase in working
capital requirements.  AGDPL does not have any debt repayment
obligations in FY26 or FY27. The cash and cash equivalents stood at
INR5.3 million at FYE25 (FYE24: INR13 million). AGDPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

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

Positive: A significant increase in the scale of operations, while
maintaining the overall credit metrics, with the interest coverage
staying above 3.5x, and an improvement in the liquidity profile,
all on a sustained basis, could lead to a positive rating action.

About the Company

Incorporated in December,1996, AGDPL manufactures diagnostic
equipment and reagents at its three manufacturing facilities (two
in Maharashtra and one in Baddi, Himachal Pradesh). The company is
promoted by Ashish Anant Pradhan and the head office is in Mumbai,
Maharashtra.

AMITEX AGRO: Ind-Ra Withdraws B+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Amitex Agro
Product Private Limited's (AAPPL) bank loan facilities' rating as
follows:

-- The 'IND B+/Negative (ISSUER NOT COOPERATING)' rating on the
     INR230 mil. Bank loan facilities is withdrawn.

Detailed Rationale of the Rating Action

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

About the Company

AAPPL manufactures soya ingredients at its unit in Julwani, Madhya
Pradesh. The company started its operations in October 2016.

ANGUL SUKINDA: Ind-Ra Cuts Bank Loan Rating to BB+
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Angul Sukinda
Railway Limited's (ASRL) bank loan facilities rating to 'IND BB+'
from 'IND BBB'. The Outlook is Negative.

The detailed rating action is:

-- INR26,300* bil. Bank loan facilities downgraded with IND BB+/
     Negative rating.

*outstanding as of June 30, 2025 was INR24,726.71 million

Detailed Rationale of the Rating Action

The downgrade reflects ASRL's current traffic level and realization
per rake being insufficient to cover its debt service obligations
and the likelihood of utilization of its debt service reserve (DSR)
in September 2025 based on the current monthly revenue trend in
case of no fund infusion by any of the sponsors. The principal
repayment has commenced in June 2025. ASRL has planned to refinance
the entire existing loan with a new facility, which includes
one-year principal moratorium and expects to complete the
refinancing by end-August 2025. The rating reflects the existing
loan and its debt structure.

The Negative Outlook reflects Ind-Ra's expectation of liquidity to
remain stretched in the near term unless there is any fund infusion
by the sponsors or a significant ramp up in revenue.

Ind-Ra expects the company's debt service coverage ratio (DSCR) to
be below 1.0x on account of a lower-than-expected revenue ramp up,
a lower-than-expected revenue realization per rake and a delay in
the completion of a short stretch (e-route), which is a feeder line
for the already completed project stretch. The company has created
a DSR of INR1,173 million, equivalent to about 2.8 months of debt
service, against the requirement to create six months of DSR.

The rating is, however, supported by ASRL's long-term concession
agreement with the Ministry of Railways (MoR) and the strategic
importance of the project for the steel and coal plants in the
region around the project line.

Detailed Description of Key Rating Drivers

Lower-than-Ind-Ra-expected Traffic Volume and Revenue Realization:
The current traffic and revenue realization are significantly lower
than envisaged in the traffic study. This, along with part of cost
overrun being funded through debt, has led to the DSCR of less than
1.0x. However, in 1QFY26, ASRL's traffic level improved to 19.5
rakes per day (FY25: 15.2; FY24: 9.2) and revenue realization has
been around INR0.65 million per rake (FY25: INR0.66 million; FY24:
INR8.2 million). ASRL reported net revenue (post deduction of
operations cost by East Coast Railways) of about INR2,300 million
in FY25 (FY24: INR1,820 million).

ASRL is exposed to cargo volatility risk as it generates revenue
from the apportioned rail movement charges for each commodity.
Also, the project's revenue depends on freight rates and operation
costs, which are decided by the MoR.

The e-route will improve the connectivity with the Mahanadi Coal
Mines located in the Talcher region. Ind-Ra has relied on the
estimates provided by Mahanadi Coalfields Limited to ASRL for its
rake requirement. The management estimates that the completion of
the e-route will result in a considerable improvement of traffic on
the project line. Hence, the completion of the e-route is critical
and remains a key monitorable. Also, the existing and planned
capacity of the steel plants of two major players Tata Steel
Limited (TSL; 'IND AAA'/Stable) and Jindal Steel & Power Limited
provide comfort on traffic projections for the project route. Also,
the agency has relied on the formal arrangement with TSL ensuring a
minimum guaranteed volume of 10.15 loaded rakes per day upon the
completion of the doubling line on a 9km stretch of the existing
line. Ind-Ra expects the railway line to TSL to be completed in the
next three-to-four years. Ind-Ra's base case considers the ramp up
in the traffic volumes gradually.

Concerns on Liquidity due to Low Revenue: Ind-Ra envisages the
liquidity to be stretched unless there are any fund infusions by
the sponsors. The repayment commenced in June 2025 and principal
instalments are payable quarterly while interest is payable
monthly. ASRL has created a DSR of INR1,170 million, which is about
2.8 months of debt servicing requirement. Management had envisaged
a reduction in receivables from East Coast Railways will enable
funding of the DSR. While the receivables reduced to about three
months from six months, it has not enabled the creation of the
entire DSR. ASRL has free cash of about INR660 million, of which
about INR250 million will be required to meet the construction of
e-route. The increase in debt to INR26,300 million at 2HFYE24 from
INR22,000 million has impacted the DSCR, leading to a dependence on
the internal liquidity or support requirement in FY26-FY28. The
revenue ramp up to more than 30 loaded rakes per day from 19.5
loaded rakes per day is highly critical for meeting the debt
service from internal accruals under the current debt structure.

ASRL has stated that it plans to raise INR2,000 million via equity
infusion of which Rail Vikas Nigam Limited (RVNL), one of the
sponsors, has approved equity infusion of INR720 million and the
balance portion is being considered by other shareholders. Ind-Ra
believes the equity infusion will aid the liquidity when required;
however, an improvement in the long-term DSCR depends on the
increase in traffic.

Management has represented that the refinancing of the existing
loan will be completed in 2QFY26 and is a mitigant for the current
liquidity position. The company has received a sanction letter for
the same and the new lender has confirmed that financing documents
are under finalization. While these developments have been
considered in analysis, the ratings are constrained by the existing
debt structure and the traffic level which indicate that a high
ramp up is required to meet debt service.

The cash sweep mechanism in the debt structure requires 100% of the
surplus cash balance above INR750.0 million to be utilized for the
prepayment of debt. The financial covenants include a maximum total
debt/equity ratio of 3.0x and a minimum DSCR of 1.10x. Ind-Ra has
not considered the connectivity cost infused by TSL in ASRL as part
of the external debt as the amount is infused upon the issuance of
the preference shares, and hence, considered subordinate to the
external bank debt. Any deviation from the above understanding may
impact the rating.

Majorly Owned by Government Undertakings: ASRL is 93.8% held by
public sector undertakings and the government of Odisha as on 31
March 2025. The company's shareholders are RVNL (36.4% stake),
Container Corporation of India (21.4%), government of Odisha
(24.6%), Odisha Mining Corporation Limited (10.9%), Jindal Steel &
Power (6.2%) and Odisha Industrial Infrastructure Development
Corporation (0.4%). ASRL is majorly held by public sector
undertakings. A similar railway project under the same revenue
model has been successfully implemented by RVNL for providing
adequate rail infrastructure for commodity transportation in the
nearby catchment area. Given the ownership and representations,
Ind-Ra considers the sponsors' expertise and experience in the
infrastructure space to be critical for the rating.

Strategic Location: This line has been notified as a dedicated
freight corridor between the two stations Budhapank and Baghupal
(both located in Odisha), although a passenger service may be
introduced later, depending on the local demand. The project line
between Angul and Sukinda reduces the distance from the existing
rail route by 52kms, thereby saving substantial time and cost for
the traffic moving through the existing rail route of
Banspani-Dubri line. The presence of iron ore rich belts in Sukinda
region catering to the raw material requirement of steel plants
located in the Angul region and the movement of coal from Talcher
region towards Dhamra port provides bi-directional visibility of
traffic for the project line.

ASRL has entered into a formal arrangement with TSL for
constructing a double line of 9kms on the project route, providing
connectivity to TSL's existing plant in Kalinganagar. The proposed
construction is required due to the planned capacity expansion of
the said steel plant. Although the project is to be constructed by
ASRL, the construction cost of about INR4,000 million for the
double line will be provided by TSL to ASRL in the form of
non-cumulative redeemable preference shares with a redemption
period of 20 years. These shares have a redemption option earlier
than 20 years at the face value only. As per the milestones
stipulated in the agreement, INR1,050 million has been paid by TSL
for the above work and the remaining will be paid upon achievement
of other milestones. The railway board has agreed to consider the
above connectivity work as part of the Angul-Sukinda line. A delay
in completion of TSL line could lead to a delay in traffic ramp
up.

O&M Arrangement with East Cost Railway; Cost Monitorable: The
company has entered into a formal arrangement with East Coast
Railway, MoR to carry out the O&M work related to the project line.
The management has confirmed that the fixed and variable cost to be
determined will be deducted from the monthly revenue to be released
by the MoR to the company. The MoR has deducted 32% of the cost as
a percentage of revenue in FY25 (FY24: 34%) and Ind-Ra has assumed
similar levels on an ongoing basis.

Low Completion and Construction Risk: For the e-route, the
management has completed land acquisition and expects to complete
the work by December 2025 compared to earlier expectation of June
2025. The project has witnessed cost and time overrun in the past
on account of issues related to land acquisition, forest land
clearance, private land clearance, project scope and design
changes, among others. The major balance work is completion of the
e-route.

Defined Revenue Sharing and Long Concession Tenor: The revenue
sharing structure, as per the concession agreement, is 100% for the
first four years of operations and post that, 80% of the revenue,
which is calculated on the apportionment basis for the project line
of 104kms. ASRL has requested to increase the revenue share to 100%
post four years of operations. The revenue will be collected by the
MoR and the stipulated share in the apportioned revenue is required
to be distributed to the company within 67 days from the end of the
month. The concession tenor is 30 years, leading to a very
comfortable tail of 19 years post debt tenor.

Liquidity

Stretched: The liquidity assessment is stretched based on DSCR
below 1.0x, likelihood of using DSR to meet debt service in 2QFY26
and a slower-than-required ramp up of traffic to meet the debt
service sustainably from internal cashflows for the current debt
structure. ASRL has created a DSR of INR1,170 million which is
about 2.8 months against the requirement of six months. ASRL had a
free cash of about INR 660 million as of June 30, 2025, of which
about INR250 million will be required to meet the construction of
e-route. The quarterly principal repayments started from June 2025.
RVNL has approved equity infusion of INR720 million and will aid
the liquidity when required. Thus, traffic is the critical
monitorable for an improvement in the liquidity assessment.

Rating Sensitivities

Negative: Future developments that could, individually or
collectively, lead to a rating downgrade are:

-- lower-than-envisaged revenue leading to further depletion of
the liquidity,

-- absent sponsor support to meet any requirement due to delay in
e-route or slower-than-envisaged revenue ramp up,

-- deterioration in the shareholders' credit profile.

Outlook revision to Stable: A significant ramp up in the revenue
above base case, leading to an improvement in the annual DSCR in
FY26-FY28 and an average DSCR of above 1.05x through debt tenor,
and maintenance of a one quarter of DSR could lead to a positive
rating action.

About the Company

ASRL is a special purpose vehicle incorporated on 20 February 2009
for developing, financing, designing, constructing, operating and
maintaining a 113.395km broad gauge single railway link between
Budhapankh station (Angul) and Baguapal Station (Sukinda) in Odisha
for the transportation of raw materials such as iron ore and coal,
and finished products for steel industries. The project includes a
3.2km e-route and a 9km double line to Kalinganagar plant of Tata
Steel, which are  under construction.

ANSARI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ansari and
Company (AC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 6, 2024, placed the rating(s) of AC under the 'issuer
non-cooperating' category as AC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 23, 2025, July
2, 2025, July 12, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Ansari and Company was set up as a partnership entity in the year
1953. Currently; the entity is managed by two partners Mr. Shamshad
Azam and Mrs. Rashda Parveen based out of Dimapur, Nagaland. Since
its inception, the entity has been engaged in civil construction
activities in the segment like construction of roads, building etc.


ARIDO CERAMIC: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Arido
Ceramic (AC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.68       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.84       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 7, 2024, placed the rating(s) of AC under the 'issuer
non-cooperating' category as AC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 23, 2025, July
3, 2025, July 13, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Morbi-based (Gujarat), AC is a partnership firm formed in 2011 by
Mr Govindbhai Amrutia and Mr Nitin Sanja along with fourteen other
partners. Mr Nitin Sanja and Mr Govindbhai, together have 10 years
of industry experience. AC is engaged in the manufacturing of
digital ceramic wall tiles. AC operates from its manufacturing
facility located in ceramic cluster (Morbi) and has an installed
capacity to manufacture 7500 boxes per day of wall tiles as on
March 31, 2018. AC started commercial production from March, 2014.
AC is selling its product under brand name of "Arido".


ATOZ INFRACON: CARE Lowers Rating on INR15.50cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Atoz Infracon Private Limited (AIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB-;
                                   Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of AIPL under the
'issuer non-cooperating' category as AIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
30, 2025, July 10, 2025 and July 20, 2025 among others.

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

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

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

Analytical approach: Standalone

Outlook: Stable  

Atoz Infracon Private Limited (AIPL) was incorporated on May 2,
2001 in the name of J.S. Drilling Company Private Limited by Mr
Bharat Nahata, Mr.Mahendra Kumar Anchalia and Mr. Anil Kumar
Bothra. Subsequently the name of the company changed to the current
one with effect from May 12, 2006. AIPL provides specialised
services in installation of underground sewer lines, water lines,
telecommunication lines and other pipe lines as per client's
requirement through micro tunnelling and horizontal directional
drilling (HDD) technology and other allied activities. The company
has its owned factory for manufacturing of concrete pipes which are
used in execution of turnkey projects of sewer and water lines.


BALLARPUR INDUSTRIES: Ind-Ra Keeps D Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ballarpur
Industries Limited's (BILT) non-convertible debentures (NCD) rating
in the non-cooperating category while withdrawing the ratings on
its bank facilities.

The detailed rating actions are:

-- INR840.30 mil. Non-Convertible Debenture* maintained in the
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR3,320.70 bil. Bank Loan Facilities is withdrawn.

*Details in Annexure

Detailed Rationale of the Rating Action

The NCD ratings have been maintained in the non-cooperating
category because the issuer did not participate in the rating
exercise despite repeated requests by the agency through phone
calls and emails, and has not provided information including
operational performance, debt position, liquidity, repayment,
business plans and projections for the next three years.  This is
in accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Ind-Ra has withdrawn the ratings assigned to the bank loans of
Ballarpur Industries Limited following a request by issuer and
supporting documents confirming the extinguishment of bank loan
facilities. This action is in accordance with Ind-Ra's Policy on
Withdrawal of Ratings. The agency will no longer maintain its
rating coverage for the bank facilities.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with BILT while reviewing the
rating. Ind-Ra had consistently followed up with Ballarpur
Industries Limited over emails, apart from phone calls. The issuer
submitted the no default statement during the six months ended July
2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of BILT, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. BILT has been
non-cooperative with the agency since August 2022.

About the Company

BILT is engaged in manufacturing and selling of writing and
printing paper.

BIJLEE KANDASAMY: Ind-Ra Assigns BB Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Bijlee Kandasamy Pvt
Ltd.' (BKPL) bank loan facilities as follows:

-- INR565 mil. Bank loan facilities assigned with IND BB/Stable/
     IND A4+ rating.

Ind-Ra has analyzed the project on a standalone basis while
assigning the rating. In addition to equity, the promoter has
infused funds in the form of unsecured loans, which are subordinate
to the rated facility until the final settlement. Hence, these
instruments have been treated as equity-like instruments and are
not included in the senior debt coverage calculation; their
inclusion in the senior debt category could impact the rating.

Detailed Rationale of the Rating Action

The rating reflects BKPL's weak debt structure including the
absence of an escrow agreement, a waterfall mechanism, a restricted
payment condition, a debt service reserve account (DSRA) against
the majority of the debt, stretched liquidity, under-construction
risk and inherent risks associated with solar projects, including
resource variations. However, the rating is supported by the
presence of long-term power purchase agreements (PPAs) with
moderate-to-strong counterparty, the successful commissioning of
two projects locations out of three in Madurai, significant equity
infusion by the sponsor and the timely receipt of payment from the
counterparties.

Detailed Description of Key Rating Drivers

Weak Debt Structure: The sanctioned term loan of INR535 million,
availed from three banks, will amortize in structured monthly
instalments, starting from December 31, 2024 and ending on December
1, 2036. The project's overall debt-to-equity ratio is 68:32. The
debt is secured by a personal guarantee by both the directors in
addition to the project assets and collateral security. The project
cash flows are not ring-fenced on account of the absence of a trust
and retention account (TRA)/escrow mechanism, waterfall mechanism,
RPC condition, and a DSRA against the majority of the debt. The
company has to maintain a DSRA of one quarter from the surplus
cashflow only for one lender, against its debt facility of INR140
million.

Construction Risk: The company has total solar power projects of
13MWAC/16.80MWDC in Tamil Nadu, of which 8.80WMAC/11.40MWDC is
operational and 4.20MWAC/5.40MWDC is under construction with
significant physical progress and is expected to be commissioned by
September 2025, as per management. BKPL's 8.80MWAC/11.40MWDC has
been commissioned and is operational since January 2025. The
8.80MWAC capacity has been connected to Elumalai substation and
4.20MWAC to Alangulam substation. The modules, inverters,
transformers, and cables have been received at site, the
connectivity approval is in place and the module mounting structure
has been erected. However, the installation and commissioning of
the module work is in progress while the installation of inverters
and transformers is pending. The total project cost of INR790
million is to be funded by debt of INR535 million and equity of
INR255 million. As of June 2025, the promoter has infused equity of
INR205.9 million and debt of INR525 million has been disbursed.
Furthermore, the company is planning to implement 10-12MWAC of
battery energy storage system (BESS) project, for which it has
identified the land and spent around INR100 million to acquire the
same.

Inherent Risks Associated with Solar Projects: BKPL's revenue is
solely dependent on power generation from the solar projects for
generating cash surplus for its debt servicing. Any decline in
power generation due to variability in solar irradiance remains a
key rating sensitivity.

Long-term PPAs with Timely Receipt of Payments: The company has
signed 15-year PPAs with Dalmia Cement (Bharat) Limited (DCBL; 'IND
AA+'/Stable/'IND A1+'), Sri Parameswari Spinning Mills Private
Limited (SPSMPL) and Sakthi Auto Component Limited (SACL) for the
entire capacity of 13MWAC,. The PPAs have a lock-in period of one
year, post which either of the parties can terminate the agreement
by serving 90 days of notice. Furthermore, there is no termination
payment as per the PPA clause for SPSMPL and SACL. The weighted
average tariff of INR4.92/kWh is fixed for 15 years. BKPL has
started selling power to DCBL and SACL; the average receivable
period from both the off-takers is within 15 days.

Moderate Sponsor Experience: BKPL is held by Mr. Shanmugvel and
Mrs. Rajalakshmi, who are the directors in the company. The group
is solely engaged in the solar business and has a total solar
capacity of 44MWAC/57.11MWDC in Tamil Nadu. Velan Infra Projects
Private Limited (VIPPL; 'IND BBB-'/Stable/'IND A3') is the major
company in the group, which is also engaged in engineering,
procurement and construction (EPC) business. VIPPL has completed
180-190MW capacity of solar projects as the EPC contractor and
plans to implement around 150MW BESS, in which, 40MW will be owned
by VIPPL. Furthermore, the group has planned to implement a new
BESS solar power project of 150MWAC in Tamil Nadu, in which 40MWAC
will be owned by the group and 110MWAC will be on a turnkey basis.
Tamil Nadu-based group is headed by Mr. Shanmugavel who is the
chief executive officer and managing director since the last 19
years. Any incremental leverage in the company and its impact on
the credit metrics shall be a key rating monitorable.

Low Operating Risk, In-house O&M: The project has been operational
for six months and is operating slightly below plant load factor of
P90. The operations and maintenance (O&M) of the project is being
carried out in-house by VIPPL. The company has signed a five-year
O&M contract at different prices mutually agreed upon by the
contractor and contractee. Also, the limited technological
complexities involved in the O&M of solar projects provide comfort
to the rating. BKPL achieved plant and grid availability of 100%
since project commissioning. Any significant underperformance in
the project could lead to a negative rating action.

Minimum Technology Risk: The project utilizes solar photovoltaic
modules (660Wp-mono-crystalline and poly-crystalline) of Canadian
solar, and inverters manufactured by Ginlong Technologies of
4,335kWAC. The solar photovoltaic technology has a long operational
track record and in the rated portfolio, Ind-Ra has not observed
any unusually high degradation, indicating low technology risk. The
annual degradation for the modules assumed by Ind-Ra is 0.70%. The
stable operating performance will be a key rating monitorable.

Liquidity

Stretched: The financing documents stipulate the maintenance of a
DSRA, equivalent to one quarter for debt amount of INR140 million.
The DSRA shall be created from the surplus cash flow. Until the
DSRA creation upon the completion of first year of the commercial
operations date, the project is susceptible to stretched liquidity
on account of stabilization period during the first year of
operations. The timely creation of the DSRA and maintenance of
adequate liquidity on a sustained basis shall be a key rating
monitorable.

Rating Sensitivities

Negative: Developments that could, individually or collectively,
lead to a negative rating action are:

-- operating and financial performance weaker-than-Ind-Ra's base
case estimates;

-- any delay in the receipt of payments from the off-takers beyond
60 days from the due date;

-- any incremental leverage for under construction project in the
company resulting in deterioration in the credit metrics;

-- a delay in the creation of DSRA of one quarter.

Positive: Maintaining adequate liquidity, along with the financial
and operational performance of the projects better than Ind-Ra's
estimates will lead to a positive rating action.

About the Company

BKPL, a special purpose vehicle incorporated by the Mr. Shanmugvel,
has developed a 13MWAC/16.80MWDC solar group captive project in
Madurai and Virudhnagar district, Tamil Nadu. In January 2025, the
company commissioned 8.80MWAC/11.40MWDC and 4.20MWAC/5.40MWDC is in
under-construction stage. The project has signed PPAs with three
counterparties for 15 years at a weighted average tariff of
INR4.93/kWh.

BRAND STUDIO: Ind-Ra Cuts Bank Loan Rating to BB+
-------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Brand Studio
Lifestyle Private Limited's (BSLPL) bank facilities to 'IND BB+'
from 'IND BBB-'. The Outlook is Negative.

The detailed rating actions are:

-- INR100 mil. Bank loan facilities assigned with IND BB+/
     Negative/IND A4+ rating; and

-- INR900 mil. Bank loan facilities downgraded with IND BB+/
     Negative/IND A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects BSLPL's modest EBITDA margins (excluding
employee stock ownership plan (ESOP) costs), deterioration in its
credit metrics, and stretched liquidity due to higher short-term
utilization and elevated working capital needs in FY25. The rating
factors in the FY25 revenue dip due to restricted channel expansion
and rising competition.

The Negative Outlook reflects Ind-Ra's expectation that the EBITDA
margins are likely to remain modest and the credit metrics are
likely to stay subdued over the medium term. However, the ratings
continue to be supported by the company's diversified brand
portfolio, strong platform relationships, and Ind-Ra's expectation
that the revenue will improve in FY26, driven by offline expansion,
new channel additions and improved sourcing efficiency.

Detailed Description of Key Rating Drivers

Decline in EBITDA Margins: BSLSP's EBITDA margin (excluding ESOP
cost) declined to 0.70% in FY25 (FY24: 1.36%), primarily due to an
increase in rental expense to INR176.68 million (INR102.164
million) as the company opened 30 new retail stores in FY25. The
return on capital employed was negative 0.6% in FY25 (FY24: 2.2%).
Factoring in the ESOP cost, the company saw a loss of 4.19% for
FY25 (FY24: loss of 0.82%). In FY25, the absolute EBITDAR
(excluding ESOP cost) stood at INR225.22 million with a margin of
3.26% (FY24: INR207.64 million, 2.67%)

During 3MFY26, BSLSP added seven new stores along with three stores
in United Arab Emirates (UAE) taking the total to 40. Of this, six
were under the company-owned company-operated (COCO) model, 18
under the company-owned franchisee-operated (COFO) model and the
remaining 13 were under the franchisee-owned franchisee-operated
(FOFO) model. Rental expenses are borne by the company in the COCO
and COFO model. In FY26, BSLSP is transitioning to a fully finished
goods sourcing model from job work model, which is likely to reduce
manpower and warehouse costs, it has also surrendered two
warehouses and is increasingly focusing on high-margin products,
which together are likely to support an improvement in margins
Though the EBITDA margins are likely to improve in the near term,
they are likely to remain modest due to the low return on capital
employed. The impact of the transition on profitability remains a
key monitorable. FY25 numbers are provisional in nature.

Deteriorated Credit Metrics; Likely to Improve: BSLPL's absolute
EBITDA (excluding ESOP cost) decreased to INR48.54 million in FY25
(FY24: INR105.48 million). This, along with an increase in the net
debt to INR1,293.39 million in FY25 (FY24: INR595.36 million) and
the resultant rise in the gross interest expense led to the gross
interest coverage (operating EBITDA excluding ESOP cost/gross
interest) deteriorating to 0.33x (1.59x) and the net leverage
(adjusted net debt/operating EBITDAR excluding ESOP cost) to 26.65x
(4.94x). Ind-Ra expects the credit metrics to improve in the near
term, due to an improvement in the EBITDA.

Stretched Liquidity: Please refer to the Liquidity section below.

Marginal Dip in Revenue in FY25, Likely to Increase in FY26:
BSLSP's revenue declined to INR6,915.4 million from INR7,766.7
million in FY24, primarily due to a slowdown in the demand from
e-commerce platforms due to an increased competition from emerging
micro-category brands. Additionally, the company was under two
years cooling-off period post its exit from Myntra's brand
accelerator programme (BAP) in FY23, which restricts its ability to
scale up across other online platforms during this period, further
impacting revenue growth. In 1QFY26, the revenue stood at INR1,500
million. The business-to-business (B2B) segment accounted for
90%-95% of the company's revenue while the rest was from the
business-to-customer (B2C) segment. Furthermore, the revenue from
online channels declined to 80% in FY25 (FY24: 89%) while that from
offline channel increased to 20% from 11%, indicating a
diversification in BSLSP's revenue mix. At end-1QFY26, BSLSP
operated 40 retail stores, and plans to increase the number of
stores to 75-80 by FYE26 across various models, with a major focus
on COFO model. Ind-Ra expects the revenue to increase in the
near-to-medium term, driven by growth in the offline retail
segment, channel diversification, international expansion through
new stores in UAE continued scaling up of its own D2C (direct to
customer) website and the newly signed Reliance Retail
partnership.

Planned Strategic Shift in Sourcing Model to Enhance Operational
Efficiency: BSLPL operates in a highly competitive and fragmented
industry, characterized by a large number of organized and
unorganized players. Furthermore, around 70% of the apparels of the
entity are made on a job work basis where the entity procures
fabric and gives it on job work basis and the rest of the
requirement are being procured directly. To streamline operations
and enable faster scaling, the company plans to transition to a
fully finished goods sourcing model in FY26, wherein complete
products will be procured directly from vendors. This transition is
likely to reduce man-power requirement, lower warehouse costs, and
improved working capital efficiency due to the elimination of raw
material stocking. The entity has more than 200 vendors across
India for procurement. The company's ability to compete, and
constantly innovate and evolve with precise marketing strategies
will remain crucial to mitigate stiff competition in the online and
offline segments.

Diversified Brand Portfolio with Established Relationship with key
B2B Players: BSLSP operates a diversified brand portfolio with own
brands contributing to revenue. Highlander accounts for 34% of
revenue (37%) in FY25, Tokyo Talkies at 30% (30%) , Vishudh
contributes 9.4% (7.8%), Ketch about 10.3% (15.9%). Furthermore, in
FY25, the company undertook channel diversification regarding 37
offline stores across COCO and COFO model, from being primarily
online driven to building an omnichannel presence and planning to
add further new stores.

The company also has a long-standing relationship with major B2B
clients including Myntra and SS Marketing Pvt Ltd, which
contributed 69% to the FY25 revenue (FY24: 94%). About 5% of the
revenue is generated from Ketch, the company's own D2C brand.

Liquidity

Stretched: BSLPL's month-end average utilization of the fund-based
facilities was 74.3% and that of the non-fund-based facility was
42.92% during the 12 months ended May 2025. Ind-Ra expects the
utilization to have remained largely similar over June-July 2025
and to continue to do so over the near-to-medium term. Ind-Ra
expects the utilization to decrease considering the decline in the
working capital requirements, primarily led by a reduction in the
inventory requirement. The company's fund flow from operation
turned negative at INR72.65 million in FY25 (FY24: INR35.28
million), mainly due to unfavorable changes in the working capital.
The working capital cycle elongated to 175 days in FY25 from 108
days in FY24, due to an increase in the inventory days to 260 from
150, driven by raw material stocking under the job working model
and inventory build-up for 30 new retail stores. The company
operates under two e-commerce sales models: sale or return (SOR),
where goods are transferred to the e-commerce players warehouses
and payment is received upon the actual sale, and the outright sale
model, where payment is made upon dispatch. In FY25, sales are high
under the SOR model due to the addition of new retail stores, which
resulted in an increase in the debtor days to 60 in FY25 (FY24: 5).
The creditors days also increased to 91 in FY25 (FY24: 47). The
company had cash and cash equivalents of INR159.93 million in FY25
(FY24: INR74.13 million), against scheduled debt repayments of
about INR36.02 million in FY26 and INR60.18 million in FY27.

Rating Sensitivities

Negative: Substantial deterioration in the scale of operations
(revenue and EBITDA) or deterioration in the profitability or the
credit metrics with the interest coverage falling below 2.5x will
be negative for the ratings.  

Positive: An improvement in the scale of operations (revenue and
EBITDA) while maintaining the interest cover above 2.5x will be
positive for the ratings.

About the Company

Promoted by Anant Tanted, BSLPL was incorporated on 10 December
2014 in Bengaluru, Karnataka. The company sells branded garments of
companies such as Highlander, Locomotive, Visudh, Tokyo Talkies,
Ketch and Folklore through online portals namely Myntra, Jabong,
Flipkart, Ajio, Amazon and its own online website and through
retail outlets such as Brand Factory. The company has three
warehouses in Karnataka and two administration offices, one each in
New Delhi and Bengaluru.

DCDC HEALTH: Ind-Ra Withdraws B Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn DCDC Health
Services Private Limited's (DCDC) bank loan facilities rating as
follows:

-- The 'IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING)' rating on the INR48.13 mil. Bank loan
     facilities is withdrawn.

Detailed Rationale of the Rating Action

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

About the Company

DCDC commenced operations as a sole proprietorship firm M/s Deep
Healthcare on July 23, 2009. The firm was converted into private
limited company in 2014 under the present name. The company
provides healthcare services through its standalone dialysis center
and in-hospital dialysis center.

DIAMOND FZE: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
FZE's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR8,813.067 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Firestar Diamond FZE while
reviewing the rating. Ind-Ra had consistently followed up with
Firestar Diamond FZE over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond FZE on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Firestar Diamond FZE's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Firestar Diamond FZE is a step-down subsidiary of Firestar
International Private Limited ('IND D (ISSUERNOT COOPERATING)'),
which is a global diamond and jewelry company founded by Nirav
Modi.

DIAMOND INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
International Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR4.883 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Firestar Diamond
International Private Limited while reviewing the rating. Ind-Ra
had consistently followed up with Firestar Diamond International
Private Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond
International Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Firestar
Diamond International Private Limited's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Firestar Diamond International was incorporated in 2006 as a
jewelry manufacturing company for exports. It operates Firestar
International Private Limited's (a global diamond and jewelry
company founded by Nirav Modi) domestic retail business, which
functions under the Nirav Modi brand.

DIAMOND LIMITED: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
Limited, Hong Kong's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR2,778.895 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Firestar Diamond Limited,
Hong Kong while reviewing the rating. Ind-Ra had consistently
followed up with Firestar Diamond Limited, Hong Kong over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond Limited,
Hong Kong on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Firestar Diamond Limited, Hong
Kong's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Firestar Diamond is a step-down subsidiary of Firestar
International Private Limited ('IND D (ISSUER NOT COOPERATING)'), a
global diamond and jewelry company founded by Nirav Modi.

DRRSB PCT: Ind-Ra Cuts Bank Loan Rating to BB-
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded DRRSB PCT ONE
PRIVATE LIMITED rating to 'IND BB-/Negative (ISSUER NOT
COOPERATING)'. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR497.4 mil. Bank Loan Facilities downgraded with IND BB-/
     Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects the likelihood of
further downgrade of the entity's ratings on continued
non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with DRRSB PCT ONE PRIVATE
LIMITED while reviewing the rating. Ind-Ra had consistently
followed up with DRRSB PCT ONE PRIVATE LIMITED over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of DRRSB PCT ONE PRIVATE
LIMITED on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect DRRSB PCT ONE PRIVATE
LIMITED's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

DPOPL is a special purpose vehicle incorporated in March 2023 for
developing and maintaining public toilets at Zone5, 6 and 9
(Marina) locations of Chennai for Greater Chennai Corporation under
Central Government's Swachh Bharat Mission 2.0. The entire project
is spread around 372 locations, and will be developed in a year.
The construction commenced in May 2023.

DUTTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dutta Agro
Plantations Private Limited (DAPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 16, 2024, placed the rating(s) of DAPPL under the
'issuer non-cooperating' category as DAPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DAPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
2, 2025, July 12, 2025 and July 22, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Dutta Agro Plantations Private Limited (DAPPL) was incorporated in
1998 by Mr. Sanjay Dutta. Earlier the company was into trading of
tea leaves till October 2015. However, the company has set up its
tea processing plant and started processing and sale of tea from
November 2015 onwards. The processing plant of the company is
located at Chaoaphali Basti, Jalpaiguri, West Bengal.


EKCON INFRA: CARE Lowers Rating on INR6.0cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ekcon Infra projects (EIP), as:

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

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 28, 2024, placed the rating(s) of EIP under the
'issuer non-cooperating' category as EIP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EIP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
14, 2025, July 24, 2025, August 3, 2025 and August 20, 2025 among
others.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further it also considers delay in debt
servicing as recognized from publicly available information i.e.,
e-auction notice issued by the lender as well as CIBIL Filings.

Analytical approach: Standalone

Outlook: Not Applicable

Established in 1993, M/S. EKCON Infra projects (erstwhile E. A.
Khan and Sons) got its current name on Feb. 2, 2016 is engaged in
the civil engineering and construction for Municipal Corporation of
Greater Mumbai (MCGM).

EXCELL TECHNOLOGY: Ind-Ra Cuts Bank Loan Rating to BB-
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded EXCELL
TECHNOLOGY VENTURES PRIVATE LIMITED rating to 'IND BB-/Negative
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
rating.

The detailed rating action is:

-- INR100 mil. Bank Loan Facilities downgraded with IND BB-/
     Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects the likelihood of
further downgrade of the entity's ratings on continued
non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with EXCELL TECHNOLOGY VENTURES
PRIVATE LIMITED while reviewing the rating. Ind-Ra had consistently
followed up with EXCELL TECHNOLOGY VENTURES PRIVATE LIMITED over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of EXCELL TECHNOLOGY
VENTURES PRIVATE LIMITED on the basis of best available information
and is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect EXCELL TECHNOLOGY
VENTURES PRIVATE LIMITED's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in 2013, ETVPL is engaged in the trading of used cars
and also provides business marketing services to insurance
companies. Promoted by Madhup Agarwal and family, ETVPL is located
in Navi Mumbai,  Maharashtra.

FIRESTAR DIAMOND: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
BVBA's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR3,811.056 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Firestar Diamond BVBA while
reviewing the rating. Ind-Ra had consistently followed up with
Firestar Diamond BVBA over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar Diamond BVBA on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Firestar Diamond BVBA's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Firestar Diamond BVBA is a step-down subsidiary of Firestar
International Private Limited ('IND D (ISSUER NOT COOPERATING)'), a
global diamond and jewelry company founded by Nirav Modi.

GVR BEHARI: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Behari
Hanumana Tollway Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:
  
-- INR1,086.9 bil. Bank Loan Facilities  maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GVR Behari Hanumana Tollway
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with GVR Behari Hanumana Tollway Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of GVR Behari Hanumana
Tollway Private Limited on the basis of best available information
and is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect GVR Behari Hanumana
Tollway Private Limited's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

GVR Behari Hanumana Tollway, which is wholly owned by GVR Infra
Projects Ltd, has been granted a 15-year
design-build-fund-operate-transfer concession by Madhya Pradesh
Road Development Corporation for the two-laning of the
Behari-Hanumana section from 110km of National Highway-75(E) to
243km of National Highway-7.

GVR PANNA: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Panna
Amanganj Tollway Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:
  
-- INR870.7 mil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GVR Panna Amanganj Tollway
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with GVR Panna Amanganj Tollway Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of GVR Panna Amanganj
Tollway Private Limited on the basis of best available information
and is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect GVR Panna Amanganj
Tollway Private Limited's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

GATPL has been granted a 15-year design-build-fund-operate-transfer
concession by Madhya Pradesh Road Development Corporation Limited
for the expansion of a 58.18km part of the Panna-Amanganj section
of State Highway-47 into two lanes.

HARMAN PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Harman
Plastic Industries (HPI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.12       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 23, 2024, placed the rating(s) of HPI under the
'issuer non-cooperating' category as HPI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HPI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
9, 2025, July 19, 2025, July 29, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in the year 1983, Harman Plastic Industries (HPI) is
involved in the business of manufacturing of nail polish caps &
brushes, shaving brushes and stainless-steel balls. HPI has two
manufacturing plants located in Vasai, Maharashtra.


HELLA INFRA: Moody's Lowers CFR to 'B1', Outlook Stable
-------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of Hella
Infra Market Limited (HIML) to B1 from Ba3.

The outlook is stable.

At the same time, Moody's have withdrawn the Ba3 rating on the
senior secured bond that was proposed to be issued by India Infra
Buildco (IIB), an orphan special purpose vehicle and foreign
portfolio investor (FPI) registered in India. Moody's have also
withdrawn IIB's stable outlook.

The downgrade of HIML's CFR and the withdrawal of the proposed bond
rating follow the company's decision not to proceed with its
planned US dollar bond issuance. The bond was intended to extend
the company's debt maturities, diversify funding sources and lower
funding costs.

Moody's had previously indicated that failure to improve liquidity
through the bond issuance or other refinancing measures would lead
to an immediate downgrade.

"HIML's liquidity will remain weak without the bond and with no
other long term credit facilities. The downgrade reflects Moody's
views that the company remains exposed to refinancing risks and
higher funding costs," says Sweta Patodia, a Moody's Ratings
Assistant Vice President and Analyst.

"The B1 CFR is underpinned by the company's diversified product
offerings across the construction value chain, notable market
positions in key product segments and a favorable industry
environment that will support earnings growth and credit metrics
improvement over the next one to two years," adds Patodia, who is
also Moody's Ratings Lead Analyst for HIML.

RATINGS RATIONALE

HIML's operations continue to benefit from India's ongoing growth
in infrastructure and housing sectors that will drive demand for
building materials in the country. This trend bodes well for
building materials companies including HIML.

Moody's expects HIML's revenue to grow by 10%–12% annually over
the next two years driven by its ongoing capacity expansion across
multiple business segments. At the same time, EBITDA margins will
improve towards 9% by the fiscal year ending March 31, 2027
(FY26-27) from around 8.5% in FY24-25, as its share of in-house
manufacturing increases.

However, interest expense will stay elevated as HIML will remain
reliant on expensive short-term loans from banks and financial
institutions, in the absence of the bond. This will keep
EBIT/Interest coverage below 1.5x over the next two years.

Furthermore, HIML's working capital intensive operations will
constrain cash flow generation such that it is likely to be only
marginally positive in FY25-26 and around $20 million in FY26-27.
Meanwhile, ongoing capital expenditure (capex) will result in free
cash flows remaining negative preventing any gross debt reduction.
Nonetheless, debt/EBITDA will improve towards 3.5x by March 2027
from an estimated 4.2x at March 2025 as earnings increase.

LIQUIDITY

HIML's liquidity is weak. As of March 31, 2025, the company had
cash and equivalents of around $185 million. This along with
projected cash from operations of around $20 million and committed
credit facilities are not sufficient to cover its capex and
upcoming debt maturities over the next 24 months.

The inherent volatility and intensity of its working capital
operations will keep HIML's utilization of uncommitted short term
working capital facilities elevated. The company has a track record
of rolling over these facilities that are provided by its
relationship banks and financial institutions.

HIML also has a $150 million multi-year revolving credit facility
maturing in 2028 at its Singapore subsidiary, of which $100 million
was drawn as of June 30, 2025. The balance of $50 million will
likely be drawn in the quarter ending September 30, 2025.

OUTLOOK

The stable outlook reflects Moody's expectations that HIML's
revenues and earnings will grow while the increasing share of
in-house manufacturing will improve profitability and reduce
working capital requirements.

The stable outlook also assumes that the company will retain access
to funding such that it is able to roll-over its working capital
debt upon maturity.

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

HIML's rating is unlikely to be upgraded unless it: 1) extends its
debt maturity profile; 2) diversifies funding sources; 3) maintains
at least good liquidity and 4) demonstrates ongoing improvement in
its operating performance.

Credit metrics indicative of an upgrade include adjusted
debt/EBITDA reducing below 4.0x and EBIT/interest coverage inching
closer to 2.0x on a sustained basis.

HIML's rating will be downgraded if: 1) its profitability does not
improve; 2) working capital requirements increase beyond
expectations; or 3) funding access weakens, resulting in further
deterioration in liquidity.

Credit metrics indicative of downgrade include adjusted debt/EBITDA
remaining above 4.5x, or a weakening in EBIT/Interest coverage from
existing levels.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Building
Materials published in September 2021.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Headquartered in Mumbai, Hella Infra Market Limited (HIML) is an
India based supplier of building materials including concrete,
steel, aggregates, autoclaved aerated concrete (AAC) blocks, tiles,
sanitary ware, chemicals, paints, and modular kitchen fittings.
HIML was founded in 2016 by Souvik Sengupta and Aaditya Sharda who
currently own 28.2% stake in the company. The remaining
shareholding is held by various PE sponsors including Tiger Global
(19.7%), Accel India (14.9%), Evolvence (5.1%), Nexus (7.5%) and
others (24.6%).


JAI GURUDEV: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Gurudev
Ginning and Pressing Industries (JGGPI) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      8.21        CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 16, 2024, placed the rating(s) of JGGPI under the
'issuer non-cooperating' category as JGGPI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JGGPI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
2, 2025, July 12, 2025, July 22, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in April 2013 by Mr. Chandrashekhar Thote, Mr. Sachin
Kawale and Mrs. Sharada Thote, Jai Gurudev Ginning and Pressing
Industries (JGGPI) is engaged into cotton ginning & pressing at its
plant located at Kalambm, Yavatmal, Maharashtra.


K. P. INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. P.
Industries (KPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.69       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 5, 2024, placed the rating(s) of KPI under the 'issuer
non-cooperating' category as KPI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KPI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 23, 2025, July
1, 2025, July 11, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Established in the year 2009, Ahmedabad -based K.P. Industries
(KPI) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr. Dhaval Prajapati and Mr.
Atul Prajapati who manage the day to day operations. As on March
31, 2016, it had a total installed capacity of 69,120 Metric Tonnes
per annum and operates through its sole manufacturing unit at
Kheda.


KADAMBARI PARBOILED: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kadambari
Parboiled Rice Industries (KPRI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       6.09       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 8, 2024, placed the rating(s) of KPRI under the 'issuer
non-cooperating' category as KPRI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KPRI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 24, 2025, June
3, 2025, June 13, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Telangana based, Kadambari Parboiled Rice Industries (KPRI) was
established in 2011 as partnership firm by Mr. N. Ravi and his
relatives. KPRI is engaged in milling and processing of rice. The
rice milling unit of the firm is located at Nalgonda (Dist),
Telangana. Apart from rice processing, the firm is also engaged in
selling off its by-products such as broken rice, bran and husk. The
main raw material paddy is directly procured from local farmers
located in and around Nalgonda, Telangana and sells its finished
products of rice and other by-products in the open market Telangana
and Tamilnadu. The firm also do job work for Civil
Supply Corporation of Telangana for which it receives the
commission.

LAVA INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB+
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lava
International Limited's (LIL) long-term bank loan facilities to
'IND BB+' from 'IND BBB' and short-term bank loan facilities to
'IND A4+' from 'IND A3+'. The Outlook on the long-term rating is
Negative.

The detailed rating action is:

-- INR3.026 bil. (reduced from INR7,900 bil.) Bank loan
     facilities downgraded with IND BB+/Negative/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating downgrade reflects a significant decline in LIL's
revenue and profitability during FY25 and the consequent
higher-than-Ind-Ra-expected weakening of its credit profile.
Additionally, over the last one year, there has been a significant
reduction in the available limits, which, coupled with the muted
profitability, is putting pressure on the liquidity.

The Negative Outlook reflects the pressure on LIL's liquidity and
its moderate financial credit profile, the recovery of which
remains a key monitorable for the agency.

Detailed Description of Key Rating Drivers

Decline in Revenue and Profitability in FY25: LIL's revenue
declined 24.8% yoy to INR17,510 million in FY25 (FY24: INR23,295
million; FY23: INR22,057 million) due to a) a decline in the
revenue from the smartphone business from government agencies,
following a deferment of certain orders to the current financial
year and b) a decline in the revenue from the feature phone and
Lava-branded smart phones business largely on account of a
reduction in the available drawdown from working capital limits as
a majority of the bankers are in the process of reassessing and/or
reevaluating the limits along with the withdrawal of limits by some
banks. However, the management expects the revenue to grow in the
near to medium term, driven by increased order execution for
government agencies and improved availability of funding lines
since some banks are reassessing the working capital limits and/or
the company is also exploring other unsecured funding sources such
as vendor financing. This is also evident from the 1QFY26 revenue
growing both year-on-year and quarter-on-quarter to INR5,173
million (1QFY25: INR3,271 million; 4QFY25: INR3,450 million).

The company's absolute EBITDA (excluding other income) also
declined to INR155 million in FY25 from INR910 million in FY24 and
the EBITDA margins (excluding other income) contracted to 0.9% from
3.9%. While the gross profit margins improved to 25% in FY25 from
20% in FY24, the decline in EBITDA margins was on account of (a) a
decline in the absolute revenue, thus reducing the benefits of
economies of scale and a lower absorption of fixed cost, (b) higher
sales and marketing expenses incurred to extend discounts to
customers as a benefit  to provide upfront security deposit and (c)
higher legal and professional fee on account of certain litigation
proceedings during the year. The improvement in the revenue and
profitability over the near-to-medium term remains a monitorable
for Ind-Ra. FY25 financial numbers are provisional in nature.

Weakness in the Financial Credit Profile: While the gross debt
levels (including accepted letter of credit (LC) and lease
liabilities) declined to INR697 million at FYE25 from INR1,920
million at FYE24, the company's financial credit profile weakened
in FY25 owing to a substantial decline in the EBITDA (excluding
other income). The net leverage (net debt including accepted LC and
lease liabilities divided by EBITDA (excluding other income)
increased to 3.6x at FYE25 (FYE24: 1.6x), higher than the Ind-Ra's
projections and the gross leverage increased to 4.5x (2.1x). The
gross interest coverage (operating EBITDA (excluding other
income)/gross interest expense) worsened to 0.7x in FY25 (FY24:
2.6x) because of a decline in the EBITDA (excluding other income)
and higher interest rates.

Ind-Ra has not factored in its analysis any major financial support
flowing from LIL to any of its subsidiaries in any form such as
loans and advances, equity infusion, material working capital
support, corporate guarantee for debt at subsidiary level among
others, since the agency believes that the standalone operations
are conducted independently, based on the historical track record.
The agency will continue to monitor any material related party
transactions in LIL's financials without any economic benefit.
Additionally, while LIL's promoter group company, Sojo Infotel
Private Limited (SIPL) infused INR1.02 billion in Lava in the form
of rights issue in May 2021, which was utilized for funding working
capital needs, the agency has not assumed any cash upstreaming to
any of the group companies (including SIPL) in its analysis. Any
deviation from the above understanding will remain a key
monitorable.

Poor Liquidity Profile: The cash and cash equivalent (unencumbered
cash) was INR135 million at end-March 2025. There is a significant
reduction in the working capital limits (fund-based and non-fund
based) available for draw down to the company over the last one
year. During FY25 the company has managed the liquidity through
unsecured loans from non-banking financial companies and security
deposits from its customers which has increased the company's
borrowing cost. At end-July 2025, the limits available for
utilization are largely utilized. Additionally, owing to the
weakness in the profitability, the company's free cash flow from
operations has turned negative in FY25. The ability of the company
to get reasonable limits available for utilization in the near to
medium term remain a monitorable. The company has debt repayments
of INR135 million in FY26 and INR22 million in FY27. The agency
believes that without any improvement in profitability and
availability of funding lines, the current liquidity has limited
cushion for interest and principal repayment and meet any
elongation of the working capital cycle. Additionally, any
incremental liability or indirect impact on financial flexibility
of the company owing to the ongoing regulatory action on the
promoter and LIL, and any liability payouts to Ericsson will
further stretch the liquidity of the company.

Forex Risk, Intense Competition, Other Industry Risks: The company
imports a significant portion of its material requirements, which
exposes it to foreign exchange fluctuation risk. It passes on the
impact of foreign exchange fluctuation to customers to some extent.
LIL is making efforts to increase the localized sourcing of various
components, which would reduce the forex risk. The company is also
exposed to other industry risks such as rapid technological
changes, changing consumer preferences and competitive pricing
pressures. Additionally, the mobile handset industry is already an
extremely highly competitive and fragmented industry with a large
number of both domestic and international players, making it
difficult to increase the average selling price and/or margins
materially.

Regulatory Actions on Company and one of the Promoters: In October
2023, one of promoters (out of four) of LIL, Hari Om Rai, was
arrested in an alleged money laundering case against Vivo Mobile
India Private Limited. Additionally, as per an update received from
the company, in addition to Hari Om Rai, in his personal capacity,
Lava through Hari Om Rai is also named as one of the accused in
this matter. The company has indicated its intention to file a
Discharge Application in this regard. Furthermore, it has been
reported that Rai was granted regular bail by the High Court of
Delhi on November 20, 2024 and is no longer part of the management
and/or board of directors of the company. The operations of the
company continue to be run by the management, which has confirmed
that there is no impact on the operational activities and/or
financial activities of the company. That said, Ind-Ra will
continue to monitor the impact of these ongoing regulatory actions
on one of the promoters and the company, and its subsequent
implications on operations and financials of the company.

Liability on Damages to be Paid to Dolby & Ericson: The Delhi High
Court, in the past three-to-six months, ordered LIL to pay INR200
million to Dolby Laboratories in a longstanding lawsuit on an
infringement of patents pertaining to audio and video functionality
in the mobile handsets. As per Ind-Ra's discussion with LIL's
management, the company is in process of filing an appeal against
this judgement.

The Delhi High Court on March 28, 2024, ordered LIL to pay INR2,440
million plus 5% interest to Ericsson in a longstanding lawsuit on
infringement of seven essential patents pertaining to 2G, 3G and
EDGE technology. As stated by LIL's management, the liability to
LIL is significantly less as compared to the court's order and the
company has already deposited INR420 million as fixed deposit for
the same. Therefore, as per the management, no incremental cash
outflow is expected from company's books on this matter and the
company is likely to appeal against the court's order. Ind-Ra will
closely monitor the two lawsuits and any incremental cash outflow
and/or liability due to unfavorable court verdict, could lead to a
negative rating action.

Established Player: LIL is an established player in the Indian
feature phone segment with a market share of over 20% in the last
two-to-three year's dispatches, according to the management. It
also has a significant presence in the overseas markets such as
Asia, Africa and the Middle East. Apart from selling handsets under
the Lava brand, the company has contracts with leading brands to
design and manufacture their mobile handsets. Lava has a wide
distribution network across the country.

Positive Regulatory Environment: The government of India launched
the National Policy on Electronics in 2019 to promote domestic
manufacturing of electronics items and promote industry-led
research and development initiatives. Subsequently, in March 2020,
the government rolled out two key policy initiatives, namely
capital subsidy for electronic components, and electronic
components and semiconductors manufacturing clusters, besides the
Production Linked Incentive (PLI) scheme. All these initiatives
would create a favorable environment for wide-scale electronics
manufacturing in India. The government has approved LIL as one of
the five domestic companies to be eligible to avail the PLI benefit
of 4%-6% of revenue for five years. While LIL has not yet started
receiving the benefits of the PLI scheme, the regulatory
environment for this industry is favorable based on the
policies/schemes launched by the government in this sector,
according to Ind-Ra.

Rating Sensitivities

Negative: Developments that could, individually or collectively,
lead to a negative rating action include:

-- an inability of the company to tie-up working capital limits
and/or  any elongation of the working capital cycle, resulting in a
further reduction of the liquidity profile

-- weak revenue growth along with a decline in the EBITDA,
resulting in the gross interest coverage reducing below 1.5x on a
sustainable basis

-- any crystallization of liabilities beyond Ind-Ra's expectations
resulting in a weakening of the credit profile and/or liquidity

Positive: Developments that could, individually or collectively,
lead to an Outlook revision to Stable:

-- a sustained improvement in the liquidity

-- consistent revenue growth, along with an improvement in the
EBITDA margins, leading to the gross interest coverage sustaining
above 1.5x

About the Company

Lava is an Indian multi-national company in the mobile handset
industry. The company has a strong market share in the feature
phones and is one of the leading mobile suppliers for
low-/mid-priced smartphones having an average selling price of less
than INR20,000. The company was founded in 2009 as an offshoot of a
telecommunication venture. It is headquartered in Noida, Uttar
Pradesh and has operations in India, Thailand, Nepal, Bangladesh,
Sri Lanka, Indonesia, Latin American countries, the Middle East,
and Russia.

MADHU OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madhu
Overseas (MO) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      5.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 16, 2024, placed the rating(s) of MO under the 'issuer
non-cooperating' category as MO had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MO continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 2, 2025, July
12, 2025, July 22, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Delhi based, Madhu Overseas (MOS) is a proprietorship firm
established in 2012 by Mr. Kuldeep Maan after taking over the
business of the partnership firm-M/s Madhu Overseas (established
since 2006), which dissolved in the same year. The firm is engaged
in trading of PVC products, plywood's and laminates, door skins
(i.e. furniture related products used for manufacturing of
furniture. Most of the sales are order backed. The firm is also
engaged in trading of rice & wheat. The firm sells these products
to wholesalers and furniture manufacturers domestically. MOS
purchases products from plywood and door skins manufacturers
located in the country and imports from countries like China,
Malaysia, Turkey and Romania etc.


MAGHALAKSHMI PLAAZAA: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Maghalakshmi
Plaazaa's bank loan facilities as follows:

-- INR857.25 mil. Bank loan facilities affirmed with IND BB+/
     Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects Maghalakshmi Plaazaa's stretched liquidity as
well as continued modest EBITDA margins and credit metrics in FY25
along with inherent risks associated with its partnership-based
business structure. However, the rating is supported by modest
growth in the scale of operations with diversified revenue
profile.

Detailed Description of Key Rating Drivers

Stretched Liquidity: The firm's average monthly peak utilization of
the fund-based working capital limits was 100% for the 12 months
ended May 2025. Also, the firm had availed adhoc limits during the
12 months to meet its demand during festive seasons. The company's
net working capital cycle increased to 91 days in FY25 (FY24: 78
days), due to a long inventory holding period of 115 days (105
days), payable period of over 44 days (45 days) and receivable
period of 20 days (18 days).

Continued Modest EBITDA Margins: As per the provisional numbers of
FY25, Maghalakshmi Plaazaa's EBITDA margins slightly improved to
6.6% (FY24: 5.92%), due to a change in its sales mix increased
contribution from the apparel segment. The return on capital
employed stood at 6.9% during FY25 (FY24: 6.4%). Ind-Ra expects the
margins to improve in FY26 due to the likely savings in the power
cost following the installation of a new 2MW solar plant for
captive consumption coupled with increased revenue contribution
from the clothing and grocery store segment.

Modest Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) marginally improved to 1.62x in FY25
(FY24: 1.53x) due to an increase in the EBITDA to INR182.06 million
(INR 157.38million). However, Ind-Ra expects the interest coverage
to improve in FY26 and remain stable in the medium term, supported
by a likely modest increase in the EBITDA.  The net financial
leverage (net debt/EBITDA) increased to 5.75x in FY25 (FY24: 5.59x)
due to a decrease in cash balance to INR13.94 million
(INR189.51million). Ind-Ra expects the net financial leverage to
improve further in FY25, due to the likely improvement in the
EBITDA and the absence of significant debt-funded capex plans.

Partnership Nature of Business: Maghalakshmi Plaazaa is a
partnership firm, which restricts its overall financial flexibility
given limited access to external fund for any future expansion
plans unless otherwise provided in the partnership deed.
Furthermore, there is inherent risk of a possible withdrawal of
capital and the dissolution of the firm in case of death/
insolvency/separation of its partners. For FY24, the withdrawals
did not exceed the profit earned during the year. The trend has
been observed for the past couple of years.

Improvement in Scale of Operations with Diversified Revenue
Profile: The company's revenue grew marginally to INR2,757.02
million in FY25 (FY24: INR2,660.62 million), mainly contributed by
a change in the revenue mix. Maghalakshmi Plaazaa owns a shopping
mall in Villupuram (Tamil Nadu), which houses a grocery store, a
garment store, a silver article store, two restaurants, a gaming
zone, a cinema theatre, a 31-room hotel and a banquet hall. The
clothing store contributed 40.47% to the total revenue during FY25
(FY24: 41.66%), followed by the grocery store at 49.39% (49.55%),
theatre at 4.68% (4.49%). On an average, there was a footfall of
4,700 per day in FY25 with an increase of 10%-20% during weekends.

Liquidity

Stretched: The firm had cash and cash equivalents of around
INR13.94 million at FYE25 (FYE24: INR189.51 million). Furthermore,
the cash flow from operations remained negative at INR 44.44
million during FY25 (FY24: negative INR75.36 million), mainly due
to unfavorable working capital changes. Ind-Ra expects the cash
flow from operations to improve further during FY26, due to the
likely savings in the power cost on account of the new 2MW solar
plant installed for captive consumption. The entity has repayment
obligations of INR97 million and INR77 million, respectively, for
FY26 and FY27, which is likely to be repaid using internal
accruals.

Rating Sensitivities

Negative: Any significant deterioration in the scale of operations
or substantial deterioration in liquidity or the net financial
leverage remaining above 5.0x will be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
credit metrics, liquidity and current ratio; the net financial
leverage reducing below 4.0x; and timely infusion of capital by the
partners, all on a sustained basis, will be positive for the
ratings.

About the Company

Established in 2013, Maghalakshmi Plaazaa is a multi-brand shopping
mall in Villupuram, spread across 120,000 square feet. The firm
operates the entire mall excluding the food court. Key outlets of
the mall include a grocery store named Greens, a clothing store
named Kolors, and a cinema hall branded Janas. Maghalakshmi Plaazaa
launched a new clothing and grocery store in Vellore in January
2023.

MAGNUM ESTATES: Ind-Ra Withdraws BB Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Magnum Estates
Limited's (MEL) bank loan facilities' rating as follows:

-- The 'IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
     NOT COOPERATING)' rating on the INR263.5 mil. Bank loan
     facilities is withdrawn.

Detailed Rationale of the Rating Action

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

About the Company

Bhubaneswar, Odisha-based MEL started operations in 1995. It was
initially a merchant exporter of seafood, but later started the
processing and exports of shrimp and prawn. MEL is engaged in aqua
culture activity, i.e. culturing Vannamei prawn, shrimp and sea
food export. The company has two aqua culture farms with 29 ponds,
spread over an area of 150 acres. MEL has its own pre-processing
plant, including ice production units in Balramgadi and Balasore,
Odisha. The group exports to countries such as the US, Canada,
Japan, Europe, Vietnam and the UAE.

MAGNUM SEA: Ind-Ra Keeps BB Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Magnum Sea Foods
Limited's (MSFL) bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating action is:

-- INR879 mil. Bank loan facilities* maintained in non-
     cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information

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

Detailed Rationale of the Rating Action

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

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction MSFL while reviewing the ratings.
Ind-Ra had consistently followed up with the company over emails
since February 2025, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of MSFL based on best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect the company's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The company has
been non-cooperative with the agency since September 13, 2024.

About the Company

Commenced operations in 2003, MSFL is engaged in the processing and
export of seafood such as shrimp and prawn. The company's
processing units are located across Odisha and it has obtained
various certificates such as Hazard Analysis & Critical Control
point certification, International Organization for Standardization
Certificate, British Retail Consortium Certification, Best
Aquaculture Practices Certification, Business Social Compliance
Initiative Audit against BSCI Code. The group exports to countries
such as the US, Canada, Japan, European Union Countries, Vietnam
and the UAE.

MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahavir
Foods (MF) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of MF under the 'issuer
non-cooperating' category as MF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 30, 2025, July
10, 2025, July 20, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Mahavir Foods (MF) is a partnership concern established in 1998.
Mr. Suresh Kumar and Mr. Amit Kumar are the partners with equal
profit sharing ratio in the firm. The partners have two decades of
experience in process sing of rice. The firm is engaged in the
business of milling, processing and trading of rice. The processing
facility of the firm is located at Taraori, Karnal (Haryana).


MEDVARSITY ONLINE: Ind-Ra Withdraws BB- Term Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Medvarsity Online Limited's (MOL) bank loan facilities as follows:

-- The 'IND BB-/Rating Watch with Negative Implications/IND
     A4+/Rating' Watch with Negative Implications on the INR150
     mil. Bank loan facilities is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra had withdrawn the ratings assigned to MOL's bank loan
facility following a request from the issuer along with the receipt
of confirmation from the lender that the bank loan facility has
been fully redeemed. This action is in accordance with Ind-Ra's
Policy for Withdrawal of Ratings. The agency will no longer
maintain its rating coverage on MOL.

About the Company

Incorporated in 2000, MOL offers online healthcare training and had
over 500,000 trained and certified medical professionals as of
January 2024. The company has over 25,000 hours of content with
500,000 active learners on its platform. It has a network of over
50 clinical practice locations and has students across 192
countries. The courses are designed by the in-house team and are
then certified by the internationally accredited partners.

MEGHALAYA INFRATECH: Ind-Ra Hikes Loan Rating to B+
---------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating on
Meghalaya Infratech Limited's (MIL) bank loan facilities to 'IND
B+' from 'IND B-'. The Outlook is Stable.

The detailed rating action is:

-- INR900 mil. Bank loan facilities upgraded with IND B+/Stable
     rating.

Detailed Rationale of the Rating Action

The rating reflects MIL's lack of operational track record as the
company's 199-room hotel in Khanpara, Meghalaya is under
construction stage and will commence operations from June 2026. The
rating also factors in the time and cost overrun, and funding risks
associated with the project. However, the rating benefits from the
project's locational advantage as well as promoters' past
experience in the construction business.

Detailed Description of Key Rating Drivers

No Operational Track Record: The rating reflects the
under-construction stage of MIL's proposed five-star 199-bed hotel
in Khanapara, Meghalaya. The construction of the hotel resumed from
March 2023 after a corporate insolvency resolution process (CIRP)
proceeding adjudicated by the National Company Law Tribunal (NCLT)
directed the completion of the partially constructed structure. At
end-March 2025, 69.50% of the construction work was completed. As
per the management, the commercial operations will commence from
June 2026. Ind-Ra expects the scale of operations to be small over
the medium term owing to the initial risk associated with
occupancy. Furthermore, the company is identifying and finalizing a
hotel operator.

Time and Cost Overrun, and Funding Risks: The total estimated cost
of the project is INR4,711.6 million, of which INR3,021.6 million
was incurred before the corporate insolvency resolution process,
INR900 million will be funded through term loans and the remaining
from new promoters' contribution of INR790 million in the form of
equity and unsecured loans. At end-March 2025, MIL had already
incurred a cost of around INR3,276.46 million.

Locational Advantage: The proposed hotel is situated on the
national highway connecting Guwahati – Kaziranga – Shillong –
Cherrapunji and has proximity to Guwahati railway station and
airport.

Experienced Promoters: The promoters have more than two decades of
experience in the construction industry.

Liquidity

Stretched: MIL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The company has received sanction for the term loan
of INR900 million, the repayments of which will commence from
1QFY28. In the event of a delay in the completion of remaining
capex, the expenses will be funded by promoters. The term loan
repayment will commence from 1QFY28.

Rating Sensitivities

Negative: Any delay in the commencement of operations, any instance
of cost overrun and/or the company's inability to achieve stability
in operations, thereby affecting its debt serviceability could be
negative for the ratings.

Positive: The timely commencement of operations and the subsequent
achievement of stable operations will be positive for the ratings.

About the Company

Incorporated in 2007, MIL is constructing a five-star hotel in
Khanapara, Meghalaya. This project comprises of 0.43 million sf of
land with a total built-up area of about 0.58 million sf comprising
199 designed rooms (168 standard rooms, 18 twin rooms, six king
size rooms, six suites and a presidential suite), two banquets of
10,000 sf each, five meeting rooms, a spa and other modern
facilities.

N A CONSTRUCTION: Ind-Ra Cuts Bank Loan Rating to BB+
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded N A Construction
Private Limited's (NACPL) bank loan facilities' rating to 'IND BB+'
from 'IND BBB' while placing the rating on Rating Watch with
Negative Implications, as follows:

-- INR3,006.50 bil. Bank loan facilities downgraded; Placed on
     Rating Watch with Negative Implications with IND BB+/Rating
     Watch with Negative Implications/IND A4+/Rating Watch with
     Negative Implications.

Detailed Rationale of the Rating Action

Ind-Ra has downgraded the rating and placed it on Rating watch with
Negative Implications following reports that the Enforcement
Directorate (ED) has frozen the company's bank accounts. The rating
action reflects the immediate challenges the company faces in
making payments to vendors and employees on account of accounts
being frozen, as well as the long-term impact of the charges on its
ability to obtain fresh orders from government authorities.

The accounts have been frozen in view of allegations that the
contractor submitted forged documents to the Brihanmumbai Municipal
Corporation (BMC) regarding silt disposal from the Mithi River
between 2013 and 2021, and that contracts were awarded to select
contractors after modifying the conditions to ensure only
contractors with specific machinery could secure the contract. The
ratings have factored in the potential financial impact of the
probe, which could create operational liquidity crunches and impact
the reputation of the company,  adversely affecting its ability to
secure future contracts.

Furthermore, Ind-Ra has placed the bank facilities of NACPL on
Rating watch with Negative Implications as the agency remains
uncertain about the potential financial impact of this development
on the company.

Detailed Description of Key Rating Drivers

Financial Impact of ED Probe On Company: The ED has frozen multiple
bank accounts, fixed deposits, and current assets of NACPL, whose
operational liquidity is now severely constrained. The freezing of
these accounts could lead to a liquidity crunch, affecting the
company's ability to meet payment obligations, including salaries,
vendor payments, and project execution costs. This undermines prior
assessments of financial health by Ind-Ra, which had considered the
company's bank balances as a sign of strong liquidity. Furthermore,
the ED's investigation under the Prevention of Money Laundering Act
(PMLA) could lead to further legal action, including financial
penalties or criminal charges. The scope of the investigation is
expanding, with more individuals and entities being questioned,
suggesting prolonged regulatory scrutiny and the burden of proof is
on the company.

Reputational Impact: NACPL is facing allegations of submitting
false memorandums of understanding (MoUs) from the landowners and
no objection certificates (NOCs) from gram panchayats, which are
required for dumping the silt cleaned from the Mithi River, during
the execution of the contracts for Mithi River Desilting, along
with the other contractors and BMC officials. The Economic Offences
Wing (EOW) has also undertaken a probe of the same scam. However,
as informed by the management, out of the total allegations, the
amount attributed to NACPL is only INR23.4 million. Ind-Ra believes
the probe poses reputational risk for NACPL, and it could adversely
affect the company's ability to secure future contracts, especially
from the government or public sector entities that prioritize
governance and compliance. The incident has heightened
governance-related risks, raising questions about internal
controls, ethical standards, and compliance mechanisms within the
company.

Low Risk of Default as Interest and EMI Payments Allowed from
Accounts: While the accounts have been frozen by the ED, the
management has confirmed that these accounts can still be debited
for interest and EMI payments. This mitigates some of the immediate
liquidity concerns. Ind-Ra's confidence in the company's liquidity
is based on the management's declaration regarding the limited
functionality of the frozen accounts and confirmation from two out
of four banks that interest and EMI payments would be permitted.

Liquidity

Poor:  NACPL had cash and cash equivalents of INR405.38 million at
FYE24 (FYE23: INR371.49 million). The cash flow from operations
turned negative at INR172.95 million in FY24 (FY23: positive
INR33.61 million) due to unfavorable changes in working capital.
NACPL had  repayment obligations of INR51.75 million in FY25, and
it has obligations of INR41.81 million and INR16.1 million  in
FY26 and FY27, respectively. NACPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

At FYE25 (provisional figures), the company had fixed deposits of
INR160 million and INR256.95 million lien with the bank as margin
money against the overdraft facility and bank guarantee,
respectively. NACPL had cash and cash equivalent of INR793.11
million at FYE25.

The company's liquidity is likely to be affected by the
aforementioned event. NACPL's ability to generate positive cash
flow from the operations and maintain sufficient liquidity will be
a key monitorable.

Rating Sensitivities

The Rating Watch with Negative Implications indicates that ratings
could be downgraded based on the resolution of certain events.
Ind-Ra will resolve the rating watch once the impact of the ED
probe on the business and financial profile can be ascertained.

About the Company

NACPL, incorporated in 2009, is a registered Class 1A contractor
with Municipal Corporation of Greater Mumbai. The company has
worked on a diverse range of projects that involve concretization,
asphalting and resurfacing of roads, construction of residential
and non-residential buildings, construction of bridges and tunnels
for government and semi government bodies.

N. S. POLYMER: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N. S.
Polymer (NSP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.48       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 10, 2024, placed the rating(s) of NSP under the 'issuer
non-cooperating' category as NSP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NSP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 26, 2025, June
5, 2025, June 15, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

N. S. Polymer was established in December 2016 with an objective to
enter into the manufacturing of plastic products (Plastic chair,
table and other plastic household products) business. The
manufacturing unit of the entity is located at Vill: Talai, P.O:
Jarur, PS: Raghunathganj, Dist: Murshidabad, West Bengal: 742235
with an installed capacity of 3264 tons per annum. The entity
started its operation from August 2018. Mr. Nawab Hossain (Partner)
along with other partners Mrs. Sufia Bibi (Partner) and Mr. Imran
Hossain (Partner) are looking after the day to day operation of the
entity who have significant experienced in similar line of
business.


ND PATIL: Ind-Ra Hikes Bank Loan Rating to BB-
----------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded N. D. Patil Sugars
Private Limited's (NDPSPL) bank loan facilities' rating to 'IND
BB-' from 'IND B/Negative (ISSUER NOT COOPERATING)' with a Stable
Outlook, as follows:

-- INR635.80 mil. Bank loan facilities upgraded with IND BB-/
     Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade in ratings factors in the current credit profile of
NDPSPL, following co-operation by the issuer while reviewing the
rating.  The ratings reflect NDPSPL's lack of track record, with
the company likely to commence operations in FY26, the delay in the
commencement of operations, likely modest EBITDA margins and credit
metrics, and stretched liquidity in FY26. The ratings, however, are
supported by the promoter's nearly five decades of experience in
the sugar industry.

Detailed Description of Key Rating Drivers

Lack of Track Record; Operations Yet to Start: NDPSPL has set up a
jaggery production with crushing capacity of 1,800 tons per day and
a co-generation unit of 6MW. The company had initially planned to
complete the construction of the project and commence its
operations by April 2024. However, the commencement of operations
was delayed by a year due to delays in testing and synchronization
of the manufacturing unit. The cost overrun, during this period,
was mitigated through unsecured loans from the promoters. NDPSPL
has completed the trial runs and commercial production is scheduled
to commence from the new sugar season, which starts from September
2025. The scale of operations is likely to be small in FY26.

EBITDA Margins and Credit Metrics Likely to be Modest: Ind-Ra
expects NDPSPL's EBITDA margins to be modest in the medium term as
the company will start utilizing the installed capacity for jaggery
production in FY26. Ind-Ra also expects the debt service coverage
ratio and overall credit metrics to be modest during the initial
years post commencement of operations, and improve subsequently
with the growth in the scale of operations.

Poor Liquidity: Please refer to the liquidity section below.

Experienced Promoter: The promoters have nearly five decades of
experience in the sugarcane and jaggery business. This has helped
the company establish strong relationships with customers as well
as suppliers.

Liquidity

Poor: NDPSPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. It has debt repayment obligations of INR60 million
and INR66 million in FY26 and FY27, respectively. NDPSPL has a
working capital limit of INR94.5 million, and the promoters have
infused INR351.5 million in form of equity and INR233.52 million in
the form of unsecured loans. The cash and cash equivalents stood at
INR0.04 million in FYE25 (FYE24: INR2.91 million).

Rating Sensitivities

Negative: Lower-than-expected scale of operations, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, could lead to a negative rating action.

Positive: Higher-than-expected scale of operations, an improvement
in the overall credit metrics, and maintaining of liquidity profile
or improvement in the same, all on a sustained basis, could lead to
a positive rating action.

About the Company

NDPSPL was incorporated on 20 January 2021. Its registered office
is in Islampur Sangli, Maharashtra. The company is promoted by
Dattajirao Narayanrao Patil and Anjali Dattajirao Patil. The
company has set up a jaggery manufacturing unit with a capacity of
1,800 tons-crushing-per-day in Koregaon grampanchayat, Sangli
district, Maharashtra. The unit will commence commercial operations
in FY26.

PATNA BAKHTIYARPUR: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Patna
Bakhtiyarpur Tollway Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR7,145.89 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Patna Bakhtiyarpur Tollway
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Patna Bakhtiyarpur Tollway Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Patna Bakhtiyarpur
Tollway Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Patna Bakhtiyarpur Tollway
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Patna Bakhtiyarpur Tollway is a special-purpose vehicle
incorporated to implement a 50.65km-lane expansion (four-laning)
between Anisabad in Patna and Bakhtiyarpur on the National
Highway-30 in Bihar under an 18-year concession from the National
Highways Authority of India National Highway Authority of India
('IND AAA'/Stable).

POWER ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Power
Engineering Corporation (PEC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 21, 2024, placed the rating(s) of PEC under the
'issuer non-cooperating' category as PEC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PEC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
7, 2025, July 17, 2025, July 27, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Nagpur Based PEC is a proprietorship firm established is 1992 and
is promoted by Mr. Prabhakar Pannase. The firm is a Registered as a
Class -A Electrical Contractor in the State of Maharashtra. PEC is
engaged in electric works that include installing sub-stations,
fabrication and installation of pump connections to draw water as
well as laying line.


PRIDE COKE: Ind-Ra Cuts Bank Loan Rating to D
---------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pride Coke
Private Limited's (PCPL) bank loan facility to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B-/Negative (ISSUER NOT COOPERATING)' while
maintaining the ratings in the non-cooperating category. The issuer
did not participate in the rating review despite continuous
requests and follow-ups by the agency. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR294.50 mil. Bank loan facilities (long-term/short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: Issuer did not cooperate; based on the best-available
information.

Detailed Rationale of the Rating Action

The downgrade reflects PCPL's delays in debt servicing, based on
the information available from sources as the corporate insolvency
and resolution process has been initiated against the entity under
the Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016 on the application from the banker. Ind-Ra has
not been able to ascertain the reason for the delays, as the issuer
has been non-cooperative.

The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with PCPL while reviewing the
rating. Ind-Ra had consistently followed up with PCPL over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement (NDS).

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of PCPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. PCPL has been
non-cooperative with the agency since April 23, 2019.

About the Company

Incorporated in 2004, PCPL manufactures low-ash metallurgical coke
and coke breeze. It also has a 32,400 metric-tons-per-annum rice
processing unit.

PROPUS DESIGNS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Propus
Designs and Displays Private Limited (PDDPL) continues to remain in
the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 21, 2024, placed the rating(s) of PDDPL under the
'issuer non-cooperating' category as PDDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PDDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
7, 2025, July 17, 2025 and July 27, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Incorporated in May 2016 by Mr. Manan Bansal and Mrs. Niddhi
Mittal, Propus Designs and Displays Private Limited (PDDPL) is
engaged in providing consultancy services in the field of
manufacturing of telecom panels, chimneys and meta l racks for
warehousing.


R R HOLIDAY: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded R R Holiday
Homes Private Limited's (RRHHPL) bank facility rating to 'IND D'
from 'IND BB+'. The Outlook was Stable.

The instrument-wise rating action is:

-- INR620 mil. Bank loan facilities (long term) with IND D
     downgraded rating.

Detailed Rationale of the Rating Action

The downgrade reflects a delay in the servicing of term loan
interest during July 2025. This is consistent with Ind-Ra's Default
Recognition and Post-Default Curing Period Policy.

Detailed Description of Key Rating Drivers

Delay in Debt Servicing: The downgrade reflects RRHHPL's delay in
the payment of interest on the rated term loan in July 2025,
caused by liquidity constraints. The rating action is consistent
with Ind-Ra's Default Recognition and Post-Default Curing Period
Policy.

Liquidity

Poor:  APPL's liquidity position is poor, as reflected by the
inability to service debt obligation on a timely basis.

About the Company

Incorporated in May 1995, RRHPL is engaged in hospitality,
restaurant, flight catering, and travel and tour businesses. The
company has a flagship hotel named Uday Samudra Leisure Beach Hotel
with a total occupancy of 227 rooms. The brand also has two more
hotels under the name Uday Backwater Resort and Uday Suites, and a
convention center named Uday Palace Convention Centre. The company
also provides flight catering services under the name of Uday Sky
Kitchen.

RISHI ICE: CARE Lowers Rating on INR2.22cr LT Loa to B+
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rishi Ice and Cold Storage Private Limited (RICSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.22       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB-;
                                   Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of RICSPL under the
'issuer non-cooperating' category as RICSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RICSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
30, 2025, July 10, 2025 and July 20, 2025, among
others.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Incorporated in the year 2002 and commenced commercial operations
in March 2006, Rishi Ice & Cold Storage Private Limited (RICSPL) is
engaged in the business of providing cold and dry storage service
for various products such as grains, spices, dates, dry fruits and
milk products. The company has a multi-purpose storage facility and
controlling office located in Mumbai whereas warehouse is located
at Navi Mumbai.

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

The instrument-wise rating action is:

-- INR700 mil. Bank loan facilities Outlook revised to Negative
     and migrated to non-cooperating category with IND
     BB+/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with RSPL  while reviewing the
ratings. Ind-Ra had consistently followed up with RSPL over emails
from May 13, 2025 until June 30, 2025, apart from phone calls.
However, the issuer has submitted no default statement until June
2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of RSPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. RSPL has been
non-cooperative with the agency since May 2025.

About the Company

Incorporated in 2012, RSPL is engaged in commercial leasing of
shops in Star Mall, Jessore Road Madhyamgram, Kolkata. Its head
office is located at Lal Bazar Street, Kolkata. The company is
owned and managed by RDB group and Unimark group.

RK ROAD: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated RK Road Transport
Private Limited's (RKRTPL) bank loan facilities as follows:

-- INR1.420 bil. Bank loan facilities assigned with IND B+/Stable

     /IND A4 rating.

Detailed Rationale of the Rating Action

The rating reflects the company's poor liquidity and high repayment
obligation in FY26. However, the rating is supported by experienced
management and reputed clientele.

Detailed Description of Key Rating Drivers

Poor Liquidity; High Repayment Obligation: RKRTPL's monthly maximum
utilization of the working capital remained at about 97% during the
12 months ended May 2025. The entity increased its working capital
limits to INR456 million in FY25 (FY24: INR200 million). The
company has repayment obligation of INR300 million in FY26. Any
shortfall is likely to be met by its promoters' contribution and
additional borrowings in the form of working capital. The ability
of the entity to earn adequate profit and arrange for funds remains
a key rating sensitivity.

Reputed Clientele: RKRTPL's clients includes reputed domestic
companies such as NU Vista, Shree Cement, JK Lakshmi Cement, JSW
Steel, Nalwa Steel and Power Limited. The company derives 50% of
its revenue from sales to its top five customers, while balance is
derived from multiple customers. RKRTPL's well-established
relationships of more than a decade with its top two customers
results in receiving continuous orders from them.

Experienced Promoters: The company was incorporated in 1990 as a
proprietorship concern by Ramesh Agarwal. Later in April 2024, the
firm was converted into a private limited entity namely RK Road
Transport Private Limited. The entity has over 30 years of
experience in the logistics business and caters to the reputed
clientele including Nu Vista Limited (debt rated at 'IND AA'/Rating
Watch with Developing Implications), Shree Cement Limited JSW Steel
Limited (debt rated at 'IND AA'/Rating Watch with Developing
Implications), JK Lakshmi Cement Ltd. The company has presence in
seven states such as Odisha, Maharashtra, Jharkhand, Chhattisgarh,
Andhra Pradesh, Madhya Pradesh and Bihar.  The company currently
owns around 360 fleet of trucks (bulker, trip trailer, local body
truck among others) and has more than 4,500 truck owners associated
with the company. The long track record has helped the company to
establish long relationship with the steel and cement players.

Moderate Revenue; likely to Improve: As per the provisional numbers
of FY25, RKTPL's revenue declined to INR3,665 million in FY25
(FY24: INR3,899 million), due to lower booking revenue in other
group entities at about INR400 million. The entity mainly caters to
cement and steel companies. Ind-Ra expects RKRTPL's revenue to rise
in FY26 given that the entity booked revenue of about INR1,350 till
July 2025, a rise of 30% yoy. The company has own fleet of over 360
and supplements it with hired fleet to ensure timely execution.

RKRTPLPL's EBITDA margins remained modest at 7.5 % in FY25 (FY24:
8.63%) due to lower recovery of fixed costs. The return on capital
employed declined to about 12% in FY25 (FY24: 13.1%). The price
escalation clause with major customers mitigates fluctuations in
its margins to some extent. In FY26, Ind-Ra expects the EBITDA
margins to remain at similar levels.

Moderate Credit Metrics: RKRTPL's credit metrics deteriorated
during FY25, due to an increase in the borrowings and interest
costs. The gross interest coverage (operating EBITDA/gross interest
expenses) moderated to 2.47x in FY25 (FY24: 5.12x) and the net
leverage (total adjusted net debt/operating EBITDAR) increased to
4.79x (3.34x). In FY26, Ind-Ra expects the credit metrics to remain
in similar levels. The interest coverage and the net leverage for
FY26 is likely to remain at 2.5x-2.75x and 4.5x-4.75x,
respectively.

Liquidity

Poor: RKRTPL's average maximum utilization of the fund-based limits
was 97% during the 12 months ended May 2025. The cash flow from
operations improved to INR137 million in FY25 (FY24: INR119.09
million), due to favorable changes in its working capital. The cash
and cash equivalents stood at INR25 million at FYE25 (FYE24:
INR24.44 million). The company has scheduled debt repayments of
around INR300 million in FY26 and INR150 million in FY27 and the
agency expects the debt service coverage ratio to be about 0.75x in
FY26 and 1.32x in FY27. Any shortfall in meeting the debt servicing
is likely to be funded by further infusion by the promoters and
additional borrowings. RKRTPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: Further deterioration in the liquidity position or the
net leverage increasing above 5x could be negative for the rating.

Positive: An improvement in the liquidity would be positive for the
rating.

About the Company

RKRTPL was incorporated in February 2024 as a private limited
company in Raipur, Chhattisgarh. The company is engaged in
transportation services with a fleet size of 360 bulker trucks and
trailers. The company has presence in Odisha, Maharashtra,
Jharkhand, Chhattisgarh, Andhra Pradesh, MP and Bihar. The
promoters incorporated RKRTPL to take over the operations of RK
Roadways which was incorporated by  Ramesh Agarwal as a
proprietorship in 1990.

RWL HEALTHWORLD: Ind-Ra Keeps D Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RWL Healthworld
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:
  
-- INR1,537.5 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RWL Healthworld Limited
while reviewing the rating. Ind-Ra had consistently followed up
with RWL Healthworld Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of RWL Healthworld Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect RWL Healthworld Limited's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

RWL Healthworld is engaged in retailing of pharmaceutical and
wellness products.

SADBHAV ENGINEERING: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sadbhav
Engineering Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR27,500 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sadbhav Engineering Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Sadbhav Engineering Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Sadbhav Engineering
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Sadbhav Engineering Limited's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 1988, SEL is an Ahmedabad-based construction
contractor and developer, primarily engaged in road construction,
mining and irrigation.

SADGURU POLY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sadguru
poly Industries (SPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.14       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 9, 2024, placed the rating(s) of SPI under the 'issuer
non-cooperating' category as SPI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 25, 2025, June
4, 2025, June 14, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Morbi-based (Gujarat) SPI was established on August 1, 2016 by 12
partners. SPI is into the business of manufacturing Polypropylene
(PP) Woven Bags and PP Woven Fabrics mainly from different types of
plastic granules. SPI has completed greenfield project for
manufacturing of PP Woven bags and fabrics in June 2017 with an
installed capacity of 2,074 Metric Tonnes per Annum (MTPA) and a
project cost of Rs.7.41 crore (including Rs.1.11 crore of working
capital margin) via debt equity mix of 1.59:1.00 times. The final
products of SPI i.e., PP Woven Bags and PP Woven Fabrics are used
as packaging material for food products, pulverous materials,
chemicals, fertilizers, grains, salt, sand etc. SPI commenced its
operations from July, 2017 onwards, from its manufacturing facility
located at Tankara, Morbi (Gujarat). The firm purchases majority of
raw materials locally while few raw materials are also imported
from various countries while it sells its final products to various
states pan-India via its own sales personnel.


SAFIR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Safir
Enterprises (SE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 22, 2024, placed the rating(s) of SE under the 'issuer
non-cooperating' category as SE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 8, 2025, July
18, 2025, July 28, 2025 among others.

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

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

Outlook: Stable

Established as a proprietorship entity in 2005 by Mr. Aspak
Mukadam, Safir Enterprises (SE) is engaged in trading of timber in
various sizes, shapes & formats. The entity operates through its
corporate office at Byculla in Mumbai, Maharashtra and a godown at
Bhiwandi in Thane, Maharashtra.


SAI KRIPA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Kripa
Industries (SKI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.69       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated July 8, 2024, placed the rating(s) of SKI under the 'issuer
non-cooperating' category as SKI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SKI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 24, 2025, June
3, 2025, June 13, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Jabalpur-based (Madhya Pradesh), SKI was established as
proprietorship firm in March 2015 by Mr. Narendra Kumar Bulani,
having more than 3 decades of experience in rice processing
industry.

SARVALOKA TEXTILES: Ind-Ra Affirms BB+ Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Shree Sarvaloka Textiles Private Limited's (SSTPL) bank loan
facilities to Stable from Positive while affirming the ratings at
'IND BB+'.

The detailed rating action is:

-- INR544.90 mil. (reduced from INR590 mil.) Bank loan facilities

     affirmed, Outlook Revised to Stable with IND BB+/Stable/IND
     A4+ rating.

Detailed Rationale of the Rating Action

The Outlook revision reflects SSTPL's significant indirect exposure
to the US market, with around 50% of its revenue for FY26 likely
being derived from sales to its sister concern, Paramount Textiles
Mills Private Limited (PTMPL), which generates a major portion of
its revenue from exports to the US market. Given that PTMPL
generates a substantial portion of revenue from exports to the US,
likely increased US tariff rates could materially affect SSTPL's
revenue visibility in the near term.

The rating reflects uncertainty on the sustenance of revenue and
EBITDA margins and likely weak credit metrics in the near term.
However, the rating is supported by promotors' more than four
decades of experience in the textile industry.

Detailed Description of Key Rating Drivers

Near-term Revenue Uncertainty due to Indirect Exposure to US
Market: In FY25, SSTPL generated around 69.40% of its revenue from
sales to its sister concern, PTMPL (FY24: 80.50%). As of June 30,
2025, the order book stood at INR1,080 million out of which INR380
million pertained to export orders from European countries and the
balance was from PTMPL. As per the order book, above 50% of the
revenue in FY26 is likely to be generated from PTMPL. PTMPL
generates around 85% of the revenue from US exports. Given the
likelihood of increased tariff rates by the US, there is limited
visibility on whether PTMPL will secure sufficient export orders
from the US market to sustain its planned procurement from SSTPL.
SSTPL's revenue increased to INR1,226.04 million in FY25 (FY24:
INR1,138.38 million) on account of an increase in the sales volume
of cotton yarn to 2.50 million kg (2.13 million kg) coupled with an
increase in the realization rate to INR436.01 per kg (INR430.25
million). Exports accounted for 17.04% of the total revenue in FY25
(FY24: 10.56%). SSTPL generated revenue of INR270 million as of
1QFY26, due to SSTPL's indirect exposure to the US market. Ind-Ra
expects SSTPL's revenue to decline in the near term, if it is not
able to procure more orders from customers other than PTMPL. Its
FY25 numbers are provisional in nature.

Sustainability of EBITDA Margins at Risk: The company's EBITDA
margin increased to 25.21% in FY25 (FY24: 23.76%) due to a decrease
in the cotton prices. The company uses premium quality cotton for
spinning. The return on capital employed increased to 22% in FY25
(FY24: 19.6%), due to an increase in the EBIT to INR255.48 million
(INR218.54 million). However, Ind-Ra expects the EBITDA margins to
dip in the near term, if the company fails to procure orders from
customers other than PTMPL.

Credit Metrics likely to Weaken in Near Term: The net leverage
(total adjusted net debt/operating EBITDAR) reduced to 1.62x in
FY25 (FY24: 2.66x) due to a decrease in the total debt to INR614.48
million (INR738.35 million) following its scheduled debt
repayments, coupled with an increase in the free cash balances to
INR113.12 million (INR17.75 million). The gross interest coverage
(operating EBITDA/gross interest expenses) increased to 4.71x in
FY25 (FY24: 3.27x), on account of an increase in its absolute
EBITDA to INR309.13 million (INR270.52 million). Ind-Ra expects the
credit metrics to deteriorate in the near term due to SSTPL's
indirect exposure to the US market.

Inherent Industry Risks: Textile players face high competition, due
to the fragmented nature of the industry, and raw material price
volatility. Furthermore, cotton prices in India are regulated
through fixing of a minimum support price by the government, and
cotton players depend on the price parity. The price of raw cotton
also depends on the area under production, annual yield,
international demand-supply scenario, export quota decided by the
government and the previous year's inventory.

Experienced Promoters: The ratings are supported by the promoters'
nearly four decades of experience in the textile industry, leading
to established relationships with customers as well as suppliers.

Liquidity

Stretched: SSTPL's average monthly utilization of the fund-based
limits was 92.04% during the 12 months ended June 2025. The cash
flow from operations improved to INR161.63 million in FY25 (FY24:
INR147.52 million) due to an increase in the fund-flow from
operations to INR214.24million (INR170.76 million). The cash and
cash equivalents stood at INR113.12 million at FYE25 (FYE24:
INR17.75 million).  SSTPL's net working capital cycle elongated at
101 days in FY25 (FY24: 69 days), due to a reduction in the debtor
days to 58 (75) and payable days to 12 (52), coupled with an
increase in the inventory days to 55 days (47). The company has
scheduled debt repayments of INR78 million and INR83 million for
FY26 and FY27, respectively.

Rating Sensitivities

Negative: A decline in the scale of operations or profitability or
deterioration in the liquidity position or carrying out any major
debt-funded capex or the net leverage increasing above 4.5x, all on
a sustained basis, will be negative for the rating.

Positive: An improvement in the liquidity position, sustaining the
operating performance, diversification of customer profile and
maintaining the net leverage below 3.5x, all on a sustained basis,
would be positive for the rating.

About the Company

SSTPL was established in 2019 in Madurai. Initially, it functioned
as a commission agent and job worker for its sister concern, PTMPL.
In January 2023, SSTPL expanded its operations by adding 25,536
spindles producing cotton yarn in the counts of 50s and 60s. The
company primarily supplies yarn to PMTPL and has also began
exporting yarn to European countries.

SHITALPUR MOHINDER: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shitalpur
Mohinder Kalimata Himgharprivate Limited (SMKHL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.66       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of SMKHL under the
'issuer non-cooperating' category as SMKHL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMKHL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
30, 2025, July 10, 2025 and July 20, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Shitalpur Mohinder Kalimata Himghar Pvt. Ltd. (SMKHL) was
incorporated on May 6, 2011 by Mr. Tarun Kanti Ghosh, along with
other directors of Hooghly West Bengal to provide cold storage
services with the facility being located at Dhaniakhali, Hooghly,
West Bengal. The company commenced commercial operation since
April, 2012. SMKHL is currently engaged in the business of
providing cold storage facility at the same location primarily for
potatoes and is operating with a storage capacity of 1,98,450
quintals. Besides providing cold storage facility the unit also
works as a mediator between the farmers and marketers of potato, to
facilitate sale of potatoes stored and it also provides interest
bearing advances to farmers for farming purposes of potato against
potato stored. Mr. Tarun Kanti Ghosh (MD) looks after the day to
day operations of the company.


SHIVALIK REMEDIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Remedies Private Limited (SRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 21, 2024, placed the rating(s) of SRPL under the
'issuer non-cooperating' category as SRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
7, 2025, July 17, 2025 and July 27, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Delhi Based, Shivalik Remedies Private Limited was incorporated in
March, 2005. The company is currently being managed by Mr. C. S.
Bohra and Mr. Rajiv Bohra and Mr. Abhimanyu Kumar. The company is
engaged in manufacturing of pharmaceutical formulations i.e.
general tablets, capsules and liquid orals. The manufacturing unit
is located in Roorkee, Uttarakhand. SRPL sells its products across
India to pharmaceutical companies in the domestic markets.


SUPREME MILLS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Supreme
Mills India Private Limited (SMIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.75      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 2, 2024, placed the rating(s) of SMIPL under the 'issuer
non-cooperating' category as SMIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated May
18, 2025, May 28, 2025, June 7, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Supreme Mills India Private Limited (SMIPL) was incorporated on
November 13, 2000 by Mr. G. Arulmozhi and Ms. A. Sujini in
Coimbatore, Tamil Nadu. The company is engaged in manufacturing of
cotton yarn which finds its application primarily in manufacturing
bed sheets and towels.


SURAJ ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suraj Ispat
(SI) continues to remain in the 'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 21, 2024, placed the rating(s) of SI under the 'issuer
non-cooperating' category as SI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 7, 2025, July
17, 2025, July 27, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

SI was established by Late Mr. Vishwambhar Parsewar. In the year
2017 proprietorship of SI was transferred to Mr. Rahul R. Parsewar.
SI belongs to the Suraj group of Nanded. The group has diversified
business in the areas of steel trading, manufacturing of
fertilizers and polymers.


SWIFT MERCHANDISE: Ind-Ra Cuts Bank Loan Rating to BB+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Swift
Merchandise's bank loan facilities' rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)' and has
simultaneously placed the rating on Rating Watch with Developing
Implications, as follows:

-- INR620 mil. Bank loan facilities downgraded; placed on Rating
     Watch and IND BB+/Rating Watch with Developing Implications
    (ISSUER NOT COOPERATING)/IND A4+/Rating Watch with Developing
    Implications(ISSUER NOT COOPERATING).

Detailed Rationale of the Rating Action

The ratings downgrade reflects SM's substantial reliance on the US
for generating revenue, which is likely to be impacted by the
imposition of US tariff.  Ind-Ra's believes that, given SM's
existing liquidity and credit profile, there is limited cushion to
absorb the impact of hikes in tariff. The US accounts for
approximately 70% of SM's total revenue, and a single US customer
accounted for 60.49% of the revenue in FY24 (50.14% in FY23),
signalling high customer concentration. Any reduction in SM's
operational scale could affect the company's credit metrics and
liquidity.

Ind-Ra has placed the ratings on Rating Watch with Developing
Implications in view of the uncertainty with respect to the impact
of US tariff hikes on the company's operations and liquidity. The
agency will closely monitor the situation and its evolving status,
and will resolve the watch once it receives sufficient clarity and
information regarding these factors.

The ratings have been maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SM while reviewing the
rating. Ind-Ra had consistently followed up with SM over emails
starting from August 12, 2025, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SM, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SM has been
non-cooperative with the agency since July 2025.

About the Company

SM, which was incorporated as a partnership firm in 2007,  is a
manufacturer and exporter of baby garments. It has four units in
Tamil Nadu. The partners of the firm are P. Gandhi and  V. Revathi.


TRINITY ENGINEERS: Ind-Ra Assigns BB Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Trinity Engineers
Pvt. Ltd. (TEPL)'s bank facilities as follows:

-- INR849.57 mil. Bank loan facilities assigned with IND BB/
     Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects TEPL's medium scale of operations with muted
revenue growth; drop in EBITDA margins; and modest credit metrics
since FY24. Ind-Ra expects the credit metrics to remain modest in
the near term, owing to the company's debt-led capex plans and
stretched liquidity position. However, the rating is supported by
TEPL's reputed clientele and longstanding client relationships.

Detailed Description of Key Rating Drivers

Medium Scale of Operations; Muted Revenue Growth Likely to Continue
in FY26: On the basis of the provisional FY25 financials, TEPL's
revenue was stagnant at INR2,478.2 million (FY24: INR2,467.33
million; FY23: INR2,506.06 million). TEPL earns nearly 50% of its
revenue from the automotive sector, majority from manufacturing
forgings for commercial vehicles. Some sectors of the commercial
vehicle industry faced challenges due to change in finance norms
and pricing pressures, leading to muted revenue growth for TEPL in
FY25. TEPL incurred the capex of around INR180 million in FY25 for
setting up a machine shop. Furthermore, the company has sent
samples and complete pre-batch distribution to new customers. It
has also received inquiries from many export customers. Hence,
management expects revenue to grow in the near term. Ind-Ra however
expects the revenue to be muted in FY26, as it majorly depends on
the growth of the automotive segment which Ind-Ra expects to remain
moderate.

Modest  EBITDA Margins; Likely to be Similar in FY26: TEPL's EBITDA
margin fell to 4.67% in FY25 (FY24: 5.16%; FY23: 9.39%) due to
increased power and labor cost. Its EBITDA also fell to INR115.8
million in FY25 (FY24: INR127.4 million). The company is shifting
from CNG to electric induction for part of its power requirements
to save costs. Ind-Ra expects the margin to remain similar in FY26.
The ROCE in FY25 is likely to be around 7%.

Modest Credit Metrics; Likely to Continue in FY26: TEPL's interest
coverage (operating EBITDA/gross interest expenses) was 1.42x in
FY25 (FY24: 1.3x) and the net leverage (total adjusted net
debt/operating EBITDA) was 6.69x (6.19x). In FY25, the interest
coverage improved as the overall debt reduced due to repayments
resulting in reduced interest cost. Despite the reduction in
overall debt, the net leverage deteriorated due to the higher
impact of EBITDA drop. Ind-Ra expects the credit metrics to remain
modest in the medium term, as the management is planning to fund
the upcoming capex, which is required every year, through term
loans.

Poor Liquidity: Refer to the liquidity section.

Reputed Clientele; Promoter's Experience: TEPL has established
longstanding relationships with its customers. The main clients of
the company consist of well-established brands such as Dana Anand
India Private Limited (relationship for 30 years), Eaton Industrial
Systems Private Limited (20 years), Ultra Corpotech Pvt. Ltd.(five
years), Force Motors Ltd. (50 years), Mahindra & Mahindra Ltd. (40
years) (IND AAA/Stable), Wipro Enterprises (P) Ltd. (four years).
In FY25, Dana Anand India contributed 21% to the total revenue,
while the revenue from Eaton Industrial Systems, Ultra Corpotech,
and Force Motors accounted for around 10% each. TEPL's promoters
have an experience of over four decades in manufacturing forgings.

Liquidity

Poor: TEPL's average maximum utilization of the fund-based limits
was 98.36% and non-fund-based limits was 64.5% during the 12 months
ended July 2025. The cash flow from operations turned positive to
INR141.77 million  in FY25 (FY24: negative INR41.84 million) due to
favorable changes in working capital. Furthermore, the free cash
flow stood at negative INR38.12 million in FY25 (FY24: negative
INR363.09 million) due to capex of nearly INR180 million. The
elongated net working capital cycle stood at 143 days in FY25
(FY24: 156 days) due to higher inventory maintenance. TEPL has debt
repayment obligations of INR63.52 million and INR65.79 million in
FY26 and FY27, respectively. The cash and cash equivalents stood at
INR6.12 million at FYE25 (FYE24: INR4.47 million). TEPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The management has
plan for raising equity of INR130 million in FY26 for working
capital management.

Rating Sensitivities

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics with the
interest coverage falling below 1.2x, all on a sustained basis,
would be negative for the ratings.

Positive: An improvement in the scale of operations and liquidity
position, leading to an improvement in the credit metrics with the
interest coverage exceeding 2.0x, all on a sustained basis, will be
positive for the ratings.

About the Company

Incorporated in 1973, TEPL manufactures alloy and carbon steel
forgings as well as machined components for automotive and
non-automotive applications. Its manufacturing facilities are
located in Chinchwad and Chakan in Pune. The company caters to
different sectors such as automobile, power, mining, oil & gas,
heavy earth moving equipment and construction.

UTTAM GALVA: Ind-Ra Keeps D Bank Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Uttam Galva
Steels Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:

-- INR60.800 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.0 bil. Short Term Debt maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Uttam Galva Steels Ltd while
reviewing the rating. Ind-Ra had consistently followed up with
Uttam Galva Steels Ltd over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Uttam Galva Steels Ltd on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Uttam Galva Steels Ltd.'s credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in 1985, UGSL manufactures cold-rolled sheets,
cold-rolled close annealed sheets, galvanized plain and corrugated
sheets, and color coated lines.



=================
I N D O N E S I A
=================

JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's (Japfa)
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is
Stable. Fitch has also affirmed the senior unsecured notes due 2026
at 'B+', with a Recovery Rating of 'RR4'. Concurrently, Fitch
Ratings Indonesia has affirmed the National Long-Term Rating at
'A(idn)' with a Stable Outlook.

The affirmation reflects its expectation that EBITDA net leverage,
after proportionately consolidating some subsidiaries, will remain
comfortable for its rating at below or around 2.5x (1.5x: 2024) in
the medium term, based on favourable raw material prices and
poultry demand. This also includes its expectation of an increasing
dividend payout, arising from reduced clarity on Japfa's 55.4%
stakeholder, Japfa Pte Ltd (JL). In addition, Japfa's US dollar
notes are likely to be refinanced with local bank loans of
relatively less restrictive covenants.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

Key Rating Drivers

Local Loans Likely to Replace Notes: Japfa has recently signed
local bank loans for a total of IDR7 trillion, or around USD435
million, which can be utilised for repayment of the outstanding
USD348 million of US dollar notes due in March 2026. The local
loans will smooth out debt maturities from their amortising
structure, reduce foreign-exchange exposure and associated hedging
costs, and may result in looser restrictions on cash outflows from
Japfa.

Reduced Transparency of Parent: JL was privatised in June 2025, and
is now owned entirely by the Santosa and Kolonas families. Around
18% of JL had previously been listed on the Singapore Exchange. The
delisting reduces JL's financial transparency, and may result in
changes in the governance and financial policies of Japfa.

Fitch expects a higher dividend payout by Japfa, as Fitch sees JL's
operations (ex-Japfa) as likely to remain volatile from swine
demand-supply imbalance in Vietnam from recurring African Swine Flu
outbreaks. Furthermore, there is substantial debt at JL (ex. Japfa)
of USD366 million at end-2024. JL's operations (ex-Japfa) turned
profitable in 2024 but are volatile, and had been making a loss for
the prior two years. Japfa declared dividends even during weak
operating years such as 2022, which could be utilised to support
JL's loss-making operating businesses.

Improved Leverage: Fitch estimates EBITDA net leverage, after
proportionately consolidating some subsidiaries, to rise but to
stay below 3x in the next three years, after improving to 1.5x in
2024 (2023: 3.5x). This is from stronger average annual EBITDA of
IDR5 trillion (1H25: IDR2.6 trillion; 2024: IDR6.2 trillion) than
its previous expectation, offset by a higher dividend payout of
about 70% from 2026 (2024: 93% of 2023 net income). Japfa paid a
record high IDR819 million dividend in 2024 (1H25: IDR814 million),
to partly fund JL's privatisation, in its view.

Lower Costs Lift Margin: Fitch expects the consolidated EBITDA
margin to remain at around 9% (1H25: 9.7%, 2024: 11.3%) as prices
remain low for key raw materials, including corn and soybean meal.
Local corn prices remained flat in 1H25 against the full-year 2024
from stable domestic production. Meanwhile, prices for soybean
meal, which Japfa imports, continued to decline on higher global
soybean production.

Supportive Demand: Fitch expects demand for poultry products -
Indonesia's preferred animal protein - to soften from the highs of
2024 but to remain modest over the medium term on economic growth
and slowing inflation. Demand in 2024 was boosted by a general
election. Selling prices for day-old chicks and live birds will
face some pressure from softening demand. The government maintains
oversight to support the poultry industry; in 2023, it mandated
multiple rounds of culling to support selling prices amid rising
costs.

Flexible Capex: Fitch expects average annual capex of around IDR2.2
trillion, including maintenance capex of IDR500 billion-700
billion. Expansion capex focuses on modernising farms and
facilities and building silos. Japfa can defer some expansion capex
if market conditions are unfavourable to manage leverage. It can
also raise production to an extent without additional capex.

Vertically Integrated Operation: Japfa's upstream operation
provides stability to profitability, as the company has the ability
to partially pass on cost increases to animal feed prices. In 2024,
the poultry feed operating profit margin was 7.1% (2023: 8.2%),
while margins for breeding and commercial farms surged due to high
demand. Downstream margins are also likely to be more stable than
midstream, although the segment's contribution to profitability is
low relative to the upstream operation.

Peer Analysis

Japfa's IDR is comparable with that of Brazil's Minerva S.A.
(BB/Stable) and Paraguay's Frigorifico Concepcion S.A. (B/Stable).

Minerva is one of South America's largest beef exporters, with
export sales accounting for about 55% of revenue. Its profitability
has been resilient, despite high input costs, helped by its export
orientation. Japfa's operation, in comparison, is concentrated in
Indonesia, which makes it vulnerable to policy changes and the
supply-demand balance in the domestic poultry industry. Minerva's
scale is twice as large as Japfa, and Fitch expects its EBITDA to
cross USD700 million in 2025. These factors result in a higher
rating for Minerva.

Frigorifico is less vertically integrated than Japfa, and is
dependent on cattle supply from a third party. However, it has
broader geographical diversification, with its exports accounting
for about 50% of revenue. Frigorifico however has weaker net
leverage and smaller EBITDA scale than Japfa.

Japfa's National Long-Term Rating is comparable with that of PT
Samator Indo Gas Tbk (A(idn)/Stable) and PT Bali Towerindo Sentra
Tbk (A-(idn)/Stable).

Samator Indo Gas is smaller than Japfa, and Fitch expects EBITDA to
reach USD100 million in 2025, but is the industry leader,
commanding 44% of Indonesia's industrial and 75%-80% of its medical
gas market. This boosts Samator Indo Gas's bargaining position
against customers. The company's contracted sales also account for
a large proportion of revenue, providing medium-term visibility.
This contrasts with Japfa, which is highly exposed to volatile
supply-demand dynamics in the domestic poultry market and raw
material prices. These factors lead to the same rating for both
entities.

Japfa is rated higher than Bali Tower, reflecting its stronger
market position and larger business scale. Bali Tower is a small
tower company relative to local telecommunication tower peers, with
EBITDA of less than USD50 million. Fitch forecasts Japfa's EBITDA
to stay around USD300 million in the near term as Indonesia's
second-largest poultry company.

Key Assumptions

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

- Flat average annual revenue growth in 2025-2026

- EBITDA margin to improve and stay above 8%

- Average annual capex of around IDR2.2 trillion

- Dividend payout ratio of 50% of the previous year's net income in
2025

Recovery Analysis

The recovery analysis assumes that Japfa would be reorganised as a
going concern in bankruptcy rather than liquidated. Fitch assumes a
10% administrative claim.

Its going-concern EBITDA assumption of IDR4.2 trillion is 15% lower
than its average expected EBITDA over the next three years. This
reflects more sustainable EBITDA generation by Japfa through a
commodity-price cycle.

Fitch uses a multiple of 5x that reflects sector dynamics and the
company's strong market position. Fitch believes Japfa has strong
growth prospects, as chicken is the main protein source for the
majority of Indonesians, supported by the country's expanding
middle-class population.

The going-concern enterprise value corresponds to a 'RR1' Recovery
Rating for the senior unsecured notes, after adjusting for
administrative claims. Nevertheless, Fitch rates the notes at 'B+'
and 'RR4', because Japfa's operating assets are located in
Indonesia. Under its Country-Specific Treatment of Recovery Ratings
Criteria, Indonesia is classified under the Group D of countries in
terms of creditor friendliness and Recovery Ratings are subject to
a cap at 'RR4'.

RATING SENSITIVITIES

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

- EBITDA net leverage above 3.5x for a sustained period.

- EBITDA interest coverage below 3.0x for a sustained period.

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

- An upgrade is unlikely in the short term. Any positive rating
action would require more financial transparency/clarity on parent
(JL), and a longer record of EBITDA net leverage - after
proportionately consolidating minority stakes in a number of
subsidiaries - being maintained below 2x.

Liquidity and Debt Structure

Japfa had a cash balance of around IDR1.7 trillion at end-June
2025, against a short-term outstanding loan balance of IDR3.8
trillion, which Fitch expects will partially be rolled over, and
IDR983 billion of long-term debt due within 12 months. Liquidity is
supported by Japfa's large committed revolving facility, with an
undrawn balance of IDR7 trillion maturing after 12 months as of
end-June 2025. Fitch does not expect any significant hindrance in
renewing the short-term loan due to the company's adequate
financial metrics and longstanding relationship with many major
local banks.

JL (excluding Japfa) had USD337 million in current debt maturities
as of end-2024, against USD104 million in cash. Fitch believes that
JL's operational history and improved financial performance in its
operations other than Japfa would mean it is likely that JL can
renew or roll over these maturities, as they are predominantly
working-capital facilities. JL also raised a USD150 million bank
loan from DBS and Rabobank in 1H25; however, Fitch has insufficient
information regarding the use of proceeds. Fitch views any funding
shortfall as potentially leading to higher cash distribution by
Japfa, as allowed in US dollar note covenants.

Issuer Profile

Japfa is the second-largest and vertically integrated poultry
company in Indonesia, according to the company's estimate, with a
market share of around 21% in the poultry-feed business and around
25% in the day-old chicks market in 2024. Its operations also
include aquaculture.

Summary of Financial Adjustments

Fitch calculates the ratio for rating sensitivities by
proportionately consolidating Japfa's subsidiaries - PT Bumiasri
Lestari, PT Iroha Sidat Indonesia, PT Sentra Satwatama Indonesia
and PT Indojaya Agrinusa - to reflect their significant minority
interests.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating            Recovery   Prior
   -----------                ------            --------   -----
PT Japfa Comfeed
Indonesia Tbk          LT IDR  B+     Affirmed             B+
                       Natl LT A(idn) Affirmed             A(idn)

   senior unsecured    LT      B+     Affirmed    RR4      B+




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

1MDB: JPMorgan to Pay US$330MM to Malaysia to Settle 1MDB Claims
----------------------------------------------------------------
The Financial Times reports that JPMorgan has agreed to pay US$330
million to the Malaysian government to settle claims related to its
role in the 1MDB financial scandal.

In a joint statement with the Malaysian government on Aug. 22,
JPMorgan said it would contribute the amount to Malaysia's Assets
Recovery Trust Account "without admission of liability," the FT
relates.

It added that the agreement "resolves all existing and potential
claims and binds both parties from any future claims or litigations
related to 1MDB".

According to the FT, the fraud on 1MDB, Malaysia's sovereign wealth
fund, was one of the biggest in history. Investigators in the US
have alleged that at least $4.5 billion was stolen from the fund
through several schemes masterminded by Malaysian financier Jho
Low, who remains at large but maintains his innocence.

It led to the prosecution of Malaysia's prime minister at the time,
Najib Razak, who was later convicted and sentenced to six years in
prison. The scandal also involved several of the biggest banks
across the US, Europe and Asia.

JPMorgan's Swiss unit was one of multiple banks sued by 1MDB in
2021 as the fund tried to recover losses, alleging fraudulent
breach of duties, conspiracy and breach of trust on the part of the
banks, the FT notes.

Separately, on Aug. 22 Swiss prosecutors fined JPMorgan CHF3
million ($3.7 million) for "failing to take all reasonable and
necessary organisational measures" to prevent "aggravated money
laundering", in connection with the 1MDB scandal, the FT reports.

The FT relates that the fine relates to CHF174 million worth of
overseas bank transfers involving the Wall Street lender between
October 2014 and July 2015, said the Swiss attorney-general's
office.

The 1MDB scandal uncovered a global web of corruption and drew in a
series of top international financial institutions.

Goldman Sachs struck a $3.9 billion settlement in 2020 with
Malaysia over losses the south-east Asian country suffered from the
scandal. Goldman admitted paying more than $1 billion in bribes to
obtain underwriting work and paid nearly $3 billion in criminal
fines under a resolution with the US Department of Justice.

The bank docked the pay of chief executive David Solomon and its
president John Waldron in 2020 for "institutional failure", but
said the two men had not been involved in or aware of any illicit
activity.

Tim Leissner, the disgraced former Goldman banker at the heart of
the 1MDB scandal, was sentenced to two years in prison earlier this
year after pleading guilty to bribery, conspiracy and money
laundering charges.

In a separate statement on Aug. 22, JPMorgan said: "We appreciate
the collaboration with the Malaysian government in resolving past
matters related to 1MDB, which have been thoroughly reviewed. Since
then, we've enhanced our controls, earning the trust of regulators
in Switzerland and beyond," the FT adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.


IVORY PROPERTIES: Faces Suspension, De-Listing After Failed Appeal
------------------------------------------------------------------
The Malaysian Reserve reports that Ivory Properties Group Bhd will
be suspended and de-listed after Bursa Securities rejected its bid
for more time to submit a regularisation plan.

The Malaysian Reserve relates that the PN17 company said Bursa's
rejection, received on Aug. 21, cited its failure to show material
progress in finalising the plan. Trading in Ivory's securities will
be suspended on Aug. 29, with de-listing set for Sept. 3 unless it
appeals by Aug. 28. Even if an appeal is filed, trading will still
be halted on Aug 29 pending Bursa's decision.

According to The Malaysian Reserve, Ivory said it will remain a
legal entity post de-listing and can continue operations and
restructuring, with shareholders retaining rights under the
Companies Act 2016.

Ivory Properties Group Bhd. is a property development company. The
Company's project portfolio includes medium to high-end apartments,
luxury condominiums, semi-detached and bungalow homes, boutique
gated communities, and retail and commercial lots.

In August 2022, Ivory Properties slipped into Practice Note 17
(PN17) status after its external auditor Messrs KPMG PLT flagged
material uncertainties about the company's ability to continue as a
going concern.

KPMG said Ivory Properties reported a net loss of MYR79.51 million
during FY22, while the group's liabilities exceeded their current
assets by MYR60.22 million.




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

ABI SOLUTIONS: Creditors' Proofs of Debt Due on Sept. 22
--------------------------------------------------------
Creditors of ABI Solutions NZ Limited are required to file their
proofs of debt by Sept. 22, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 13, 2025.

The company's liquidator is:

          Bryan Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


BRACKIT HOMES: Reynolds & Associates Appointed as Liquidators
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Aug. 15, 2025, was
appointed as liquidator of Brackit Homes Limited.

The liquidator may be reached at:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


BSM CARTAGE: Creditors' Proofs of Debt Due on Sept. 26
------------------------------------------------------
Creditors of BSM Cartage Contractors Limited, HB Mobile Screening
Services Limited and Mulching Crushing and Screening Limited are
required to file their proofs of debt by Sept. 26, 2025, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Aug. 14, 2025.

The company's liquidators are:

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


CLEARVIEW WINDOWS: Court to Hear Wind-Up Petition on Sept. 1
------------------------------------------------------------
A petition to wind up the operations of Clearview Windows Limited
will be heard before the High Court at Whangarei on Sept. 1, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 4, 2025.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


CONSTRUCTION TECH: Creditors' Proofs of Debt Due on Sept. 11
------------------------------------------------------------
Creditors of Construction Tech Limited are required to file their
proofs of debt by Sept. 11, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 14, 2025.

The company's liquidators are:

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


EZICAB (2016) LIMITED: Creditors' Proofs of Debt Due on Sept. 8
---------------------------------------------------------------
Creditors of Ezicab (2016) Limited are required to file their
proofs of debt by Sept. 8, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 11, 2025.

The company's liquidator is:

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


GRATTAN COLLISION: Creditors' Proofs of Debt Due on Sept. 10
------------------------------------------------------------
Creditors of Grattan Collision Repairs Limited are required to file
their proofs of debt by Sept. 10, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 12, 2025.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446


HERMES SOLUTIONS: Court to Hear Wind-Up Petition on Aug. 28
-----------------------------------------------------------
A petition to wind up the operations of Hermes Solutions Limited
will be heard before the High Court at Auckland on Aug. 28, 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:

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


INTERNATIONAL CORP: Court to Hear Wind-Up Petition on Sept. 5
-------------------------------------------------------------
A petition to wind up the operations of International Corporation
Limited will be heard before the High Court at Auckland on Sept. 5,
2025, at 10:45 a.m.

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

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


VASTAR LIMITED: Court to Hear Wind-Up Petition on Sept. 25
----------------------------------------------------------
A petition to wind up the operations of Vastar Limited will be
heard before the High Court at Auckland on Sept. 25, 2025, at 10:45
a.m.

Foresight Capital Limited filed the petition against the company on
July 10, 2025.

The Petitioner's solicitor is:

          Yue Wang
          Lighthouse Law Limited
          Level 1, 55 Corinthian Drive
          Albany
          Auckland




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

PAKISTAN WATER: Moody's Ups CFR to Caa1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings has upgraded Pakistan Water and Power Dev
Authority's (WAPDA) corporate family rating to Caa1 from Caa2 and
Baseline Credit Assessment (BCA) to caa1 from caa2. Concurrently,
Moody's changed the outlook to stable from positive.

This rating action follows Moody's rating action on the Government
of Pakistan (Caa1 stable) on August 13, 2025.

"The upgrade of WAPDA's CFR and the revision of outlook reflect the
recent rating action taken on the Government of Pakistan. This
alignment underscores the strong credit linkage between WAPDA and
the sovereign, driven by the government's full ownership and direct
oversight of the company, as well as WAPDA's exclusive focus on
domestic operations," says Erman Zhang, a Moody's Ratings analyst.

RATINGS RATIONALE

WAPDA's Caa1 CFR incorporates its caa1 BCA and Moody's assessments
of a high likelihood of extraordinary support from, and the
company's very high dependence on, the Government of Pakistan when
needed, under Moody's Joint Default Analysis (JDA) for
government-related issuers.

WAPDA's caa1 BCA reflects its exposure to persistent operating
challenges at its 969 megawatt (MW) Neelum Jhelum power station
(NJHP) and its weak financial profile due to its sizeable
hydropower capacity expansion plan, its long receivables cycle and
delayed tariff decisions. The BCA also considers WAPDA's position
in Pakistan's power sector as a dominant hydropower supplier, as
well as the recurring financial support it receives from the
government.

The company's weak financial profile is the result of an
unpredictable regulatory framework and its inability to
sufficiently recover costs in a timely manner, leading to delayed
tariff decisions and a long receivables cycle. Moody's projects
WAPDA's funds from operations (FFO) will remain very weak over the
next 12-18 months, and a sustained recovery will depend on the
regulator approving an increase in its tariffs as well as the
operational resumption of NJHP. Moody's assessments of WAPDA's
financial metrics is based on the combined financials of WAPDA's
power segment and Neelum Jhelum.

For the same reasons, WAPDA's liquidity will remain strained
because of its substantial current borrowings and large capital
spending. The company did not repay certain government loans as per
the agreed repayment schedule, in part due to the delays in its
recovery of outstanding receivables from its government-owned
off-taker. Moody's expects this situation will continue.

Operations at NJHP has been suspended since May 2024 because of
weak pressure in the hydro project's tailrace tunnel. It is unclear
when the project could resume operations or the repair cost
required at present. During this period, NJHP will likely rely on
recovery of outstanding receivables to meet its operating cash
requirement, fund the repair cost and service its external debt.
NJHP had previously shut down for 13 months after major cracks were
discovered in its tunnel and had just resumed operations in
September 2023.

Moody's expectations of a high likelihood of government support for
WAPDA considers the Pakistani government's full ownership and
direct supervision of the company. It also reflects the company's
strategic importance to the government as it is an important
platform that (1) constructs and operates hydropower assets to
supply affordable electricity in Pakistan, and (2) builds water
storage facilities to help address the country's acute water
challenges.

However, such considerations are offset by the risks stemming from
the government's low policy predictability and transparency. In
addition, the financial challenges faced by the government,
reflected in its Caa1 ratings, indicate its limited capacity to
provide support to WAPDA.

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

The stable outlook on the rating mirrors the stable outlook on
Pakistan's sovereign ratings, based on Moody's expectations that
the relationship between WAPDA and the government will remain
intact at least over the next 12-18 months.

Moody's could upgrade the rating if Moody's upgrade Pakistan's
sovereign ratings with no changes in the relationship between WAPDA
and the government. WAPDA's BCA is unlikely to be upgraded before
operations at NJHP resume and WAPDA's liquidity and cash flow
generation improves meaningfully.

Conversely, Moody's could downgrade WAPDA's rating if Pakistan's
sovereign rating is downgraded. A downgrade of the BCA is also
likely if WAPDA's operating performance materially deteriorates,
with NJHP unable to return to satisfactory operation on a sustained
basis.

However, a moderate weakening in WAPDA's BCA is unlikely to
immediately lead to a downgrade of its rating, because of the high
likelihood of extraordinary support from the Pakistani government.

The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in August 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

WAPDA, established through an Act of Parliament in 1958, is an
autonomous and statutory body under the administrative control of
the Federal Government of Pakistan, which fully owns the company.

WAPDA constructs and operates hydropower generation assets to
generate affordable and clean electricity. It also builds water
storage and related facilities to help address Pakistan's acute
water challenges.

As of June 2024, WAPDA's total installed hydropower capacity
amounted to about 9.4 gigawatts, comprising 22 hydropower units and
representing around 90% of the country's hydro power.




=====================
P H I L I P P I N E S
=====================

VILLAR LAND: 'Reluctantly' Reduces Land Estimates By 99%
--------------------------------------------------------
Miguel R. Camus at InsiderPH reports that tycoon Manuel Villar
Jr.'s Villar Land is standing by soaring prices in Villar City,
despite "reluctantly" agreeing to record newly purchased properties
at 99 percent below the proposed PHP1.33 trillion to get its final
audit over the line.

According to the Securities and Exchange Commission (SEC), Villar
Land agreed to record 366.3 hectares of land in Villar City at
PHP8.6 billion, close to its acquisition cost of PHP5.2 billion in
Sept. 2024, InsiderPH relates.

This was after external auditor Punongbayan & Araullo rejected the
initial appraisal made by E-Value Phils Inc. that was completed in
Feb. 2025, according to InsiderPH.

The dramatic reduction priced the land at PHP2,356 per square meter
instead of the P365,700 per sqm estimate of E-Value.

"We want to highlight that while the company firmly believes that
it is the fair value of the Villar City properties that should be
reflected in its financial statements," Villar Land said in a
statement on Aug. 21.

"[I]n the interest of securing the immediate release of the 2024
audited financial statements, it reluctantly proposed to the
external auditors the use of cost basis in recording its said
properties," it added.

Villar Land's shares have been suspended from trading by the
Philippine Stock Exchange since May due to its failure to submit
audited financial reports, InsiderPH notes.

The company acknowledged that delays were caused by valuation
issues in the Villar City properties.

"We wish to clarify that the delay in the filing of the annual
report and the [the first quarter of 2025] quarterly report is not
due to the refusal of our external auditor to sign the 2024 audited
financial statements but because of said auditor's varying requests
for additional audit procedures to review the valuation of the
properties acquired by Villar Land in Villar City," Villar Land
said in the statement.

According to InsiderPH, Villar Land and its directors and officers
also welcomed the opportunity to explain their side other matters
raised by the SEC, including monetary penalties imposed on members
of the Villar family and their executives.

In an order dated Aug. 18 but published Aug. 30, the SEC fined
Villar Land and 12 officials, including tycoon Manuel Villar Jr.,
PHP12 million for violating securities and corporate laws.

"Villar Land and its directors and officers welcome the opportunity
to explain their side on the issues raised and will respond to the
SEC's order in due course," the company said.

                         About Villar Land

Villar Land Holdings Corp., together with its subsidiaries, engages
in the development of memorial parks in the Philippines. It
operates through two segments, Residential and Deathcare. The
Residential segment develops and sells residential houses and lots,
subdivision lots, and condominium units. The Deathcare segment
sells memorial lots; and offers chapel and interment services. It
also develops, constructs, and operates columbarium and memorial
chapel facilities. The company provides death care products and
services under the Golden Haven brand; and operates residential
development business under the Bria Homes name. The company was
formerly known as Golden MV Holdings, Inc. and changed its name to
Villar Land Holdings Corp. in April 2025.




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

AMAZINGTECH PTE: Placed Under Interim Judicial Management
---------------------------------------------------------
Cameron Lindsay Duncan, David Dong-Won Kim and Joshua Joseph
Jeyaraj of KordaMentha were appointed as the joint and several
interim judicial managers of AmazingTech Pte Ltd on Aug. 15, 2025.

The interim judicial managers can be reached at:

          Cameron Lindsay Duncan
          David Dong-Won Kim
          Joshua Joseph Jeyaraj
          KordaMentha
          50 Raffles Place
          #25-01 Singapore Land Tower
          Singapore 048623


J+F PRIVATE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 8, 2025, to
wind up the operations of J+F Private Limited.

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


MARUBENI AGRO: Creditors' Proofs of Debt Due on Sept. 22
--------------------------------------------------------
Creditors of Marubeni Agro Solution Asia Pte. Ltd. are required to
file their proofs of debt by Sept. 22, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 13, 2025.

The company's liquidators are:

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


QUANTUM LEAP: Court to Hear Wind-Up Petition on Sept. 5
-------------------------------------------------------
A petition to wind up the operations of Quantum Leap Incorporation
Pte. Ltd. will be heard before the High Court of Singapore on Sept.
5, 2025, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Aug. 13, 2025.

The Petitioner's solicitors are:

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


Z3M PTE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Aug. 8, 2025, to
wind up the operations of Z3M 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




===============
X X X X X X X X
===============

FIRESTAR INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar
International Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR19.404 bil. Bank Loan Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Firestar International
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Firestar International Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Firestar International
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Firestar International Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Firestar International, founded by Nirav Modi, is a global diamond
and jewelry company.


                           *********


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
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Information contained herein is obtained from sources believed
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